10-Q

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 March 31, 2012

or

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

For the transition period from                    to                   

Commission File Number: 333-168983

Modern Mobility Aids, Inc.

(Exact Name of Registrant as Specified in its Charter)

Nevada	27- 4677038
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
1235 Bay St, Suite 400, Toronto, Ontario	M5R 3K4
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number including area code: (586) 530-5605

Indicate by check mark whether the registrant (1) has 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 during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files.  Yes ¨  No  x

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

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company x

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING

THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨

Applicable Only to Corporate Issuers:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class	Outstanding as of February 15, 2011
Common Stock, $0.001 par value	195,480,000

MODERN MOBILITY AIDS, INC.

TABLE OF CONTENTS

	Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements	3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3. Quantitative and Qualitative Disclosures About Market Risk	16
Item 4. Controls and Procedures	16
PART II - OTHER INFORMATION
Item 1. Legal Proceedings	17
Item 1A. Risk Factors	17
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	17
Item 3. Defaults Upon Senior Securities	17
Item 4. [Removed and Reserved]	17
Item 5. Other Information	17
Item 6. Exhibits	17
SIGNATURES	19

2

PART 1 – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

(Unaudited)

Consolidated Financial Statements
Consolidated Balance Sheets as of March 31, 2012, and June 30, 2011	4
Consolidated Statements of Operations for the nine and three months ended March 31, 2012 and 2011, and Cumulative from Inception	5
Consolidated Statement of Stockholders’ (Deficit) for the period from Inception through March 31, 2012	6
Consolidated Statements of Cash Flows for the nine month Ended March 31, 2012 and 2011, and Cumulative from Inception	7
Notes to Consolidated Financial Statements March 31, 2012	8

3

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED BALANCE SHEETS (Note 1)

(Unaudited)

	March 31,			June 30,
	2012			2011
ASSETS
Current Assets:
Cash	$	1,412		$	182
Prepaid expenses		35,833			35,833
Total current assets		37,245			36,015
Total Assets	$	37,245		$	36,015
LIABILITIES AND STOCKHOLDER'S ( DEFICIT)
Current Liabilities:
Accounts payable and accrued liabilities	$	240,483		$	55,639
Due to related parties		3,403			3,403
Loan from shareholders		231,435			60,525
Total current liabilities		475,321			119,567
Total liabilities		475,321			119,567
Commitments and Contingencies
Stockholders' (Deficit):
Common stock, par value $0.001 per share, 200,000,000 shares authorized; 195,480,000 shares issued and outstanding in 2011, (2010: 130,000,000 shares)		9,774			9,774
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized 0 issued and outstanding		-			-
Additional paid in capital		55,493			55,493
(Deficit) accumulated during the development stage		(503,344	)		(148,819	)
Total stockholders' (deficit)		(438,077	)		(83,552	)
Total Liabilities and Stockholder's (Deficit)	$	37,245		$	36,015

The accompanying notes to financial statements are

an integral part of these statements.

4

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF OPERATIONS (NOTE 1)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2012 AND 2011, AND

CUMULATIVE FROM INCEPTION (DECEMBER 19, 2007) THROUGH

MARCH 31, 2012

(Unaudited)

													Cumulative
													From Inception
													(December 19, 2007)
	Three Months Ended March 31,						Nine Months Ended March 31,						Through March 31,
	2012			2011			2012			2011			2012
Revenues, net	$	-		$	-		$	-		$	1,656		$	9,506
Cost of Revenues		-			-			-			938			6,096
Gross Profit		-			-			-			718			3,410
Expenses:
General and administrative-
Accounting and audit fees		1,000			4,500			11,700			12,250			30,950
Bank charges		150			-			540			-			540
Officer compensation		-			1,500			-			4,500			6,920
Other		6,748			1,497			6,748			9,253			63,064
Consulting		77,003			-			173,058			5,500			177,679
Legal		-			-			57,339			3,220			105,863
Legal - Organization costs		88,518			-			94,729			-			90,935
Transfer agent		-			600			10,410			12,155			30,802
Total operating expenses		173,420			8,097			354,524			46,878			506,754
(Loss) from Operations		(173,420	)		(8,097	)		(354,524	)		(46,160	)		(503,344	)
		-			-
Other Income (Expense)		-			-			-						-
Provision for Income Taxes		-			-			-						-
Net (Loss)	$	(173,420	)	$	(8,097	)	$	(354,524	)	$	(46,160	)	$	(503,344	)
(Loss) Per Common Share:
(Loss) per common share - Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.01	)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted		195,480,000			8,111,043			195,480,000			7,305,522

The accompanying notes to financial statements are

an integral part of these statements.

5

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' (DEFICIT) (NOTE 1)

FOR THE PERIOD FROM INCEPTION (DECEMBER 19, 2007)

THROUGH MARCH 31, 2012

(Unaudited)

							(Deficit)
							Accumulated
					Additional		During the
	Common stock				Paid-in		Development
Description	Shares		Amount		Capital		Stage			Total
Balance - December 19, 2007		-	$	-	$	-	$	-		$	-
Net (loss) for the period		-		-		-		(1,106	)		(1,106	)
Balance - June 30, 2008		-		-		-		(1,106	)		(1,106	)
Net (loss) for the year		-		-		-		(661	)		(661	)
Balance - June 30, 2009		-		-		-		(1,767	)		(1,767	)
Common stock issued for cash at $0.001 per share		130,000,000		6,500		-		-			6,500
Net (loss) for the year		-		-		-		(8,777	)		(8,777	)
Balance - June 30, 2010		130,000,000		6,500		-		(10,544	)		(4,044	)
Common stock issued for cash at $0.0125 per share		65,480,000		3,274		55,493		-			58,767
Net (loss) for the year		-		-		-		(138,275	)		(138,275	)
Balance - June 30, 2011 (Forward split 20 for 1)		195,480,000		9,774		55,493		(148,819	)		(83,552	)
Net (loss) for the period - Sept 30		-		-		-		(128,366	)		(128,366	)
Net (loss) for the period - Dec 31		-		-		-		(52,739	)		(52,739	)
Net (loss) for the period - Mar 31		-		-		-		(173,420	)		(173,420	)
Balance - March 31, 2012		195,480,000		9,774		55,493	$	(503,344	)	$	(438,077	)

The accompanying notes to financial statements are

an integral part of this statement.

