0001010412-11-000390.txt : 20110805 0001010412-11-000390.hdr.sgml : 20110805 20110805172606 ACCESSION NUMBER: 0001010412-11-000390 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110805 DATE AS OF CHANGE: 20110805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIRANHA VENTURES INC CENTRAL INDEX KEY: 0001027235 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 860779928 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21909 FILM NUMBER: 111015129 BUSINESS ADDRESS: STREET 1: 34808 STACCATO STREET CITY: PALM DESERT STATE: CA ZIP: 92211 BUSINESS PHONE: 760-345-0386 MAIL ADDRESS: STREET 1: 34808 STACCATO STREET CITY: PALM DESERT STATE: CA ZIP: 92211 FORMER COMPANY: FORMER CONFORMED NAME: PIRANHA INTERACTIVE PUBLISHING INC DATE OF NAME CHANGE: 19961118 10-Q 1 piranhaform10qjune115.htm QUARTERLY REPORT ON FORM 10Q FOR THE QUARTER ENDED JUNE 30, 2011 <page> 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


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


For the quarterly period ended June 30, 2011


[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT


For the transition period from __________ to __________


Commission File Number: 000-21909

                                           

Piranha Ventures, Inc.

(Exact name of registrant as specified in its charter)


Nevada

86-0779928

(State or other jurisdiction of

(IRS Employer Identification No.)

incorporation or organization)


9160 South 300 West, Suite 101 Sandy, Utah

    84070

 

   (Address of principal executive offices)

 (Zip Code)


801-706-9429

 (Registrant’s telephone number, including area code)


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

Yes [X]   No [   ]


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 (§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).                          Yes [X]  No  [  ]


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 definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large Accelerated filer ¨

Accelerated filer ¨

Non-accelerated filer  ¨ (Do not check if a smaller reporting company)

Smaller reporting company x


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [X]   No [  ]


Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.

1,266,447 shares of $0.001 par value common stock on August 2, 2011





Part I - FINANCIAL INFORMATION


Item 1. Financial Statements

Piranha Ventures, Inc.

FINANCIAL STATEMENTS

(UNAUDITED)

June 30, 2011


The financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted.  However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the periods presented have been made.  These financial statements should be read in conjunction with the accompanying notes, and with the historical financial information of the Company.



2





PIRANHA VENTURES, INC.

 

 

 

 

 

 

BALANCE SHEETS

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

 

2011

 

2010

          ASSETS

 

 

(Unaudited)

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

     Cash in bank

 

 

 $                    6

 

 $               536

 

 

 

 

 

 

          Total Current Assets

 

 

                       6

 

                  536

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

 $                    6

 

 $               536

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

     Accounts payable

 

 

 $                     -

 

 $                     -

     Note payable - related party

 

 

               8,671

 

                        -

 

 

 

 

 

 

          Total Current Liabilities

 

 

               8,671

 

                        -

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (Deficit)

 

 

 

 

 

     Preferred stock; $.001 par value, 10,000,000 shares

 

 

 

 

 

       authorized, no shares issued and outstanding

 

 

                        -

 

                        -

 

 

 

 

 

 

     Common stock; $.001 par value, 100,000,000 shares authorized

 

 

 

 

       1,266,447 and 1,750,004 shares issued and outstanding

       respectively

 

              1,266

 

              1,750

     Capital in excess of par value

 

 

       5,980,097

 

       5,979,613

     Retained deficit

 

 

     (5,990,028)

 

     (5,980,827)

 

 

 

 

 

 

          Total Stockholders' Equity (Deficit)

 

 

             (8,665)

 

                  536

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 $                    6

 

 $               536









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



3






PIRANHA VENTURES, INC.

 

 

 

 

 

 

 

STATEMENTS OF OPERATIONS (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the

 

For the

 

For the

 

For the

 

 

 

3 months

 

3 months

 

6 months

 

6 months

 

 

 

Ended

 

Ended

 

Ended

 

Ended

 

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

INCOME

 

 

 $              -

 

 $               -

 

 $               -

 

 $               -

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

     General and administrative

          3,558

 

           7,667

 

          9,201

 

         16,951

        Total expenses

 

          3,558

 

           7,667

 

          9,201

 

         16,951

 

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

         (3,558)

 

          (7,667)

 

         (9,201)

 

        (16,951)

 

 

 

 

 

 

 

 

 

 

OTHER INCOME AND EXPENSE

 

 

 

 

 

 

 

     Interest expense

 

                 -

 

                  -

 

                 -

 

                  -

 

 

 

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

         (3,558)

 

          (7,667)

 

         (9,201)

 

        (16,951)

     Provision for income taxes

                 -

 

                  -

 

                 -

 

                  -

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

 $      (3,558)

 

 $       (7,667)

 

 $       (9,201)

 

 $      (16,951)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS PER SHARE - basic and diluted

 $        (0.00)

 

 $         (0.01)

 

 $        (0.01)

 

 $         (0.01)

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES

    1,348,330

 

     1,409,955

 

    1,538,507

 

     1,378,056












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



4





PIRANHA VENTURES, INC.

 

 

 

 

 

 

 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

 

 

 

 

 

 

For the

 

For the

 

 

 

6 Months ended

 

6 Months ended

 

 

 

June 30,

 

June 30,

 

 

 

2011

 

2010

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

     Net (loss)

 

 

 $         (9,201)

 

 $       (16,951)

     Adjustments to reconcile net (loss) to net cash used

 

 

 

 

     by operating activities

 

 

 

 

 

     Changes in assets and liabilities

 

 

 

 

 

          Decrease in accounts payable

 

 

                       -

 

            (1,255)

 

 

 

 

 

 

          Net cash (used) by operating activities

 

 

            (9,201)

 

          (18,206)

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

     Sale of common stock

 

 

                       -

 

            12,500

     N/P from related party

 

 

              8,671

 

                       -

 

 

 

 

 

 

          Net Cash Provided By Financing Activities

 

 

              8,671

 

            12,500

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH

 

 

                (530)

 

            (5,706)

 

 

 

 

 

 

CASH - BEGINNING OF PERIOD

 

 

                 536

 

              7,542

 

 

 

 

 

 

CASH - END OF PERIOD

 

 

 $                   6

 

 $           1,836

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION

 

 

 

 

 

     Interest paid during the period

 

 

 $                    -

 

 $                    -

 

 

 

 

 

 

     Income taxes paid during the period

 

 

 $                    -

 

 $                    -















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



5




Piranha Ventures, Inc.

Notes to Unaudited Financial Statements

June 30, 2011


Note 1: Basis of Presentation and Summary of Significant Accounting Policies


Organization – Piranha Ventures, Inc. (the “Company” or “Piranha”) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999.


On October 28, 2009, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Piranha Interactive Publishing, Inc. to Piranha Ventures, Inc. The Company also increased its authorized common shares from 20 million to 90 million and it increased its authorized preferred shares from 5 million to 10 million.


