0001477932-12-001946.txt : 20120613 0001477932-12-001946.hdr.sgml : 20120613 20120613170617 ACCESSION NUMBER: 0001477932-12-001946 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120613 DATE AS OF CHANGE: 20120613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Darkstar Ventures, Inc. CENTRAL INDEX KEY: 0001530163 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] IRS NUMBER: 260299456 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54649 FILM NUMBER: 12905666 BUSINESS ADDRESS: STREET 1: 410 PARK AVE STREET 2: 15TH FL CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 866-360-7565 MAIL ADDRESS: STREET 1: 410 PARK AVE STREET 2: 15TH FL CITY: NEW YORK STATE: NY ZIP: 10022 10-Q 1 dksr_10q.htm FORM 10-Q dksr_10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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

For the quarter ended April 30, 2012
 
o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number: 333-176969

DARKSTAR VENTURES, INC.
(Exact name of registrant as specified in its charter)

 Nevada
  
 26-0299456
(State or other jurisdiction of incorporation or organization)
  
(I.R.S. Employer Identification No.)

410 Park Avenue
15th Floor
New York, NY  10022
(Address of principal executive offices)

(866) 360-7565
(Registrant’s telephone number, including area code)

________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 o No x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes o      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 definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
x
(Do not check if a smaller reporting company)
      
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No x
 
As of June 12, 2012, 10,000,000 shares of common stock, par value $0.0001 per share, were issued and outstanding.
 
 
 
 
TABLE OF CONTENTS

     
PAGE
  
PART I FINANCIAL INFORMATION
           
Item 1.
Financial Statements
     F-1  
           
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
     3  
           
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
     5  
           
Item 4.
Controls and Procedures
     5  
           
PART II OTHER INFORMATION
         
Item 1.
Legal Proceedings
     5  
           
Item IA.
Risk Factors
     5  
           
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
     6  
           
Item 3.
Defaults Upon Senior Securities
     6  
           
Item 4.
Mine Safety Disclosures
     6  
           
Item 5.
Other Information
     6  
           
Item 6.
Exhibits
     7  
 
 
2
 
 
PART I  FINANCIAL INFORMATION

Item 1.      Financial Statements.
 
DARKSTAR VENTURES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEET
 
ASSETS
 
April 30, 2012
    
July 31, 2011
  
 
(Unaudited)
        
Current Assets:
            
Cash and Cash Equivalents
   $ 559     $ 18,327  
Total Current Assets
     559       18,327  
Total Assets
   $ 559     $ 18,327  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY)
                 
Current Liabilities:
                
Accounts Payable
   $ 7,671          
Note Payable
     12,500     $ -  
Total Current Liabilities
     20,171       -  
Commitments and Contingencies
                
Stockholders’ Equity (Deficiency)
                
Preferred Stock, $.0001 par value; 5,000,000 shares
                
authorized, none issued and outstanding
     -       -  
Common Stock, $.0001 par value; 500,000,000 shares
                
authorized, 10,000,000 shares issued and outstanding
     1,000       1,000  
Additional Paid-In Capital
     34,650       34,650  
Deficit Accumulated During the Development Stage
     (55,262 )     (17,323 )
Total Stockholders’ Equity (Deficiency)
     (19,612 )     18,327  
Total Liabilities and Stockholders’ Equity (Deficiency)
   $ 559     $ 18,327  
 
The accompanying notes are an integral part of these financial statements.
 
