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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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20-3654141
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting company)
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Page
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PART I – FINANCIAL INFORMATION:
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Item 1.
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Financial Statements:
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Balance Sheets as of December 31, 2011 (Unaudited) and March 31, 2010
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2 | ||
Statements of Operations (Unaudited) for the Three- and Nine-Month Periods Ended December 31, 2011 and 2010 and the Cumulative Period from July 22, 2005 (Inception) to December 31, 2011
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3 | ||
Statements of Cash Flows (Unaudited) for the Nine Months Ended December 31, 2011 and 2010 and the Cumulative Period from July 22, 2005 (Inception) to December 31, 2011
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4 | ||
Notes to Financial Statements
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5 | ||
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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9 | |
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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11 | |
Item 4.
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Controls and Procedures
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11 | |
PART II – OTHER INFORMATION:
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Item 1.
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Legal Proceedings
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12 | |
Item 1A.
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Risk Factors
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12 | |
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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12 | |
Item 3.
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Defaults Upon Senior Securities
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12 | |
Item 4.
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Removed and Reserved
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12 | |
Item 5.
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Other Information
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12 | |
Item 6.
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Exhibits
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13 | |
Signatures
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14 |
Chatsworth Acquisition I, Inc.
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(A Development Stage Company)
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Balance Sheets
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December 31,
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March 31,
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2011
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2011
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|||||||
(Unaudited)
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||||||||
ASSETS
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||||||||
CURRENT ASSETS
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||||||||
Cash and cash equivalents
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$ | 0 | $ | 1,382 | ||||
Prepaid expenses
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12,653 | 0 | ||||||
Total current assets
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12,653 | 1,382 | ||||||
TOTAL ASSETS
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$ | 12,653 | $ | 1,382 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
CURRENT LIABILITIES
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||||||||
Accounts Payable
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$ | 629 | $ | 801 | ||||
Accounts payable, shareholder
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- | 1,200 | ||||||
Total current liabilities
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629 | 2,001 | ||||||
STOCKHOLDERS' EQUITY
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||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding
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- | - | ||||||
Common stock, $0.001 par value; 75,000,000 shares authorized; 20,000,000 shares issued and outstanding
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20,000 | 4,000 | ||||||
Additional paid-in capital
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65,500 | 65,500 | ||||||
Deficit accumulated during the development stage
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(73,476 | ) | (70,119 | ) | ||||
Total stockholders' equity
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12,024 | (619 | ) | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 12,653 | $ | 1,382 |
For the three
months ended
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For the three
months ended
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For the nine
months ended
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For the nine
months ended
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For the period
from inception
(July 22, 2005)
to
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||||||||||||||||
December 31,
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December 31,
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December 31,
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December 31,
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December 31,
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||||||||||||||||
2011
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2010
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2011
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2010
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2011
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||||||||||||||||
REVENUES
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$ | - | $ | - | $ | - | $ | - | $ | 82 | ||||||||||
EXPENSES
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Selling, general and administrative
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950 | - | 3,357 | 406 | 73,558 | |||||||||||||||
NET LOSS
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$ | (950 | ) | $ | 0 | $ | (3,357 | ) | $ | (406 | ) | $ | (73,476 | ) | ||||||
NET LOSS PER SHARE
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$ | - | $ | - | $ | - | $ | - | $ | (0.02 | ) | |||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
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20,000,000 | 4,000,000 | 11,214,545 | 4,000,000 | 4,028,899 |
For the nine
months ended December 31,
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For the nine
months ended |
For the period
from inception |
||||||||||
2011
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2010
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2011
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CASH FLOWS FROM OPERATING ACTIVITIES
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Net loss
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$ | (3,357 | ) | $ | (406 | ) | $ | (73,476 | ) | |||
Adjustments to reconcile net loss to net cash flows from operating activities:
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(Increase) decrease in prepaid expenses
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(12,653 | ) | 0 | (12,653 | ) | |||||||
Increase (decrease) in accounts payable
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(172 | ) | 406 | 629 | ||||||||
Increase (decrease) in accounts payable, shareholder
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(1,200 | ) | - | - | ||||||||
Net cash flows from operating activities
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(17,382 | ) | - | (85,500 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES
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||||||||||||
- | - | - | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
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Shareholder contributions
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||||||||||||
Due to shareholder
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- | - | 2,000 | |||||||||
Issuance of common stock
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16,000 | - | 83,500 | |||||||||
Net cash flows from financing activities
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16,000 | - | 85,500 | |||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
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(1,382 | ) | - | - | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
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1,382 | 1,382 | - | |||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
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$ | -- | $ | 1,382 | $ | -- | ||||||
(i)
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filing Exchange Act reports, and
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(ii)
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Investigating, analyzing and consummating an acquisition.
