10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Amendment Number 1

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

OR

o TRANSITIONAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to _____________

Commission file number 333-174874

GELTOLOGY INC.

A Delaware Corporation I.R.S. Employer No. 35-2379917

c/o Ryan Goldstein

54 West 16th Street Suite 10b

New York, New York 10011

Phone number: 1-888-841-2841

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company x

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of May 7, 2012, 6,750,000 shares of Common Stock, par value $0.0001 per share, were outstanding.

1

EXPLANATORY NOTE

We are filing this Amendment Number 1 to our Form 10-Q for the period ended March 31, 2012 for purposes of correcting Note 3 in the Company’s Financial Statements.

Except as described above, the remainder of the Form 10-Q is unchanged and does not reflect events occurring after the original filing of the Form 10-Q with the SEC on May 14, 2012.

2

Item 1 Financial Statements

GELTOLOGY INC.

INDEX TO FINANCIAL STATEMENTS

MARCH 31, 2012

Financial Statements-
Balance Sheets as of March 31, 2012 and December 31, 2011	F-2
Statements of Operations for the Three Months Ended March 31, 2012 and 2011 and Cumulative from Inception	F-3
Statement of Stockholders’ Equity for the Period from Inception through March 31, 2012	F-4
Statements of Cash Flows for the Three Months Ended March 31, 2012 and 2011 and Cumulative from Inception	F-5
Notes to Financial Statements	F-6

3

GELTOLOGY INC.

(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEETS

AS OF MARCH 31, 2012 AND DECEMBER 31, 2011

ASSETS
	As of			As of
	March 31,			December 31,
	2012			2011
	(Unaudited)			(Audited)
Current Assets:
Cash and cash equivalents	$	1,203		$	23,706
Total current assets		1,203			23,706
Total Assets	$	1,203		$	23,706
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	25,901		$	28,155
Total Current Liabilities		25,901			28,155
Commitments and Contingencies		-			-
Stockholders' Equity (Deficit):
Common stock, par value $0.0001 per share, 200,000,000 shares authorized; 6,750,000 shares issued and outstanding		675			675
Additional paid-in capital		17,978			17,977
Retained earnings (Deficit)		(43,351	)		(23,101	)
Total stockholders' equity (deficit)		(24,698	)		(4,449	)
Total Liabilities and Stockholders' Equity	$	1,203		$	23,706

The accompanying notes to financial statements are

an integral part of these statements.

4

GELTOLOGY INC.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011,

ANDCUMULATIVE FROM INCEPTION (MARCH 24, 2010) THROUGH MARCH 31, 2012

(Unaudited)

	Three Months			Three Months
	Ended			Ended			Cumulative
	March, 31			March, 31			From
	2012			2011			Inception
Revenues	$	65,700		$	45,430		$	143,130
Expenses:
General and administrative-
Professional fees		15,055			3,089			32,098
Consulting fees		68,738			25,510			141,648
Filing fees		1,276			-			6,146
Travel fees		-			-			3,216
Franchise tax expense		400			-			982
Other		481			1,272			2,391
Total general and administrative expenses		85,950			29,871			186,481
Income (Loss) from Operations		(20,250	)		15,559			(43,351	)
Provision for income taxes		-			(2,319	)		-
Net Income (Loss)	$	(20,250	)	$	13,240		$	(43,351	)
Earnings (Loss) Per Common Share:
Earnings (Loss) per common share - Basic and Diluted	$	(0.00	)	$	0.00
Weighted Average Number of Common Shares Outstanding - Basic and Diluted		6,750,000			4,750,000

The accompanying notes to financial statements are

an integral part of these statements.

5

GELTOLOGY INC.

(A DEVELOPMENT STAGE COMPANY)

STATEMENT OF STOCKHOLDERS' EQUITY

FOR THE PERIOD FROM INCEPTION (MARCH 24, 2010)

THROUGH MARCH 31, 2012

(Unaudited)

					Additional		Retained
	Common stock				Paid-in		Earnings
Description	Shares		Amount		Capital		(Deficit)			Totals
Balance - at inception		-	$	-	$	-	$	-		$	-
Common stock issued for cash ($0.0001/share)		4,750,000		475		-		475
Net loss for the period		-		-		-		(98	)		(98	)
Balance -December 31, 2010		4,750,000		475		-		(98	)		377
Common stock issued for cash ($0.02/share)		2,000,000		200		17,978		-			18,178
Net loss for the period		-		-		-		(23,003	)		(23,003	)
Balance - December 31, 2011		6,750,000		675		17,978		(23,101	)		(4,449	)
Net loss for the period		-		-		-		(20,250	)		(20,250	)
Balance - March 31, 2012		6,750,000		675		17,978		(43,351	)		(24,698	)

The accompanying notes to financial statements are

an integral part of these statements.

