Colorado | 80-0182193 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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x
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SOUTHERN HOSPITALITY DEVELOPMENT CORP. | ||||||||
(FORMERLY ART DIMENSIONS, INC.)
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(A Development Stage Company)
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BALANCE SHEETS
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||||||||
(Unaudited)
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||||||||
September 30,
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December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Current assets
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||||||||
Cash
|
$ | 283 | $ | 443 | ||||
Accounts Receivable
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- | $ | - | |||||
Total current assets
|
283 | 443 | ||||||
Total Assets
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$ | 283 | $ | 443 | ||||
LIABILITIES &
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||||||||
STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payables
|
$ | 9,984 | $ | 7,509 | ||||
Accounts payable - related party
|
22,297 | 2,350 | ||||||
Accrued interest
|
1,020 | 183 | ||||||
Short term debt
|
3,250 | 3,250 | ||||||
Note payable related party
|
10,700 | 10,700 | ||||||
Payable to affiliated party
|
- | 24,800 | ||||||
Total current liabilities
|
47,251 | 48,792 | ||||||
Total Liabilities
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47,251 | 48,792 | ||||||
Stockholders' Equity
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||||||||
Preferred stock, no par value;
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||||||||
1,000,000 shares authorized;
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||||||||
no shares issued and outstanding
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- | - | ||||||
Common stock, no par value;
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||||||||
50,000,000 shares authorized;
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||||||||
1,082,060 shares issued and outstanding
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2,000 | 2,000 | ||||||
Additional paid in capital
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36,665 | 11,865 | ||||||
Deficit accumulated during the dev. stage
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(85,633 | ) | (62,214 | ) | ||||
Total Stockholders' Equity
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(46,968 | ) | (48,349 | ) | ||||
Total Liabilities and Stockholders' Equity
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$ | 283 | $ | 443 |
SOUTHERN HOSPITALITY DEVELOPMENT CORP. | ||||||||
( FORMERLY ART DIMENSIONS, INC.)
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(A Development Stage Company)
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STATEMENTS OF OPERATIONS
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Three Month
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Three Month
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|||||||
Period Ended
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Period Ended
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|||||||
September 30,
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September 30,
|
|||||||
2012
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2011
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|||||||
Sales - net of returns
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$ | - | $ | - | ||||
Operating expenses:
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||||||||
Accounting & legal
|
6,810 | - | ||||||
General and administrative
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3,234 | 10,216 | ||||||
10,044 | 10,216 | |||||||
Gain (loss) from operations
|
(10,044 | ) | (10,216 | ) | ||||
Other income (expense):
|
||||||||
Interest
|
(96 | ) | - | |||||
Total other income (expense)
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(96 | ) | - | |||||
Income (loss) before
|
||||||||
provision for income taxes
|
(10,140 | ) | (10,216 | ) | ||||
Provision for income tax
|
- | - | ||||||
Net income (loss)
|
$ | (10,140 | ) | $ | (10,216 | ) | ||
Net income (loss) per share
|
||||||||
(Basic and fully diluted)
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$ | (0.01 | ) | $ | (0.01 | ) | ||
Weighted average number of
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||||||||
common shares outstanding
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1,082,060 | 1,082,060 |
SOUTHERN HOSPITALITY DEVELOPMENT CORP. | ||||||||||||
(FORMERLY ART DIMENSIONS, INC.)
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||||||||||||
(A Development Stage Company)
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STATEMENTS OF OPERATIONS
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Period From
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||||||||||||
Nine Month
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Nine Month
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January 29, 2008
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||||||||||
Period Ended
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Period Ended
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(Inception) Through
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||||||||||
September 30,
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September 30,
|
September 30, | ||||||||||
2012
|
2011
|
2012
|
||||||||||
Sales - net of returns
|
$ | - | $ | - | $ | 4,247 | ||||||
Operating expenses:
|
||||||||||||
Accounting & legal
|
17,925 | - | 50,572 | |||||||||
General and administrative
|
4,657 | 22,641 | 38,288 | |||||||||
22,582 | 22,641 | 88,860 | ||||||||||
Gain (loss) from operations
|
(22,582 | ) | (22,641 | ) | (84,613 | ) | ||||||
Other income (expense):
|
||||||||||||
Interest
|
(837 | ) | - | (1,020 | ) | |||||||
Total other income (expense)
|
(837 | ) | - | (1,020 | ) | |||||||
Income (loss) before
|
||||||||||||
provision for income taxes
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(23,419 | ) | (22,641 | ) | (85,633 | ) | ||||||
Provision for income tax
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- | - | - | |||||||||
Net income (loss)
|
$ | (23,419 | ) | $ | (22,641 | ) | $ | (85,633 | ) | |||
Net income (loss) per share
|
||||||||||||
(Basic and fully diluted)
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$ | (0.02 | ) | $ | (0.02 | ) | ||||||
Weighted average number of
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||||||||||||
common shares outstanding
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1,082,060 | 1,082,060 |
SOUTHERN HOSPITALITY DEVELOPMENT CORP. | ||||||||||||
(FORMERLY ART DIMENSIONS, INC.)
