0001014897-12-000235.txt : 20120815 0001014897-12-000235.hdr.sgml : 20120815 20120815134905 ACCESSION NUMBER: 0001014897-12-000235 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120815 DATE AS OF CHANGE: 20120815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Creative Beauty Supply of New Jersey CORP CENTRAL INDEX KEY: 0001290658 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 562415252 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50773 FILM NUMBER: 121036532 BUSINESS ADDRESS: STREET 1: 266 CEDAR STREET CITY: CEDAR GROVE STATE: NJ ZIP: 07009 BUSINESS PHONE: 973-239-2952 MAIL ADDRESS: STREET 1: 266 CEDAR STREET CITY: CEDAR GROVE STATE: NJ ZIP: 07009 10-Q 1 creative10qrevised.htm FORM 10-Q Creative Beauty Supply of New Jersey Corporation Form 10Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-Q


 [x] Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended June 30, 2012


-OR-


[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transaction period from _________ to________


Commission File Number      000-50773


Creative Beauty Supply of New Jersey Corporation

(Exact name of Registrant

in its charter)


New Jersey

 

56-2415242

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification Number)


266 Cedar Street, Cedar Grove, New Jersey

 

07009

(Address of Principal Executive Offices

 

(Zip Code)


Creative Beauty's Telephone Number, Including Area Code:

 

(973) 239-2952


Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes [ ]   No [ ]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):






Large accelerated filer     [  ]

 

Non-accelerated filer               [  ]

Accelerated filer              [  ]

 

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 [ ]


The number of outstanding shares of the registrant's common stock, August 15, 2012:  Common Stock – 10,532,150


2





CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION

FORM 10-Q

INDEX


PART 1 – FINANCIAL INFORMATION



Item 1.  Financial Statements (Unaudited)

 

Page

 

 

 

    Balance Sheets at June 30, 2012 and December 31,

       2011

 

4

 

 

 

    Statements of Operations for the three and six months

       ended June 30, 2012 and 2011

 

5

 

 

 

    Statements of Cash Flows for the six months ended June

       30, 2012 and 2011

 

6

 

 

 

Notes to Financial Statements

 

7

 

 

 

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

 

9

Item 3.  Quantitative and Qualitative Disclosure About Market Risk

 

10

Item 4.  Controls and Procedures

 

10


PART II - OTHER INFORMATION


Item 1.  Legal Proceedings

 

12

Item 1A. Risk Factors

 

12

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

 

12

Item 3.  Defaults Upon Senior Securities

 

12

Item 4.  Mine Safety Disclosure

 

12

Item 5.  Other Information

 

12

Item 6.  Exhibits

 

12

 

 

 

SIGNATURES

 

13




3





CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION


BALANCE SHEETS


 

June 30,

December 31,

 

     2012     

     2011     

 

(Unaudited)

 

 ASSETS

 



CURRENT ASSETS:



Cash and cash equivalents

$     158,569


$   168,668

TOTAL CURRENT ASSETS

       158,569

     168,668

 



TOTAL ASSETS

$     158,569

$   168,668

 



LIABILITIES AND STOCKHOLDERS’ EQUITY

 



CURRENT LIABILITIES:



Accounts payable

  $      13,017  

$       4,929

Accrued expenses

          3,628

       12,185

 



TOTAL CURRENT LIABILITIES

        16,645

       17,114

 



TOTAL LIABILITIES

        16,645

       17,114

 



COMMITMENTS AND CONTINGENCIES



 



STOCKHOLDERS’ EQUITY:



Preferred stock, par value $.001,



authorized 10,000,000 shares, issued



and outstanding -0- shares

-      

-      

Common stock, par value $.001,



authorized 10,000,000 shares, issued



and outstanding 10,532,150 shares

10,532

10,532

Additional paid-in capital

776,109

776,109

Accumulated deficit

    (644,717)

    (635,087)

TOTAL STOCKHOLDERS’ EQUITY

     141,924

     151,554

 



TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$   158,569

$   168,668


The accompanying notes are an integral part of these financial statements


4





CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION


STATEMENTS OF OPERATIONS

(UNAUDITED)


 

Three Months Ended

Six Months Ended

 

             June 30,           

            June 30,             

 

    2012    

    2011    

    2012   

    2011    

 





Revenues

$         -      

$         -      

$         -      

$         -      

 





Operating Expenses:





Professional fees

4,559

3,975

9,376

10,675

Miscellaneous

             35 

         -       

           535

           500

 





Total Operating Expenses

        4,594

        3,975

       9,911

        11,175

 





Loss From Operations

      (4,594)

      (3,975)

       (9,911)

       (11,175)

 





Other Income:





Interest income

           139

           180

           281

           358

 





Total Other Income

           139

           180

           281

           358

 





Net Loss

$    (4,455)

$    (3,795)

$     (9,630)

$     (10,817)

 





Earnings (loss) per share:





Basic and diluted net loss per common share


$     0.00


$         0.00


$          0.00


$          0.00

 





Basic and diluted weighted average common

      shares outstanding


10,532,150


10,532,150


10,532,150


10,532,150



The accompanying notes are an integral part of these financial statements


5





CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION


STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2012 AND 2011

(UNAUDITED)


 

         2012       

       2011       

 

 


Net loss

 $              (9,630)

 $         (10,817)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Increase  in accounts payable

 8,088

 12,100

Decrease in accrued expenses

                 (8,557)

              (6,800)

 

 

 

Net cash used in operating activities

$            (10,099)

 $           (5,517)

 

 

 

NET DECREASE IN CASH AND CASH EQUIVALENTS

 $            (10,099)

 $           (5,517)

 

 


CASH AND CASH EQUIVALENTS – beginning of period

                168,668

             152,241

 

 

 

CASH AND CASH EQUIVALENTS – end of period

 $          $158,569

$          146,724

 



 



Supplemental Disclosures of Cash Flow Information



      Cash paid during year for:



       Income taxes

 $                   500

 $                500

 



       Interest

 $                 -       

  $              -        




The accompanying notes are an integral part of these financial statements


6





CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION


NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2012 AND 2011

(UNAUDITED)


1.  THE COMPANY


Creative Beauty Supply of New Jersey Corporation (the “Company”) was incorporated in the State of New Jersey on October 1, 2003.  It was formed pursuant to a resolution of the board of directors of Creative Beauty Supply, Inc., (“CBS”) as a wholly-owned subsidiary of that company, a publicly traded New Jersey corporation.  On January 1, 2004, the assets and liabilities of CBS were contributed at book value to the Company, and this subsidiary was then spun-off by CBS to its stockholders.  This spin-off was consummated in contemplation of a merger, which occurred on March 19, 2004 between CBS and Global Digital Solutions, Inc. (“Global”), a Delaware corporation, whereby the former stockholders of CBS became the owners of 100 percent of the common stock of the Company.


On January 1, 2004, the Company commenced operations in the beauty supply industry at both the wholesale and retail levels.  The Company sold cosmetic and beauty supplies to the general public and beauty salons in Northern and Central New Jersey.  On November 30, 2008, the Company’s Board of Directors approved a plan to dispose of its wholesale and retail beauty supply business.  The plan was completed on January 1, 2009.  


The Company’s current business plan is to attempt to identify and negotiate with a business target for the merger of that entity with and into the Company.  In certain instances, a target company may wish to become a subsidiary of the Company or wish to contribute assets to the Company rather than merge.


No assurance can be given that the Company will be successful in identifying or negotiating with any target company.  The Company provides a means for a foreign or domestic private company to become a reporting (public) company whose securities would be qualified for trading in the United States secondary market.


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Interim Financial Statement Presentation


The December 31, 2011 balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles.  In the opinion of management, the accompanying unaudited financial statements contain


7





CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION


NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2012 AND 2011

(UNAUDITED)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)


all normal and recurring adjustments necessary to present fairly the financial position of the Company as of June 30, 2012, its results of operations for the three and six months ended June 30, 2012 and 2011 and its cash flows for the six months ended June 30, 2012 and 2011.


