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SECURE IT CORP.
0001542335
10-Q
2012-09-30
false
--12-31
No
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Yes
Smaller Reporting Company
Q3
2012
2531200
22000
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation and Organization</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Secure IT Corp. (the “Company”)
is a Delaware corporation. The Company is in the development stage as defined by Accounting Standards Codification 915 (ASC 915),
“Accounting and Reporting by Development Stage Enterprises”. The Company’s main business is providing unique
car part accessories to garages and vehicle accessories shops through its online store.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2012, the Company is considered
to be in the development stage as its primary activities, since incorporation, have been business development, business and financial
planning and raising capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Unaudited Interim Financial Statements</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interim financial statements of the Company
as of September 30, 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 September 30, 2012, and the results of its operations and its cash
flows for the periods ended September 30, 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Going concern</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.
However, the Company has no business operations and minimal stockholders’ equity. These conditions raise substantial doubt
about the ability of the Company to continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In view of these matters, continuation as a
going concern is dependent upon the continued operations of the Company, which in turn is dependent upon the Company's ability
to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements
do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company
not continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, our audited financial statements
since inception have contained a "going concern" reference by our independent registered public accounting firm, expressing
substantial doubt about our ability to continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of Estimates</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in
conformity with accounting principles generally accepted in the United States 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 and the reported amounts or revenues and expenses during the reporting period. Actual results could differ
from those estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash and cash equivalents</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid instruments with a maturity
of three months or less at the time of issuance to be cash equivalents.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounts receivable</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Account receivables are stated at the amount that management expects
to collect from outstanding balances. Management provides for probable uncollectible amounts through an allowance for doubtful
accounts. Additions to the allowance for doubtful accounts are based on management’s judgment, considering historical write-offs,
collections and current credit conditions. Balances which remain outstanding after management has used reasonable collection efforts
are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments
received subsequent to the time that an account is written off are considered as bad debt recoveries. As of September 30, 2012,
the Company has experienced no bad debt write offs from operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Earnings per Share</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company computes net loss per share in
accordance with ASC 260, "Earnings Per Share" ASC 260 requires presentation of both basic and diluted earnings per share
(“EPS”) on the face of the income statement. Basic EPS is calculated by dividing the profit or loss attributable to
common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is
determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares
outstanding for the effects of all potential dilutive common shares, which comprise options granted to employees. As at September
30, 2012, the Company had no potentially dilutive shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Income Taxes</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Income taxes are accounted for in accordance
with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized
for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected
to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for
deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not
be realized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision (benefit) for income taxes for
the periods ended September 30, 2012 and December 31, 2011 was as follows (assuming a 15% effective tax rate):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>September 30,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2012</b></p></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2011</b></p></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">$</td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">$</td>
<td nowrap="nowrap" style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td>Current Tax Provision:</td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt">Federal-</td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 76%; text-indent: 0.25in">Taxable income</td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"> </td>
<td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">-</td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%; border-bottom: black 1.5pt solid"> </td>
<td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">-</td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-indent: 27pt">Total current tax provision</td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right">-</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right">-</td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td>Deferred Tax Provision:</td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-indent: 9pt">Federal-</td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-indent: 0.25in">Loss carry forwards</td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right">4,024</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right">7</td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-indent: 27pt">Change in valuation allowance</td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right">(4,024</td>
<td nowrap="nowrap">)</td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right">(7</td>
<td nowrap="nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-indent: 0.5in">Total deferred tax provision</td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right">-</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right">-</td>
<td nowrap="nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had deferred income tax assets as of September 30, 2012
and December 31, 2011 as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>September 30,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2012</b></p></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> 2011</b></p></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">$</td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">$</td>
<td nowrap="nowrap" style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 76%">Loss carryforwards</td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right">4,031</td>
<td nowrap="nowrap" style="width: 1%"> </td>
<td style="width: 1%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right">7</td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td>Less – valuation allowance</td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right">(4,031</td>
<td nowrap="nowrap">)</td>
<td style="text-align: right"> </td>
<td> </td>
<td style="text-align: right">(7</td>
<td nowrap="nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td>Total net deferred tax assets</td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right">-</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right">-</td>
<td nowrap="nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provided a valuation allowance
equal to the deferred income tax assets for period ended September 30, 2012 because it is not presently known whether future taxable
income will be sufficient to utilize the loss carry forwards.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2012, the Company had approximately
$26,879 in tax loss carry forwards that can be utilized future periods to reduce taxable income, and expire by the year 2031.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not identify any material uncertain
tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The federal income tax returns of the Company
are subject to examination by the IRS, generally for three years after they are filed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2011, the Company issued 2,200,000
shares of common stock to the directors of the Company at a price of $0.01 per share, for total consideration of $22,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's director provides rent-free office
