10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

o    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 000-54678

ARTEMIS ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

Delaware	46-0678065
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
897 Fording Island Road, #411 Bluffton, SC 29910
(Address of principal executive offices)
(315) 652-2274
(Registrant's telephone number, including area code)

__________________________________________

(Former name or former address, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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  þ    No   o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yesþ 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," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o        (Do not check if a smaller reporting company)	Smaller reporting company	þ

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

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. 31,390,000 shares of common stock as of June 30, 2012.

ARTEMIS ACQUISITION CORP.

(A Development Stage Company)

Quarterly Report On Form 10-Q

For The Quarterly Period Ended

June 30, 2012

INDEX

		Page
PART I - FINANCIAL INFORMATION
Item 1.	Condensed Financial Statements		3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		8
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		9
Item 4.	Controls and Procedures		9
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings		10
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		10
Item 3.	Defaults Upon Senior Securities		10
Item 5.	Other Information		10
Item 6.	Exhibits		10

2

ITEM 1. FINANCIAL STATEMENTS

The following unaudited interim financial statements of Artemis Acquisition Corp. (sometimes referred to as "we", "us" or "our Company") are included in this quarterly report on Form 10-Q:

	Page
Balance Sheet at June 30, 2012 (unaudited)		4
Statement of Operations and Retained Earnings for the three months ended June 30, 2012 and since inception (unaudited)		5
Statements of Cash Flows for the period from January 31, 2012 (date of inception) to June 30, 2012 (unaudited)		6
Notes to Financial Statements		7

3

ARTEMIS ACQUISITION CORPORATION

(A Development Stage Company)

BALANCE SHEET

June 30, 2012

(UNAUDITED)

Assets
Current assets:
Cash and cash equivalents	$	-
Total current assets		-
Total assets	$	-
Liabilities and Stockholders' Equity
Current liabilities	$	-
Stockholders' equity -  Note 2:
Preferred stock, $.0001 par value - 20,000,000 shares
authorized; none issued and outstanding		-
Common stock, $.0001 par value - 500,000,000 shares
authorized; 31,390,000 shares issued and outstanding as of
June 30, 2012		3,139
Deficit accumulated during the development stage		(3,139	)
Total stockholders' equity		-
Total liabilities and stockholders' equity	$	-

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

4

ARTEMIS ACQUISITION CORPORATION

(A Development Stage Company)

STATEMENT OF OPERATIONS AND RETAINED EARNINGS

			(UNAUDITED)
	(UNAUDITED)		January 1, 2012
	April 1, 2012 through		(date of inception) through
	June 30, 2012		June 30, 2012
Revenue:	$	-	$	-
General and administrative expenses:
Organization and related expenses		-		3,139
Total expenses		-		3,139
Net loss	$	-	$	(3,139	)
Basic loss per share		-		(0.0001	)
Weighted average number of common shares outstanding		31,390,000		31,390,000

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

5

ARTEMIS ACQUISITION CORPORATION

(A Development Stage Company)

STATEMENT OF CASH FLOWS

	(UNAUDITED)
	January 1, 2012 (date
	of inception) through
	June 30, 2012
Increase (decrease) in cash and cash equivalents
Cash flows from operating activities:
Cash paid to suppliers	$	(3,139	)
Net cash used for operating activities		(3,139	)
Cash flows from investing activities:
Net cash used for investing activities		-
Cash flows from financing activities:
Common stock issued to founder for services rendered		3,139
Net cash provided by financing activities		3,139
Net increase in cash and cash equivalents		-
Cash and cash equivalents, January 31, 2012 at inception		-
Cash and cash equivalents, end of period	$	-
Reconciliation of change in net assets to net cash used for operating activities
Net loss	$	(3,139	)
Net cash used for operating activities	$	(3,139	)

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

6

ARTEMIS ACQUISITION CORPORATION

(A Development Stage Company)

Notes to Financial Statements

1.     Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, quarterly results include all adjustments (consisting of only normal recurring adjustments) that the Company considers necessary for a fair presentation of such information for interim periods.

Artemis Acquisition Corporation (the “Company”) has not earned any revenue from operations. Accordingly, the Company’s activities have been accounted for as those of a Development Stage Company. The Company is in the process of searching for target companies to acquire.  The Company’s financial statements are prepared using the accrual method of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Basic Earnings (Loss) Per Share

Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the Company’s operating loss.

Stock-based Compensation

The Company recognizes the services received or goods acquired in a share-based payment transaction as services are received or when it obtains the goods as an increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria.

