0001077048-12-000488.txt : 20121106 0001077048-12-000488.hdr.sgml : 20121106 20121105192939 ACCESSION NUMBER: 0001077048-12-000488 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121106 DATE AS OF CHANGE: 20121105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bassline Productions, Inc CENTRAL INDEX KEY: 0001495028 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 272571663 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54497 FILM NUMBER: 121181473 BUSINESS ADDRESS: STREET 1: 1759 GRAND PHEASANT LANE CITY: LINCOLN STATE: CA ZIP: 95648 BUSINESS PHONE: 916-508-5385 MAIL ADDRESS: STREET 1: 1759 GRAND PHEASANT LANE CITY: LINCOLN STATE: CA ZIP: 95648 10-Q 1 bssp930-10q.htm FORM 10-Q bssp930-10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

Form 10-Q

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

For the quarterly period ended September 30, 2012

¨  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 000-54497

 
BASSLINE PRODUCTIONS, INC.
(Exact name of registrant as specified in its charter)

Nevada
  
27-2571663
(State or other jurisdiction of incorporation or organization)
  
(I.R.S. Employer Identification No.)

1759 Grand Pheasant Lane, Lincoln, California
  
95648
(Address of principal executive offices)
  
(Zip Code)

(916) 508-5385
(Registrant’s telephone number, including area code)

Copies of Communications to:
Stoecklein Law Group, LLP
Columbia Center
401 West A Street
Suite 1150
San Diego, CA 92101
(619) 704-1310
Fax (619) 704-0556

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x    No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§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 definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Ruble 12b-2 of the Exchange Act.

Large accelerated filer  ¨
Accelerated filer  ¨
   
Non-accelerated filer  ¨ (Do not check if a smaller reporting company)
Smaller reporting company  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes x    No ¨

The number of shares of Common Stock, $0.001 par value, outstanding on November 5, 2012 was 25,000,000 shares. Throughout this filing all references to shares have been restated to reflect a 10:1 forward stock split enacted on August 23, 2011.

 
1
 

BASSLINE PRODUCTIONS, INC.
QUARTERLY PERIOD ENDED SEPTEMBER 30, 2012

Index to Report on Form 10-Q



     
Page No.
   
PART I - FINANCIAL INFORMATION
  
Item 1.
  
Financial Statements
3
       
Item 2.
  
Management's Discussion and Analysis of Financial Condition and Results of Operations
10
       
Item 3.
  
Quantitative and Qualitative Disclosures About Market Risk
13
       
Item 4T.
  
Controls and Procedures
13
       
   
PART II - OTHER INFORMATION
  
       
Item 1.
  
Legal Proceedings
14
       
Item1A.
  
Risk Factors
14
       
Item 2.
  
Unregistered Sales of Equity Securities and Use of Proceeds
14
       
Item 3.
  
Defaults Upon Senior Securities
14
       
Item 4.
  
Mine Safety Disclosures
14
       
Item 5.
  
Other Information
15
       
Item 6.
  
Exhibits
15
       
   
Signature
16

 
2
 

BASSLINE PRODUCTIONS, INC.
  
(A DEVELOPMENT STAGE COMPANY)
  
BALANCE SHEETS
  
(unaudited)
  
             
             
   
September 30,
    
December 31,
  
   
2012
    
2011
  
ASSETS
            
             
Current assets:
            
Cash
   $ 892     $ 3,651  
Total current assets
     892       3,651  
                 
Website, net
     305       516  
                 
Total assets
   $ 1,197     $ 4,167  
                 
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
                
                 
Current liabilities:
                
Accounts payable
   $ 278     $ -  
Total current liabilities
     278       -  
                 
Long-term liabilities:
                
Line of credit
     104,576       76,125  
Accrued interest payable
     8,430       4,219  
Total long-term liabilities
     113,006       80,344  
                 
Total liabilities
     113,284       80,344  
                 
Stockholders' deficit:
                
