10-Q
2011-10-31
false
ERE MANAGEMENT INC
0001415751
--07-31
2440000
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<!--egx--><pre>NOTE 1 - NATURE OF ORGANIZATIONS</pre><pre> </pre><pre>ERE Management, Inc. (a development stage company) ("ERE" or the "Company") was</pre><pre>incorporated under the laws of the State of Nevada on May 29, 2007. Initial</pre><pre>operations have included organization and incorporation, target market</pre><pre>identification, marketing plans, and capital formation. A substantial portion of</pre><pre>the Company's activities has involved developing a business plan and</pre><pre>establishing contacts and visibility in the marketplace. The Company has</pre><pre>generated no revenues since inception. The business plan of ERE is to develop</pre><pre>software, specializing in providing sales tool solutions for the real estate</pre><pre>industry. More specifically, ERE has developed an online Content Management</pre><pre>System ("CMS") that enables real estate agents to build a website to showcase</pre><pre>their listings.</pre>
<!--egx--><pre>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</pre><pre> </pre><pre>BASIS OF PRESENTATION - UNAUDITED INTERIM FINANCIAL INFORMATION</pre><pre> </pre><pre>The accompanying unaudited interim financial statements and related notes have</pre><pre>been prepared in accordance with accounting principles generally accepted in the</pre><pre>United States of America ("U.S. GAAP") for the interim financial information,</pre><pre>and with the rules and regulations of the United States Securities and Exchange</pre><pre>Commission ("SEC") to Form 10-Q and Article 8 of Regulation S-X. Accordingly,</pre><pre>they do not include all of the information and footnotes required by U.S. GAAP</pre><pre>for complete financial statements. The unaudited interim financial statements</pre><pre>furnished reflect all adjustments (consisting of normal recurring accruals)</pre><pre>which are, in the opinion of management, necessary to a fair statement of the</pre><pre>results for the interim period presented. Unaudited interim results are not</pre><pre>necessarily indicative of the results for the full year. These financial</pre><pre>statements should be read in conjunction with the financial statements of the</pre><pre>Company for the year ended July 31, 2011 and notes thereto contained in the</pre><pre>information filed as part of the Company's Annual Report on Form 10-K, filed</pre><pre>with the SEC on November 15, 2011.</pre><pre> </pre><pre>DEVELOPMENT STAGE COMPANY</pre><pre> </pre><pre>The Company is a development stage company as defined by section 915-10-20 of</pre><pre>the FASB Accounting Standards Codification. The Company is still devoting</pre><pre>substantially all of its efforts on establishing the business and its planned</pre><pre>principal operations have not commenced. All losses accumulated since inception</pre><pre>have been considered as part of the Company's exploration stage activities.</pre><pre> </pre><pre>USE OF ESTIMATES AND ASSUMPTIONS</pre><pre> </pre><pre>The preparation of financial statements in conformity with generally accepted</pre><pre>accounting principles of the United States requires management to make estimates</pre><pre>and assumptions that affect the reported amounts of assets and liabilities and</pre><pre>disclosure of contingent assets and liabilities at the date of the financial</pre><pre>statements and the reported amounts of revenues and expenses during the year.</pre><pre> </pre><pre>The Company's significant estimates and assumptions include the fair value of</pre><pre>financial instruments; the carrying value, recoverability and impairment, if</pre><pre>any, of long-lived assets, including the values assigned to and the estimated</pre><pre>useful lives of website development costs; income tax rate, income tax</pre><pre>provision, deferred tax assets and valuation allowance of deferred tax assets,</pre><pre>and the assumption that the Company will continue as a going concern. Those</pre><pre>significant accounting estimates or assumptions bear the risk of change due to</pre><pre>the fact that there are uncertainties attached to those estimates or</pre><pre>assumptions, and certain estimates or assumptions are difficult to measure or</pre><pre>value.</pre><pre> </pre><pre>Management bases its estimates on historical experience and on various</pre><pre>assumptions that are believed to be reasonable under the circumstances, the</pre><pre>results of which form the basis for making judgments about the carrying values</pre><pre>of assets and liabilities that are not readily apparent from other sources.