 
F-1
 
 
DARKSTAR VENTURES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
 
   
For the
Nine Months Ended
April 30,
    
For the
Quarter Ended
April 30,
    
For the Period
May 8, 2007
(Inception) To
April 30,
  
   
2012
    
2011
    
2012
    
2011
    
 2012
  
Net Revenues
   $ -     $ -     $ -     $ -     $ -  
Costs and Expenses:
                                        
Website Development
     -       -       -       -       5,000  
General and Administrative Expenses
     4,379       -       2,437       -       6,702  
Professional Fees
     26,767       -       7,393       -       36,767  
Consulting Fees
     6,667       -       2,500       -       6,667  
Total Costs and Expenses
     37,813       -       12,330       -       55,136  
Operating Loss
     ( 37,813 )     -       ( 12,330 )     -       ( 55,136 )
Other Income (Expense):
                                        
Interest Expense
     ( 126 )     -       ( 126 )     -       ( 126 )
Total Other Income (Expense)
     ( 126 )     -       ( 126 )     -       ( 126 )
Net Loss
   $ ( 37,939 )   $ -     $ ( 12,456 )   $ -     $ ( 55,262 )
Basic and Diluted Loss Per Share
   $ ( .00 )   $ -     $ ( .00 )   $ -          
Weighted Average Common Shares Outstanding
     10,000,000       -       10,000.000       -          
 
The accompanying notes are an integral part of these financial statements.
 
 
F-2
 
 
DARKSTAR VENTURES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIENCY)
FOR THE NINE MONTHS ENDED APRIL 30, 2012
(UNAUDITED)
 
   
Common Stock
    
Additional
Paid-In
    
Deficit
Accumulated
During the
Development
        
   
Shares
    
Amount
    
Capital
    
 Stage
    
Total
  
Balance , August 1, 2011
     10,000,000     $ 1,000     $ 34,650     $ (17,323 )   $ 18,327  
Net Loss for the Nine Months Ended April 30, 2012
     -       -       -       (37,939 )     (37,939 )
Balance, April 30, 2012
     10,000,000     $ 1,000     $ 34,650     $ (55,262 )   $ (19,612 )

The accompanying notes are an integral part of these financial statements.
 
 
F-3
 
 
DARKSTAR VENTURES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
 
   
For the
Nine Months Ended
April 30,
    
For the Period
May 8, 2007
(Inception) to
April 30,
  
   
2012
    
2011
    
 2012
  
Cash Flows from Operating Activities:
                  
Net Loss
   $ ( 37,939 )   $ -     $ ( 55,262 )
Adjustments to Reconcile Net Loss to Net Cash
                        
Used in Operating Activities:
                        
Changes in Assets and Liabilities:
                        
Increase in Accounts Payable
     7,671       -       7,671  
Net Cash Used in Operating Activities
     ( 30,268 )     -       ( 47,591 )
Cash Flows from Investing Activities:
     -       -       -  
Cash Flows from Financing Activities:
                        
Proceeds from Borrowings
     12,500       -       12,500  
Proceeds from Sale of Common Stock
     -       -       35,650  
Net Cash Provided by Financing Activities
     12,500       -       48,150  
Increase (Decrease) in Cash and Cash Equivalents
     ( 17,768 )     -       559  
Cash and Cash Equivalents – Beginning of Period
     18,327       -       0  
Cash and Cash Equivalents – End of Period
   $ 559     $ -     $ 559  
Supplemental Disclosures of Cash Flow Information:
                        
Interest Paid
   $ -     $ -     $ -  
Income Taxes Paid
   $ -     $ -     $ -  
 
The accompanying notes are an integral part of these financial statements.
 
 
F-4
 

DARKSTAR VENTURES, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
 
NOTE 1 -                Organization and Basis of Presentation

Darkstar Ventures, Inc. (“the Company”) was incorporated on May 8, 2007 under the laws of the State of Nevada.

The Company has not yet generated revenues from planned principal operations and is considered a development stage company. The Company intends to market and sell eco-friendly health and wellness products to the general public via the internet. The Company has selected July 31 as its fiscal year end. The Company has been dormant from its inception to May 1, 2011.

In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information set forth therein. These financial statements are condensed and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These condensed financial statements should be read in conjunction with the Company’s July 31, 2011 audited financial statements and notes thereto included in its registration statement, Form S-1/A-2 filed on January 19, 2012.

Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.

