Form 10-Q

0000943440-12-000525.txt : 20120515 0000943440-12-000525.hdr.sgml : 20120515 20120515125403 ACCESSION NUMBER: 0000943440-12-000525 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IPKV Holdings, Inc. CENTRAL INDEX KEY: 0001368194 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52135 FILM NUMBER: 12842704 BUSINESS ADDRESS: STREET 1: C/O NAUTILUS GLOBAL PARTNERS STREET 2: 700 GEMINI, SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 281-488-3883 MAIL ADDRESS: STREET 1: C/O NAUTILUS GLOBAL PARTNERS STREET 2: 700 GEMINI, SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77027 FORMER COMPANY: FORMER CONFORMED NAME: Ruby Growth CORP DATE OF NAME CHANGE: 20060630 10-Q 1 ipkv033112_10q.htm QUARTERLY REPORT Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal period ended March 31, 2012


[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number 000-52135

IPKV Holdings, Inc.

(Exact name of Registrant as specified in its charter)


Delaware		N/A
(State or other jurisdiction of		(I.R.S. Employer Identification No.)
incorporation or organization)

800 Town & Country Blvd., Suite 420

Houston, Texas 77024

(Address of principal executive offices) (Zip Code)

(713) 600-8888

(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 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 is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):


Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	ý
(Do not check if smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes |X| No |_ |

At May 14, 2012, there were 1,673,254 shares of Registrant’s ordinary shares outstanding.

GENERAL INDEX


		PAGE NUMBER

	PART I FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	3

ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	11

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	12

ITEM 4.	CONTROLS AND PROCEDURES	12

	PART II OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	13

ITEM 1.(A)	RISK FACTORS	13

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES & USE OF PROCEEDS	13

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	13

ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS	13

ITEM 5.	OTHER INFORMATION	13

ITEM 6.	EXHIBITS	13

	SIGNATURES	13

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PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

IPKV Holdings, Inc.

(A Development Stage Company)

Condensed Balance Sheets


	March 31,		December 31,
	2012		2011
	(unaudited)		(audited)
ASSETS
CURRENT ASSETS
Cash	$	--	$	--
Notes receivable (Note 4)		500,000		500,000
Interest receivable		89,453		77,124

Total current assets and total assets	$	589,453	$	577,124

LIABILITIES AND SHAREHOLDERS’ DEFICIT
CURRENT LIABILITIES
Payable to affiliate	$	27,469	$	25,579
Accounts payable		3,429		5,319
Notes payable – affiliate (Note 5)		500,000		500,000
Interest payable		89,453		77,124

Total current liabilities		620,351		608,022

Commitments and contingencies (Note 10)		--		--

SHAREHOLDERS’ DEFICIT
Preferred shares, $0.001 par value, 25,000,000 shares authorized, none issued and outstanding		--		--
Common shares, $0.001 par value; 100,000,000 shares authorized; 1,673,254 as of March 31, 2012 and December 31, 2011		1,673		1,673
Additional paid in capital		717,855		717,855
Deficit accumulated during development stage		(750,426)		(750,426)
Total shareholders’ deficit		(30,898)		(30,898)
Total liabilities and shareholders’ deficit	$	589,453	$	577,124

See accompanying notes to condensed financial statements.

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IPKV Holdings, Inc.

(A Development Stage Company)

Condensed Statements of Operations

(Unaudited)


	Three Months Ended March 31, 2012		Three Months Ended March 31, 2011		Cumulative During Development Stage (March 10, 2006 to March 31, 2012)

Revenues	$	--	$	--	$	--

Expenses
Formation, general and administrative expenses		--		3,540		78,890
Total operating expenses		--		3,540		78,890

Operating loss		--		(3,540)		(78,890)

Other income (expense), net
Bad debt expense		--		--		(627,137)
Interest income		12,329		12,329		(161,631)
Interest expense		12,329		12,329		117,232
Total other income (expense)		--		--		(671,536)

Net loss	$	--	$	(3,540)	$	(750,426)

Basic and diluted loss per share	$	(0.00)	$	(0.00)
Weighted average common shares outstanding – basic and diluted		1,673,254		1,673,254

See accompanying notes to condensed financial statements.

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IPKV Holdings, Inc.