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||||||||||||
(A Development Stage Company)
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STATEMENTS OF CASH FLOWS
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Period From
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||||||||||||
Nine Month
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Nine Month
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January 29, 2008
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||||||||||
Period Ended
|
Period Ended
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(Inception) Through
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||||||||||
September 30,
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September 30,
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September 30, | ||||||||||
2012
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2011
|
2012
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||||||||||
Cash Flows From Operating Activities:
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||||||||||||
Net income (loss)
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$ | (23,419 | ) | $ | (22,641 | ) | $ | (85,633 | ) | |||
Adjustments to reconcile net loss to
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||||||||||||
net cash provided by (used for)
|
||||||||||||
operating activities:
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||||||||||||
Common stock issued for services
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- | - | 2,000 | |||||||||
Warrant expense
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- | - | 3,407 | |||||||||
Changes in operating assets and liabilities:
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||||||||||||
Accounts Receivable
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- | 533 | - | |||||||||
Accounts payable
|
2,475 | 7,139 | 13,234 | |||||||||
Related party payables
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19,947 | (1,163 | ) | 30,755 | ||||||||
Interest payable
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837 | - | 1,020 | |||||||||
Net cash provided by (used for)
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||||||||||||
operating activities
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(160 | ) | (16,132 | ) | (35,217 | ) | ||||||
Cash Flows From Investing Activities:
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||||||||||||
Net cash provided by (used for)
|
||||||||||||
investing activities
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- | - | - | |||||||||
Cash Flows From Financing Activities:
|
||||||||||||
Conversion of accounts payable into notes payable
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- | - | - | |||||||||
Borrowings on debt - related party
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- | 5,800 | 10,700 | |||||||||
Borrowing on debt - affiliated company
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- | 9,800 | 24,800 | |||||||||
Net cash provided by (used for)
|
||||||||||||
financing activities
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- | 15,600 | 35,500 | |||||||||
Net Increase (Decrease) In Cash
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(160 | ) | (532 | ) | 283 | |||||||
Cash At The Beginning Of The Period
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443 | 736 | - | |||||||||
Cash At The End Of The Period
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$ | 283 | $ | 204 | $ | 283 | ||||||
Schedule Of Non-Cash Investing And Financing Activities
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||||||||||||
Conversion of accounts payable into notes payable
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$ | - | $ | 3,250 | $ | 3,250 | ||||||
Forgiveness of debt
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$ | 24,800 | $ | 24,800 | ||||||||
Supplemental Disclosure
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Cash paid for interest
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$ | - | $ | - | $ | - | ||||||
Cash paid for income taxes
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$ | - | $ | - | $ | - |
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●
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the Company issued 50,000 shares of its common stock to the two persons in consideration of their assumption of the Company’s liabilities as November 12, 2012, and
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●
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shareholders owning 482,000 shares of the Company’s common stock surrendered their shares to the Company’s for cancellation.
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●
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Legal and Accounting expenses increased from the prior period since the Company changed auditors in late 2010. The Company’s new auditors charged more than the Company’s previous auditor for reviewing the Company’s 10-Q reports and auditing the Company’s financial statements for the years ended December 31, 2011 and 2010; and
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●
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General and Administrative expenses decreased from the prior period due to the costs associated with adding Interactive Data Files to the Company’s website and 1934 Act reports in 2011.
