0001121781-11-000334.txt : 20111114 0001121781-11-000334.hdr.sgml : 20111111 20111114153939 ACCESSION NUMBER: 0001121781-11-000334 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111114 DATE AS OF CHANGE: 20111114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HALL TEES, INC. CENTRAL INDEX KEY: 0001431499 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED TEXTILE PRODUCTS [2390] IRS NUMBER: 260875402 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53975 FILM NUMBER: 111201991 BUSINESS ADDRESS: STREET 1: 7405 ARMSTRONG CITY: ROCKWALL STATE: TX ZIP: 75088 BUSINESS PHONE: 214-883-0140 MAIL ADDRESS: STREET 1: 7405 ARMSTRONG CITY: ROCKWALL STATE: TX ZIP: 75088 10-Q 1 hti10q93011.htm HALL TEES, INC.

 

  

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

 

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

 

For the quarterly period ended September 30, 2011

 

OR

 

[    ] TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934

 

From the transition period from ___________ to ____________.

 

Commission File Number 333-150829

 

HALL TEES, INC.

(Exact name of small business issuer as specified in its charter)

 

 Nevada  26-0875401
 (State or other jurisdiction of incorporation or organization)   (IRS Employer Identification No.)

 

 

7405 Armstrong, Rowlett, Texas 75088

(Address of principal executive offices)

 

  (214) 883-0140

(Issuer's telephone number)

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:.  Yes [ X ]   No [     ].

 

Indicate by check mark whether the Registrant is a large accredited filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accredited filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

 

  Large Accredited Filer [   ] Accelerated Filer [   ]
         
  Non-Accredited Filer [   ] Smaller Reporting Company [X]

Indicate by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act:  Yes []   No [  X  ].

 

As of November 14, 2011, there were 7,605,400 shares of Common Stock of the issuer outstanding.

 

 

 

 

1
 

 

 

 

TABLE OF CONTENTS

 

 

 

  PART I FINANCIAL STATEMENTS   
     
Item 1 Financial Statements   3
     
Item 2 Management's Discussion and Analysis or Plan of Operation 11
     
Item 3 Quantitative and Qualitative Disclosures about Market Risk 13
     
 Item 4 Controls and Procedures                                 13
     
  PART II OTHER INFORMATION   
     
Item 6  Exhibits and Reports on Form 8-K  14

 

 

 

 

 

 

 

2
 

 

 

 

  

HALL TEES, INC.

Consolidated Balance Sheets

September 30, 2011 and December 31, 2010

 

 

   2011
(Unaudited)		  2010
ASSETS          
Current Assets          
Cash and Cash Equivalents  $151,953   $189,154 
Accounts Receivable, Net   4,418    1,113 
Total Current Assets   156,371    190,267 
           
           
Fixed Assets, Net   65,339    81,221 
           
TOTAL ASSETS  $221,710   $271,488 
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Current Liabilities          
Accounts Payable and Accrued Expenses   36,195    24,358 
Amounts due Shareholder   42,476    37,493 
Current Portion of Capital Lease   5,844    5,844 
Total Current Liabilities   84,515    67,695 
           
Long Term Liabilities          
Capitalized Lease Obligation   7,305    11,688 
Less: Current Portion   (5,844)   (5,844)
Total Long Term Liabilities   1,461    5,844 
Total Liabilities   85,976    73,539 
           
Shareholders' Equity          
Preferred Stock, $.001 par value, 25,000,000 shares authorized,          
0 and 0 shares issued and outstanding   0    0 
Common Stock, $.001 par value, 50,000,000 shares authorized,          
7,605,400 and 7,605,400 shares issued and outstanding   7,605    7,605 
Additional Paid-In Capital   365,095    365,095 
Accumulated Deficit   (236,966)   (174,751)
Total Shareholders' Equity   135,734    197,949 
           
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $221,710   $271,488 

 

The Accompanying Notes are an Integral Part of these Consolidated Financial Statements.

 

 

 

3
 

 

 

 

  

HALL TEES, INC.

Consolidated Statements of Operations

For the Three and Nine months ended September 30, 2011 and 2010

(Unaudited)

 

 

   Three Months Ended  Nine Months Ended
   September 30, 2011  September 30, 2010  September 30, 2011  September 30, 2010
             
REVENUE  $33,322   $29,645    50,092    58,469 
 
COST OF SALES		   17,851    22,159    29,235    35,293 
 
GROSS PROFIT		   15,471    7,486    20,857    23,176 
                     
OPERATING EXPENSES                    
Depreciation   5,260    5,115    15,882    14,080 
Selling and Advertising Expenses   3,804    0    6,867    1,251 
Other General Expenses   23,136    35,605    60,622    67,111 
TOTAL OPERATING EXPENSES   32,200    40,720    83,371    82,442 
                     
NET OPERATING LOSS   (16,729)   (33,234)   (62,514)   (59,266)
                     
OTHER INCOME                    
Interest Income   85    168    299    302 
                     
NET LOSS BEFORE INCOME TAXES   (16,644)   (33,066)   (62,215)   (58,964)
                     
Provision for Income Taxes (Expense) Benefit   0    0    0    0 
                     
NET LOSS  $(16,644)  $(33,066)   (62,215)   (58,964)
                     
EARNINGS PER SHARE, Basic and Diluted                    
                     
Weighted Average of Outstanding Shares   7,605,400    7,605,400    7,605,400    7,353,917 
Income (Loss) for Common Shareholders  $(0.00)  $(0.00)   (0.01)   (0.01)

 

The Accompanying Notes are an Integral Part of these Consolidated Financial Statements.