(A Development Stage Company)

Condensed Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31, 2012		Three Months Ended March 31, 2011		Cumulative During Development Stage (March 10, 2006 to March 31, 2012)
Cash flows from operating activities
Net loss	$	--	$	(3,540)	$	(750,426)
Adjustments to reconcile net loss to cash used in operating activities:
Shares issued to Founder for payment of formation costs		--		--		1,050
Bad debt expense		--		--		627,137
Changes in operating assets and liabilities
Payable to affiliate		1,890		1,770		27,469
Interest receivable		(12,329)		(12,329)		(89,453)
Interest payable		12,329		12,329		134,494
Accounts payable		(1,890)		1,770		3,429
Net cash used in operating activities		--		--		(46,300)

Cash flows from investing activities
Investment in note receivable		--		--		(1,100,000)
Net cash used in investing activities		--		--		(1,100,000)

Cash flows from financing activities
Proceeds from issuance of common shares		--		--		46,300
Proceeds from issuance of note payable to affiliate		--		--		1,100,000
Net cash provided by financing activities		--		--		1,146,300

Net increase (decrease) in cash		--		--		--

Cash at beginning of the period		--		--		--
Cash at end of the period	$	--	$	--	$	--

Supplemental disclosures of cash flow information:
Interest paid	$	--	$	--	$	--
Income taxes paid	$	--	$	--	$	--

Supplemental disclosure of investing and financing information:
Exchange of notes payable and interest payable for common stock	$	--	$	--	$	672,178

See accompanying notes to condensed financial statements.

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IPKV Holdings, Inc.

(A Development Stage Company)

NOTES TO CONDENSED FINANCIAL STATEMENTS

March 31, 2012

(Unaudited)

NOTE 1 - Organization, Business and Operations

On March 10, 2006, IPKV Holdings, Inc. (the "Company"), formerly known as Ruby Growth Corporation, was formed in the Cayman Islands with the objective to acquire, or merge with, a foreign operating business. On January 28, 2009, the Company was converted to a Delaware Corporation.

At March 31, 2012, the Company had not yet commenced operations. Expenses incurred from inception through March 31, 2012 relates to the Company’s formation and general and administrative activities to prepare for a potential acquisition. The Company selected December 31 as its fiscal year-end.

The Company, based on its proposed business activities, is a "blank check" company. The Securities and Exchange Commission defines such a company as “a development stage company” as it either has no specific business plan or purpose, or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person; and has issued ‘penny stock,’ as defined in Rule 3a51-1 under the Securities Exchange Act of 1934. Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. Management does not intend to undertake any efforts to cause a market to develop in its securities, either debt or equity, until the Company concludes a business combination with an operating entity.

The Company was organized to acquire a target company or business seeking the perceived advantages of being a publicly-held company and, to a lesser extent, that desires to employ the Company’s funds in its business. The Company’s principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location. The analysis of new business opportunities will be undertaken by or under the supervision of the officers and directors of the Company.

During 2008, the Company agreed to acquire IP Knowledge Ventures, Inc., subject to a number of conditions, including the successful raising of $2 million in equity capital. Since these conditions have not been met, this acquisition will not occur and the Company has written-off the $600,000 note receivable and related interest receivable issued to IP Knowledge Ventures, Inc. as of June 30, 2009. During the quarter ended June 30, 2010, the Company and its largest shareholder agreed to convert the $600,000 related party note payable and interest payable into 923,080 shares of the Company’s common stock.

In April 2010, the Company issued a $250,000 note to one of the Company’s largest shareholders. This note pays interest at 10% and is payable on demand. The Company subsequently received a note from a private company in order to prepare the due diligence for a possible transaction with the Company. This note was for $250,000, and pays interest at 10%. This note matured on April 4, 2012 and is in default. In August 2010, the Company issued an additional $250,000 note to one of the Company’s largest shareholders. This note pays interest at 10% and is payable on demand. The Company subsequently received an additional note from a private company in order to prepare the due diligence for a possible transaction with the Company. This additional note was also for $250,000, and pays interest at 10%. This note matures twelve months from the date of issuance. Despite the default in the note due to maturity, the Company believes that the value of the notes receivable will be realized in full, either through a cure of the default or through the security interest the Company has with the borrower. There can be no assurance that the Company will complete a merger agreement with this private company as the proposed transaction is in the due diligence stage and the ultimate outcome of this transaction is not known. As of March 31, 2012, the Company has not entered into a letter of intent, merger or acquisition agreement with any company.

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NOTE 2 - Summary of Significant Accounting Policies

Interim financial information

The financial statements included herein, which have not been audited pursuant to the rules and regulations of the Securities and Exchange Commission, reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods on a basis consistent with the annual audited statements. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full year. Certain information, accounting policies and footnote disclosures normally included in consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with our audited financial statements included in our Form 10-K, for the year ended December 31, 2011, filed with the Securities and Exchange Commission on April 13, 2012.

Basis of Presentation

These financial statements are presented on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America, whereby revenues are recognized in the period earned and expenses when incurred. The Company also follows the accounting guidelines for accounting for and reporting in Development Stage Enterprise in preparing its financial statements.

