x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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WYOMING
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333-177122
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46-0525223
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||
(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
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(I.R.S. Employee
Identification No.)
|
Large Accelerated Filer o
|
Accelerated Filer o
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Non-Accelerated Filer o (Do not check if a smaller reporting company)
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Smaller Reporting Company x
|
Item 1.
|
Consolidated Financial Statements
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F-1 - F-8
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Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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1
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Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
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5
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Item 4.
|
Control and Procedures
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5
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Item 1
|
Legal Proceedings
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6
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Item 1A.
|
Risk Factors
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6
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Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
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6
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Item 3.
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Defaults Upon Senior Securities
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7
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Item 4.
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(Removed and Reserved)
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7
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Item 5.
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Other Information
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7
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Item 6.
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Exhibits
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7
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Item 1.
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Financial Statements |
PAGE
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F-3
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CONSOLIDATED BALANCE SHEET AS OF APRIL 30, 2012 (UNAUDITED) AND AS OF JULY 31, 2011 (AUDITED).
|
PAGE
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F-4
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CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED APRIL 30, 2012 AND 2011 AND FOR THE PERIOD APRIL 14, 2010 (INCEPTION) TO APRIL 30, 2012 (UNAUDITED).
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PAGE
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F-6
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CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED APRIL 30, 2012 AND 2011 AND FOR THE PERIOD APRIL 14, 2010 (INCEPTION) TO APRIL 30, 2012 (UNAUDITED).
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PAGE
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F-7
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED).
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April 30,
2012
(Unaudited)
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July 31,
2011
(Audited)
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|||||||
ASSETS
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||||||||
Current Assets
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||||||||
Cash
|
$ | 299 | $ | 8,843 | ||||
Prepaid expenses
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- | 25,000 | ||||||
Total Current Assets
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299 | 33,843 | ||||||
Total Assets
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$ | 299 | $ | 33,843 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$ | 5,041 | $ | 4,000 | ||||
Advances from shareholder
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21,266 | 8,420 | ||||||
Total Liabilities
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26,307 | 12,420 | ||||||
Stockholders' (Deficit) Equity
|
||||||||
Capital stock, $0.001 par value; Authorized 100,000,000; Issued and outstanding 2,142,000 (July 31, 2011 - 2,142,000)
|
2,292 | 2,142 | ||||||
Additional paid in capital
|
120,308 | 87,458 | ||||||
Deficit accumulated during the development stage
|
(148,608 | ) | (68,177 | ) | ||||
Total Stockholders' (Deficit) Equity
|
(26,008 | ) | 21,423 | |||||
Total Liabilities and Stockholders' (Deficit) Equity
|
$ | 299 | $ | 33,843 |
For the
Three
Months
Ended
April 30,
2012
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For the
Three
Months
Ended
April 30,
2011
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|||||||
SALES
|
- | - | ||||||
COST OF GOODS SOLD
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- | - | ||||||
GROSS PROFIT
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- | - | ||||||
EXPENSES
|
||||||||
Professional fees
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2,200 | - | ||||||
Office and general
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2,998 | - | ||||||
Rent and occupancy costs
