0001165527-12-000320.txt : 20120417 0001165527-12-000320.hdr.sgml : 20120417 20120417102616 ACCESSION NUMBER: 0001165527-12-000320 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20120229 FILED AS OF DATE: 20120417 DATE AS OF CHANGE: 20120417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAPERWORKS INC. CENTRAL INDEX KEY: 0001440819 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] IRS NUMBER: 352340897 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-53910 FILM NUMBER: 12762809 BUSINESS ADDRESS: STREET 1: 2963 E ROSE LANE CITY: PHOENIX STATE: AZ ZIP: 85016 BUSINESS PHONE: 602 595 7719 MAIL ADDRESS: STREET 1: 2963 E ROSE LANE CITY: PHOENIX STATE: AZ ZIP: 85016 10-Q/A 1 g5886a.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A (Amendment No. 1) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED FEBRUARY 29, 2012 Commission file number 000-53910 PAPERWORKS, INC. (Exact name of registrant as specified in its charter) NEVADA (State or other jurisdiction of incorporation or organization) 2963 E. Rose Lane Phoenix, AZ 85016 (Address of principal executive offices, including zip code) 1-800-854-0654 (Telephone number, including area code) Rhoda Rizkalla 2963 E. Rose Lane Phoenix, AZ 85016 Telephone & Facsimile 1-800-854-0654 (Name, address and telephone number of agent for service) Check whether the issuer (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 last 90 days. YES [X] NO [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer, "accelerated filer," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] 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 [X] NO [ ] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 6,000,000 shares as of April 16, 2012 EXPLANATORY NOTE The purpose of this Amendment No. 1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended February 29, 2012, filed with the Securities and Exchange Commission on April 16, 2012 (the "Form 10-Q"), is solely to furnish Exhibit 101 to the Form 10-Q. Exhibit 101 provides the financial statements and related notes from the Form 10-Q formatted in XBRL (Extensible Business Reporting Language). No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q continues to speak as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q. Pursuant to rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections. ITEM 6. EXHIBITS The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our Registration Statement on Form S-1, filed under SEC File Number 333-155966, at the SEC website at www.sec.gov: Exhibit No. Description ----------- ----------- 3.1 Articles of Incorporation* 3.2 Bylaws* 31.1* Certification pursuant to Rule 13a-14(a) under the Exchange Act of 1934 31.2* Certification pursuant to Rule 13a-14(a) under the Exchange Act of 1934 32.1* Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2* Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101** Interactive data files pursuant to Rule 405 of Regulation S-T ---------- * Previously filed ** Filed herewith SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PaperWorks, Inc., Registrant April 17, 2012 By: /s/ Rhoda Rizkalla ------------------------------------ Rhoda Rizkalla, Director, President, Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer 10 EX-101.INS 2 ppks-20120229.xml 10-Q 2012-02-29 true Add XBRL files Paperworks Inc. 0001440819 --08-31 6000000 0 Smaller Reporting Company Yes No No 2012 Q2 6386 14045 6386 14045 0 0 15000 0 15000 0 6000 6000 54000 54000 -68614 -45955 -8614 14045 6386 14045 245 220 130 115 1570 50 325 50 80 6323 1664 767 1490 326 12622 20700 5450 15250 1750 45378 0 0 0 0 2721 22659 6762 16920 2271 68614 -22659 -6762 -16920 -2271 -68614 0 0 0 0 6000000 6000000 6000000 6000000 0 0 0 0 0 -22659 -6762 -16920 -2271 -68614 15000 0 15000 0 15000 0 0 0 0 60000 15000 0 15000 0 75000 0 0 0 0 0 -7659 -6762 -1920 -2271 6386 24629 8306 20138 0 17867 <!--egx--><p style="MARGIN:0in 0in 0pt">Note 1 - NATURE AND CONTINUANCE OF OPERATIONS</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">PaperWorks Inc. (&#147;the Company&#148;) was incorporated under the laws of State of Nevada, U.S. on April 30, 2008, with an authorized capital of 75,000,000 common shares with a par value of $0.001.&nbsp; The Company&#146;s year end is the end of August.&nbsp; The Company is in the development stage of its business.&nbsp; During the period ended August 31, 2008, the Company commenced operations by issuing shares.&nbsp; </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.&nbsp; The Company has incurred losses since inception resulting in an accumulated deficit of $68,614 as at February 29, 2012 and further losses are anticipated in the development of its business raising substantial doubt about the Company&#146;s ability to continue as a going concern.&nbsp; The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock.&nbsp; </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Basis of Presentation</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Development Stage Company</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company complies with the ASC 915, its characterization of the Company as a development stage enterprise.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Use of Estimates and Assumptions</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period.&nbsp; Actual results could differ from those estimates.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments.&nbsp; Unless otherwise noted, it is management&#146;s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Income Taxes</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company follows the liability method of accounting for income taxes.&nbsp; Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).