Statement of Cash Flows

For purposes of the statement of cash flows, we consider all highly liquid investments (i.e., investments which, when purchased, have original maturities of three months or less) to be cash equivalents.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Loss Per Ordinary Share

Basic loss per common share is based on the weighted effect of common shares issued and outstanding, and is calculated by dividing net loss by the weighted average shares outstanding during the period. Diluted loss per common share is calculated by dividing net loss by the weighted average number of common shares used in the basic loss per share calculation plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. The Company does not present diluted earnings per share for years in which it incurred net losses as the effect is antidilutive. On January 28, 2009, the Company, in connection to its conversion to a Delaware Corporation, performed a 1.709 share to 1 reverse stock split. The Company also increased its authorized common and preferred shares to 100,000,000 and 25,000,000 respectively. All share and per share data is presented as if the reverse stock split took place on March 10, 2006, the date of inception of the Company.

At March 31, 2012 and December 31, 2011, there were no potentially dilutive ordinary shares outstanding.

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NOTE 2 - Summary of Significant Accounting Policies (continued)

Income Taxes

Fair Value of Financial Instruments

Our financial instruments consist of accounts payable and payables to an affiliate. We believe the fair value of our payables reflects their carrying amounts.

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The guidance also established a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels:

Level 1 - quoted prices in active markets for identical assets and liabilities.

Level 2 - observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3 - unobservable inputs.

As of March 31, 2012 and December 31, 2011, the Company did not have financial assets or liabilities that would require measurement on a recurring basis based on this guidance.

Recently Issued Accounting Pronouncements

Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations and cash flows.

NOTE 3 - Liquidity and Capital Resources

The Company has no revenues for the period from inception (March 10, 2006) through March 31, 2012, and does not intend to realize revenues until the consummation of a merger with an operating entity. The Company’s principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. There can be no assurance that the Company will ever consummate the business combination; achieve or sustain profitability or positive cash flows from its operations, reduce expenses or sell ordinary shares. To date, the Company has funded its formation activities primarily through issuances of its ordinary shares and a payable to affiliate. The Company has notes payable of $500,000 due to its largest shareholder. We believe we will be able to meet these costs for at least the next 12 months by obtaining loans from our shareholders, management or other investors.

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NOTE 4 – Notes Receivable

In April 2010, the Company received a note for $250,000 from a potential acquisition candidate. This note earns interest at 10% and became due in full on April 4, 2012, but has not yet been paid. Despite the default in the note due to maturity, the Company believes that the value of the notes receivable will be realized in full, either through a cure of the default or through the security interest the Company has with the borrower. In August 2010, the Company received an additional note for $250,000 from the same acquisition candidate with identical terms. This note is due in August, 2012.

NOTE 5 – Notes Payable - Affiliate

In April 2010, the Company issued a note for $250,000 to one of its largest shareholders. This note incurs interest at 10% and became due on April 4, 2012. The Company has an agreement with the lender to extend the note for an additional 180 days with no penalty. In August 2010, the Company issued an additional note for $250,000 to the same shareholder with identical terms. This note is due in August 2012.

NOTE 6 – Related Party Transactions

The Company has a payable to affiliate of $27,469 and $25,579 to a Founder of the Company as of March 31, 2012 and December 31, 2011, respectively. The payable is non-interest bearing and payable on demand. The Company also utilizes office space of one of its shareholders at no charge.

NOTE 7 - Common Shares

On April 10, 2006, the Company was capitalized with 614,515 shares of its restricted common shares issued for consideration of $1,050 to its founding shareholders. These shares, along with a payable issued to the founder of $5,548, were the basis of the funding of the Company’s $6,598 in formation costs. On May 31, 2006, the Company sold 104,015 shares of its restricted common shares for $35,500. The restricted common shares were sold to 355 offshore private investors pursuant to a Private Placement Offering in lots of 293 shares each at approximately $0.34 per share. On July 18, 2006, the Company sold 31,644 shares of its restricted common shares for $10,800. The restricted common shares were sold to 108 offshore private investors pursuant to a Private Placement Offering in lots of 293 shares each at approximately $0.34 per share. No underwriting discounts or commissions were paid with respect to such sales.

In April 2010, the Company issued a noteholder 923,080 shares of the Company’s common stock to satisfy a $600,000 note and the accrued interest connected with the note.

NOTE 8 - Preferred Shares

The Company is authorized to issue 25,000,000 shares of preferred shares with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At March 31, 2012 and December 31, 2011, there were no preferred shares issued or outstanding.

