0001165527-12-000511.txt : 20120521 0001165527-12-000511.hdr.sgml : 20120521 20120521081049 ACCESSION NUMBER: 0001165527-12-000511 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120521 DATE AS OF CHANGE: 20120521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXPLORE ANYWHERE HOLDING CORP CENTRAL INDEX KEY: 0001424328 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700] IRS NUMBER: 880319470 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-33933 FILM NUMBER: 12857078 BUSINESS ADDRESS: STREET 1: 6150 WEST 200 SOUTH #3 CITY: WABASH STATE: IN ZIP: 46992 BUSINESS PHONE: 818-497-7916 MAIL ADDRESS: STREET 1: 6150 WEST 200 SOUTH #3 CITY: WABASH STATE: IN ZIP: 46992 FORMER COMPANY: FORMER CONFORMED NAME: PORFAVOR CORP DATE OF NAME CHANGE: 20080117 10-K/A 1 g6008.htm g6008.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K/A
 
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2011
 
OR
 
[  ] 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 333-119566
 
 
EXPLORE ANYWHERE HOLDING CORP.
(Exact name of registrant as specified in its charter)
 
Nevada
  
88-0319470
State or other jurisdiction of
  
(I.R.S. Employer
incorporation or organization
  
Identification No.)
     
6150 WEST 200 SO., #3, Wabash, Indiana
  
46992
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code 877.539.5644
 
Securities registered under Section 12(b) of the Exchange Act:
 
Title of each class
  
Name of each exchange on which registered
None
  
None
 
Securities registered under Section 12(g) of the Exchange Act:
 
Common Stock, $0.001 Par Value
(Title of class
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Exchange Act Yes [ ] No [X]
 
Indicate by check mark if the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files).
Yes [X] No [  ]
 
Indicate by check mark if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer [   ]
Accelerated filer [   ]
Non-accelerated filer [   ]
(Do not check if a smaller reporting company)
Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes [  ] No [X]
 
Net revenues for our most recent fiscal year: $0.
 
Aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed fiscal quarter (June 30, 2011): $0.235. b) The number of outstanding shares, not including shares held by affiliates (officers, directors and 10% shareholders) as of June 30, 2011 is 17,423,750.
 
Number of common voting shares issued and outstanding as of April 5, 2012: 31,923,750 shares of common stock
 
DOCUMENTS INCORPORATED BY REFERENCE
 
If the following documents are incorporated by reference, briefly describe them and identify the part of the Form 10-K (e.g. Part I, Part II, etc.) into which the document is incorporated: (1) any annual report to security holders; (2) any proxy or information statement; and (3) any prospectus filed pursuant to Rule 424(b) or (c) of the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1990)
 
Transitional Small Business Disclosure Format (Check one): Yes [X] No [  ]

 
 
 
 
 
EXPLANATORY NOTE
 
The Company is filing this Amendment to its Form 10-K for the fiscal year ended December 31, 2011, because it realized that it had inadvertently omitted the convertibility feature that pertains to some of its outstanding promissory notes. Conversion of these notes, which is the noteholder's sole election, would cause the issuance of a significant number of shares of the Company's common stock, causing potential dilution to the Company's existing shareholders. The Company believed that it was in the best interests of its shareholders and the public to make clear the fact that such notes are convertible by amending its annual report. 

 

TABLE OF CONTENTS
 
PART I
      
Item 1.
Business
  
3
Item 1A.
Risk Factors
  
5
Item 1B.
Unresolved Staff Comments
  
10
Item 2.
Properties
  
10
Item 3.
Legal Proceedings
  
10
Item 4.
Mine Safety Disclosures
    
PART II
      
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
  
10
Item 6.
Selected Financial Data
  
10
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
  
12
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
  
12
Item 8.
Financial Statements and Supplementary Data
  
12
Item 9.
Change in and Disagreements with Accountants on Accounting and Financial Disclosure
  
12
Item 9A.
Controls And Procedures
  
13
Item 9B.
Other Information
  
13
PART III
      
Item 10.
Directors, Executive Officers, and Corporate Governance
  
13
Item 11.
Executive Compensation
  
13
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
  
15
Item 13.
Certain Relationships and Related Transactions, and Director Independence
  
16
Item 14.
Principal Accountant Fees and Services
  
16
PART IV
      
Item 15.
Exhibits and Financial Statement Schedules
  
16
 
 
 
2
 
 
 
PART I

ITEM 1. DESCRIPTION OF BUSINESS
 
Forward-Looking Statements
 
This section of this annual report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.
 
As used in this quarterly report, the terms "we", "us", "our", "our company" means Explore Anywhere Holding Corp., unless otherwise indicated.
 
General Overview

Our company’s name is Explore Anywhere Holding Corp. The Company was incorporated on April 3, 1996 in the State of Nevada as Jubilee Trading Corp. On March 3, 2002, we filed Articles of Amendment to the Company’s Articles of Incorporation with the Nevada Secretary of State to change its name from Jubilee Trading Corp. to PorFavor Corp. On November 10, 2010, we changed the company’s name to Explore Anywhere Holding Corp.

Since inception until March 2010, we operated as a broker of structural wood materials. In March 2010, our former CEO/President, Mr. Boyd Applegate started to suffer from ill-health and our operations underwent a slow and consistent demise. We therefore decided to change our business focus and look for other opportunities and discontinue the sale of structural wood materials. We identified a target company in the area of computer monitoring software, known as ExploreAnywhere, Inc. We closed on the acquisition of ExploreAnywhere on February 4, 2011.

ExploreAnywhere is in the business of selling computer monitoring software, specializing in offering computer monitoring solutions for parents, corporations and educational facilities. Our company’s business is more fully described below.
 
Business Development
  
ExploreAnywhere Inc. (referred to herein as “Explore”) was incorporated in the State of New Hampshire in 2002. In November 2007, Explore was reincorporated as a Nevada corporation. Explore has not been in bankruptcy or receivership at any time. Other than as described below, Explore has not had any material reclassification, merger, consolidation, or purchase or sale of a significant amount of assets not in the ordinary course of business.
 
On December 20, 2010, Explore and its shareholders entered into a Share Exchange Agreement with the Company, whereby the Company acquired all of the issued and outstanding shares of Explore from its shareholders in exchange for 2,613,750 shares of the Company's common stock (the “Share Exchange”). On February 4, 2011, the Company, Explore and Explore’s shareholders closed the Share Exchange and Explore is now a wholly-owned subsidiary of the Company. The Company is presently continuing the development of the software technology initiated by Explore.
 
Business
 
Principal Products
 
We are in the business of selling computer monitoring software, and currently sell two computer software monitoring products, “Spybuddy 2012” and “Keylogger PRO 2012.” We began selling Spybuddy 2012 and Keylogger PRO 2012 on November 5, 2011. At the same time, we discontinued the sale of three products: two software products “Mobile Spy” and “Sniper Spy” (of which the Company sold as an affiliate), and a hardware product “Keylogger HRD 2010” (of which the Company re-sold as a branded product) of which all were not designed or developed by the Company and had only nominal sales.

We designed and developed both Spybuddy 2012 and Keylogger PRO 2012 with the help of paid outside contract software programmers. Spybuddy 2012 and Keylogger PRO 2012 are computer monitoring software products that offer customers the ability to record a variety of their home computer activity such as keystrokes typed and screenshots. All recorded data is capable of being viewed remotely by the customer through the ExploreAnywhere Customer Account.

Spybuddy 2012 is intended to completely replace Spybuddy 2009, of which we no longer offer or support, and Keylogger PRO 2012 is a “re-introduction” of the Keylogger PRO product name (a software keylogger sold by the Company prior to 2007). Both Spybuddy 2012 and Keylogger PRO 2012 share the same software code, this means that the two are technically the same product, but where Keylogger PRO 2012 is an “economy” version that does not have all of the Spybuddy 2012 features. Both Spybuddy 2012 and Keylogger PRO 2012 are only compatible with the Windows operating systems XP, Vista, and 7.

 
3
 
 

Additionally, we believe it is important to note the following regarding both Spybuddy 2012 and Keylogger PRO 2012:

·  
Both products are being offered under terms representing a different business model than has previously been offered for these products - previously, they were both sold as stand-alone products for a one-time purchase price, whereas now they are being offered as subscription products with a one-year license fee.

·  
At the time of purchase, customers must also agree to automatically be charged for the second year's license fee in order to continue using either product beyond the first year from their original purchase and activation date. The Company believes that this is a significant change in its business model and cannot anticipate the immediate or future success of this model.

·  
The remote viewing capabilities of both products require the Company to maintain server space to store customer recorded data. As a result, the Company will incur additional support costs as well as additional variable costs per customer. However, these costs cannot yet be estimated and may only be known at a future date if the Company ever achieves a yet undetermined volume of customers. Thus, at this time, we cannot anticipate the immediate or future success of this model.

·  
 Both products are offered at new price points, Spybuddy 2012 is offered at $59.99 U.S. dollars (an increase from Spybuddy 2009’s $49.95 U.S. dollar price) and Keylogger PRO 2012 is being offered at $29.99 U.S. dollars.

We sell our products through our website and through various third party affiliate channels. The company does not presently sell within any physical retail stores. We have a goal to continue development of the Spybuddy 2012 and Keylogger PRO 2012 code base in order to potentially offer more Company products that have different feature sets and different price points.
 
Distribution Methods
 
We sell our software products in a digital download format. We get the majority of our sales through our website, exploreanywhere.com, we also get sales through a limited network of online affiliate websites. Plimus.com and Regnow.com (affiliate and payment processors) serve as payment processors for all of our exploreanywhere.com and affiliate sales. When affiliates sell our products on their own individual websites, the payments are collected by Plimus and Regnow, who then pay Explore minus a commission. Similarly, when customers purchase our products directly from our website exploreanywhere.com, Plimus processes all customer payments and pays Explore minus a commission.
 
Competitive Business Conditions
 
We believe that computer monitoring is a timely concern, and that our products offer parents and employers an affordable solution to Internet dangers such as online child predators, cyberbullying, and improper employee Internet use. We believe that the market consists of multiple opportunities including child monitoring, use in educational organizations, business employee monitoring, and numerous other avenues which we believe are critical to expanding our business.

We face formidable competition in every aspect of our business, and particularly from other companies that seek to offer computer monitoring software. Currently, we consider the primary leaders of our industry to be SpectorSoft Corporation and Awareness Technologies. Neither of these companies is publicly traded, and thus public information is limited. However, both publish limited financial and operational data in the “Inc. 5000” list available at http://www.inc.com/inc5000/welcome . The 2011 Inc. 5000 list listed SpectorSoft Corporation reporting their 2007 revenue as $15.4 million and 2010 revenue as to $19.1 million, and Awareness Technologies reporting their 2007 revenue as $4.9 million and 2010 revenue as $7.1 million.

We expect that SpectorSoft Corporation and Awareness Technologies will increasingly use their financial and engineering resources to compete within the computer monitoring software market. Both SpectorSoft and Awareness Technologies have more full time employees than we do (in SpectorSoft’s case, currently more than 40 times as many). Both SpectorSoft and Awareness Technologies have significantly more cash resources than we do. Both of these companies also have longer operating histories. They can use their experience and resources against us in a variety of competitive ways, including by making acquisitions, investing more aggressively in research and development and competing more aggressively in marketing efforts. Both SpectorSoft and Awareness Technologies also have a broader range of products and services than we do.
 
We will use all strategies available to us in our limited financial position to attempt to gain a competitive edge in this market. We currently have only been able to engage in limited ($1,000 per month) search engine optimization (SEO) as our only marketing mechanism. We believe that growing our Internet presence and customer base significantly will require working capital resources far greater than what we currently possess. Our current minimal revenues do not support our ongoing operations, and will not be able to support our planned growth strategies. We must secure additional funding in order to sustain operations for the next twelve (12) months. We believe that we must raise approximately $250,000 through the sale of debt or equity for us to sustain operations through the next twelve (12) months.  This amount of capital has been budgeted to sustain our existing operations and to begin a marketing and sales campaign that is greater than our
 
 
4
 
 
current limited $1,000 per month search engine optimization marketing efforts. We have not budgeted for salary compensation for any of our executives, except for Khris Thetsy our Chief Financial Officer who collects contracted fees payable to his consulting company, iCFO Consulting. We can provide no assurance that the actual expenses we incur will not materially exceed our estimates or that cash flow from sales will ever be adequate to maintain our business.
 
- Employee Monitoring
 
Exposure to the risks of inefficient employees and other improper time uses will likely only increase as a concern of businesses. We believe that our products offer businesses an affordable solution to their employee monitoring needs.
 
- Parental Control and Child Monitoring
 
Parents must continually question “What are kids really up to on the computer?”

Online sexual predators are an unfortunate and persistent issue. The tragic occurrence of their exploits has been widely publicized by the media, especially television programs such as Dateline NBC, have brought awareness of these dangers to many American households.
 
Furthermore, in addition to the dangers posed by adults on the Internet, parents today face the growing threat of “cyberbullying” whereby other children extend face-to-face bullying to e-mail, Internet chat rooms, and social networking websites. Current research by the Cyber Bullying Research Center (www.cyberbullying.us) indicates that 15-35% of teenagers have experienced some form of “cyberbullying.”
 
We believe that our products offer parents an affordable solution in monitoring their children’s Internet activities.
   
Explore does not expect that any government regulations will have an effect on its business.
 
Explore estimates it will expend $20,000 - $30,000 on research and development during the next 12 months. Such estimates are based on our goals to continue to enhance our existing software functionality by adding new features and capabilities, and to prepare our products for Windows 8 compatibility (the next Microsoft operating system expected to reach the market near the end of 2012 or early 2013). We can provide no assurance that the actual expenses we incur will not materially exceed these estimates. 
 
There are no costs or effects on Explore with regards to compliance with any environmental laws.
 
Explore currently has 2 full-time employees and 2 part-time employees.

ITEM 1A. RISK FACTORS
 
Any investment in our common stock involves a high degree of risk.  Investors should carefully consider the risks described below and all of the information contained in this Current Report on Form 10-K before deciding whether to purchase our common stock.  Our business, financial condition or results of operations could be materially adversely affected by these risks if any of them actually occur.  Our shares of common stock are not currently listed on any national securities exchange. Our shares are quoted on the OTCMarkets.com, which is a quotation system.   Some of these factors have affected our financial condition and operating results in the past or are currently affecting us.  This Current Report on Form 10-K also contains forward-looking statements that involve risks and uncertainties.  Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks described below and elsewhere in this Current Report on Form 10-K.
 
Risks Related to our Business
 
We need additional working capital and without adequate capital, we may not be able to fulfill our business plan.
 
We need additional working capital to fund our growth. However, we may not be able to access the capital we need on terms acceptable to us. If we can access financing, it may involve issuing debt or equity securities. Any issuance of convertible debt or equity securities will dilute the value of our current shares outstanding. If we issue debt securities or take loans from private investors, we may have to agree to certain covenants as a condition of those loans that restrict the manner in which we run our Company. In addition, if we cannot raise additional capital, it is likely that our potential growth will be restricted and we will be forced to scale back or curtail the implementation of our business plan. If we do not raise the additional capital, the value of your investment may decrease or become worthless.
 
We depend on the experience of our existing management team and the loss of either our Chairman of the Board or Chief Financial Officer would affect our ability to implement our business plan.
 
 
5
 
 
Our performance is substantially dependent on the performance of Bryan Hammond, our President and Chairman of the Board, and Khris Thetsy, our acting Chief Financial Officer.  Both executives are knowledgeable about our Company and business plan. The loss of the services of either of these key employees would require us to expend significant time and resources to seek an adequate replacement. We would also have to invest in training and educating such replacement about our business. We have limited resources and it may be difficult or impossible for us to offer compensation that would allow us to attract well-qualified executive officers. If any replacement has less experience than our existing executive officers or does not understand our business as well, we may not implement our business plan successfully. Without the expertise of Bryan Hammond and Khris Thetsy or immediate and qualified successors, we may be forced to curtail operations or close the business entirely.

Most of our personnel, including Bryan Hammond, remain uncompensated and have been so for years, we may be unable to retain or continue to motivate these personnel if we continue to not compensate them.
 
Our performance is substantially dependent on the performance of Bryan Hammond, our President and Chairman of the Board. The loss of the services of Bryan Hammond would require us to expend significant time and resources to seek an adequate replacement. We have not compensated Bryan Hammond in over two years, and we have never compensated our other officer Oliver Nelson and other director William Corso. Our limited financial resources have made it impossible for us to offer salary compensation. We have no equity compensation plans. We also have no employment agreements with these officers and directors. We cannot be certain how long these officers and directors will remain with the Company without compensation. Without the expertise of Bryan Hammond or an immediate and qualified successor, we may be forced to curtail operations or close the business entirely.