On April 21, 2010, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada to increase its authorized common shares from 90 million to 100 million. The financial statements have been retroactively restated to reflect these changes


Stock Split

In June, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share.  The capital stock accounts, all share data and earnings per share data give effect to the stock split, applied retrospectively, to all periods presented.


Going Concern – The Company’s financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not generated any revenue for several years and affiliates of an officer and director of the Company have provided capital to pay prior and current obligations. During 2009, the Company issued 3,888,885 shares of its common stock for $17,500.  In the first quarter of 2010 a related party loaned the company $5,000.  On June 15, 2010, the Company converted the notes payable into 1,111,110 shares of Common Stock.  During the second quarter of 2010, the Company issued 1,666,665 shares of its common stock for $7,500.  In the third quarter of 2010 a related party loaned the company $2,500. On November 9, 2010 the Company issued 555,555 shares of its Common Stock.  On December 30, 2010 the Company issued 555,555 shares of its common stock for $2,500.  In the first quarter of 2011 a related party loaned the company $3,245.   In the second quarter of 2011 a related party loaned the company $5,426.  The Company requires additional capital to continue its limited operations. Furthermore, the Company’s officers and directors serve in their capacities without compensation. The Company assumes that these arrangements and the availability of future capital sources will continue into the future, but no assurance thereof can be given. A change in these circumstances would have a material adverse effect on the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.


Income Taxes

The Company utilizes the liability method of accounting for income taxes as set forth in FASC 740-20, “Accounting for Income Taxes.” Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.  An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.




6




Piranha Ventures, Inc.

Notes to Unaudited Financial Statements

June 30, 2011


Note 1: Basis of Presentation and Summary of Significant Accounting Policies – continued


Estimates


The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and 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 reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.


Revenue Recognition


The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured.


Income (Loss) Per Common Share


Income (Loss) per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the periods presented.  The Company has no potentially dilutive securities, in 2010 and 2011.  Accordingly, basic and dilutive loss per common share are the same.


Recently Issued Accounting Pronouncements


The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.


Note 2: Income Taxes


Due to losses at June 30, 2011 and December 31, 2010, the Company had no income tax liability and thus no provision for taxes was recorded. At June 30, 2011 and December 31, 2010 the Company had available unused operating loss carry forwards of approximately $5,990,028 and $5,980,827, respectively, which may be applied against future taxable income and which expire in various years through 2030.


The amount of and ultimate realization of the benefits from the operating loss carry forwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company and other future events, the effects of which cannot be determined at this time. Because of the uncertainty surrounding the realization of the loss carry forwards, the Company has established a valuation allowance equal to the tax effect of the loss carry forwards and, therefore, no deferred tax asset has been recognized for the loss carry forwards. The net deferred tax assets are approximately $2,037,675 and $2,034,243 as of June 30, 2011 and December 31, 2010, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $3,432 during the six months ended June 30, 2011.



7




Piranha Ventures, Inc.

Notes to Unaudited Financial Statements

June 30, 2011


Note 3: Capital Stock


Preferred Stock and Common Stock – The Company’s Board of Directors is expressly granted the authority to issue without stockholder action, the authorized shares of the Company’s preferred and common stock. The Board of Directors may issue shares and determine the powers, preferences, limitations, and relative rights of any class of shares before the issuance thereof.


Preferred Stock – On October 1, 2007, the Company issued 100,000 shares of the Series A Preferred Stock in consideration of $5,000 cash. The Series A Preferred Stock has the following preferences: a) each share is entitled to 50 votes on any matter voted upon by the common stockholders; b) in the event of any involuntary or voluntary liquidation shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, whether from capital, surplus, or earnings, an amount equal to $0.05 per share; c) are subject to redemption by the Corporation at any time after issuance; d) each share shall have a redemption price of $0.05; e) are not redeemable at the option of the holder under any circumstance, and (f) are convertible into shares of common stock at the rate of ten shares of common stock for every one share of Preferred Stock.


 On December 31, 2009, the Company converted the 100,000 shares of Series A Preferred Stock into 1,000,000 shares of Common Stock.


Common Stock – On June 19, 2009, the Company cancelled 1,225,000 shares that were issued in 1997 pursuant to a Voting Trust Agreement dated November 13, 1996. The shares were issued to the stockholders contingent upon the Company achieving certain revenue, earnings or share price criteria within a five year period. If the criteria were not met the shares were to be returned to the Company’s authorized, but unissued shares. The Company failed to meet the criteria within the five year period. In as much as the Company ceased operations in 1999, there was no active board of directors to instruct its former transfer agent to cancel the shares upon the 2001 anniversary date. In 2004, the former transfer agent destroyed all of the physical certificates that it held on behalf of the Company. Some of the certificates destroyed were those issued pursuant to the aforementioned Voting Trust. The current board of directors posted a bond with the Company’s current transfer agent to cover the destroyed certificates and then instructed the transfer agent to return the 1,225,000 shares to the authorized, but unissued shares of the Company.


On September 29, 2009, the Company offered and sold 3,888,885 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.


On December 31, 2009, the Company converted its outstanding related party notes payable totaling $30,363 into 6,747,266 shares of Common Stock.


On June 15, 2010, the Company converted its outstanding related party notes payable totaling $5,000 into 1,111,110 shares of Common Stock.


On June 15, 2010, the Company offered and sold 1,666,665 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.


On November 9, 2010, the Company converted its outstanding related party notes payable totaling $2,500 into 555,555 shares of Common Stock.



8





Piranha Ventures, Inc.

Notes to Unaudited Financial Statements

June 30, 2011


Note 3: Capital Stock continued


On December 30, 2010, the Company offered and sold 555,555 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.


On April 21, 2011, the Company cancelled 4,999,995 shares that were issued in 2009 and 2010 to certain shareholders that in turn sold their shares to the current president of the Company with his intention to cancel the shares to reduce insider holdings.


On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share.  


Note 4: Related Party Transactions


During 2006, 2007, 2008 and 2009, a corporation affiliated with an officer and director of the Company and a shareholder of the Company paid certain outstanding obligations of the Company, and paid such other expenses as were required to bring the Company current in its filings with the State of Nevada and to bring its accounting records current. Those amounts totaled $16,000 during 2006, $1,039 during 2007, $8,206 during 2008 and $1,500 during 2009, for a total of $26,745. On December 31, 2007, the Company entered into a demand note payable with the corporation in the amount of $17,039 bearing interest at the rate of 7% per annum. At the same time, the Company’s board of directors approved a line-of-credit obligation with the corporation allowing the Company to borrow an additional $12,961 (for a total of $30,000), under the same terms and conditions. On April 30, 2008, the Company entered into a demand note with its shareholder in the amount of $5,000 bearing interest at the rate of 7% per annum. On December 1, 2008, the Company borrowed $3,206 through its line-of-credit. On July 9, 2009, the Company borrowed an additional $1,500 through its line-of-credit. Accrued interest as of December 31, 2009 was $3,617. Total notes payable with accrued interest as of December 31, 2009 was $30,363. On December 31, 2009, the Company converted its outstanding related party notes payable totaling $30,363 into 6,747,266 shares of Common Stock. In the first quarter of 2010 a related party loaned the Company $5,000.  On June 15, 2010, the Company converted the notes payable into 1,111,110 shares of Common Stock.   In the third quarter of 2010 a related party loaned the Company $2,500.  On November 9, 2010, the Company converted the notes payable into 555,555 shares of Common Stock.  In the second quarter of 2011 the current president of the Company acquired 4,999,995 shares of previously issued common shares from the former president and individuals in a private transaction, who had previously purchased such shares from the Company since September 2009, these shares were promptly cancelled from the Company’s books and records.  In the first six months of 2011 a related party has loaned the Company $8,671.   