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NOTE 9 – Income Taxes

The Company accounts for income taxes using the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. On January 28, 2009, the Company was converted to a Delaware Corporation. All income or loss from operations is subject to US tax regulations beginning on January 28, 2009. The Company has a net operating loss for financial accounting purposes of approximately $0.7 million at March 31, 2012. The Company has a potential deferred tax asset of approximately $0.2 million as a result of this net operating loss carry forward. In assessing the realization of deferred tax assets, management considers whether it is likely that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the Company attaining future taxable income during periods in which those temporary differences become deductible. Due to the uncertainty surrounding the realization of the benefits of its tax attributes, including net operating loss carryforwards, in future tax returns, the Company has provided a 100% valuation allowance on its deferred tax assets.

The net operating loss carryforward will begin to expire in 2029, if not utilized. The Internal Revenue Code Section 382 limits net operating loss and tax credit carryforwards when an ownership change of more than fifty percent of the value of the stock in a loss corporation occurs within a three-year period. It is possible that changes in control may result in Section 382 limits. Accordingly, the ability to utilize net operating loss and tax credit carryforwards could be significantly restricted.

NOTE 10 - Commitments and Contingencies

The Company may become subject to various claims and litigation. The Company vigorously defends its legal position when these matters arise. The Company is not a party to, nor the subject of, any material pending legal proceeding nor to the knowledge of the Company, are any such legal proceedings threatened against the Company.

NOTE 11 - Subsequent Events

The Company considered all subsequent events through May 14, 2012, the date the financial statements were issued.

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ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS

Disclosure Regarding Forward Looking Statements

Statements, other than historical facts, contained in this Quarterly Report on Form 10-Q, including statements of potential acquisitions and our strategies, plans and objectives, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Although we believe that our forward looking statements are based on reasonable assumptions, we caution that such statements are subject to a wide range of risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are important factors that could cause actual results to differ materially from the forward looking statements, including, but not limited to; the effect of existing and future laws, governmental regulations and the political and economic climate of the United States; the effect of derivative activities; and conditions in the capital markets. We undertake no duty to update or revise these forward-looking statements.

When used in this Form 10-Q, the words, "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because these forward-looking statements involve risks and uncertainties, actual results could differ materially from those expressed or implied by these forward-looking statements for a number of important reasons.

General

We are a development stage company formed solely for the purpose of identifying and entering into a business combination with a privately held business or company that is seeking the advantages of being a publicly held corporation whose stock is eventually traded on a major United States stock exchange.

Plan of Operation

As of March 31, 2012 and as of the date of this report, we had not engaged in any business activities that generate revenue. Our activities to date have been primarily focused upon our formation and raising capital. We have conducted private offerings of our common shares, the proceeds of which we intend to use for payment of costs associated with formation, accounting and auditing fees, legal fees, and costs associated with identifying acquisition targets and completing necessary due diligence. In addition, we expect to incur costs related to filing periodic reports with the Securities and Exchange Commission.

We believe we will be able to meet these costs for at least the next 12 months using the funds that we have raised through our private offerings. If necessary, we believe that we will be able to raise additional funds through additional private sales of common shares, or by obtaining loans from our shareholders, management or other investors.

We may consider a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital, but which desires to establish a public trading market for its shares, while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering.

In April 2010, the Company issued a $250,000 note payable to one of the Company’s largest shareholders. This note pays interest at 10% and is payable on demand. The Company subsequently received a note receivable from a private company in order to prepare the due diligence for a possible transaction with the Company. This note receivable was for $250,000, and pays interest at 10%. This note matured on April 4, 2012, but no payment has been made and is in default. In August 2010, the Company

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issued an additional $250,000 note payable to one of the Company’s largest shareholders. This note pays interest at 10% and is payable on demand. The Company subsequently received an additional note receivable from a private company in order to prepare the due diligence for a possible transaction with the Company. This additional note receivable was also for $250,000, and pays interest at 10%. This note matures 2-years from the date of issuance. The Company believes that the note receivable in default still has value equal to or in excess of its face through the security interest held by the Company even in the case of default. There can be no assurance that the Company will complete a merger agreement with this private company as the proposed transaction is in the due diligence stage and the ultimate outcome of this transaction is not known. As of March 31, 2012, the Company has not entered into a letter of intent, merger or acquisition agreement with any company.

Comparison of the three months ending March 31, 2012 and 2011

Because we currently do not have any business operations, we have not had any revenues during the three months ended March 31, 2012 and 2011. Total operating expenses for the three months ended March 31, 2012 were $0, compared with $3,540 for the three months ended March 31, 2011. The difference relates primarily to timing of audit and filing fees.

Liquidity and Capital Resources

As of March 31, 2012, we do not maintain a cash balance and must rely on an affiliate to fund business operations. The Company believes that our affiliate will continue to fund operating expense for the next twelve months. The Company has a note payable of $500,000 plus accrued interest due to its largest shareholder.

Off-Balance Sheet Arrangements

We do not have any significant off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. Our Chief Executive and Financial Officer has reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 240.13a-15(e) or 15d-15(e)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer has concluded that our current disclosure controls and procedures provide him with reasonable assurance that they are effective to provide him with timely material information relating to us required to be disclosed in the reports we file or submit under the Exchange Act.