6

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF CASH FLOW (NOTE 1)

FOR THE NINE MONTH PERIOD ENDED MARCH 31, 2012 AND 2011, AND

CUMULATIVE FROM INCEPTION (DECEMBER 19, 2007) THROUGH

MARCH 31, 2012

(Unaudited)

							Cumulative
							From Inception
	Nine Months Ended						(December 19, 2007)
	March 31,						Through Mar 31,
	2012			2011			2012
Operating Activities:
Net (loss)	$	(354,524	)	$	(46,160	)	$	(503,344	)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Changes in Current Assets and Liabilities-
Prepaid expenses		-			-			(35,833	)
Accounts payable and accrued liabilities		184,844			(1,045	)		240,483
Net Cash (Used in) Operating Activities		(169,680	)		(47,205	)		(298,694	)
Investing Activities:
Purchases of property and equipment		-			-			-
Net Cash (Used in) Investing Activities		-			-			-
Financing Activities:
Contributions from related party		-			-			17,842
Proceeds from issurance of common stock		-			40,925			47,425
Loan from shareholders		170,910			-			133,305
Deferred offering costs		-						98,131
Due to related parties		-			4,500			3,403
Net Cash Provided by Financing Activities		170,910			45,425			300,106
Net Increase (decrease) in Cash		1,230			(1,780	)		1,412
Cash - Beginning of Period		182			2,902			-
Cash - End of Period	$	1,412		$	1,122		$	1,412
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest	$	-		$	-		$	-
Income taxes	$	-		$	-		$	-

The accompanying notes to financial statements are

an integral part of these statements.

7

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

(Unaudited)

1. Summary of Significant Accounting Policies

Basis of Presentation and Organization

Modern Mobility Aids, Inc. (the “Company”) is a Nevada corporation in the development stage. The Company was incorporated under the laws of the State of Nevada on December 19, 2007 under the name Glider Inc. with a business plan to sell and distribute products for mobility challenged individuals. The Company changed its name to Modern Mobility Aids, Inc. on April 22, 2010 with an initial plan to distribute products for mobility challenged individuals.

In May of 2011, the business focus of the Company evolved with a rapid expansion strategy in the life sciences and healthcare industry.  A mandate was created to acquire companies within the biopharma sector, targeting innovative research and development as well as scalable manufacturing capacity in three niche market segments:

1. CRAM – Contract Research and Manufacturing for Life Sciences Companies

2. HEALTHCARE INNOVATION – Novel Drug and Device Delivery Format Packaging

3. BIOPHARMA PARTNERSHIPS – Strategic Development and Production Alliances

The Company has abandoned its historic business which has generated little operating revenue and has had limited operations to date. Its Board of Directors has determined that the Company will seek to acquire business assets or stock in companies that either have existing operations or are in the development stage with the potential for successful operations.

Unaudited Financial Statements

The accompanying financial statements of Modern Mobility Aids, Inc. as of March 31, 2012, and June, 2011, and for the nine and three months ended March 31, 2012, and 2011 and cumulative from inception, are unaudited. However, in the opinion of management, the financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2012, and June 30, 2011, and the results of its operations for the nine and three months and its cash flows for the nine months ended March 31, 2012 and 2011, and cumulative from inception. These results are not necessarily indicative of the results expected for the fiscal year ending June 30, 2012.  The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States of America.  Refer to the Company’s audited financial statements as of June 30, 2011, filed with the SEC for additional information, including significant accounting policies.

Principles of Consolidation

The Company's consolidated financial statements for the three and nine months ended March 31, 2012, include the accounts of its wholly owned subsidiaries Modern Mobility Aids, Inc., an Ontario, Canada, based company and MDRM Group (Canada) Ltd. an Ontario, Canada based company. Modern Mobility Aids, Inc. was incorporated on September 2, 2009, during the year ended June 30, 2011. MDRM Group (Canada) Ltd. was incorporated on July 14, 2011. All significant intercompany balances and transactions have been eliminated on consolidation.

Cash and Cash Equivalents

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

8

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

(Unaudited)

Revenue Recognition

The Company is in the development stage and has realized minimal revenues from operations. The Company recognizes revenues when the sale and/or distribution of products is complete, risk of loss and title to the products have transferred to the customer, there is persuasive evidence of an agreement, acceptance has been approved by its customer, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. Net revenues are comprised of gross revenues less expected returns, trade discounts, and customer allowances that include costs associated with off-invoice markdowns and other price reductions, as well as trade promotions and coupons. These incentive costs are recognized at the later of the date on which the Company recognized the related revenue or the date on which the Company offers the incentive.

Loss per Common Share

Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the periods. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive financial instruments issued or outstanding for the periods ended March 31, 2012 and for the period from inception (December 19, 2007) through March 31, 2012.

Income Taxes

The Company accounts for income taxes pursuant to SFAS No. 109, “Accounting for Income Taxes” (“SFAS No. 109”). Under SFAS No. 109, now encompassed under ASC 740,deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets. Modern Mobility Aids establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.

Fair Value of Financial Instruments

The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts Modern Mobility Aids could realize in a current market exchange. As of March 31, 2012, the carrying value of the Company’s financial instruments approximated fair value due to the short-term nature and maturity of these instruments.

9

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

(Unaudited)

Deferred Offering Costs

The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.