Note 5: Subsequent Events


ASC 855-16-50-4 establishes accounting and disclosure requirements for subsequent events. ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after the balance sheet date in our financial statements and the required disclosures for such events. We adopted this statement effective June 15, 2009 and have evaluated all subsequent events through the date these financial statements were issued.




9





Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations


Special Note Regarding Forward-Looking Statements


This periodic report contains certain forward-looking statements with respect to the Plan of Operations provided below, including information regarding the Company’s financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive positions, growth opportunities, and the plans and objectives of management. The statements made as part of the Plan of Operations that are not historical facts are hereby identified as "forward-looking statements."

Critical Accounting Policies and Estimates

 

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the unaudited Financial Statements and accompanying notes.  Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or conditions.  The Company believes there have been no significant changes during the three month period ended June 30, 2011, to the items disclosed as significant accounting policies in management's Notes to the Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2010.


Corporate History


Piranha Ventures, Inc. (“Piranha” or the “Company”) was organized in Arizona on November 14, 1994 and on November 22, 1996, reincorporated in Nevada.  Currently, Piranha has no operations other than seeking to identify and acquire an operating entity after discontinuing its publishing of interactive multimedia software products.  Prior to discontinuing operations, Piranha completed an initial public offering in September 1997.  Since Piranha’s initial operations proved unsuccessful, management was changed and a new management team with experience in mergers and acquisition has been installed.  


Since the termination of its prior business, Piranha has had no operations other than seeking an acquisition or merger to bring an operating entity into Piranha.  Piranha does not propose to restrict its search for a business opportunity to any particular industry or geographical area and may, therefore, engage in essentially any business in any industry.  Piranha has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions, and other factors.


The selection of a business opportunity in which to participate is complex and risky. Additionally, Piranha has only limited resources and may find it difficult to locate good opportunities.  There can be no assurance that Piranha will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to Piranha and its stockholders. Piranha will select any potential business opportunity based on management's business judgment.


Currently, Piranha is in the process of investigating potential business ventures which, in the opinion of management, will provide a source of eventual profit to Piranha.  Such involvement may take many forms, including the acquisition of an existing business or the acquisition of assets to establish subsidiary businesses.  At this time, Piranha’s management has been focused on investigating various industries.  Additionally, management has been investigating whether there are merger and acquisition activities in the industries.  To this end, management has focused on the medical and “green” energy industries.  These efforts have been focused on discussions with management in the industries and research.  


Piranha is not currently conducting any business except for looking for a potential business venture.  Therefore, it does not possess products or services, distribution methods, competitive business positions, or major customers. Piranha does not possess any unexpired patents or trademarks and any and all of its licensing and royalty agreements



10




from the inventions it sought to market in the past have since expired, and are not currently valid.  Piranha does not employ any employees.     


The activities of Piranha are subject to several significant risks which arise primarily as a result of the fact that Piranha has no specific business and may acquire or participate in a business opportunity based on the decision of management which potentially could act without the consent, vote, or approval of Piranha's stockholders.  The risks faced by Piranha are further increased as a result of its lack of resources and its inability to provide a prospective business opportunity with significant capital.


Plan of Operations


Overview:


The Company has not received any revenue from operations in each of the last two fiscal years. The Company’s current operations have consisted of taking such action as management believes necessary to prepare to seek an acquisition or merger with an operating entity.


The financial statements contained in this interim report have been prepared assuming that the Company will continue as a going concern. The Company is not engaged in any revenue producing activities and has not established any source of revenue other than described herein. These factors raise substantial doubt that the Company will be able to continue as a going concern even though management believes that sufficient funding is available to meet its operating needs during the next twelve months. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Risks associated with the plan of operations:


In its search for a business opportunity, management anticipates that the Company will incur additional costs for legal and accounting fees to locate and complete a merger or acquisition. Other than previously discussed, the Company does not have any revenue producing activities whereby it can meet the financial requirements of seeking a business opportunity. There can be no assurance that the Company will receive any benefits from the efforts of management to locate a business opportunity.


The Company does not propose to restrict its search for a business opportunity to any particular industry or geographical area and may, therefore, attempt to acquire any business in any industry. The Company has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions, and other factors. Consequently, if and when a business opportunity is selected, such business opportunity may not be in an industry that is following general business trends.


The selection of a business opportunity in which to participate is complex and risky. Additionally, the Company has only limited resources and this fact may make it more difficult to find any such opportunities. There can be no assurance that the Company will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to the Company and its stockholders. The Company will select any potential business opportunity based on management's business judgment. The Company may acquire or participate in a business opportunity based on the decision of management that potentially could act without the consent, vote, or approval of the Company's stockholders.


It is unlikely that any revenue will be generated until such time as the Company locates a business opportunity to acquire or with which it can merge. However, the Company is not restricting its search to those business opportunities that have profitable operations. Even though a business opportunity is acquired that has revenues or gross income, there is no assurance that profitable operations or net income will result therefrom. Consequently, even though the Company may be successful in acquiring a business opportunity, such acquisition does not assume that a profitable business opportunity is being acquired or that stockholders will benefit through an increase in the market price of the Company's common stock.




11




The acquisition of a business opportunity, no matter what form it may take, will almost assuredly result in substantial dilution for the Company's current stockholders. Inasmuch as the Company only has its equity securities (its common and preferred stock) as a source to provide consideration for the acquisition of a business opportunity, the Company's issuance of a substantial portion of its authorized common stock is the most likely method for the Company to consummate an acquisition. The issuance of any shares of the Company's common stock will dilute the ownership percentage that current stockholders have in the Company.


The Company does not intend to employ anyone in the future, unless its present business operations were to change. At the present time, management does not believe it is necessary for the Company to have an administrative office and utilizes the mailing address of the Company's president for business correspondence.


Liquidity and Capital Resources


As of June 30, 2011, the Company had a negative working capital of $8,665 with assets of $6 and liabilities of $8,671. The Company’s current financial position requires management to seek additional capital either through the sale of its shares of common stock or through a loan from its officer, stockholders or others. Although the Company has only incidental ongoing expenses primarily associated with maintaining its corporate status and professional fees associated with accounting and legal costs, it does not have any means to pay such expenses except through shareholder or management loans and the sale of its equity securities.  At this time, there is no commitment to fund the ongoing losses and expenses.