</pre><pre> </pre><pre>Management regularly reviews its estimates utilizing currently available</pre><pre>information, changes in facts and circumstances, historical experience and</pre><pre>reasonable assumptions. After such reviews, and if deemed appropriate, those</pre><pre>estimates are adjusted accordingly. Actual results could differ from those</pre><pre>estimates. Actual results could differ from those estimates.</pre><pre> </pre><pre>FAIR VALUE OF FINANCIAL INSTRUMENTS</pre><pre> </pre><pre>The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards</pre><pre>Codification for disclosures about fair value of its financial instruments and</pre><pre>paragraph 820-10-35-37 of the FASB Accounting Standards Codification ("Paragraph</pre><pre>820-10-35-37") to measure the fair value of its financial instruments. Paragraph</pre><pre>820-10-35-37 establishes a framework for measuring fair value in generally</pre><pre>accepted accounting principles (U.S. GAAP), and expands disclosures about fair</pre><pre>value measurements. To increase consistency and comparability in fair value</pre><pre>measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair</pre><pre>value hierarchy which prioritizes the inputs to valuation techniques used to</pre><pre>measure fair value into three (3) broad levels. The fair value hierarchy gives</pre><pre>the highest priority to quoted prices (unadjusted) in active markets for</pre><pre>identical assets or liabilities and the lowest priority to unobservable inputs.</pre><pre>The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37</pre><pre>are described below:</pre><pre> </pre><pre>Level 1 Quoted market prices available in active markets for identical assets or</pre><pre> liabilities as of the reporting date.</pre><pre> </pre><pre>Level 2 Pricing inputs other than quoted prices in active markets included in</pre><pre> Level 1, which are either directly or indirectly observable as of</pre><pre> the reporting date.</pre><pre> </pre><pre>Level 3 Pricing inputs that are generally observable inputs and not corroborated</pre><pre> by market data.</pre><pre> </pre><pre>Financial assets are considered Level 3 when their fair values are determined</pre><pre>using pricing models, discounted cash flow methodologies or similar techniques</pre><pre>and at least one significant model assumption or input is unobservable.</pre><pre> </pre><pre>The fair value hierarchy gives the highest priority to quoted prices</pre><pre>(unadjusted) in active markets for identical assets or liabilities and the</pre><pre>lowest priority to unobservable inputs. If the inputs used to measure the</pre><pre>financial assets and liabilities fall within more than one level described</pre><pre>above, the categorization is based on the lowest level input that is significant</pre><pre>to the fair value measurement of the instrument.</pre><pre> </pre><pre>The carrying amounts of the Company's financial assets and liabilities, such as</pre><pre>cash, accounts payable and accrued expenses, approximate their fair values</pre><pre>because of the short maturity of these instruments.</pre><pre> </pre><pre>Transactions involving related parties cannot be presumed to be carried out on</pre><pre>an arm's-length basis, as the requisite conditions of competitive, free-market</pre><pre>dealings may not exist. Representations about transactions with related parties,</pre><pre>if made, shall not imply that the related party transactions were consummated on</pre><pre>terms equivalent to those that prevail in arm's-length transactions unless such</pre><pre>representations can be substantiated.</pre><pre> </pre><pre>It is not, however, practical to determine the fair value of advances from</pre><pre>stockholders due to their related party nature.</pre><pre> </pre><pre>FISCAL YEAR END</pre><pre> </pre><pre>The Company elected July 31 as its fiscal year ending date.</pre><pre> </pre><pre>CASH EQUIVALENTS</pre><pre> </pre><pre>The Company considers all highly liquid investments with maturities of three</pre><pre>months or less at the time of purchase to be cash equivalents.</pre><pre> </pre><pre>RELATED PARTIES</pre><pre> </pre><pre>The Company follows subtopic 850-10 of the FASB Accounting Standards</pre><pre>Codification for the identification of related parties and disclosure of related</pre><pre>party transactions.