 

 

 

 

4
 

 

 

  

HALL TEES, INC.

Consolidated Statement of Changes in Shareholders’ Equity(Deficit)

For the Nine months ended September 30, 2011 and

The Year Ended December 31, 2010

 

 

    Common Stock    Paid-In    Accumulated 
    Shares    Amount    Capital    (Deficit)    Totals 
                          
Shareholders' Deficit,                         
    January 1, 2010   7,000,000   $7,000   $63,000   $(91,946)  $(21,946)
                          
Issuance of Stock for Cash   605,400    605    302,095    0    302,700 
                          
Net Loss                  (82,805)   (82,805)
                          
Shareholders' Equity,                         
   December 31, 2010   7,605,400   $7,605   $365,095   $(174,751)  $197,949 
                          
Net Loss                  (62,215)   (62,215)
                          
Shareholders' Equity,                         
    September 30, 2011 (Unaudited)   7,605,400   $7,605   $365,095   $(236,966)  $135,734 
                          

 

 

 

 

 

 

The Accompanying Notes are an Integral Part of these Consolidated Financial Statements.

 

 

 

 

 

5
 

 

 

 

 

HALL TEES, INC.

Consolidated Statements of Cash Flows

For the Nine months ended September 30, 2011 and 2010

(Unaudited)

 

   2011  2010
CASH FLOWS FROM OPERATING ACTIVITIES          
Net Loss  $(62,215)  $(58,964)
Adjustments to reconcile net loss to net cash used          
for operating activities:          
  Depreciation   15,882    14,080 
  Bad Debt Expense   1,442    2,027 
Changes in assets and liabilities:          
  Accounts Receivable   (4,747)   (7,882)
  Accounts Payable   2,500    (29,141)
  Accrued Expenses   9,337    9,031 
Net Cash Used for Operating Activities   (37,801)   (70,849)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of Fixed Assets   0    (32,922)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Capitalized Lease Payments   (4,383)   (4,383)
Proceeds from Sale of Stock   0    302,700 
(Payments) Borrowings: Shareholder Advances   4,983    4,003 
Net Cash Provided by Financing Activities   600    302,320 
           
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS   (37,201)   198,549 
           
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   189,154    3,469 
           
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $151,953   $202,018 
           
SUPPLEMENTAL DISCLOSURES          
           
Cash Paid During the Year for Interest Expense  $0   $0 
Cash Paid During the Year for Taxes  $0   $0 
           

 

The Accompanying Notes are an Integral Part of these Consolidated Financial Statements.

 

 

 

 

6
 

 

 

HALL TEES, INC.

NOTES TO FINANCIAL STATEMENTS

September 30, 2011

 

 

 

NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Activities, History and Organization:

 

Hall Tees, Inc. (The “Company”) operates as a printer and silk screener.  The Company is located in Rowlett, Texas and was incorporated on September 13, 2007 under the laws of the State of Nevada.

 

Hall Tees, Inc., is the parent company of Hall Tees & Promotions, L.L.C., (“Hall Tees Texas”), a company incorporated under the laws of the State of Texas. Hall Tees Texas was established in 2007 and for the past fifteen months has been operating a single facility in Texas.

 

On September 12, 2007, Hall Tees, Inc. ("Hall Tees Nevada"), a private holding company established under the laws of Nevada, was formed in order to acquire 100% of the outstanding membership interests of Hall Tees Texas.  On September 15, 2007, Hall Tees Nevada issued 7,000,000 shares of common stock in exchange for a 100% equity interest in Hall Tees Texas.  As a result of the share exchange, Hall Tees Texas became the wholly owned subsidiary of Hall Tees Nevada.  As a result, the members of Hall Tees Texas owned a majority of the voting stock of Hall Tees Nevada.  The transaction was regarded as a reverse merger whereby Hall Tees Texas was considered to be the accounting acquirer as its members retained control of Hall Tees Nevada after the exchange, although Hall Tees Nevada is the legal parent company.  The share exchange was treated as a recapitalization of Hall Tees Nevada.  As such, Hall Tees Texas (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if Hall Tees Nevada had always been the reporting company and, on the share exchange date, changed its name and reorganized its capital stock.

 

Unaudited Interim Consolidated Financial Statements:

 

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations for interim financial information. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring accruals) necessary to present fairly the balance sheets, statements of operations and statements of cash flows for the periods presented in accordance with accounting principles generally accepted in the United States. 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 SEC rules and regulations. It is presumed that users of this interim financial information have read or have access to the audited financial statements and footnote disclosure for the preceding fiscal year contained in the Company’s Annual Report on Form 10-K. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.

 

Significant Accounting Policies:

 

The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application.  The application of accounting principles requires the estimating, matching and timing of revenue and expense.  Below is a summary of certain significant accounting policies selected by management.

 

The consolidated financial statements and notes are representations of the Company’s management which is responsible for their integrity and objectivity. 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) valid  transactions  are recorded;  and  3) transactions  are  recorded in the proper  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.

 

Management believes that all adjustments necessary for a fair statement of the results of the nine months ended September 30, 2011 and 2010 have been made.

 

 Basis of Presentation:

 

The Company prepares its consolidated financial statements on the accrual basis of accounting.  All intercompany balances and transactions are eliminated.  The Company’s subsidiaries are consolidated with the parent company.