Preferred stock, $0.001 par value, 10,000,000 shares
                
authorized, no and no shares issued and outstanding
                
as of September 30, 2012 and December 31, 2011, respectively
     -       -  
Common stock, $0.001 par value, 100,000,000 shares
                
authorized, 25,000,000 and 25,000,000 shares issued and outstanding
                
as of September 30, 2012 and December 31, 2011, respectively
     25,000       25,000  
Additional paid in capital
     24,061       24,061  
Deficit accumulated during development stage
     (161,148 )     (125,238 )
Total stockholders' deficit
     (112,087 )     (76,177 )
                 
Total liabilities and stockholders' deficit
   $ 1,197     $ 4,167  


See Accompanying Notes to the Financial Statements.



 
3
 


BASSLINE PRODUCTIONS, INC.
  
(A DEVELOPMENT STAGE COMPANY)
  
STATEMENTS OF OPERATIONS
  
(unaudited)
  
                               
                               
                           
Inception
  
   
For the
    
For the
    
For the
    
For the
    
(May 11, 2010)
  
   
three months ended
    
three months ended
    
nine months ended
    
nine months ended
    
to
  
   
September 30,
    
September 30,
    
September 30,
    
September 30,
    
September 30,
  
   
2012
    
2011
    
2012
    
2011
    
2012
  
                               
Revenue
   $ -     $ -     $ 12,000     $ -     $ 12,000  
                                         
Operating expenses:
                                        
Amortization expense
     70       70       211       211       539  
General and administrative
     70       900       504       1,486       3,784  
Professional fees
     9,134       65,611       42,984       78,876       160,399  
Total operating expenses
     9,274       66,581       43,699       80,573       164,722  
                                         
Other expenses:
                                        
Interest income
     -       (3 )     -       (3 )     (4 )
Interest expense
     1,532       1,610       4,211       3,812       8,430  
Total other expense
     1,532       1,607       4,211       3,809       8,426  
                                         
Net loss
   $ (10,806 )   $ (68,188 )   $ (35,910 )   $ (84,382 )   $ (161,148 )
                                         
                                         
Weighted average number of common
     25,000,000       22,445,652       25,000,000       20,824,176          
shares outstanding - basic
                                        
                                         
Net loss per share - basic
   $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.00 )        


See Accompanying Notes to the Financial Statements.



 
4
 


BASSLINE PRODUCTIONS, INC.
  
(A DEVELOPMENT STAGE COMPANY)
  
STATEMENTS OF CASH FLOWS
  
(unaudited)
  
                   
                   
               
Inception
  
   
For the
    
For the
    
(May 11, 2010)
  
   
nine months ended
    
nine months ended
    
to
  
   
September 30,
    
September 30,
    
September 30,
  
   
2012
    
2011
    
2012
  
CASH FLOWS FROM OPERATING ACTIVITIES
                  
Net loss
   $ (35,910 )   $ (84,382 )   $ (161,148 )
Adjustments to reconcile net income
                        
to net cash used in operating activities:
                        
Amortization
     211       211       539  
Changes in operating assets and liabilities:
                        
Increase in accounts payable
     278       4,509       278  
Increase in accrued interest payable
     4,211       3,812       8,430  
                         
Net cash used in operating activities
     (31,210 )     (75,850 )     (151,901 )
                         
CASH FLOWS FROM INVESTING ACTIVITIES
                        
Purchase of website development
     -       -       (844 )
                         
Net cash used in investing activities
     -       -       (844 )
                         
CASH FLOWS FROM FINANCING ACTIVITIES
                        
Proceeds from line of credit
     29,851       30,000       105,976  
Repayments to line of credit
     (1,400 )     -       (1,400 )
Proceeds from sale of common stock, net of offering costs
     -       45,061       49,061  
                         
Net cash provided by financing activities
     28,451       75,061       153,637  
                         
NET CHANGE IN CASH
     (2,759 )     (789 )     892  
                         
CASH AT BEGINNING OF PERIOD
     3,651       6,779       -  
                         
CASH AT END OF PERIOD
   $ 892     $ 5,990     $ 892  
                         
                         
SUPPLEMENTAL INFORMATION:
                        
Interest paid
   $ -     $ -     $ -  
Income taxes paid
   $ -     $ -     $ -  


See Accompanying Notes to the Financial Statements.



