0001014897-13-000287.txt : 20130813 0001014897-13-000287.hdr.sgml : 20130813 20130812173155 ACCESSION NUMBER: 0001014897-13-000287 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130813 DATE AS OF CHANGE: 20130812 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: 131030687 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 creative10q2q13v1.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, 2013


-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 12, 2013:  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, 2013 and December 31, 2012

 

4

 

 

 

    Statements of Operations for the three and six months ended June 30, 2013 and 2012

 

5

 

 

 

    Statements of Cash Flows for the six months ended June 30, 2013 and 2012

 

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

 

11

Item 4.  Controls and Procedures

 

11


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,

 

2013

2012

 

(Unaudited)

 

 ASSETS

 



CURRENT ASSETS:



Cash and cash equivalents

$  126,131

$  152,753

TOTAL CURRENT ASSETS

126,131

152,753

 



TOTAL ASSETS

$  126,131

$  152,753

 



 



LIABILITIES AND STOCKHOLDERS’ EQUITY

 



CURRENT LIABILITIES:



Accounts payable

$   10,800

$   17,878

Accrued expenses

4,350

12,620

 



TOTAL CURRENT LIABILITIES

15,150

30,498

 



TOTAL LIABILITIES

15,150

30,498

 



COMMITMENTS AND CONTINGENCIES



 



STOCKHOLDERS’ DEFICIENCY:



Preferred stock, par value $.001,



authorized 10,000,000 shares, issued



and outstanding -0- shares

-

-

Common stock, par value $.001,



authorized 100,000,000 shares, issued



and outstanding 10,532,150 shares

10,532

10,532

Additional paid-in capital

776,109

776,109

Accumulated deficit

(675,660)

(664,386)

TOTAL STOCKHOLDERS’ EQUITY

110,981

122,255

 



TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$  126,131

$ 152,753


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,

 

2013

2012

2013

2012

 





Revenues

$         -      

$         -      

$         -      

$         -      

 





Operating Expenses:





Professional fees

4,530

4,559

10,351

9,376

Miscellaneous

             10 

             35 

           1,057

           535

 





Total Operating Expenses

        4,540

        4,594

       11,408

       9,911

 





Loss From Operations

      (4,540)

      (4,594)

       (11,408)

       (9,911)

 





Other Income:





Interest income

           64

           139

           134

           281

 





Total Other Income

           64

           139

           134

           281

 





Net Loss

$    (4,476)

$    (4,455)

$     (11,274)

$     (9,630)

 





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, 2013 AND 2012

(UNAUDITED)



 

2013

2012

 

 

 

Net loss

 $(11,274)

 $  (9,630)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

(Decrease) increase in accounts payable

 (7,078)

 8,088

Decrease in accrued expenses

 (8,270)

 (8,557)

Net cash used in operating activities

 (26,622)

 (10,099)


 

 

NET DECREASE IN CASH AND CASH EQUIVALENTS

 (26,622)

 (10,099)

 

 

 

CASH AND CASH EQUIVALENTS – beginning of period

 152,753

 168,668

 

 

 

CASH AND CASH EQUIVALENTS – end of period

 $126,131

 $158,569

 

 

 

 

 

 

 

 

 

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, 2013 AND 2012

(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.


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, 2012 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, 2013, its results of operations for the three and six months ended June 30, 2013 and 2012 and its cash flows for the six months ended June 30, 2013 and 2012.


The statements of operations for the three and six months ended June 30, 2013 and 2012 are not necessarily indicative of the results for the full year.


7



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, 2012.


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.


3.

SUBSEQUENT EVENTS


The Company has evaluated subsequent events through the date of this filing.


8



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, 2012.  There have been no material changes to our critical accounting policies as of and for the six months ended June 30, 2013.


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, 2013, Creative Beauty Supply of New Jersey Corporation (“Creative NJ” or the “Company”) had a cash balance of $126,131, which represents a $26,622 decrease


9



from the $152,753 balance at December 31, 2012.  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, 2013 was $110,981, as compared to a December 31, 2012 balance of $122,255.


For the six months ended June 30, 2013 and 2012, we did not pursue any investing or financing activities.


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 six months ended June 30, 2013 compared to the six months ended June 30, 2012.


For the six months ended June 30, 2013, we did not earn any revenues.  We paid professional fees of $10,351 and miscellaneous expenses of $1,057.  We earned interest income of $134.  As a result, we had a net loss of $11,274 for the six months ended June 30, 2013.


Comparatively, for the six months ended June 30, 2012, we did not earn any revenues.  We paid professional fees of $9,376 and miscellaneous expenses of $535.  We earned interest income of $281.  As a result, we had a net loss of $9,630 for the six months ended June 30, 2012.


