UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended April 30, 2012
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File No. 333-175483
NYC MODA INC.
(Exact name of registrant as specified in its charter)
Nevada (State or Other Jurisdiction of Incorporation or Organization) | 5600 (Primary Standard Industrial Classification Number) | EIN 99-0364975 (IRS Employer Identification Number) |
547 N Yale Avenue
Villa Park IL 60181
(347)690-0196
(Address and telephone number of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]
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 shorter period that the registrant as 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes [ ] No [X]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):
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 Act) Yes [X] No [ ]
As of June 29, 2012, the registrant had 10,300,000 shares of common stock issued and outstanding. No market value has been computed based upon the fact that no active trading market has been established as of June 29, 2012.
2
TABLE OF CONTENTS
| PART 1 |
|
ITEM 1 | Description of Business | 4 |
ITEM 1A | Risk Factors | 7 |
ITEM 2 | Description of Property | 7 |
ITEM 3 | Legal Proceedings | 8 |
ITEM 4 | Submission of Matters to a Vote of Security Holders | 8 |
| PART II |
|
ITEM 5 | Market for Common Equity and Related Stockholder Matters | 9 |
ITEM 6 | Selected Financial Data | 9 |
ITEM 7 | Management's Discussion and Analysis of Financial Condition and Results of Operations | 10 |
ITEM 7A | Quantitative and Qualitative Disclosures about Market Risk | 12 |
ITEM 8 | Financial Statements and Supplementary Data | 13 |
ITEM 9 | Changes In and Disagreements with Accountants on Accounting and Financial Disclosure | 23 |
ITEM 9A (T) | Controls and Procedures | 24 |
| PART III |
|
ITEM 10 | Directors, Executive Officers, Promoters and Control Persons of the Company | 25 |
ITEM 11 | Executive Compensation | 26 |
ITEM 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 26 |
ITEM 13 | Certain Relationships and Related Transactions | 27 |
ITEM 14 | Principal Accountant Fees and Services | 27 |
| PART IV |
|
ITEM 15 | Exhibits | 28 |
| Signatures | 29 |
3
PART I
Item 1. Description of Business
FORWARD-LOOKING STATEMENTS
This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
GENERAL
We were incorporated in the state of Nevada on March 30, 2011. We are in the business of clothing distribution. We plan to purchase clothing from USA based companies and sell it overseas. We plan to develop a website that will display a variety of product and prices. We have not generated any revenues and the only operation we have engaged in to date is purchasing inventory from a USA based company, www.liquidation.com, consisting of New Women's Clothing- Dresses, and Jumpsuits, and executing an agreement with NJDist.Biz as described below. Our principal office address is located at 547 N Yale Avenue, Villa Park IL 60181. Our telephone number is (347) 690-0196. We are a development stage company and have not earned any revenue. It is likely that we will not be able to achieve profitability and will have to cease operations due to the lack of funding.
PRODUCT
We are in the business of buying and selling clothing and accessories. Our sole officer and director, Ilona Svinta, has worked in fashion industry for the past 10 years. We will rely on her knowledge and expertise of the fashion industry in conducting our operations. Our service will include selling clothing, shipping and handling, and custom clearing if needed. Depending on the number of shares that we sell from this offering, we plan to keep a small inventory of clothing and accessories. This inventory will consist of the most popular models with the highest turnover rate.
We will display our inventory on our website. Our customers will be able to select clothing and accessories on our website according to their budget and preferences. Our customers will also be able to order clothing which is not displayed on our website by specifying the brand and needed size.
We plan to offer our inventory at a price marked-up 50% to 60% of our cost. Our customers will be asked to pay us the full price in advance.
4
WEBSITE
Our website: www.nycmodainc.com will display information about us, our services, our prices, our terms, delivery time and other information. It will offer four language choices - English, Spanish, Portuguese and Russian). We plan to subscribe for a website search optimizing service to increase the frequency our website is displayed to our potential customers when they search any of the four languages for key words such as designer clothing, fashion, quality clothing.
SOURCE OF INVENTORY
Our plan is to purchase merchandise in bulk at discount prices and pass the savings to our customers. We plan to purchase our inventory from the following sources:
Closeouts are a type of sale of goods below original manufacture cost that will no longer be carried or sold within the retail stores. The retail store changes its inventory seasonally; when they do this they remove all merchandise that had not sold within a period of time. Then they sell them in bulk at a loss under special agreements or contracts to jobber / closeout companies. Closeouts are mainly new items.