 
5
 
BASSLINE PRODUCTIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)



NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation
The condensed interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
 
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed interim financial statements be read in conjunction with the financial statements of the Company for the year ended December 31, 2011 and notes thereto included in the Company’s 10-K annual report. The Company follows the same accounting policies in the preparation of interim reports.
 
Results of operations for the interim period are not indicative of annual results.

Organization
The Company was incorporated on May 11, 2010 (Date of Inception) under the laws of the State of Nevada, as Bassline Productions, Inc.
 
The Company has not commenced significant operations and, in accordance with ASC Topic 915, the Company is considered a development stage company.
 
Nature of operations
The Company provides educators and semi professional entertainers the service of travel and production management to entertainment venues and festivals throughout the United States of America.

Cash and cash equivalents
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value.

Website
 
The Company capitalizes the costs associated with the development of the Company’s website pursuant to ASC Topic 350.  Other costs related to the maintenance of the website are expensed as incurred.  Amortization is provided over the estimated useful lives of 3 years using the straight-line method for financial statement purposes.   The Company has commenced amortization upon completion of the Company’s fully operational website.  Amortization expense for the three months ended September 30, 2012 and 2011 was $70 and $70, respectively.  Amortization expense for the nine months ended September 30, 2012 and 2011 was $211 and $211, respectively.
 


 
6
 
BASSLINE PRODUCTIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)



NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Stock-based compensation
The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. 
 
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.

Revenue Recognition
We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable.
 
The Company will record revenue when it is realizable and earned and the travel services have been rendered to the customers.

Concentrations of Revenue
In 2012, one customer accounted for 100% of revenue.
 
Advertising Costs
Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the three and nine months ended September 30, 2012 and 2011.

Use of estimates
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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.

Fair value of financial instruments
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses, bank overdraft and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market.  Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets.

 
7
 
BASSLINE PRODUCTIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)



NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair value of financial instruments
Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations.

Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants.

Recent pronouncements
The Company has evaluated the recent accounting pronouncements through October 2012 and believes that none of them will have a material effect on the company’s financial statements.

NOTE 2 – GOING CONCERN
 
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from Inception (May 11, 2010) through the period ended September 30, 2012 of ($161,148). In addition, the Company’s development activities since inception have been financially sustained through debt and equity financing.
 
The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

NOTE 3 – LINE OF CREDIT

On November 15, 2010, the Company executed a revolving credit line with a related party for up to $100,000.  The related party was an entity that is owned and controlled by a family member of one of the officers of the Company.  The unsecured line of credit bears interest at 6% per annum with principal and interest due on November 15, 2013.  As of September 30, 2012, an amount of $93,076 has been used for general corporate purposes with a remaining balance of $6,924 available.  As of September 30, 2012, the balance of accrued interest was $8,297.

On August 20, 2012, the related party agreed to assign the revolving credit line to a third party.  The terms of the loan remain the same.  The line of credit was reclassified from a related party transaction to a third party transaction.

Interest expense for the three month period ended September 30, 2012 and 2011 was $1,399 and $966, respectively.  Interest expense for the nine month period ended September 30, 2012 and 2011 was $4,078 and $2,287, respectively.