Creative NJ incurred a net loss of $11,274 in the current period versus a net loss of $9,630 in the prior period.  Operating expenses were incurred primarily to enable Creative NJ to satisfy the requirements of a reporting company.  


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.


10



Results of operations for the three months ended June 30, 2013 compared to the three months ended June 30, 2012.


For the three months ended June 30, 2013, we did not earn any revenues.  We paid professional fees of $4,530 and miscellaneous expenses of $10.  We earned interest income of $64, resulting in a net loss of $4,476 for the three months ended June 30, 2013.


Comparatively, for the three months ended June 30, 2012, we did not earn any revenues.  We paid professional fees of $4,559 and miscellaneous expenses of $35.  We earned interest income of $139, resulting in a net loss of $4,455 for the three months ended June 30, 2012.


Creative NJ incurred a net loss of $4,476 in the current period versus a net loss of $4,455 in the prior period.  Operating expenses were incurred primarily to enable Creative NJ to satisfy the requirements of a reporting company.


Item 3.  Quantitative and Qualitative Disclosures About Market Risk


Not applicable for a smaller reporting company.



Item 4.  Controls and Procedures.


During the three months ended June 30, 2013, 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, 2013.  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, 2013 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.


11



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.


12



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 12, 2013


CREATIVE BEAUTY SUPPLY OF NEW JERSEY CORPORATION


By:     /s/Carmine Catizone

Carmine Catizone,

Chief Executive Officer


/s/Daniel Generelli

Daniel Generelli,

Chief Financial Officer





13




EX-31 2 creative10q2q13ex31.htm EXHIBIT 31 302 Certification

302 CERTIFICATION


I, Carmine Catizone, certify that:


         1. I have reviewed this 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 12, 2013

/s/Carmine Catizone

    Carmine Catizone

       

                President/Chief Executive Officer




302 CERTIFICATION


I, Daniel Generelli, certify that:


         1. I have reviewed this 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 12, 2013

/s/Daniel Generelli

Daniel Generelli

Chief Financial Officer




EX-32 3 creative10q2q13ex32.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 Quarterly Report of Creative Beauty Supply of New Jersey Corporation (the "Company") on Form 10-Q for the quarter ended June 30, 2013 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 12, 2013


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 Quarterly Report of Creative Beauty Supply of New Jersey Corporation (the "Company") on Form 10-Q for the quarter ended June 30, 2013 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 12, 2013




EX-101.INS 4 cbsj-20130630.xml XBRL INSTANCE DOCUMENT 10-Q 2013-06-30 false Creative Beauty Supply of New Jersey Corporation 0001290658 --12-31 0 Smaller Reporting Company Yes Yes No 2013 Q2 126131 152753 126131 152753 126131 152753 10800 17878 4350 12620 15150 30498 15150 30498 0 0 10532 10532 776109 776109 -675660 -664386 110981 122255 126131 152753 0 0 0 0 4530 4559 10351 9376 10 35 1057 535 4540 4594 11408 9911 -4540 -4594 -11408 -9911 64 139 134 281 64 139 134 281 -4476 -4455 -11274 -9630 0 0 0 0 10532150 10532150 10532150 10532150 -7078 8088 -8270 -8557 -26622 -10099 <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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'>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'>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;text-align:justify'>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</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'>The December 31, 2012 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, 2013, its results of operations for the three and six months ended June 30, 2013 and 2012 and its cash flows for the six months ended June 30, 2013 and 2012.</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, 2013 and 2012 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, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Loss Per Share</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 (&#147;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'>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'>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> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SUBSEQUENT EVENTS </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company has evaluated subsequent events through the date of this filing</p> <p style='margin:0in;margin-bottom:.0001pt'>.</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'>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'>The Company has evaluated subsequent events through the date of this filing</p> 10532150 0001290658 2013-01-01 2013-06-30 0001290658 2013-06-30 0001290658 2012-12-31 0001290658 2013-04-01 2013-06-30 0001290658 2012-04-01 2012-06-30 0001290658 2012-01-01 2012-06-30 0001290658 2013-08-12 iso4217:USD shares iso4217:USD shares EX-101.SCH 5 cbsj-20130630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000040 - Statement - Creative Beauty Supply of New Jersey Corporation - Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 000050 - Disclosure - 1. 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Creative Beauty Supply of New Jersey Corporation - Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Adjustments to reconcile net loss to net cash used in operating activities:    
(Decrease) increase in accounts payable $ (7,078) $ 8,088
Decrease in accrued expenses (8,270) (8,557)
Net cash used in operating activities $ (26,622) $ (10,099)
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2. Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2013
Notes  
2. Summary of Significant Accounting Policies

2.         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Interim Financial Statement Presentation

The December 31, 2012 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, 2013, its results of operations for the three and six months ended June 30, 2013 and 2012 and its cash flows for the six months ended June 30, 2013 and 2012.