The statements of operations for the three and six months ended June 30, 2012 and 2011 are not necessarily indicative of the results for the full year.


While the Company believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s annual Report on Form 10-K for the year ended December 31, 2011.


Loss Per Share


The Company computes loss per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC”) 260, “Earnings Per Share”. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding, Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock.  Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants.  There were no dilutive common stock equivalents for all periods presented.


Fair Value of Financial Instruments


The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.


8





CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION


NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2012 AND 2011

(UNAUDITED)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)


Recently Issued Accounting Standards


Management does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.


3.  SUBSEQUENT EVENTS


The Company has evaluated subsequent events through the date that the financials were issued.


9





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


Forward-Looking Statements


This Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. These statements include those concerning the following:  Our intentions, beliefs and expectations regarding the fair value of all assets and liabilities recorded; our strategies; growth opportunities; product development and introduction relating to new and existing products; the enterprise market and related opportunities; competition and competitive advantages and disadvantages; industry standards and compatibility of our products; relationships with our employees; our facilities, operating lease and our ability to secure additional space; cash dividends; excess inventory, our expenses; interest and other income; our beliefs and expectations about our future success and results; our operating results; our belief that our cash and cash equivalents will be sufficient to satisfy our anticipated cash requirements, our expectations regarding our revenues and customers; investments and interest rates.  These statements are subject to risk and uncertainties that could cause actual results and events to differ materially.


Creative NJ undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Form 10-Q.


Critical Accounting Policies

The financial statements and accompanying footnotes included in this report has been prepared in accordance with accounting principles generally accepted in the United States with certain amounts based on management’s best estimates and judgments. To determine appropriate carrying values of assets and liabilities that are not readily available from other sources, management uses assumptions based on historical results and other factors they believe are reasonable.  Actual results could differ from those estimates.


Our critical accounting policies are described in our Annual Report on Form 10-K for the year ended December 31, 2011.  There have been no material changes to our critical accounting policies as of and for the six months ended June 30, 2012.


Trends and Uncertainties

There are no material commitments for capital expenditure at this time.  There are no trends, events or uncertainties that have had or are reasonably expected to have a material impact on our limited operations. There are no known causes for any material changes from period to period in one or more line items of Creative NJ’s financial statements.


Liquidity and Capital Resources

At June 30, 2012, Creative Beauty Supply of New Jersey Corporation (“Creative NJ” or the “Company”) had a cash balance of $158,569, which represents a $10,099 decrease


10





from the $168,668 balance at December 31, 2011.  This decrease was primarily the result of cash used to satisfy the requirements of a reporting company.  Creative NJ’s working capital balance at June 30, 2012 was $141,924, as compared to a December 31, 2011 balance of $151,554.


The focus of Creative NJ’s efforts is to acquire or develop an operating business. Despite no active operations at this time, management intends to continue in business and has no intention to liquidate Creative NJ.  Creative NJ has considered various business alternatives including the possible acquisition of an existing business, but to date has found possible opportunities unsuitable or excessively priced.  Creative NJ does not contemplate limiting the scope of its search to any particular industry.  Management has considered the risk of possible opportunities as well as their potential rewards.  Management has invested time evaluating several proposals for possible acquisition or combination; however, none of these opportunities were pursued. Creative NJ presently owns no real property and at this time has no intention of acquiring any such property. Creative NJ’s sole expected expenses are comprised of professional fees primarily incident to its reporting requirements.


Results of operations for the Three Months Ended June 30, 2012 compared to the Three Months ended June 30, 2011.


Creative NJ incurred a net loss of $4,455 in the current period versus a net loss of $3,795 in the prior period.  Operating expenses were incurred primarily to enable Creative NJ to satisfy the requirements of a reporting company.  For the three months ended June 30, 2012 and 2011 professional fees incurred were $4,559 and $3,975, respectively.  


Results of Operations for the Six Months Ended June 30, 2012 compared to the Six Months Ended June 30, 2011.