If we are unable to retain or motivate key personnel or hire qualified personnel, we may not be able to grow our business effectively.
 
Our performance is largely dependent on the talents and efforts of highly-skilled individuals. Any possibility of future success depends on our  ability to identify, hire, develop, motivate and retain highly-skilled personnel for all areas of our organization, as well as to identify, contract with, motivate and retain contract personnel on an outsourced basis for  software development projects. Competition in our industry for qualified employees and contractors is intense. Our  ability to compete effectively depends on our ability to attract new employees and to retain and motivate our existing employees and to retain contract personnel. As we become a more mature company, we may find our recruiting efforts more challenging.  If we do not succeed in attracting excellent personnel or retaining or motivating existing personnel, we may struggle to grow our business.
 
Our ability to offer our products and services may be affected by a variety of United States and foreign laws.
 
The laws relating to the liability of providers of online services for activities of their users are currently unsettled both in the United States and abroad. Claims have been threatened and filed under both United States and foreign law for defamation, libel, invasion of privacy and other data protection claims, tort, unlawful activity, copyright or trademark infringement, or other theories based on the nature and content of the materials searched and the ads posted or the content generated by our users. It is also possible we could be held liable for misinformation provided over the web when that information appears in our web search results. If one of these complaints results in liability to us, it could be potentially costly, encourage similar lawsuits, distract management and harm our reputation and possibly our business. Whether or not existing laws regulating or requiring licenses for certain businesses of our advertisers (including, for example, distribution of pharmaceuticals, adult content, financial services, alcohol or firearms), are applicable to us may be unclear. Existing or new legislation could expose us to substantial liability, restrict our ability to deliver services to our users, limit our ability to grow and cause us to incur significant expenses in order to comply with such laws and regulations.
 
Our computer monitoring software may not be accepted by the market.

Our success depends on the acceptance of our products in the marketplace.  Market acceptance will depend upon several factors, including (i) the desire of consumers and corporations for the ability to monitor activities on their computers and (ii) our ability to market to those individuals and corporations who wish to monitor the use of their computers.  A number of factors may inhibit acceptance of our products, including (i) the existence of competing products, (ii) our inability to offer comparable capabilities and features with that of other competing software products (iii) our inability to convince consumers that they need to pay for the products and services we offer, (iv) our inability to convince corporations that they need to pay for the products and services we offer or (v) failure of individuals and corporations to use our products.  If our products are not accepted by the market, we may have to curtail our business operations, which could have a material negative effect on operating results and result in a lower stock price.
 
There is significant competition in our market, which could make it difficult to attract customers, cause us to reduce prices and result in reduced gross margins or loss of market share.
 
The market for our products and services is highly competitive, dynamic and subject to frequent technological changes. We expect the intensity of competition and the pace of change to either remain the same or increase in the future. A number of companies offer products that provide the same or greater the functionality of our products. We may not be able to maintain our competitive position against current or potential competitors, especially those with significantly greater financial, marketing, service, support, technical and other resources. Competitors with greater resources may be able to undertake more extensive marketing campaigns, adopt more aggressive pricing policies and make more attractive offers to potential employees, distributors, resellers or other strategic partners. We expect additional competition from other established and emerging companies as the market for our products continues to develop.
 
 
6
 
 

We may not be able to compete successfully against current and future competitors.
 
We will compete, in our current and proposed businesses, with other companies, some of which have far greater marketing and financial resources and experience than we do. We cannot guarantee that we will be able to penetrate this market and be able to compete at a profit. In addition to established competitors, other companies can easily enter our market and compete with us. Effective competition could result in price reductions, reduced margins or have other negative implications, any of which could adversely affect our business and chances for success. Competition is likely to increase significantly as new companies enter the market and current competitors expand their services. Many of these potential competitors are likely to enjoy substantial competitive advantages, including: larger technical staffs, greater name recognition, larger customer bases and substantially greater financial, marketing, technical and other resources. To be competitive, we must respond promptly and effectively to the challenges of technological change, evolving standards and competitors' innovations by continuing to enhance our services and sales and marketing channels. Any pricing pressures, reduced margins or loss of market share resulting from increased competition or our failure to compete effectively, could seriously damage our business and chances for success.
 
We may not be able to manage our growth effectively.
 
We must continually implement and improve our products and services, operations, operating procedures and quality controls on a timely basis, as well as expand, train, motivate and manage our work force in order to accommodate anticipated growth and compete effectively in our market segment. Successful implementation of our strategy also requires that we establish and manage a competent, dedicated work force and employ additional key employees in corporate management, product design, client service and sales. We can give no assurance that our personnel, systems, procedures and controls will be adequate to support our existing and future operations. If we fail to implement and improve these operations, there could be a material, adverse effect on our business, operating results and financial condition.
 
If we do not continually introduce new products or enhance our current products, they may become obsolete and we may not be able to compete with other companies.
 
Internet technology, software applications and related infrastructure are rapidly evolving. Our ability to compete depends on our ability to develop new technologies and products as well as our ability to improve the performance and reliability of our current products and services. We may not be able to keep pace with technological advances and our products may become obsolete. Our current software products only support the “Microsoft Windows” operating system, and specifically only support Windows XP, Vista, and Windows 7. We are aware that the Microsoft Corporation is expected to release a new version of Windows (“Windows 8”) near the end of 2012 or early 2013. Our products, at present, will not support “Windows 8,” we will need to expend significant development resources in order to attempt to support this new operating system. Without additional working capital from outside funding sources we will not be able to undertake such an attempt. We may not be successful in accomplishing “Windows 8” compatibility, and as a result our products may become obsolete. In addition, our competitors may develop related or similar products and bring them to market before we do, or do so more successfully, or develop technologies and products more effective than any that we have developed or are developing. If that happens, our business, prospects, results of operations and financial condition may be materially adversely affected.

We do not own patents on our products and if other companies copy our products, our revenues may decline.

We do not own patents on the products we have developed and we do not currently intend to file for patent protection on those products. Therefore, another company could recreate the products we manufacture and could compete against us, which could adversely affect our revenues.
 
If we do not succeed in our expansion strategy, we may not achieve the results we project.
 
Our business strategy is designed to expand the sales of our products and services. Our ability to implement our plans will depend primarily on the ability to attract customers and the availability of qualified and cost effective sales personnel. There are no firm agreements for employment of additional marketing personnel, and we can give you no assurance that any of our expansion plans will be successful or that we will be able to establish additional favorable relationships for the marketing and sales of our products and services. We also cannot be certain when, if ever, we will be able to hire the appropriate marketing personnel and establish additional merchandising relationships.
 
Economic conditions could materially adversely affect our business.
 
Our operations and performance depend to some degree on economic conditions and their impact on levels of consumer spending, which have recently deteriorated significantly in many countries and regions, including the regions in which we operate, and may remain depressed for the foreseeable future. For example, some of the factors that could influence the levels of consumer spending include continuing increases in fuel and other energy costs, conditions in the residential real estate and mortgage markets, labor and healthcare costs, access to credit, consumer confidence and other macroeconomic factors affecting consumer spending behavior. These and other economic factors could have a material adverse effect on demand for our products and on our financial condition and operating results.

 
7
 
 

Our auditors’ report for the year ended December 31, 2011 includes a “going concern” explanatory paragraph.

As of December 31, 2011 and 2010, we had an accumulated deficit of $2,501,469 and $822,330, respectively. As a result of recurring losses from operations and the significant amount of accumulated deficit as of December 31, 2011, our auditors’ report for year ended December 31, 2011 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” We require additional capital in order to conduct our operations for any reasonable length of time. In the event that we are unable to raise such funds, we may be required to delay, reduce or severely curtail our operations or otherwise impede our on-going business efforts, which could have a material adverse effect on our business, operating results, financial condition and long-term prospects.
 
Risks Related To Our Capital Structure
 
There is no current, established trading market for our common stock, and there is no assurance of an established trading market, which would adversely affect the ability of our investors to sell their securities in the public market.
 
Our common stock is not currently listed for trading on any national securities exchange; our stock is quoted on OTCMarkets.com, is an inter-dealer, over-the-counter market that provides significantly less liquidity than the Nasdaq Global Market and NYSE Amex. Quotes for stocks included on the OTCMarkets.com are not listed in the financial sections of newspapers as are those for the NYSE Amex and The NASDAQ Stock Market. Therefore, prices for securities traded solely on the OTC Markets may be difficult to obtain and holders of common stock may be unable to resell their securities at or near their original offering price or at any price. In addition, even if a market does develop for our securities, it is likely that it will be illiquid and sporadic.  You may find it very difficult to sell your stock.
 
The market price and trading volume of shares of our common stock may be volatile.
 
When and if an established market develops for our securities, the market price of our common stock could fluctuate significantly for many reasons, including for reasons unrelated to our specific performance, such as reports by industry analysts, investor perceptions, or negative announcements by customers, competitors or suppliers regarding their own performance, as well as general economic and industry conditions. For example, to the extent that other large companies within our industry experience declines in their share price, our share price may decline as well. In addition, when the market price of a company’s shares drops significantly, shareholders could institute securities class action lawsuits against the company. A lawsuit against us could cause us to incur substantial costs and could divert the time and attention of our management and other resources.
 
Shares eligible for future sale may adversely affect the market price of our common stock, as the future sale of a substantial amount of outstanding stock in the public marketplace could reduce the price of our common stock.
 
Additionally, the former shareholders of Explore may be eligible to sell all or some of our shares of common stock by means of ordinary brokerage transactions in the open market pursuant to Rule 144, promulgated under the Securities Act (“Rule 144”), subject to certain limitations.  Under Rule 144, an affiliate stockholder who has satisfied the required holding period may, under certain circumstances, sell within any three-month period a number of securities which does not exceed the greater of 1% of the then outstanding shares of common stock or the average weekly trading volume of the class during the four calendar weeks prior to such sale. As of April 6, 2012, 1% of our issued and outstanding shares of common stock were equal to approximately 319,238 shares.  Non-affiliate stockholders are not subject to volume limitations.  Any substantial sale of common stock pursuant to any resale prospectus or Rule 144 may have an adverse effect on the market price of our common stock by creating an excessive supply.    

If we fail to maintain effective internal controls over financial reporting, the price of our common stock may be adversely affected.

We are required to establish and maintain appropriate internal controls over financial reporting. Failure to establish those controls, or any failure of those controls once established, could adversely impact our public disclosures regarding our business, financial condition or results of operations. Any failure of these controls could also prevent us from maintaining accurate accounting records and discovering accounting errors and financial frauds. Rules adopted by the SEC pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 require annual assessment of our internal control over financial reporting. The standards that must be met for management to assess the internal control over financial reporting as effective complex, and require significant documentation, testing and possible remediation to meet the detailed standards. We may encounter problems or delays in completing activities necessary to make an assessment of our internal control over financial reporting. If we cannot assess our internal control over financial reporting as effective, investor confidence and share value may be negatively impacted.
 
In addition, management’s assessment of internal controls over financial reporting may identify weaknesses and conditions that need to be addressed in our internal controls over financial reporting or other matters that may raise concerns for investors. Any actual or perceived weaknesses and conditions that need to be addressed in our internal control over financial reporting, disclosure of management’s assessment of our internal controls over financial reporting, or disclosure of our public accounting firm’s attestation to or report on management’s assessment of our internal controls over financial reporting may have an adverse impact on the price of our common stock.

 
8
 
 

We may not be able to achieve the benefits we expect to result from the Share Exchange.
 
On February 4, 2011, we closed the Share Exchange with the Company and the former shareholders of Explore, pursuant to which the Company acquired 100% of the issued and outstanding securities of Explore in exchange for shares of the Company’s common stock. As a result, Explore became a 100%-owned subsidiary of the Company, and the Company’s sole business operations became that of Explore.  
 
We may not realize the benefits that we hoped to receive as a result of the acquisition of Explore, which include:
 
·  
access to the capital markets of the United States;
 
·  
the increased market liquidity expected to result from exchanging stock in a private company for securities of a public company that may eventually be traded;
 
·  
the ability to use registered securities to make acquisition of assets or businesses;
 
·  
increased visibility in the financial community;
 
·  
enhanced access to the capital markets;
 
·  
improved transparency of operations; and
 
·  
perceived credibility and enhanced corporate image of being a publicly traded company.
 
There can be no assurance that any of the anticipated benefits of the Share Exchange will be realized with respect to our new business operations.  In addition, the attention and effort devoted to achieving the benefits of the Share Exchange and attending to the obligations of being a public company, such as reporting requirements and securities regulations, could significantly divert management’s attention from other important issues, which could materially and adversely affect our operating results or stock price in the future.
 
Compliance with changing regulation of corporate governance and public disclosure will result in additional expenses.
 
Changing laws, regulations and standards relating to corporate governance and public disclosure, including the Sarbanes-Oxley Act of 2002 and related SEC regulations, have created uncertainty for public companies and significantly increased the costs and risks associated with accessing the public markets and public reporting. For example, on January 30, 2009, the SEC adopted rules requiring companies to provide their financial statements in interactive data format using the eXtensible Business Reporting Language, or XBRL. We will have to comply with these rules by June 15, 2011. Our management team will need to invest significant management time and financial resources to comply with both existing and evolving standards for public companies, which will lead to increased general and administrative expenses and a diversion of management time and attention from revenue generating activities to compliance activities.
 
Our common stock is considered a “penny stock,” and thereby is subject to additional sale and trading regulations that may make it more difficult to sell.
 
Our common stock, which is quoted for trading on the OTCMarkets.com, is considered to be a “penny stock” because of the following reasons: (i) it trades at a price less than $5.00 per share; (ii) it is NOT traded on a “recognized” national exchange; (iii) it is NOT quoted on the Nasdaq Capital Market, or even if so, has a price less than $5.00 per share; or (iv) is issued by a company that has been in business less than three years with net tangible assets less than $5 million.
 
The principal result or effect of being designated a “penny stock” is that securities broker-dealers participating in sales of our common stock will be subject to the “penny stock” regulations set forth in Rules 15-2 through 15g-9 promulgated under the Exchange Act. For example, Rule 15g-2 requires broker-dealers dealing in penny stocks to provide potential investors with a document disclosing the risks of penny stocks and to obtain a manually signed and dated written receipt of the document at least two business days before effecting any transaction in a penny stock for the investor’s account. Moreover, Rule 15g-9 requires broker-dealers in penny stocks to approve the account of any investor for transactions in such stocks before selling any penny stock to that investor. This procedure requires the broker-dealer to (i) obtain from the investor information concerning his or her financial situation, investment experience and investment objectives; (ii) reasonably determine, based on that information, that transactions in penny stocks are suitable for the investor and that the investor has sufficient knowledge and experience as to be reasonably capable of evaluating the risks of penny stock transactions; (iii) provide the investor with a written statement setting forth the basis on which the broker-dealer made the determination in (ii) above; and (iv) receive a signed and dated copy of such statement from the investor, confirming that it accurately reflects the investor’s financial situation, investment experience and investment objectives. Compliance with these requirements may make it more difficult and time consuming for holders of our common stock to resell their shares to third parties or to otherwise dispose of them in the market or otherwise. 
 
We do not foresee paying cash dividends in the foreseeable future and, as a result, our investors’ sole source of gain, if any, will depend on capital appreciation, if any.
 
 We do not plan to declare or pay any cash dividends on our shares of common stock in the foreseeable future and currently intend to retain any future earnings for funding growth.  As a result, investors should not rely on an investment in our securities if they require the investment to produce dividend income.  Capital appreciation, if any, of our shares may be investors’ sole source of gain for the foreseeable future.  Moreover, investors may not be able to resell their shares of our common stock at or above the price they paid for them.
 
ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. DESCRIPTION OF PROPERTIES
 
Explore does not own any property or real estate. Explore uses for its office space a residence owned by a family member of William Corso, one of our executive officers and board members. Explore uses this residence without any accrual of rental fees or other charges. However, there is no agreement guaranteeing the Company a set term of use or the right of continued use of this property.

ITEM 3. LEGAL PROCEEDINGS
 
From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business.  As of the filing date of this Form 10-K, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations.  There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

ITEM 4. MINE SAFETY DISCLOSURES

N/A.
PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market for Common Equity and Related Stockholder Matters

(a) Market Information

Our common stock, par value $0.001 per share, is approved for quotation on the OTCMarkets.com under trading symbol “EAHC”. There is no established market for our stock. No quotes for a bid price for our stock existed prior to December 10, 2009. Therefore, no information for the first three (3) quarters of 2009 is provided below.
 