 

7
 

 

 

Cash and Cash Equivalents:

 

All highly liquid investments with original maturities of six months or less are included in cash and cash equivalents.  All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

 

Fair Value of Financial Instruments:

 

The carrying amounts of cash, cash equivalents, accounts receivable, capital leases, accounts payable and notes payable approximate their fair values due to the short-term maturities of these instruments.

 

Accounts Receivable:

 

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts.  On a periodic basis, the Company evaluates accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections.  The Company’s policy is generally not to charge interest on trade receivables after the invoice becomes past due.  A receivable is considered past due if payments have not been received within agreed upon invoice terms.   The Company provides an allowance for all receivables that are greater than 90 days old. Allowances for Doubtful Accounts totaled $3,000 at September 30, 2011 and December 31, 2010.  Write offs are recorded at a time when a customer receivable is deemed uncollectible.

 

Inventory:

 

Inventory is comprised of purchased garments or t-shirts for re-sale.   The Company uses the FIFO method for inventory tracking and valuation and calculates inventory at each period end.  Inventory is stated at the lower of cost or market value.  At September 30, 2011 and December 31, 2010 there was $0 of inventory.

 

Fixed Assets:

 

Fixed assets are stated at cost if purchased, or at fair value in a nonmonetary exchange, less accumulated depreciation.  Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation is computed by applying the straight-line method over the estimated useful lives which are generally three to seven years.  Leases that meet the requirements of ASC 840-10, are capitalized and included in fixed assets.

 

Revenue Recognition:

 

The Company recognizes revenue in accordance with ASC 605-10. Revenue will be recognized only when all of the following criteria have been met:

 

· Persuasive evidence of an arrangement exists;  
· Ownership and all risks of loss have been transferred to buyer, which is generally upon shipment or at the time the service is provided; 
· The price is fixed and determinable; and 
· Collectability is reasonably assured. 

 

Earnings per Share:

 

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered.  As the Company has no potentially dilutive securities, fully diluted earnings per share is identical to earnings per share (basic).

 

Income Taxes:

 

Income from the corporation is taxed at regular corporate rates per the Internal Revenue Code.  There are no provisions for current taxes due to net available operating losses.

 

Recent Accounting Pronouncements:

 

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

 

Use of Estimates:

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.

 

8
 

 

 

 

NOTE 2 – FIXED ASSETS

 

Fixed assets at September 30, 2011 and December 31, 2010 are as follows:

   2011  2010
Furniture & Equipment  $102,920   $102,920 
Capitalized Leases   29,220    29,220 
Gross Fixed Assets   132,140    132,140 
Less: Accumulated Depreciation   (66,801)   (50,919)
Net Fixed Assets  $65,339   $81,221 

 

 

NOTE 3 – CAPITALIZED AND OPERATING LEASES

 

The Company entered into a capitalized lease obligation during 2008 for a total of $29,220. Payments of $487 including principal and interest at 12% are due monthly through December 2012. The amount due by December 31, 2011 is $1,461 and $5,844 is due within the next 12 months. The total amount outstanding at September 30, 2011 and December 31, 2010 was $7,305 and $11,688, respectively.

 

Accumulated depreciation related to the capitalized leases for the nine month period ended September 30, 2011 and December 31, 2010 was $6,507 and $5,752, respectively.

 

The Company leases a 1,200 square foot warehouse space on a month to month basis for $1,000 per month. Rent expense was $9,000 for the nine month periods ended September 30, 2011 and 2010.

 

 

NOTE 4 – EQUITY

 

The Company is authorized to issue 25,000,000 preferred shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2011 and December 31, 2010, there were zero shares outstanding.

 

The Company is authorized to issue 50,000,000 common shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2011 and December 31, 2010, there were 7,605,400 shares outstanding respectively.

 

On December 23, 2009, our Form S-1/A that was filed on December 7, 2009, became effective.  Under this registration statement the Company raised $302,700 by selling 605,400 shares at $0.50 per share and the offering was closed on May 11, 2010.

 

The Company does not have any stock option plans or warrants. 

 

 

 NOTE 5 – INCOME TAXES

 

The Company has adopted ASC 740, which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable (deferred tax liability) or benefit (deferred tax asset).   Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be.

 

Deferred tax assets at September 30, 2011 and December 31, 2010 consisted of the following:

 

   2011  2010
Deferred Tax Asset  $59,240   $43,690 
Less: Valuation Allowance   (59,240)   (43,690)
     Net Deferred Tax Asset  $0   $0 

 

The net deferred tax asset generated primarily by the Company’s net operating loss carryforward has been fully reserved. The cumulative net operating loss carry-forward is approximately $236,966 at September 30, 2011 and $174,751 at December 31, 2010, and will expire in 2030.

 

The difference in the income tax benefit not shown in the consolidated statements of operations and the amount that would result if the U.S. Federal statutory rate of 25% were applied to pre-tax loss for 2011 and 2010 is attributable to the valuation allowance.

 

 

9
 

 

The realization of deferred tax benefits is contingent upon future earnings, therefore, is fully reserved at September 30, 2011 and December 31, 2010.

 

 

The Company recognizes interest and penalties related to unrecognized tax benefits in general and administrative expense. During the nine months ended September 30, 2011 and the year ended December 31, 2010 the Company recognized no interest and penalties.

 

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

The President and a Shareholder of the Company has advanced the Company $42,476 and $37,493 as of September 30, 2011 and December 31, 2010, respectively, for working capital. No interest is paid on this advance.