Liquidations are type of sales of goods below original cost in order to settle debts or reduce amount of debt owed by a company converting merchandise in to cash. We are going to purchase from the following internet wholesalers: www.1fashionclothing.com, http://www.liquidation.com, and www.overstock.com. We have opened reseller account with them.
RETAIL SHOPS IN NYC
NYC retail shops are known for bargain prices sometimes as low as 70%-80% of retail price. Usually it occurs before new season, when stores are trying to get rid of the inventory to clean up the space for new items. This inventory should be popular in countries like Brazil and Argentina since they have opposite seasons than New York. When New York is getting rid of winter inventory, South America is in demand for winter clothing for the upcoming winter season. Our president will be in charge of selecting inventory from these NYC retail shops.
Occasionally we may purchase clothing from www.ebay.com
AGREEMENT WITH NJDIST.BIZ
We have executed an agreement with NJDist.Biz to store and ship our inventory for NYC Moda. NJDist.Biz will act as our shipping agent. NJDist.Biz will:
- pick up clothing from the Ney York stores,
- deliver clothing to its warehouse,
- store it and
- ship it later at our request.
Compensation will be 10% of the clothing value. The agreement is in force for six continuous months commencing on May 17, 2011, the effective date. Either party shall have the right to terminate this contract at will with 30 days notice to the party opposite.
5
Structure of our business
We intend to establish a main office in NYC and four local internet shops with local payment centers operated by our partners.
Main office: We are planning to open a small office in NYC after our 12-month plan of operation.. We are going to use our office and home space to store some of our inventory. When customer has items from different vendors we will combine those items in one international package and ship from our office to save on shipping costs.
Responsibility of the main office: NJDist.Bizs role is to handle shipping and storage product purchased in NYC stores and nearest areas only. All other product will be sent to our main office to Villa Park, Illinois. Such product will be stored and shipped out of this office. Some packages from different vendors maybe combined and shipped to customer from our office. The main office will handle shipping to customers in their respective countries. Our vendors will send packages to our office and we will route them to our customerssome customers may have shipments from more than one vendor which we will have to combine into one shipment. Some inventory we will store temporary in our office. Our president also will purchase inventory in NYC fashion stores when they have sale at bargain prices. Main office will distribute commission payments to our overseas partners and deal with insurance claim with USPS if needed.
Local payment centers: The terms representatives, local partners are the same and could be used interchangeably. Our representatives or local partners will work in overseas payment centers in India, Russia, Brazil and Argentina. Vendors are our suppliers of clothing inventory.
Our representatives are Local Centers who will receive and process payment, and provide customer service. They will also be in charge of transferring customers payments. We have not yet identified our representative and vendors.
We are going to have partners in 4 countries: India, Brazil, Argentina and Russia. We hope that having local centers will reduce customers inconvenience and safety concern of sending payment overseas. Our local partners will add convenience and peace of mind to our customers. Customer service will be provided in our clients respective native languages.
Responsibilities of the local centers: Our representative will be independent contractors. Their main responsibility will be taking payment in local currencies, converting to US dollars and transfer dollars to NYC Moda Inc. bank account in USA. Our representative will be dealing with customer services such as: explaining all process to perspective buyers, helping with understanding the terms and expected delivery time, helping with calculating saving on shipping when items are combined in one package. Our local payment centers will be responsible for clearing the payments from customer. During our 12 month plan of operation we do not plan to accept payment through our website, however we plan to add this feature at a later date.
Our local representative will receive 15% commission from sale. This commission will be calculated from cost of sold clothing.
We have not yet identified our representative and vendors.
According to our plan of operation on 6th month we plan to execute agreements with our local partners.
6
MARKETING OUR SERVICES
We intend to rely on our sole officer and director, Ilona Svinta to market our services and products. Our goal is to create solid customer base. Our web site will have sign up page for daily deals. Customer has to sign up to get emails with Daily Deal. We hope this strategy will add sales incentive and create a reason for customers to return to our site.
We intend to hire an outside web designer to assist us in designing and building our website. We will strife to make shopping on our website easy and convenient by displaying colors, materials, and sizes. Our navigation will be intuitive and shopping cart will be easy to use.
SHIPPING
We are planning to use the United States post office for our shipping and handling needs.