</pre><pre> </pre><pre>Pursuant to Section 850-10-20 the related parties include a. affiliates of the</pre><pre>Company; b. entities for which investments in their equity securities would be</pre><pre>required, absent the election of the fair value option under the Fair Value</pre><pre>Option Subsection of Section 825-10-15, to be accounted for by the equity method</pre><pre>by the investing entity; c. trusts for the benefit of employees, such as pension</pre><pre>and profit-sharing trusts that are managed by or under the trusteeship of</pre><pre>management; d.principal owners of the Company; e. management of the Company; f.</pre><pre>other parties with which the Company may deal if one party controls or can</pre><pre>significantly influence the management or operating policies of the other to an</pre><pre>extent that one of the transacting parties might be prevented from fully</pre><pre>pursuing its own separate interests; and g. other parties that can significantly</pre><pre>influence the management or operating policies of the transacting parties or</pre><pre>that have an ownership interest in one of the transacting parties and can</pre><pre>significantly influence the other to an extent that one or more of the</pre><pre>transacting parties might be prevented from fully pursuing its own separate</pre><pre>interests.</pre><pre> </pre><pre>The financial statements shall include disclosures of material related party</pre><pre>transactions, other than compensation arrangements, expense allowances, and</pre><pre>other similar items in the ordinary course of business. However, disclosure of</pre><pre>transactions that are eliminated in the preparation of consolidated or combined</pre><pre>financial statements is not required in those statements. The disclosures shall</pre><pre>include: a. the nature of the relationship(s) involvedb. description of the</pre><pre>transactions, including transactions to which no amounts or nominal amounts were</pre><pre>ascribed, for each of the periods for which income statements are presented, and</pre><pre>such other information deemed necessary to an understanding of the effects of</pre><pre>the transactions on the financial statements; c. the dollar amounts of</pre><pre>transactions for each of the periods for which income statements are presented</pre><pre>and the effects of any change in the method of establishing the terms from that</pre><pre>used in the preceding period; and d. mounts due from or to related parties as of</pre><pre>the date of each balance sheet presented and, if not otherwise apparent, the</pre><pre>terms and manner of settlement.</pre><pre> </pre><pre>COMMITMENT AND CONTINGENCIES</pre><pre> </pre><pre>The Company follows subtopic 450-20 of the FASB Accounting Standards</pre><pre>Codification to report accounting for contingencies. Certain conditions may</pre><pre>exist as of the date the consolidated financial statements are issued, which may</pre><pre>result in a loss to the Company but which will only be resolved when one or more</pre><pre>future events occur or fail to occur. The Company assesses such contingent</pre><pre>liabilities, and such assessment inherently involves an exercise of judgment. In</pre><pre>assessing loss contingencies related to legal proceedings that are pending</pre><pre>against the Company or unasserted claims that may result in such proceedings,</pre><pre>the Company evaluates the perceived merits of any legal proceedings or</pre><pre>unasserted claims as well as the perceived merits of the amount of relief sought</pre><pre>or expected to be sought therein.</pre><pre> </pre><pre>If the assessment of a contingency indicates that it is probable that a material</pre><pre>loss has been incurred and the amount of the liability can be estimated, then</pre><pre>the estimated liability would be accrued in the Company's consolidated financial</pre><pre>statements. If the assessment indicates that a potential material loss</pre><pre>contingency is not probable but is reasonably possible, or is probable but</pre><pre>cannot be estimated, then the nature of the contingent liability, and an</pre><pre>estimate of the range of possible losses, if determinable and material, would be</pre><pre>disclosed.</pre><pre> </pre><pre>Loss contingencies considered remote are generally not disclosed unless they</pre><pre>involve guarantees, in which case the guarantees would be disclosed. Management</pre><pre>does not believe, based upon information available at this time, that these</pre><pre>matters will have a material adverse effect on the Company's consolidated</pre><pre>financial position, results of operations or cash flows. However, there is no</pre><pre>assurance that such matters will not materially and adversely affect the</pre><pre>Company's business, financial position, and results of operations or cash flows.