Fiscal Year Ended December 31, 2011,
 
Quarter Ended
  
March 31, 2011
    
June 30, 2011
    
September 30, 2011
    
December 31, 2011
  
                                 
High
   $ 0.549     $ 0.38     $ 0.31     $ 0.228  
Low
   $ 0.12     $ .12     $ 0.14     $ 0.12  
 
Fiscal Year Ended December 31, 2010,
 
Quarter Ended
  
March 31, 2010
    
June 30, 2010
    
September 30, 2010
    
December 31, 2010
  
                                 
High
   $ 0.11     $ 0.21     $ 7.00     $ 12.00  
Low
   $ 0.05     $ 0.11     $ 0.14     $ 0.19  
 
The market price of our common stock is subject to significant fluctuations in response to variations in our quarterly operating results, general trends in the market, and other factors, over many of which we have little or no control. In addition, broad market fluctuations, as well as general economic, business and political conditions, may adversely affect the market for our common stock, regardless of our actual or projected performance.

(b) Holders
 
As of March 16, 2012, 31,923.750, shares of common stock are issued and outstanding.  There are approximately 28 shareholders of record of our common stock.

Transfer Agent and Registrar
 
The Transfer Agent for our common stock is Action Stock Transfer Corp., with an address at 7069 S. Highland, Suite 300, Salt Lake City, Utah 84121. Action Stock’s telephone number is (801) 274-1088.

 
9
 
 

Penny Stock Regulations
 
The SEC has adopted regulations which generally define “penny stock” to be an equity security that has a market price of less than $5.00 per share. Our Common Stock, when and if a trading market develops, may fall within the definition of penny stock and be subject to rules that impose additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (generally those with assets in excess of $1,000,000, or annual incomes exceeding $200,000 individually, or $300,000, together with their spouse).
 
For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of such securities and have received the purchaser’s prior written consent to the transaction. Additionally, for any transaction, other than exempt transactions, involving a penny stock, the rules require the delivery, prior to the transaction, of a risk disclosure document mandated by the Commission relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealers presumed control over the market. Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Consequently, the “penny stock” rules may restrict the ability of broker-dealers to sell our Common Stock and may affect the ability of investors to sell their Common Stock in the secondary market.

(c) Dividend Policy
 
Any future determination as to the declaration and payment of dividends on shares of our common stock will be made at the discretion of our board of directors out of funds legally available for such purpose.  We are under no contractual obligations or restrictions to declare or pay dividends on our shares of common stock.  In addition, we currently have no plans to pay such dividends.  However, even if we wish to pay dividends, we may be restricted from distributing dividends to our holders of shares of our common stock in the future if at the time we are unable to obtain sufficient dividend distributions from and of ExploreAnywhere. Our board of directors currently intends to retain all earnings for use in the business for the foreseeable future.  See “Risk Factors.”
 
(d)  Securities authorized for issuance under equity compensation plans

None.
 
Recent Sales of Unregistred Securities
 
None
 
Use of Proceeds From Sale of Registered Securities
 
Not applicable.
 
Stock Purchase Warrants
 
None.
 
Stock Purchase Options
 
None.
 
ITEM 6. SELECTED FINANCIAL DATA

Not applicable.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Management's Discussion and Analysis of Financial Condition and Results of Operations
 
Liquidity and Capital Resources
 
At December 31, 2011, we had a working capital deficit of  $433,334 compared to $14,122 working capital deficit as of December 31, 2010.  At December 31, 2011, the Company has $21,255 total assets.  This compared to our assets as of December 31, 2010, we had no assets.
 
At December 31, 2011, our total current liabilities increased to $436,264 compared to $14,122 as of December 31, 2010. We recognized $6,007 revenue for the year ended December 31, 2011 compared to $0 revenue recognized for the year ended December 31, 2010. 

 
10
 
 

Result of Operations
 
For the year ended December 31, 2011, operating expenses were $1,612,591compared to $15,616 operating expenses for the year end December 31, 2010. Operating expenses for the year end December 31, 2011, consisted of general and administration costs, sales and marketing and research and development cost. 
 
We earned other income (expenses) in the form of forgiveness of shareholder’s loan in the amount of $0 for the year ended December 31, 2011compared to $73,291 income from forgiveness of shareholder’s for the year ended December 31, 2010. We had $66,548 in interest expenses for the year December 31, 2011 which included $120,833 interest on beneficial conversion features and loan from outside lenders less $54,285 warrant liabilities reclassification from prior years. As of December 31, 2010, we did not incur any interest expenses. 
 
From inception to December 31, 2011, we have incurred an accumulated deficit of $2,501,469 compared to $822,330 accumulated deficit as of December 31, 2010. 
 
As of March 29, 2012, our cash balance is approximately $13,500. We expect that this amount of cash will meet our cash overhead requirements for only three (3) weeks. We do not have any lending arrangements in place with banking or financial institutions and we do not anticipate that we will be able to secure these funding arrangements in the near future. We may attempt to sell additional equity shares or issue debt to support our operations.  Any sale of additional equity securities will result in dilution to our stockholders.  There can be no assurance that additional financing will be available to us or, if available to us, on acceptable terms.
 
We believe our market risk exposures arise primarily from exposures to fluctuations in interest rates. We do not use derivative financial instruments to manage risks or for speculative or trading purposes.
 
Plan of Operation for the Next Twelve (12) Months
 
Our ability to continue operations will be dependent upon the successful completion of additional long-term or permanent equity financing, the support of creditors and shareholders, and, ultimately, the achievement of profitable operations.  There can be no assurances that we will be successful, which would in turn significantly affect our ability to be successful in our new business plan.  If not, we will likely be required to reduce operations or liquidate assets.  We will continue to evaluate our projected expenditures relative to our available cash and to seek additional means of financing in order to satisfy our working capital and other cash requirements.

As of December 31, 2011, the company owed 243,003 in principal and accrued interest under a series of unsecured promissory notes issued to two (2) lenders. Interest accrues on these notes at the rate of 8% per annum. The notes do not require us to make any interim interest payments. As of the date of the filing of this annual report, nine (9) of the notes, totaling $175,000 in principal, have already matured but have not been repaid. We are therefore are technically in default on these notes, although neither of the lenders have sent us a notice of default. The remaining notes mature at various dates through the rest of the 2012 calendar year. We currently do not have the resources to repay any of these notes. Failure to acquire the resources to repay these notes could result in either or both of the lenders taking legal action against us for repayment of the notes. This debt could therefore result in the company going out of business.
 
Off Balance Sheet Arrangements.
 
None. 
 
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

None.
 
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements required by this Item begin on Page F-1 of this Form 10-K, and include (1) Report of Independent Registered Public Accounting Firm; (2) Balance Sheets; (3) Statements of Operations, Statements of Cash Flows, Statement of Stockholders’ Deficit; and (4) Notes to Financial Statements.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.


 
11
 
 

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management as appropriate, to allow timely decisions regarding required disclosure.

Pursuant to Rule 131-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), we carried out an evaluation, with the participation of our management, including the President and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures.  Based on management's evaluation as of the end of the period covered by this Annual Report, our principal executive officer and chief financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) under the Exchange Act were effective as of the end of the period covered by this annual report.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. Furthermore, smaller reporting companies face additional limitations.  Smaller reporting companies employ fewer individuals and find it difficult to properly segregate duties.  Smaller reporting companies tend to utilize general accounting software packages that lack a rigorous set of software controls.

Our management, with the participation of the President and Chief Financial Officer, evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, 2011.  In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework.  Based on that evaluation, our management concluded that, as of December 31, 2011, our internal control over financial reporting was effective.

This Annual Report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permanently exempt smaller reporting companies from such requirement.

Changes in internal controls

There have been no changes in our internal control over financial reporting identified in connection with the evaluation described above that occurred during our last fiscal quarter that has materially affected, or is reasonable likely to materially affect, our internal control over financial reporting.

ITEM 9B. Other Information

None

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND CORPORATE GOVERNANCE, COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

Directors and Executive Officer
 
The following persons are our executive officers and directors as of March 1, 2011 and hold the positions set forth opposite their respective names.

 
12
 
 
 
Name
  
Age
  
Position
         
Oliver Nelson
  
28
  
Chief Executive Officer, Secretary, and Treasurer
         
Bryan Hammond
  
27
  
President and Chairman of the Board
         
Kris Thetsey
  
39
  
Chief Financial Officer
         
William Corso
  
28
  
Director
 
Our directors hold office until the earlier of their death, resignation or removal by stockholders or until their successors have been qualified.  Our officers are elected annually by, and serve at the pleasure of, our board of directors.  We feel our officers and directors should serve in such capacity in light of our business structure because: they all have a degree or professional diploma or they have management knowledge, they have previous experience in the industry and are able to adapt to changes within the industry, and they are able to work resourcefully to strategize for the Company.
 
Biographies
 
Mr. Oliver Nelson - Chief Executive Officer/Secretary/Treasuer
 
Mr. Nelson is an advertising and marketing professional with a diverse background that includes experience in both the b2b and b2c realms. He has managed national marketing projects for private and public organizations ranging from traditional direct mail efforts to modern search marketing pay per click campaigns. From April 2010 to the present, Mr. Nelson has been a marketing analyst for Yodle, a digital advertising agency. In that position, Mr. Nelson has been responsible for deploying and executing new accounts while monitoring and improving existing accounts. From August 2006 through August 2009, Mr. Nelson was a Senior Coordinator - Marketing for College Coach, a division of Bright Horizons Family Solutions LLC, in Watertown, Massachusetts. In that position, Mr. Nelson was responsible for executing marketing campaigns including all e-marketing PPC search, affiliate, and SEO initiatives. From August 2008 to June 2009, Mr. Nelson served as a consultant to ExploreAnywhere, Inc., which is now the Company's wholly-owned subsidiary, to provide advice on all aspects the company’s business operations. From September 2005 to October 2007, Mr. Nelson served as Chief Marketing Officer for Search Rate Technologies LLC, a start-up search engine software company located in Boston, Massachusetts. Mr. Nelson graduated from the Boston College Carroll School of Management in 2006 with a Bachelors of Science Degree in marketing. Mr. Nelson has a significant entrepreneurial background and has served several start-up organizations in various capacities. In addition, Mr. Nelson is a commissioned officer graduate of the United States Army Intelligence School and is a member of the MI Corps of the United States Army. In this role, he has acquired direct experience deploying and operating computer surveillance software.
 
Mr. Bryan Hammond – President and Chairman of the Board
 
In 2001, Mr. Hammond turned his attention toward developing and innovating technologies that protected children from the increasing dangers of the Internet by founding Explore Software in 2002. Mr. Hammond attended the University of New Hampshire Whittemore School of Business and Economics studying Business Administration, but left after one year of study to continue his management of Explore full time as CEO. In August of 2009 Mr. Hammond stepped down as the CEO of Explore, but remains as the President and Chairman of the Board. Mr. Hammond serves as Explore’s leader for development strategy. Mr. Hammond is also founder and CEO of Hammond Industries, a web development and Internet marketing company that specializes in international and domestic traffic monetization.
 
Mr. Khris Thetsy – Acting Chief Financial Officer
 
Mr. Thetsy is currently the Acting Chief Financial Officer for Explore, Inc. He was hired as the Interim CFO in January of 2010. Mr. Thetsy has more than nine years of experience as a Chief Financial Officer for startup to midsize companies, and managed growth for both private and publicly traded companies in a variety of industries. Mr. Thetsy has extensive experience in financial strategic planning & analysis, restructuring & turnaround, mergers & acquisitions, compliancy, internal controls, capital investment, and corporate development technology for manufacturing and service companies.   Mr. Thetsy attended National University and received his undergraduate degree in Accounting. Mr. Thetsy also founded iCFO (an Interim CFO Service), served as Board of Director for the San Diego Investment Conference (SDIC), and is currently member of "The CFO Roundtable".
 
Mr. William Corso – Member of the Board of Directors
 
Mr. Corso is currently the Vice President of Durni Companies LLC, a real estate and Internet investment holding company founded in December 2006. Mr. Corso works to maximize revenue from direct navigation traffic from domain name portfolios by means of pay-per-click advertising. Mr. Corso received his Bachelors of Science in Business Administration with a concentration in Finance, magna cum laude, from Northeastern University College of Business Administration in May 2007. Mr. Corso has served as a director on the Board of Explore, Inc. since November 2007.

 
13
 
 

Significant Employees

None.

Family Relationships

None.

Involvement in Certain Legal Proceedings

None.

Compliance with Section 16(a) of the Securities Exchange Act.

Based solely upon a review of Forms 3 and 4 furnished to the company under Rule 16a-3(e) of the Securities Exchange Act during its most recent fiscal year and Forms 5 furnished to the company with respect to its most recent fiscal year and any written representations received by the company from persons required to file such forms, the following persons – either officers, directors or beneficial owners of more than ten percent of any class of equity of the company registered pursuant to Section 12 of the Securities Exchange Act – failed to file on a timely basis reports required by Section 16(a) of the Securities Exchange Act during the most recent fiscal year or prior fiscal years:
 
Name
  
# of Late Reports
  
# of Transactions
Not Timely Reported
  
# of Failures to File
a Required Report
             
Oliver Nelson – CEO, Secretary, Treasurer
  
1
  
1
  
0
             
Bryan Hammond – President, Chairman of the Board
  
1
  
1
  
0
             
Khris Thetsy – Acting CFO
  
0
  
0
  
0
             
William Corso – Director
  
2
  
1
  
0
             
Jose Fernando Garcia – 10% shareholder
   0   0   2
 
Code of Ethics

We have not yet prepared a written code of ethics and employment standards.  We have only recently commenced operations.  We expect to implement a Code of Ethics during the current fiscal year.

Corporate Governance; Audit Committee Financial Expert

We currently do not have an audit committee financial expert or an independent audit committee expert due to the fact that our Board of Directors currently does not have an independent audit committee.  Our Board of Directors currently does not have any independent members, and thus, does not have the ability to create a proper independent audit committee.

ITEM 11. EXECUTIVE COMPENSATION
 
Except as provided below, Explore’s executive’s currently do not draw any salary. Our Chief Financial Officer, Mr. Khris Thetsy was paid fees in the amount of $25,110.00and there was an additional $3,600.00in fees that were earned but not paid. All amounts earned by Mr. Thetsy are payable to his consulting company, iCFO Consulting.
 
Compensation Committee
 
We have not formed an independent compensation committee.
 
Director Compensation

No compensation has been to date by Explore to any non-employee directors.

Employment Agreements

We do not have written employment agreements.

 
14
 
 

Audit Committee

Presently, our Board of Directors is performing the duties that would normally be performed by an audit committee.  We intend to form a separate audit committee, and plan to seek potential independent directors.  In connection with our search, we plan to appoint an individual qualified as an audit committee financial expert.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
 
The following table sets forth certain information as of the closing date of the Exchange, March 16, 2012, regarding the beneficial ownership of our common stock, by (i) each person or entity who, to our knowledge, beneficially owns more than 5% of our common stock; (ii) each executive officer and named officer; (iii) each director; and (iv) all of our officers and directors as a group. Unless otherwise indicated in the footnotes to the following table, each of the stockholders named in the table has sole voting and investment power with respect to the shares of our common stock beneficially owned. Except as otherwise indicated, the address of each of the stockholders listed below is: c/o Explore Anywhere Holding Corp., 6150 West 200 South, #3, Wabash, Indiana. The percentages stated in the following table are based upon 31,923,750 shares issued and outstanding.
 
 
Name of Beneficial Owner
  
Number of Shares
Beneficially
Owned(1)
    
Percentage
Beneficially
Owned(1)
  
             
Oliver Nelson -  
     -0-       -0-  
Chief Executive Officer /Secretary/Treasurer
                
                 
Bryan Hammond -
     -0-       -0-  
President/Chairman of the Board 
                
                 
Khris Thetsey –
     -0-       -0-  
Chief Financial Officer
                
                 
William Corso –
     -0-       -0-  
Director
                
                 
All officers and directors as a group (4 individuals)
     -0-       -0-  
                 
5% Shareholders
    
14,000,000
      
43.9
 % 
                 
Jose Fernando Garcia                
4116 Antique Sterling Ct.                
Las Vegas, NV 89129
                
 
(1) Shares of common stock beneficially owned and the respective percentages of beneficial ownership of common stock assumes the exercise of all options, warrants and other securities convertible into common stock beneficially owned by such person or entity currently exercisable or exercisable within 60 days of March 8, 2011. Shares issuable pursuant to the exercise of stock options and warrants exercisable within 60 days are deemed outstanding and held by the holder of such options or warrants for computing the percentage of outstanding common stock beneficially owned by such person, but are not deemed outstanding for computing the percentage of outstanding common stock beneficially owned by any other person.
 
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
 
Explore has not entered into any related party transactions during its last fiscal year that would be required to be reported pursuant to Item 404(d) of Regulation S-K.
 