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3,600 | - | ||||||
Consulting and management fees
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11,000 | - | ||||||
TOTAL OPERATING EXPENSES
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19,798 | - | ||||||
LOSS FROM OPERATIONS
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(19,798 | ) | - | |||||
Foreign exchange gain (loss)
|
(116 | ) | - | |||||
NET LOSS AND COMPREHENSIVE LOSS
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$ | (19,914 | ) | $ | - | |||
LOSS PER WEIGHTED NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED
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$ | (0.01 | ) | $ | 0.00 | |||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED
|
2,292,000 | 1,400,000 |
For the
Nine
Months
Ended
April 30,
2012
|
For the
Nine
Months
Ended
April 30,
2011
|
For the
Period
from
Inception
(April 14,
2010) to
April 30,
2012
|
||||||||||
SALES
|
100 | - | 100 | |||||||||
COST OF GOODS SOLD
|
69 | - | 69 | |||||||||
GROSS PROFIT
|
31 | - | 31 | |||||||||
EXPENSES
|
||||||||||||
Professional fees
|
25,275 | - | 29,275 | |||||||||
Office and general
|
6,442 | - | 7,946 | |||||||||
Rent and occupancy costs
|
10,800 | - | 19,200 | |||||||||
Consulting and management fees
|
38,000 | - | 92,000 | |||||||||
TOTAL OPERATING EXPENSES
|
80,517 | - | 148,421 | |||||||||
LOSS FROM OPERATIONS
|
(80,486 | ) | - | (148,390 | ) | |||||||
Foreign exchange gain (loss)
|
55 | - | (218 | ) | ||||||||
NET LOSS AND COMPREHENSIVE LOSS
|
$ | (80,431 | ) | $ | - | $ | (148,608 | ) | ||||
LOSS PER WEIGHTED NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED
|
$ | (0.04 | ) | $ | 0.00 | |||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED
|
2,292,000 | 1,400,000 |
For the
Nine
Months
Ended
April 30,
2012
|
For the
Nine
Months
Ended
April 30,
2011
|
For the
Period
from
Inception
(April 14,
2010) to
April 30,
2012
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net loss
|
$ | (80,431 | ) | $ | - | $ | (148,608 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||
Common stock issued for services
|
15,000 | - | 55,000 | |||||||||
In-kind contribution of services
|
18,000 | - | 32,000 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Prepaid expenses
|
25,000 | - | 25,000 | |||||||||
Accounts payable and accrued liabilities
|
1,041 | - | 5,041 | |||||||||
Net cash provided by operating activities
|
(21,390 | ) | - | (31,567 | ) | |||||||
Net cash provided by investing activities
|
- | - | - | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Proceeds from issuance of common stock
|
- | - | 10,600 | |||||||||
Advances from stockholder
|
12,846 | - | 21,266 | |||||||||
Net cash provided by financing activities
|
12,846 | - | 31,866 | |||||||||
NET INCREASE IN CASH
|
(8,544 | ) | - | 299 | ||||||||
CASH, BEGINNING OF PERIOD
|
8,843 | 1,400 | - | |||||||||
CASH, END OF PERIOD
|
$ | 299 | $ | 1,400 | $ | 299 |
1.
|
NATURE OF OPERATIONS AND ORGANIZATION
|
2.
|
BASIS OF PRESENTATION
|
3.
|
GOING CONCERN
|
4.
|
RELATED PARTY TRANSACTIONS
|
5.
|
CAPITAL STOCK
|
6.
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Web Development and Maintenance
|
$
|
5,000.00
|
||
Legal/Accounting
|
$
|
15,000.00
|
||
Computer hardware and software systems
|
$
|
10,000.00
|
||
Advertising and Marketing
|
$
|
130,000.00
|
||
General and administrative
|
$
|
10,000.00
|
||
Salaries and Customer Service
|
$
|
25,000.00
|
||
Telephone
|
$
|
1,000.00
|
||
Travel
|
$
|
4,000.00
|
||
Total Expenses
|
$
|
200,000.00
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
●
|
Due to limited resources available, the Company currently does not employ any employees except for its directors and officers, Jordan Starkman and Domenico Pascazi. As such, there is no segregation of duties within the Company.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factor
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits
|
31.1
|
Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
Interactive Data File (Form 10-Q for the quarterly period ended April 30, 2012 furnished in XBRL and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.)
|
In accordance with SEC Release 33-8238, Exhibit 32.1 is being furnished and not filed.
|
Signature
|
Title
|
Date
|
||
/s/ Jordan Starkman
|
President, Chief Executive Officer, Chief Financial Officer (Duly Authorized Officer, Principal Executive Officer, and Principal Financial Officer)
|
June 14, 2012
|
||
Jordan Starkman
|
1.
|
I have reviewed this Form 10-Q of Health Advance Inc.:
|
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 registrant as of, and for, the periods present in this report;
|
4.
|
The registrant'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 registrant 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 registrant, 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 principals;
|
c)
|
Evaluated the effectiveness of the registrant'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 registrant's internal control over financing reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant'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 registrant'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 registrant's internal control over financial reporting.
|
/s/ Jordan Starkman
|
|
Jordan Starkman
|
|
President, Chief Executive Officer, Chief Financial Officer (Duly Authorized Officer, Principal Executive Officer, and Principal Financial Officer)
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78 m or 78o (d)); and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Health Advance Inc.