</pre><pre> </pre><pre>REVENUE RECOGNITION</pre><pre> </pre><pre>The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards</pre><pre>Codification for revenue recognition. The Company will recognize revenue when it</pre><pre>is realized or realizable and earned. The Company considers revenue realized or</pre><pre>realizable and earned when it has persuasive evidence of an arrangement that the</pre><pre>services have been rendered to the customer, the sales price is fixed or</pre><pre>determinable, and collectability is reasonably assured.</pre><pre> </pre><pre>INCOME TAXES</pre><pre> </pre><pre>The Company accounts for income taxes under Section 740-10-30 of the FASB</pre><pre>Accounting Standards Codification. Deferred income tax assets and liabilities</pre><pre>are determined based upon differences between the financial reporting and tax</pre><pre>bases of assets and liabilities and are measured using the enacted tax rates and</pre><pre>laws that will be in effect when the differences are expected to reverse.</pre><pre>Deferred tax assets are reduced by a valuation allowance to the extent</pre><pre>management concludes it is more likely than not that the assets will not be</pre><pre>realized. Deferred tax assets and liabilities are measured using enacted tax</pre><pre>rates expected to apply to taxable income in the years in which those temporary</pre><pre>differences are expected to be recovered or settled. The effect on deferred tax</pre><pre>assets and liabilities of a change in tax rates is recognized in the statements</pre><pre>of operations in the period that includes the enactment date.</pre><pre> </pre><pre>The Company adopted section 740-10-25 of the FASB Accounting Standards</pre><pre>Codification ("Section 740-10-25"). Section 740-10-25 addresses the</pre><pre>determination of whether tax benefits claimed or expected to be claimed on a tax</pre><pre>return should be recorded in the financial statements. Under Section 740-10-25,</pre><pre>the Company may recognize the tax benefit from an uncertain tax position only if</pre><pre>it is more likely than not that the tax position will be sustained on</pre><pre>examination by the taxing authorities, based on the technical merits of the</pre><pre>position. The tax benefits recognized in the financial statements from such a</pre><pre>position should be measured based on the largest benefit that has a greater than</pre><pre>fifty percent (50%) likelihood of being realized upon ultimate settlement.</pre><pre>Section 740-10-25 also provides guidance on de-recognition, classification,</pre><pre>interest and penalties on income taxes, accounting in interim periods and</pre><pre>requires increased disclosures. The Company had no material adjustments to its</pre><pre>liabilities for unrecognized income tax benefits according to the provisions of</pre><pre>Section 740-10-25.</pre><pre> </pre><pre>The estimated future tax effects of temporary differences between the tax basis</pre><pre>of assets and liabilities are reported in the accompanying consolidated balance</pre><pre>sheets, as well as tax credit carry-backs and carry-forwards. The Company</pre><pre>periodically reviews the recoverability of deferred tax assets recorded on its</pre><pre>consolidated balance sheets and provides valuation allowances as management</pre><pre>deems necessary.</pre><pre> </pre><pre>Management makes judgments as to the interpretation of the tax laws that might</pre><pre>be challenged upon an audit and cause changes to previous estimates of tax</pre><pre>liability. In addition, the Company operates within multiple taxing</pre><pre>jurisdictions and is subject to audit in these jurisdictions. In management's</pre><pre>opinion, adequate provisions for income taxes have been made for all years. If</pre><pre>actual taxable income by tax jurisdiction varies from estimates, additional</pre><pre>allowances or reversals of reserves may be necessary.</pre><pre> </pre><pre>UNCERTAIN TAX POSITIONS</pre><pre> </pre><pre>The Company did not take any uncertain tax positions and had no adjustments to</pre><pre>its income tax liabilities or benefits pursuant to the provisions of Section</pre><pre>740-10-25 for the interim period ending October 31, 2011 or 2010.