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Nine Months Ended December 31, 2011
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Nine Months Ended December 31, 2010
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For the Cumulative
Period from
July 22, 2005
(Inception) to
December 31, 2011
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Net Cash (Used in) Operating Activities
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$
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(17,382
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) |
$
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--
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$
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(85,500
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)
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Net Cash (Used in) Investing Activities
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-
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-
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-
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|||||||||
Net Cash Provided by Financing Activities
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16,000
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-
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(85,500
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) |
Exhibit
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Description
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* 3.1
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Certificate of Incorporation, as filed with the Delaware Secretary of State on July 22, 2005.
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* 3.2
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By-laws.
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31.1
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Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2011.
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31.2
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Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2011.
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32.1
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Certification of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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32.2
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Certification of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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101 | Interactive Data Files |
*
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Filed as an exhibit to the Company’s Registration Statement on Form 10-SB, as filed with the Securities and Exchange Commission on August 14, 2006, and incorporated herein by this reference.
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Dated: June 14, 2012
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Chatsworth Acquisitions I, Inc.
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By:
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/s/ Henry F. Schlueter
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Henry F. Schlueter
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CEO, President, Secretary and Director
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Dated: June 14, 2012
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By:
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/s/ Les Bates
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Les Bates
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CFO
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Date: June 14, 2012
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/s/ Henry F. Schlueter
Henry F. Schlueter Principal Executive Officer
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Date: June 14, 2012
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/s/ Les Bates
Les Bates
Principal Financial Officer
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Date: June 14, 2012
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/s/ Henry F. Schlueter
Henry F. Schlueter Principal Executive Officer
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Date: June 14, 2012
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/s/ Les Bates
Les Bates
Principal Financial Officer
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Summary of Significant Accounting Policies
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9 Months Ended |
---|---|
Dec. 31, 2011
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|
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies |
Note 3 - Summary of Significant Accounting Policies Accounting Method Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to valuation allowances for deferred tax assets .We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Financial Instruments Unless otherwise indicated, the fair value of all reported assets and liabilities that represent financial instruments (none of which are held for trading purposes) approximate the carrying values of such amount. Statements of Cash Flows For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Consideration of Other Comprehensive Income Items ASC 220 - Reporting Comprehensive Income, requires companies to present comprehensive income (consisting primarily of net income plus other direct equity changes and credits) and its components as part of the basic financial statements. For the quarters ended December 31, 2011 and 2010, the Company's financial statements do not contain any changes in equity that are required to be reported separately in comprehensive income. Stock Basis Shares of common stock issued for other than cash have been assigned amounts equivalent to the fair value of the service or assets received in exchange. Income Taxes Deferred income