&nbsp; The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">At February 29, 2012, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Earning Per Share</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company computes loss per share in accordance with ASC 105, &#147;Earnings per Share&#148; which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.&nbsp; Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Stock-based Compensation</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 3 &#150; Common Stock</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of one tenth of one cent ($0.001) per share and no other class of shares is authorized.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">During the period ended August 31, 2008, the Company issued 3,000,000 shares of common stock for total cash proceeds of $15,000. At February 29, 2012 there were no outstanding stock options or warrants.</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 4 &#150; Income Taxes</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">As of February 29, 2012, the Company had net operating loss carry forwards of approximately $68,614 that may be available to reduce future years&#146; taxable income through 2028. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.</p> 0001440819 2011-09-01 2012-02-29 0001440819 2012-02-29 0001440819 2011-08-31 0001440819 2010-09-01 2011-02-28 0001440819 2011-12-01 2012-02-29 0001440819 2010-12-01 2011-02-28 0001440819 2008-04-30 2012-02-29 0001440819 2010-08-31 0001440819 2011-11-30 0001440819 2010-11-30 0001440819 2008-04-29 0001440819 2011-02-28 iso4217:USD shares iso4217:USD shares Authorized 75,000,000 ordinary voting shares at $0.001 per share Issued and outstanding: 6,000,000 common shares at par value EX-101.SCH 3 ppks-20120229.xsd 000030 - Statement - PAPERWORKS INC. - (A Development Stage Company) - Statement of Operations link:presentationLink link:definitionLink link:calculationLink 200000 - Disclosure - Organization, Consolidation and Presentation of Financial Statements link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - PAPERWORKS INC. - (A Development Stage Company) - Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 500000 - Disclosure - Equity link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - PAPERWORKS INC. - (A Development Stage Company) - Balance Sheet link:presentationLink link:definitionLink link:calculationLink 770000 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ppks-20120229_cal.xml EX-101.DEF 5 ppks-20120229_def.xml EX-101.LAB 6 ppks-20120229_lab.xml Net cash used for investing activities Net cash used for investing activities Office Expenses Current Assets Entity Well-known Seasoned Issuer Document Type Investing Activities Deficit accumulated during development stage Income Tax Disclosure [Text Block] Loans from Related Party {1} Loans from Related Party Document Period End Date Financing Activities Weighted average outstanding shares Filing and Transfer Agent Fee Statement [Line Items] Entity Current Reporting Status Entity Public Float Entity Common Stock, Shares Outstanding Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Earnings per share - Basic and diluted Entity Registrant Name Income Taxes Net cash (used in) operating activities Net cash (used in) operating activities Shares Subscribed for Cash Statement of Financial Position Entity Voluntary Filers Total Liabilities and Stockholders Equity Total Liabilities and Stockholders Equity Capital Stock Cash Cash at Beginning of Period Cash at End of Period Organization, Consolidation and Presentation of Financial Statements Net Loss Total General and Administrative Expenses Total General and Administrative Expenses Accounts Payable and Accrued Liabilities {1} Accounts Payable and Accrued Liabilities Current Liabilities Current Fiscal Year End Date Entity Central Index Key General and Administrative Expenses Stockholders Equity Loans from Related Party Statement [Table] Equity Income Statement Additional Paid-in Capital Total Current Liabilities Total Current Liabilities Document Fiscal Period Focus Entity Filer Category Cash increase during the period Changes in operating assets and liabilities: Statement of Cash Flows Travel Expenses Total Stockholders Equity Total Stockholders Equity Cash Derived From (used for) Operating Activities Bank Charges and Interest Liabilities and Stockholders Equity Amendment Flag Stockholders' Equity Note Disclosure [Text Block] Total Assets Total Assets Document and Entity Information Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Net cash provided by financing activities Net cash provided by financing activities Accounts Payable {1} Accounts Payable Professional Fees Document Fiscal Year Focus Amendment Description EX-101.PRE 7 ppks-20120229_pre.xml XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; 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PAPERWORKS INC. - (A Development Stage Company) - Balance Sheet (USD $)
Feb. 29, 2012
Aug. 31, 2011
Current Assets    
Cash $ 6,386 $ 14,045
Total Assets 6,386 14,045
Current Liabilities    
Accounts Payable and Accrued Liabilities 0 0
Loans from Related Party 15,000 0
Total Current Liabilities 15,000 0
Stockholders Equity    
Capital Stock 6,000 [1] 6,000 [1]
Additional Paid-in Capital 54,000 54,000
Deficit accumulated during development stage (68,614) (45,955)
Total Stockholders Equity (8,614) 14,045
Total Liabilities and Stockholders Equity $ 6,386 $ 14,045
[1] Authorized 75,000,000 ordinary voting shares at $0.001 per share Issued and outstanding: 6,000,000 common shares at par value
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Equity
 6 Months Ended
Feb. 29, 2012
Equity  
Stockholders' Equity Note Disclosure [Text Block]