Management anticipates that the Company will incur more costs including legal and accounting fees to locate and complete a merger or acquisition.  At the present time the Company does not have the assets to meet these financial requirements. Additionally, the Company does not have substantial assets to entice potential business opportunities to enter into transactions with the Company.


It is unlikely that any revenue will be generated until the Company locates a business opportunity that it may acquire or with which it may merge.  Management of the Company will be investigating various business opportunities.  These efforts may cost the Company not only out of pocket expenses for its management but also expenses associated with legal and accounting costs.  There can be no guarantee that the Company will receive any benefits from the efforts of management to locate business opportunities.


If and when the Company locates a business opportunity, management of the Company will give consideration to the dollar amount of that entity's profitable operations and the adequacy of its working capital in determining the terms and conditions under which the Company would consummate such an acquisition.  Potential business opportunities, no matter which form they may take, will most likely result in substantial dilution for the Company's stockholders as it has only limited capital and no operations.


Results of Operations


For the three and six months ended June 30, 2011, the Company had a net loss of $3,558 and $9,201, respectively compared to $7,667 and $16,951 loss for the three and six months ended June 30, 2010.  The Company anticipates losses to remain at the present level until a business opportunity is found. The Company had no revenue during the three and six months ended June 30, 2011. The Company does not anticipate any revenue until it locates a new business opportunity.


Off-balance sheet arrangements


The Company does not have any off-balance sheet arrangements and it is not anticipated that the Company will enter into any off-balance sheet arrangements.



12





Forward-looking Statements


Our Company and our representatives may from time to time make written or oral statements that are “forward-looking,” including statements contained in this Quarterly Report and other filings with the Securities and Exchange Commission and in reports to our Company’s stockholders. Management believes that all statements that express expectations and projections with respect to future matters, as well as from developments beyond our Company’s control including changes in global economic conditions are forward-looking statements within the meaning of the Act. These statements are made on the basis of management’s views and assumptions, as of the time the statements are made, regarding future events and business performance. There can be no assurance, however, that management’s expectations will necessarily come to pass. Factors that may affect forward-looking statements include a wide range of factors that could materially affect future developments and performance, including the following:


Changes in Company-wide strategies, which may result in changes in the types or mix of businesses in which our Company is involved or chooses to invest; changes in U.S., global or regional economic conditions, changes in U.S. and global financial and equity markets, including significant interest rate fluctuations, which may impede our Company’s access to, or increase the cost of, external financing for our operations and investments; increased competitive pressures, both domestically and internationally, legal and regulatory developments, such as regulatory actions affecting environmental activities, the imposition by foreign countries of trade restrictions and changes in international tax laws or currency controls; adverse weather conditions or natural disasters, such as hurricanes and earthquakes, labor disputes, which may lead to increased costs or disruption of operations.


This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.


Item 3.  Quantitative and Qualitative Disclosures About Market Risk.


NA-Smaller Reporting Company


Item 4.  Controls and Procedures.


Evaluation of Disclosure Controls and Procedures


Our management, consisting of our President/Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our President/Principal Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our President/Principal Financial Officer, as appropriate to allow timely decisions regarding disclosure. A controls system cannot provide absolute assurance, however, that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. We believe our controls do provide reasonable assurances.

 


Management’s Report on Internal Control over Financial Reporting


Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

 






 

13





Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

 


Our management, the President/Principal Financial Officer, evaluated the effectiveness of our internal control over financial reporting as of June 30, 2011.  Based on this evaluation, our management concluded that, as of June 30, 2011, our internal control over financial reporting was effective.


Changes in internal control over financial reporting


There have been no changes in internal control over financial reporting.


PART II - OTHER INFORMATION


ITEM 1.  Legal Proceedings


 

None


ITEM 1A. Risk Factors


NA-Smaller Reporting Company


ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds


Recent Sales of Unregistered Securities


On June 15, 2010, the Company converted its outstanding related party notes payable totaling $5,000 into 1,111,110 shares of Common Stock.


On June 15, 2010, the Company offered and sold 1,666,665 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.


On November 9, 2010, the Company converted its outstanding related party notes payable totaling $2,500 into 555,555 shares of Common Stock.


On December 30, 2010, the Company offered and sold 555,555 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.


Use of Proceeds of Registered Securities


None; not applicable.



14





Purchases of Equity Securities by Us and Affiliated Purchasers


During the three months ended June 30, 2011, we have not purchased any equity securities.


ITEM 3.  Defaults Upon Senior Securities


We are not aware of any defaults upon senior securities.


ITEM 4.  (Removed and Reserved)



ITEM 5.  Other Information.


None


ITEM 6.  Exhibits


a) Index of Exhibits:


Exhibit Table #

Title of Document

Location


3 (i)

Articles of Incorporation

Incorporated by reference*


3 (ii)

Bylaws

Incorporated by reference*


4

Specimen Stock Certificate

Incorporated by reference*


11

Computation of loss per share

Notes to financial statements


31

Rule 13a-14(a)/15d-14a(a) Certification – CEO & CFO

This filing


32

Section 1350 Certification – CEO & CFO

This filing


101.INS

 XBRL Instance


101.XSD 

XBRL Schema


101.CAL

 XBRL Calculation


101.DEF

 XBRL Definition


101.LAB

XBRL Label


101.PRE

XBRL Presentation


* Incorporated by reference from the Company's registration statement on Form 10-SB filed with the Commission, SEC File No. 000-21909.



15





SIGNATURES


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


Piranha Ventures, Inc.

(Registrant)


Dated: August 4, 2011

By: /s/ Kip Eardley

     Kip Eardley

     Chief Executive Officer

     Principal Financial Officer



16



EX-31 2 ex311certificationsjune11cfo.htm 302 CERTIFICATION OF KIP EARDLEY, CEO i

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to 18 U.S.C. 1350

 (Section 302 of the Sarbanes-Oxley Act of 2002)


I, Kip Eardley, certify that:

I have reviewed this quarterly report on form 10-Q of Piranha Ventures, Inc.;

1.

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;

2.

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 presented in this report;

3.

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 13a-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 principles;

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 financial 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

4.

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 involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 4, 2011                                       /s/ Kip Eardley
                                                                           Kip Eardley
                                                                           CEO





EX-31 3 ex312certificationsjune11cfo.htm 302 CERTIFICATION OF KIP EARDLEY, CFO i

Exhibit 31.2

Certification of Principal Executive Officer

Pursuant to 18 U.S.C. 1350

 (Section 302 of the Sarbanes-Oxley Act of 2002)


I, Kip Eardley, certify that:

I have reviewed this quarterly report on form 10-Q of Piranha Ventures, Inc.;

1.

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;

2.

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 presented in this report;

3.

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 13a-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 principles;

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 financial 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

4.