COMPETITION AND INDUSTRY OVERVIEW
The US clothing industry includes about 100,000 stores with combined annual revenue of about $150 billion. The industry is concentrated: the fifty largest companies account for about sixty five percent of industry revenue. (Source: http://www.businesswire.com)
Personal income and fashion trends drive demand for clothing. The profitability of individual companies depends heavily on effective merchandising and marketing. Large companies can offer wide selections of clothing and have advantages in purchasing, distribution, and marketing. Most of our competitors have greater financial resources and may be able to withstand sales or price decreases better than we can.
We may be unable to compete effectively, which could have a material adverse effect on our financial condition and results of operations.
EMPLOYEES AND EMPLOYMENT AGREEMENTS
We are a development stage company and currently have no employees. Ilona Svinta, our sole officer and director, in a non-employee officer and director of the Company. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we may adopt such plans in the future. There are presently no personal benefits available to any officers, directors or employees.
Item 1A. Risk Factors
Not applicable to smaller reporting companies.
Item 2. Description of Property
We do not own any real estate or other properties.
7
Item 3. Legal Proceedings
We know of no legal proceedings to which we are a party or to which any of our property is the subject which are pending, threatened or contemplated or any unsatisfied judgments against us.
Item 4. Submission of Matters to a Vote of Security Holders
None.
8
PART II
Item 5. Market for Common Equity and Related Stockholder Matters
Market Information
There is a limited public market for our common shares. Our common shares are not quoted on the OTC Bulletin Board at this time. Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a companys operations or business prospects. We cannot assure you that there will be a market in the future for our common stock.
OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange. Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks. OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.
As of June 29, 2012, no shares of our common stock have traded.
Number of Holders
As of June 29, 2012, the 10,300,000 issued and outstanding shares of common stock were held by a total of 25 shareholders of record.
Dividends
No cash dividends were paid on our shares of common stock during the fiscal years ended April 30, 2011 and 2012. We have not paid any cash dividends since our inception and do not foresee declaring any cash dividends on our common stock in the foreseeable future.
Recent Sales of Unregistered Securities
None.
Purchase of our Equity Securities by Officers and Directors
None.
Other Stockholder Matters
Item 6. Selected Financial Data
Not applicable.
9
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.
RESULTS OF OPERATIONS
We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.
We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.
FISCAL YEAR ENDED APRIL 30, 2011 COMPARED TO FISCAL YEAR ENDED APRIL 30, 2012.
Our net loss for the fiscal year ended April 30 2012 was $15,661 compared to a net loss of $41 during the fiscal year ended April 30, 2011. During fiscal year ended April 30, 2012, the Company have not generated any revenue.
During the fiscal year ended April 30, 2012, our operating expenses were $15,661 compared to operating expenses of $41 incurred during fiscal year ended April 30, 2011. These expenses incurred during the fiscal year ended April 30, 2012 consisted of: bank charges and interest of $144 (2011: $0); licenses and permits of $15 (2011: $15); professional fees of $15,309 (2011: $0); computer and internet expenses of $121 (2011: $26), telephone expenses of $72(2011: $0).
The weighted average number of shares outstanding was 9,379,167 for the fiscal year ended April 30, 2012 compared to 9,000,000 for the fiscal year ended April 30, 2011.
LIQUIDITY AND CAPITAL RESOURCES
FISCAL YEAR ENDED APRIL 30, 2012
As of April 30, 2012, our total assets were $19,939 comprised of current assets $18,953 and inventory $985 and our total liabilities were $600 loan from shareholder.
As of April 30, 2011, our total assets were $8,959 comprised of cash and cash equivalents. Stockholders equity decreased from $8,959 as of April 30, 2011 to $19,339 as of April 30, 2012.
Cash Flows from Operating Activities
10
We have not generated positive cash flows from operating activities. For the fiscal year ended April 30, 2012, net cash flows used in operating activities was ($16,605) consisting of a net loss of ($15,620) and inventory of ($985). For the fiscal year ended April 30, 2011, net cash flows used in operating activities was ($41). Net cash flows used in operating activities was ($16,646) for the period from inception (March 30, 2011) to April 30, 2012.
Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the fiscal year ended April 30, 2012, net cash from financing activities was $26,600 consisting of $26,000 of proceeds received from issuances of common stock and $600 in loan from a director. For the fiscal year ended April 30, 2011, net cash from financing activities was $9,000 consisting of $9,000 of proceeds received from issuances of common stock. For the period from inception (March 30, 2011) to April 30, 2012, net cash provided by financing activities was $35,600 consisting of $35,000 of proceeds received from issuances of common stock and $600 in loan from a director.