The Company is a development stage company. The Company had no revenues and incurred a net loss of $37,939 for the nine months ended April 30, 2012, and a net loss of $55,262 for the period May 8, 2007 (inception) to April 30, 2012. In addition, the Company has a working capital deficiency and stockholders’ deficiency of $19,612 at April 30, 2012. These factors raise substantial doubt about the Company's ability to continue as a going concern.

There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company’s existing stockholders.

The accompanying condensed financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

In June 2011 the Company raised an aggregate of $35,000 through an equity private placement and during the quarter ended April 30. 2012 the Company borrowed $12,500. During the next 12 months, management's plans are:

•  
Increase the customer base and affiliate relationships in order to generate revenues.

•  
Loan funds to the Company pursuant to an oral agreement in the event funds are required for the operations of the Company over the next 12 months.

There can be no assurances that the Company will be able to generate revenues or raise the additional funds it requires.

 
F-5
 
 
DARKSTAR VENTURES, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
 
NOTE 2 -                Common Stock

On May 1, 2011 the Company sold 6,500,000 shares of common stock for $650 to the Founder of the Company.

On June 28, 2011 the Company concluded a private placement whereby it sold 3,500,000 shares of common stock for $35,000 to private investors.
 
NOTE 3 -                Preferred Stock

The Company’s Board of Directors may issue authorized but unissued shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitation of each series. The holders of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of the Company before any payment is made to the holders of the common stock. Furthermore, the board of directors could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of the common stock.
 
NOTE 4 -                Commitments and Contingencies

On September 1, 2011 the Company entered into a one-year consulting agreement with First Line Capital, LLC ("First Line") under which First Line will provide certain business and corporate development services to the Company for an annual consulting fee of $10,000 payable on each August 31 during the term of the agreement beginning on August 31, 2012. The agreement will automatically renew for successive one-year terms unless terminated by either party at least 10 days prior to the end of the then current term. As of April 30, 2012 accrued consulting fees amounted to $6,667.
 
NOTE 5 -                Related Party Transactions
 
On November 11, 2011 the officers and directors of the Company orally agreed to lend funds to the Company in the event funds are required for the operations of the Company over the next 12 months (see Note 1).
 
NOTE 6 -                Note Payable

Note payable consists of the following:
 
 
Note payable, First Line Capital, LLC, bearing interest  at 8% per annum and due March 31, 2013.  The note allows the  Company to borrow any amount  in  increments  of  up  to  $50,000.
  
$
12,500
  
 
 
F-6
 
 
Item 2.      Management’s Discussion and Analysis or Plan of Operations.

As used in this Quarterly Report on Form 10-Q, references to the “Company,” “Darkstar”, “we,” “our” or “us” refer to Darkstar Ventures, Inc. unless the context otherwise indicates.

Forward-Looking Statements

The following discussion should be read in conjunction with the financial statements of the Company which are included elsewhere in this Form 10-Q. Certain statements contained in this report, including statements regarding the anticipated development and expansion of our business, our intent, belief or current expectations, primarily with respect to the future operating performance of the Company and the products it expects to offer and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements. Future filings with the Securities and Exchange Commission, future press releases and future oral or written statements made by us or with our approval, which are not statements of historical fact, may contain forward-looking statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a more detailed listing of some of the risks and uncertainties facing the Company, please see the Company’s Registration Statement on Form S-1 filed by the Company with the Securities and Exchange Commission on January 19, 2012.

All forward-looking statements speak only as of the date on which they are made.  We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made, except as required by federal securities and any other applicable law.

Overview

We are a development stage company offering eco-friendly health and wellness products to the general public via the internet. Current products being offered include air and water filtration systems, organic baby products and eco-friendly beds and linens. We currently have no employees other than our officers, both of whom are also directors.  We have never intended and do not intend to be a blank check company. We have a specific business plan and do not intend to engage in any merger, acquisition or business reorganization with any entity. We do not have revenues, have minimal assets and have incurred losses since inception.