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 involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 4, 2011                 /s/ Kip Eardley

                                                      Kip Eardley
                                                      CFO/Principal Financial Officer





EX-32 4 ex32piranhajune1110q.htm 906 CERTIFICATION EXHIBIT 32


                                                                                                   EXHIBIT 32.1

Certification of Principal Executive Officer

Pursuant to 18 U.S.C. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)



I, Kip Eardley, Chief Executive Officer and Principal Accounting Officer, of Piranha Ventures, Inc. (the "Registrant") do hereby certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period June 30, 2011 of the Registrant, as filed with the Securities and Exchange Commission on the date hereof (the "Report"):


 (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Dated:  August 4, 2011

By:  /s/ Kip Eardley

                            

       Kip Eardley

                           

       Chief Executive Officer, Principal Financial

       Officer


 * A signed original of this written statement required by Section 906 has been provided to Piranha Ventures, Inc. and will be retained by Piranha Ventures, Inc. and furnished to the Securities Exchange Commission or its staff upon request.





EX-101.INS 5 pnhvd-20110630.xml XBRL INSTANCE DOCUMENT 10-Q 2011-06-30 false PIRANHA VENTURES INC 0001027235 --12-31 1266447 Smaller Reporting Company Yes No No 2011 Q2 6 536 6 536 6 536 0 0 8671 0 8671 0 0 0 1266 1750 5980097 5979613 -5990028 -5980827 -8665 536 6 536 10000000 10000000 0.001 0.001 0 0 100000000 100000000 0.001 0.001 1266447 1750004 0 0 0 0 3558 7667 9201 16951 3558 7667 9201 16951 -3558 -7667 -9201 -16951 -3558 -7667 -9201 -16951 0 0 0 0 -3558 -7667 -9201 -16951 -0.00 -0.01 -0.01 -0.01 0 -1255 -9201 -18206 0 12500 8671 0 8671 12500 -530 -5706 7542 1836 0 0 0 0 1348330 1409955 1538507 1378056 <!--egx--><p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><b><font style="COLOR:black; FONT-SIZE:10pt">Note 1: Basis of Presentation and Summary of Significant Accounting Policies</font></b><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Organization</font></u><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;&#150; Piranha Ventures, Inc. (the &#147;Company&#148; or &#147;Piranha&#148;) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On October 28, 2009, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Piranha Interactive Publishing, Inc. to Piranha Ventures, Inc. The Company also increased its authorized common shares from 20 million to 90 million and it increased its authorized preferred shares from 5 million to 10 million. </font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On April 21, 2010, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada to increase its authorized common shares from 90 million to 100 million. The financial statements have been retroactively restated to reflect these changes</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Stock Split</font></u><u><font style="COLOR:black; FONT-SIZE:13.5pt"></font></u></p> <p style="MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">In June, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share.&nbsp; The capital stock accounts, all share data and earnings per share data give effect to the stock split, applied retrospectively, to all periods presented.</font><font style="COLOR:black; FONT-SIZE:13.5pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Going&nbsp;<i>C</i>oncern</font></u><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;&#150; The Company&#146;s financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not generated any revenue for several years and affiliates of an officer and director of the Company have provided capital to pay prior and current obligations. During 2009, the Company issued 3,888,885 shares of its common stock for $17,500. &nbsp;In the first quarter of 2010 a related party loaned the company $5,000. &nbsp;On June 15, 2010, the Company converted the notes payable into 1,111,110 shares of Common Stock.&nbsp; During the second quarter of 2010, the Company issued 1,666,665 shares of its common stock for $7,500.&nbsp; In the third quarter of 2010 a related party loaned the company $2,500. On November 9, 2010 the Company issued 555,555 shares of its Common Stock.&nbsp; On December 30, 2010 the Company issued 555,555 shares of its common stock for $2,500.&nbsp; In the first quarter of 2011 a related party loaned the company $3,245.&nbsp;&nbsp; In the second quarter of 2011 a related party loaned the company $5,426.&nbsp; The Company requires additional capital to continue its limited operations. Furthermore, the Company&#146;s officers and directors serve in their capacities without compensation. The Company assumes that these arrangements and the availability of future capital sources will continue into the future, but no assurance thereof can be given. A change in these circumstances would have a material adverse effect on the Company&#146;s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Income Taxes</font></u><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">The Company utilizes the liability method of accounting for income taxes as set forth in FASC 740-20,&nbsp;<i>&#147;Accounting for Income Taxes.&#148;</i>&nbsp;Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. &nbsp;An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Estimates</font></u><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. &nbsp;Actual results could differ from those estimates.</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Cash and Cash Equivalents</font></u><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">For purposes of reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Revenue Recognition</font></u><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Income (Loss) Per Common Share</font></u><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">Income (Loss) per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the periods presented. &nbsp;The Company has no potentially dilutive securities, in 2010 and 2011. &nbsp;Accordingly, basic and dilutive loss per common share are the same.</font></p> <p style="LINE-HEIGHT:11.05pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Recently Issued Accounting Pronouncements</font></u><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows. &nbsp;Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <!--egx--><p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><b><font style="COLOR:black; FONT-SIZE:10pt">Note 2: Income Taxes</font></b><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">Due to losses at June 30, 2011 and December 31, 2010, the Company had no income tax liability and thus no provision for taxes was recorded.</font><font style="FONT-FAMILY:'Courier New'; COLOR:black; FONT-SIZE:10pt">&nbsp;</font><font style="COLOR:black; FONT-SIZE:10pt">At June 30, 2011 and December 31, 2010 the Company had available unused operating loss carry forwards of approximately $5,990,028 and $5,980,827, respectively, which may be applied against future taxable income and which expire in various years through 2030.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; 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Because of the uncertainty surrounding the realization of the loss carry forwards, the Company has established a valuation allowance equal to the tax effect of the loss carry forwards and, therefore, no deferred tax asset has been recognized for the loss carry forwards. The net deferred tax assets are approximately $2,037,675 and $2,034,243 as of June 30, 2011 and December 31, 2010, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $3,432 during the six months ended June 30, 2011.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><b><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></b></p> <!--egx--><p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><b><font style="COLOR:black; FONT-SIZE:10pt">Note 3: Capital Stock </font></b><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Preferred Stock and Common Stock</font></u><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;&#150; The Company&#146;s Board of Directors is expressly granted the authority to issue without stockholder action, the authorized shares of the Company&#146;s preferred and common stock. The Board of Directors may issue shares and determine the powers, preferences, limitations, and relative rights of any class of shares before the issuance thereof.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Preferred Stock</font></u><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;&#150; On October 1, 2007, the Company issued 100,000 shares of the Series A Preferred Stock in consideration of $5,000 cash. The Series A Preferred Stock has the following preferences: a) each share is entitled to 50 votes on any matter voted upon by the common stockholders; b) in the event of any involuntary or voluntary liquidation shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, whether from capital, surplus, or earnings, an amount equal to $0.05 per share; c) are subject to redemption by the Corporation at any time after issuance; d) each share shall have a redemption price of $0.05; e) are not redeemable at the option of the holder under any circumstance, and (f) are convertible into shares of common stock at the rate of ten shares of common stock for every one share of Preferred Stock.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;On December 31, 2009, the Company converted the 100,000 shares of Series A Preferred Stock into 1,000,000 shares of Common Stock.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="BACKGROUND:lime; COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><u><font style="COLOR:black; FONT-SIZE:10pt">Common Stock</font></u><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;&#150; On June 19, 2009, the Company cancelled 1,225,000 shares that were issued in 1997 pursuant to a Voting Trust Agreement dated November 13, 1996. The shares were issued to the stockholders contingent upon the Company achieving certain revenue, earnings or share price criteria within a five year period. If the criteria were not met the shares were to be returned to the Company&#146;s authorized, but unissued shares. The Company failed to meet the criteria within the five year period. In as much as the Company ceased operations in 1999, there was no active board of directors to instruct its former transfer agent to cancel the shares upon the 2001 anniversary date. In 2004, the former transfer agent destroyed all of the physical certificates that it held on behalf of the Company. Some of the certificates destroyed were those issued pursuant to the aforementioned Voting Trust. The current board of directors posted a bond with the Company&#146;s current transfer agent to cover the destroyed certificates and then instructed the transfer agent to return the 1,225,000 shares to the authorized, but unissued shares of the Company.