PLAN OF OPERATION AND FUNDING
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of software; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
MATERIAL COMMITMENTS
As of the date of this Annual Report, we do not have any material commitments.
PURCHASE OF SIGNIFICANT EQUIPMENT
We do not intend to purchase any significant equipment during the next twelve months.
11
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Annual Report, we do 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 are material to investors.
GOING CONCERN
The independent auditors' report accompanying our April 30, 2012 and April 30, 2011 financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
Not applicable to smaller reporting companies.
12
Item 8. Financial Statements and Supplementary Data
INDEX TO FINANCIAL STATEMENTS
NYC MODA INC.
(A DEVELOPMENT STAGE COMPANY)
TABLE OF CONTENTS
Report of Independent Registered Public Accounting Firm
14
Balance Sheets as of April 30, 2012 and 2011
15
Statements of Operations for the periods ended
April 30, 2012 and 2011 and the period from
March 30, 2011 (Date of Inception) to April 30, 2012
16
Statement of Stockholders Equity as of April 30, 2012
17
Statements of Cash Flows for the periods ended
April 30, 2012 and 2011 and the period from
March 30, 2011 (Date of Inception) to April 30, 2012
18
Notes to the Financial Statements
19
13
RONALD R. CHADWICK, P.C.
Certified Public Accountant
2851 South Parker Road, Suite 720
Aurora, Colorado 80014
Telephone (303)306-1967
Fax (303)306-1944
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors
NYC MODA INC.
Villa Park, Illinois
I have audited the accompanying balance sheet of NYC MODA INC. (a development stage company) as of April 30, 2012 and 2011, and the related statements of operations, stockholders' equity and cash flows for the year ended April 30, 2012, the period from March 30, 2011 (inception) through April 30, 2011, and for the period from March 30, 2011 (inception) through April 30, 2012. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NYC MODA INC. as of April 30, 2012 and 2011, and the results of its operations and its cash flows for the year ended April 30, 2012, the period from March 30, 2011 (inception) through April 30, 2011, and for the period from March 30, 2011 (inception) through April 30, 2012 in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 7 to the financial statements the Company has suffered a loss from operations and has limited working capital that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 7. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Aurora, Colorado
Ronald R. Chadwick, P.C.
June 29, 2012
RONALD R. CHADWICK, P.C.
14
NYC MODA INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
AS OF APRIL 30, 2012 AND 2011
ASSETS | 2012 | 2011 |
Current Assets |
|
|
Cash and cash equivalents | $ 18,953 | $ 8,959 |
|
|
|
Inventory | 985 | 0 |
|
|
|
Total Assets | $ 19,939 | $ 8,959 |
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
Liabilities |
|
|
Current Liabilities |
|
|
Accrued expenses | $ 0 | $ 0 |
Loan from shareholder | 600 | 0 |
|
|
|
Total Liabilities | 600 | 0 |
|
|
|
Stockholders Equity |
|
|
Common stock, par value $0.001; 75,000,000 shares authorized, 10,300,000 (2012) and 9,000,000 (2011) shares issued and outstanding | 10,300 | 9,000 |
Additional paid in capital | 24,700 | 0 |
Deficit accumulated during the development stage | (15,661) | (41) |
Total Stockholders Equity | 19,339 | 8,959 |
|
|
|
Total Liabilities and Stockholders Equity | $ 19,939 | $ 8,959 |
See accompanying notes to financial statements.
15
NYC MODA INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
PERIODS ENDED APRIL 30, 2012 AND 2011
FOR THE PERIOD FROM MARCH 30, 2011 (INCEPTION) TO APRIL 30, 2012
| Year ended April 30, 2012 | Period from March 30, 2011 (Inception) to April 30, 2011 | Period from March 30, 2011 (Inception) to April 30, 2012 |
|
|
|
|
REVENUES | $ 0 | $ 0 | $ 0 |
|
|
|
|
OPERATING EXPENSES |
|
|
|
Professional fees | 15,309 | 0 | 15,309 |
Bank fees | 144 | 0 | 144 |
Computer and internet | 95 | 26 | 121 |
Telephone | 72 | 0 | 72 |
Licenses and Permits | 0 | 15 | 15 |
|
|
|
|
TOTAL OPERATING EXPENSES | 15,620 | 41 | 15,661 |
|
|
|
|
LOSS FROM OPERATIONS | (15,661) | (41) | (15,661) |
|
|
|
|
PROVISION FOR INCOME TAXES | 0 | 0 | 0 |
|
|
|
|
NET LOSS | $ (15,661) | $ (41) | $ (15,661) |
|
|
|
|
NET LOSS PER SHARE: BASIC AND DILUTED | $ (0.00) | $ (0.00) |
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 9,379,167 | 9,000,000 |
|
See accompanying notes to financial statements.