 

Under a contract with the Company beginning November 6, 2007 and ending December 31, 2011, the President provides general management services to the Company for up to $4,000 per month.  Payroll expense incurred under this contract totaled approximately $4,800 and $2,300 for the three months ended September 30, 2011 and 2010, respectively, and $9,760 and $8,500 for the nine months ended September 30, 2011 and 2010, respectively.

 

The Company pays rent of $1,000 per month to the President for warehouse facilities.  Total charges were $9,000 in each of the nine months ended September 30, 2011 and 2010.

 

 

NOTE 7– FINANCIAL CONDITION AND GOING CONCERN

 

The Company has minimal operations and has working capital of approximately $71,900 at September 30, 2011 and $122,600 as of December 31, 2010. This positive working capital at September 30, 2011 is a result of raising $302,700 in May 2010 under the Form S-1/A that was filed on December 7, 2009 and became effective on December 23, 2009.  Without this money the working capital at September 30, 2011 would have been negative.  Because of this negative amount and limited operating history and limited operations, the Company may require additional working capital to survive. If the funds the Company has are not sufficient it will also consider bank loans or additional shareholder loans. There are no assurances that the Company will be able to obtain any of these. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital cannot be generated, the Company may not be able to continue its operations.

 

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

 

NOTE 8 – REVENUE CONCENTRATION

 

The Company’s four largest customers account for 48% ($23,916) of the 2011 year-to-date revenues. The table below discloses the customers and their sales revenue for the nine months ending September 30, 2011 and 2010.

 

     YTD 2011 Sales  YTD 2010 Sales
 Customer    $  %  $  %
 Lobo                   8,060 16%                 5,094 9%
 KOOLVEST                  7,873 16%                    372   1%
 AMSOIL                  4,238 8%                       -   0%
 Tri-State                  3,745 7%                       -   0%
 BMW-Plano                  2,934 6%                       - 0%
 Details, LTD                  2,430 5%                       -   0%
 Other                 20,812 42%               53,003 90%
 TOTAL                50,092 100%               58,469 100%

 

 

 

10
 

 

Item 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS

 

This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s actual results could differ materially from those set forth on the forward looking statements as a result of the risks set forth in the Company’s filings with the Securities and Exchange Commission, general economic conditions, and changes in the assumptions used in making such forward looking statements.

 

General

 

In the first six months of 2011 we saw top line revenue continue to soften due to the cool wet weather in North Texas (impacted the KoolVest sales) in the early part of the year and the reduction in volume from our largest customer in 2010, DIRECTECH. With the economy still sputtering and with Companies closely managing marketing spending we anticipate reduced revenue versus 2010.  Revenue in the nine months ended September 30, 2011 was down by 14% versus the same period in 2010.

 

 

RESULTS FOR THE NINE MONTHS ENDED September 30, 2011

 

Our quarter ended on September 30, 2011.  Any reference to the end of the fiscal quarter refers to the end of the third quarter for the period discussed herein.

 

REVENUE.  Revenue for the three months ended September 30, 2011 was $33,322 compared to $29,645 for the three month period ended September 30, 2010, and revenue for the nine months ended September 30, 2011 was $50,092 compared to $58,469 for the nine month period ended September 30, 2010.  Revenue increased $3,677 or 12%, and decreased $8,377 or 14% in the three and nine months ended September 30, 2011, respectively. The increase is attributed to the KoolVest line that experienced a seasonal sales spike due to the hot summer. The decrease is attributed to the poor economic conditions and reduced marketing budgets at small companies and the sales reductions to existing customers. Most of this decrease is due to one customer, DIRECTECH ($4,408 for three months and $11,581 for nine months), as they have significantly reduced their discretionary marketing spending. Overall, for the three and nine months ended September 30, 2011, new and existing customers were up $31,600 and $38,625, respectively, and lost / reduced volume customers were down $27,900 and $47,000, respectively.

 

COST OF SALES: Cost of sales (COS) were $17,851 (or 54% of revenue) for the three months ended September 30, 2011 compared to $22,159 (or 75% of revenue) for the same period in 2010. COS were $29,235 (58%) for the nine months ended September 30, 2011 compared to $35,293 (60%) for the same period in 2010.  The decrease in COS is due to product mix shifts toward KoolVest.

 

OPERATING EXPENSES. Operating expenses, exclusive of depreciation expense of $5,260 and $5,115, were $26,940 and $35,605 for the three month periods ended September 30, 2011 and 2010 respectively.  The company looks to reduce cost where possible. Operating expenses, exclusive of depreciation expense of $15,882 and $14,080, were $67,489 and $68,362 for the nine month periods ended September 30, 2011 and 2010 respectively. The decrease in expenses is related to reduced professional fees.

 

NET LOSS. The net loss for the three months ended September 30, 2011 and 2010 was $16,644 versus $33,066, respectively, and $62,215 versus $58,964, respectively, for the nine month period ended September 30, 2011 and 2010.  The main driver behind the changes in the net loss were the increased sales volume in the three month period and the reduced sales (volume) in the nine month period as discussed above. 

 

 

 

11
 

 

 

LIQUIDITY AND CAPITAL RESOURCES.

 

In addition to the preceding, the Company plans for liquidity needs on a short term and long term basis as follows:

 

Short Term Liquidity:

 

The Company relies on one primary funding source for short term liquidity needs: advances from the major shareholder / President of the Company. The President has advanced the Company $42,476 and $37,493 as of September 30, 2011 and December 31, 2010, respectively, for working capital.  No interest is paid on this advance.  This is also disclosed in Note 6.