 
8
 
BASSLINE PRODUCTIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)




NOTE 3 – LINE OF CREDIT (CONTINUED)

On June 15, 2012, the Company executed a revolving credit line with a related party for up to $50,000.  The unsecured line of credit bears interest at 6% per annum with principal and interest due on June 16, 2015.  As of September 30, 2012, an amount of $3,750 has been used for general corporate purposes with a remaining balance of $46,250 available.  As of September 30, 2012, the balance of accrued interest was $57.

Interest expense for the three month period ended September 30, 2012 and 2011 was $57 and $0, respectively.  Interest expense for the nine month period ended September 30, 2012 and 2011 was $57 and $0, respectively.

On July 30, 2012, the Company executed a revolving credit line with a related party for up to $50,000.  The unsecured line of credit bears interest at 6% per annum with principal and interest due on August 1, 2015.  As of September 30, 2012, an amount of $7,750 has been used for general corporate purposes with a remaining balance of $42,250 available.  As of September 30, 2012, the balance of accrued interest was $76.

As of September 30, 2012, the Company has a total of $200,000 in revolving lines of credit with two entities of which a total of $104,576 is owed and there is a remaining balance of $95,424 available.

Interest expense for the three month period ended September 30, 2012 and 2011 was $76 and $0, respectively.  Interest expense for the nine month period ended September 30, 2012 and 2011 was $76 and $0, respectively.

NOTE 4 – STOCKHOLDERS’ EQUITY
 
The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock and 10,000,000 shares of its $0.001 par value preferred stock.  The Company did not authorize terms and rights of preferred shares as of September 30, 2012.

On August 23, 2011, the Company’s board of directors approved a 10-to-1 forward stock split with a record date of August 23, 2011.  This event has been retroactively applied to these financial statements.

On November 22, 2011, a former officer and director of the Company agreed to return and cancel 20,000,000 shares of common stock.  For accounting purposes, this transaction was accounted for as a reverse stock split.  All shares and per share amounts have been retroactively adjusted.

Common Stock
During the nine months ended September 30, 2012, there have been no other issuances of common stock.

NOTE 5 – WARRANTS AND OPTIONS

As of September 30, 2012, there were no warrants or options outstanding to acquire any additional shares of common stock.

NOTE 6 – SUBSEQUENT EVENTS

In October 2012, the Company received $6,000 from the $50,000 revolving line of credit with a third party.

 
9
 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains forward-looking statements and involves risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows, and business prospects. These statements include, among other things, statements regarding:

·  
our ability to diversify our operations;
·  
inability to raise additional financing for working capital;
·  
the fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and they may require our management to make estimates about matters that are inherently uncertain;
·  
our ability to attract key personnel;
·  
our ability to operate profitably;
·  
deterioration in general or regional economic conditions;
·  
adverse state or federal legislation or regulation that increases the costs of compliance, or adverse findings by a regulator with respect to existing operations;
·  
changes in U.S. GAAP or in the legal, regulatory and legislative environments in the markets in which we operate;
·  
the inability of management to effectively implement our strategies and business plan;
·  
inability to achieve future sales levels or other operating results;
·  
the unavailability of funds for capital expenditures;
·  
other risks and uncertainties detailed in this report;

as well as other statements regarding our future operations, financial condition and prospects, and business strategies. These forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed under the heading “Risk Factors” in Part II, Item 1A and those discussed in other documents we file with the Securities and Exchange Commission. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

References in the following discussion and throughout this quarterly report to “we”, “our”, “us”, “Bassline”, “the Company”, and similar terms refer to Bassline Productions, Inc. unless otherwise expressly stated or the context otherwise requires.

 
10
 

OVERVIEW AND OUTLOOK

Background

Bassline Productions, Inc. is a development stage company incorporated in the State of Nevada on May 11, 2010. Our stated business objective is to provide tour booking and production services to institutional music programs and semi-professional musicians. Since our inception on May 11, 2010 through September  30, 2012, we generated $12,000 in revenues from that line of business. Our goal is to build a business which will encompass not only tour management and support for institutional instructors wishing to have their respective music departments compete in national festivals, but also provide professional production support for our clients at the performance venue.