Plan of Operation

Over the course of the next twelve month period we plan to focus our efforts on the online eco friendly product market place.  In order to continue as going concern for the next 12 months, we will require a budget of $30,000 as described below.
 
Liquidity and Capital Resources
 
As of April 30, 2012, the Company had a cash balance of $559. We currently have the ability to borrow up to $50,000 from our consultant First Line, with all such borrowings along with accrued interest on the outstanding balance at 8% per annum, due March 31, 2013. As of June 12, 2012 we are indebted to First Line in the amount of $12,500.

During the quarter, we had projected to focus on enhancing the Company website and increasing its product base through the existing affiliate agreement.

 
3
 

The Company believes that its current cash is insufficient to fund its expenses over the next twelve months. There can be no assurance that additional capital will be available to the Company. Other than our agreement with First Line to borrow up to $50,000 the Company currently has no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources. The officers and directors have orally agreed to lend funds to the Company in the event funds are required for the operations of the Company. However, there is no guarantee that our officers and directors will lend us sufficient funds to operate. Notwithstanding that our officers and directors are committed to ensuring that the Company can operate its business, they are not legally or contractually obligated to lend us any money. Since the Company has no such arrangements or plans currently in effect, its inability to raise funds for the above purposes will have a severe negative impact on its ability to remain a viable company.
 
Going Concern Consideration
 
We are a development stage company.  We had no revenues and incurred a net loss of $37,939 for the nine months ended to April 30, 2012 and a net loss of $55,262 for the period May 8, 2007 (inception) to April 30, 2012. We had a working capital deficiency and stockholders' deficiency of $19,612 as of April 30, 2012. This all raises substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent on our ability to raise additional capital and implement our business plan. Our financial statements do not include any adjustments that may be necessary if we are unable to continue as a going concern.

Off-Balance Sheet Arrangements
 
We have no off-balance sheet arrangements.
 
Critical Accounting Policies and Estimates

For revenue from product sales, the Company will recognize revenue in accordance with Staff Accounting Bulletin No. 104, “Revenue Recognition” (SAB No. 104), which superseded Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB No. 101).  SAB No. 104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.  Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts.  Provisions for discounts and rebates to customers, estimated returns and allowance, and other adjustments will be provided for in the same period the related sales are recorded.

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period.  Actual results could differ from those estimates.
 
 
4
 
 
Item 3.      Quantitative and Qualitative Disclosures About Market Risk.

A smaller reporting company, as defined by Item 10 of Regulation S-K, is not required to provide the information required by this item.

Item 4.      Controls and Procedures

Evaluation of Disclosure Controls and Procedures

 Our principal executive officer and principal financial officer conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of April 30, 2012. Based on this evaluation, our principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures were effective as of April 30, 2012 to ensure that information required to be disclosed by the Company in the reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that the Company’s disclosure and controls are designed to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
PART II  OTHER INFORMATION

Item 1.      Legal Proceedings.

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.

Item 1A.   Risk Factors

A smaller reporting company, as defined by Item 10 of Regulation S-K, is not required to provide the information required by this item.
 
 
5
 
 
Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Equity Securities

None

Purchases of equity securities by the issuer and affiliated purchasers

None.

Item 3.      Defaults Upon Senior Securities.

None.

Item 4.      Mine Safety Disclosures

Not Applicable
 
Item 5.      Other Information
 
None.
 
 
6
 
 
Item 6.      Exhibits
 
Exhibit No.
   Description
     
31
  
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
     
32
  
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act
 
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

** 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.
 
 
7
 
 
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.
 
 
DARKSTAR VENTURES, INC.
  