 

Long Term Liquidity:

 

The long term liquidity needs of the Company are projected to be met primarily through the cash flow provided by operations. Cash flow from operations for the nine months ended September 30, 2011 was approximately negative $37,800.  The Company continually is seeking new opportunities especially with the asset investment from 2010 to spur sales and increase top line revenue.

 

The Company has raised $302,700 by selling 605,400 shares at $0.50 per share since inception.

 

 

Capital Resources

 

In January 2008, the Company entered into a capital lease commitment that has a term of five years, ending December 2012.  The general purpose of the lease commitment is for equipment that is used in the Company’s operations of printing and puts us on the cutting edge of “Direct to Garment” printing as discussed above.  Annual commitments are $5,844 with a total five year commitment of $29,220.  The balance due at September 30, 2011 was $7,305 and at December 31, 2010 was $11,688.  The funds to fulfill this commitment will be primarily sourced through operations.  As of September 30, 2011 the Company had negative cash used for operating activities of $37,800, and with the implementation of its business plan, forecasts cash flows to be sufficient to source payment of this commitment.

 

We do not expect any significant change to our equity or debt structure and do not anticipate entering into any off-balance sheet arrangements.

 

Material Changes in Financial Condition

 

WORKING CAPITAL: Working Capital decreased by approximately $50,700 to $71,900 since December 31, 2010.  This decrease is due to the reduction in cash of about $37,200 and increased accounts payable and accrued expenses of $11,800.

 

SHAREHOLDERS’ EQUITY: Shareholders’ Equity decreased by approximately $62,200 due to the net loss.   

  

12
 

 

 

Item 3: Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable.

 

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2011.  This evaluation was accomplished under the supervision and with the participation of our chief executive officer / principal executive officer, and chief financial officer / principal financial officer who concluded that our disclosure controls and procedures are not effective.

 

Based upon an evaluation conducted for the period ended September 30, 2011, our Chief Executive and Chief Financial Officer as of September 30, 2011 and as of the date of this Report, has concluded that as of the end of the periods covered by this report, we have identified the following material weakness of our internal controls: 

 

· Reliance upon independent financial reporting consultants for review of critical accounting areas and disclosures and material non-standard transaction.  

 

· Lack of sufficient accounting staff which results in a lack of segregation of duties necessary for a good system of internal control.  

 

In order to remedy our existing internal control deficiencies, as our finances allow, we will hire additional accounting staff.

 

Changes in Internal Controls over Financial Reporting

 

We have not yet made any changes in our internal controls over financial reporting that occurred during the period covered by this report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 

13
 

 

 

 

PART II

 

Items No. 1, 2, 3, 4, 5 - Not Applicable.

 

 

Item No. 6 - Exhibits and Reports on Form 8-K

 

None noted

(b) Exhibits

 

 

 Exhibit Number     Name of Exhibit
   
 31.1   Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
   
 31.2   Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
   
 32.1  Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

HALL TEES, INC.

 

By /s/ William Lewis

William Lewis, President, CFO

 

Date: November 14, 2011

 

 

14
 

 EX-31.1 2 ex31one.htm CERTIFICATON

 

EXHIBIT 31.1

 

CHIEF EXECUTIVE OFFICER CERTIFICATION

 

I, William Lewis, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of HALL TEES, INC.

 

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

 

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

 

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

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

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

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

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

 

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

a)       all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

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

 

Date: November 14, 2011

 

/s/ William Lewis

William Lewis

President and Chief Executive Officer

 EX-31.2 3 ex31two.htm CERTIFICATION

 

EXHIBIT 31.2

 

CHIEF FINANCIAL OFFICER CERTIFICATION

 

I, William Lewis, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q HALL TEES, INC.

 

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

 

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

 

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

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

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

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

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

 

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

a)       all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

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

 

Date: November 14, 2011

 

/s/ William Lewis

William Lewis

Chief Financial Officer

 EX-32.1 4 ex32one.htm CERTIFICATION

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of HALL TEES, INC. (the “Company”) on Form 10-Q for the period ended September 30, 2011 as filed with the Securities and Exchange Commission (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

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

 

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

 

 

Dated: November 14, 2011

 

/s/ William Lewis

 

Name: William Lewis

Title: Chief Executive Officer

 

 

 

Dated: November 14, 2011

 

/s/ William Lewis

 