Going Concern

The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. As of September 30, 2012, the Company had an accumulated deficit of $161,148. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from sale of common stock and ultimately the achievement of significant operating revenues.

RESULTS OF OPERATIONS

During the three months ended September 30, 2012 and September 30, 2011, we did not generate any revenue.  During the nine months ended September 30, 2012, we generated $12,000 in revenue and during the nine months ended September 30, 2011, we did not generate revenue.

Operating expenses during the three months ended September 30, 2012 were $9,274, all of which consisted of $9,134 in professional fees, $70 in general and administrative expenses and $70 amortization expense. In comparison, operating expenses in the three months ended September 30, 2011 were $66,581, all of which consisted of $65,611 in professional fees, $900 in general and administrative expenses and $70 amortization expense. The decrease in total expenses from 2011 to 2012 is primarily attributable to a decrease in legal fees and accounting fees.

Operating expenses during the nine months ended September 30, 2012 were $43,699, all of which consisted of $42,984 in professional fees, $504 in general and administrative expenses and $211 amortization expense. In comparison, operating expenses in the nine months ended September 30, 2011 were $80,573, all of which consisted of $78,876 in professional fees, $1,486 in general and administrative expenses and $211 amortization expense. The increase in total expenses from 2011 to 2012 is primarily attributable to an increase in legal fees.

We have not been profitable from our inception in 2010 through September 30, 2012, and our accumulated deficit amounts to $161,148. There is significant uncertainty projecting future profitability due to our history of losses and lack of revenues. In our current state we have no recurring or guaranteed source of revenues and cannot predict when, if ever, we will become profitable. There is significant uncertainty projecting future profitability due to our minimal operating history and lack of guaranteed ongoing revenue streams.

 
11
 


Liquidity and Capital Resources

As of September 30, 2012, we had $892 in cash and did not have any other cash equivalents. The following table provides detailed information about our net cash flow for all financial statement periods presented in this Quarterly Report. To date, we have financed our operations through the issuance of stock and borrowings.

The following table sets forth a summary of our cash flows for the nine months ended September 30, 2012 and 2011:

   
Nine Months Ended
September 30,
  
   
2012
    
2011
  
Net cash used in operating activities
   $ (31,210 )   $ (75,850 )
Net cash used in investing activities
                
Net cash provided by financing activities
     29,851       75,061  
Net increase (decrease) in Cash
     (2,759 )     (789 )
Cash, beginning
     3,651       6,779  
Cash, ending
   $ 892     $ 5,990  

Since inception, we have financed our cash flow requirements through issuance of common stock. As we expand our activities, we may, and most likely will, continue to experience net negative cash flows from operations, pending receipt of listings or some form of advertising revenues. In August of 2011, we completed the funding of our $50,000 registered offering. Additionally we anticipate obtaining additional financing to fund operations through additional common stock offerings and debt financing, to the extent available, or to obtain additional financing to the extent necessary to augment our working capital.

We anticipate that we will incur operating losses in the next twelve months. Our limited operating history makes predictions of future operating results difficult to ascertain. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development, particularly companies in new and rapidly evolving markets. Such risks for us include, but are not limited to, an evolving and unpredictable business model and the management of growth. To address these risks, we must, among other things, obtain a customer base, implement and successfully execute our business and marketing strategy, continually develop and upgrade our website, provide national and regional industry participants with an effective, efficient and accessible website on which to promote their products and services through the Internet, respond to competitive developments, and attract, retain and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect on our business prospects, financial condition and results of operations.

Operating activities

Net cash used in operating activities was $31,210 for the period ended September 30, 2012, as compared to $75,850 used in operating activities for the period ended September 30, 2011. The increase in net cash used in operating activities was primarily due to an increase in professional fees.

Investing activities

Net cash used in investing activities was $0 for the period ended September 30, 2012, as compared to $0 used in investing activities for the same period in 2011.