|
By:
|
/s/ Jordan Starkman
|
Jordan Starkman
|
|
President, Chief Executive Officer, Chief Financial Officer (Duly Authorized Officer, Principal Executive Officer, and Principal Financial Officer)
|
RELATED PARTY TRANSACTIONS
|
9 Months Ended | ||
---|---|---|---|
Apr. 30, 2012
|
|||
Related Party Transactions [Abstract] | |||
RELATED PARTY TRANSACTIONS [Text Block] |
The transactions with related parties were in the normal course of operations and were measured at the exchange value which represented the amount of consideration established and agreed to by the parties. Related party transactions not disclosed elsewhere in these consolidated financial statements are as follows:
Commencing January 1, 2011, the Company paid rent and other overhead costs to a shareholder and director of the Company in the amount of $1,400 per month, totaling $12,600 for the nine months ended April 30, 2012. This monthly charge includes the head office rent, phone, internet and other administrative services.
Advances from a shareholder of the Company as at April 30, 2012 were $21,266. These advances are non-interest bearing, unsecured and with no specific terms of repayment.
|
GOING CONCERN
|
9 Months Ended | ||
---|---|---|---|
Apr. 30, 2012
|
|||
Going Concern [Abstract] | |||
GOING CONCERN [Text Block] |
These financial statements have been prepared assuming the Company will continue on a going concern basis. The Company has incurred losses since inception and the ability of the Company to continue as a going concern depends upon its ability to develop profitable operations and to continue to raise adequate financing. Management is actively targeting sources of additional financing to provide continuation of the Company’s operations. In order for the Company to meet its liabilities as they come due and to continue its operations, the Company is solely dependent upon its ability to generate such financing.
There can be no assurance that the Company will be able to continue to raise funds, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in these financial statements.
The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.
|
BALANCE SHEETS (USD $)
|
Apr. 30, 2012
|
Jul. 31, 2011
|
---|---|---|
Current Assets | ||
Cash | $ 299 | $ 8,843 |
Prepaid expenses | 0 | 25,000 |
Total Current Assets | 299 | 33,843 |
Total Assets | 299 | 33,843 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 5,041 | 4,000 |
Advances from shareholder | 21,266 | 8,420 |
Total Liabilities | 26,307 | 12,420 |
Stockholders' (Deficit) Equity | ||
Capital stock, $0.001 par value; Authorized 100,000,000; Issued and outstanding 2,142,000 (July 31, 2011 - 2,142,000) | 2,292 | 2,142 |
Additional paid in capital | 120,308 | 87,458 |
Deficit accumulated during the development stage | (148,608) | (68,177) |
Total Stockholders' (Deficit) Equity | (26,008) | 21,423 |
Total Liabilities and Stockholders' (Deficit) Equity | $ 299 | $ 33,843 |
NATURE OF OPERATIONS AND ORGANIZATION
|
9 Months Ended | ||
---|---|---|---|
Apr. 30, 2012
|
|||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |||
NATURE OF OPERATIONS AND ORGANIZATION [Text Block] |
Nature of Operations
Health Advance Inc. (the "Company" or "Health Advance") was incorporated in the State of Wyoming on April 14, 2010. The Company is a development stage company and is an online retailer of home medical products with operations in Canada and the US.
The Company’s corporate web site is www.healthadvanceinc.com and its on-line retail site operates under www.healthadvancemd.com.
|
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BASIS OF PRESENTATION
|
9 Months Ended | ||
---|---|---|---|
Apr. 30, 2012
|
|||
Basis Of Presentation [Abstract] | |||
BASIS OF PRESENTATION [Text Block] |
The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended April 30, 2012 are not necessarily indicative of the results that may be expected for the year ending July 31, 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form S1 for the year ended 31 July 2011.