Impairment of Long-lived Assets

Capital assets are reviewed for impairment in accordance with SFAS No. 144, “Accounting for the Impairment of Disposal of Long-lived Assets,” which was adopted effective January 1, 2002. Under SFAS No. 144,now encompassed under ASC 350,these assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized for the amount, if any, which the carrying value of the asset exceeds the fair value. For the three month periods ended March 31, 2012, and 2011 and for the period from inception (December 19, 2007) through March 31, 2012, no events or circumstances occurred for which an evaluation of the recoverability of long-lived assets was required.

Advertising and Promotion

The Company expenses all advertising and promotion costs as incurred. The Company did not incur advertising and promotion costs during the nine month periods ended March 31, 2012, and 2011.

Common Stock Registration Expenses

The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are reflected in the accompanying financial statements as general and administrative expenses, and are expensed as incurred.

Estimates

The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates.

2.Development Stage Activities and Going Concern

The Company is in the development stage. During the period from December 19, 2007, through March 31, 2012, the Company was organized and incorporated, conducted a capital formation activity to raise $47,425 through the issuance of 195,480,000 (post forward split) shares of common stock, and realized $9,506 in revenues from sales.

During the year ended June 30, 2011, the Company’s Registration Statement on the Form S-1/A filed with the Securities and Exchange Commission was declared effective. The Company sold 65,480,000 (post forward split) common shares at $0.0125 per share for total proceeds of $40,925 pursuant to this Registration Statement. Company intends to conduct additional capital formation activities through the issuance of its common stock and to further conduct its operations.

10

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

(Unaudited) 

The Company has abandoned its historic business which has generated little operating revenue and has had limited operations to date. Its Board of Directors has determined that the Company will seek to acquire business assets or stock in companies that either have existing operations or are in the development stage with the potential for successful operations. The Company will require financing to make such acquisitions. There can be no assurance it can secure such financing or that it will be able to make such acquisitions even if financing is available. Moreover, even if it acquires business assets or a business, there can be no assurance that the acquisitions will be successfully accomplished and that our operations thereafter will be profitable.

While management of the Company believes that the Company will be successful in its planned operating activities under its business plan and capital formation activities, there can be no assurance that it will be successful in implementation of its business plan or the formation of sufficient capital such that it will generate adequate revenues to earn a profit or sustain its operations.

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United State of America, which contemplate continuation of the Company as a going concern. The Company has not established a source of revenues sufficient to cover its operating costs, and as such, has incurred an operating loss since inception. Further, as of March 31, 2012, and June 30, 2011, the Company had a working capital deficiency of $(438,077), and $(83,552), respectively. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern.

3.         Capital Stock

The total number of common shares authorized that may be issued by the Company is 200,000,000 shares with a par value of $0.001 per share, and 1,000,000 shares of preferred stock at par value of $0.001 per share.

During the year ended June 30, 2010, the Company issued 130,000,000 (post forward split) shares of common stock at $0.001 per share to its Directors for total proceeds of $6,500.

During the year ended June 30, 2011 the Company sold 65,480,000 (post forward split) common shares at $0.0125 per share for total proceeds of $40,925.

On August 18, 2011, the Company implemented a 20 for 1 forward stock split whereby each shareholder of record received an additional 19 shares of common stock for every 1 share held of record. The total number of common stock issued and outstanding as of March 31, 2012 was amended for this forward stock split.

As of March 31, 2012, the Company had not issued any shares nor granted any stock options under share-based compensation transactions.

4.         Income Taxes

The provision (benefit) for income taxes for the nine months ended March 31, 2012 and June 30, 2011, were as follows (assuming a 15 percent effective tax rate):

11

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

(Unaudited) 

	Nine Months Ended
	March 31,			March 31,
	2012			2011
Current Tax Provision:
Federal
Taxable income	$	-		$	-
Total current tax provision	$	-		$	-
Deferred Tax Provision:
Federal
Loss carryforwards	$	354,524		$	6,924
Change in valuation allowance		(354,524	)		(6,924	)
Total deferred tax provision	$	-		$	-

The Company had deferred income tax assets as of March 31, 2012 and June 30, 2011 as follows:

	March 31,			June 30,
	2012			2011
Loss carryforwards	$	503,344		$	148,819
Less - Valuation allowance		(503,344	)		(148,819	)
Total net deferred tax assets	$	-		$	-

As of March 31, 2012, the Company had approximately $503,344 in tax loss carry forwards that can be utilized in future periods to reduce taxable income, and begin to expire in the year 2028.

The Company provided a valuation allowance equal to the deferred income tax assets for the three months ended March 31, 2012 and June 30, 2011 because it is not presently known whether future taxable income will be sufficient to utilize the loss carry forwards.

5.         Shareholder Loan

The loan payable is payable on demand, unsecured and bears no interest. The loan shall be payable on demand within five (5) days from the date of request. In the event payment is not timely made, interest will accrue on the unpaid balance at the rate of 15% per annum, compounded monthly, from and after the date of such failure to pay. As of March 31, 2012, the loan consisted of $101,175 principal and accrued interest of $Nil.

6.         Related Party Transactions

During the nine months ended March 31, 2012, management services of $0 (March 31, 2011: $6,000) were charged to operations. Previously, a former President and Chief Financial Officer of the Company provided management services to the Company.

12

MODERN MOBILITY AIDS, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

(Unaudited)

On May 26, 2011 the Company settled the amounts due to the former directors and officers of the company ($17,482) for management services and expenses incurred on behalf of the company and recorded this amount as contributed additional paid in capital.

As of March 31, 2012, the Company owed $3,403 to its former President for expenses incurred on behalf of the Company (June 30, 2011: $3,403). Such amounts are unsecured, non-interest bearing, and payable on demand.