</pre><pre> </pre><pre>NET LOSS PER COMMON SHARE</pre><pre> </pre><pre>Net loss per common share is computed pursuant to section 260-10-45 of the FASB</pre><pre>Accounting Standards Codification. Basic net loss per common share is computed</pre><pre>by dividing net loss by the weighted average number of shares of common stock</pre><pre>outstanding during the period. Diluted net loss per common share is computed by</pre><pre>dividing net loss by the weighted average number of shares of common stock and</pre><pre>potentially outstanding shares of common stock during the period to reflect the</pre><pre>potential dilution that could occur from common shares issuable through stock</pre><pre>options and warrants.</pre><pre> </pre><pre>There were no potentially dilutive shares outstanding for the interim perioed</pre><pre>ended October 31, 2011 or 2010.</pre><pre> </pre><pre>CASH FLOWS REPORTING</pre><pre> </pre><pre>The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards</pre><pre>Codification for cash flows reporting, classifies cash receipts and payments</pre><pre>according to whether they stem from operating, investing, or financing</pre><pre>activities and provides definitions of each category, and uses the indirect or</pre><pre>reconciliation method ("Indirect method") as defined by paragraph 230-10-45-25</pre><pre>of the FASB Accounting Standards Codification to report net cash flow from</pre><pre>operating activities by adjusting net income to reconcile it to net cash flow</pre><pre>from operating activities by removing the effects of (a) all deferrals of past</pre><pre>operating cash receipts and payments and all accruals of expected future</pre><pre>operating cash receipts and payments and (b) all items that are included in net</pre><pre>income that do not affect operating cash receipts and payments.</pre><pre> </pre><pre>SUBSEQUENT EVENTS</pre><pre> </pre><pre>The Company follows the guidance in Section 855-10-50 of the FASB Accounting</pre><pre>Standards Codification for the disclosure of subsequent events. The Company will</pre><pre>disclose the date through which subsequent events have been evaluated and that</pre><pre>date is the date when the financial statements were issued.</pre><pre> </pre><pre>RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</pre><pre> </pre><pre>In May 2011, the FASB issued the FASB Accounting Standards Update No. 2011-04</pre><pre>"Fair Value Measurement" ("ASU 2011-04"). This amendment and guidance are the</pre><pre>result of the work by the FASB and the IASB to develop common requirements for</pre><pre>measuring fair value and for disclosing information about fair value</pre><pre>measurements in accordance with U.S. GAAP and International Financial Reporting</pre><pre>Standards (IFRSs).</pre><pre> </pre><pre>This update does not modify the requirements for when fair value measurements</pre><pre>apply; rather, they generally represent clarifications on how to measure and</pre><pre>disclose fair value under ASC 820, Fair Value Measurement, including the</pre><pre>following revisions:</pre><pre> </pre><pre> * An entity that holds a group of financial assets and financial</pre><pre> liabilities whose market risk (that is, interest rate risk, currency</pre><pre> risk, or other price risk) and credit risk are managed on the basis of</pre><pre> the entity's net risk exposure may apply an exception to the fair</pre><pre> value requirements in ASC 820 if certain criteria are met. The</pre><pre> exception allows such financial instruments to be measured on the</pre><pre> basis of the reporting entity's net, rather than gross, exposure to</pre><pre> those risks.</pre><pre> </pre><pre> * In the absence of a Level 1 input, a reporting entity should apply</pre><pre> premiums or discounts when market participants would do so when</pre><pre> pricing the asset or liability consistent with the unit of account.</pre><pre> </pre><pre> * Additional disclosures about fair value measurements.</pre><pre> </pre><pre>The amendments in this Update are to be applied prospectively and are effective</pre><pre>for public entity during interim and annual periods beginning after December 15,</pre><pre>2011.</pre><pre> </pre><pre>In June 2011, the FASB issued the FASB Accounting Standards Update No. 2011-05</pre><pre>"Comprehensive Income" ("ASU 2011-05"), which was the result of a joint project</pre><pre>with the IASB and amends the guidance in ASC 220, Comprehensive Income, by</pre><pre>eliminating the option to present components of other comprehensive income (OCI)</pre><pre>in the statement of stockholders' equity. Instead, the new guidance now gives</pre><pre>entities the option to present all non-owner changes in stockholders' equity</pre><pre>either as a single continuous statement of comprehensive income or as two</pre><pre>separate but consecutive statements. Regardless of whether an entity chooses to</pre><pre>present comprehensive income in a single continuous statement or in two separate</pre><pre>but consecutive statements, the amendments require entities to present all</pre><pre>reclassification adjustments from OCI to net income on the face of the statement</pre><pre>of comprehensive income.