6

GELTOLOGY INC.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011,

ANDCUMULATIVE FROM INCEPTION (MARCH 24, 2010) THROUGH MARCH 31, 2012

(Unaudited)

	Three Months			Three Months
	Ended			Ended			Cumulative
	March, 31			March, 31			From
	2012			2011			Inception
Operating Activities:
Net (loss)	$	(20,250	)	$	13,240		$	(43,351	)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Changes in net assets and liabilities-
Deffered offering costs		-			(9,500	)		-
Advance payments to suppliers		-			(3,216	)		-
Accounts payable and accrued liabilities		(2,254	)		27,089			25,901
Provision for corporate income tax		-			2,319			-
Net Cash Provided by (Used in) Operating Activities		(22,504	)		29,932			(17,450	)
Investing Activities:		-			-			-
Net Cash Provided by Investing Activities		-			-			-
Financing Activities:
Proceeds from common stock		-			-			18,653
Net Cash Provided by Financing Activities		-			-			18,653
Net (Decrease) Increase in Cash		(22,504	)		29,932			1,203
Cash - Beginning of Period		23,706			377			-
Cash - End of Period	$	1,203		$	30,309		$	1,203
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest	$	-		$	-		$	-
Income taxes	$	-		$	-		$	-

The accompanying notes to financial statements are an integral part of these statements.

7

GELTOLOGY INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Basis of Presentation and Organization

Getlology Inc. (the “Company”) was incorporated under the laws of the State of Delaware on March 24, 2010. The Company provides consulting services to match factories in China with western companies looking to manufacture goods in China. The business plan of the Company is to expand and become a leading provider of promotion gift items and ideas with the health and wellness concept related to yoga. The accompanying financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting.

Unaudited Interim Financial Statements

The interim financial statements of the Company as of March 31, 2012, and for the periods then ended, and cumulative from inception, are unaudited. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2012, and the results of its operations and its cash flows for the periods ended March 31, 2012, and cumulative from inception. These results are not necessarily indicative of the results expected for the calendar year ending December 31, 2012. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States. Refer to the Company’s audited financial statements as of December 31, 2011, filed with the SEC, for additional information, including significant accounting policies.

Cash and Cash Equivalents

For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

Revenue Recognition

The Company recognizes revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.

Earnings per Common Share

Basic earnings per share is computed by dividing the net income attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive financial instruments issued or outstanding for the period ended March 31, 2012.

Income Taxes

The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

8

The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.

Fair Value of Financial Instruments

The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of March 31, 2012 and 2011, the carrying value of accounts payable-trade and accrued liabilities approximated fair value due to the short-term nature and maturity of these instruments.

Deferred Offering Costs

The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.

Common Stock Registration Expenses

The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are reflected in the accompanying financial statements as general and administrative expenses, and are expensed as incurred.

Lease Obligations

All non cancellable leases with an initial term greater than one year are categorized as either capital leases or operating leases. Assets recorded under capital leases are amortized according to the methods employed for property and equipment or over the term of the related lease, if shorter.

Estimates

The financial statements are prepared on the basis of accounting principles generally accepted in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses. Actual results could differ from those estimates made by management.

Fiscal Year End

The Company has adopted a fiscal year end of December 31.

2.Development Stage Activities and Going Concern

9

The Company is currently in the development stage, and has limited operations. The Company provides consulting services to match factories in China with western companies looking to manufacture goods in China. The business plan of the Company is to expand and become a leading provider of promotion gift items and ideas with the health and wellness concept related to yoga.

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplate continuation of the Company as a going concern. The Company has incurred an operating loss since inception. Further, as of March 31, 2012 the cash resources of the Company were insufficient to meet its current business plan. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

3. Common Stock

On March 25, 2010, the Company issued 1,000,000 shares of common stock to a director of the Company, for a $100 subscription receivable. Payment was received in 2010.

On July 1, 2010, the Company issued 3,750,000 shares of common stock to a director of the Company, for a $375 subscription receivable. Payment was received in 2010.

On September 19, 2011, the Company began a capital formation activity by filing a Registration Statement on Form S-1 to the SEC to raise up to $100,000 through the issuance of 5,000,000 shares of its common stock, par value $0.0001 per share, at an offering price of $0.02 per share. As of December 19, 2011, the Company had received $40,000 in proceeds. The Company offset the proceeds by $21,823 of legal and audit offering costs related to this capital formation activity.