7.         Recent Accounting Pronouncements

In May 2011, the FASB issued the FASB Accounting Standards Update No. 2011-04 “Fair Value Measurement” (“ASU 2011-04”). This amendment and guidance are the result of the work by the FASB and the IASB to develop common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards (IFRSs).

This update does not modify the requirements for when fair value measurements apply; rather, they generally represent clarifications on how to measure and disclose fair value under ASC 820, Fair Value Measurement, including the following revisions:

· An entity that holds a group of financial assets and financial liabilities whose market risk (that is, interest rate risk, currency risk, or other price risk) and credit risk are managed on the basis of the entity’s net risk exposure may apply an exception to the fair value requirements in ASC 820 if certain criteria are met. The exception allows such financial instruments to be measured on the basis of the reporting entity’s net, rather than gross, exposure to those risks.

· In the absence of a Level 1 input, a reporting entity should apply premiums or discounts when market participants would do so when pricing the asset or liability consistent with the unit of account.

· Additional disclosures about fair value measurements.

The amendments in this Update are to be applied prospectively and are effective for public entity during interim and annual periods beginning after December 15, 2011.

In June 2011, the FASB issued the FASB Accounting Standards Update No. 2011-05 “ Comprehensive Income (“ASU 2011-05”), which was the result of a joint project with the IASB and amends the guidance in ASC 220, Comprehensive Income, by eliminating the option to present components of other comprehensive income (OCI) in the statement of stockholders’ equity. Instead, the new guidance now gives entities the option to present all nonowner changes in stockholders’ equity either as a single continuous statement of comprehensive income or as two separate but consecutive statements. Regardless of whether an entity chooses to present comprehensive income in a single continuous statement or in two separate but consecutive statements, the amendments require entities to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income.

The amendments in this Update should be applied retrospectively and are effective for public entity for fiscal years, and interim periods within those years, beginning after December 15, 2011.

13

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Note 8 – Subsequent Events

The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The Management of the Company determined that there are no reportable events.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements and Associated Risks.

The following discussion should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in the MD&A are forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in other sections of this Quarterly Report on Form 10-Q.

We have generated revenues of $9,506 since inception and have incurred $503,344 in operating expenses through March 31, 2012.

The following table provides selected financial data about our company for the periods ended March 31, 2012 and June 30, 2011.

Balance Sheet Data:	12/31/11			06/30/11
Cash	$	1,412		$	182
Total assets	$	37,245		$	36,015
Total liabilities	$	475,321		$	119,567
Shareholders' equity	$	(438,077	)	$	(83,552	)

Plan of Operation

The following discussion and analysis should be read in conjunction with our financial statements and notes thereto included elsewhere in this Form 10-Q. Except for the historical information contained herein, the discussion in this Form 10-Q contains certain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this Form 10-Q should be read as being applicable to all related forward-looking statements wherever they appear in this Form 10-Q. The Company's actual results could differ materially from those discussed here.

Modern Mobility Aids, Inc. (the “Company”) is a Nevada corporation in the development stage and had been involved in selling and distribution of products for mobility challenged individuals.  The Company was incorporated under the laws of the State of Nevada on December 19, 2007 under the name Glider Inc. The Companychanged its name to Modern Mobility Aids, Inc. on April 22, 2010. 

14

References in this Report to “Modern Mobility Aids” refer to Modern Mobility Aids Inc. and its subsidiaries, on a consolidated basis, unless otherwise indicated or the context otherwise requires.

The Company to date has funded its initial operations through the issuance of 9,774,000 shares of capital stock for net proceeds of $47,425 and revenue from sales of $9,506. Due to the uncertainty of our ability to generate sufficient revenues from our operating activities and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal operations when they come due, in their report on our financial statements for the year ended June 30, 2011, our registered independent auditors included additional comments indicating concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that led to this disclosure by our registered independent auditors. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Our current cash balance is $1,412. We expect to experience a shortage of funds. Our shareholders have been lending us funds to enable us to pay our operating expenses. There are no formal binding commitments or binding arrangements with them to advance or loan funds. There are no terms regarding repayment of any loans or capital contribution. If shareholders do not continue to advance us the funds necessary to enable us to pay our expenses, we will not be able to continue.

The Company has abandoned its historic business which has generated little operating revenue and has had limited operations to date. Our Board of Directors has determined that the Company will seek to acquire business assets or stock in companies that either have existing operations or are in the development stage with the potential for successful operations. We will require financing to make such acquisitions. There can be no assurance we can secure such financing or that we will be able to make such acquisitions even if financing is available. Moreover, even if we acquire business assets or a business, there can be no assurance that the acquisitions will be successfully accomplished and that our operations thereafter will be profitable.

Results of Operations

For the nine months ended March 31, 2012 compared to nine months ended March 31, 2011

Our results of operations, as reported in our consolidated financial statements, incorporate results of operations of our wholly owned Canadian subsidiary. All significant intercompany balances and transactions have been eliminated on consolidation.

During the nine months ended March 31, 2012 we have generated $0.00 (March 31, 2011: $0 in revenues from sales and incurred $354,524 (March 31, 2011: $46,160) in losses. During the period from December 19, 2007 (inception), through March 31, 2012, we have generated $9,506 in revenues from sales and incurred $503,344 in losses.

To date our revenue has been from sales of scooters and scooter accessories, uplift electric chairs, walkers and bikes. Our cost of revenues consisted of the cost of the items we had sold and freight expenses.

We purchased the products we sold from various independent resellers/suppliers in North America.

During the nine months ended March 31, 2012, we incurred $354,524 (March 31, 2011: $56,704) in operating costs including; $83,979 in legal fees; $77,003 in consulting fees and $1,679 for edgar fees.

Since inception, we have sold 6,500,000 shares (pre-split) of common stock at $0.001 per share to our Directors for total proceeds of $6,500. During the twelve months ended June 30, 2011, the Company’s Registration Statement on the Form S-1/A filed with the Securities and Exchange Commission was declared effective. The Company has sold 3,274,000 (pre the forward split) common shares at $0.0125 per share for total proceeds of $40,925 pursuant to the Registration Statement.