Creative NJ incurred a net loss of $9,630 in the current period versus a net loss of $10,817 in the prior period.  Operating expenses were incurred primarily to enable Creative NJ to satisfy the requirements of a reporting company.  For the six months ended June 30, 2012 and 2011, professional fees necessary to remain a reporting company were $9,376 and $10,675, respectively.  


During the current and prior period, Creative NJ did not record an income tax benefit due to the uncertainty associated with Creative NJ’s ability to merge with an operating company, which might permit Creative NJ to avail itself of those advantages.



Item 3.  Quantitative and Qualitative Disclosures About Market Risk


Not applicable for a smaller reporting company.


11





Item 4.  Controls and Procedures.


During the three months ended June 30, 2012, there were no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of June 30, 2012.  Based on this evaluation, our chief executive officer and chief principal financial officers have concluded such controls and procedures to be effective as of June 30, 2012 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


12





PART II - OTHER INFORMATION


Item 1.   Legal Proceedings  

None


Item 1A.  Risk Factors

Not applicable for smaller reporting company.


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

None


Item 3.   Defaults Upon Senior Securities

None


Item 4.  Mine Safety Disclosures

Not Applicable


Item 5.   Other Information

None


Item 6.   Exhibits


Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS**   XBRL Instance Document

101.SCH**   XBRL Taxonomy Extension Schema Document

101.CAL**   XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**   XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**   XBRL Taxonomy Extension Label Linkbase Document

101.PRE**   XBRL Taxonomy Extension Presentation Linkbase Document

*  Filed herewith

**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.


13





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.


Dated: August 15, 2012


CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION


By:     /s/Carmine Catizone

Carmine Catizone,

Chief Executive Officer


/s/Daniel Generelli

Daniel Generelli,

Chief Financial Officer





14






EX-31 2 creative10q2q12ex31.htm EXHIBIT 31 302 Certification

302 CERTIFICATION


I, Carmine Catizone, certify that:


         1. I have reviewed this amended quarterly report on Form 10-Q of Creative Beauty Supply of New Jersey Corporation;


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


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


         4. The registrant's other certifying officers 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 controls 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 my 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 case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


         5. The registrant's other certifying officers 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 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 controls over financial reporting.


Date: August 15, 2012  

/s/Carmine Catizone

    Carmine Catizone

       

                President/Chief Executive Officer




302 CERTIFICATION


I, Daniel Generelli, certify that:


         1. I have reviewed this amended quarterly report on Form 10-Q of Creative Beauty Supply of New Jersey Corporation;


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


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


         4. The registrant's other certifying officers 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 controls 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 my 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 case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


         5. The registrant's other certifying officers 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 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 controls over financial reporting.


Date: August 15, 2012  

/s/Daniel Generelli

Daniel Generelli

Chief Financial Officer




EX-32 3 creative10q2q12ex32.htm EXHIBIT 32 906 Certification

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the amended Quarterly Report of Creative Beauty Supply of New Jersey Corporation (the "Company") on Form 10-Q for the quarter ended June 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Carmine Catizone, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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


/s/Carmine Catizone

Carmine Catizone

Chief Executive Officer


August 15, 2012


CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the amended Quarterly Report of Creative Beauty Supply of New Jersey Corporation (the "Company") on Form 10-Q for the quarter ended June 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Daniel Generelli, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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