The Company is considered to be in the development stage as defined in Accounting Standards Codification (“ASC”) 915, Development Stage Entities. The Company has devoted substantially all of its efforts to business planning and development by means of raising capital for operations. The Company has also not realized any significant revenues. Among the disclosures required by ASC 915 are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations and comprehensive loss, stockholders' equity (deficit) and cash flows disclose activity since the date of the Company's inception.
|
BALANCE SHEETS (PARENTHETICAL) (USD $)
|
Apr. 30, 2012
|
Jul. 31, 2011
|
---|---|---|
Statement Of Financial Position [Abstract] | ||
Capital Stock, par value | $ 0.001 | $ 0.001 |
Capital Stock, shares authorized | 100,000,000 | 100,000,000 |
Capital Stock, shares issued | 2,142,000 | 2,142,000 |
Capital Stock, shares outstanding | 2,142,000 | 2,142,000 |
DOCUMENT AND ENTITY INFORMATION
|
3 Months Ended | |
---|---|---|
Apr. 30, 2012
|
Jun. 14, 2012
|
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Health Advance, Inc. | |
Entity Central Index Key | 0001531477 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2012 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2012 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,292,000 |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)
|
3 Months Ended | 9 Months Ended | 25 Months Ended | ||
---|---|---|---|---|---|
Apr. 30, 2012
|
Apr. 30, 2011
|
Apr. 30, 2012
|
Apr. 30, 2011
|
Apr. 30, 2012
|
|
SALES | $ 0 | $ 0 | $ 100 | $ 0 | $ 100 |
COST OF GOODS SOLD | 0 | 0 | 69 | 0 | 69 |
GROSS PROFIT | 0 | 0 | 31 | 0 | 31 |
EXPENSES | |||||
Professional fees | 2,200 | 0 | 25,275 | 0 | 29,275 |
Office and general | 2,998 | 0 | 6,442 | 0 | 7,946 |
Rent and occupancy costs | 3,600 | 0 | 10,800 | 0 | 19,200 |
Consulting and management fees | 11,000 | 0 | 38,000 | 0 | 92,000 |
TOTAL OPERATING EXPENSES | 19,798 | 0 | 80,517 | 0 | 148,421 |
LOSS FROM OPERATIONS | (19,798) | 0 | (80,486) | 0 | (148,390) |
Foreign exchange gain (loss) | (116) | 0 | 55 | 0 | (218) |
NET LOSS AND COMPREHENSIVE LOSS | $ (19,914) | $ 0 | $ (80,431) | $ 0 | $ (148,608) |
LOSS PER WEIGHTED NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED | $ (0.01) | $ 0.00 | $ (0.04) | $ 0.00 | |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED | 2,292,000 | 1,400,000 | 2,292,000 | 1,400,000 |
SUPPLEMENTAL CASH FLOW INFORMATION
|
9 Months Ended | ||
---|---|---|---|
Apr. 30, 2012
|
|||
Supplemental Cash Flow Elements [Abstract] | |||
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] |
During the nine months ended April 30, 2012 and 2011 and for the period from inception to April 30, 2012, there were no interest or taxes paid by the Company.
The significant noncash transactions for the nine months ended April 30, 2012 consisted of the following:
a) For the nine months ended April 30, 2012 the controlling shareholder contributed management services of $2,000 per month totaling $18,000 (April 30, 2011 Nil).
|
STATEMENTS OF CASH FLOWS (USD $)
|
9 Months Ended | 25 Months Ended | |
---|---|---|---|
Apr. 30, 2012
|
Apr. 30, 2011
|
Apr. 30, 2012
|
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (80,431) | $ 0 | $ (148,608) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Common stock issued for services | 15,000 | 0 | 55,000 |
In-kind contribution of services | 18,000 | 0 | 32,000 |
Changes in operating assets and liabilities: | |||
Prepaid expenses | 25,000 | 0 | 25,000 |
Accounts payable and accrued liabilities | 1,041 | 0 | 5,041 |
Net cash provided by operating activities | (21,390) | 0 | (31,567) |
Net cash provided by investing activities | 0 | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of common stock | 0 | 0 | 10,600 |
Advances from stockholder | 12,846 | 0 | 21,266 |
Net cash provided by financing activities | 12,846 | 0 | 31,866 |
NET INCREASE IN CASH | (8,544) | 0 | 299 |
CASH, BEGINNING OF PERIOD | 8,843 | 1,400 | 0 |
CASH, END OF PERIOD | $ 299 | $ 1,400 | $ 299 |
CAPITAL STOCK
|
9 Months Ended | ||
---|---|---|---|
Apr. 30, 2012
|
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Equity [Abstract] | |||
CAPITAL STOCK [Text Block] |
On November 1, 2011 the Company issued 150,000 shares of common stock for professional services rendered. These services were valued at $15,000.
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