       
Dated: June 13, 2012
By
/s/ Chizkyau Lapin
  
   
Chizkyau Lapin
  
   
Chairman, President, Chief Executive Officer,
Chief Financial Officer and director
(Principal Executive Officer and
Principal Financial and Accounting Officer)
  
 
 
8
EX-31 2 dksr_ex31.htm CERTIFICATION dksr_ex31.htm
EXHIBIT 31

CERTIFICATION OF
PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO
SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Chizkyau Lapin, certify that:

1.      I have reviewed this quarterly report on Form 10-Q of Darkstar Ventures, Inc., a Nevada corporation, for the quarter ended April 30, 2012;

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 officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the 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 our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.      Evaluated the effectiveness of the 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 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.      The registrant’s other certifying officer(s) 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 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: June 13, 2012
By:
/s/ Chizkyau Lapin
  
   
Chizkyau Lapin
  
   
President, Chief Executive Officer, Chief Financial Officer,
Chairman and Director (Principal Executive Officer and
Principal Financial and Accounting Officer)
  
EX-32 3 dksr_ex32.htm CERTIFICATION dksr_ex32.htm
EXHIBIT 32

 
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
The undersigned, Chizkyau Lapin, President, Chief Executive Officer, Chief Financial Officer, Chairman and Director of Darkstar Ventures, Inc. (the “Registrant”), certifies, under the standards set forth and solely for the purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of the Registrant for the quarter ended April 30, 2012 (the “Report”):

(1)  
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.
 
Date: June 13, 2012
By:
/s/ Chizkyau Lapin
  
   
Chizkyau Lapin
  
   
President, Chief Executive Officer, Chief Financial Officer,
Chairman and Director (Principal Executive Officer and
Principal Financial and Accounting Officer)
  
 
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
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(&#147;the Company&#148;) was incorporated on May 8, 2007 under the laws of the State of Nevada.</font></p> <p style="margin: 0pt; text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">The Company has not yet generated revenues from planned principal operations and is considered a development stage company. The Company intends to market and sell eco-friendly health and wellness products to the general public via the internet. The Company has selected July 31 as its fiscal year end. The Company has been dormant from its inception to May 1, 2011.</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">In the opinion of the Company&#146;s management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information set forth therein. These financial statements are condensed and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These condensed financial statements should be read in conjunction with the Company&#146;s July 31, 2011 audited financial statements and notes thereto included in its registration statement, Form S-1/A-2 filed on January 19, 2012.</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">The Company is a development stage company. The Company had no revenues and incurred a net loss of $37,939 for the nine months ended April 30, 2012, and a net loss of $55,262 for the period May 8, 2007 (inception) to April 30, 2012. In addition, the Company has a working capital deficiency and stockholders&#146; deficiency of $19,612 at April 30, 2012. These factors raise substantial doubt about the Company's ability to continue as a going concern.</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company&#146;s existing stockholders.</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying condensed financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">In June 2011 the Company raised an aggregate of $35,000 through an equity private placement and during the quarter ended April 30. 2012 the Company borrowed $12,500. During the next 12 months, management's plans are:</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">&#149; Increase the customer base and affiliate relationships in order to generate revenues.</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">&#149; Loan funds to the Company pursuant to an oral agreement in the event funds are required for the operations of the Company over the next 12 months.</font></p> <p style="text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">There can be no assurances that the Company will be able to generate revenues or raise the additional funds it requires.</font></p> <p style="text-align: justify; text-indent: 40pt"></p> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">On May 1, 2011 the Company sold 6,500,000 shares of common stock for $650 to the Founder of the Company.</font></p> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">On June 28, 2011 the Company concluded a private placement whereby it sold 3,500,000 shares of common stock for $35,000 to private investors.</font></p> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#146;s Board of Directors may issue authorized but unissued shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitation of each series. The holders of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of the Company before any payment is made to the holders of the common stock. Furthermore, the board of directors could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of the common stock.</font></p> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">On September 1, 2011 the Company entered into a one-year consulting agreement with First Line Capital, LLC (&#34;First Line&#34;) under which First Line will provide certain business and corporate development services to the Company for an annual consulting fee of $10,000 payable on each August 31 during the term of the agreement beginning on August 31, 2012. The agreement will automatically renew for successive one-year terms unless terminated by either party at least 10 days prior to the end of the then current term. As of April 30, 2012 accrued consulting fees amounted to $6,667.</font></p> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">On November 11, 2011 the officers and directors of the Company orally agreed to lend funds to the Company in the event funds are required for the operations of the Company over the next 12 months (see Note 1).</font></p> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 40pt"><font style="font: 10pt Times New Roman, Times, Serif">Note payable consists of the following:</font></p> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Note payable, First Line Capital, LLC, bearing interest at 8% per annum and due March 31, 2013. 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Preferred Stock
 9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 3. Preferred Stock