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit Fees

The aggregate fees billed by our auditor, Sam Kan & Company, during the years ended December 31, 2011 and 2010, for professional services rendered for the audit of our annual financial statements and for the reviews of the financial statements included in our Quarterly Reports on Form 10-Q during the fiscal year ended December 31, 2011, was $17,400 and $8,000, respectively.

Audit Related Fees

We incurred no fees to our auditors for audit related fees during the fiscal years ended December 31, 2011 and 2010.

Tax Fees

We incurred no fees to our auditors for tax compliance, tax advice or tax compliance services during the fiscal years ended December 31, 2011 and 2010.

 
15
 
 

All Other Fees

We did not incur any other fees billed by auditors for services rendered to us other than the services covered in "Audit Fees" for the fiscal years ended December 31, 2011 and 2010.

The Board of Directors has considered whether the provision of non-audit services is compatible with maintaining the principal accountant's independence.

Since there is no audit committee, there are no audit committee pre-approval policies and procedures.

PART IV

ITEM 15. EXHIBITS
 
Exhibit
    
Number
  
Description
     
3.1
  
Articles of Incorporation*
     
3.2
  
By-laws*
     
31.1
  
Section 302 Certification – President
     
31.2
  
Section 302 Certification – CFO
     
32.1
  
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – President.
     
32.2
  
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – CFO
     
 101  
Interactive Data Files pursuant to Rule 405 of Regulation S-T.
 
* Incorporated by reference to our registration statement on Form SB-2, file number 333-148732, filed on January 17, 2008.

 
16
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) 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, on this 5th day of April 2012.
 
EXPLORE ANYWHERE HOLDING CORP.
 
 
Date: May 18, 2012
By: /s/ Bryan Hammond
 
Name: Bryan Hammond
 
Title: Chairman of the Board/President, principal executive officer
   
   
   
Date: May 18, 2012
By: /s/ Khris Thetsy
   
Name: Khris Thetsy
 
Title: Chief Financial Officer, principal financial officer and principal accounting officer
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
 
By: /s/ Bryan Hammond  
Name and Title: Bryan Hammond, Chairman of the Board and President, principal executive officer  
Date: May 18, 2012  
   
   
   
By: /s/ Oliver Nelson  
Name and Title: Oliver Nelson, Chief Executive Officer, Secretary/Treasurer  
Date: May 18, 2012  
   
   
   
By: /s/ William Corso  
Name and Title: William Corso, Member of the Board of Directors  
Date: May 18, 2012  
 
 
17
 
 

 

 


EXPLORE ANYWHERE HOLDING CORP.

CONSOLIDATED FINANCIAL STATEMENTS

AUDITED FINANCIAL STATEMENTS

For the year ended December 31, 2011
 
 
 

 

 
 
F-1
 
 

Report of Independent Registered Public Accounting Firm


To the Board of Directors of
Explore Anywhere Holding Corporation

We have audited the accompanying consolidated balance sheets of Explore Anywhere Holding Corporation (the “Company”), as of December 31, 2011 and 2010, and the related consolidated statements of operations, consolidated changes in stockholders' equity (deficit), and consolidated cash flows for the two years then ended. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to from the above presented fairly, in all material respects, the financial position of the Company as of December 31, 2011 and 2010, and the results of their operations and their cash flows for the years then ended were in conformity with U.S. generally accepted accounting principles.

As discussed in Note M to the consolidated financial statements, the Company issued unsecured convertible promissory notes instead of unsecured promissory notes to Amalfi Coast Capital in July 2007 and March 2010, respectively and those affected the interest expense and additional paid in capital of the prior years’ financials.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note K to the consolidated financial statements, the Company has suffered recurring losses and has experienced negative cash flows from operations, which raises substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to those matters are also described in Note K to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.


/s/ Sam Kan & Company      
Sam Kan & Company

May 18, 2012
Alameda, California
 

 
F-2
 
 
EXPLORE ANYWHERE HOLDING CORPORATION
CONSOLIDATED BALANCE SHEET
 

   
December 31, 2011
    
December 31, 2010
  
   
(Audited)
    
(Audited)
  
   
(RESTATED)
        
ASSETS
            
             
Current assets
            
Cash and cash equivalents
   $ 2,930     $ -  
Total current assets
     2,930       -  
                 
Office equipment, furniture and fixtures, net
     18,325       -  
Acquisition-related intangible assets, net
     -       -  
Goodwill, net
     -       -  
                 
 Total assets
   $ 21,255     $ -  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
                
                 
Current liabilities
                
Accounts payable
   $ 82,154     $ 2,022  
Accrued expense and other liabilities
     -       -  
Accrued Interest
     34,408       -  
Loan from outside lenders
     140,750       -  
Convertible Notes payable, net of BCF discount
     164,089       -  
Loan from shareholders
     -       12,100  
Warrant liability
     13,402          
Deferred revenue
     1,461       -  
Total current liabilities
     436,264       14,122  
                 
Total long-term liabilities
     -       -  
                 
Total liabilities
     436,264       14,122  
                 
Stockholders' (deficit) equity
                
Common stock, $.001 par value; 300,000,000 shares authorized, 31,923,750 and 262,500,000 shares
  issued and outstanding as of December 31, 2011 and December 31, 2010
     31,924       262,500  
Additional paid-in capital
     2,129,536       615,982  
Retained earnings (deficit)
     (2,576,469 )     (892,604 )
Total stockholders' (deficit)
     (415,009 )     (14,122 )
                 
 Total liabilities and stockholders' (deficit) equity
   $ 21,255     $ -  
 
 
 
 
See accompanying notes to condensed consolidated financial statements
 
 
F-3
 
 
EXPLORE ANYWHERE HOLDING CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
 

   
For the Year Ended December 31,
  
   
2011
    
2010
  
   
(Audited)
    
(Audited)
  
   
(RESTATED)
        
             
Revenues
   $ 6,007     $ -  
Cost of sales
     -       -  
                 
Gross profit
     6,007       -  
                 
Operating Expenses
                
Research and development
     85,857       -  
Sales and marketing
     23,671       -  
General and administrative
     1,509,070       15,616  
Total operating expenses
     1,618,598       15,616  
                 
Loss from operations
     (1,612,591 )     (15,616 )
                 
Interest income (expense)
                
Interest income (expense)
     (71,274 )     -  
Other income (expense)
     -       73,291  
Total interest income (expense)
     (71,274 )     73,291  
                 
Income (loss) before income taxes
     (1,683,865 )     57,675  
                 
Provision for income taxes
     -       -  
                 
Net income (loss)
   $ (1,683,865 )   $ 57,675  
                 
                 
Basic
   $ (0.03 )   $ 0.00  
                 
Weighted average number of shares outstanding
     56,596,469       262,500,000  
 
 
 
 
See accompanying notes to condensed consolidated financial statements
 
 
F-4
 
 
EXPLORE ANYWHERE HOLDING CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
 
 

   
For the Year Ended December 31,
  
   
2011
    
2010
  
   
(Audited)
    
(Audited)
  
   
(RESTATED)
        
Cash flows from operating activities
            
Net Income
   $ (1,683,865 )   $ 57,675  
Adjustments to reconcile net income to net cash used by operating activities:
                
Depreciation
     3,858       -  
Loan forgiven by shareholder
     -       (73,291 )
Amortization of debt discount in connection with the issuance of convertible notes
     -          
Interest expense associated with beneficial conversion feature
     93,815       -  
Impairment loss on acquisition related intangible assets
     20,000       -  
Impairment loss on goodwill
     1,321,884       -  
Fair value of common stock warrants
     13,402       -  
Changes in operating assets and liabilities:
                
Accounts payable
     41,602       2,022  
Accrued expense and other liabilities
     (11,220 )     -  
Accrued Interest
     18,343       -  
Deferred Revenue
     1,461       -  
Net cash used by operating activities
     (180,720 )     (13,594 )
                 
Cash flows from investing activities
                
Equipment purchases
     -          
Intangible acquisition
     -          
Net cash provided (used) by investing activities
     -       -  
                 
Cash flows from financing activities
                
Loan(s) from outside lenders
     115,750       12,100  
Repayment of shareholders loan
     (12,100 )     -  
Convertible Notes payable
     80,000       -  
Net cash provided by financing activities
     183,650       12,100  
                 
Net change in cash and cash equivalent
     2,930       (1,494 )
                 
Cash and cash equivalent at the beginning of year
     -       1,494  
                 
Cash and cash equivalent at the end of year
   $ 2,930     $ -  
                 
Supplemental disclosures of cash flow Information:
                
Cash Paid for Interest
   $ -     $ -  
                 
Supplemental disclosure of non-cash investing and financing activities:
                
Forgiven note payable related to the transfer of common stock
   $ -     $ 73,291  
 
 
 
 
See accompanying notes to condensed consolidated financial statements

 
F-5
 
 

EXPLORE ANYWHERE HOLDING CORPORATION
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2011
 
 
    Common Stock                          
 
 
  
Shares
    
Amount
    
Additional
Paid-In Capital
    
Retained
Earnings
    
Other
Comprehensive
Income (loss)
    
Total
Stockholders’
Equity
  
                                     
Beginning balance at 12/31/10 - RESTATED
     262,500,000     $ 262,500     $ 615,982     $ (892,604 )   $ -     $ (14,122 )
                                                 
Net Income (Loss)
                             (1,683,865 )             (1,683,865 )
                                                 
Retirement of common stock at acquisition in Feb 2011.
     (233,190,250 )     (233,190 )     233,190                       0  
                                                 
Issuance of common stock for the purchase of Explore Anywhere in Feb. 2011
     2,614,000       2,614       1,160,638                       1,163,252  
                                                 
Common Stock Warrants issued in connection with convertible loans
                     119,726                       119,726  
                                                 
Ending balance at 12/31/11
     31,923,750     $ 31,924     $ 2,129,536     $ (2,576,469 )   $ -     $ (415,009 )

 
 
See accompanying notes to condensed consolidated financial statements
 
 
F-6
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011

NOTE A – DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business
Explore Anywhere, Inc., formerly known as ExploreAnywhere Software, LLC, is a privately held corporation incorporated in the state of Nevada, United States.  Originally founded in August of 2002, the Company specializes in computer monitoring solutions for parents, corporations, and educational facilities.

On November 6, 2007, the Company filed Articles of Conversion from ExploreAnywhere Software, LLC a New Hampshire Jurisdiction to ExploreAnywhere, Inc. a Nevada Corporation.  A plan of conversion has been adopted by the constituent entity in compliance with law of the Jurisdiction governing the constituent entity.

On December 20, 2010, the Company entered into a Share Exchange Agreement with Explore Anywhere Holding Corporation (formerly known as PorFavor Corporation) a publicly traded Nevada Corporation, whereby Explore Anywhere Holding Corporation will acquire from the Shareholders all the issued and outstanding shares of ExploreAnywhere, Inc. in exchange for 2,613,750 shares of Explore Anywhere Holding Corporation’s common stock.  On February 4, 2011, the Company completed this transaction, and the Company became a wholly-owned subsidiary of Explore Anywhere Holding Corporation. Explore Anywhere Holding Corporation filed the Company’s last two fiscal years of audited financial statements and pro forma financial statement showing the effects of the acquisition and other information regarding the Company on Form 8-K.
 
Business Combination
On February 4, 2011, Explore Anywhere Holding Corporation (formerly known as PorFavor Corporation), or the Company, a Nevada corporation (Pink Sheets: PFVR.PK - News), completed the acquisition of the assets, including the website, intellectual property, core technologies such as IP, R&D, and customer relations, etc and assumed the liabilities from Explore Anywhere, Inc.  In connection with the acquisition, the Company issued 2,613,750 shares of its common stock, with a fair market value of $1,163,119.  For details of the acquisition refer to Note D on “Business Combinations,” of Notes to Consolidated Financial Statements below for detail.

Effective February 9, 2011, the Board of Directors elected Mr. Oliver Nelson as CEO of the Company.

Basis of Consolidation and Presentation
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 at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.  Certain information and footnote disclosures normally included in financial statements

 
F-7
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011

prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These Condensed Consolidated Financial Statements should be read in conjunction with the stand alone Financial Statements and the notes thereto, of ExploreAnywhere Holding Corp for the year ended December 31, 2010.

Use of Estimates
The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates.

Revenue Recognition
For internet sales, the Company recognizes revenue upon the online distribution of products to customers.  There is no technical support or warranty associated with the sale of its online software.  If customers have any problems with its software that cannot be easily resolved, the Company will fully refund the price. For retail sales, the Company recognizes revenue upon the shipment of products to retailer and records provisions for discounts to customers based on the terms of sale in the same period in which the related sales are recorded.

Property and Equipment
Property and equipment are carried at cost, less accumulated depreciation and amortization. Major improvements are capitalized, while repair and maintenance are expensed when incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period.

Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are:
 
   
Estimated
   
Useful Lives
     
Office Equipment
  
5-10 years
Furniture
  
5-7 years
Shop tools
  
5-7 years
Vehicles
  
5-10 years

For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. For book purposes, depreciation is computed under the straight-line method.
 
Goodwill and acquisition related intangible assets
 
The Company allocates the purchase price of acquired companies to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. Such allocations require management to make significant estimates and assumptions, especially with respect to intangible assets.
 
The Company reviews the carrying values of long-lived assets whenever events and circumstances, such as reductions in demand, lower projections of profitability, significant changes in the manner of our use of acquired assets, or significant negative industry or economic trends, indicate that the net book value of an asset may not be recovered through expected undiscounted future cash flows from its use and eventual disposition. If this review indicates that there is impairment, the impaired asset is written down to its fair value, which is typically calculated using: (i) quoted market prices and/or (ii) discounted expected future cash
 
 
F-8
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011
 
 
flows. The Company estimates regarding future anticipated revenue and cash flows, the remaining economic life of the products and technologies, or both, may differ from those used to assess the recoverability of assets. In that event, impairment charges or shortened useful lives of certain long-lived assets may be required, resulting in a reduction in net income or an increase to net loss in the period when such determinations are made.
 
Critical estimates in valuing certain intangible assets include, but are not limited to: future expected cash flows from customer contracts, customer lists, distribution agreements, and acquired developed technologies and patents and the expected costs to develop the in-process research and development into commercially viable products and estimating cash flows from the projects when completed. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable.

During the quarter ended March 31, 2011, management recognized that the existing core technology that the Company purchased from ExploreAnywhere, Inc. in February 2011 was not designed to be used in newly evolving major Internet applications such as Facebook, Twitter, and others. Moreover, its competitors have many more features than the existing software developed by ExploreAnywhere, Inc.  Also, some of the Company’s new software products, currently under development, were not yet ready for market and had missed expected software release dates. The company did release two important new software applications on November 5, 2011: Keylogger PRO 2012 and Spybuddy(R).   However, since, for additional planned products, there is no certainty or guarantee that development can be completed or that there will be market acceptance if ever completed, no value can be attributed to these new products under development.  As a result, the management recognized that the existing software has highly limited potential for future revenues and that no value can be attributed to the new products under development because there is no certainty or guarantee that development can be completed or that there will be market acceptance if ever completed.  The Company recognized a $20,000 “Impairment loss on acquisition-related intangible assets” under Selling, general and administrative in the Consolidated Statement of Operations For the quarter ended March 31, 2011.

The Company acquired the goodwill in February 2011 in the amount of $1,321,884 related to the acquisition of the business from ExploreAnywhere, Inc. Refer to Note E “Business Combination” of the Notes to Consolidated Financial Statements for details.

Goodwill is measured and tested for impairment on a quarterly basis in the fourth quarter of each year in accordance with the Accounting Standards Codification No. 350 (“ASC 350”), Intangibles–Goodwill and Other, or more frequently if we believe indicators of impairment exist. Triggering events for impairment reviews may include adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in market capitalization. The performance of the test involves a two-step process. The first step requires comparing the fair value of the each of our reporting units to its net book value, including goodwill. The Company has one reporting unit. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair values of the reporting unit’s net assets other than goodwill to the fair value of the reporting unit and if the difference is less than the net book value of goodwill, impairment exists and is recorded.

 
F-9
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011

During the quarter year ended March 31, 2011, the Company evaluated the viability of the software developed by ExploreAnywhere, Inc. The Company’s decision to recognize only nominal value as to the existing software developed by ExploreAnywhere, Inc. due to the non-competitive in the market, lack of demands, not designed for use in major Internet applications such as Facebook, Twitter and others. Furthermore, management recognized that no future value or revenues are certain or can be guaranteed to be attributed from the software being currently developed by ExploreAnywhere, Inc. The Company considered this change as a triggering event and performed an interim impairment test of goodwill in accordance with ASC 350 as of March 31, 2011.