</pre><pre> </pre><pre>The amendments in this Update should be applied retrospectively and are</pre><pre>effective for public entity for fiscal years, and interim periods within those</pre><pre>years, beginning after December 15, 2011.</pre><pre> </pre><pre>Management does not believe that any other recently issued, but not yet</pre><pre>effective accounting pronouncements, if adopted, would have a material effect on</pre><pre>the accompanying consolidated financial statements.</pre>
<!--egx--><pre>NOTE 3 - GOING CONCERN</pre><pre> </pre><pre>The accompanying financial statements have been prepared assuming that the</pre><pre>Company will continue as a going concern, which contemplates continuity of</pre><pre>operations, realization of assets, and liquidation of liabilities in the normal</pre><pre>course of business.</pre><pre> </pre><pre>As reflected in the accompanying financial statements, the Company had a deficit</pre><pre>accumulated during the development stage at October 31, 2011, a net loss and net</pre><pre>cash used in operating activities for the interim period then ended with no</pre><pre>revenues earned since inception.</pre><pre> </pre><pre>While the Company is attempting to generate sufficient revenues, the Company's</pre><pre>cash position may not be enough to support the Company's daily operations.</pre><pre>Management intends to raise additional funds by way of a public or private</pre><pre>offering. Management believes that the actions presently being taken to further</pre><pre>implement its business plan and generate sufficient revenues provide the</pre><pre>opportunity for the Company to continue as a going concern. While the Company</pre><pre>believes in the viability of its strategy to generate sufficient revenues and in</pre><pre>its ability to raise additional funds, there can be no assurances to that</pre><pre>effect. The ability of the Company to continue as a going concern is dependent</pre><pre>upon the Company's ability to further implement its business plan and generate</pre><pre>sufficient revenues.</pre><pre> </pre><pre>The financial statements do not include any adjustments related to the</pre><pre>recoverability and classification of recorded asset amounts or the amounts and</pre><pre>classification of liabilities that might be necessary should the Company be</pre><pre>unable to continue as a going concern.</pre>
<!--egx--><pre>NOTE 4 - RELATED PARTY TRANSACTIONS</pre><pre> </pre><pre>FREE OFFICE SPACE</pre><pre> </pre><pre>The Company has been provided office space by its Chief Executive Officer at no</pre><pre>cost. The management determined that such cost is nominal and did not recognize</pre><pre>the rent expense in its financial statements.</pre><pre> </pre><pre>ADVANCES FROM STOCKHOLDER</pre><pre> </pre><pre>The amount owing to a stockholder is unsecured, non-interest bearing and is due</pre><pre>on demand.</pre>
<!--egx--><pre>NOTE 5 - STOCKHOLDERS' DEFICIT</pre><pre> </pre><pre>SHARES AUTHORIZED</pre><pre> </pre><pre>The Company is authorized to issue 20,000,000 shares of $0.001 par value common</pre><pre>stock.</pre><pre> </pre><pre>COMMON STOCK</pre><pre> </pre><pre>On July 16, 2007, the Company issued 1,600,000 shares of its common stock to Mr.</pre><pre>Imperial for cash proceeds of $20,000. On July 17, 2007, Mr. Imperial was</pre><pre>elected to the Board of Directors, and became the President, Secretary, and</pre><pre>Treasurer of the Company.</pre><pre> </pre><pre>On January 24, 2008, the Company completed and closed an offering by selling</pre><pre>840,000 shares, of the 1,200,000 registered shares, of its common stock, par</pre><pre>value of $0.001 per share, at an offering price of $0.05 per share for gross</pre><pre>proceeds of $42,000. Costs associated with this offering were $13,500.</pre>
<!--egx--><pre>NOTE 6 - SUBSEQUENT EVENTS</pre><pre> </pre><pre>The Company has evaluated all events that occurred after the balance sheet</pre><pre>through the date when the financial statements were issued to determine if they</pre><pre>must be reported. The Management of the Company determined that there were no</pre><pre>reportable subsequent events to be disclosed.</pre>
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