A share-based payment transaction with employees is measured based on the fair value (or, in some cases, a calculated or intrinsic value) of the equity instrument issued. If the fair value of goods or services received in a share-based payment with non-employees is more reliably measurable than the fair value of the equity instrument issued, the fair value of the goods or services received shall be used to measure the transaction. Conversely, if the fair value of the equity instruments issued in a share-based payment transaction with non-employees is more reliably measurable than the fair value of the consideration received, the transaction is measured at the fair value of the equity instruments issued.

7

Income Taxes

Income taxes are provided for by the liability method. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting as well as net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. There were no current or deferred income tax expenses or benefits due to the Company not having any material operations for the period ended June 30, 2012.

Recently Adopted Accounting Guidance

In the normal course of business, Management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), Securities and Exchange Commission (“SEC”), Emerging Issues Task Force (“EITF”), American Institute of Certified Public Accountants (“AICPA”) or other authoritative accounting body to determine the potential impact they may have on our Financial Statements. Based upon this review, Management does not expect any of the recently issued accounting pronouncements which have not already been adopted by the Company to have a material impact on our Financial Statements.

2.   Stockholder’s Equity

Upon formation, the Board of Directors issued 31,390,000 shares of common stock to the founding shareholder in exchange for incorporation fees of $89, annual resident agent fees in the State of Delaware for $50, and developing the Company’s business concept and plan valued at $3,000 to a total sum of $3,139.

The stockholders’ equity section of the Company contains the following classes of capital stock as of June 30, 2012:

●   Common stock, $ 0.0001 par value: 500,000,000 shares authorized; 31,390,000 shares issued and outstanding

●   Preferred stock, $ 0.0001 par value: 20,000,000 shares authorized; no shares issued and outstanding

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Certain statements in this quarterly report on Form 10-Q concerning our business prospects or future financial performance, anticipated revenues, expenses, profitability or other financial items, estimates as to size, growth in or projected revenues from the life settlement market, developments in industry regulations and the application of such regulations, expected outcomes of pending or potential litigation and regulatory actions, and our strategies, plans and objectives, together with other statements that are not historical facts, are “forward-looking statements” as that term is defined under the federal securities laws.  All of these forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements.  You should carefully review the risks described herein and in other documents we file from time to time with the Securities and Exchange Commission, (“  SEC  ”), including our Registration Statement on Form 10, filed on April 30, 2012 (“Fiscal 2011  ”) and our Current Report on Form 8-K, filed on August 20, 2012 (“Form 8-K”).  

Unless required by law, we undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Report or to reflect the occurrence of unanticipated events. Shareholders and potential shareholders should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this Report. Management cautions that these statements are qualified by their terms and/or important factors, many of which are outside of our control, and involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made, including, but not limited to, the following:

●         actual or anticipated fluctuations in our quarterly and annual operating results;

●         decreased demand resulting from changes in laws;

●         loss of any of our key executives;

●         regulatory announcements, proceedings or changes;

●         competitive product developments and legal developments;

●         any business combination we may propose or complete;

●         any financing transactions we may propose or complete; or

●         broader industry and market trends unrelated to its performance.

8

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.

We were organized as a vehicle to acquire a target company or business seeking the perceived advantages of being a publicly held corporation.

During the second quarter of 2012 we anticipate incurring costs related to:

(i) filing of Exchange Act reports (legal, accounting and auditing fees) in the amount of approximately $5,000; and

(ii) costs relating to consummating an acquisition in the amount of approximately $10,000 to pay for legal fees and audit fees.

We believe we will be able to meet the costs of filing Exchange Act reports during the next 3 months through use of funds to be loaned to or invested in us by Mr. Pete Iodice Investor or other investors Who has purchased 99% of the company on August 2, 2012.

However, there is no guarantee that such additional funds will be made available to us or on terms that are favorable to us. If we enter into a business combination with a target entity, we will require the target company to pay the acquisition related fees and expenses as a condition precedent to such an agreement.

However, there is no assurance that the Company will have greater access to capital due to its public company status, and therefore a business combination with an operating company in need of additional capital may expose the Company to additional risks and challenges.

There are risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.

Off-Balance Sheet Arrangements

We did not engage in any off-balance sheet arrangements or transactions.

Outlook

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

ITEM 4. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures.  With the participation of our Chief Executive Officer and Chief Accounting Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “  Exchange Act  ”)), as of the end of the period covered by this report.  Based upon such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such periods, our disclosure controls and procedures were not effective due to the material weaknesses noted below, in ensuring that (i) information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms and (ii) information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

● Due to the small size of its staff, the Company did not have sufficient segregation of duties to support its internal control over financial reporting.