4. Income Taxes

The provision for income taxes for the periods ended March 31, 2012 and 2011 (assuming a 15% effective tax rate) were as follows:

	2012			2011
Current Tax Provision:
Federal-
Taxable income	$	-		$	15,559
Total current tax provision	$	-		$	2,319
Deferred Tax Provision:
Federal-
Loss carryforwards	$	3,037		$	-
Change in valuation allowance		(3,037	)		-
Total deferred tax provision	$	-		$	-

The Company had deferred income tax assets as of March 31, 2012 and December 31, 2011, as follows:

10

	2012			2011
Loss carryforwards	$	6,503		$	3,465
Less - Valuation allowance		(6,503	)		(3,465	)
Total net deferred tax assets	$	-		$	-

The Company provided a valuation allowance equal to the deferred income tax assets for the periods ended March 31, 2012 and December 31, 2011 because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

As of March 31, 2012, the Company had approximately $43,351 in tax loss carryforwards that can be utilized in future periods to reduce taxable income, and expire by the year 2032.

The Company did not identify any material uncertain tax positions.  The Company did not recognize any interest or penalties for unrecognized tax benefits.

The Company will file income tax returns in the United States. All tax years are closed by expiration of the statute of limitations.

5. Related Party Loans and Transactions

On March 25, 2010, the Company issued 1,000,000 shares of common stock to a director of the Company, for a $100 subscription receivable. Payment was received in 2010.

On July 1, 2010, the Company issued 3,750,000 shares of common stock to a director of the Company, for a $375 subscription receivable. Payment was received in 2010.

During the year ended December 31, 2011 consulting and management fees of $3,000 were paid to officers of the Company. As of March 31, 2012 accounts payable include consulting fees of $22,500 payable to an officer of the Company.

6. Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards ("IFRSs")." Under ASU 2011-04, the guidance amends certain accounting and disclosure requirements related to fair value measurements to ensure that fair value has the same meaning in U.S. GAAP and in IFRS and that their respective fair value measurement and disclosure requirements are the same. ASU 2011-04 is effective for public entities during interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. The Company does not believe that the adoption of ASU 2011-04 will have a material impact on the Company's results of operation and financial condition.

In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income," ("ASU 2011-05") which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income as part of the statement of shareholders' equity. Instead, comprehensive income must be reported in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods beginning after Dec. 15, 2011 with early adoption permitted. The Company does not believe that the adoption of ASU 2011-05 will have a material impact on the Company's results of operation and financial condition.

There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries.  None of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows.

11

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

	GELTOLOGY INC.
Date: July 5, 2012	By:	/s/ Yehuda Smaya Szender
		Name: Yehuda Smaya Szender Title: President, Chief Executive Officer, Treasurer and Director (Principal Executive Officer and Principal Financial and Accounting Officer)
Date: July 5, 2012		By:  /s/ Ryan Goldstein
		Name: Ryan Goldstein Title: Secretary and Director

12

XML

Development Stage Activities and Going Concern

3 Months Ended

Mar. 31, 2012

Development Stage Enterprises [Abstract]

Development Stage Enterprise General Disclosures [Text Block]

2.  Development Stage Activities and Going Concern

The Company is currently in the development stage, and has limited operations. The Company provides consulting services to match factories in China with western companies looking to manufacture goods in China. The business plan of the Company is to expand and become a leading provider of promotion gift items and ideas with the health and wellness concept related to yoga.

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplate continuation of the Company as a going concern. The Company has incurred an operating loss since inception. Further, as of March 31, 2012 the cash resources of the Company were insufficient to meet its current business plan. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

1. Summary of Significant Accounting Policies

Basis of Presentation and Organization

Getlology Inc. (the “Company”) was incorporated under the laws of the State of Delaware on March 24, 2010. The Company provides consulting services to match factories in China with western companies looking to manufacture goods in China. The business plan of the Company is to expand and become a leading provider of promotion gift items and ideas with the health and wellness concept related to yoga. The accompanying financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting.

Unaudited Interim Financial Statements

The interim financial statements of the Company as of March 31, 2012, and for the periods then ended, and cumulative from inception, are unaudited. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2012, and the results of its operations and its cash flows for the periods ended March 31, 2012, and cumulative from inception. These results are not necessarily indicative of the results expected for the calendar year ending December 31, 2012. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States. Refer to the Company’s audited financial statements as of December 31, 2011, filed with the SEC, for additional information, including significant accounting policies.