16
NYC MODA INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS EQUITY
FOR THE PERIOD FROM MARCH 30, 2011 (INCEPTION) TO APRIL 30, 2012
| Common Stock | Additional Paid-in | Deficit Accumulated during the Development | Total Stockholders | |
| Shares | Amount | Capital | Stage | Equity |
|
|
|
|
|
|
Inception, March 30 2011 | - | $ - | $ - | $ - | $ - |
|
|
|
|
|
|
Shares issued for cash at $0.001 per share | 9,000,000 | 9,000 | - | - | 9,000 |
|
|
|
|
|
|
Net loss for the year ended April 30, 2011 | - | - | - | (41) | (41) |
|
|
|
|
|
|
Balance, April 30, 2011 | 9,000,000 | 9,000 | 0 | (41) | 8,959 |
|
|
|
|
|
|
Shares issued for cash at $ 0.02 per share | 1,300,000 | 1,300 | 24,700 |
| 26,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the year ended April 30, 2012 | - | - | - | (15,620) | (15,620) |
|
|
|
|
|
|
Balance, April 30, 2012 | 10,300,000 | $ 10,300 | $ 24,700 | $ (15,661) | $ 19,339 |
See accompanying notes to financial statements.
17
NYC MODA INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
PERIODS ENDED APRIL 30, 2012 AND 2011
FOR THE PERIOD FROM MARCH 30, 2011 (INCEPTION) TO APRIL 30, 2012
| Year ended April 30, 2012 | Period from March 30, 2011 (Inception) to April 30, 2011 | Period from March 30, 2011 (Inception) to April 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net loss for the period | $ (15,620) | $ (41) | $ (15,661) |
Adjustments to reconcile net loss to net cash (used in) operating activities: |
|
|
|
Inventory | (985) | 0 | (985) |
Changes in assets and liabilities: |
|
|
|
Increase (decrease) in accrued expenses | 0 | 0 | 0 |
Net Cash Used in Operating Activities | (16,605) | (41) | (16,646) |
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Purchase of property and equipment | 0 | 0 | 0 |
Net Cash Used in Investing Activities | 0 | 0 | 0 |
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Proceeds from sale of common stock | 26,000 | 9,000 | 35,000 |
Loans from shareholder | 600 | 0 | 600 |
Net Cash Provided by Financing Activities | 26,600 | 9,000 | 35,600 |
|
|
|
|
Net Increase (Decrease) in Cash | 9,995 | 8,959 | 18,954 |
Cash, beginning of period | 8,959 | 0 | 0 |
Cash, end of period | $ 18,954 | $ 8,959 | $ 18,954 |
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
Interest paid | $ 0 | $ 0 | $ 0 |
Income taxes paid | $ 0 | $ 0 | $ 0 |
See accompanying notes to financial statements.
18
NYC MODA INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 2012
NOTE 1 ORGANIZATION AND NATURE OF BUSINESS
NYC MODA INC. (the "Company) was incorporated under the laws of the State of Nevada on March 30, 2011. We are a development-stage company in business of distributing designers clothing and footwear from established brands to customers around the world.
NOTE 2 SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
Development Stage Company
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.
Basis of Presentation
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.
Accounting Basis
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted an April 30 fiscal year end.
Cash and Cash Equivalents
The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents.
Fair Value of Financial Instruments
The Companys financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
Income Taxes
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
19
NYC MODA INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 2012
NOTE 2 SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (CONTINUED)
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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
Stock-Based Compensation
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Basic Income (Loss) Per Share
Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of April 30, 2012.
Comprehensive Income
The Company has established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income.
Recent Accounting Pronouncements
NYC Moda Inc. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow.
NOTE 3 LOAN TO THE COMPANY
On September 15, 2011 the director loaned $600 to the Company. The amount is due on demand, non-interest bearing and unsecured.