 
12
 


Financing activities

Net cash provided by financing activities for the period ended September 30, 2012 was $28,451, as compared to $75,061 for the same period of 2011. The increase of net cash provided by financing activities was mainly attributable to higher proceeds from the line of credit.

During the period ended September 30, 2012, the Company received a total of $29,851 in draws on the revolving lines of credit and repaid a total of $1,400 on the revolving lines of credit.  As of September 30, 2012, the balance due on the total line of credit totals $104,576.

On June 15, 2012, we executed a $50,000 line of credit with a related party. To date, we have received $3,750 from the line of credit. The note is due on June 15, 2015 and bears interest at a rate of 6% per year.

On July 30, 2012, we executed an additional $50,000 line of credit with a related party. To date, we have received $7,750 from the line of credit. The note is due on August 1, 2015 and bears interest at a rate of 6% per year.

We believe that cash flow from operations will not meet our present and near-term cash needs and thus we will require additional cash resources, including the sale of equity or debt securities, to meet our planned capital expenditures and working capital requirements for the next 12 months. We will require additional cash resources due to changed business conditions, implementation of our strategy to expand our sales and marketing initiatives, increase brand awareness, or acquisitions we may decide to pursue. If our own financial resources and then current cash-flows from operations are insufficient to satisfy our capital requirements, we may seek to sell additional equity or debt securities or obtain additional credit facilities. The sale of additional equity securities will result in dilution to our stockholders. The incurrence of indebtedness will result in increased debt service obligations and could require us to agree to operating and financial covenants that could restrict our operations or modify our plans to grow the business. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, will limit our ability to expand our business operations and could harm our overall business prospects.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

This item is not applicable as we are currently considered a smaller reporting company.

Item 4T. Controls and Procedures
 
Evaluation of Disclosure Controls and Procedures

Our Principal Executive Officer and Chief Financial Officer, Randi Lorenzo, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the period covered by this Report. Based on that evaluation, it was concluded that our disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 
13
 


Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Controls and Procedures

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not a party to any material legal proceedings.

Item 1A. Risk Factors

The risk factors listed in our 2011 Form 10-K on pages 5 to 10, filed with the Securities Exchange Commission on March 30, 2012, are hereby incorporated by reference.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Stock Issuances

None.

Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities from the time of our inception through the period ended September 30, 2012.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

 
14
 


Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.
  
Description
     
31.1
  
Certification of Principal Executive Officer & Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1
  
Certifications of Principal Executive Officer & Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS*
  
XBRL Instance Document
     
101.SCH*
  
XBRL Taxonomy Extension Schema
     
101.CAL*
  
XBRL Taxonomy Extension Calculation Linkbase
     
101.DEF*
  
XBRL Taxonomy Extension Definition Linkbase
     
101.LAB*
  
XBRL Taxonomy Extension Label Linkbase
     
101.PRE*
  
XBRL Taxonomy Extension Presentation Linkbase
*XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 
15
 


SIGNATURE
 

Pursuant to 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.
 

   
BASSLINE PRODUCTIONS, INC.
       
       
Date: November 5, 2012
  
By:
/S/ Randi Lorenzo
     
Randi Lorenzo
     
Chief Executive Officer
     
(Principal Executive Officer and duly authorized signatory)


 
 
16
 EX-31.1 2 ex31.htm EX. 31.1 ex31.htm
EXHIBIT 31.1

CERTIFICATION

I, Randi Lorenzo, certify that:
 
1.
I have reviewed this Quarterly Report on Form 10-Q of Bassline Productions, Inc. (the “Company”);
 
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 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 Company as of, and for, the periods presented ire this report;
 
4.
The Company’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 Company 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 Company, 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 Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 
d.
Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
 
5.
The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
 
 
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’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 Company’s internal control over financial reporting.
 