Note 3 – Common Stock

 

The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of one tenth of one cent ($0.001) per share and no other class of shares is authorized.

 

During the period ended August 31, 2008, the Company issued 3,000,000 shares of common stock for total cash proceeds of $15,000. At February 29, 2012 there were no outstanding stock options or warrants.
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Income Taxes
 6 Months Ended
Feb. 29, 2012
Income Taxes  
Income Tax Disclosure [Text Block]

Note 4 – Income Taxes

 

As of February 29, 2012, the Company had net operating loss carry forwards of approximately $68,614 that may be available to reduce future years’ taxable income through 2028. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
XML 15 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
PAPERWORKS INC. - (A Development Stage Company) - Statement of Operations (USD $)
 3 Months Ended 6 Months Ended 46 Months Ended
Feb. 29, 2012
Feb. 28, 2011
Feb. 29, 2012
Feb. 28, 2011
Feb. 29, 2012
General and Administrative Expenses          
Bank Charges and Interest $ 130 $ 115 $ 245 $ 220 $ 1,570
Filing and Transfer Agent Fee 50 80 50 325 6,323
Office Expenses 1,490 326 1,664 767 12,622
Professional Fees 15,250 1,750 20,700 5,450 45,378
Travel Expenses 0 0 0 0 2,721
Total General and Administrative Expenses 16,920 2,271 22,659 6,762 68,614
Net Loss $ (16,920) $ (2,271) $ (22,659) $ (6,762) $ (68,614)
Earnings per share - Basic and diluted $ 0 $ 0 $ 0 $ 0  
Weighted average outstanding shares 6,000,000 6,000,000 6,000,000 6,000,000  
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Document and Entity Information (USD $)
 6 Months Ended
Feb. 29, 2012
Document and Entity Information  
Entity Registrant Name Paperworks Inc.
Document Type 10-Q
Document Period End Date Feb. 29, 2012
Amendment Flag true
Amendment Description Add XBRL files
Entity Central Index Key 0001440819
Current Fiscal Year End Date --08-31
Entity Common Stock, Shares Outstanding 6,000,000
Entity Public Float $ 0
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2012
Document Fiscal Period Focus Q2
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PAPERWORKS INC. - (A Development Stage Company) - Statements of Cash Flows (USD $)
 3 Months Ended 6 Months Ended 46 Months Ended
Feb. 29, 2012
Feb. 28, 2011
Feb. 29, 2012
Feb. 28, 2011
Feb. 29, 2012
Net Loss $ (16,920) $ (2,271) $ (22,659) $ (6,762) $ (68,614)
Accounts Payable 0 0 0 0 0
Net cash (used in) operating activities (16,920) (2,271) (22,659) (6,762) (68,614)
Loans from Related Party 15,000 0 15,000 0 15,000
Shares Subscribed for Cash 0 0 0 0 60,000
Net cash provided by financing activities 15,000 0 15,000 0 75,000
Net cash used for investing activities 0 0 0 0 0
Cash increase during the period (1,920) (2,271) (7,659) (6,762) 6,386
Cash at Beginning of Period 8,306 20,138 14,045 24,629 0
Cash at End of Period $ 6,386 $ 17,867 $ 6,386 $ 17,867 $ 6,386
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Organization, Consolidation and Presentation of Financial Statements
 6 Months Ended
Feb. 29, 2012
Organization, Consolidation and Presentation of Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note 1 - NATURE AND CONTINUANCE OF OPERATIONS

 

PaperWorks Inc. (“the Company”) was incorporated under the laws of State of Nevada, U.S. on April 30, 2008, with an authorized capital of 75,000,000 common shares with a par value of $0.001.  The Company’s year end is the end of August.  The Company is in the development stage of its business.  During the period ended August 31, 2008, the Company commenced operations by issuing shares. 

 

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since inception resulting in an accumulated deficit of $68,614 as at February 29, 2012 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock. 

 

Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

 

Development Stage Company

 

The Company complies with the ASC 915, its characterization of the Company as a development stage enterprise.

 

Use of Estimates and Assumptions

 

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

 

The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments.  Unless otherwise noted, it is management’s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

 

Income Taxes

 

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

At February 29, 2012, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded.

 

Earning Per Share

 

The Company computes loss per share in accordance with ASC 105, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal.

 

Stock-based Compensation

 

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

 
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