20
NYC MODA INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 2012
NOTE 4 COMMON STOCK
The Company has 75,000,000, $0.001 par value shares of common stock authorized.
On April 4, 2011, the Company issued 9,000,000 shares of common stock for cash proceeds of $9,000 at $0.001 per share.
On January 25, 2012 the Company issued 1,300,000 shares of common stock for cash proceeds of $26,000 at $0.02 per share.
There were 10,300,000 shares of common stock issued and outstanding as of April 30, 2012.
NOTE 5 COMMITMENTS AND CONTINGENCIES
The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.
NOTE 6 INCOME TAXES
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
NOTE 7 GOING CONCERN
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company had no revenues as of April 30, 2012. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.
Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
21
NOTE 8 SUBSEQUENT EVENTS
In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to April 30, 2012 and to May 10, 2012 the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.
22
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
Company conducted an evaluation of the effectiveness of the Companys internal control over financial reporting as of April 30, 2012 using the criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Companys annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of April 30, 2012, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.
1.
We do not have an Audit Committee While not being legally obligated to have an audit committee, it is the managements view that such a committee, including a financial expert member, is an utmost important entity level control over the Companys financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over managements activities.
2.
We did not maintain appropriate cash controls As of April 30, 2012, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Companys bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts.
3.
We did not implement appropriate information technology controls As at April 30, 2012, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Companys data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors.
Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the companys internal controls.
As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of April 30, 2012 based on criteria established in Internal ControlIntegrated Framework issued by COSO.
23
Item 9A. Changes in Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of April 30, 2012, that occurred during our fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
This annual report does not include an attestation report of the Companys registered public accounting firm regarding internal control over financial reporting. Managements report was not subject to attestation by the Companys registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only managements report in this annual report.
24
PART III
Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company
DIRECTORS AND EXECUTIVE OFFICERS
The name, address and position of our present officers and directors are set forth below:
Name and Address of Executive Officer and/or Director |
| Age |
| Position |
|
|
|
|
|
Ilona Svinta 547 N. Yale Avenue Villa Park IL 60181 |
| 37 |
| President, Secretary, Treasurer and Director |
|
|
|
|
|
Biographical Information and Background of officer and director
Ilona Svinta has acted as sole officer and director since our incorporation on March 30, 2011. From 2005 to 2010, our president Ilona Svinta owned and operated Pietro Baldini, a clothing store located in Riga, Latvia. On May 2010, this store was closed and ceased to operate. Consequently, Mrs.Svinta no longer manages any activities of Pietro Baldini. From 2010 to present Ilona Svinta devoted her time to studying clothing distribution industry. She researched information in books and on internet. She also traveled to India and Russia to study clothing market there. At the time when Ms. Svinta operated the clothing store she lived in Latvia.
She has extensive experience She has extensive experience relating to whether certain merchandise will be salable. During the past five years, Ilona Svinta also has attended various merchandising classes.
Our director was selected based on above mentioned experience and education in fashion industry as well as an established network of business contacts.
AUDIT COMMITTEE
We do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted.
SIGNIFICANT EMPLOYEES
We have no employees other than our director and officer, Ilona Svinta who currently devotes approximately twenty hours per week to company matters. We intend to hire employees on an as needed basis.
25
Item 11. Executive Compensation
The following tables set forth certain information about compensation paid, earned or accrued for services by our President (collectively, the Named Executive Officers) from inception on March 30, 2011 until April 30, 2012.
SUMMARY COMPENSATION TABLE
Name and Principal Position | Year | Salary (US$) | Bonus (US$) | Stock Award (US$) | Option Award (US$) | Non-Equity Incentive Plan Compensation (US$) | Nonqualified Deferred Compensation Earnings (US$) | All Other Compensation (US$) | Total (US$) |
Ilona Svinta | 2011 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
President | 2012 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
There are no current employment agreements between the company and its sole officer. The compensation discussed herein addresses all compensation awarded to, earned by, or paid to our named executive officer. There are no other stock option plans, retirement, pension, or profit sharing plans for the benefit of our officers and directors other than as described herein.