15

Liquidity and Capital Resources

We have incurred $503,344 in operating losses since inception. As of March 31, 2012, we had $1,412 in cash compared to $182 at June 30, 2011.  As of March 31, 2012, we had a working capital deficiency of $(438,077), compared to a working capital deficiency of $(83,552) as of June 30, 2011.

Net cash used in operating activities for the nine months ended March 31, 2012 was $169,680, compared with net cash used in operating activities of $47,205 for the prior year period.  The majority of the increase in net cash used was due to an increase in accounts payable. Net cash provided from financing activities during the nine months ended March 31, 2012 was $170,910, resulting from a loan from shareholders. Net cash provided by investing activities during the nine months ended March 31, 2011 was $45,425 primarily resulting from the proceeds from the sale of common stock. 

We must raise additional funds to initiate or acquire a business and to fund our continued operations.  We may not be successful in our efforts to raise additional funds or achieve profitable operations. Even if we are able to raise additional funds through the sale of our securities or through the issuance of debt securities, or loans from our directors or financial institutions, our cash needs could be greater than anticipated in which case we could be forced to raise additional capital.

In this regard we reference our contract to purchase the common stock of Lumigene. We do not have the funds necessary to consummate this acquisition. We will need to raise the funds necessary to complete this transaction and to fund the future cash requirements of Lumigene, which has generated no revenue to date. There can be no assurance we will be able to do so.

At the present time, we have no commitments for any additional financing, and there can be no assurance that, if needed, additional capital will be available to us on commercially acceptable terms or at all. These conditions raise substantial doubt as to our ability to continue as a going concern, which may make it more difficult for us to raise additional capital when needed. If we cannot get the needed capital, we may not be able to become profitable and may have to curtail or cease our operations.

Recent Accounting Pronouncements

See Note 7 to the Financial Statements.

Off Balance Sheet Arrangements

None.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as of the end of the period covered by this report.  Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were effective such that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, particularly during the period when this report was being prepared.

16

Additionally, there were no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the evaluation date.  We have not identified any significant deficiencies or material weaknesses in our internal controls, and therefore there were no corrective actions taken.

PART II – OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

Currently we are not involved in any pending litigation or legal proceeding.

ITEM 1A. RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item. 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None. 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None. 

ITEM 4. [REMOVED AND RESERVED] 

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS
 
The following documents are filed as a part of this report or are incorporated by reference to previous filings, if so indicated:

Exhibit No.	Description
3.1	Articles of Incorporation (i)**
3.2	Bylaws (i)**
3.3	Certificate of Amendment to Articles of Incorporation***
10.2	Share Purchase Agreement dated August 4, 2011 between MDRM Group (Canada) Ltd. (of the first part), Michalkoff Family Trust, Hrycyshyn Family Trust and Stolarchuk Family Trust (of the second part), Lumigene Technologies Inc. (of the third part) and Mark Michalkoff, Roman Hrycyshyn and Danylo Stolarchuk (of the fourth part). ****
10.3	Amendment to Share Purchase Agreement dated as of November 4, 2011 between MDRM Group (Canada) Ltd. (of the first part), Michalkoff Family Trust, Hrycyshyn Family Trust and Stolarchuk Family Trust (of the second part), Lumigene Technologies Inc. (of the third part) and Mark Michalkoff, Roman Hrycyshyn and Danylo Stolarchuk (of the fourth part). *****

17

10.4	Form of Amendment to Share Purchase Agreement dated as of March 2, 2012, between MDRM Group (Canada) Ltd. (of the first part), Michalkoff Family Trust, Hrycyshyn Family Trust and Stolarchuk Family Trust (of the second part), Lumigene Technologies Inc. (of the third part) and Mark Michalkoff, Roman Hrycyshyn and Danylo Stolarchuk (of the fourth part).
31.1	Section 302 Certification of Chief Executive Officer*
31.2	Section 302 Certification of Chief Financial Officer *
32.1	Section 906 Certification of Chief Executive Officer *
32.2	Section 906 Certification of Chief Financial Officer *

*	filed herewith
**	Included in our S-1 filing on August 23, 2010.
***	Included in our current report on Form 8-K filed with the Securities and Exchange Commission on August 18, 2011.
****	Included in our current report on Form 8-K filed with the Securities and Exchange Commission on August 10, 2011.
*****	Included in our current report on Form 8-K filed with the Securities and Exchange Commission on November 10, 2011.

18

SIGNATURES

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.

May 18, 2012

MODERN MOBILITY AIDS INC.
By:	/s/  Antonio Domingues
	Antonio Domingues
	President, Acting Chief Financial Officer, Treasurer, Secretary (Principal Executive Officer and Acting Principal Accounting Officer)

19

EX-31

EXHIBIT 31

CERTIFICATION

        I, Antonio Domingues, President, Acting Chief Financial Officer, Treasurer, Secretary, (Principal Executive Officer and Acting Principal Accounting Officer) of the registrant, certify that:

1. I have reviewed this annual report on Form 10-Q of Modern Mobility Aids, Inc.;

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

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

4. I am  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-15d-15(f) for the registrant and have:

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

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

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my  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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal controls over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

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

Date: May 18, 2012

/s/ Antonio Domingues

Antonio Domingues, President,

Acting Chief Financial Officer,

Treasurer, Secretary (Principal Executive Officer

and  Acting Principal Accounting Officer)

EX-32

EXHIBIT 32 

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 Modern Mobility Aids, Inc, (the "Registrant") on Form 10-Q for the annual period ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Antonio Domingues, President, Acting Chief Financial Officer, Treasurer, Secretary, (Principal Executive Officer and Acting Principal Accounting Officer) of the Registrant, certify, in accordance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report, to which this certification is attached as Exhibit 32, 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 Registrant

Dated:  May 18, 2012

/s/ Antonio Domingues

Antonio Domingues, President,

Acting Chief Financial Officer,

Treasurer, Secretary (Principal Executive Officer

and  Acting Principal Accounting Officer)

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Development Stage Activities and Going Concern

9 Months Ended

Mar. 31, 2012

Development Stage Activities and Going Concern

2.Development Stage Activities and Going Concern

The Company is in the development stage. During the period from December 19, 2007, through March 31, 2012, the Company was organized and incorporated, conducted a capital formation activity to raise $47,425 through the issuance of 195,480,000 (post forward split) shares of common stock, and realized $9,506 in revenues from sales.