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On September 29, 2009, the Company offered and sold 3,888,885 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On December 31, 2009, the Company converted its outstanding related party notes payable totaling $30,363 into 6,747,266 shares of Common Stock.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On June 15, 2010, the Company converted its outstanding related party notes payable totaling $5,000 into 1,111,110 shares of Common Stock.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="BACKGROUND:lime; COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On June 15, 2010, the Company offered and sold 1,666,665 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On November 9, 2010, the Company converted its outstanding related party notes payable totaling $2,500 into 555,555 shares of Common Stock.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="BACKGROUND:lime; COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On December 30, 2010, the Company offered and sold 555,555 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On April 21, 2011, the Company cancelled 4,999,995 shares that were issued in 2009 and 2010 to certain shareholders that in turn sold their shares to the current president of the Company with his intention to cancel the shares to reduce insider holdings.</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:Calibri; COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share.&nbsp; <font style="BACKGROUND:lime"></font></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><b><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></b></p> <!--egx--><p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><b><font style="COLOR:black; FONT-SIZE:10pt">Note 4: Related Party Transactions</font></b><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">During 2006, 2007, 2008 and 2009, a corporation affiliated with an officer and director of the Company and a shareholder of the Company paid certain outstanding obligations of the Company, and paid such other expenses as were required to bring the Company current in its filings with the State of Nevada and to bring its accounting records current. Those amounts totaled $16,000 during 2006, $1,039 during 2007, $8,206 during 2008 and $1,500 during 2009, for a total of $26,745. On December 31, 2007, the Company entered into a demand note payable with the corporation in the amount of $17,039 bearing interest at the rate of 7% per annum. At the same time, the Company&#146;s board of directors approved a line-of-credit obligation with the corporation allowing the Company to borrow an additional $12,961 (for a total of $30,000), under the same terms and conditions. On April 30, 2008, the Company entered into a demand note with its shareholder in the amount of $5,000 bearing interest at the rate of 7% per annum. On December 1, 2008, the Company borrowed $3,206 through its line-of-credit. On July 9, 2009, the Company borrowed an additional $1,500 through its line-of-credit. Accrued interest as of December 31, 2009 was $3,617. Total notes payable with accrued interest as of December 31, 2009 was $30,363. On December 31, 2009, the Company converted its outstanding related party notes payable totaling $30,363 into 6,747,266 shares of Common Stock. In the first quarter of 2010 a related party loaned the Company $5,000. &nbsp;On June 15, 2010, the Company converted the notes payable into 1,111,110 shares of Common Stock.&nbsp;&nbsp; In the third quarter of 2010 a related party loaned the Company $2,500. &nbsp;On November 9, 2010, the Company converted the notes payable into 555,555 shares of Common Stock.&nbsp; In the second quarter of 2011 the current president of the Company acquired 4,999,995 shares of previously issued common shares from the former president and individuals in a private transaction, who had previously purchased such shares from the Company since September 2009, these shares were promptly cancelled from the Company&#146;s books and records.&nbsp; In the first six months of 2011 a related party has loaned the Company $8,671. &nbsp; </font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="BACKGROUND:lime; COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <!--egx--><p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><b><font style="COLOR:black; FONT-SIZE:10pt">Note 5: Subsequent Events</font></b><font style="COLOR:black; FONT-SIZE:10pt"></font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">&nbsp;</font></p> <p style="LINE-HEIGHT:12pt; MARGIN:0in 0in 0pt"><font style="COLOR:black; FONT-SIZE:10pt">ASC 855-16-50-4 establishes accounting and disclosure requirements for subsequent events. ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after the balance sheet date in our financial statements and the required disclosures for such events. We adopted this statement effective June 15, 2009 and have evaluated all subsequent events through the date these financial statements were issued.</font></p> 0001027235 2011-04-01 2011-06-30 0001027235 2011-06-30 0001027235 2010-12-31 0001027235 2010-04-01 2010-06-30 0001027235 2011-01-01 2011-06-30 0001027235 2010-01-01 2010-06-30 0001027235 2010-06-30 0001027235 2009-12-31 0001027235 2011-08-02 iso4217:USD shares iso4217:USD shares EX-101.PRE 6 pnhvd-20110630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.LAB 7 pnhvd-20110630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Interest WEIGHTED AVERAGE NUMBER OF COMMON SHARES CURRENT LIABILITIES Income Taxes Total expenses Total expenses Capital in excess of par value LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Entity Voluntary Filers Total Current Liabilities Total Current Liabilities Note Payable - Related Party Accounts payable Total Current Assets Total Current Assets Income Taxes {1} Income Taxes Adjustments to reconcile net (loss) to net cash used by operating activities Entity Central Index Key Income Tax Disclosure [Text Block] CASH FLOWS FROM FINANCING ACTIVITIES Preferred stock par value Statement of Financial Position Amendment Flag NET LOSS NET LOSS Provision for income taxes EXPENSES Retained deficit Cash in bank CASH - BEGINNING OF PERIOD CASH - END OF PERIOD Entity Filer Category Current Fiscal Year End Date Subsequent Events [Text Block] Related Party Disclosures Statement [Line Items] Document Fiscal Period Focus Net Cash Provided By Financing Activities Net Cash Provided By Financing Activities TOTAL ASSETS TOTAL ASSETS Decrease in accounts payable INCOME Common stock par value Preferred stock authorized Preferred stock; $.001 par value, 10,000,000 shares authorized; no shares issued and outstanding Statement [Table] Organization, Consolidation and Presentation of Financial Statements NET INCREASE (DECREASE) IN CASH Income Statement Common stock authorized Document and Entity Information Equity LOSS PER SHARE - basic and diluted Document Fiscal Year Focus Entity Well-known Seasoned Issuer General and administrative STOCKHOLDERS' EQUITY (DEFICIT) Supplemental Cash Flow Disclosure: Preferred stock outstanding Total Stockholders' Equity (Deficit) Total Stockholders' Equity (Deficit) Document Type TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) ASSETS Document Period End Date Subsequent Events N/P from related party Sale of common stock CASH FLOWS FROM OPERATING ACTIVITIES Statement of Cash Flows OPERATING LOSS OPERATING LOSS Stockholders' Equity Note Disclosure [Text Block] Net cash (used) by operating activities Net cash (used) by operating activities LOSS BEFORE INCOME TAXES Common stock outstanding Entity Current Reporting Status Entity Common Stock, Shares Outstanding Related Party Transactions Disclosure [Text Block] Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Common stock; $.001 par value, 100,000,000 shares authorized; 1,266,447 and 1,750,004 shares issued and outstanding, respectively CURRENT ASSETS Entity Registrant Name EX-101.DEF 8 pnhvd-20110630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.CAL 9 pnhvd-20110630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.SCH 10 pnhvd-20110630.xsd XBRL TAXONOMY EXTENSION SCHEMA 000040 - Statement - PIRANHA VENTURES, INC. STATEMENTS OF OPERATIONS (UNAUDITED) link:presentationLink link:definitionLink link:calculationLink 200000 - Disclosure - Organization, Consolidation and Presentation of Financial Statements link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Piranha Ventures, Inc. Balance Sheet (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - PIRANHA VENTURES, INC. BALANCE SHEET (Unaudited) link:presentationLink link:definitionLink link:calculationLink 500000 - Disclosure - Equity link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - PIRANHA VENTURES, INC. 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Piranha Ventures, Inc. Balance Sheet (Parenthetical) (USD $)
Jun. 30, 2011
Dec. 31, 2010
Preferred stock authorized 10,000,000 10,000,000
Preferred stock par value $ 0.001 $ 0.001
Preferred stock outstanding 0 0
Common stock authorized 100,000,000 100,000,000
Common stock par value $ 0.001 $ 0.001
Common stock outstanding 1,266,447 1,750,004
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PIRANHA VENTURES, INC. STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
INCOME $ 0 $ 0 $ 0 $ 0
EXPENSES        
General and administrative 3,558 7,667 9,201 16,951
Total expenses 3,558 7,667 9,201 16,951
OPERATING LOSS (3,558) (7,667) (9,201) (16,951)
LOSS BEFORE INCOME TAXES (3,558) (7,667) (9,201) (16,951)
Provision for income taxes 0 0 0 0
NET LOSS $ (3,558) $ (7,667) $ (9,201) $ (16,951)
LOSS PER SHARE - basic and diluted $ 0.00 $ (0.01) $ (0.01) $ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES 1,348,330 1,409,955 1,538,507 1,378,056
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Document and Entity Information
3 Months Ended
Jun. 30, 2011
Aug. 02, 2011
Document and Entity Information    
Entity Registrant Name PIRANHA VENTURES INC  
Document Type 10-Q  
Document Period End Date Jun. 30, 2011
Amendment Flag false  
Entity Central Index Key 0001027235  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   1,266,447
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2011  
Document Fiscal Period Focus Q2  
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Income Taxes
3 Months Ended
Jun. 30, 2011
Income Taxes {1}  
Income Tax Disclosure [Text Block]

