0001144204-12-062051.txt : 20121114 0001144204-12-062051.hdr.sgml : 20121114 20121114104543 ACCESSION NUMBER: 0001144204-12-062051 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SSTL, Inc. CENTRAL INDEX KEY: 0001534298 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-RACING, INCLUDING TRACK OPERATION [7948] IRS NUMBER: 273952902 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-177792 FILM NUMBER: 121201694 BUSINESS ADDRESS: STREET 1: 128 COMMERCIAL DRIVE CITY: MOORESVILLE STATE: NC ZIP: 28115 BUSINESS PHONE: 804-306-8217 MAIL ADDRESS: STREET 1: 128 COMMERCIAL DRIVE CITY: MOORESVILLE STATE: NC ZIP: 28115 10-Q 1 v328018_10q.htm 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

(Mark One)

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

 

For the quarterly period ended September 30, 2012

 

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

 

For the transition period from ______________ to _____________

 

Commission file number 333-177792

 

SSTL, INC.

(Exact name of small business issuer as specified in its charter)

 

Nevada 20-4168979
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

 

Jason White, Chief Executive Officer

128 Commercial Dr. Mooresville, NC

(Address of principal executive offices)

 

(804).306.8217

(Issuer’s telephone number)

 

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

 

Check whether the issues (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 S     No £

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes T     No £

 

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

 

APPLICABLE ONLY TO CORPORATE ISSUES

 

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

 

As of November 13, 2012, there was no public trading market for the registrant’s common stock.  There were 16,254,167 shares of the registrant’s common stock, $0.001 par value per share, outstanding on November 13, 2012.

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accredited filer, a non-accredited filer, (or a  smaller reporting company in Rule 12b-2 of the Exchange Act.(check one)

 

  Large Accredited filer ¨ Accelerated filer ¨

 

  Non-accredited filer ¨ Smaller reporting company x

 

 

 
 

 

SSTL, Inc

 

TABLE OF CONTENTS

 

      Page
       
Part I    FINANCIAL INFORMATION  
     
  Item 1.  Condensed Financial Statements:  
       
    Condensed Balance Sheets at September 30, 2012 (unaudited) and December 31, 2011 (audited)  
       
    Condensed Statements of Cash Flows for the three months ended September 30, 2012, and for the period from November 10, 2010 (inception) through September 30, 2012 (unaudited)  
       
    Notes to Condensed Financial Statements (unaudited)  
       
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations  
       
Part II  OTHER INFORMATION  
       
  Item 1.  Legal Proceedings       
       
  Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds  
       
  Item 3. Quantitative and Qualitative Disclosures About Market Risk  
       
  Item 4. Controls and Procedures  
       
  Item 6. Exhibits  
       
    Signatures  

 

 

 
 

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

 

 

 

SSTL, INC.

 

FINANCIAL STATEMENTS

(Unaudited)

 

Quarter Ended September 30, 2012

 

 

 

 

 
 

 

SSTL, Inc.

Financial Statements

(Unaudited)

 

 

TABLE OF CONTENTS

 

      Page
       
FINANCIAL STATEMENTS    
       
  Balance sheets     1
  Statements of operation     2
  Statements of cash flows     3
  Notes to financial statements     5

 

 
 

 

SSTL, Inc.
(A Development Stage Company)
BALANCE SHEETS

 

 

 

       September 30, 2012 
   Dec. 31, 2011   (Unaudited) 
         
ASSETS        
         
Current assets          
     Cash  $5,047   $18,455 
     Accounts receivable   15,000    15,000 
Total current assets   20,047    33,455 
           
     Fixed assets - net   239,861    176,111 
           
Total Assets  $259,908   $209,566 
           
           
LIABILITIES & STOCKHOLDERS' EQUITY          
           
Current liabilities          
Accounts payable  $1,179   $8,774 
Related party payable   35,000    25,000 
Accrued interest payable   931    930 
     Note payable - current   100,000    175,000 
Total current liabilties   137,110    209,704 
           
Total Liabilities  $137,110   $209,704 
           
Stockholders' Equity          
     Preferred stock, $.001 par value;          
        25,000,000 shares authorized;          
        none issued and outstanding   -    - 
     Common stock, $.001 par value;          
        100,000,000 shares authorized;          
        16,254,167 shares issued and outstanding   16,254    16,254 
     Additional paid in capital   419,496    419,496 
     Deficit accumulated during the          
        development stage   (312,952)   (435,888)
           
Total Stockholders' Equity   122,798    (138)
           
Total Liabilities and Stockholders' Equity  $259,908   $209,566 

 

 

The accompanying notes are an integral part of the financial statements.