Name: William Lewis

Title: Chief Financial Officer

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Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2011
Dec. 31, 2010
Statement of Financial Position [Abstract]  
Preferred stock, par or stated value$ 0.001$ 0.001
Preferred stock, shares authorized25,000,00025,000,000
Preferred stock, shares outstanding00
Common stock, par value$ 0.001$ 0.001
Common stock, shares authorized50,000,00050,000,000
Common stock, shares outstanding7,605,4007,605,400
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Statements of Operations (Unaudited) (USD $)
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Income Statement [Abstract]    
Revenue$ 33,322$ 29,645$ 50,092$ 58,469
Cost of Sales17,85122,15929,23535,293
Gross Profit15,4717,48620,85723,176
Operating Expenses:    
Depreciation5,2605,11515,88214,080
Selling and Advertising Expenses3,80406,8671,251
Other General Expenses23,13635,60560,62267,111
Total Operating Expenses32,20040,72083,37182,442
Net Operating Loss(16,729)(33,234)(62,514)(59,266)
Other Income:    
Interest Income85168299302
Total Other Income85168299302
Net Loss Before Income Taxes(16,644)(33,066)(62,215)(58,964)
Provision for Income Tax (Expense) Benefit0000
Net Loss$ (16,644)$ (33,066)$ (62,215)$ (58,964)
Earnings per Share, Basic and Diluted:    
Weighted Average of Outstanding Shares7,605,4007,605,4007,605,4007,353,917
Income (Loss) for Common Stockholders$ 0.00$ 0.00$ (0.01)$ (0.01)
 XML 12 R1.htm IDEA: XBRL DOCUMENT v2.3.0.15
Document and Entity Information (USD $)
3 Months Ended
Sep. 30, 2011
Nov. 11, 2011
Document And Entity Information  
Entity Registrant NameHall Tees, inc. 
Entity Central Index Key0001431499 
Document Type10-Q 
Document Period End DateSep. 30, 2011
Amendment Flagfalse 
Current Fiscal Year End Date--12-31 
Is Entity a Well-known Seasoned Issuer?No 
Is Entity a Voluntary Filer?No 
Is Entity's Reporting Status Current?Yes 
Entity Filer CategorySmaller Reporting Company 
Entity Public Float $ 7,605,400
Entity Common Stock, Shares Outstanding 7,605,400
Document Fiscal Period FocusQ3 
Document Fiscal Year Focus2011 
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NOTE 6 RELATED PARTY TRANSACTIONS
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 6 RELATED PARTY TRANSACTIONS

The President and a Shareholder of the Company has advanced the Company $42,476 and $37,493 as of September 30, 2011 and December 31, 2010, respectively, for working capital. No interest is paid on this advance.

Under a contract with the Company beginning November 6, 2007 and ending December 31, 2011, the President provides general management services to the Company for up to $4,000 per month.  Payroll expense incurred under this contract totaled approximately $4,800 and $2,300 for the three months ended September 30, 2011 and 2010, respectively, and $9,760 and $8,500 for the nine months ended September 30, 2011 and 2010, respectively.

The Company pays rent of $1,000 per month to the President for warehouse facilities.  Total charges were $9,000 in each of the nine months ended September 30, 2011 and 2010.

 XML 15 R8.htm IDEA: XBRL DOCUMENT v2.3.0.15
NOTE 2 FIXED ASSETS
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 2 FIXED ASSETS

Fixed assets at September 30, 2011 and December 31, 2010 are as follows:

    2011     2010  
Furniture & Equipment   $ 102,920     $ 102,920  
Capitalized Leases     29,220       29,220  
Gross Fixed Assets     132,140       132,140  
Less: Accumulated Depreciation     (66,801   )     (50,919 )
Net Fixed Assets   $ 65,339       $ 81,221  

 XML 16 R14.htm IDEA: XBRL DOCUMENT v2.3.0.15
NOTE 8 REVENUE CONCENTRATION
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 8 REVENUE CONCENTRATION

The Company’s four largest customers account for 48% ($23,916) of the 2011 year-to-date revenues. The table below discloses the customers and their sales revenue for the nine months ending September 30, 2011 and 2010.

      YTD 2011 Sales   YTD 2010 Sales
  Customer     $   %   $   %
  Lobo                   8,060 16%                 5,094 9%
  KOOLVEST                  7,873 16%                    372   1%
  AMSOIL                  4,238 8%                       -   0%
  Tri-State                  3,745 7%                       -   0%
  BMW-Plano                  2,934 6%                       - 0%
  Details, LTD                  2,430 5%                       -   0%
  Other                 20,812 42%               53,003 90%
  TOTAL                50,092 100%               58,469 100%

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NOTE 2 FIXED ASSETS (Tables) (USD $)
Sep. 30, 2011
Dec. 31, 2010
Sep. 30, 2010
Notes to Financial Statements   
Furniture and Equipment$ 102,920 $ 102,920
Capital Leases29,220 29,220
Gross Fixed Assets132,140 132,140
Less: Accumulated Depreciation(66,801) (50,919)
Net Fixed Assets$ 65,339$ 81,221$ 81,221
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NOTE 7 FINANCIAL CONDITION AND GOING CONCERN
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 7 FINANCIAL CONDITION AND GOING CONCERN

The Company has minimal operations and has working capital of approximately $71,900 at September 30, 2011 and $122,600 as of December 31, 2010. This positive working capital at September 30, 2011 is a result of raising $302,700 in May 2010 under the Form S-1/A that was filed on December 7, 2009 and became effective on December 23, 2009.  Without this money the working capital at September 30, 2011 would have been negative.  Because of this negative amount and limited operating history and limited operations, the Company may require additional working capital to survive. If the funds the Company has are not sufficient it will also consider bank loans or additional shareholder loans. There are no assurances that the Company will be able to obtain any of these. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital cannot be generated, the Company may not be able to continue its operations.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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Shareholders Equity (Unaudited) (USD $)
Common Stock
Additional Paid-In Capital
Retained Earnings / Accumulated Deficit
Total
Begining balance, APIC at Dec. 31, 2009 $ 63,000  
Begining balance, stockholders' equity at Dec. 31, 2009  (91,946) 
Begining balance, amount at Dec. 31, 20097,000   
Begining balance, shares at Dec. 31, 20097,000,000   
Issuance of common stock for cash, shares605,400   
Issuance of common stock for cash, amount605   
Issuance of common stock, APIC 302,095  
Net Loss  (82,805) 
Ending balance, APIC at Dec. 31, 2010 365,095  
Stockholders' Equity at Dec. 31, 2010  (174,751)197,949
Common stock, amount at Dec. 31, 20107,605   
Common stock, shares outstanding at Dec. 31, 20107,605,400  7,605,400
Issuance of common stock for cash, amount   0
Net Loss  (62,215)(62,215)
Ending balance, APIC at Sep. 30, 2011 365,095  
Stockholders' Equity at Sep. 30, 2011  (236,966)135,734
Common stock, amount at Sep. 30, 2011$ 7,605   
Common stock, shares outstanding at Sep. 30, 20117,605,400  7,605,400
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NOTE 3 CAPITALIZED AND OPERATING LEASES
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 3 CAPITALIZED AND OPERATING LEASES