/s/Daniel Generelli

Daniel Generelli

Chief Financial Officer


August 15, 2012




EX-101.INS 4 cbsj-20120630.xml XBRL INSTANCE DOCUMENT 10-Q 2012-06-30 false Creative Beauty Supply of New Jersey CORP 0001290658 --12-31 10532.150 Smaller Reporting Company Yes Yes No 2012 Q2 158569 168668 158569 168668 158569 168668 13017 4929 3628 12185 16645 17114 16645 17114 0 0 10532 10532 776109 776109 -644717 -635087 141924 151554 158569 168668 0 0 0 0 4559 3975 9376 10675 35 0 535 500 4594 3975 9911 11175 -4594 -3975 -9911 -11175 139 180 281 358 139 180 281 358 -4455 -3795 0 0 0 0 10532510 10532150 -9630 -10817 8088 12100 -8557 -6800 -10099 -5517 -10099 -5517 168668 152241 158569 146724 500 500 0 0 <!--egx--><p style="margin:0in; margin-bottom:.0001pt; margin-left:0in; text-align:justify; text-indent:0in"><b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><b>THE COMPANY</b></p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Creative Beauty Supply of New Jersey Corporation (the &#147;Company&#148;) was incorporated in the State of New Jersey on October 1, 2003.&#160; It was formed pursuant to a resolution of the board of directors of Creative Beauty Supply, Inc., (&#147;CBS&#148;) as a wholly-owned subsidiary of that company, a publicly traded New Jersey corporation.&#160; On January 1, 2004, the assets and liabilities of CBS were contributed at book value to the Company, and this subsidiary was then spun-off by CBS to its stockholders.&#160; This spin-off was consummated in contemplation of a merger, which occurred on March 19, 2004 between CBS and Global Digital Solutions, Inc. (&#147;Global&#148;), a Delaware corporation, whereby the former stockholders of CBS became the owners of 100 percent of the common stock of the Company.</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">On January 1, 2004, the Company commenced operations in the beauty supply industry at both the wholesale and retail levels.&#160; The Company sold cosmetic and beauty supplies to the general public and beauty salons in Northern and Central New Jersey.&#160; On November 30, 2008, the Company&#146;s Board of Directors approved a plan to dispose of its wholesale and retail beauty supply business.&#160; The plan was completed on January 1, 2009.&#160; </p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The Company&#146;s current business plan is to attempt to identify and negotiate with a business target for the merger of that entity with and into the Company.&#160; In certain instances, a target company may wish to become a subsidiary of the Company or wish to contribute assets to the Company rather than merge.</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">No assurance can be given that the Company will be successful in identifying or negotiating with any target company.&#160; The Company provides a means for a foreign or domestic private company to become a reporting (public) company whose securities would be qualified for trading in the United States secondary market.</p> <!--egx--><p style="margin:0in; margin-bottom:.0001pt">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; margin-left:0in; text-align:justify; text-indent:0in"><b>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Interim Financial Statement Presentation</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The December 31, 2011 balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles.&#160; In the opinion of management, the accompanying unaudited financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of June 30, 2012, its results of operations for the three and six months ended June 30, 2012 and 2011 and its cash flows for the six months ended June 30, 2012 and 2011.</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The statements of operations for the three and six months ended June 30, 2012 and 2011 are not necessarily indicative of the results for the full year.</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">While the Company believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company&#146;s annual Report on Form 10-K for the year ended December 31, 2011.</p> <p style="margin:0in; margin-bottom:.0001pt">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Loss Per Share</p> <p style="margin:0in; margin-bottom:.0001pt">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The Company computes loss per share in accordance with Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (ASC&#148;) 260, &#148;Earnings Per Share&#148;. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding, Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock.&#160; Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants.&#160; There were no dilutive common stock equivalents for all periods presented.</p> <p style="margin:0in; margin-bottom:.0001pt">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Fair Value of Financial Instruments</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.</p> <p style="margin:0in; margin-bottom:.0001pt">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Recently Issued Accounting Standards</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Management does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.</p> <p style="margin:0in; margin-bottom:.0001pt">&nbsp;</p> <!--egx--><p style="margin:0in; margin-bottom:.0001pt">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify"><b>3.&#160;&#160;&#160;&#160; SUBSEQUENT EVENTS </b></p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The Company has evaluated subsequent events through the date that the financials were issued.</p> <!--egx--><p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Interim Financial Statement Presentation</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The December 31, 2011 balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles.&#160; In the opinion of management, the accompanying unaudited financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of June 30, 2012, its results of operations for the three and six months ended June 30, 2012 and 2011 and its cash flows for the six months ended June 30, 2012 and 2011.</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The statements of operations for the three and six months ended June 30, 2012 and 2011 are not necessarily indicative of the results for the full year.</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">While the Company believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company&#146;s annual Report on Form 10-K for the year ended December 31, 2011.</p> <!--egx--><p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Loss Per Share</p> <p style="margin:0in; margin-bottom:.0001pt">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The Company computes loss per share in accordance with Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (ASC&#148;) 260, &#148;Earnings Per Share&#148;. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding, Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock.&#160; Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants.&#160; There were no dilutive common stock equivalents for all periods presented.</p> <!--egx--><p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Fair Value of Financial Instruments</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.</p> <!--egx--><p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Recently Issued Accounting Standards</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">&nbsp;</p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify">Management does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.</p> 10532150 0001290658 2012-04-01 2012-06-30 0001290658 2012-06-30 0001290658 2011-12-31 0001290658 2011-04-01 2011-06-30 0001290658 2012-01-01 2012-06-30 0001290658 2011-01-01 2011-06-30 0001290658 2011-06-30 0001290658 2010-12-31 iso4217:USD shares iso4217:USD shares EX-101.SCH 5 cbsj-20120630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000060 - 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Significant Accounting Policies: Loss Per Share (Policies)
3 Months Ended
Jun. 30, 2012
Loss Per Share:  
Loss Per Share