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Total
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2012
|
2013
|
2014
|
|||||||||||||
Loan Payments
|
$ | 13,950 | $ | 13,950 | -- | -- |
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●
|
the Company issued 50,000 shares of its common stock to the two persons in consideration of their assumption of the Company’s liabilities as November 12, 2012, and
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●
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shareholders owning 482,000 shares of the Company’s common stock surrendered their shares to the Company’s for cancellation.
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●
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Steve Cominsky, Gary Tedder and J.W. Roth were appointed directors of the Company; and
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●
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the following persons will be appointed officers of the Company:
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|
o
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Steve Cominsky, Chief Executive Officer
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|
o
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Gary Tedder, President
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|
o
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David Lavigne, Secretary-Treasurer.
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●
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Denver, CO;
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●
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Scottsdale/Phoenix, AZ;
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●
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Chicago, IL;
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●
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Dallas, TX;
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●
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Austin, TX;
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Houston, TX;
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Washington, DC;
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Palo Alto, CA;
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New Orleans, LA; and
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●
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Atlanta, GA.
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Southern Hospitality Development Corp.
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November 13, 2012
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By:
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/s/ Rebecca Gregarek | |
Rebecca Gregarek, Principal Executive, | |||
Financial and Accounting Officer |
November 13, 2012
|
By:
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/s/ Rebecca Gregarek | |
Rebecca Gregarek, | |||
Principal Executive Officer |
November 13, 2012
|
By:
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/s/ Rebecca Gregarek | |
Rebecca Gregarek, | |||
Principal Financial Officer |
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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|
(2)
|
The information contained in the Report fairly presents, in all material respects the financial condition and results of the Company.
|
November 13, 2012
|
By:
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/s/ Rebecca Gregarek | |
Rebecca Gregarek, | |||
Principal Executive and Financial Officer |
Subsequent Events
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Notes | |
Subsequent Events |
Note 4. Subsequent Events
On November 13, 2012 the Company acquired Southern Hospitality Franchisee Holding Corporation in exchange for 5,259,091 shares of the Companys common stock.
Prior to the acquisition of Southern Hospitality:
the Company issued 50,000 shares of its common stock to the two persons in consideration of their assumption of the Companys liabilities as November 12, 2012, and
shareholders owning 482,000 shares of the Companys common stock surrendered their shares to the Companys for cancellation.
Southern Hospitality is a Colorado corporation formed in August 2011 for the purpose of owning and operating up to 30 restaurants in the United States. The restaurants intend to primarily serve southern or Memphis style barbeque and cuisine and alcoholic beverages (such as a range of bourbons and other spirits and cocktails) and also intend to sell related products and merchandise (such as meat rubs and memorabilia).
As of November 13, 2012 Southern Hospitality was in the development stage, had not opened any restaurants, and had not generated any revenues.
On November 13, 2012 the shareholders of the Company approved a change in the Companys name to Southern Hospitality Development Corp. Articles of Amendment reflecting the name change were filed with the Colorado Secretary of State on November 13, 2012. |
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Note 3. Related Party Transactions
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Notes | |
Note 3. Related Party Transactions | Note 3. Related Party Transactions
The Companys major shareholder advanced $10,700 at 8% interest and is payable on demand. As of September 30, 2012 and 2011, the company has accrued interest of $1,020 and $0, respectively, on the note payable. Interest expense for the nine months ended September 30, 2012 and 2011 was $837 and $0 respectively.
During the nine month period ended September 30, 2012 officers of the Company advanced an additional $19,947.