 

The statements of operations for the three and six months ended June 30, 2013 and 2012 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, 2012.

 

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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2. Summary of Significant Accounting Policies: Fait Value of Financial Instruments (Policies)
6 Months Ended
Jun. 30, 2013
Policies  
Fait 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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3. Subsequent Events: Subsequent Events (Policies)
6 Months Ended
Jun. 30, 2013
Policies  
Subsequent Events

The Company has evaluated subsequent events through the date of this filing

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Creative Beauty Supply of New Jersey Corporation - Statements of Operations (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues $ 0 $ 0 $ 0 $ 0
Operating Expenses:        
Professional fees 4,530 4,559 10,351 9,376
Miscellaneous 10 35 1,057 535
Total Operating Expenses 4,540 4,594 11,408 9,911
Loss From Operations (4,540) (4,594) (11,408) (9,911)
Other Income:        
Interest income 64 139 134 281
Total Other Income 64 139 134 281
Net Loss $ (4,476) $ (4,455) $ (11,274) $ (9,630)
Loss per share:        
Basic and diluted net loss per common share $ 0 $ 0 $ 0 $ 0
Basic and diluted weighted average common shares outstanding 10,532,150 10,532,150 10,532,150 10,532,150
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1. The Company
6 Months Ended
Jun. 30, 2013
Notes  
1. 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.

 

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.

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Creative Beauty Supply of New Jersey Corporation - Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 126,131 $ 152,753
TOTAL CURRENT ASSETS 126,131 152,753
TOTAL ASSETS 126,131 152,753
CURRENT LIABILITIES:    
Accounts payable 10,800 17,878
Accrued expenses 4,350 12,620
TOTAL CURRENT LIABILITIES 15,150 30,498
TOTAL LIABILITIES 15,150 30,498
STOCKHOLDERS'EQUITY:    
Preferred stock, par value $.001, authorized 10,000,000 shares, issued and outstanding -0- shares 0 0
Common stock, par value $.001, authorized 100,000,000 shares, issued and outstanding 10,532,150 shares 10,532 10,532
Additional paid-in capital 776,109 776,109
Accumulated deficit (675,660) (664,386)
TOTAL STOCKHOLDERS' EQUITY 110,981 122,255
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 126,131 $ 152,753
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3. Subsequent Events
6 Months Ended
Jun. 30, 2013
Notes  
3. Subsequent Events

3.         SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date of this filing

.

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Document and Entity Information (USD $)
6 Months Ended
Jun. 30, 2013
Aug. 12, 2013
Document and Entity Information:    
Entity Registrant Name Creative Beauty Supply of New Jersey Corporation  
Document Type 10-Q  
Document Period End Date Jun. 30, 2013  
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 $ 0  
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 2013  
Document Fiscal Period Focus Q2  
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It is commonly abbreviated as CIK.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false07false 2dei_CurrentFiscalYearEndDatedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00--12-31falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:gMonthDayItemTypemonthdayEnd date of current fiscal year in the format --MM-DD.No definition available.false08false 2dei_EntityCommonStockSharesOutstandingdei_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2truefalsefalse1053215010532150falsefalsefalsexbrli:sharesItemTypesharesIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.No definition available.false19false 2dei_EntityPublicFloatdei_falsecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00USD$falsetruefalse2falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryState aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.No definition available.false210false 2dei_EntityFilerCategorydei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Smaller Reporting Companyfalsefalsefalse2falsefalsefalse00falsefalsefalsedei:filerCategoryItemTypestringIndicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.No definition available.false011false 2dei_EntityCurrentReportingStatusdei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Yesfalsefalsefalse2falsefalsefalse00falsefalsefalsedei:yesNoItemTypenaIndicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.No definition available.false012false 2dei_EntityVoluntaryFilersdei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Yesfalsefalsefalse2falsefalsefalse00falsefalsefalsedei:yesNoItemTypenaIndicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.No definition available.false013false 2dei_EntityWellKnownSeasonedIssuerdei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Nofalsefalsefalse2falsefalsefalse00falsefalsefalsedei:yesNoItemTypenaIndicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.No definition available.false014false 2dei_DocumentFiscalYearFocusdei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:gYearItemTypepositiveintegerThis is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.No definition available.false015false 2dei_DocumentFiscalPeriodFocusdei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Q2falsefalsefalse2falsefalsefalse00falsefalsefalsedei:fiscalPeriodItemTypenaThis is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.No definition available.false0falseDocument and Entity Information (USD $)NoRoundingNoRoundingUnKnownUnKnowntruefalsefalseSheethttp://cbsj/20130630/role/idr_DocumentDocumentAndEntityInformation215