Date: November 5, 2012


/S/ Randi Lorenzo            
Randi Lorenzo
Principal Executive Officer and
Principal Financial Officer

 EX-32.1 3 ex32.htm EX. 32.1 ex32.htm
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 Bassline Productions, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Randi Lorenzo, Principal Executive Officer and Principal Financial Officer of the Company, certify, 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 operations of the Company.

Date: November 5, 2012


/S/ Randi Lorenzo                                                    
Randi Lorenzo
Principal Executive Officer and
Principal Financial Officer

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Stockholders' Equity
 9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Stockholders' Equity

NOTE 4 – STOCKHOLDERS’ EQUITY

 

The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock and 10,000,000 shares of its $0.001 par value preferred stock. The Company did not authorize terms and rights of preferred shares as of September 30, 2012.

 

On August 23, 2011, the Company’s board of directors approved a 10-to-1 forward stock split with a record date of August 23, 2011. This event has been retroactively applied to these financial statements.

 

On November 22, 2011, a former officer and director of the Company agreed to return and cancel 20,000,000 shares of common stock. For accounting purposes, this transaction was accounted for as a reverse stock split. All shares and per share amounts have been retroactively adjusted.

 

Common Stock

During the nine months ended September 30, 2012, there have been no other issuances of common stock.
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Line of Credit
 9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Line of Credit

NOTE 3 – LINE OF CREDIT

 

On November 15, 2010, the Company executed a revolving credit line with a related party for up to $100,000. The related party was an entity that is owned and controlled by a family member of one of the officers of the Company. The unsecured line of credit bears interest at 6% per annum with principal and interest due on November 15, 2013. As of September 30, 2012, an amount of $93,076 has been used for general corporate purposes with a remaining balance of $6,924 available. As of September 30, 2012, the balance of accrued interest was $8,297.

 

On August 20, 2012, the related party agreed to assign the revolving credit line to a third party. The terms of the loan remain the same. The line of credit was reclassified from a related party transaction to a third party transaction.

 

Interest expense for the three month period ended September 30, 2012 and 2011 was $1,399 and $966, respectively. Interest expense for the nine month period ended September 30, 2012 and 2011 was $4,078 and $2,287, respectively.

 

On June 15, 2012, the Company executed a revolving credit line with a related party for up to $50,000. The unsecured line of credit bears interest at 6% per annum with principal and interest due on June 16, 2015. As of September 30, 2012, an amount of $3,750 has been used for general corporate purposes with a remaining balance of $46,250 available. As of September 30, 2012, the balance of accrued interest was $57.

 

Interest expense for the three month period ended September 30, 2012 and 2011 was $57 and $0, respectively. Interest expense for the nine month period ended September 30, 2012 and 2011 was $57 and $0, respectively.

 

On July 30, 2012, the Company executed a revolving credit line with a related party for up to $50,000. The unsecured line of credit bears interest at 6% per annum with principal and interest due on August 1, 2015. As of September 30, 2012, an amount of $7,750 has been used for general corporate purposes with a remaining balance of $42,250 available. As of September 30, 2012, the balance of accrued interest was $76.

 

As of September 30, 2012, the Company has a total of $200,000 in revolving lines of credit with two entities of which a total of $104,576 is owed and there is a remaining balance of $95,424 available.

 

Interest expense for the three month period ended September 30, 2012 and 2011 was $76 and $0, respectively. Interest expense for the nine month period ended September 30, 2012 and 2011 was $76 and $0, respectively.
XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current assets:    
Cash $ 892 $ 3,651
Total current assets 892 3,651
Website, net 305 516
Total assets 1,197 4,167
Current liabilities:    
Accounts payable 278   
Total current liabilities 278   
Long-term liabilities:    
Line of credit 104,576 76,125
Accrued interest payable 8,430 4,219
Total long-term liabilities 113,006 80,344
Total liabilities 113,284 80,344
Stockholders' deficit:    
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no and no shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively      
Common stock, $0.001 par value, 100,000,000 shares authorized, 25,000,000 and 25,000,000 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively 25,000 25,000
Additional paid in capital 24,061 24,061
Deficit accumulated during development stage (161,148) (125,238)
Total stockholders' deficit (112,087) (76,177)
Total liabilities and stockholders' deficit $ 1,197 $ 4,167
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