 

1
 

 

SSTL, Inc.
(A Development Stage Company)
STATEMENTS OF OPERATIONS

 

                   Period From 
                   Nov. 10, 2010 
                   (Inception) 
   For the Three Months Ending   For the Nine Months Ending   To 
   September 30, 2012   September 30, 2011   September 30, 2012   September 30, 2011   September 30, 2012 
                     
Revenues  $15,000   $-   $45,000   $-   $60,000 
                          
Operating expenses:                         
    Amortization & depreciation   21,250    21,250    63,750    53,889    138,889 
    General and administrative   11,705    30,053    92,468    49,761    360,701 
    32,955    51,303    156,218    103,650    499,590 
                          
Gain (loss) from operations   (17,955)   (51,303)   (111,218)   (103,650)   (439,590)
                          
Other income (expense):                         
    Insurance income   -    -    -    -    19,077 
    Interest expense   (2,973)   (1,260)   (11,719)   (1,890)   (15,375)
    (2,973)   (1,260)   (11,719)   (1,890)   3,702 
Income (loss) before                         
    provision for income taxes   (20,928)   (52,563)   (122,937)   (105,541)   (435,888)
                          
Provision for income tax   -    -    -    -    - 
                          
Net income (loss)  $(20,928)  $(52,563)  $(122,937)  $(105,541)  $(435,888)
                          
Net income (loss) per share                         
(Basic and fully diluted)  $(0.00)  $(0.00)  $(0.01)  $(0.01)     
                          
Weighted average number of                         
common shares outstanding   16,254,167    12,866,667    16,254,167    12,866,667      

 

The accompanying notes are an integral part of the financial statements.

 

2
 

 

SSTL, Inc.
(Development Stage Company)
STATEMENTS OF STOCKHOLDERS' EQUITY

 

               Deficit     
               Accumulated     
   Common Stock       During The   Stock- 
       Amount   Additional   Development   holders' 
   Shares   ($.001 Par)   Paid in Capital   Stage   Equity 
                     
Balances at November 10, 2010   -   $-   $-   $-   $- 
                          
Shares issued for cash   100,000    100    900    -    1,000 
                          
Shares issued for assets   9,666,667    9,667    280,333    -    290,000 
                          
Capital contributions - related party   -    -    5,000    -    5,000 
                          
Net income (loss) for the period                  (18,556)   (18,556)
                          
Balances at March 31, 2011   9,766,667   $9,767   $286,233   $(18,556)  $277,444 
                          
Shares issued for cash   1,787,500    1,787    33,963    -    35,750 
                          
Shares issued for services   4,700,000    4,700    99,300    -    104,000 
                          
Net income (loss) for the period                  (294,396)   (294,396)
                          
Balances at December 31, 2011   16,254,167   $16,254   $419,496   $(312,952)  $122,798 
                          
Net income (loss) for the period                  (84,068)   (84,068)
                          
Balances at March 31, 2012   16,254,167   $16,254   $419,496   $(397,020)  $38,730 
                          
Net income (loss) for the period                  (17,941)   (17,941)
                          
Balances at June 30, 2012   16,254,167   $16,254   $419,496   $(414,961)  $20,789 
                          
Net income (loss) for the period                  (20,928)   (20,928)
                          
Balances at Sept. 30, 2012   16,254,167   $16,254   $419,496   $(435,889)  $(139)

 

The accompanying notes are an integral part of the financial statements.

 

3
 

 

SSTL, Inc.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)

 

           Period From 
           Nov. 10, 2010 
           (Inception) 
   For the Nine Months Ended   To 
   September 30, 2012   September 30, 2011   September 30, 2012 
Cash Flows From Operating Activities:               
    Net income (loss)  $(122,937)  $(105,541)  $(435,888)
    Adjustments to reconcile net loss to               
    net cash provided by (used for)               
    operating activities:               
         Amortization & depreciation   63,750    53,889    138,889 
         Accounts receivable   -    -    (15,000)
         Compensatory stock issuances   -    -    104,000 
         Accrued payables   7,595    4,486    9,704 
Net cash provided by (used for)               
operating activities   (51,592)   (47,165)   (198,295)
Cash Flows From Investing Activities:               
         Fixed assets   -    -    (25,000)
Net cash provided by (used for)               
              investing activities   -    -    (25,000)

 

 

 

 

(Continued on Following Page)

 

 

The accompanying notes are an integral part of the financial statements.