The Company entered into a capitalized lease obligation during 2008 for a total of $29,220. Payments of $487 including principal and interest at 12% are due monthly through December 2012. The amount due by December 31, 2011 is $1,461 and $5,844 is due within the next 12 months. The total amount outstanding at September 30, 2011 and December 31, 2010 was $7,305 and $11,688, respectively.

Accumulated depreciation related to the capitalized leases for the nine month period ended September 30, 2011 and December 31, 2010 was $6,507 and $5,752, respectively.

The Company leases a 1,200 square foot warehouse space on a month to month basis for $1,000 per month. Rent expense was $9,000 for the nine month periods ended September 30, 2011 and 2010.

 XML 21 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
NOTE 4 EQUITY
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 4 EQUITY

The Company is authorized to issue 25,000,000 preferred shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2011 and December 31, 2010, there were zero shares outstanding.

The Company is authorized to issue 50,000,000 common shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2011 and December 31, 2010, there were 7,605,400 shares outstanding respectively.

On December 23, 2009, our Form S-1/A that was filed on December 7, 2009, became effective.  Under this registration statement the Company raised $302,700 by selling 605,400 shares at $0.50 per share and the offering was closed on May 11, 2010.

The Company does not have any stock option plans or warrants.

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NOTE 5 INCOME TAXES
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 5 INCOME TAXES

The Company has adopted ASC 740, which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable (deferred tax liability) or benefit (deferred tax asset).   Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be.

Deferred tax assets at September 30, 2011 and December 31, 2010 consisted of the following:

    2011     2010  
Deferred Tax Asset   $ 59,240       $ 43,690  
Less: Valuation Allowance     (59,240 )     (43,690 )
      Net Deferred Tax Asset   $ 0     $ 0  

The net deferred tax asset generated primarily by the Company’s net operating loss carryforward has been fully reserved. The cumulative net operating loss carry-forward is approximately $236,966 at September 30, 2011 and $174,751 at December 31, 2010, and will expire in 2030.

The difference in the income tax benefit not shown in the consolidated statements of operations and the amount that would result if the U.S. Federal statutory rate of 25% were applied to pre-tax loss for 2011 and 2010 is attributable to the valuation allowance.

The realization of deferred tax benefits is contingent upon future earnings, therefore, is fully reserved at September 30, 2011 and December 31, 2010.

The Company recognizes interest and penalties related to unrecognized tax benefits in general and administrative expense. During the nine months ended September 30, 2011 and the year ended December 31, 2010 the Company recognized no interest and penalties.

 XML 25 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Statement of Cash Flows [Abstract]  
Net Loss$ (62,215)$ (58,964)
Depreciation15,88214,080
Bad Debt Expense1,4422,027
Changes in assets and liabilities:  
Accounts Receivable(4,747)(7,882)
Inventory00
Accounts Payable2,500(29,141)
Accrued Expenses9,3379,031
Net Cash Provided (Used) by Operating Acticities(37,801)(70,849)
CASH FLOWS FROM INVESTING ACTIVITIES  
Purchase of Fixed Assets0(32,922)
Net Cash Provided (Used) by Investing Activities0(32,922)
CASH FLOWS FROM FINANCING ACTIVITIES  
Capitalized Lease Payments(4,383)(4,383)
Issuance of common stock for cash, amount0302,700
(Payments) Borrowings: Shareholder Advances4,9834,003
Net Cash Provided by Financing Activities600302,320
NET INCREASE (DECREASE) IN CASH AND CASH EQUAVILENTS(37,201)198,549
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD189,1543,469
CASH AND CASH EQUIVALENTS AT END OF PERIOD151,953202,018
SUPPLEMENTAL DISCLOSURES  
Cash Paid During the Year for Interest Expense00
Cash Paid During the Year for Taxes$ 0$ 0
 XML 26 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Activities, History and Organization:

Hall Tees, Inc. (The “Company”) operates as a printer and silk screener.  The Company is located in Rowlett, Texas and was incorporated on September 13, 2007 under the laws of the State of Nevada.

Hall Tees, Inc., is the parent company of Hall Tees & Promotions, L.L.C., (“Hall Tees Texas”), a company incorporated under the laws of the State of Texas. Hall Tees Texas was established in 2007 and for the past fifteen months has been operating a single facility in Texas.

