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SURF A MOVIE SOLUTIONS INC
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<!--egx--><pre>NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN</pre><pre> </pre><pre>Surf A Movie Solutions Inc. ("we", "our", "Surf A Movie" or the "Company"),</pre><pre>incorporated in the state of Nevada on December 18, 2007, is a development stage</pre><pre>company engaged in the development, sales and marketing of online video stores.</pre><pre>The Company is creating a "turn-key" solution to enable customers to open a</pre><pre>video rental storefront on the Internet. A "turn-key" solution is an easy to use</pre><pre>solution that includes all tools and features necessary to enable its customers</pre><pre>to offer download-based video rental service and is intended to enable its</pre><pre>customers to set-up their video store without the need for third party's tools.</pre><pre>The Company's product will enable video store customers to download rented</pre><pre>movies to their computers to be played using Microsoft Media Player. The product</pre><pre>will be offered as a service hosted on the Company's servers which will be</pre><pre>located in a preferred data center in North America.</pre><pre> </pre><pre>The Company has limited operations and in accordance with ASC 915-15 is</pre><pre>considered to be in the development stage.</pre><pre> </pre><pre>GOING CONCERN</pre><pre> </pre><pre>These financial statements have been prepared on a going concern basis. Surf A</pre><pre>Movie has incurred losses since inception and has a working capital deficit,</pre><pre>which raises substantial doubt about Surf a movie's ability to continue as a</pre><pre>going concern. Its ability to continue as a going concern is dependent upon the</pre><pre>ability of Surf A Movie's to generate profitable operations in the future and/or</pre><pre>to obtain the necessary financing to meet its obligations and repay its</pre><pre>liabilities arising from normal business operations when they come due.</pre><pre>Management has plans to seek additional capital through a private placement and</pre><pre>public offering of its common stock. The financial statements do not include any</pre><pre>adjustments relating to the recoverability and classification of recorded</pre><pre>assets, or the amounts of and classification of liabilities that might be</pre><pre>necessary in the event the Company cannot continue in existence.</pre>
<!--egx--><pre>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</pre><pre> </pre><pre>ACCOUNTING BASIS</pre><pre>These financial statements are prepared on the accrual basis of accounting in</pre><pre>conformity with accounting principles generally accepted in the United States of</pre><pre>America.</pre><pre> </pre><pre>USE OF ESTIMATES</pre><pre>The preparation of financial statements in conformity with generally accepted</pre><pre>accounting principles of the United States requires management to make estimates</pre><pre>and assumptions that affect the reported amounts of assets and liabilities and</pre><pre>disclosure of contingent assets and liabilities at the date of the financial</pre><pre>statements and the reported amounts of revenues and expenses during the year.</pre><pre>The more significant areas requiring the use of estimates include asset</pre><pre>impairment, stock-based compensation, and future income tax amounts. Management</pre><pre>bases its estimates on historical experience and on other assumptions considered</pre><pre>to be reasonable under the circumstances. However, actual results may differ</pre><pre>from the estimates.</pre><pre> </pre><pre>CASH AND CASH EQUIVALENTS</pre><pre>Cash equivalents are highly liquid investments with an original maturity of</pre><pre>three months or less</pre><pre> </pre><pre>DEVELOPMENT STAGE</pre><pre>The Company complies with Statement of Financial Accounting Standard ASC 915-15</pre><pre>and the Securities and Exchange Commission Exchange Act 7 for its</pre><pre>characterization of the Company as development stage.</pre><pre> </pre><pre>NET LOSS PER SHARE</pre><pre>Net income loss per common share is computed based on the weighted average</pre><pre>number of common shares outstanding and common stock equivalents, if not</pre><pre>anti-dilutive. The Company has not issued any potentially dilutive common</pre><pre>shares.</pre><pre> </pre><pre>Basic loss per share is calculated using the weighted average number of common</pre><pre>shares outstanding and the treasury stock method is used to calculate diluted</pre><pre>earnings per share. For the years presented, this calculation proved to be</pre><pre>anti-dilutive.</pre><pre> </pre><pre>INCOME TAXES</pre><pre>Deferred tax assets and liabilities are recognized for the estimated future tax</pre><pre>consequences attributable to temporary differences between the financial</pre><pre>statement carrying amounts of existing assets and liabilities and their</pre><pre>respective tax bases. These assets and liabilities are measured using enacted</pre><pre>tax rates expected to apply to taxable income in the years in which the</pre><pre>temporary differences are expected to reverse.</pre><pre> </pre><pre>We have net operating loss carryforwards available to reduce future taxable</pre><pre>income. Future tax benefits for these net operating loss carryforwards are</pre><pre>recognized to the extent that realization of these benefits is considered more</pre><pre>likely than not. To the extent that we will not realize a future tax benefit, a</pre><pre>valuation allowance is established.</pre>
<!--egx--><pre>NOTE 3 - STOCKHOLDERS' EQUITY (DEFICIT)</pre><pre> </pre><pre>During the year ended September 30, 2011, we did not issue any stock. As at</pre><pre>September 30, 2011, we have 4,410,000 common shares issued and outstanding.</pre><pre> </pre><pre>On December 18, 2009, the Company issued 4,000,000 common shares for total</pre><pre>proceeds of $20,000.</pre><pre> </pre><pre>On October 31, 2009, the Company issued 410,000 common shares for total proceeds</pre><pre>of $41,000. As at September 30, 2011, the company has no warrants or options</pre><pre>outstanding.</pre>
<!--egx--><pre>NOTE 4 - INCOME TAX</pre><pre> </pre><pre>Surf a movie uses the liability method, where deferred tax assets and</pre><pre>liabilities are determined based on the expected future tax consequences of</pre><pre>temporary differences between the carrying amounts of assets and liabilities for</pre><pre>financial and income tax reporting purposes. During fiscal year 2011, Surf a</pre><pre>Movie incurred net losses and, therefore, has no tax liability. The net deferred</pre><pre>tax asset generated by the loss carry-forward has been fully reserved. The</pre><pre>cumulative net operating loss carry-forward is approximately $67,676 at</pre><pre>September 30, 2011, and will expire in the year 2031.</pre><pre> </pre><pre>As at September 30, 2011, deferred tax assets consisted of the following:</pre><pre> </pre><pre> Deferred tax asset $ 23,010</pre><pre> Less: Valuation allowance (23,010)</pre><pre> --------</pre><pre> </pre><pre> Net deferred tax asset $ --</pre><pre> ========</pre>
<!--egx--><pre>NOTE 5 - SUBSEQUENT EVENTS</pre><pre> </pre><pre>On December 7, 2011, the Company borrowed $4,000 from its President. The loan</pre><pre>bears no interest and the funds are due on demand.</pre>
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