The Company’s Board of Directors may issue authorized but unissued shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitation of each series. The holders of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of the Company before any payment is made to the holders of the common stock. Furthermore, the board of directors could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of the common stock.
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Common Stock
 9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 2. Common Stock

On May 1, 2011 the Company sold 6,500,000 shares of common stock for $650 to the Founder of the Company.

On June 28, 2011 the Company concluded a private placement whereby it sold 3,500,000 shares of common stock for $35,000 to private investors.
XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED BALANCE SHEET (USD $)
Apr. 30, 2012
Jul. 31, 2011
ASSETS    
Cash and Cash Equivalents $ 559 $ 18,327
Total Current Assets 559 18,327
Total Assets 559 18,327
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)    
Accounts Payable 7,671   
Note Payable 12,500   
Total Current Liabilities 20,171   
Stockholders' Equity (Deficiency):    
Preferred Stock, $.0001 par value; 5,000,000 shares authorized, none issued and outstanding      
Common Stock, $.0001 par value; 500,000,000 shares authorized, 10,000,000 shares issued and outstanding 1,000 1,000
Additional Paid-In Capital 34,650 34,650
Deficit Accumulated During the Development Stage (55,262) (17,323)
Total Stockholders' Equity (Deficiency) (19,612) 18,327
Total Liabilities and Stockholders' Equity (Deficiency) $ 559 $ 18,327
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) (USD $)
 9 Months Ended 60 Months Ended
Apr. 30, 2012
Apr. 30, 2012
Cash Flows from Operating Activities:    
Net Loss $ (37,939) $ (55,262)
Changes in Assets and Liabilities:    
Increase in Accounts Payable 7,671 7,671
Net Cash Used in Operating Activities (30,268) (47,591)
Cash Flows from Investing Activities:      
Cash Flows from Financing Activities:    
Proceeds from Borrowings 12,500 12,500
Proceeds from Sale of Common Stock    35,650
Net Cash Provided by Financing Activities 12,500 48,150
Increase (Decrease) in Cash and Cash Equivalents (17,768) 559
Cash and Cash Equivalents - Beginning of Period 18,327 0
Cash and Cash Equivalents - End of Period 559 559
Supplemental Disclosures of Cash Flow Information:    
Interest Paid      
Income Taxes Paid      
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Organization and Basis of Presentation
 9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 1. Organization and Basis of Presentation

 

Darkstar Ventures, Inc. (“the Company”) was incorporated on May 8, 2007 under the laws of the State of Nevada.

 

The Company has not yet generated revenues from planned principal operations and is considered a development stage company. The Company intends to market and sell eco-friendly health and wellness products to the general public via the internet. The Company has selected July 31 as its fiscal year end. The Company has been dormant from its inception to May 1, 2011.

In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information set forth therein. These financial statements are condensed and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These condensed financial statements should be read in conjunction with the Company’s July 31, 2011 audited financial statements and notes thereto included in its registration statement, Form S-1/A-2 filed on January 19, 2012.

Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.

The Company is a development stage company. The Company had no revenues and incurred a net loss of $37,939 for the nine months ended April 30, 2012, and a net loss of $55,262 for the period May 8, 2007 (inception) to April 30, 2012. In addition, the Company has a working capital deficiency and stockholders’ deficiency of $19,612 at April 30, 2012. These factors raise substantial doubt about the Company's ability to continue as a going concern.