On September 12, 2007, Hall Tees, Inc. ("Hall Tees Nevada"), a private holding company established under the laws of Nevada, was formed in order to acquire 100% of the outstanding membership interests of Hall Tees Texas.  On September 15, 2007, Hall Tees Nevada issued 7,000,000 shares of common stock in exchange for a 100% equity interest in Hall Tees Texas.  As a result of the share exchange, Hall Tees Texas became the wholly owned subsidiary of Hall Tees Nevada.  As a result, the members of Hall Tees Texas owned a majority of the voting stock of Hall Tees Nevada.  The transaction was regarded as a reverse merger whereby Hall Tees Texas was considered to be the accounting acquirer as its members retained control of Hall Tees Nevada after the exchange, although Hall Tees Nevada is the legal parent company.  The share exchange was treated as a recapitalization of Hall Tees Nevada.  As such, Hall Tees Texas (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if Hall Tees Nevada had always been the reporting company and, on the share exchange date, changed its name and reorganized its capital stock.

Unaudited Interim Consolidated Financial Statements:

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations for interim financial information. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring accruals) necessary to present fairly the balance sheets, statements of operations and statements of cash flows for the periods presented in accordance with accounting principles generally accepted in the United States. 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 SEC rules and regulations. It is presumed that users of this interim financial information have read or have access to the audited financial statements and footnote disclosure for the preceding fiscal year contained in the Company’s Annual Report on Form 10-K. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.

Significant Accounting Policies:

The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application.  The application of accounting principles requires the estimating, matching and timing of revenue and expense.  Below is a summary of certain significant accounting policies selected by management.

The consolidated financial statements and notes are representations of the Company’s management which is responsible for their integrity and objectivity. 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) valid  transactions  are recorded;  and  3) transactions  are  recorded in the proper  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.

Management believes that all adjustments necessary for a fair statement of the results of the nine months ended September 30, 2011 and 2010 have been made.    Basis of Presentation:

The Company prepares its consolidated financial statements on the accrual basis of accounting.  All intercompany balances and transactions are eliminated.  The Company’s subsidiaries are consolidated with the parent company.   Cash and Cash Equivalents:

All highly liquid investments with original maturities of six months or less are included in cash and cash equivalents.  All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

Fair Value of Financial Instruments:

The carrying amounts of cash, cash equivalents, accounts receivable, capital leases, accounts payable and notes payable approximate their fair values due to the short-term maturities of these instruments.

Accounts Receivable:

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts.  On a periodic basis, the Company evaluates accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections.  The Company’s policy is generally not to charge interest on trade receivables after the invoice becomes past due.  A receivable is considered past due if payments have not been received within agreed upon invoice terms.   The Company provides an allowance for all receivables that are greater than 90 days old. Allowances for Doubtful Accounts totaled $3,000 at September 30, 2011 and December 31, 2010.  Write offs are recorded at a time when a customer receivable is deemed uncollectible.

Inventory:

Inventory is comprised of purchased garments or t-shirts for re-sale.   The Company uses the FIFO method for inventory tracking and valuation and calculates inventory at each period end.  Inventory is stated at the lower of cost or market value.  At September 30, 2011 and December 31, 2010 there was $0 of inventory.

Fixed Assets:

Fixed assets are stated at cost if purchased, or at fair value in a nonmonetary exchange, less accumulated depreciation.  Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation is computed by applying the straight-line method over the estimated useful lives which are generally three to seven years.  Leases that meet the requirements of ASC 840-10, are capitalized and included in fixed assets.

Revenue Recognition:

The Company recognizes revenue in accordance with ASC 605-10. Revenue will be recognized only when all of the following criteria have been met:

· Persuasive evidence of an arrangement exists; · Ownership and all risks of loss have been transferred to buyer, which is generally upon shipment or at the time the service is provided; · The price is fixed and determinable; and · Collectability is reasonably assured.   Earnings per Share:

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered.  As the Company has no potentially dilutive securities, fully diluted earnings per share is identical to earnings per share (basic).

Income Taxes:

Income from the corporation is taxed at regular corporate rates per the Internal Revenue Code.  There are no provisions for current taxes due to net available operating losses.

Recent Accounting Pronouncements:

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.

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NOTE 5 INCOME TAXES (Tables) (USD $)
Sep. 30, 2011
Sep. 30, 2010
Notes to Financial Statements  
Deferred Tax Asset$ 59,240$ 43,690
Less: Valuation Allowance(59,240)(43,690)
Net Deferred Tax Asset$ 0$ 0
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Balance Sheets (Unaudited) (USD $)
Sep. 30, 2011
Dec. 31, 2010
Current Assets:  
Cash and Cash Equivalents$ 151,953$ 189,154
Accounts Receivable, Net4,4181,113
Inventory00
Total Current Assets156,371190,267
Fixed Assets, Net65,33981,221
TOTAL ASSETS221,710271,488
Current Liabilities:  
Accrued Expenses36,19524,358
Amounts Due Shareholder42,47637,493
Current Portion of Capital Lease5,8445,844
Total Current Liabilities84,51567,695
Long Term Liabilities:  
Capital Lease Obligation7,30511,688
Less: Current Potion(5,844)(5,844)
Total Long Term Liabilities1,4615,844
Total Liabilities85,97673,539
Stockholders' Equity:  
Preferred Stock, $0.001 par value, 25,000,000 shares authorized, 0 and 0 shares issued and outstanding$ 0$ 0
Common Stock, $0.001 par value, 50,000,000 shares authorized, 7,605,400 shares issued and outstanding7,6057,605
Additional Paid In Capital365,095365,095
Accumulated Deficit(236,966)(174,751)
Stockholders' Equity135,734197,949
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$ 221,710$ 271,488
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