Note 2: Income Taxes

 

Due to losses at June 30, 2011 and December 31, 2010, the Company had no income tax liability and thus no provision for taxes was recorded. At June 30, 2011 and December 31, 2010 the Company had available unused operating loss carry forwards of approximately $5,990,028 and $5,980,827, respectively, which may be applied against future taxable income and which expire in various years through 2030.

 

The amount of and ultimate realization of the benefits from the operating loss carry forwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company and other future events, the effects of which cannot be determined at this time. Because of the uncertainty surrounding the realization of the loss carry forwards, the Company has established a valuation allowance equal to the tax effect of the loss carry forwards and, therefore, no deferred tax asset has been recognized for the loss carry forwards. The net deferred tax assets are approximately $2,037,675 and $2,034,243 as of June 30, 2011 and December 31, 2010, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $3,432 during the six months ended June 30, 2011.

 

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

Note 1: Basis of Presentation and Summary of Significant Accounting Policies

 

Organization – Piranha Ventures, Inc. (the “Company” or “Piranha”) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999.

 

On October 28, 2009, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Piranha Interactive Publishing, Inc. to Piranha Ventures, Inc. The Company also increased its authorized common shares from 20 million to 90 million and it increased its authorized preferred shares from 5 million to 10 million.

 

On April 21, 2010, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada to increase its authorized common shares from 90 million to 100 million. The financial statements have been retroactively restated to reflect these changes

 

Stock Split

In June, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share.  The capital stock accounts, all share data and earnings per share data give effect to the stock split, applied retrospectively, to all periods presented.

 

Going Concern – The Company’s financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not generated any revenue for several years and affiliates of an officer and director of the Company have provided capital to pay prior and current obligations. During 2009, the Company issued 3,888,885 shares of its common stock for $17,500.  In the first quarter of 2010 a related party loaned the company $5,000.  On June 15, 2010, the Company converted the notes payable into 1,111,110 shares of Common Stock.  During the second quarter of 2010, the Company issued 1,666,665 shares of its common stock for $7,500.  In the third quarter of 2010 a related party loaned the company $2,500. On November 9, 2010 the Company issued 555,555 shares of its Common Stock.  On December 30, 2010 the Company issued 555,555 shares of its common stock for $2,500.  In the first quarter of 2011 a related party loaned the company $3,245.   In the second quarter of 2011 a related party loaned the company $5,426.  The Company requires additional capital to continue its limited operations. Furthermore, the Company’s officers and directors serve in their capacities without compensation. The Company assumes that these arrangements and the availability of future capital sources will continue into the future, but no assurance thereof can be given. A change in these circumstances would have a material adverse effect on the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Income Taxes

The Company utilizes the liability method of accounting for income taxes as set forth in FASC 740-20, “Accounting for Income Taxes.” Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.  An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.

 

Estimates

 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and 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 reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.

 

Revenue Recognition

 

The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured.

 

Income (Loss) Per Common Share

 

Income (Loss) per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the periods presented.  The Company has no potentially dilutive securities, in 2010 and 2011.  Accordingly, basic and dilutive loss per common share are the same.

 

Recently Issued Accounting Pronouncements

 

The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.