Based on the results of the first step of the goodwill analysis, it was determined that ExploreAnywhere, Inc.’s net book value exceeded its estimated fair value as there is only highly limited potential for future revenue generated from the ExploreAnywhere, Inc.’s software. As a result, the Company performed the second step of the impairment test to determine the implied fair value of goodwill. Under step two, the difference between the estimated fair value of ExploreAnywhere, Inc. and the sum of the fair value of the identified net assets results in the residual value of goodwill. The results of step two of the goodwill analysis indicated that there would be no remaining implied value attributable to goodwill and accordingly, the Company wrote off the $1,276,587 million goodwill at ExploreAnywhere, Inc. and recognized a goodwill impairment charge of $1,276,587 million under “Goodwill impairment” in the Consolidated Statements of Operations for the quarter ended March 31, 2011.  Moreover, during the quarter ended June 30, 2011 and September 30, 2011, the Company again evaluated the fair market value of its goodwill and decided to write off $23,297 and $22,000 of goodwill, respectively as "Impairment of goodwill" under general and administrative expense because the products related to that goodwill are out-of-date and will likely produce only minimal future sales.  As of December 31, 2011, the entire $1,321,884 goodwill has been written off as “Impairment of goodwill” under general and administrative expense.

Cash and Cash Equivalents
Cash and cash equivalents include highly liquid investments, primarily money market mutual funds, with maturities of nine months or less at the time of purchase.

Accounts Receivable
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of the Company’s customers to make payments.  The Company periodically reviews these allowances, including an analysis of the customers’ payment history and information regarding the customers’ creditworthiness. There is no Accounts Receivable as of December 31, 2011.

Allowance for Doubtful Accounts
The Company maintains allowances for doubtful accounts relating to estimated losses resulting from customers being unable to make required payments.  Allowances for doubtful accounts are based on historical experience and known factors regarding specific customers and the industries in which those customers operate.  If the financial condition of the Company’s customers were to deteriorate, resulting in their ability to make payments being impaired, additional allowances would be required.

Fair Value of Financial Instruments
The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable and accounts payable.  The Company believes that the recorded values of all of our other financial instruments approximate their fair values because of their nature and respective maturity dates or durations. The fair value of our long-term debt is determined by using estimated market prices. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows:
 
 
F-10
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011

Level 1: Inputs are based on quoted market prices for identical assets or liabilities in active markets at the measurement date.

Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and/or quoted prices for identical or similar assets or liabilities in markets that are not active near the measurement date.

Level 3: Inputs include management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation.

The fair value of the majority of our cash equivalents was determined based on “Level 1” inputs. The Company does not have any marketable securities in the “Level 2” and “Level 3” category. The Company believes that the recorded values of all our other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions.

Inventory
Inventories are computed using the lower of cost or market, which approximates actual cost on a first-in-first-out basis. The Company writes down its inventory value for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. These factors are impacted by market and economic conditions, technology changes, new product introductions and changes in strategic direction and require estimates that may include uncertain elements. Actual demand may differ from forecasted demand, and such differences may have a material effect on recorded inventory values. There was no inventory as of December 31, 2011.

Cost of Goods Sold
Cost of Goods Sold includes all software consulting costs, packaging & cases, licensing, and customer charge back, and those indirect costs related to software production. Selling, general and administrative costs are charged to expense as incurred.

Advertising
Advertising expenses are recorded as general and administrative expenses as incurred. These expenses amounted to $9,749 for the year ended December 31, 2011.


 
F-11
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011

Research and Development
The Company starts to capitalize any development or programmer fees according to ASC 985-20 when the software development stage reaches the feasibility period.  For the year ended December 31, 2011, the Company incurred $85,857 as software development under Research and Development as the product has not passed the feasibility period, all the software related development cost need to be expensed.

Stockholders’ Equity
The Company had authorized three hundred million (300,000,000) shares of common stock with a par value of $0.001 and 31,923,750 shares of common stock have been issued and total outstanding as of December 31, 2011. See Note I, “Common Stock” of Notes to Consolidated Financial Statements for detail.

Warrant Liabilities
The Company has issued warrants to purchase shares of its common stock in connection with convertible notes. The Company records a debt discount related to the warrants upon issuance, and amortizes this debt discount over the life of the notes. In addition, the Company re-measures the warrants at each reporting period to record their fair value.  See Note H, “Notes Payable” of Notes to Consolidated Financial Statements for detail.

Income Taxes
The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes.

Net Income (loss) per Share
Basic net income (loss) per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the reporting period. Diluted net income (loss) per share is computed by dividing net income by the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted average number of shares of common stock outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of an option, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in capital, if any, when the option is exercised are assumed to be used to repurchase shares in the current period.

Reclassifications
Certain financial statement items have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on previously reported net loss.

Litigation and Settlement Costs
Legal costs are expensed as incurred. We record a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and (ii) accrue the best estimate within a range of loss if there is a loss or, when there is no amount within a range that forms a better estimate, we will accrue the minimum amount in the range. We are not presently involved in any legal proceedings, litigation or other legal actions.

 
F-12
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011

Recently Issued Accounting Pronouncements
 
In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS”.  The amendment results in a consistent definition of fair value and ensures the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards (“IFRS”). This amendment changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This amendment will be effective for the Company on January 1, 2012. Based on current operations, the adoption is not expected to have a material effect on our consolidated financial position or results of operations.
 
 
In June 2011, the Financial Accounting Standards Board (“FASB”) issued ASU 2011-05, “Comprehensive Income (Topic 220), and Presentation of Comprehensive Income”.  ASU 2011-05 amends the presentation of other comprehensive income and the Statement of Consolidated Operations. Under this amendment, entities will be required to present the total of comprehensive income, the components of net income,  and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Regardless of which reporting option is selected, the Company is required to present on the face of the financial statements, reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented.   The current option to report other comprehensive income and its components in the statement of changes in equity has been eliminated. This amendment will be effective for the Company on January 1, 2012 and full retrospective application is required. We do not anticipate that this amendment will have a material impact on our financial statements.
 
 
Effecting certain sections covered under ASU 2011-05,  in December, 2011, the FASB issued ASU 2011-12, “Comprehensive Income (Topic 220)”, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in ASU 2011-05”.  The pronouncement is effective for fiscal years and interim periods beginning January 1, 2012 with retrospective application for all comparative periods presented.  The Company’s adoption of the new standard is not expected to have a material effect on our consolidated financial position or results of operations.
 
In September 2011, the Financial Accounting Standards Board (“FASB”) issued ASU 2011-08, “Intangibles – Goodwill and Other (Topic 350), Testing Goodwill for Impairment”.  ASU 2011-08 amends the required annual impairment testing of goodwill by providing an entity an option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.  If, after assessing the totality of events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test under Topic 350-24 and Topic 350-20-35-9 is unnecessary.  However, if an entity concludes otherwise, then it is required to perform the impairment testing under Topic 350-24 by calculating the fair value of the reporting unit and comparing the results with the carrying amount.  If the fair value exceeds the carrying amount, then the entity must perform the second step test of measuring the amount of the impairment test under Topic 350-20-35-9.

 
F-13
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011

An entity has the option to bypass the qualitative assessment and proceed directly to the two step goodwill impairment test.  Additionally, the entity has the option to resume with the qualitative testing in any subsequent period.  The amendment will be effective for the Company on January 1, 2012. Based on current operations, the adoption is not expected to have a material effect on our consolidated financial position or results of operations.

In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities”.  The guidance in this update requires us to disclose information about offsetting and related arrangements to enable users of our financial statements to understand the effect of those arrangements on our financial position.  The pronouncement is effective for fiscal years and interim periods beginning on or after January 1, 2013 with retrospective application for all comparative periods presented.  Our adoption of the new standard is not expected to have a material effect on our consolidated financial position or results of operations.

NOTE B - BALANCE SHEET COMPONENTS

The following table provides details of selected balance sheet components:

PROPERTY AND EQUIPMENT:

The carrying values of fixed assets as of December 31, 2011 were as follows:

Office Equipment
   $ 6,155  
Furniture and Fixtures
     38,027  
      44,182  
Less Adjustments and Depreciation
        
Accumulated Depreciation
     (25,858 )
Fixed assets, net of depreciation
   $ 18,325  

Depreciation expense is $3,858 for the year ended December 31, 2011.

NOTE C - FAIR VALUE MEASUREMENTS

The Company follows applicable accounting guidance for its fair value measurements. The guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data substantially for the full term of the assets or liabilities.

Level 3 — Unobservable inputs to the valuation methodology that is significant to the measurement of fair value of assets or liabilities.

Determination of fair value

Cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Assets Measured at Fair Value on a Recurring Basis
 
As of December 31, 2011, none of the Company’s cash balances were invested in financial instruments. The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments as of December 31, 2011:
 
  As of December 31, 2011
 
Fair Value
    
Level 1
Level 2
Level 3
                 
Cash and cash equivalents:
                
Cash (1)
   $ 2,930     $ 2,930      

(1) Included in Cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets.
 
Cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include money market securities. The Company reviewed its financial and non-financial assets and liabilities for the year ended December 31, 2011 and concluded that there were no material impairment charges during each of these periods.

NOTE D - BUSINESS COMBINATIONS
 
Business Combination
 
On February 4, 2011, the Company acquired ExploreAnywhere, Inc., a privately-held company based in Kingston, NH that designed and developed a software monitoring product (“Spybuddy”), which can be used in the fourth quarter of 2011.  The acquisition of Explore is expected to expand and enhance the Company to increase the market share of the monitoring software sector. In connection with the acquisition, the Company issued 2,613,750 shares of its common stock at $0.445, representing 100% of its outstanding common stock, for a total purchase price of approximately $1,163,120. The goodwill from the acquisition is deductible for tax purposes. The purchase price was allocated to tangible and intangible assets and liabilities assumed, based on their estimated fair values as follows:

 
F-14
 
EXPLORE ANYWHERE HOLDING CORP.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2011

 

Tangible assets
  
 $
22,183
  
Goodwill
  
  
1,321,884
  
Intangible assets
  
  
20,000
  
Liabilities assumed
  
  
    (200,947)
  
 
  
      
 
  
 $
1,163,120
  
 
The unaudited pro forma financial information in the table below summarizes the combined results of operations for the Company and ExploreAnywhere as though the companies were combined as of the beginning of year 2011. The pro forma financial information for all periods presented also includes the business combination accounting effects resulting from the acquisition, including amortization charges from acquired intangible assets, adjustments to interest expenses for certain borrowings and exclusion of acquisition-related expenses and the related tax effects as though the companies were combined as of the beginning of the year 2011. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the year 2011.
 

 
F-15
 


 
 EX-31.1 2 ex31-1.htm ex31-1.htm
Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Section 302 Certification

I, Bryan Hammond, certify that:

1.  
I have reviewed this annual report on Form 10-K/A of Explore Anywhere Holding Corp. for the year ended December 31, 2011.

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

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

4.  
 I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

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

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

c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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;

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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
I have disclosed, based on my 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 function):

a)  
All significant deficiencies in the design of  operation of internal controls which would adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weakness in internal controls; and

b)  
 Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.
 

 
Date: May 18, 2012
/s/ Bryan Hammond
 
Bryan Hammond
 
President, Principal Executive Officer
 
 


 
 
 
EX-31.2 3 ex31-2.htm ex31-2.htm

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
Section 302 Certification

I, Khris Thetsy, certify that:

1.  
I have reviewed this annual report on Form 10-K/A of Explore Anywhere Holding Corp. for the year ended December 31, 2011.

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

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

4.  
 I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

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

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

c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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;

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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
I have disclosed, based on my 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 function):

a)  
All significant deficiencies in the design of  operation of internal controls which would adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weakness in internal controls; and

b)  
 Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.
   
   
   
   
Date: May 18, 2012
/s/ Khris Thetsy
 
Khris Thetsy
 
CFO, Principal Financial Officer and Principal Accounting Officer

 
 
 
 
EX-32.1 4 ex32-1.htm ex32-1.htm
Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


              In connection with the Annual Report of Explore Anywhere Holding Corp. ("Company") on Form 10-K/A for the year ended December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bryan Hammond, President (Principal Executive Officer) and Director of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

   The Report fully complies with the requirements of Section 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 18, 2012
/s/ Bryan Hammond
 
Bryan Hammond
 
President, Principal Executive Officer
 
 
 

 
 
 
EX-32.2 5 ex32-2.htm ex32-2.htm
Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


              In connection with the Annual Report of Explore Anywhere Holding Corp.  ("Company") on Form 10-K/A for the year ended December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Khris Thetsy, Chief Financial Officer (Principal Financial and Accounting Officer), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

  The Report fully complies with the requirements of Section 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 18, 2012
/s/ Khris Thetsy
 
Khris Thetsy
 
Chief Financial Officer (Principal Financial and Principal Accounting Officer)


 
 
 