Loss Per Share

 

The Company computes loss per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC”) 260, ”Earnings Per Share”. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding, Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock.  Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants.  There were no dilutive common stock equivalents for all periods presented.

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Significant Accounting Policies: Interim Financial Statement Presentation (Policies)
3 Months Ended
Jun. 30, 2012
Interim Financial Statement Presentation:  
Interim Financial Statement Presentation

Interim Financial Statement Presentation

 

The December 31, 2011 balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles.  In the opinion of management, the accompanying unaudited financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of June 30, 2012, its results of operations for the three and six months ended June 30, 2012 and 2011 and its cash flows for the six months ended June 30, 2012 and 2011.

 

The statements of operations for the three and six months ended June 30, 2012 and 2011 are not necessarily indicative of the results for the full year.

 

While the Company believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s annual Report on Form 10-K for the year ended December 31, 2011.

XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Creative Beauty Supply of New Jersey Corp-Balance Statement (USD $)
Jun. 30, 2012
Dec. 31, 2011
Cash and cash equivalents $ 158,569 $ 168,668
TOTAL CURRENT ASSETS 158,569 168,668
TOTAL ASSETS 158,569 168,668
Accounts payable 13,017 4,929
Accrued expenses 3,628 12,185
TOTAL CURRENT LIABILITIES 16,645 17,114
TOTAL LIABILITIES 16,645 17,114
Preferred stock, par value $.001, authorized 10,000,000 shares, issued and outstanding -0- shares 0 0
Common stock, par value $.001, authorized 10,000,000 shares, issued and outstanding 10,532,150 shares 10,532 10,532
Additional paid-in capital 776,109 776,109
Accumulated deficit (644,717) (635,087)
TOTAL STOCKHOLDERS' EQUITY 141,924 151,554
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 158,569 $ 168,668
XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies
3 Months Ended
Jun. 30, 2012
Significant Accounting Policies:  
Significant Accounting Policies

 

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Interim Financial Statement Presentation

 

The December 31, 2011 balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles.  In the opinion of management, the accompanying unaudited financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of June 30, 2012, its results of operations for the three and six months ended June 30, 2012 and 2011 and its cash flows for the six months ended June 30, 2012 and 2011.

 

The statements of operations for the three and six months ended June 30, 2012 and 2011 are not necessarily indicative of the results for the full year.

 

While the Company believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s annual Report on Form 10-K for the year ended December 31, 2011.

 

 

Loss Per Share

 

The Company computes loss per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC”) 260, ”Earnings Per Share”. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding, Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock.  Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants.  There were no dilutive common stock equivalents for all periods presented.

 

Fair Value of Financial Instruments

 

The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.