Cash and Cash Equivalents 

For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

Revenue Recognition

The Company recognizes revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.

Earnings per Common Share

Basic earnings per share is computed by dividing the net income attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive financial instruments issued or outstanding for the period ended March 31, 2012.

Income Taxes

The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.

Fair Value of Financial Instruments

The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of March 31, 2012 and 2011, the carrying value of accounts payable-trade and accrued liabilities approximated fair value due to the short-term nature and maturity of these instruments.

Deferred Offering Costs

The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.

Common Stock Registration Expenses

The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are reflected in the accompanying financial statements as general and administrative expenses, and are expensed as incurred.

Lease Obligations

All non cancellable leases with an initial term greater than one year are categorized as either capital leases or operating leases. Assets recorded under capital leases are amortized according to the methods employed for property and equipment or over the term of the related lease, if shorter.

Estimates

The financial statements are prepared on the basis of accounting principles generally accepted in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses. Actual results could differ from those estimates made by management.

Fiscal Year End

The Company has adopted a fiscal year end of December 31.

XML

BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 1,203	$ 23,706
Total current assets	1,203	23,706
Total Assets	1,203	23,706
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	25,901	28,155
Total Current Liabilities	25,901	28,155
Commitments and Contingencies	0	0
Stockholders' Equity (Deficit):
Common stock, par value $0.0001 per share, 200,000,000 shares authorized; 6,750,000 shares issued and outstanding	675	675
Additional paid-in capital	17,978	17,977
Retained earnings (Deficit)	(43,351)	(23,101)
Total stockholders' equity (deficit)	(24,698)	(4,449)
Total Liabilities and Stockholders' Equity	$ 1,203	$ 23,706

XML

STATEMENT OF STOCKHOLDERS' EQUITY [Parentheical] (USD $)	9 Months Ended	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2011
Common stock issued for cash (in dollars per share)	$ 0.0001	$ 0.02

XML

STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		24 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Operating Activities:
Net (loss)	$ (20,250)	$ 13,240	$ (43,351)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Deffered offering costs	0	(9,500)	0
Advance payments to suppliers	0	(3,216)	0
Accounts payable and accrued liabilities	(2,254)	27,089	25,901
Provision for corporate income tax	0	2,319	0
Net Cash Provided by (Used in) Operating Activities	(22,504)	29,932	(17,450)
Investing Activities:
Net Cash Provided by Investing Activities	0	0	0
Financing Activities:
Proceeds from common stock	0	0	18,653
Net Cash Provided by Financing Activities	0	0	18,653
Net (Decrease) Increase in Cash	(22,504)	29,932	1,203
Cash - Beginning of Period	23,706	377	0
Cash - End of Period	1,203	30,309	1,203
Supplemental Disclosure of Cash Flow Information:
Interest	0	0	0
Income taxes	$ 0	$ 0	$ 0

XML

BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2012	Dec. 31, 2011
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	6,750,000	6,750,000
Common stock, shares outstanding	6,750,000	6,750,000

XML

DOCUMENT AND ENTITY INFORMATION	3 Months Ended
	Mar. 31, 2012	May 07, 2012
Entity Registrant Name	GELTOLOGY INC
Entity Central Index Key	0001519894
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	gelt
Entity Common Stock, Shares Outstanding		6,750,000
Document Type	10-Q
Amendment Flag	true
Document Period End Date	Mar. 31, 2012
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012
Amendment Description	We are filing this Amendment Number 1 to our Form 10-Q for the period ended March 31, 2012 for purposes of correcting Note 3 in the Company’s Financial Statements. Except as described above, the remainder of the Form 10-Q is unchanged and does not reflect events occurring after the original filing of the Form 10-Q with the SEC on May 14, 2012.

XML

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		24 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Revenues	$ 65,700	$ 45,430	$ 143,130
Expenses:
Professional fees	15,055	3,089	32,098
Consulting fees	68,738	25,510	141,648
Filing fees	1,276	0	6,146
Travel fees	0	0	3,216
Franchise tax expense	400	0	982
Other	481	1,272	2,391
Total general and administrative expenses	85,950	29,871	186,481
Income (Loss) from Operations	(20,250)	15,559	(43,351)
Provision for income taxes	0	(2,319)	0
Net Income (Loss)	$ (20,250)	$ 13,240	$ (43,351)
Earnings (Loss) Per Common Share:
Earnings (Loss) per common share - Basic and Diluted (in dollars per share)	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding - Basic and Diluted (in shares)	6,750,000	4,750,000

XML

Related Party Loans and Transactions

3 Months Ended

Mar. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

5. Related Party Loans and Transactions

On March 25, 2010, the Company issued 1,000,000 shares of common stock to a director of the Company, for a $100 subscription receivable. Payment was received in 2010.