 

XML 17 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Related Party Disclosures
3 Months Ended
Jun. 30, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]

Note 4: Related Party Transactions

 

During 2006, 2007, 2008 and 2009, a corporation affiliated with an officer and director of the Company and a shareholder of the Company paid certain outstanding obligations of the Company, and paid such other expenses as were required to bring the Company current in its filings with the State of Nevada and to bring its accounting records current. Those amounts totaled $16,000 during 2006, $1,039 during 2007, $8,206 during 2008 and $1,500 during 2009, for a total of $26,745. On December 31, 2007, the Company entered into a demand note payable with the corporation in the amount of $17,039 bearing interest at the rate of 7% per annum. At the same time, the Company’s board of directors approved a line-of-credit obligation with the corporation allowing the Company to borrow an additional $12,961 (for a total of $30,000), under the same terms and conditions. On April 30, 2008, the Company entered into a demand note with its shareholder in the amount of $5,000 bearing interest at the rate of 7% per annum. On December 1, 2008, the Company borrowed $3,206 through its line-of-credit. On July 9, 2009, the Company borrowed an additional $1,500 through its line-of-credit. Accrued interest as of December 31, 2009 was $3,617. Total notes payable with accrued interest as of December 31, 2009 was $30,363. On December 31, 2009, the Company converted its outstanding related party notes payable totaling $30,363 into 6,747,266 shares of Common Stock. In the first quarter of 2010 a related party loaned the Company $5,000.  On June 15, 2010, the Company converted the notes payable into 1,111,110 shares of Common Stock.   In the third quarter of 2010 a related party loaned the Company $2,500.  On November 9, 2010, the Company converted the notes payable into 555,555 shares of Common Stock.  In the second quarter of 2011 the current president of the Company acquired 4,999,995 shares of previously issued common shares from the former president and individuals in a private transaction, who had previously purchased such shares from the Company since September 2009, these shares were promptly cancelled from the Company’s books and records.  In the first six months of 2011 a related party has loaned the Company $8,671.  

 

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Subsequent Events
3 Months Ended
Jun. 30, 2011
Subsequent Events  
Subsequent Events [Text Block]

Note 5: Subsequent Events

 

ASC 855-16-50-4 establishes accounting and disclosure requirements for subsequent events. ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after the balance sheet date in our financial statements and the required disclosures for such events. We adopted this statement effective June 15, 2009 and have evaluated all subsequent events through the date these financial statements were issued.

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PIRANHA VENTURES, INC. STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
NET LOSS $ (9,201) $ (16,951)
Decrease in accounts payable 0 (1,255)
Net cash (used) by operating activities (9,201) (18,206)
CASH FLOWS FROM FINANCING ACTIVITIES    
Sale of common stock 0 12,500
N/P from related party 8,671 0
Net Cash Provided By Financing Activities 8,671 12,500
NET INCREASE (DECREASE) IN CASH (530) (5,706)
CASH - BEGINNING OF PERIOD 536 7,542
CASH - END OF PERIOD 6 1,836
Supplemental Cash Flow Disclosure:    
Interest 0 0
Income Taxes $ 0 $ 0
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Equity
3 Months Ended
Jun. 30, 2011
Equity  
Stockholders' Equity Note Disclosure [Text Block]

Note 3: Capital Stock

 

Preferred Stock and Common Stock – The Company’s Board of Directors is expressly granted the authority to issue without stockholder action, the authorized shares of the Company’s preferred and common stock. The Board of Directors may issue shares and determine the powers, preferences, limitations, and relative rights of any class of shares before the issuance thereof.

 

Preferred Stock – On October 1, 2007, the Company issued 100,000 shares of the Series A Preferred Stock in consideration of $5,000 cash. The Series A Preferred Stock has the following preferences: a) each share is entitled to 50 votes on any matter voted upon by the common stockholders; b) in the event of any involuntary or voluntary liquidation shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, whether from capital, surplus, or earnings, an amount equal to $0.05 per share; c) are subject to redemption by the Corporation at any time after issuance; d) each share shall have a redemption price of $0.05; e) are not redeemable at the option of the holder under any circumstance, and (f) are convertible into shares of common stock at the rate of ten shares of common stock for every one share of Preferred Stock.

 

 On December 31, 2009, the Company converted the 100,000 shares of Series A Preferred Stock into 1,000,000 shares of Common Stock.

 

Common Stock – On June 19, 2009, the Company cancelled 1,225,000 shares that were issued in 1997 pursuant to a Voting Trust Agreement dated November 13, 1996. The shares were issued to the stockholders contingent upon the Company achieving certain revenue, earnings or share price criteria within a five year period. If the criteria were not met the shares were to be returned to the Company’s authorized, but unissued shares. The Company failed to meet the criteria within the five year period. In as much as the Company ceased operations in 1999, there was no active board of directors to instruct its former transfer agent to cancel the shares upon the 2001 anniversary date. In 2004, the former transfer agent destroyed all of the physical certificates that it held on behalf of the Company. Some of the certificates destroyed were those issued pursuant to the aforementioned Voting Trust. The current board of directors posted a bond with the Company’s current transfer agent to cover the destroyed certificates and then instructed the transfer agent to return the 1,225,000 shares to the authorized, but unissued shares of the Company.

 

On September 29, 2009, the Company offered and sold 3,888,885 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.

 

On December 31, 2009, the Company converted its outstanding related party notes payable totaling $30,363 into 6,747,266 shares of Common Stock.

 

On June 15, 2010, the Company converted its outstanding related party notes payable totaling $5,000 into 1,111,110 shares of Common Stock.

 

On June 15, 2010, the Company offered and sold 1,666,665 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.

 

On November 9, 2010, the Company converted its outstanding related party notes payable totaling $2,500 into 555,555 shares of Common Stock.

 

On December 30, 2010, the Company offered and sold 555,555 shares of its common stock for $0.0045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.

 

On April 21, 2011, the Company cancelled 4,999,995 shares that were issued in 2009 and 2010 to certain shareholders that in turn sold their shares to the current president of the Company with his intention to cancel the shares to reduce insider holdings.

 

On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share. 

 

XML 23 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
PIRANHA VENTURES, INC. BALANCE SHEET (Unaudited) (USD $)
Jun. 30, 2011
Dec. 31, 2010
CURRENT ASSETS    
Cash in bank $ 6 $ 536
Total Current Assets 6 536
TOTAL ASSETS 6 536
CURRENT LIABILITIES    
Accounts payable 0 0
Note Payable - Related Party 8,671 0
Total Current Liabilities 8,671 0
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock; $.001 par value, 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock; $.001 par value, 100,000,000 shares authorized; 1,266,447 and 1,750,004 shares issued and outstanding, respectively 1,266 1,750
Capital in excess of par value 5,980,097 5,979,613
Retained deficit (5,990,028) (5,980,827)
Total Stockholders' Equity (Deficit) (8,665) 536
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 6 $ 536
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BALANCE SHEET (Unaudited) Process Flow-Through: Removing column 'Jun. 30, 2010' Process Flow-Through: Removing column 'Dec. 31, 2009' Process Flow-Through: 000030 - Statement - Piranha Ventures, Inc. Balance Sheet (Parenthetical) Process Flow-Through: 000040 - Statement - PIRANHA VENTURES, INC. STATEMENTS OF OPERATIONS (UNAUDITED) Process Flow-Through: 000050 - Statement - PIRANHA VENTURES, INC. 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