There were no changes in our internal controls over financial reporting during the quarter ended June 30, 2012, that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

9

PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

The Company is not engaged in any legal proceedings.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

The Company currently does not have senior securities

ITEM 5. OTHER INFORMATION.

ITEM 6. EXHIBITS.

Exhibit Number	Description
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act .

10

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

ARTEMIS ACQUISITION CORP.

By:Salvadore J. Julain

Salvadore J.Julian

Chief Financial Officer

(Principal Financial Officer) 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Capacity in which signed	Date
/s/Peter Iodice
Peter Iodice	President and Chief Executive Officer (Principal Executive Officer )	November 2, 2012

11

EX-31.1

Exhibit 31.1

CERTIFICATION OF

CHIEF EXECUTIVE  OFFICER  

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

I, Peter Iodice, certify that:

1. I have reviewed this Form 10-Q of Artemis Acquisition Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods present in this report;

4. The issuer’s other certifying officer(s) and I are  responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the issuer and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the issuer’s internal control over financing reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5. The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involved management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: November 2, 2012

/s/ Peter Iodice

Peter Iodice

President and Chief Executive Officer

(principal executive officer  and duly authorized officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

I, Salvadore J.Julian, certify that:

1. I have reviewed this Form 10-Q of Artemis Acquisition Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods present in this report;

4. The issuer’s other certifying officer(s) and I are  responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the issuer and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the issuer’s internal control over financing reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5. The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involved management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: November2, 2012

/s/ Salvadore J. Julian

Salvadore J. Julian

Chief Financial  

Officer (principal  financial officer and duly authorized officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the accompanying Quarterly Report on Form 10-Q of Artemis Acquisition Corp., for the quarter ending June 30, 2012, I, Peter Iodice, President and Chief Executive Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

1.    Such Quarterly Report on Form 10-Q for the quarter  ending June 30, 2012, fully complies with the requirements of  Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    The information contained in such Quarterly Report on Form 10-Q for the quarter  ending June 30, 2012, fairly represents in all material respects, the financial condition and results of operations of Artemis Acquisition Corp.

Date: November 2, 2012

/s/ Peter Iodice

Peter Iodice

President and Chief Executive Officer

(principal executive officer and duly authorized officer)

EX-32.2

Exhibit 32.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the accompanying Quarterly Report on Form 10-Q of Artemis Acquisition Corp., for the quarter ending September 30, 2012, I,  Salvadore J. Julian, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

1.    Such Quarterly Report on Form 10-Q for the quarter  ending June 30, 2012, fully complies with the requirements of  Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    The information contained in such Quarterly Report on Form 10-Q for the quarter  ending June 30, 2012, fairly represents in all material respects, the financial condition and results of operations of Artemis Acquisition Corp.

Date: November 2, 2012

/s/ Salvadore J. Julian

Salvadore J. Julian

Chief Financial Officer

(principal  financial officer and duly authorized officer)

XML

1. Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, quarterly results include all adjustments (consisting of only normal recurring adjustments) that the Company considers necessary for a fair presentation of such information for interim periods.

Artemis Acquisition Corporation (the “Company”) has not earned any revenue from operations. Accordingly, the Company’s activities have been accounted for as those of a Development Stage Company. The Company is in the process of searching for target companies to acquire. The Company’s financial statements are prepared using the accrual method of accounting.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Basic Earnings (Loss) Per Share

Basic Earnings (Loss) Per Share

Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the Company’s operating loss.

Stock-based Compensation

Stock-based Compensation

The Company recognizes the services received or goods acquired in a share-based payment transaction as services are received or when it obtains the goods as an increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria.

A share-based payment transaction with employees is measured based on the fair value (or, in some cases, a calculated or intrinsic value) of the equity instrument issued. If the fair value of goods or services received in a share-based payment with non-employees is more reliably measurable than the fair value of the equity instrument issued, the fair value of the goods or services received shall be used to measure the transaction. Conversely, if the fair value of the equity instruments issued in a share-based payment transaction with non-employees is more reliably measurable than the fair value of the consideration received, the transaction is measured at the fair value of the equity instruments issued.

Income Taxes

Income Taxes

Income taxes are provided for by the liability method. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting as well as net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. There were no current or deferred income tax expenses or benefits due to the Company not having any material operations for the period ended June 30, 2012.

Recently Adopted Accounting Guidance

Recently Adopted Accounting Guidance

In the normal course of business, Management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), Securities and Exchange Commission (“SEC”), Emerging Issues Task Force (“EITF”), American Institute of Certified Public Accountants (“AICPA”) or other authoritative accounting body to determine the potential impact they may have on our Financial Statements. Based upon this review, Management does not expect any of the recently issued accounting pronouncements which have not already been adopted by the Company to have a material impact on our Financial Statements.