The Company has borrowed $24,800 from a company affiliated through common control. The related party payable balance was $24,800 at September 30, 2011. The loan does not bear interest and is payable upon demand. In connection with a change of control of Art Design, the outstanding payable to this affiliate was forgiven. The transaction was recorded as a distribution to shareholders and was reflected in the change in equity as of September 30, 2012. |
BALANCE SHEETS (Unaudited for September 30, 2012) (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
ASSETS | ||
Cash | $ 283 | $ 443 |
Total current assets | 283 | 443 |
Total Assets | 283 | 443 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payables | 9,984 | 7,509 |
Accounts payable - related party | 22,297 | 2,350 |
Accrued interest | 1,020 | 183 |
Short term debt | 3,250 | 3,250 |
Note payable related party | 10,700 | 10,700 |
Payable to affiliated party | 24,800 | |
Total current liabilities | 47,251 | 48,792 |
Total Liabilities | 47,251 | 48,792 |
Common stock | 2,000 | 2,000 |
Additional paid in capital | 36,665 | 11,865 |
Deficit accumulated during the dev. Stage | (85,633) | (62,214) |
Total Stockholders' Equity | (46,968) | (48,349) |
Total Liabilities and Stockholders' Equity | $ 283 | $ 443 |
Note 1. Organization, Operations and Summary of Significant Accounting Policies
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Notes | |
Note 1. Organization, Operations and Summary of Significant Accounting Policies: | NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Art Dimensions, Inc. (the Company), was incorporated in the State of Colorado on January 29, 2008. The Company was formed to provide art consulting and marketing services and advise or represent individuals who are in the business of creating, producing and selling art.
Basis of Presentation
The accompanying unaudited interim financial statements of Art Dimensions Inc. have been prepared in accordance with accounting principles generally accepted in United States of America and the rules of the Securities and Exchange Commission (SEC), and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys latest Annual Report filed with SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2011, as reported in Form 10-K, have been omitted.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect 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 reporting period. Actual results could differ from those estimates.
Reclassification
Certain prior year amounts have been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements
The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company. |
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Note 2. Going Concern
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Notes | |
Note 2. Going Concern | Note 2. Going Concern
The Company has suffered recurring losses from operations and has a working capital deficit. These conditions raise substantial doubt about the Companys ability to continue as a going concern. The company may raise additional capital through the sale of its equity securities, through offerings of debt securities, or through borrowings from financial institutions. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the company to continue as a going concern. |
Statement of Financial Position - Parenthetical (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 1,082,060 | 1,082,060 |
Common Stock, Shares Outstanding | 1,082,060 | 1,082,060 |
Document and Entity Information (USD $)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Document and Entity Information: | |
Entity Registrant Name | Southern Hospitality Development Corp. |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2012 |
Amendment Flag | false |
Entity Central Index Key | 0001445918 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 1,082,600 |
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 | Q3 |
STATEMENTS OF OPERATIONS (Unaudited) (USD $)
|
3 Months Ended | 9 Months Ended | 56 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
|
Sales - net of returns | $ 4,247 | ||||
Operating expenses: | |||||
Accounting and legal | 6,810 | 17,925 | 50,572 | ||
General and administrative | 3,234 | 10,216 | 4,657 | 22,641 | 38,288 |
Total operating expenses | 10,044 | 10,216 | 22,582 | 22,641 | 88,860 |
Gain (loss) from operations | (10,044) | (10,216) | (22,582) | (22,641) | (84,613) |
Other income (expense): | |||||
Interest | (96) | (837) | (1,020) | ||
Total other income (expense) | (96) | (837) | (1,020) | ||
Income (loss) before provision for income taxes | (10,140) | (10,216) | (23,419) | (22,641) | (85,633) |
Net income (loss) | $ (10,140) | $ (10,216) | $ (23,419) | $ (22,641) | $ (85,633) |
Net income (loss) per share (Basic and fully diluted) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) | |
Weighted average number of common shares outstanding | 1,082,060 | 1,082,060 | 1,082,060 | 1,082,060 |
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Reclassification (Policies)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Policies | |
Reclassification | Reclassification
Certain prior year amounts have been reclassified to conform to the current year presentation. |
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Policies | |
Use of Estimates | Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect 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 reporting period. Actual results could differ from those estimates. |
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements
The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company. |
Note 3. Related Party Transactions (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 56 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2012
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
|
Notes Payable, Related Parties, Current | $ 10,700 | $ 10,700 | $ 10,700 | ||
Accrued interest | 1,020 | 1,020 | 1,020 | 183 | 0 |
Interest | $ 96 | $ 837 | $ 1,020 |
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Basis of Presentation (Policies)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Policies | |
Basis of Presentation | Basis of Presentation
The accompanying unaudited interim financial statements of Art Dimensions Inc. have been prepared in accordance with accounting principles generally accepted in United States of America and the rules of the Securities and Exchange Commission (SEC), and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys latest Annual Report filed with SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2011, as reported in Form 10-K, have been omitted. |