The condensed interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed interim financial statements be read in conjunction with the financial statements of the Company for the year ended December 31, 2011 and notes thereto included in the Company’s 10-K annual report. The Company follows the same accounting policies in the preparation of interim reports.

 

Results of operations for the interim period are not indicative of annual results.

 

Organization

The Company was incorporated on May 11, 2010 (Date of Inception) under the laws of the State of Nevada, as Bassline Productions, Inc.

 

The Company has not commenced significant operations and, in accordance with ASC Topic 915, the Company is considered a development stage company.

 

Nature of operations

The Company provides educators and semi professional entertainers the service of travel and production management to entertainment venues and festivals throughout the United States of America.

 

Cash and cash equivalents

For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value.

 

Website

The Company capitalizes the costs associated with the development of the Company’s website pursuant to ASC Topic 350. Other costs related to the maintenance of the website are expensed as incurred. Amortization is provided over the estimated useful lives of 3 years using the straight-line method for financial statement purposes. The Company has commenced amortization upon completion of the Company’s fully operational website. Amortization expense for the three months ended September 30, 2012 and 2011 was $70 and $70, respectively. Amortization expense for the nine months ended September 30, 2012 and 2011 was $211 and $211, respectively.

 

Stock-based compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. 

 

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.

 

Revenue Recognition

We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable.

 

The Company will record revenue when it is realizable and earned and the travel services have been rendered to the customers.

 

Concentrations of Revenue

In 2012, one customer accounted for 100% of revenue.

 

Advertising Costs

Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the three and nine months ended September 30, 2012 and 2011.

 

Use of estimates

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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.

 

Fair value of financial instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses, bank overdraft and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

 

Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets.

 

Fair value of financial instruments

Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations.

 

Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants.

 

Recent pronouncements

The Company has evaluated the recent accounting pronouncements through October 2012 and believes that none of them will have a material effect on the company’s financial statements.
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Going Concern
 9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from Inception (May 11, 2010) through the period ended September 30, 2012 of ($161,148). In addition, the Company’s development activities since inception have been financially sustained through debt and equity financing.

 

The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
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Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 25,000,000 25,000,000
Common stock, shares outstanding 25,000,000  
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 9 Months Ended
Sep. 30, 2012
Document And Entity Information  
Entity Registrant Name Bassline Productions, Inc
Entity Central Index Key 0001495028
Document Type 10-Q
Document Period End Date Sep. 30, 2012
Amendment Flag false
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 Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 25,000,000
Document Fiscal Period Focus Q3
Document Fiscal Year Focus 2012
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Statements of Operations (Unaudited) (USD $)
 3 Months Ended 9 Months Ended 29 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Income Statement [Abstract]          
Revenue       $ 12,000    $ 12,000
Operating expenses:          
Amortization expense 70 70 211 211 539
General and administrative 70 900 504 1,486 3,784
Professional fees 9,134 65,611 42,984 78,876 160,399
Total operating expenses 9,274 66,581 43,699 80,573 164,722
Other expenses:          
Interest income    (3)    (3) (4)
Interest expense 1,532 1,610 4,211 3,812 8,430
Total other expense 1,532 1,607 4,211 3,809 8,426
Net loss $ (10,806) $ (68,188) $ (35,910) $ (84,382) $ (161,148)
Weighted average number of common shares outstanding - basic 25,000,000 22,445,652 25,000,000 20,824,176  
Net loss per share - basic $ 0.00 $ 0.00 $ 0.00 $ 0.00