Changes in Internal Control over Financial Reporting. Our management has evaluated whether any change in our internal control over financial reporting occurred during the last fiscal quarter. Based on that evaluation, management concluded that there has been no change in our internal control over financial reporting during the relevant period that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS.

None.

ITEM 1A.

RISK FACTORS.

There have been no material changes to the risk factors previously disclosed under Item 1A of the Company’s Report on Form 10-K for the fiscal year ended December 31, 2011.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 5.

OTHER INFORMATION.

None.

ITEM 6.

EXHIBITS.

Exhibit

Number

Description

Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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.

IPKV Holdings, Inc.

(Registrant)

By: /s/ JOSEPH R. ROZELLE

JOSEPH R. ROZELLE

President

Date:

May 14, 2012

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EX-31 2 ipkv033112q_ex31.htm CERTIFICATION Exhibit 31

EXHIBIT 31

Rule 13a-14(a)/15d-14(a) Certification of the President

I, Joseph Rozelle, President of IPKV Holdings, Inc., certify that:

I have reviewed this Quarterly Report on Form 10-Q of IPKV Holdings, Inc.;

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;

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;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 14, 2012		By: /s/ Joseph Rozelle
		Joseph Rozelle
		President
		(Principal Executive and Financial Officer)

EX-32 3 ipkv033112q_ex32.htm CERTIFICATION Exhibit 32

EXHIBIT 32

CERTIFICATION OF PRINCIPAL AND EXECUTIVE FINANCIAL OFFICER 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 on Form 10-Q of IPKV Holdings, Inc. (the “Company”) for the period ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joseph Rozelle, President 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, to the best of my knowledge that:

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

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 14, 2012

/s/ Joseph Rozelle

Joseph Rozelle

President

(Principal Executive and Financial Officer)

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Report for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filings of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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NOTE 1 - Organization, Business and Operations   On March 10, 2006, IPKV Holdings, Inc. (the "Company"), formerly known as Ruby Growth Corporation, was formed in the Cayman Islands with the objective to acquire, or merge with, a foreign operating business. On January 28, 2009, the Company was converted to a Delaware Corporation.   At March 31, 2012, the Company had not yet commenced operations. Expenses incurred from inception through March 31, 2012 relates to the Companys formation and general and administrative activities to prepare for a potential acquisition. The Company selected December 31 as its fiscal year-end.   The Company, based on its proposed business activities, is a "blank check" company. The Securities and Exchange Commission defines such a company as a development stage company as it either has no specific business plan or purpose, or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person; and has issued penny stock, as defined in Rule 3a51-1 under the Securities Exchange Act of 1934. Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. Management does not intend to undertake any efforts to cause a market to develop in its securities, either debt or equity, until the Company concludes a business combination with an operating entity.   The Company was organized to acquire a target company or business seeking the perceived advantages of being a publicly-held company and, to a lesser extent, that desires to employ the Companys funds in its business. The Companys principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location. The analysis of new business opportunities will be undertaken by or under the supervision of the officers and directors of the Company.   During 2008, the Company agreed to acquire IP Knowledge Ventures, Inc., subject to a number of conditions, including the successful raising of $2 million in equity capital. Since these conditions have not been met, this acquisition will not occur and the Company has written-off the $600,000 note receivable and related interest receivable issued to IP Knowledge Ventures, Inc. as of June 30, 2009. During the quarter ended June 30, 2010, the Company and its largest shareholder agreed to convert the $600,000 related party note payable and interest payable into 923,080 shares of the Companys common stock.   In April 2010, the Company issued a $250,000 note to one of the Companys largest shareholders. This note pays interest at 10% and is payable on demand. The Company subsequently received a note from a private company in order to prepare the due diligence for a possible transaction with the Company. This note was for $250,000, and pays interest at 10%. This note matured on April 4, 2012 and is in default. In August 2010, the Company issued an additional $250,000 note to one of the Companys largest shareholders. This note pays interest at 10% and is payable on demand. The Company subsequently received an additional note from a private company in order to prepare the due diligence for a possible transaction with the Company. This additional note was also for $250,000, and pays interest at 10%. This note matures twelve months from the date of issuance. Despite the default in the note due to maturity, the Company believes that the value of the notes receivable will be realized in full, either through a cure of the default or through the security interest the Company has with the borrower. There can be no assurance that the Company will complete a merger agreement with this private company as the proposed transaction is in the due diligence stage and the ultimate outcome of this transaction is not known. As of March 31, 2012, the Company has not entered into a letter of intent, merger or acquisition agreement with any company.