CHANGE OF CONTROL
As of June 29, 2012, we had no pension plans or compensatory plans or other arrangements which provide compensation in the event of a termination of employment or a change in our control.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table provides certain information regarding the ownership of our common stock, as of April 30, 2012 and as of the date of the filing of this annual report by:
| |
| each of our executive officers; |
| |
| each director; |
| |
| each person known to us to own more than 5% of our outstanding common stock; and |
| |
| all of our executive officers and directors and as a group. |
26
Title of Class |
| Name and Address of Beneficial Owner |
| Amount and Nature of Beneficial Ownership |
| Percentage |
| |
|
|
|
|
|
|
|
| |
Common Stock |
| Ilona Svinta 547 N Yale Avenue Villa Park IL 60181 |
| 9,000,000 shares of common stock (direct) |
|
| 69.23% |
The percent of class is based on 10,300,000 shares of common stock issued and outstanding as of the date of this annual report.
Item 13. Certain Relationships and Related Transactions
During the year ended April 30, 2012, we had not entered into any transactions with our sole officer or director, or persons nominated for these positions, beneficial owners of 5% or more of our common stock, or family members of these persons wherein the amount involved in the transaction or a series of similar transactions exceeded the lesser of $120,000 or 1% of the average of our total assets for the last three fiscal years.
Item 14. Principal Accountant Fees and Services
During fiscal year ended April 30 2012, we incurred approximately $4,750 in fees to our principal independent accountants for professional services rendered in connection with the audit of our financial statements and for the reviews of our financial statements for the quarters ended July 31, 2011, 30, October 30, 2011 and January 31, 2012.
27
Part IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a)(1) List of Financial statements included in Part II hereof
Balance Sheets, April 30, 2012 and 2011
Statements of Operations for the periods ended April 30, 2012 and 2011 and the period from March 30, 2012 (Inception) to April 30, 2012
Statements of Stockholders Equity (Deficit) as of April 30, 2012
Statements of Cash Flows for the periods ended April 30, 2012 and 2011 and the period from March 30, 2011 (Date of Inception) to April 30, 2012
Notes to the Financial Statements
(a)(2) List of Financial Statement schedules included in Part IV hereof: None.
(a)(3) Exhibits
The following documents are filed as a part of this report:
Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
101.INS** XBRL Instance Document
101.SCH** XBRL Taxonomy Extension Schema Document
101.CAL** XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF** XBRL Taxonomy Extension Definition Linkbase Document
101.LAB** XBRL Taxonomy Extension Label Linkbase Document
101.PRE** XBRL Taxonomy Extension Presentation Linkbase Document
* Filed herewith
**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.
28
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NYC MODA INC.
|
Dated: June 29, 2012 | By: /s/ Ilona Svinta |
| Ilona Svinta, President and Chief Executive Officer and Chief Financial Officer |
29
302 CERTIFICATION
I, Ilona Svinta, certify that:
1. I have reviewed this annual report on Form 10-K of NYC Moda 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. The registrant's other certifying officers 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 controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 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 our 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, 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of 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 controls over financial reporting.
Date: June 29, 2012
/s/Ilona Svinta
Ilona Svinta
Chief Executive Officer
Chief Financial Officer
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 Annual Report of NYC Moda Inc. (the "Company") on Form 10-K for the year ended April 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ilona Svinta, Chief Executive Officer and Chief 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 result of operations of the Company.
/s/Ilona Svinta
Ilona Svinta
Chief Executive Officer
Chief Financial Officer
June 29, 2012
Common Stock
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
999000 - Deprecated - Deprecated Concepts: | |
Schedule of Common Stock by Class | NOTE 4 COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized.
On April 4, 2011, the Company issued 9,000,000 shares of common stock for cash proceeds of $9,000 at $0.001 per share.
On January 25, 2012 the Company issued 1,300,000 shares of common stock for cash proceeds of $26,000 at $0.02 per share.