During the year ended June 30, 2011, the Company’s Registration Statement on the Form S-1/A filed with the Securities and Exchange Commission was declared effective. The Company sold 65,480,000 (post forward split) common shares at $0.0125 per share for total proceeds of $40,925 pursuant to this Registration Statement. Company intends to conduct additional capital formation activities through the issuance of its common stock and to further conduct its operations.

The Company has abandoned its historic business which has generated little operating revenue and has had limited operations to date. Its Board of Directors has determined that the Company will seek to acquire business assets or stock in companies that either have existing operations or are in the development stage with the potential for successful operations. The Company will require financing to make such acquisitions. There can be no assurance it can secure such financing or that it will be able to make such acquisitions even if financing is available. Moreover, even if it acquires business assets or a business, there can be no assurance that the acquisitions will be successfully accomplished and that our operations thereafter will be profitable.

While management of the Company believes that the Company will be successful in its planned operating activities under its business plan and capital formation activities, there can be no assurance that it will be successful in implementation of its business plan or the formation of sufficient capital such that it will generate adequate revenues to earn a profit or sustain its operations.

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United State of America, which contemplate continuation of the Company as a going concern. The Company has not established a source of revenues sufficient to cover its operating costs, and as such, has incurred an operating loss since inception. Further, as of March 31, 2012, and June 30, 2011, the Company had a working capital deficiency of $(438,077), and $(83,552), respectively. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern.

XML

Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2012

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of Presentation and Organization

Modern Mobility Aids, Inc. (the “Company”) is a Nevada corporation in the development stage. The Company was incorporated under the laws of the State of Nevada on December 19, 2007 under the name Glider Inc. with a business plan to sell and distribute products for mobility challenged individuals. The Company changed its name to Modern Mobility Aids, Inc. on April 22, 2010 with an initial plan to distribute products for mobility challenged individuals.

In May of 2011, the business focus of the Company evolved with a rapid expansion strategy in the life sciences and healthcare industry.  A mandate was created to acquire companies within the biopharma sector, targeting innovative research and development as well as scalable manufacturing capacity in three niche market segments:

1. CRAM – Contract Research and Manufacturing for Life Sciences Companies

2. HEALTHCARE INNOVATION – Novel Drug and Device Delivery Format Packaging

3. BIOPHARMA PARTNERSHIPS – Strategic Development and Production Alliances

The Company has abandoned its historic business which has generated little operating revenue and has had limited operations to date. Its Board of Directors has determined that the Company will seek to acquire business assets or stock in companies that either have existing operations or are in the development stage with the potential for successful operations.

Unaudited Financial Statements

The accompanying financial statements of Modern Mobility Aids, Inc. as of March 31, 2012, and June, 2011, and for the nine and three months ended March 31, 2012, and 2011 and cumulative from inception, are unaudited. However, in the opinion of management, the financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2012, and June 30, 2011, and the results of its operations for the nine and three months and its cash flows for the nine months ended March 31, 2012 and 2011, and cumulative from inception. These results are not necessarily indicative of the results expected for the fiscal year ending June 30, 2012.  The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States of America.  Refer to the Company’s audited financial statements as of June 30, 2011, filed with the SEC for additional information, including significant accounting policies.

Principles of Consolidation

The Company's consolidated financial statements for the three and nine months ended March 31, 2012, include the accounts of its wholly owned subsidiaries Modern Mobility Aids, Inc., an Ontario, Canada, based company and MDRM Group (Canada) Ltd. an Ontario, Canada based company. Modern Mobility Aids, Inc. was incorporated on September 2, 2009, during the year ended June 30, 2011. MDRM Group (Canada) Ltd. was incorporated on July 14, 2011. All significant intercompany balances and transactions have been eliminated on consolidation.

Cash and Cash Equivalents

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

Revenue Recognition

The Company is in the development stage and has realized minimal revenues from operations. The Company recognizes revenues when the sale and/or distribution of products is complete, risk of loss and title to the products have transferred to the customer, there is persuasive evidence of an agreement, acceptance has been approved by its customer, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. Net revenues are comprised of gross revenues less expected returns, trade discounts, and customer allowances that include costs associated with off-invoice markdowns and other price reductions, as well as trade promotions and coupons. These incentive costs are recognized at the later of the date on which the Company recognized the related revenue or the date on which the Company offers the incentive.

Loss per Common Share

Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the periods. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive financial instruments issued or outstanding for the periods ended March 31, 2012 and for the period from inception (December 19, 2007) through March 31, 2012.

Income Taxes

The Company accounts for income taxes pursuant to SFAS No. 109, “Accounting for Income Taxes” (“SFAS No. 109”). Under SFAS No. 109, now encompassed under ASC 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets. Modern Mobility Aids establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.

Fair Value of Financial Instruments

The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts Modern Mobility Aids could realize in a current market exchange. As of March 31, 2012, the carrying value of the Company’s financial instruments approximated fair value due to the short-term nature and maturity of these instruments.

Deferred Offering Costs

The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.