NOTE 2 - Summary of Significant Accounting Policies   Interim financial information   The financial statements included herein, which have not been audited pursuant to the rules and regulations of the Securities and Exchange Commission, reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods on a basis consistent with the annual audited statements. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full year. Certain information, accounting policies and footnote disclosures normally included in consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with our audited financial statements included in our Form 10-K, for the year ended December 31, 2011, filed with the Securities and Exchange Commission on April 13, 2012.   Basis of Presentation   These financial statements are presented on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America, whereby revenues are recognized in the period earned and expenses when incurred. The Company also follows the accounting guidelines for accounting for and reporting in Development Stage Enterprise in preparing its financial statements.   Statement of Cash Flows   For purposes of the statement of cash flows, we consider all highly liquid investments (i.e., investments which, when purchased, have original maturities of three months or less) to be cash equivalents.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.   Loss Per Ordinary Share   Basic loss per common share is based on the weighted effect of common shares issued and outstanding, and is calculated by dividing net loss by the weighted average shares outstanding during the period. Diluted loss per common share is calculated by dividing net loss by the weighted average number of common shares used in the basic loss per share calculation plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. The Company does not present diluted earnings per share for years in which it incurred net losses as the effect is antidilutive. On January 28, 2009, the Company, in connection to its conversion to a Delaware Corporation, performed a 1.709 share to 1 reverse stock split. The Company also increased its authorized common and preferred shares to 100,000,000 and 25,000,000 respectively. All share and per share data is presented as if the reverse stock split took place on March 10, 2006, the date of inception of the Company.   At March 31, 2012 and December 31, 2011, there were no potentially dilutive ordinary shares outstanding.   Income Taxes   The Company accounts for income taxes using the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In assessing the realization of deferred tax assets, management considers whether it is likely that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the Company attaining future taxable income during periods in which those temporary differences become deductible.   Fair Value of Financial Instruments   Our financial instruments consist of accounts payable and payables to an affiliate. We believe the fair value of our payables reflects their carrying amounts.   The fair value of the Companys financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The guidance also established a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels:   Level 1 - quoted prices in active markets for identical assets and liabilities.   Level 2 - observable inputs other than quoted prices in active markets for identical assets and liabilities.   Level 3 - unobservable inputs.   As of March 31, 2012 and December 31, 2011, the Company did not have financial assets or liabilities that would require measurement on a recurring basis based on this guidance.   Recently Issued Accounting Pronouncements   Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Companys financial position, results of operations and cash flows.

NOTE 3 - Liquidity and Capital Resources The Company has no revenues for the period from inception (March 10, 2006) through March 31, 2012, and does not intend to realize revenues until the consummation of a merger with an operating entity. The Companys principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. There can be no assurance that the Company will ever consummate the business combination; achieve or sustain profitability or positive cash flows from its operations, reduce expenses or sell ordinary shares. To date, the Company has funded its formation activities primarily through issuances of its ordinary shares and a payable to affiliate. The Company has notes payable of $500,000 due to its largest shareholder. We believe we will be able to meet these costs for at least the next 12 months by obtaining loans from our shareholders, management or other investors.

NOTE 4 Notes Receivable   In April 2010, the Company received a note for $250,000 from a potential acquisition candidate. This note earns interest at 10% and became due in full on April 4, 2012, but has not yet been paid. Despite the default in the note due to maturity, the Company believes that the value of the notes receivable will be realized in full, either through a cure of the default or through the security interest the Company has with the borrower. In August 2010, the Company received an additional note for $250,000 from the same acquisition candidate with identical terms. This note is due in August, 2012.

NOTE 7 - Common Shares   On April 10, 2006, the Company was capitalized with 614,515 shares of its restricted common shares issued for consideration of $1,050 to its founding shareholders. These shares, along with a payable issued to the founder of $5,548, were the basis of the funding of the Companys $6,598 in formation costs. On May 31, 2006, the Company sold 104,015 shares of its restricted common shares for $35,500. The restricted common shares were sold to 355 offshore private investors pursuant to a Private Placement Offering in lots of 293 shares each at approximately $0.34 per share. On July 18, 2006, the Company sold 31,644 shares of its restricted common shares for $10,800. The restricted common shares were sold to 108 offshore private investors pursuant to a Private Placement Offering in lots of 293 shares each at approximately $0.34 per share. No underwriting discounts or commissions were paid with respect to such sales.   In April 2010, the Company issued a noteholder 923,080 shares of the Companys common stock to satisfy a $600,000 note and the accrued interest connected with the note.     NOTE 8 - Preferred Shares   The Company is authorized to issue 25,000,000 shares of preferred shares with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At March 31, 2012 and December 31, 2011, there were no preferred shares issued or outstanding.