space to the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not expect that the adoption
of any recent accounting pronouncements will have a material impact to its financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated subsequent events
from balance sheet date through the date of this report and has determined that there were no subsequent events to recognize or
disclose in these interim financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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50255
22000
5454
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253
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22000
49680
71427
21780
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50255
22000
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22000
5454
5454
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50255
50255
49680
71680
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0.0001
0.0001
0.01
0.15
100000000
100000000
2531200
2200000
2200000
331200
2531200
2200000
-2500
-2500
-2500
-26829
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49680
71680
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2011, the Company issued 2,200,000
shares of restricted common stock to the directors of the Company at a price of $0.01 per share, for $22,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 10, 2012, the Company issued 331,200
free trading shares of common stock at $0.15 per share to a total of 46 stockholders for consideration of $49,680.</p>
220
21780
22000
2200000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">IT Corp. (the
“Company”) is a Delaware corporation. The Company is in the development stage as defined by Accounting Standards Codification
915 (ASC 915), “Accounting and Reporting by Development Stage Enterprises”. The Company’s main business is providing
unique car part accessories to garages and vehicle accessories shops through its online store.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">At September
30, 2012, the Company is considered to be in the development stage as its primary activities, since incorporation, have been business
development, business and financial planning and raising capital.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The interim
financial statements of the Company as of September 30, 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 September 30, 2012, and
the results of its operations and its cash flows for the periods ended September 30, 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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><i> </i></font></p>
<p style="margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of financial
statements in conformity with accounting principles generally accepted in the United States 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 and the reported amounts or revenues and expenses during the reporting period. Actual
results could differ from those estimates.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company considers all highly
liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Account receivables are stated at the amount that
management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through an allowance
for doubtful accounts. Additions to the allowance for doubtful accounts are based on management’s judgment, considering historical
write-offs, collections and current credit conditions. Balances which remain outstanding after management has used reasonable
collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts
receivable. Payments received subsequent to the time that an account is written off are considered as bad debt recoveries. As
of September 30, 2012, the Company has experienced no bad debt write offs from operations.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The Company
computes net loss per share in accordance with ASC 260, "Earnings Per Share" ASC 260 requires presentation of both basic
and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is calculated by dividing the
profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding
during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted
average number of common shares outstanding for the effects of all potential dilutive common shares, which comprise options granted
to employees. As at September 30, 2012, the Company had no potentially dilutive shares.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Income taxes
are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred
tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities
are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered
or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or
all of the deferred tax assets will not be realized.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The provision
(benefit) for income taxes for the periods ended September 30, 2012 and December 31, 2011 was as follows (assuming a 15% effective
tax rate):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; padding-bottom: 1.5pt; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 10pt"><b>September
30,</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 10pt"><b>2012</b></font></p></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 10pt"><b>December
31, </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 10pt"><b>2011</b></font></p></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 10pt">Current Tax Provision:</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt">Federal-</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 76%; text-align: left"><font style="font-size: 10pt">Taxable income</font></td>
<td style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt">-</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt">-</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: left"><font style="font-size: 10pt">Total current tax provision</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt">-</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt">-</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Deferred Tax Provision:</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: left"><font style="font-size: 10pt">Federal-</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: left"><font style="font-size: 10pt">Loss carry forwards</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">4,024</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">7</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: left"><font style="font-size: 10pt">Change in valuation allowance</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,024</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt">)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(7</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: left"><font style="font-size: 10pt">Total deferred tax provision</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
</table>
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The Company
had deferred income tax assets as of September 30, 2012 and December 31, 2011 as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; padding-bottom: 1.5pt; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 10pt"><b>September
30,</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 10pt"><b>2012</b></font></p></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 10pt"><b>December
31,</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 10pt"><b> 2011</b></font></p></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt">$</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 76%; text-align: justify"><font style="font-size: 10pt">Loss carryforwards</font></td>
<td style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 10pt">4,031</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 10pt">7</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Less – valuation allowance</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">(4,031</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt">)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">(7</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Total net deferred tax assets</font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: justify"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td>
<td nowrap="nowrap" style="text-align: justify"><font style="font-size: 10pt"> </font></td></tr>
</table>
4031
7
-4031
-7
26879
-4024
-7
2031-12-31
4024
7
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.
However, the Company has no business operations and minimal stockholders’ equity. These conditions raise substantial doubt
about the ability of the Company to continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In view of these matters, continuation as a
going concern is dependent upon the continued operations of the Company, which in turn is dependent upon the Company's ability
to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements
do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company
not continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, our audited financial statements
since inception have contained a "going concern" reference by our independent registered public accounting firm, expressing
substantial doubt about our ability to continue as a going concern.</p>