There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company’s existing stockholders.

The accompanying condensed financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

In June 2011 the Company raised an aggregate of $35,000 through an equity private placement and during the quarter ended April 30. 2012 the Company borrowed $12,500. During the next 12 months, management's plans are:

• Increase the customer base and affiliate relationships in order to generate revenues.

• Loan funds to the Company pursuant to an oral agreement in the event funds are required for the operations of the Company over the next 12 months.

There can be no assurances that the Company will be able to generate revenues or raise the additional funds it requires.
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CONDENSED BALANCE SHEET (Parenthetical) (USD $)
Apr. 30, 2012
Jul. 31, 2011
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, Authorized 5,000,000 5,000,000
Preferred stock, Issued      
Preferred stock, outstanding      
Common stock, par value $ 0.0001 $ 0.0001
Common stock, Authorized 500,000,000 500,000,000
Common stock, Issued 10,000,000 10,000,000
Common stock, outstanding 10,000,000 10,000,000
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Document and Entity Information (USD $)
 9 Months Ended
Apr. 30, 2012
Jun. 12, 2012
Document And Entity Information    
Entity Registrant Name Darkstar Ventures, Inc.  
Entity Central Index Key 0001530163  
Document Type 10-Q  
Document Period End Date Apr. 30, 2012  
Amendment Flag false  
Current Fiscal Year End Date --07-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 1,000
Entity Common Stock, Shares Outstanding   10,000,000
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2012  
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CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) (USD $)
 3 Months Ended 9 Months Ended 60 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Income Statement [Abstract]          
Net Revenues               
Costs and Expenses:          
Website Development             5,000
General and Administrative Expenses 2,437    4,379    6,702
Professional Fees 7,393    26,767    36,767
Consulting Fees 2,500    6,667    6,667
Total Costs and Expenses 12,330    37,813    55,136
Operating Loss (12,330)    (37,813)    (55,136)
Other Income (Expense):          
Interest Expense (126)    (126)    (126)
Total Other Income (Expense) (126)    (126)   (126)
Net Loss $ (12,456)    $ (37,939)    $ (55,262)
Basic and Diluted Loss Per Share $ 0.00   $ 0.00     
Weighted Average Common Shares Outstanding 10,000.00   10,000,000     
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Note Payable
 9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 6. Note Payable

Note payable consists of the following:

 Note payable, First Line Capital, LLC, bearing interest at 8% per annum and due March 31, 2013. The note allows the Company to borrow any amount in increments of up to $50,000. $ 12,500
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Related Party Transactions
 9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 5. Related Party Transactions

On November 11, 2011 the officers and directors of the Company orally agreed to lend funds to the Company in the event funds are required for the operations of the Company over the next 12 months (see Note 1).
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CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) (USD $)
Common Stock
Additional Paid-In Capital
Deficit Accumulated During the Development Stage
Total
Beginning Balance, Amount at Jul. 31, 2011 $ 1,000 $ 34,650 $ (17,323) $ 18,327
Beginning Balance, Shares at Jul. 31, 2011 10,000,000      
Net Loss     (37,939) (37,939)
Ending Balance, Amount at Apr. 30, 2012 $ 1,000 $ 34,650 $ (17,323) $ (19,612)
Ending Balance, Shares at Apr. 30, 2012 10,000,000      
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Commitments and Contingencies
 9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 4. Commitments and Contingencies

On September 1, 2011 the Company entered into a one-year consulting agreement with First Line Capital, LLC ("First Line") under which First Line will provide certain business and corporate development services to the Company for an annual consulting fee of $10,000 payable on each August 31 during the term of the agreement beginning on August 31, 2012. The agreement will automatically renew for successive one-year terms unless terminated by either party at least 10 days prior to the end of the then current term. As of April 30, 2012 accrued consulting fees amounted to $6,667.
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