NOTE 5 Notes Payable - Affiliate   In April 2010, the Company issued a note for $250,000 to one of its largest shareholders. This note incurs interest at 10% and became due on April 4, 2012. The Company has an agreement with the lender to extend the note for an additional 180 days with no penalty. In August 2010, the Company issued an additional note for $250,000 to the same shareholder with identical terms. This note is due in August 2012.

NOTE 9 Income Taxes   The Company accounts for income taxes using the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. On January 28, 2009, the Company was converted to a Delaware Corporation.  All income or loss from operations is subject to US tax regulations beginning on January 28, 2009.  The Company has a net operating loss for financial accounting purposes of approximately $0.7 million at March 31, 2012.  The Company has a potential deferred tax asset of approximately $0.2 million as a result of this net operating loss carry forward. In assessing the realization of deferred tax assets, management considers whether it is likely that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the Company attaining future taxable income during periods in which those temporary differences become deductible. Due to the uncertainty surrounding the realization of the benefits of its tax attributes, including net operating loss carryforwards, in future tax returns, the Company has provided a 100% valuation allowance on its deferred tax assets.   The net operating loss carryforward will begin to expire in 2029, if not utilized. The Internal Revenue Code Section 382 limits net operating loss and tax credit carryforwards when an ownership change of more than fifty percent of the value of the stock in a loss corporation occurs within a three-year period. It is possible that changes in control may result in Section 382 limits.  Accordingly, the ability to utilize net operating loss and tax credit carryforwards could be significantly restricted.

NOTE 10 - Commitments and Contingencies   The Company may become subject to various claims and litigation. The Company vigorously defends its legal position when these matters arise. The Company is not a party to, nor the subject of, any material pending legal proceeding nor to the knowledge of the Company, are any such legal proceedings threatened against the Company.

NOTE 11 - Subsequent Events   The Company considered all subsequent events through May 14, 2012, the date the financial statements were issued.

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NOTE 6 Related Party Transactions   The Company has a payable to affiliate of $27,469 and $25,579 to a Founder of the Company as of March 31, 2012 and December 31, 2011, respectively. The payable is non-interest bearing and payable on demand. The Company also utilizes office space of one of its shareholders at no charge.

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Notes Receivable
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Notes Receivable

NOTE 4 – Notes Receivable

In April 2010, the Company received a note for $250,000 from a potential acquisition candidate. This note earns interest at 10% and became due in full on April 4, 2012, but has not yet been paid. Despite the default in the note due to maturity, the Company believes that the value of the notes receivable will be realized in full, either through a cure of the default or through the security interest the Company has with the borrower. In August 2010, the Company received an additional note for $250,000 from the same acquisition candidate with identical terms. This note is due in August, 2012.

Notes Receivable	3 Months Ended
Mar. 31, 2012
Notes to Financial Statements
Notes Receivable	NOTE 4 – Notes Receivable In April 2010, the Company received a note for $250,000 from a potential acquisition candidate. This note earns interest at 10% and became due in full on April 4, 2012, but has not yet been paid. Despite the default in the note due to maturity, the Company believes that the value of the notes receivable will be realized in full, either through a cure of the default or through the security interest the Company has with the borrower. In August 2010, the Company received an additional note for $250,000 from the same acquisition candidate with identical terms. This note is due in August, 2012.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

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Liquidity and Capital Resources	3 Months Ended
Mar. 31, 2012
Notes to Financial Statements
Liquidity and Capital Resources	NOTE 3 - Liquidity and Capital Resources The Company has no revenues for the period from inception (March 10, 2006) through March 31, 2012, and does not intend to realize revenues until the consummation of a merger with an operating entity. The Company’s principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. There can be no assurance that the Company will ever consummate the business combination; achieve or sustain profitability or positive cash flows from its operations, reduce expenses or sell ordinary shares. To date, the Company has funded its formation activities primarily through issuances of its ordinary shares and a payable to affiliate. The Company has notes payable of $500,000 due to its largest shareholder. We believe we will be able to meet these costs for at least the next 12 months by obtaining loans from our shareholders, management or other investors.

Liquidity and Capital Resources

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Liquidity and Capital Resources

NOTE 3 - Liquidity and Capital Resources

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

+ References+ Details

XML 15 R2.htm IDEA: XBRL DOCUMENT

Condensed Balance Sheets (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash
Notes receivable (Note 4)	500,000	500,000
Interest receivable	89,453	77,124
Total current assets and total assets	589,453	577,124
CURRENT LIABILITIES
Payable to affiliate	27,469	25,579
Accounts payable	3,429	5,319
Notes payable, affiliate (Note 5)	500,000	500,000
Interest payable	89,453	77,124
Total current liabilities	620,351	608,022
Commitments and contingencies (Note 10)
SHAREHOLDERS DEFICIT
Preferred shares, $0.001 par value, 25,000,000 shares authorized, none issued and outstanding
Common shares, $0.001 par value; 100,000,000 shares authorized; 1,673,254 as of March 31, 2012 and December 31, 2011	1,673	1,673
Additional paid in capital	717,855	717,855
Deficit accumulated during development stage	(750,426)	(750,426)
Total shareholders deficit	(30,898)	(30,898)
Total liabilities and shareholders deficit	$ 589,453	$ 577,124