EX-101.INS 6 eahc-20111231.xml <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company is filing this Amendment to its Form 10-K for the fiscal year ended December 31, 2011, because it realized that it had inadvertently omitted the convertibility feature that pertains to some of its outstanding promissory notes. Conversion of these notes, which is the noteholder&#39;s sole election, would cause the issuance of a significant number of shares of the Company&#39;s common stock, causing potential dilution to the Company&#39;s existing shareholders. The Company believed that it was in the best interests of its shareholders and the public to make clear the fact that such notes are convertible by amending its annual report.&nbsp;</div> <!--EndFragment--></div> </div> true --12-31 FY 2011 2011-12-31 10-K 0001424328 31923750 Yes Smaller Reporting Company 17423750 EXPLORE ANYWHERE HOLDING CORP No No 82154 2022 2129536 615982 119726 119726 21255 2930 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> NOTE D - BUSINESS COMBINATIONS</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Business Combination</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> On February 4, 2011, the Company acquired ExploreAnywhere, Inc., a privately-held company based in Kingston, NH that designed and developed a software monitoring product <font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">("Spybuddy"), which can be used in the fourth quarter of 2011.&nbsp;&nbsp;The acquisition of Explore is expected to expand and enhance the Company to increase the market share of the monitoring software sector. In connection with the acquisition, the Company issued 2,613,750 shares of its common stock at $0.445, representing 100% of</font> its outstanding common stock, for a total purchase price of approximately $1,163,120. The goodwill from the acquisition is deductible for tax purposes. The purchase price was allocated to tangible and intangible assets and liabilities assumed, based on their estimated fair values as follows:</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="text-align: left"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt" cellspacing="0" cellpadding="0" width="100%"> <tr bgcolor="#cceeff"> <td valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: -18pt"> Tangible assets</div> </td> <td valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> <td valign="top" width="1%" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> $</td> <td valign="top" width="9%" align="right"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: right; TEXT-INDENT: 0pt"> 22,183</div> </td> <td valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> </tr> <tr bgcolor="white"> <td valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: -18pt"> Goodwill</div> </td> <td valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> <td valign="top" width="1%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="top" width="9%" align="right"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: right; TEXT-INDENT: 0pt"> 1,321,884</div> </td> <td valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: -18pt"> Intangible assets</div> </td> <td valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> <td valign="top" width="1%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="top" width="9%" align="right"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: right; TEXT-INDENT: 0pt"> 20,000</div> </td> <td valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: -18pt"> Liabilities assumed</div> </td> <td style="PADDING-BOTTOM: 2px" valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="top" width="1%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="top" width="9%" align="right"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: right; TEXT-INDENT: 0pt"> &nbsp;&nbsp;&nbsp;&nbsp;(200,947)</div> </td> <td style="PADDING-BOTTOM: 2px" valign="top" width="1%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> <td valign="top" width="1%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="top" width="9%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="top" width="1%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="PADDING-BOTTOM: 4px" valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt" valign="top" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double" valign="top" width="9%" align="right"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: right; TEXT-INDENT: 0pt"> 1,163,120</div> </td> <td style="PADDING-BOTTOM: 4px" valign="top" width="1%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;&nbsp;</div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The unaudited pro forma financial information in the table below summarizes the combined results of operations for the Company and ExploreAnywhere as though the companies were combined as of the beginning of year 2011. The pro forma financial information for all periods presented also includes the business combination accounting effects resulting from the acquisition, including amortization charges from acquired intangible assets, adjustments to interest expenses for certain borrowings and exclusion of acquisition-related expenses and the related tax effects as though the companies were combined as of the beginning of the year 2011. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the year 2011.</div> <!--EndFragment--></div> </div> 2930 1494 2930 -1494 0.001 0.001 300000000 300000000 31923750 262500000 31923750 262500000 31923750 262500000 31924 262500 164089 -73291 1461 3858 -0.03 0.0 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> NOTE C - FAIR VALUE MEASUREMENTS</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company follows applicable accounting guidance for its fair value measurements. The guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument&#39;s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The guidance establishes three levels of inputs that may be used to measure fair value:</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> <font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 1</font> - Quoted prices in active markets for identical assets or liabilities.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> <font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 2</font> - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data substantially for the full term of the assets or liabilities.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> <font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 3</font> - Unobservable inputs to the valuation methodology that is significant to the measurement of fair value of assets or liabilities.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Determination of fair value</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Assets Measured at Fair Value on a Recurring Basis</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> As of December 31, 2011, none of the Company&#39;s cash balances were invested in financial instruments. The following table presents the Company&#39;s financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments as of December 31, 2011:</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block">&nbsp;</div> <div> <div style="text-align: left"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" width="11%" colspan="10">As of December 31, 2011</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="11%" colspan="3"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Fair Value</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="11%" colspan="3"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Level 1</div> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Level 2</div> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Level 3</div> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="48%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="10%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="10%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="white"> <td valign="bottom" width="48%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: -18pt"> Cash and cash equivalents:</div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="10%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="10%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="48%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: -18pt"> Cash (1)</div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: right" valign="bottom" width="9%">2,930</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: right" valign="bottom" width="9%">2,930</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"> (1) Included in Cash and cash equivalents on the Company&#39;s Condensed Consolidated Balance Sheets.</font></div> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include money market securities. The Company reviewed its financial and non-financial assets and liabilities for the year ended December 31, 2011 and concluded that there were no material impairment charges during each of these periods.</div> <!--EndFragment--></div> </div> 1509070 15616 1321884 6007 20000 -1683865 57675 41602 2022 -11220 1461 18343 71274 34408 436264 14122 21255 436264 14122 140750 183650 12100 -180720 -13594 -1683865 57675 -1683865 -71274 73291 12100 1618598 15616 -1612591 -15616 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> NOTE A - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Business</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Explore Anywhere, Inc., formerly known as ExploreAnywhere Software, LLC, is a privately held corporation incorporated in the state of Nevada, United States.&nbsp;&nbsp;Originally founded in August of 2002, the Company specializes in computer monitoring solutions for parents, corporations, and educational facilities.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> On November 6, 2007, the Company filed Articles of Conversion from ExploreAnywhere Software, LLC a New Hampshire Jurisdiction to ExploreAnywhere, Inc. a Nevada Corporation.&nbsp;&nbsp;A plan of conversion has been adopted by the constituent entity in compliance with law of the Jurisdiction governing the constituent entity.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> On December 20, 2010, the Company entered into a Share Exchange Agreement with Explore Anywhere Holding Corporation (formerly known as PorFavor Corporation) a publicly traded Nevada Corporation, whereby Explore Anywhere Holding Corporation will acquire from the Shareholders all the issued and outstanding shares of ExploreAnywhere, Inc. in exchange for 2,613,750 shares of Explore Anywhere Holding Corporation&#39;s common stock.&nbsp; On February 4, 2011, the Company completed this transaction, and the Company became a wholly-owned subsidiary of Explore Anywhere Holding Corporation. Explore Anywhere Holding Corporation filed the Company&#39;s last two fiscal years of audited financial statements and pro forma financial statement showing the effects of the acquisition and other information regarding the Company on Form 8-K.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Business Combination</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> On February 4, 2011, Explore Anywhere Holding Corporation (formerly known as PorFavor Corporation), or the Company, a Nevada corporation (Pink Sheets: PFVR.PK - News), completed the acquisition of the assets, including the website, intellectual property, core technologies such as IP, R&amp;D, and customer relations, etc and assumed the liabilities from Explore Anywhere, Inc.&nbsp;&nbsp;In connection with the acquisition, the Company issued 2,613,750 shares of its common stock, with a fair market value of $1,163,119.&nbsp;&nbsp;For details of the acquisition refer to Note D on "Business Combinations," of Notes to Consolidated Financial Statements below for detail.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Effective February 9, 2011, the Board of Directors elected Mr. Oliver Nelson as CEO of the Company.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Basis of Consolidation and Presentation</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> 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 at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company&#39;s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.&nbsp;&nbsp;Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These Condensed Consolidated Financial Statements should be read in conjunction with the stand alone Financial Statements and the notes thereto, of ExploreAnywhere Holding Corp for the year ended December 31, 2010.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Use of Estimates</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Revenue Recognition</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> For internet sales, the Company recognizes revenue upon the online distribution of products to customers.&nbsp;&nbsp;There is no technical support or warranty associated with the sale of its online software.&nbsp;&nbsp;If customers have any problems with its software that cannot be easily resolved, the Company will fully refund the price. For retail sales, the Company recognizes revenue upon the shipment of products to retailer and records provisions for discounts to customers based on the terms of sale in the same period in which the related sales are recorded.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Property and Equipment</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Property and equipment are carried at cost, less accumulated depreciation and amortization. Major improvements are capitalized, while repair and maintenance are expensed when incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are:</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &nbsp;</div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="bottom" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="27%"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Estimated</div> </td> </tr> <tr> <td valign="bottom" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="27%"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Useful Lives</div> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top" width="28%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="white"> <td valign="top" width="28%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Office Equipment</div> </td> <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="27%"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 5-10 years</div> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top" width="28%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Furniture</div> </td> <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="27%"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 5-7 years</div> </td> </tr> <tr bgcolor="white"> <td valign="top" width="28%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Shop tools</div> </td> <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="27%"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 5-7 years</div> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top" width="28%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Vehicles</div> </td> <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="27%"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 5-10 years</div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"> For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. For book purposes, depreciation is computed under the straight-line method.</font></div> </div> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Goodwill and acquisition related intangible assets</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company allocates the purchase price of acquired companies to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. Such allocations require management to make significant estimates and assumptions, especially with respect to intangible assets.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company reviews the carrying values of long-lived assets whenever events and circumstances, such as reductions in demand, lower projections of profitability, significant changes in the manner of our use of acquired assets, or significant negative industry or economic trends, indicate that the net book value of an asset may not be recovered through expected undiscounted future cash flows from its use and eventual disposition. If this review indicates that there is impairment, the impaired asset is written down to its fair value, which is typically calculated using: (i)&nbsp;quoted market prices and/or (ii)&nbsp;discounted expected future cash flows. The Company estimates regarding future anticipated revenue and cash flows, the remaining economic life of the products and technologies, or both, may differ from those used to assess the recoverability of assets. In that event, impairment charges or shortened useful lives of certain long-lived assets may be required, resulting in a reduction in net income or an increase to net loss in the period when such determinations are made.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Critical estimates in valuing certain intangible assets include, but are not limited to: future expected cash flows from customer contracts, customer lists, distribution agreements, and acquired developed technologies and patents and the expected costs to develop the in-process research and development into commercially viable products and estimating cash flows from the projects when completed. Management&#39;s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> During the quarter ended March 31, 2011, management recognized that the existing core technology that the Company purchased from ExploreAnywhere, Inc. in February 2011 was not designed to be used in newly evolving major Internet applications such as Facebook, Twitter, and others. Moreover, its competitors have many more features than the existing software developed by ExploreAnywhere, Inc.&nbsp;&nbsp;Also, some of the Company&#39;s new software products, currently under development, were not yet ready for market and had missed expected software release dates. The company did release two important new software applications on November 5, 2011: Keylogger PRO 2012 and Spybuddy(R).&nbsp;&nbsp;&nbsp;However, since, for additional planned products, there is no certainty or guarantee that development can be completed or that there will be market acceptance if ever completed, no value can be attributed to these new products under development.&nbsp;&nbsp;As a result, the management recognized that the existing software has highly limited potential for future revenues and that no value can be attributed to the new products under development because there is no certainty or guarantee that development can be completed or that there will be market acceptance if ever completed.&nbsp;&nbsp;The Company recognized a $20,000 "Impairment loss on acquisition-related intangible assets" under Selling, general and administrative in the Consolidated Statement of Operations For the quarter ended March 31, 2011.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company acquired the goodwill in February 2011 in the amount of $1,321,884 related to the acquisition of the business from ExploreAnywhere, Inc. Refer to Note E "Business Combination" of the Notes to Consolidated Financial Statements for details.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Goodwill is measured and tested for impairment on a quarterly basis in the fourth quarter of each year in accordance with the Accounting Standards Codification No.&nbsp;350 ("ASC 350"), Intangibles-Goodwill and Other, or more frequently if we believe indicators of impairment exist. Triggering events for impairment reviews may include adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in market capitalization. The performance of the test involves a two-step process. The first step requires comparing the fair value of the each of our reporting units to its net book value, including goodwill. The Company has one reporting unit. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair values of the reporting unit&#39;s net assets other than goodwill to the fair value of the reporting unit and if the difference is less than the net book value of goodwill, impairment exists and is recorded.</div> <div><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> During the quarter year ended March 31, 2011, the Company evaluated the viability of the software developed by ExploreAnywhere, Inc. The Company&#39;s decision to recognize only nominal value as to the existing software developed by ExploreAnywhere, Inc. due to the non-competitive in the market, lack of demands, not designed for use in major Internet applications such as Facebook, Twitter and others. Furthermore, management recognized that no future value or revenues are certain or can be guaranteed to be attributed from the software being currently developed by ExploreAnywhere, Inc. The Company considered this change as a triggering event and performed an interim impairment test of goodwill in accordance with ASC 350 as of March 31, 2011.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Based on the results of the first step of the goodwill analysis, it was determined that ExploreAnywhere, Inc.&#39;s net book value exceeded its estimated fair value as there is only highly limited potential for future revenue generated from the ExploreAnywhere, Inc.&#39;s software. As a result, the Company performed the second step of the impairment test to determine the implied fair value of goodwill. Under step two, the difference between the estimated fair value of ExploreAnywhere, Inc. and the sum of the fair value of the identified net assets results in the residual value of goodwill. The results of step two of the goodwill analysis indicated that there would be no remaining implied value attributable to goodwill and accordingly, the Company wrote off the $1,276,587 million goodwill at ExploreAnywhere, Inc. and recognized a goodwill impairment charge of $1,276,587 million under "Goodwill impairment" in the Consolidated Statements of Operations for the quarter ended March 31, 2011.&nbsp;&nbsp;Moreover, during the quarter ended June 30, 2011 and September 30, 2011, the Company again evaluated the fair market value of its goodwill and decided to write off $23,297 and $22,000 of goodwill, respectively as "Impairment of goodwill" under general and administrative expense because the products related to that goodwill are out-of-date and will likely produce only minimal future sales.&nbsp;&nbsp;As of December 31, 2011, the entire $1,321,884 goodwill has been written off as "Impairment of goodwill" under general and administrative expense.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Cash and Cash Equivalents</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Cash and cash equivalents include highly liquid investments, primarily money market mutual funds, with maturities of nine months or less at the time of purchase.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Accounts Receivable</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of the Company&#39;s customers to make payments.&nbsp;&nbsp;The Company periodically reviews these allowances, including an analysis of the customers&#39; payment history and information regarding the customers&#39; creditworthiness. There is no Accounts Receivable as of December 31, 2011.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Allowance for Doubtful Accounts</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company maintains allowances for doubtful accounts relating to estimated losses resulting from customers being unable to make required payments.&nbsp;&nbsp;Allowances for doubtful accounts are based on historical experience and known factors regarding specific customers and the industries in which those customers operate.&nbsp;&nbsp;If the financial condition of the Company&#39;s customers were to deteriorate, resulting in their ability to make payments being impaired, additional allowances would be required.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Fair Value of Financial Instruments</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Company&#39;s financial instruments consist principally of cash and cash equivalents, accounts receivable and accounts payable.&nbsp;&nbsp;The Company believes that the recorded values of all of our other financial instruments approximate their fair values because of their nature and respective maturity dates or durations. The fair value of our long-term debt is determined by using estimated market prices. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows:</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block">&nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline">Level 1</font>: Inputs are based on quoted market prices for identical assets or liabilities in active markets at the measurement date.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline">Level 2</font>: Inputs include quoted prices for similar assets or liabilities in active markets and/or quoted prices for identical or similar assets or liabilities in markets that are not active near the measurement date.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline">Level 3</font>: Inputs include management&#39;s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument&#39;s valuation.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The fair value of the majority of our cash equivalents was determined based on "Level 1" inputs. The Company does not have any marketable securities in the "Level 2" and "Level 3" category. The Company believes that the recorded values of all our other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Concentrations of Credit Risk</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Inventory</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.1pt; text-align: left; TEXT-INDENT: 0pt"> Inventories are computed using the lower of cost or market, which approximates actual cost on a first-in-first-out basis. The Company writes down its inventory value for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. These factors are impacted by market and economic conditions, technology changes, new product introductions and changes in strategic direction and require estimates that may include uncertain elements. Actual demand may differ from forecasted demand, and such differences may have a material effect on recorded inventory values. There was no inventory as of December 31, 2011.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Cost of Goods Sold</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Cost of Goods Sold includes all software consulting costs, packaging &amp; cases, licensing, and customer charge back, and those indirect costs related to software production. Selling, general and administrative costs are charged to expense as incurred.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Advertising</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Advertising expenses are recorded as general and administrative expenses as incurred. These expenses amounted to $9,749 for the year ended December 31, 2011.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Research and Development</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company starts to capitalize any development or programmer fees according to ASC 985-20 when the software development stage reaches the feasibility period.&nbsp;&nbsp;For the year ended December 31, 2011, the Company incurred $85,857 as software development under Research and Development as the product has not passed the feasibility period, all the software related development cost need to be expensed.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Stockholders&#39; Equity</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company had authorized three hundred million (300,000,000) shares of common stock with a par value of $0.001 and 31,923,750 shares of common stock have been issued and total outstanding as of December 31, 2011. See Note I, "Common Stock" of Notes to Consolidated Financial Statements for detail.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Warrant Liabilities</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company has issued warrants to purchase shares of its common stock in connection with convertible notes. The Company records a debt discount related to the warrants upon issuance, and amortizes this debt discount over the life of the notes. In addition, the Company re-measures the warrants at each reporting period to record their fair value.&nbsp;&nbsp;See Note H, "Notes Payable" of Notes to Consolidated Financial Statements for detail.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Income Taxes</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Net Income (loss)&nbsp;per Share</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Basic net income (loss)&nbsp;per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the reporting period. Diluted net income (loss)&nbsp;per share is computed by dividing net income by the combination of dilutive common share equivalents, comprised of shares issuable under the Company&#39;s stock-based compensation plans and the weighted average number of shares of common stock outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of an option, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in capital, if any, when the option is exercised are assumed to be used to repurchase shares in the current period.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Reclassifications</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Certain financial statement items have been reclassified to conform to the current year&#39;s presentation. These reclassifications had no impact on previously reported net loss.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Litigation and Settlement Costs</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Legal costs are expensed as incurred. We record a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i)&nbsp;information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and (ii)&nbsp;accrue the best estimate within a range of loss if there is a loss or, when<font style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;</font> there is no amount within a range that forms a better estimate, we will accrue the minimum amount in the range. We are not presently involved in any legal proceedings, litigation or other legal actions.</div> </div> <div><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Recently Issued Accounting Pronouncements</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS".&nbsp;&nbsp;The amendment results in a consistent definition of fair value and ensures the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards ("IFRS"). This amendment changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This amendment will be effective for the Company on January 1, 2012. Based on current operations, the adoption is not expected to have a material effect on our consolidated financial position or results of operations.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> In June 2011, the Financial Accounting Standards Board ("FASB") issued ASU 2011-05, "Comprehensive Income (Topic 220), and Presentation of Comprehensive Income".&nbsp;&nbsp;ASU 2011-05 amends the presentation of other comprehensive income and the Statement of Consolidated Operations. Under this amendment, entities will be required to present the total of comprehensive income, the components of net income,&nbsp;&nbsp;and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Regardless of which reporting option is selected, the Company is required to present on the face of the financial statements, reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented.&nbsp;&nbsp;&nbsp;The current option to report other comprehensive income and its components in the statement of changes in equity has been eliminated. This amendment will be effective for the Company on January 1, 2012 and full retrospective application is required. We do not anticipate that this amendment will have a material impact on our financial statements.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Effecting certain sections covered under ASU 2011-05,&nbsp;&nbsp;in December, 2011, the FASB issued ASU 2011-12, "Comprehensive Income (Topic 220)", Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in ASU 2011-05".&nbsp;&nbsp;The pronouncement is effective for fiscal years and interim periods beginning January 1, 2012 with retrospective application for all comparative periods presented.&nbsp;&nbsp;The Company&#39;s adoption of the new standard is not expected to have a material effect on our consolidated financial position or results of operations.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> In September 2011, the Financial Accounting Standards Board ("FASB") issued ASU 2011-08, "Intangibles - Goodwill and Other (Topic 350), Testing Goodwill for Impairment".&nbsp;&nbsp;ASU 2011-08 amends the required annual impairment testing of goodwill by providing an entity an option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.&nbsp;&nbsp;If, after assessing the totality of events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test under Topic 350-24 and Topic 350-20-35-9 is unnecessary.&nbsp;&nbsp;However, if an entity concludes otherwise, then it is required to perform the impairment testing under Topic 350-24 by calculating the fair value of the reporting unit and comparing the results with the carrying amount.&nbsp;&nbsp;If the fair value exceeds the carrying amount, then the entity must perform the second step test of measuring the amount of the impairment test under Topic 350-20-35-9.</div> <div><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> An entity has the option to bypass the qualitative assessment and proceed directly to the two step goodwill impairment test.&nbsp;&nbsp;Additionally, the entity has the option to resume with the qualitative testing in any subsequent period.&nbsp;&nbsp;The amendment will be effective for the Company on January 1, 2012. Based on current operations, the adoption is not expected to have a material effect on our consolidated financial position or results of operations.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> In December 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities".&nbsp;&nbsp;The guidance in this update requires us to disclose information about offsetting and related arrangements to enable users of our financial statements to understand the effect of those arrangements on our financial position.&nbsp;&nbsp;The pronouncement is effective for fiscal years and interim periods beginning on or after January 1, 2013 with retrospective application for all comparative periods presented.&nbsp;&nbsp;Our adoption of the new standard is not expected to have a material effect on our consolidated financial position or results of operations.</div> <!--EndFragment--></div> </div> 93815 73291 80000 115750 12100 18325 12100 85857 -2576469 -892604 6007 23671 13402 -415009 -14122 31924 262500 2129536 615982 -2576469 -892604 2614000 1160638 2614 1163252 233190250 -233190 233190 0 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> NOTE B - BALANCE SHEET COMPONENTS</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The following table provides details of selected balance sheet components:</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> PROPERTY AND EQUIPMENT:</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The carrying values of fixed assets as of December 31, 2011 were as follows:</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="text-align: left"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt" cellspacing="0" cellpadding="0" width="100%"> <tr bgcolor="#cceeff"> <td style="PADDING-LEFT: 1%" valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Office Equipment</div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: right" valign="bottom" width="9%">6,155</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%" valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Furniture and Fixtures</div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: right" valign="bottom" width="9%">38,027</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="#cceeff"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: right" valign="bottom" width="9%">44,182</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="white"> <td valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Less Adjustments and Depreciation</div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%" valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Accumulated Depreciation</div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="DISPLAY: inline">(</font><font style="DISPLAY: inline">2</font><font style="DISPLAY: inline">5,858</font></td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> </tr> <tr bgcolor="#cceeff"> <td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 1%" valign="bottom" width="88%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Fixed assets, net of depreciation</div> </td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="DISPLAY: inline">1</font><font style="DISPLAY: inline">8,325</font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"> &nbsp;</font> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"> Depreciation expense is $3,858 for the year ended December 31, 2011.</font></div> </div> <!--EndFragment--></div> </div> 13402 56596469 262500000 xbrli:shares ISO4217:USD ISO4217:USD xbrli:shares 0001424328 us-gaap:OtherComprehensiveIncomeMember 2011-01-01 2011-12-31 0001424328 us-gaap:RetainedEarningsMember 2011-01-01 2011-12-31 0001424328 us-gaap:AdditionalPaidInCapitalMember 2011-01-01 2011-12-31 0001424328 us-gaap:CommonStockMember 2011-01-01 2011-12-31 0001424328 2011-01-01 2011-12-31 0001424328 2010-01-01 2010-12-31 0001424328 2012-04-05 0001424328 us-gaap:OtherComprehensiveIncomeMember 2011-12-31 0001424328 us-gaap:RetainedEarningsMember 2011-12-31 0001424328 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0001424328 us-gaap:CommonStockMember 2011-12-31 0001424328 2011-12-31 0001424328 2011-06-30 0001424328 us-gaap:OtherComprehensiveIncomeMember 2010-12-31 0001424328 us-gaap:RetainedEarningsMember 2010-12-31 0001424328 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0001424328 us-gaap:CommonStockMember 2010-12-31 0001424328 2010-12-31 0001424328 2009-12-31 EX-101.SCH 7 eahc-20111231.xsd 102 - Disclosure - BALANCE SHEET COMPONENTS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 104 - Disclosure - BUSINESS COMBINATIONS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 002 - Statement - CONSOLIDATED BALANCE SHEET link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 003 - Statement - CONSOLIDATED BALANCE SHEET (Parenthetical) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 108 - Disclosure - COMMON STOCK link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 005 - Statement - CONSOLIDATED STATEMENT OF CASH FLOWS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 004 - Statement - CONSOLIDATED STATEMENT OF OPERATIONS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 001 - Document - Document and Entity Information link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 101 - Disclosure - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 103 - Disclosure - FAIR VALUE MEASUREMENTS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 109 - Disclosure - GOODWILL AND INTANGIBLE ASSETS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 111 - Disclosure - GOING CONCERN link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 105 - Disclosure - INCOME TAXES link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 107 - Disclosure - NOTES PAYABLE link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 106 - Disclosure - RELATED PARTY TRANSACTIONS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 006 - Statement - CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 110 - Disclosure - SEGMENT INFORMATION link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 112 - Disclosure - SUBSEQUENT EVENTS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink EX-101.CAL 8 eahc-20111231_cal.xml EX-101.DEF 9 eahc-20111231_def.xml EX-101.LAB 10 eahc-20111231_lab.xml Amendment Description Amendment Flag Current Fiscal Year End Date Document and Entity Information [Abstract] Document And Entity Information [Abstract]. 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Operating Expenses [Abstract] Operating Expenses Operating Income (Loss) Loss from operations Other Nonoperating Income (Expense) Other income (expense) Research and Development Expense Research and development Revenues Revenues Selling and Marketing Expense Sales and marketing Weighted Average Number of Shares Outstanding, Basic Weighted average number of shares outstanding Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash used by operating activities: Amortization of Debt Discount (Premium) Amortization of debt discount in connection with the issuance of convertible notes Cash and cash equivalent at the beginning of year Cash and cash equivalent at the end of year Cash and Cash Equivalents, Period Increase (Decrease) Net change in cash and cash equivalent Debt Instrument, Decrease, Forgiveness Loan forgiven by shareholder Forgiven note payable related to the transfer of common stock Depreciation Depreciation Goodwill, Impairment Loss Impairment loss on goodwill Impairment of Intangible Assets (Excluding Goodwill) Impairment loss on acquisition-related intangible assets Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities Accrued expense and other liabilities Increase (Decrease) in Deferred Revenue Deferred revenue Increase (Decrease) in Interest Payable, Net Accrued Interest Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Interest Paid Cash Paid for Interest Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities Net Cash Provided by (Used in) Investing Activities Net cash provided (used) by investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities Net Cash Provided by (Used in) Operating Activities Net cash used by operating activities Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities Net Income (Loss) Attributable to Parent Net Income Other Noncash Expense Interest expense associated with beneficial conversion feature Other Noncash Investing and Financing Items [Abstract] Supplemental disclosure of non-cash investing and financing activities: Payments to Acquire Intangible Assets Intangible acquisition Payments to Acquire Property, Plant, and Equipment Equipment purchases Proceeds from Convertible Debt Convertible Notes payable Proceeds from Issuance of Common Stock Issuance of common stock and warrants Proceeds from Notes Payable Loan(s) from outside lenders Repayments of Notes Payable Payment on notes payable, short term debt Repayments of Related Party Debt Repayment of shareholders loan Share-based Goods and Nonemployee Services Transaction, Expense Fair value of common stock warrants CONSOLIDATED STATEMENT OF CASH FLOWS [Abstract] Supplemental Cash Flow Information [Abstract] Supplemental disclosures of cash flow Information: DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BALANCE SHEET COMPONENTS [Abstract] Supplemental Balance Sheet Disclosures [Text Block] BALANCE SHEET COMPONENTS FAIR VALUE MEASUREMENTS [Abstract] Fair Value Disclosures [Text Block] FAIR VALUE MEASUREMENTS Business Combination Disclosure [Text Block] BUSINESS COMBINATIONS BUSINESS COMBINATIONS [Abstract] INCOME TAXES [Abstract] Income Tax Disclosure [Text Block] INCOME TAXES RELATED PARTY TRANSACTIONS [Abstract] Related Party Transactions Disclosure [Text Block] RELATED PARTY TRANSACTIONS NOTES PAYABLE [Abstract] Debt Disclosure [Text Block] NOTES PAYABLE COMMON STOCK [Abstract] Stockholders' Equity Note Disclosure [Text Block] COMMON STOCK GOODWILL AND INTANGIBLE ASSETS [Abstract] Goodwill and Intangible Assets Disclosure [Text Block] GOODWILL AND INTANGIBLE ASSETS SEGMENT INFORMATION [Abstract] Segment Reporting Disclosure [Text Block] SEGMENT INFORMATION GOING CONCERN [Abstract] Going Concern [Abstract]. Going Concern Note [Text Block] GOING CONCERN If 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. SUBSEQUENT EVENTS [Abstract] Subsequent Events [Text Block] SUBSEQUENT EVENTS Additional Paid In Capital [Member] Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt Record debt discount in connection with the issuance of convertible notes Adjustments to Additional Paid in Capital, Warrant Issued Common Stock Warrants issued in connection with convertible loans Common Stock [Member] Balance, shares Balance, shares Equity Component [Domain] Net Income (Loss) Other Comprehensive Income (Loss) [Member] Retained Earnings [Member] Statement, Equity Components [Axis] Statement [Line Items] CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY [Abstract] Statement [Table] Balance Balance Stock Issued During Period, Shares, Acquisitions Issuance of common stock for the purchase of Explore Anywhere in Feb. 2011, shares Stock Issued During Period, Value, Acquisitions Issuance of common stock for the purchase of Explore Anywhere in Feb. 2011 Stock Repurchased and Retired During Period, Shares Retirement of common stock at acquisition in Feb 2011, shares Stock Repurchased and Retired During Period, Value Retirement of common stock at acquisition in Feb 2011. 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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2011
FAIR VALUE MEASUREMENTS [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE C - FAIR VALUE MEASUREMENTS