Impairment of Long-lived Assets

Capital assets are reviewed for impairment in accordance with SFAS No. 144, “Accounting for the Impairment of Disposal of Long-lived Assets,” which was adopted effective January 1, 2002. Under SFAS No. 144, now encompassed under ASC 350,these assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized for the amount, if any, which the carrying value of the asset exceeds the fair value. For the three month periods ended March 31, 2012, and 2011 and for the period from inception (December 19, 2007) through March 31, 2012, no events or circumstances occurred for which an evaluation of the recoverability of long-lived assets was required.

Advertising and Promotion

The Company expenses all advertising and promotion costs as incurred. The Company did not incur advertising and promotion costs during the nine month periods ended March 31, 2012, and 2011.

Common Stock Registration Expenses

The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are reflected in the accompanying financial statements as general and administrative expenses, and are expensed as incurred.

Estimates

The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates.

XML

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Jun. 30, 2011
Current Assets:
Cash	$ 1,412	$ 182
Prepaid expenses	35,833	35,833
Total current assets	37,245	36,015
Total Assets	37,245	36,015
Current Liabilities:
Accounts payable and accrued liabilities	240,483	55,639
Due to related parties	3,403	3,403
Loan from shareholders	231,435	60,525
Total current liabilities	475,321	119,567
Total liabilities	475,321	119,567
Commitments and Contingencies
Stockholders' (Deficit):
Common stock, par value $0.001 per share, 200,000,000 shares authorized; 195,480,000 shares issued and outstanding in 2011, (2010: 130,000,000 shares)	9,774	9,774
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized 0 issued and outstanding
Additional paid in capital	55,493	55,493
(Deficit) accumulated during the development stage	(503,344)	(148,819)
Total stockholders' (deficit)	(438,077)	(83,552)
Total Liabilities and Stockholder's (Deficit)	$ 37,245	$ 36,015

XML

CONSOLIDATED STATEMENT OF STOCKHOLDERS' (DEFICIT) (Parenthetical) (USD $)	12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Common stock issued for cash, per share	$ 0.0125	$ 0.001

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		51 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Operating Activities:
Net (loss)	$ (354,524)	$ (46,160)	$ (503,344)
Changes in Current Assets and Liabilities-
Prepaid expenses			(35,833)
Accounts payable and accrued liabilities	184,844	(1,045)	240,483
Net Cash (Used in) Operating Activities	(169,680)	(47,205)	(298,694)
Investing Activities:
Purchases of property and equipment
Net Cash (Used in) Investing Activities
Financing Activities:
Contributions from related party			17,842
Proceeds from issurance of common stock		40,925	47,425
Loan from shareholders	170,910		133,305
Deferred offering costs			98,131
Due to related parties		4,500	3,403
Net Cash Provided by Financing Activities	170,910	45,425	300,106
Net Increase (decrease) in Cash	1,230	(1,780)	1,412
Cash - Beginning of Period	182	2,902
Cash - End of Period	1,412	1,122	1,412
Cash paid during the period for:
Interest
Income taxes

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2012	Jun. 30, 2011
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	195,480,000	130,000,000
Common stock, shares outstanding	195,480,000	130,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0

XML

Document and Entity Information	9 Months Ended
	Mar. 31, 2012	Feb. 15, 2011
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Trading Symbol	MDRM
Entity Registrant Name	MODERN MOBILITY AIDS, INC.
Entity Central Index Key	0001497165
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		195,480,000

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		51 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Revenues, net				$ 1,656	$ 9,506
Cost of Revenues				938	6,096
Gross Profit				718	3,410
General and administrative-
Accounting and audit fees	1,000	4,500	11,700	12,250	30,950
Bank charges	150		540		540
Officer compensation		1,500		4,500	6,920
Other	6,748	1,497	6,748	9,253	63,064
Consulting	77,003		173,058	5,500	177,679
Legal			57,339	3,220	105,863
Transfer agent		600	10,410	12,155	30,802
Total operating expenses	173,420	8,097	354,524	46,878	506,754
(Loss) from Operations	(173,420)	(8,097)	(354,524)	(46,160)	(503,344)
Other Income (Expense)
Provision for Income Taxes
Net (Loss)	(173,420)	(8,097)	(354,524)	(46,160)	(503,344)
(Loss) Per Common Share:
(Loss) per common share - Basic and Diluted	$ 0.00	$ 0.00	$ 0.00	$ (0.01)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	195,480,000	8,111,043	195,480,000	7,305,522
Organization Costs
General and administrative-
Legal	$ 88,518		$ 94,729		$ 90,935

XML

Shareholder Loan

9 Months Ended

Mar. 31, 2012

Shareholder Loan

5.         Shareholder Loan

The loan payable is payable on demand, unsecured and bears no interest. The loan shall be payable on demand within five (5) days from the date of request. In the event payment is not timely made, interest will accrue on the unpaid balance at the rate of 15% per annum, compounded monthly, from and after the date of such failure to pay. As of March 31, 2012, the loan consisted of $101,175 principal and accrued interest of $Nil.

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Income Taxes

9 Months Ended

Mar. 31, 2012

Income Taxes

4.         Income Taxes

The provision (benefit) for income taxes for the nine months ended March 31, 2012 and June 30, 2011, were as follows (assuming a 15 percent effective tax rate):

	Nine Months Ended
	March 31,			March 31,
	2012			2011
Current Tax Provision:
Federal
Taxable income	$	-		$	-
Total current tax provision	$	-		$	-
Deferred Tax Provision:
Federal
Loss carryforwards	$	354,524		$	6,924
Change in valuation allowance		(354,524	)		(6,924	)
Total deferred tax provision	$	-		$	-

The Company had deferred income tax assets as of March 31, 2012 and June 30, 2011 as follows:

	March 31,			June 30,
	2012			2011
Loss carryforwards	$	503,344		$	148,819
Less - Valuation allowance		(503,344	)		(148,819	)
Total net deferred tax assets	$	-		$	-

As of March 31, 2012, the Company had approximately $503,344 in tax loss carry forwards that can be utilized in future periods to reduce taxable income, and begin to expire in the year 2028.