XML 16 R6.htm IDEA: XBRL DOCUMENT

Organization, Business and Operations

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Organization, Business and Operations

NOTE 1 - Organization, Business and Operations

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Summary of Significant Accouting Policies

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Summary of Significant Accouting Policies

NOTE 2 - Summary of Significant Accounting Policies

Interim financial information

Basis of Presentation

Statement of Cash Flows

Use of Estimates

Loss Per Ordinary Share

At March 31, 2012 and December 31, 2011, there were no potentially dilutive ordinary shares outstanding.

Income Taxes

Fair Value of Financial Instruments

Our financial instruments consist of accounts payable and payables to an affiliate. We believe the fair value of our payables reflects their carrying amounts.

Level 1 - quoted prices in active markets for identical assets and liabilities.

Level 2 - observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3 - unobservable inputs.

As of March 31, 2012 and December 31, 2011, the Company did not have financial assets or liabilities that would require measurement on a recurring basis based on this guidance.

Recently Issued Accounting Pronouncements

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Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Statement of Financial Position [Abstract]
Preferred shares, par value	$ 0.001	$ 0.001
Preferred shares, shares authorized	25,000,000	25,000,000
Preferred shares, issued and outstanding
Common shares, par value	$ 0.001	$ 0.001
Common shares, shares authorized	100,000,000	100,000,000
Common shares, shares issued and outstanding	1,673,254	1,673,254

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

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- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 14, 2012
Document And Entity Information
Entity Registrant Name	IPKV Holdings, Inc.
Entity Central Index Key	0001368194
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,673,254
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

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Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended		73 Months Ended
Condensed Statements of Operations (Unaudited) (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Income Statement [Abstract]
Revenues
Expenses
Formation, general and administrative expenses		3,540	78,890
Total operating expenses		3,540	78,890
Operating loss		(3,540)	(78,890)
Bad debt expense			(627,137)
Interest income	12,329	12,329	(161,631)
Interest Expense	(12,329)	(12,329)	117,232
Total other income (expense)			(671,536)
Net loss		$ (3,540)	$ (750,426)
Basic and diluted loss per share	$ 0.00	$ 0.00
Weighted average common shares outstanding, basic and diluted	1,673,254	1,673,254

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Common Shares; Preferred Shares

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Common Shares; Preferred Shares

NOTE 7 - Common Shares

In April 2010, the Company issued a noteholder 923,080 shares of the Company’s common stock to satisfy a $600,000 note and the accrued interest connected with the note.

NOTE 8 - Preferred Shares

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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Related Party Transactions

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Related Party Transactions

NOTE 6 – Related Party Transactions

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Subsequent Events

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Subsequent Events

NOTE 11 - Subsequent Events

The Company considered all subsequent events through May 14, 2012, the date the financial statements were issued.

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Income Tax

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Income Tax

NOTE 9 – Income Taxes

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Commitment & Contingencies

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Commitment & Contingencies

NOTE 10 - Commitments and Contingencies

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Condensed Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		73 Months Ended
Condensed Statements of Cash Flows (Unaudited) (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Cash flows from operating activities
Net loss		$ (3,540)	$ (750,426)
Adjustments to reconcile net loss to cash used in operating activities:
Shares issued to Founder for payment of formation costs			1,050
Bad debt expense			627,137
Changes in operating assets and liabilities
Payable to affiliate	1,890	1,770	27,469
Interest receivable	(12,329)	(12,329)	(89,453)
Interest payable	12,329	12,329	134,494
Accounts payable	(1,890)	1,770	3,429
Net cash used in operating activities			(46,300)
Cash flows from investing activities
Investment in note receivable			(1,100,000)
Net cash used in investing activities			(1,100,000)
Cash flows from financing activities
Proceeds from issuance of common shares			46,300
Proceeds from issuance of note payable to affiliate			1,100,000
Net cash provided by financing activities			1,146,300
Net increase (decrease) in cash
Cash at beginning of the period
Cash at end of the period
Supplemental disclosures of cash flow information:
Interest paid
Income taxes paid
Supplemental disclosure of investing and financing information:
Exchange of notes payable and interest payable for common stock			$ 672,178

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Notes Payable - Affiliate

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Notes Payable - Affiliate

NOTE 5 – Notes Payable - Affiliate

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

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