 

Recently Issued Accounting Standards

 

Management does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

 

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XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended
Jun. 30, 2012
Subsequent Events:  
Subsequent Events

 

3.     SUBSEQUENT EVENTS

 

 

The Company has evaluated subsequent events through the date that the financials were issued.

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Creative beauty Supply of New Jersey Corp-Statement of Operations (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues $ 0 $ 0 $ 0 $ 0
Professional fees 4,559 3,975 9,376 10,675
Miscellaneous 35 0 535 500
Total Operating Expenses 4,594 3,975 9,911 11,175
Loss From Operations (4,594) (3,975) (9,911) (11,175)
Interest income 139 180 281 358
Total Other Income 139 180 281 358
Net Loss $ (4,455) $ (3,795) $ (9,630) $ (10,817)
Basic and diluted earnings per common share $ 0 $ 0 $ 0 $ 0
Basic and diluted weighted average common shares outstanding 10,532,510 10,532,150 10,532,510 10,532,150
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Document and Entity Information (USD $)
3 Months Ended
Jun. 30, 2012
Document and Entity Information:  
Entity Registrant Name Creative Beauty Supply of New Jersey CORP
Document Type 10-Q
Document Period End Date Jun. 30, 2012
Amendment Flag false
Entity Central Index Key 0001290658
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 10,532,150
Entity Public Float $ 10,532.150
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers Yes
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2012
Document Fiscal Period Focus Q2
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Creative Beauty Supply of New Jersey-Statement of Cash Flows (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Net Loss $ (4,455) $ (3,795) $ (9,630) $ (10,817)
Increase in accounts payable     8,088 12,100
Decrease in accrued expenses     (8,557) (6,800)
Net cash used in operating activities     (10,099) (5,517)
NET DECREASE IN CASH AND CASH EQUIVALENTS     (10,099) (5,517)
CASH AND CASH EQUIVALENTS - beginning of period     168,668 152,241
CASH AND CASH EQUIVALENTS - end of period 158,569 146,724 158,569 146,724
Income taxes     500 500
Interest     $ 0 $ 0
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Significant Accounting Policies: Recently Issued Accounting Standards (Policies)
3 Months Ended
Jun. 30, 2012
Recently Issued Accounting Standards:  
Recently Issued Accounting Standards

Recently Issued Accounting Standards

 

Management does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

XML 23 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
The Company
3 Months Ended
Jun. 30, 2012
The Company:  
The Company

1.       THE COMPANY

 

Creative Beauty Supply of New Jersey Corporation (the “Company”) was incorporated in the State of New Jersey on October 1, 2003.  It was formed pursuant to a resolution of the board of directors of Creative Beauty Supply, Inc., (“CBS”) as a wholly-owned subsidiary of that company, a publicly traded New Jersey corporation.  On January 1, 2004, the assets and liabilities of CBS were contributed at book value to the Company, and this subsidiary was then spun-off by CBS to its stockholders.  This spin-off was consummated in contemplation of a merger, which occurred on March 19, 2004 between CBS and Global Digital Solutions, Inc. (“Global”), a Delaware corporation, whereby the former stockholders of CBS became the owners of 100 percent of the common stock of the Company.

 

On January 1, 2004, the Company commenced operations in the beauty supply industry at both the wholesale and retail levels.  The Company sold cosmetic and beauty supplies to the general public and beauty salons in Northern and Central New Jersey.  On November 30, 2008, the Company’s Board of Directors approved a plan to dispose of its wholesale and retail beauty supply business.  The plan was completed on January 1, 2009. 

 

The Company’s current business plan is to attempt to identify and negotiate with a business target for the merger of that entity with and into the Company.  In certain instances, a target company may wish to become a subsidiary of the Company or wish to contribute assets to the Company rather than merge.

 

No assurance can be given that the Company will be successful in identifying or negotiating with any target company.  The Company provides a means for a foreign or domestic private company to become a reporting (public) company whose securities would be qualified for trading in the United States secondary market.

XML 24 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies: Fair Value of Financial Instruments (Policies)
3 Months Ended
Jun. 30, 2012
Fair Value of Financial Instruments:  
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.

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