The Company provided a valuation allowance equal to the deferred income tax assets for the three months ended March 31, 2012 and June 30, 2011 because it is not presently known whether future taxable income will be sufficient to utilize the loss carry forwards.

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Subsequent Events

9 Months Ended

Mar. 31, 2012

Subsequent Events

Note 8 – Subsequent Events

The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The Management of the Company determined that there are no reportable events.

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Related Party Transactions

9 Months Ended

Mar. 31, 2012

Related Party Transactions

6.         Related Party Transactions

During the nine months ended March 31, 2012, management services of $0 (March 31, 2011: $6,000) were charged to operations. Previously, a former President and Chief Financial Officer of the Company provided management services to the Company.

 On May 26, 2011 the Company settled the amounts due to the former directors and officers of the company ($17,482) for management services and expenses incurred on behalf of the company and recorded this amount as contributed additional paid in capital.

As of March 31, 2012, the Company owed $3,403 to its former President for expenses incurred on behalf of the Company (June 30, 2011: $3,403). Such amounts are unsecured, non-interest bearing, and payable on demand.

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Recent Accounting Pronouncements

9 Months Ended

Mar. 31, 2012

Recent Accounting Pronouncements

7.         Recent Accounting Pronouncements

In May 2011, the FASB issued the FASB Accounting Standards Update No. 2011-04 “Fair Value Measurement” (“ASU 2011-04”). This amendment and guidance are the result of the work by the FASB and the IASB to develop common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards (IFRSs).

This update does not modify the requirements for when fair value measurements apply; rather, they generally represent clarifications on how to measure and disclose fair value under ASC 820, Fair Value Measurement, including the following revisions:

· An entity that holds a group of financial assets and financial liabilities whose market risk (that is, interest rate risk, currency risk, or other price risk) and credit risk are managed on the basis of the entity’s net risk exposure may apply an exception to the fair value requirements in ASC 820 if certain criteria are met. The exception allows such financial instruments to be measured on the basis of the reporting entity’s net, rather than gross, exposure to those risks.

· In the absence of a Level 1 input, a reporting entity should apply premiums or discounts when market participants would do so when pricing the asset or liability consistent with the unit of account.

· Additional disclosures about fair value measurements.

The amendments in this Update are to be applied prospectively and are effective for public entity during interim and annual periods beginning after December 15, 2011.

In June 2011, the FASB issued the FASB Accounting Standards Update No. 2011-05 “ Comprehensive Income (“ASU 2011-05”),which was the result of a joint project with the IASB and amends the guidance in ASC 220, Comprehensive Income, by eliminating the option to present components of other comprehensive income (OCI) in the statement of stockholders’ equity. Instead, the new guidance now gives entities the option to present all nonowner changes in stockholders’ equity either as a single continuous statement of comprehensive income or as two separate but consecutive statements. Regardless of whether an entity chooses to present comprehensive income in a single continuous statement or in two separate but consecutive statements, the amendments require entities to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income.

The amendments in this Update should be applied retrospectively and are effective for public entity for fiscal years, and interim periods within those years, beginning after December 15, 2011.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

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CONSOLIDATED STATEMENT OF STOCKHOLDERS' (DEFICIT) (USD $)	Total	First Quarter	Second Quarter	Third Quarter	Common stock	Additional Paid-in Capital	(Deficit) Accumulated During the Development Stage	(Deficit) Accumulated During the Development Stage First Quarter	(Deficit) Accumulated During the Development Stage Second Quarter	(Deficit) Accumulated During the Development Stage Third Quarter
Beginning Balance at Dec. 19, 2007
Net (loss)	$ (1,106)						$ (1,106)
Ending Balance at Jun. 30, 2008	(1,106)						(1,106)
Net (loss)	(661)						(661)
Ending Balance at Jun. 30, 2009	(1,767)						(1,767)
Common stock issued for cash (in shares)					130,000,000
Common stock issued for cash	6,500				6,500
Net (loss)	(8,777)						(8,777)
Ending Balance at Jun. 30, 2010	(4,044)				6,500		(10,544)
Ending Balance (in shares) at Jun. 30, 2010					130,000,000
Common stock issued for cash (in shares)					65,480,000
Common stock issued for cash	58,767				3,274	55,493
Net (loss)	(138,275)						(138,275)
Ending Balance at Jun. 30, 2011	(83,552)				9,774	55,493	(148,819)
Ending Balance (in shares) at Jun. 30, 2011					195,480,000
Net (loss)	(354,524)	(128,366)	(52,739)	(173,420)				(128,366)	(52,739)	(173,420)
Ending Balance at Mar. 31, 2012	$ (438,077)				$ 9,774	$ 55,493	$ (503,344)
Ending Balance (in shares) at Mar. 31, 2012					195,480,000

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Capital Stock

9 Months Ended

Mar. 31, 2012

Capital Stock

3.         Capital Stock

The total number of common shares authorized that may be issued by the Company is 200,000,000 shares with a par value of $0.001 per share, and 1,000,000 shares of preferred stock at par value of $0.001 per share.

During the year ended June 30, 2010, the Company issued 130,000,000 (post forward split) shares of common stock at $0.001 per share to its Directors for total proceeds of $6,500.

During the year ended June 30, 2011 the Company sold 65,480,000 (post forward split) common shares at $0.0125 per share for total proceeds of $40,925.

On August 18, 2011, the Company implemented a 20 for 1 forward stock split whereby each shareholder of record received an additional 19 shares of common stock for every 1 share held of record. The total number of common stock issued and outstanding as of March 31, 2012 was amended for this forward stock split.

As of March 31, 2012, the Company had not issued any shares nor granted any stock options under share-based compensation transactions.