On July 1, 2010, the Company issued 3,750,000 shares of common stock to a director of the Company, for a $375 subscription receivable. Payment was received in 2010.

During the year ended December 31, 2011 consulting and management fees of $3,000 were paid to officers of the Company. As of March 31, 2012 accounts payable include consulting fees of $22,500 payable to an officer of the Company.

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Income Taxes

3 Months Ended

Mar. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

4. Income Taxes

The provision for income taxes for the periods ended March 31, 2012 and 2011 (assuming a 15% effective tax rate) were as follows:

	2012			2011
Current Tax Provision:
Federal-
Taxable income	$	-		$	15,559
Total current tax provision	$	-		$	2,319
Deferred Tax Provision:
Federal-
Loss carryforwards	$	3,037		$	-
Change in valuation allowance		(3,037	)		-
Total deferred tax provision	$	-		$	-

The Company had deferred income tax assets as of March 31, 2012 and December 31, 2011, as follows:

	2012			2011
Loss carryforwards	$	6,503		$	3,465
Less - Valuation allowance		(6,503	)		(3,465	)
Total net deferred tax assets	$	-		$	-

The Company provided a valuation allowance equal to the deferred income tax assets for the periods ended March 31, 2012 and December 31, 2011 because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

As of March 31, 2012, the Company had approximately $43,351 in tax loss carryforwards that can be utilized in future periods to reduce taxable income, and expire by the year 2032.

The Company did not identify any material uncertain tax positions.  The Company did not recognize any interest or penalties for unrecognized tax benefits.

The Company will file income tax returns in the United States. All tax years are closed by expiration of the statute of limitations.

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2012

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

6. Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards ("IFRSs")." Under ASU 2011-04, the guidance amends certain accounting and disclosure requirements related to fair value measurements to ensure that fair value has the same meaning in U.S. GAAP and in IFRS and that their respective fair value measurement and disclosure requirements are the same. ASU 2011-04 is effective for public entities during interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. The Company does not believe that the adoption of ASU 2011-04 will have a material impact on the Company's results of operation and financial condition.

In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income," ("ASU 2011-05") which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income as part of the statement of shareholders' equity. Instead, comprehensive income must be reported in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods beginning after Dec. 15, 2011 with early adoption permitted. The Company does not believe that the adoption of ASU 2011-05 will have a material impact on the Company's results of operation and financial condition.

There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries.  None of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows.

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STATEMENT OF STOCKHOLDERS' EQUITY (USD $)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]
Balance at Mar. 23, 2010	$ 0	$ 0	$ 0
Balance (in shares) at Mar. 23, 2010	0
Common stock issued for cash	475		0
Common stock issued for cash (in shares)	4,750,000
Net (loss)	0	0	(98)
Balance at Dec. 31, 2010	475	0	(98)
Balance (in shares) at Dec. 31, 2010	4,750,000
Common stock issued for cash	200	17,978	0
Common stock issued for cash (in shares)	2,000,000
Net (loss)	0	0	(23,003)
Balance at Dec. 31, 2011	675	17,978	(23,101)
Balance (in shares) at Dec. 31, 2011	6,750,000
Net (loss)	0	0	(20,250)
Balance at Mar. 31, 2012	$ 675	$ 17,978	$ (43,351)
Balance (in shares) at Mar. 31, 2012	6,750,000

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Common Stock

3 Months Ended

Mar. 31, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

3. Common Stock

On March 25, 2010, the Company issued 1,000,000 shares of common stock to a director of the Company, for a $100 subscription receivable. Payment was received in 2010.

On July 1, 2010, the Company issued 3,750,000 shares of common stock to a director of the Company, for a $375 subscription receivable. Payment was received in 2010.

On September 19, 2011, the Company began a capital formation activity by filing a Registration Statement on Form S-1 to the SEC to raise up to $100,000 through the issuance of 5,000,000 shares of its common stock, par value $0.0001 per share, at an offering price of $0.02 per share. As of December 19, 2011, the Company had received $40,000 in proceeds. The Company offset the proceeds by $21,823 of legal and audit offering costs related to this capital formation activity.