The Company follows applicable accounting guidance for its fair value measurements. The guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data substantially for the full term of the assets or liabilities.

Level 3 - Unobservable inputs to the valuation methodology that is significant to the measurement of fair value of assets or liabilities.

Determination of fair value

Cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Assets Measured at Fair Value on a Recurring Basis
 
As of December 31, 2011, none of the Company's cash balances were invested in financial instruments. The following table presents the Company's financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments as of December 31, 2011:
 
  As of December 31, 2011
 
Fair Value
    
Level 1
Level 2
Level 3
                 
Cash and cash equivalents:
                
Cash (1)
   $ 2,930     $ 2,930      

(1) Included in Cash and cash equivalents on the Company's Condensed Consolidated Balance Sheets.
 
Cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include money market securities. The Company reviewed its financial and non-financial assets and liabilities for the year ended December 31, 2011 and concluded that there were no material impairment charges during each of these periods.
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BALANCE SHEET COMPONENTS
 12 Months Ended
Dec. 31, 2011
BALANCE SHEET COMPONENTS [Abstract]  
BALANCE SHEET COMPONENTS
NOTE B - BALANCE SHEET COMPONENTS

The following table provides details of selected balance sheet components:

PROPERTY AND EQUIPMENT:

The carrying values of fixed assets as of December 31, 2011 were as follows:

Office Equipment
   $ 6,155  
Furniture and Fixtures
     38,027  
      44,182  
         
Less Adjustments and Depreciation
        
Accumulated Depreciation
     (25,858 )
Fixed assets, net of depreciation
   $ 18,325  

Depreciation expense is $3,858 for the year ended December 31, 2011.
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CONSOLIDATED BALANCE SHEET (USD $)
Dec. 31, 2011
Dec. 31, 2010
Current assets    
Cash and cash equivalents $ 2,930   
Total current assets 2,930   
Office equipment, furniture and fixtures, net 18,325   
Acquisition-related intangible assets, net      
Goodwill, net      
Total assets 21,255   
Current liabilities    
Accounts payable 82,154 2,022
Accrued expense and other liabilities      
Accrued Interest 34,408   
Loan from outside lenders 140,750   
Convertible Notes payable, net of BCF discount 164,089   
Loan from shareholders    12,100
Warrant liability 13,402   
Deferred revenue 1,461   
Total current liabilities 436,264 14,122
Total long-term liabilities      
Total liabilities 436,264 14,122
Stockholders' (deficit) equity    
Common stock, $.001 par value; 300,000,000 shares authorized, 31,923,750 and 262,500,000 shares issued and outstanding as of December 31, 2011 and December 31, 2010 31,924 262,500
Additional paid-in capital 2,129,536 615,982
Retained earnings (deficit) (2,576,469) (892,604)
Total stockholders' (deficit) (415,009) (14,122)
Total liabilities and stockholders' (deficit) equity $ 21,255   
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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $)
Total
Common Stock [Member]
Additional Paid In Capital [Member]
Retained Earnings [Member]
Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2010 $ (14,122) $ 262,500 $ 615,982 $ (892,604)   
Balance, shares at Dec. 31, 2010 262,500,000 262,500,000      
Net Income (Loss) (1,683,865)       (1,683,865)   
Retirement of common stock at acquisition in Feb 2011. 0 (233,190) 233,190      
Retirement of common stock at acquisition in Feb 2011, shares   (233,190,250)      
Issuance of common stock for the purchase of Explore Anywhere in Feb. 2011 1,163,252 2,614 1,160,638      
Issuance of common stock for the purchase of Explore Anywhere in Feb. 2011, shares   2,614,000      
Common Stock Warrants issued in connection with convertible loans 119,726    119,726      
Balance at Dec. 31, 2011 $ (415,009) $ 31,924 $ 2,129,536 $ (2,576,469)   
Balance, shares at Dec. 31, 2011 31,923,750 31,923,750      
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DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2011
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE A - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business
Explore Anywhere, Inc., formerly known as ExploreAnywhere Software, LLC, is a privately held corporation incorporated in the state of Nevada, United States.  Originally founded in August of 2002, the Company specializes in computer monitoring solutions for parents, corporations, and educational facilities.

On November 6, 2007, the Company filed Articles of Conversion from ExploreAnywhere Software, LLC a New Hampshire Jurisdiction to ExploreAnywhere, Inc. a Nevada Corporation.  A plan of conversion has been adopted by the constituent entity in compliance with law of the Jurisdiction governing the constituent entity.

On December 20, 2010, the Company entered into a Share Exchange Agreement with Explore Anywhere Holding Corporation (formerly known as PorFavor Corporation) a publicly traded Nevada Corporation, whereby Explore Anywhere Holding Corporation will acquire from the Shareholders all the issued and outstanding shares of ExploreAnywhere, Inc. in exchange for 2,613,750 shares of Explore Anywhere Holding Corporation's common stock.  On February 4, 2011, the Company completed this transaction, and the Company became a wholly-owned subsidiary of Explore Anywhere Holding Corporation. Explore Anywhere Holding Corporation filed the Company's last two fiscal years of audited financial statements and pro forma financial statement showing the effects of the acquisition and other information regarding the Company on Form 8-K.
 
Business Combination
On February 4, 2011, Explore Anywhere Holding Corporation (formerly known as PorFavor Corporation), or the Company, a Nevada corporation (Pink Sheets: PFVR.PK - News), completed the acquisition of the assets, including the website, intellectual property, core technologies such as IP, R&D, and customer relations, etc and assumed the liabilities from Explore Anywhere, Inc.  In connection with the acquisition, the Company issued 2,613,750 shares of its common stock, with a fair market value of $1,163,119.  For details of the acquisition refer to Note D on "Business Combinations," of Notes to Consolidated Financial Statements below for detail.

Effective February 9, 2011, the Board of Directors elected Mr. Oliver Nelson as CEO of the Company.

Basis of Consolidation and Presentation
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 at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These Condensed Consolidated Financial Statements should be read in conjunction with the stand alone Financial Statements and the notes thereto, of ExploreAnywhere Holding Corp for the year ended December 31, 2010.

Use of Estimates
The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates.

Revenue Recognition
For internet sales, the Company recognizes revenue upon the online distribution of products to customers.  There is no technical support or warranty associated with the sale of its online software.  If customers have any problems with its software that cannot be easily resolved, the Company will fully refund the price. For retail sales, the Company recognizes revenue upon the shipment of products to retailer and records provisions for discounts to customers based on the terms of sale in the same period in which the related sales are recorded.

Property and Equipment
Property and equipment are carried at cost, less accumulated depreciation and amortization. Major improvements are capitalized, while repair and maintenance are expensed when incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period.

Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are:
 
   
Estimated
   
Useful Lives
     
Office Equipment
  
5-10 years
Furniture
  
5-7 years
Shop tools
  
5-7 years
Vehicles
  
5-10 years

For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. For book purposes, depreciation is computed under the straight-line method.
 
Goodwill and acquisition related intangible assets
 
The Company allocates the purchase price of acquired companies to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. Such allocations require management to make significant estimates and assumptions, especially with respect to intangible assets.
 
The Company reviews the carrying values of long-lived assets whenever events and circumstances, such as reductions in demand, lower projections of profitability, significant changes in the manner of our use of acquired assets, or significant negative industry or economic trends, indicate that the net book value of an asset may not be recovered through expected undiscounted future cash flows from its use and eventual disposition. If this review indicates that there is impairment, the impaired asset is written down to its fair value, which is typically calculated using: (i) quoted market prices and/or (ii) discounted expected future cash flows. The Company estimates regarding future anticipated revenue and cash flows, the remaining economic life of the products and technologies, or both, may differ from those used to assess the recoverability of assets. In that event, impairment charges or shortened useful lives of certain long-lived assets may be required, resulting in a reduction in net income or an increase to net loss in the period when such determinations are made.
 
Critical estimates in valuing certain intangible assets include, but are not limited to: future expected cash flows from customer contracts, customer lists, distribution agreements, and acquired developed technologies and patents and the expected costs to develop the in-process research and development into commercially viable products and estimating cash flows from the projects when completed. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable.

During the quarter ended March 31, 2011, management recognized that the existing core technology that the Company purchased from ExploreAnywhere, Inc. in February 2011 was not designed to be used in newly evolving major Internet applications such as Facebook, Twitter, and others. Moreover, its competitors have many more features than the existing software developed by ExploreAnywhere, Inc.  Also, some of the Company's new software products, currently under development, were not yet ready for market and had missed expected software release dates. The company did release two important new software applications on November 5, 2011: Keylogger PRO 2012 and Spybuddy(R).   However, since, for additional planned products, there is no certainty or guarantee that development can be completed or that there will be market acceptance if ever completed, no value can be attributed to these new products under development.  As a result, the management recognized that the existing software has highly limited potential for future revenues and that no value can be attributed to the new products under development because there is no certainty or guarantee that development can be completed or that there will be market acceptance if ever completed.  The Company recognized a $20,000 "Impairment loss on acquisition-related intangible assets" under Selling, general and administrative in the Consolidated Statement of Operations For the quarter ended March 31, 2011.

The Company acquired the goodwill in February 2011 in the amount of $1,321,884 related to the acquisition of the business from ExploreAnywhere, Inc. Refer to Note E "Business Combination" of the Notes to Consolidated Financial Statements for details.

Goodwill is measured and tested for impairment on a quarterly basis in the fourth quarter of each year in accordance with the Accounting Standards Codification No. 350 ("ASC 350"), Intangibles-Goodwill and Other, or more frequently if we believe indicators of impairment exist. Triggering events for impairment reviews may include adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in market capitalization. The performance of the test involves a two-step process. The first step requires comparing the fair value of the each of our reporting units to its net book value, including goodwill. The Company has one reporting unit. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair values of the reporting unit's net assets other than goodwill to the fair value of the reporting unit and if the difference is less than the net book value of goodwill, impairment exists and is recorded.

During the quarter year ended March 31, 2011, the Company evaluated the viability of the software developed by ExploreAnywhere, Inc. The Company's decision to recognize only nominal value as to the existing software developed by ExploreAnywhere, Inc. due to the non-competitive in the market, lack of demands, not designed for use in major Internet applications such as Facebook, Twitter and others. Furthermore, management recognized that no future value or revenues are certain or can be guaranteed to be attributed from the software being currently developed by ExploreAnywhere, Inc. The Company considered this change as a triggering event and performed an interim impairment test of goodwill in accordance with ASC 350 as of March 31, 2011.

Based on the results of the first step of the goodwill analysis, it was determined that ExploreAnywhere, Inc.'s net book value exceeded its estimated fair value as there is only highly limited potential for future revenue generated from the ExploreAnywhere, Inc.'s software. As a result, the Company performed the second step of the impairment test to determine the implied fair value of goodwill. Under step two, the difference between the estimated fair value of ExploreAnywhere, Inc. and the sum of the fair value of the identified net assets results in the residual value of goodwill. The results of step two of the goodwill analysis indicated that there would be no remaining implied value attributable to goodwill and accordingly, the Company wrote off the $1,276,587 million goodwill at ExploreAnywhere, Inc. and recognized a goodwill impairment charge of $1,276,587 million under "Goodwill impairment" in the Consolidated Statements of Operations for the quarter ended March 31, 2011.  Moreover, during the quarter ended June 30, 2011 and September 30, 2011, the Company again evaluated the fair market value of its goodwill and decided to write off $23,297 and $22,000 of goodwill, respectively as "Impairment of goodwill" under general and administrative expense because the products related to that goodwill are out-of-date and will likely produce only minimal future sales.  As of December 31, 2011, the entire $1,321,884 goodwill has been written off as "Impairment of goodwill" under general and administrative expense.

Cash and Cash Equivalents
Cash and cash equivalents include highly liquid investments, primarily money market mutual funds, with maturities of nine months or less at the time of purchase.

Accounts Receivable
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of the Company's customers to make payments.  The Company periodically reviews these allowances, including an analysis of the customers' payment history and information regarding the customers' creditworthiness. There is no Accounts Receivable as of December 31, 2011.

Allowance for Doubtful Accounts
The Company maintains allowances for doubtful accounts relating to estimated losses resulting from customers being unable to make required payments.  Allowances for doubtful accounts are based on historical experience and known factors regarding specific customers and the industries in which those customers operate.  If the financial condition of the Company's customers were to deteriorate, resulting in their ability to make payments being impaired, additional allowances would be required.

Fair Value of Financial Instruments
The Company's financial instruments consist principally of cash and cash equivalents, accounts receivable and accounts payable.  The Company believes that the recorded values of all of our other financial instruments approximate their fair values because of their nature and respective maturity dates or durations. The fair value of our long-term debt is determined by using estimated market prices. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows:
 
Level 1: Inputs are based on quoted market prices for identical assets or liabilities in active markets at the measurement date.

Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and/or quoted prices for identical or similar assets or liabilities in markets that are not active near the measurement date.

Level 3: Inputs include management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument's valuation.

The fair value of the majority of our cash equivalents was determined based on "Level 1" inputs. The Company does not have any marketable securities in the "Level 2" and "Level 3" category. The Company believes that the recorded values of all our other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions.

Inventory
Inventories are computed using the lower of cost or market, which approximates actual cost on a first-in-first-out basis. The Company writes down its inventory value for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. These factors are impacted by market and economic conditions, technology changes, new product introductions and changes in strategic direction and require estimates that may include uncertain elements. Actual demand may differ from forecasted demand, and such differences may have a material effect on recorded inventory values. There was no inventory as of December 31, 2011.

Cost of Goods Sold
Cost of Goods Sold includes all software consulting costs, packaging & cases, licensing, and customer charge back, and those indirect costs related to software production. Selling, general and administrative costs are charged to expense as incurred.

Advertising
Advertising expenses are recorded as general and administrative expenses as incurred. These expenses amounted to $9,749 for the year ended December 31, 2011.

Research and Development
The Company starts to capitalize any development or programmer fees according to ASC 985-20 when the software development stage reaches the feasibility period.  For the year ended December 31, 2011, the Company incurred $85,857 as software development under Research and Development as the product has not passed the feasibility period, all the software related development cost need to be expensed.

Stockholders' Equity
The Company had authorized three hundred million (300,000,000) shares of common stock with a par value of $0.001 and 31,923,750 shares of common stock have been issued and total outstanding as of December 31, 2011. See Note I, "Common Stock" of Notes to Consolidated Financial Statements for detail.

Warrant Liabilities
The Company has issued warrants to purchase shares of its common stock in connection with convertible notes. The Company records a debt discount related to the warrants upon issuance, and amortizes this debt discount over the life of the notes. In addition, the Company re-measures the warrants at each reporting period to record their fair value.  See Note H, "Notes Payable" of Notes to Consolidated Financial Statements for detail.

Income Taxes
The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes.

Net Income (loss) per Share
Basic net income (loss) per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the reporting period. Diluted net income (loss) per share is computed by dividing net income by the combination of dilutive common share equivalents, comprised of shares issuable under the Company's stock-based compensation plans and the weighted average number of shares of common stock outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of an option, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in capital, if any, when the option is exercised are assumed to be used to repurchase shares in the current period.

Reclassifications
Certain financial statement items have been reclassified to conform to the current year's presentation. These reclassifications had no impact on previously reported net loss.

Litigation and Settlement Costs
Legal costs are expensed as incurred. We record a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and (ii) accrue the best estimate within a range of loss if there is a loss or, when  there is no amount within a range that forms a better estimate, we will accrue the minimum amount in the range. We are not presently involved in any legal proceedings, litigation or other legal actions.

Recently Issued Accounting Pronouncements
 
In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS".  The amendment results in a consistent definition of fair value and ensures the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards ("IFRS"). This amendment changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This amendment will be effective for the Company on January 1, 2012. Based on current operations, the adoption is not expected to have a material effect on our consolidated financial position or results of operations.
 
In June 2011, the Financial Accounting Standards Board ("FASB") issued ASU 2011-05, "Comprehensive Income (Topic 220), and Presentation of Comprehensive Income".  ASU 2011-05 amends the presentation of other comprehensive income and the Statement of Consolidated Operations. Under this amendment, entities will be required to present the total of comprehensive income, the components of net income,  and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Regardless of which reporting option is selected, the Company is required to present on the face of the financial statements, reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented.   The current option to report other comprehensive income and its components in the statement of changes in equity has been eliminated. This amendment will be effective for the Company on January 1, 2012 and full retrospective application is required. We do not anticipate that this amendment will have a material impact on our financial statements.
 
Effecting certain sections covered under ASU 2011-05,  in December, 2011, the FASB issued ASU 2011-12, "Comprehensive Income (Topic 220)", Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in ASU 2011-05".  The pronouncement is effective for fiscal years and interim periods beginning January 1, 2012 with retrospective application for all comparative periods presented.  The Company's adoption of the new standard is not expected to have a material effect on our consolidated financial position or results of operations.
 
In September 2011, the Financial Accounting Standards Board ("FASB") issued ASU 2011-08, "Intangibles - Goodwill and Other (Topic 350), Testing Goodwill for Impairment".  ASU 2011-08 amends the required annual impairment testing of goodwill by providing an entity an option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.  If, after assessing the totality of events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test under Topic 350-24 and Topic 350-20-35-9 is unnecessary.  However, if an entity concludes otherwise, then it is required to perform the impairment testing under Topic 350-24 by calculating the fair value of the reporting unit and comparing the results with the carrying amount.  If the fair value exceeds the carrying amount, then the entity must perform the second step test of measuring the amount of the impairment test under Topic 350-20-35-9.

An entity has the option to bypass the qualitative assessment and proceed directly to the two step goodwill impairment test.  Additionally, the entity has the option to resume with the qualitative testing in any subsequent period.  The amendment will be effective for the Company on January 1, 2012. Based on current operations, the adoption is not expected to have a material effect on our consolidated financial position or results of operations.

In December 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities".  The guidance in this update requires us to disclose information about offsetting and related arrangements to enable users of our financial statements to understand the effect of those arrangements on our financial position.  The pronouncement is effective for fiscal years and interim periods beginning on or after January 1, 2013 with retrospective application for all comparative periods presented.  Our adoption of the new standard is not expected to have a material effect on our consolidated financial position or results of operations.
XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $)
Dec. 31, 2011
Dec. 31, 2010
CONSOLIDATED BALANCE SHEET [Abstract]    
Common stock, par value per share $ 0.001 $ 0.001
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued 31,923,750 262,500,000
Common stock, shares outstanding 31,923,750 262,500,000
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Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2011
Apr. 05, 2012
Jun. 30, 2011
Document and Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag true    
Amendment Description
The Company is filing this Amendment to its Form 10-K for the fiscal year ended December 31, 2011, because it realized that it had inadvertently omitted the convertibility feature that pertains to some of its outstanding promissory notes. Conversion of these notes, which is the noteholder's sole election, would cause the issuance of a significant number of shares of the Company's common stock, causing potential dilution to the Company's existing shareholders. The Company believed that it was in the best interests of its shareholders and the public to make clear the fact that such notes are convertible by amending its annual report. 
    
Document Period End Date Dec. 31, 2011    
Entity Registrant Name EXPLORE ANYWHERE HOLDING CORP    
Entity Central Index Key 0001424328    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
Entity Filer Category Smaller Reporting Company    
Entity Common Stock, Shares Outstanding   31,923,750  
Entity Current Reporting Status Yes    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Public Float     $ 17,423,750
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CONSOLIDATED STATEMENT OF OPERATIONS (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
CONSOLIDATED STATEMENT OF OPERATIONS [Abstract]    
Revenues $ 6,007   
Cost of sales      
Gross profit 6,007   
Operating Expenses    
Research and development 85,857   
Sales and marketing 23,671   
General and administrative 1,509,070 15,616
Total operating expenses 1,618,598 15,616
Loss from operations (1,612,591) (15,616)
Interest income (expense)    
Interest income (expense) (71,274)   
Other income (expense)    73,291
Total interest income (expense) (71,274) 73,291
Income (loss) before income taxes (1,683,865) 57,675
Provision for income taxes      
Net income (loss) $ (1,683,865) $ 57,675
Net loss per share of common stock:    
Basic $ (0.03) $ 0.0
Weighted average number of shares outstanding 56,596,469 262,500,000
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CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities    
Net Income $ (1,683,865) $ 57,675
Adjustments to reconcile net income to net cash used by operating activities:    
Depreciation 3,858   
Loan forgiven by shareholder    (73,291)
Amortization of debt discount in connection with the issuance of convertible notes      
Interest expense associated with beneficial conversion feature 93,815   
Impairment loss on acquisition-related intangible assets 20,000   
Impairment loss on goodwill 1,321,884   
Fair value of common stock warrants 13,402   
Changes in operating assets and liabilities:    
Accounts payable 41,602 2,022
Accrued expense and other liabilities (11,220)   
Accrued Interest 18,343   
Deferred revenue 1,461   
Net cash used by operating activities (180,720) (13,594)
Cash flows from investing activities    
Equipment purchases      
Intangible acquisition      
Net cash provided (used) by investing activities      
Cash flows from financing activities    
Loan(s) from outside lenders 115,750 12,100
Repayment of shareholders loan (12,100)   
Convertible Notes payable 80,000   
Net cash provided by financing activities 183,650 12,100
Net change in cash and cash equivalent 2,930 (1,494)
Cash and cash equivalent at the beginning of year    1,494
Cash and cash equivalent at the end of year 2,930   
Supplemental disclosures of cash flow Information:    
Cash Paid for Interest      
Supplemental disclosure of non-cash investing and financing activities:    
Forgiven note payable related to the transfer of common stock    $ 73,291
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BUSINESS COMBINATIONS
 12 Months Ended
Dec. 31, 2011
BUSINESS COMBINATIONS [Abstract]  
BUSINESS COMBINATIONS
NOTE D - BUSINESS COMBINATIONS
 
Business Combination
 
On February 4, 2011, the Company acquired ExploreAnywhere, Inc., a privately-held company based in Kingston, NH that designed and developed a software monitoring product ("Spybuddy"), which can be used in the fourth quarter of 2011.  The acquisition of Explore is expected to expand and enhance the Company to increase the market share of the monitoring software sector. In connection with the acquisition, the Company issued 2,613,750 shares of its common stock at $0.445, representing 100% of its outstanding common stock, for a total purchase price of approximately $1,163,120. The goodwill from the acquisition is deductible for tax purposes. The purchase price was allocated to tangible and intangible assets and liabilities assumed, based on their estimated fair values as follows:

Tangible assets
  
 $
22,183
  
Goodwill
  
  
1,321,884
  
Intangible assets
  
  
20,000
  
Liabilities assumed
  
  
    (200,947)
  
 
  
      
 
  
 $
1,163,120
  
 
The unaudited pro forma financial information in the table below summarizes the combined results of operations for the Company and ExploreAnywhere as though the companies were combined as of the beginning of year 2011. The pro forma financial information for all periods presented also includes the business combination accounting effects resulting from the acquisition, including amortization charges from acquired intangible assets, adjustments to interest expenses for certain borrowings and exclusion of acquisition-related expenses and the related tax effects as though the companies were combined as of the beginning of the year 2011. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the year 2011.
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