taxes are recognized using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. We have not fully evaluated the existence of uncertain tax positions relating to unfiled federal income tax returns. Net Loss per Common Share Basic loss per share is computed by dividing by the weighted-average number of shares outstanding during the period. New Accounting Standards With the exception of those listed below, there have been no recent accounting pronouncements or changes in accounting pronouncements, since the date of these financial statements, that are of material significance or have potential material significance, to the Company. In May 2011, ASU 2011-04 was issued which amends U.S. GAAP to confirm with measurement and disclosure requirements in International Financial Reporting Standards. The amendments in this Update change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments include the following: 1. Those that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements. 2. Those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for example, using the word shall rather than should to describe the requirements in U.S. GAAP). The amendments in this Update are to be applied prospectively and are effective during interim and annual period beginning after December 15, 2011. In June 2011, ASU 2011-05, Comprehensive Income (Topic 220) was issued to provide guidance on the presentation of total comprehensive income, the components of net income, and the components of other comprehensive income. The amendments in this update are to be applied retrospectively and are effective for financial statements issued for fiscal years, and interim periods within those years, beginning after December 15, 2011. The provisions of ASU 2011-05 are not expected to have a material impact on our financial statements. There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Liquidity
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9 Months Ended |
---|---|
Dec. 31, 2011
|
|
Liquidity [Abstract] | |
Liquidity |
Note 2 - Liquidity These financial statements have been prepared on a going concern basis. To date, we have not generated any revenues from operations and have incurred losses since inception, resulting in a deficit accumulated during the development stage of $73,476, as of December 31, 2011 and have a shareholder's equity of $12,024 Further losses are anticipated as we continue to be in the exploration stage. Our ability to continue operations depends upon our ability to generate profitable operations in the future and/or to raise additional funds through equity or debt financing. Since inception, we have raised $ 85,500 through the sale of equity securities which has been used primarily to provide operating funds. |
Balance Sheets (USD $)
|
Dec. 31, 2011
|
Mar. 31, 2011
|
---|---|---|
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,382 | |
Prepaid expenses | 12,653 | |
Total current assets | 12,653 | 1,382 |
TOTAL ASSETS | 12,653 | 1,382 |
CURRENT LIABILITIES | ||
Accounts Payable | 629 | 801 |
Accounts payable, shareholder | 1,200 | |
Total current liabilities | 629 | 2,001 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.001 par value; 75,000,000 shares authorized; 20,000,000 shares issued and outstanding | 20,000 | 4,000 |
Additional paid-in capital | 65,500 | 65,500 |
Deficit accumulated during the development stage | (73,476) | (70,119) |
Total stockholders' equity | 12,024 | (619) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 12,653 | $ 1,382 |
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Management's Representation of Interim Financial Information
|
9 Months Ended |
---|---|
Dec. 31, 2011
|
|
Management's Representation of Interim Financial Information [Abstract] | |
Management's Representation of Interim Financial Information |
1. Management's Representation of Interim Financial Information The accompanying financial statements have been prepared by Chatsworth Acquisitions I, Inc. without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements include all of the adjustments which, in the opinion of management, are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. These financial statements should be read in conjunction with the audited financial statements at March 31, 2011. Forward Looking Statement Notice Certain statements made in this Quarterly Report on Form 10-Q are "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) in regard to the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Chatsworth Acquisitions I, Inc. ("we", "us", "our" or the "Company") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. |
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Organization and Basis of Presentation
|
9 Months Ended |
---|---|
Dec. 31, 2011
|
|
Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation |
Note 1- Organization and Basis of Presentation Development Stage Company Chatsworth Acquisitions I, Inc. (a development stage company) (the "Company") was incorporated under the laws of the State of Delaware on July 22, 2005. The principal office of the corporation is 1050 17th Street, Suite 1750, Denver Colorado, 80265. The Company is a new enterprise in the development stage as defined by ASC 915 of the Financial Accounting Standards Board and has not engaged in any business other than organizational efforts. It has no full-time employees and owns no real property. The Company intends to operate as a capital market access corporation by registering with the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934. After this, the Company intends to seek to acquire one or more existing businesses that have existing management, through merger or acquisition. Management of the Company will have virtually unlimited discretion in determining the business activities in which the Company might engage. The company has not filed financial statements with the Securities and Exchange Commission ("SEC") since our Form 10-Q for the six months ended September 30, 2011. Subsequent to filing the financial statements contained herein we intend to complete and file with the SEC our financial statements for all periods through the current date. Since its inception, the Company has incurred a net loss of $73,476. Since inception the Company has been dependent upon receipt of capital investment or other financing to fund its continuing activities. The Company has not identified any business combination and therefore, ascertains with any degree of certainty the capital requirements for any particular transaction. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. These factors indicate substantial doubt that the Company will be able to continue as a going concern. The accompanying financial statements have been presented on the basis of the continuation of the Company as a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Balance Sheets (Parenthetical) (USD $)
|
Dec. 31, 2011
|
Mar. 31, 2011
|
---|---|---|
Balance Sheets [Abstract] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 20,000,000 | 20,000,000 |
Document and Entity Information
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9 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Jun. 07, 2012
|
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2011 | |
Entity Registrant Name | CHATSWORTH ACQUISITIONS I INC | |
Entity Central Index Key | 0001372605 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2012 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 20,000,000 |
Statement of Operations (USD $)
|
3 Months Ended | 9 Months Ended | 77 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
|
|
Statement of Operations [Abstract] | |||||
REVENUES | $ 82 | ||||
EXPENSES | |||||
Selling, general and administrative | 950 | 3,357 | 406 | 73,558 | |
NET LOSS | $ (950) | $ (3,357) | $ (406) | $ (73,476) | |
NET LOSS PER SHARE | $ (0.02) | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 20,000,000 | 4,000,000 | 11,214,545 | 4,000,000 | 4,028,899 |
Related Party Transactions
|
9 Months Ended |
---|---|
Dec. 31, 2011
|
|
Related Party Transactions [Abstract] | |
Related Party Transactions |
Note 5 - Related Party Transactions As of the date hereof, two shareholders are acting as officers and directors of the Company, and are the owners of 16,000,000 shares of its issued and outstanding common stock, constituting 80.0% of the Company's issued and outstanding common stock. During the year ended March 31, 2008, the Company reimbursed advances from a previous director and shareholder in the amount of $1,665. Advances from this shareholder were previously used to assist in cash flow to fund operating expenses. During the year ended March 31, 2009, the Company advanced $1,000 to an affiliated party which was controlled by the former majority shareholder. The advance was deemed uncollectable and accordingly, charged to operations. During the six months ended June 30, 2009, the Company received advances from a previous director and shareholder in the amount of $1,200 to fund operating expenses; and such amount has been shown as an accounts payable shareholder. During the six months ended September 30, 2011, the Company repaid the advance to the shareholder in the amount of $1,200. |
Statement of Cash Flows (USD $)
|
9 Months Ended | 77 Months Ended | |
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
|
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (3,357) | $ (406) | $ (73,476) |
Adjustments to reconcile net loss to net cash flows from operating activities: | |||
(Increase) decrease in prepaid expenses | (12,653) | (12,653) | |
Increase (decrease) in accounts payable | (172) | 406 | 629 |
Increase (decrease) in accounts payable, shareholder | (1,200) | ||
Net cash flows from operating activities | (17,382) | (85,500) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Shareholder contributions | |||
Due to shareholder | 2,000 | ||
Issuance of common stock | 16,000 | 83,500 | |
Net cash flows from financing activities | 16,000 | 85,500 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,382) | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,382 | 1,382 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 1,382 |
Stockholders' Equity
|
9 Months Ended |
---|---|
Dec. 31, 2011
|
|
Stockholders' Equity [Abstract] | |
Stockholders' Equity |
Note 4 - Stockholders' Equity As of December 31, 2011, 75,000,000 shares of the Company's $0.001 par value common stock had been authorized. Of the total shares authorized for issuance 3,000,000 were issued for cash of $0.0125 per share for a total of $37,500 and 1,000,000 shares were issued for cash of $0.03 per share for a total of $30,000. Effective August 29, 2011, CH China, LLC, a Colorado limited liability company controlled by Henry F. Schlueter and Les Bates, both directors of the Company, purchased 16,000,000 shares of the Company's $0.001 par value common stock for an aggregate purchase price of $16,000, of which $1,700 was paid in the form of cash and $16,000 shall be paid in the form of costs, expenses and services previously provided to and to be provided in the future to the Company during the fiscal year ending March 31, 2012 (the "Stock Purchase"). In connection with the Stock Purchase, Henry F. Schlueter and Les Bates were appointed officers and directors of the Company and Deborah Salerno resigned as an officer and director of the Company, effective as of August 29, 2011. As a result of the Stock Purchase, the appointment of Messrs. Schlueter and Bates as officers and directors of the Company, a change of control in the Company has occurred. There has been no change in the business of the Company as a result of the change of control and the Stock Purchase. |