XML

Balance Sheets (Unaudited) (USD $)	Jun. 30, 2012
Current assets:
Cash and cash equivalents	$ 0
Total current assets	0
Total assets	0
Current liabilities	0
Stockholders' equity - Note 2:
Preferred stock, $.0001 par value - 20,000,000 shares authorized; none issued and outstanding	0
Common stock, $.0001 par value - 500,000,000 shares authorized; 31,390,000 shares issued and outstanding as of June 30, 2012	3,139
Deficit accumulated during the development stage	(3,139)
Total stockholders' equity	0
Total liabilities and stockholders' equity	$ 0

XML

1. Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

1. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, quarterly results include all adjustments (consisting of only normal recurring adjustments) that the Company considers necessary for a fair presentation of such information for interim periods.

Artemis Acquisition Corporation (the “Company”) has not earned any revenue from operations. Accordingly, the Company’s activities have been accounted for as those of a Development Stage Company. The Company is in the process of searching for target companies to acquire. The Company’s financial statements are prepared using the accrual method of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Basic Earnings (Loss) Per Share

Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the Company’s operating loss.

Stock-based Compensation

The Company recognizes the services received or goods acquired in a share-based payment transaction as services are received or when it obtains the goods as an increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria.

A share-based payment transaction with employees is measured based on the fair value (or, in some cases, a calculated or intrinsic value) of the equity instrument issued. If the fair value of goods or services received in a share-based payment with non-employees is more reliably measurable than the fair value of the equity instrument issued, the fair value of the goods or services received shall be used to measure the transaction. Conversely, if the fair value of the equity instruments issued in a share-based payment transaction with non-employees is more reliably measurable than the fair value of the consideration received, the transaction is measured at the fair value of the equity instruments issued.

Income Taxes

Income taxes are provided for by the liability method. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting as well as net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. There were no current or deferred income tax expenses or benefits due to the Company not having any material operations for the period ended June 30, 2012.

Recently Adopted Accounting Guidance

In the normal course of business, Management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), Securities and Exchange Commission (“SEC”), Emerging Issues Task Force (“EITF”), American Institute of Certified Public Accountants (“AICPA”) or other authoritative accounting body to determine the potential impact they may have on our Financial Statements. Based upon this review, Management does not expect any of the recently issued accounting pronouncements which have not already been adopted by the Company to have a material impact on our Financial Statements.

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2. Stockholder's Equity

6 Months Ended

Jun. 30, 2012

Equity [Abstract]

2. Stockholder's Equity

Upon formation, the Board of Directors issued 31,390,000 shares of common stock to the founding shareholder in exchange for incorporation fees of $89, annual resident agent fees in the State of Delaware for $50, and developing the Company’s business concept and plan valued at $3,000 to a total sum of $3,139.

The stockholders’ equity section of the Company contains the following classes of capital stock as of June 30, 2012:

· Common stock, $ 0.0001 par value: 500,000,000 shares authorized; 31,390,000 shares issued and outstanding

· Preferred stock, $ 0.0001 par value: 20,000,000 shares authorized; no shares issued and outstanding

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Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2012
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001
Preferred stock, shares authorized	20,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value	$ 0.0001
Common stock, shares authorized	500,000,000
Common stock, shares issued	31,390,000
Common stock, shares outstanding	31,390,000

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Document and Entity Information	6 Months Ended
	Jun. 30, 2012
Document And Entity Information
Entity Registrant Name	Artemis Acquisition Corp.
Entity Central Index Key	0001522118
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	31,390,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2012

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Statements of Operations (Unaudited) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Income Statement [Abstract]
Revenue:	$ 0	$ 0
General and administrative expenses:
Organization and related expenses	0	3,139
Total expenses	0	3,139
Net loss	$ 0	$ (3,139)
Basic loss per share	$ 0	$ (0.0001)
Weighted average number of common shares outstanding	31,390,000	31,390,000

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Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2012
Cash flows from operating activities:
Cash paid to suppliers	$ (3,139)
Net cash used for operating activities	(3,139)
Cash flows from investing activities:
Net cash used for investing activities	0
Cash flows from financing activities:
Common stock issued to founder for services rendered	3,139
Net cash provided by financing activities	3,139
Net increase in cash and cash equivalents	0
Cash and cash equivalents at inception	0
Cash and cash equivalents, end of period	0
Reconciliation of change in net assets to net cash used for operating activities
Net loss	(3,139)
Net cash used for operating activities	$ (3,139)