There were 10,300,000 shares of common stock issued and outstanding as of April 30, 2012. |
Receivables, Loans, Notes Receivable, and Others
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Receivables, Loans, Notes Receivable, and Others: | |
Schedule of Accounts, Notes, Loans and Financing Receivable | NOTE 3 LOAN TO THE COMPANY On September 15, 2011 the director loaned $600 to the Company. The amount is due on demand, non-interest bearing and unsecured. |
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NYC Moda Inc. - Balance Sheets (USD $)
|
Apr. 30, 2012
|
Apr. 30, 2011
|
---|---|---|
Cash | $ 18,953 | $ 8,959 |
Total current assets | 18,953 | 8,959 |
Inventory | 985 | 0 |
Total other assets | 985 | 0 |
Total Assets | 19,939 | 8,959 |
Director Loan | 600 | 0 |
Total Liabilities | 600 | 0 |
Common stock, $0.001 par value: 75,000,000 Shares Authorized; 10,300,000 (2012) and 9,000,000 (2011) shares issued and outstanding | 10,300 | 9,000 |
Additional paid in capital | 24,700 | 0 |
Deficit accumulated during the development stage | (15,661) | (41) |
Total Stockholders' Equity | 19,339 | 8.959 |
Total Liabilities and Stockholders' Equity | $ 19,939 | $ 8,959 |
Organization and Nature of Business
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Accounting Policies: | |
Business Description and Accounting Policies | NOTE 1 ORGANIZATION AND NATURE OF BUSINESS NYC MODA INC. (the "Company) was incorporated under the laws of the State of Nevada on March 30, 2011. We are a development-stage company in business of distributing designers clothing and footwear from established brands to customers around the world |
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Accounting Policies
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Accounting Policies: | |
Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
Development Stage Company The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted an April 30 fiscal year end. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. Fair Value of Financial Instruments The Companys financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of April 30, 2012. Comprehensive Income The Company has established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income. Recent Accounting Pronouncements NYC Moda Inc. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow |
NYC Moda Inc. - Statement of Operations (USD $)
|
1 Months Ended | 12 Months Ended | 13 Months Ended |
---|---|---|---|
Apr. 30, 2011
|
Apr. 30, 2012
|
Apr. 30, 2012
|
|
Operating expenses: | |||
Licenses and Permits | $ 15 | $ 0 | $ 15 |
Professional fees | 15,309 | 15,309 | 0 |
Computer and internet expenses | 121 | 95 | 26 |
Telephone expense | 72 | 72 | 0 |
Bank service charges | 144 | 144 | 0 |
Total Operating Expenses | 15,661 | 15,620 | 41 |
Gain (loss) from operations | (15,661) | (15,620) | (41) |
Income (loss) before provision for income taxes | (15,661) | (15,620) | (41) |
Net income (loss) | $ (41) | $ (15,620) | $ (15,661) |
Weighted average number of common shares outstanding | 9,379,167 | 9,000,000 |
Document and Entity Information (USD $)
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Document and Entity Information: | |
Entity Registrant Name | NYC Moda Inc., |
Document Type | 10-K |
Document Period End Date | Apr. 30, 2012 |
Amendment Flag | false |
Entity Central Index Key | 0001518487 |
Current Fiscal Year End Date | --04-30 |
Entity Common Stock, Shares Outstanding | 10,300,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | Yes |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2012 |
Document Fiscal Period Focus | FY |
Entity Public Float | $ 0 |
Going Concern
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Risks and Uncertainties: | |
Concentration Risk Disclosure | NOTE 7 GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company had no revenues as of April 30, 2012. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
Income Taxes
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Income Taxes: | |
Income Tax Disclosure | NOTE 6 INCOME TAXES Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized |
Subsequent Events
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Subsequent Events: | |
Subsequent Events | NOTE 8 SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to April 30, 2012 and to May 10, 2012 the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
NYC Moda Inc, -Statement of Cash Flows (USD $)
|
1 Months Ended | 12 Months Ended | 13 Months Ended |
---|---|---|---|
Apr. 30, 2011
|
Apr. 30, 2012
|
Apr. 30, 2012
|
|
Net income (loss) | $ (41) | $ (15,620) | $ (15,661) |
Inventory | 0 | 985 | 985 |
Net cash provided by (used for) operating activities | (41) | (16,605) | (16,646) |
Net cash provided by (used for) investing activities | 0 | 0 | 0 |
Sales of common stock | 9,000 | 26,000 | 35,000 |
Director Loan | 0 | 600 | 600 |
Net cash provided by (used for ) financing activities: | 9,000 | 26,600 | 35,600 |
Net Increase (Decrease) In Cash | 8,959 | 9,995 | 18,954 |
Cash At The Beginning Of The Period | 0 | 8,959 | 0 |
Cash At The End Of The Period | 8,959 | 18,954 | 18,954 |
Cash paid for interest | 0 | 0 | |
Cash paid for income taxes | $ 0 | $ 0 |
Commitment and Contingencies
|
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Commitment and Contingencies: | |
Commitments and Contingencies Disclosure |
NOTE 5 COMMITMENTS AND CONTINGENCIES The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. |