 

4
 

 

SSTL, Inc.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
                         
                         
(Continued From Previous Page) 

 

 

           Period From 
           Nov. 10, 2010 
           (Inception) 
   For the Nine Months Ended   To 
   September 30, 2012   September 30, 2011   September 30, 2012 
             
Cash Flows From Financing Activities:               
         Note payable - borrowings   75,000    85,000    225,000 
         Note payable - payments   (10,000)   -    (60,000)
         Issuance of stock for cash   -    10,500    34,840 
         Paid in capital   -    5,000    5,000 
Net cash provided by (used for)               
financing activities   65,000    100,500    204,840 
                
Net Increase (Decrease) In Cash   13,408    53,335    (18,455)
                
Cash At The Beginning Of The Period   5,047    -    - 
                
Cash At The End Of The Period  $18,455   $53,335   $(18,455)
                
                
Schedule Of Non-Cash Investing And Financing Activities          
                
Common stock issued for assets  $-   $-   $290,000 
                
Supplemental Disclosure:               
                
Cash paid for interest  $13,157   $-   $15,884 
Cash paid for income taxes  $-   $-   $- 

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

5
 

 

SSTL, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

SSTL, Inc. (the “Company”) was incorporated in the State of Nevada on November 10, 2010. The Company designs and assembles motorsport racing vehicles for its own use, and plans to compete in organized racing events. The Company has currently only conducted limited activities and is considered to be in the development stage.

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and cash equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

 

Accounts receivable

 

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.

 

Property and equipment

 

Property and equipment are recorded at cost and depreciated under accelerated or straight line methods over each item's estimated useful life.

 

 

6
 

 

 SSTL, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

 

Revenue recognition

 

Revenue is recognized on an accrual basis as earned under contract terms.

 

Advertising costs

 

Advertising costs are expensed as incurred.

 

Income tax

 

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Net income (loss) per share

 

The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.

 

Financial Instruments

 

The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheets, approximates fair value.

 

Long-Lived Assets

 

In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.

 

 

7
 

 

SSTL, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

 

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

 

 

8
 

 

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

 

Three Months Ended September 30, 2012 Compared to Three Months Ended September 30, 2011

 

Revenues

 

Total revenues for the three months ended September 30, 2012 were $15,000 compared to $nil for the same period ending September 30, 2011 representing a 100%  increase over the same period in 2011. The increase in revenue for the period was due to an increase in receipts for the rental of  super speedway race trucks used in the NASCAR Camping World Truck Series events during the period. 

 

Cost of Revenues

 

There were no costs of revenues for the three months ended September 30, 2012 or the three months ended September 30, 2011.

 

Operating Expenses

 

Operating expenses for the three months ended September 30, 2012 were $32,955 or 220% of revenue compared to $51,303 with $0 revenue for the same period ended June 30, 2011.  The decrease in operating expenses was  due to an overall decrease in general and administrative expenses.  Depreciation and amortization expenses for the three months ended September 30, 2012 were $21,250 or 141% of revenue compared to $21,250 with no revenue for the same period in 2011. 

 

Interest and Financing Costs

 

Interest and financing costs for the three months ended September 30, 2012 were ($2,973) or 20% of revenue compared to ($1,260) with $0 revenue for the period ended September 30, 2011. The increase for the three month period ended September 30, 2012 as compared to the same period in 2011 was due to a increase in the amount of funds loaned to the Company through its Line of Credit and an increase in the overall indebtedness of the Company.

 

Other Non-operating Income

 

The Company had non-operating income for the three month ended September 30, 2012 of $0 compared to nil for the same period in 2011. 

 

Net Loss

 

Net loss for the three months ended September 30, 2012 was $(20,928) or 139% of revenue compared to a net loss of $(52,563) with $0 revenue for the same period ended September 30, 2011. The decrease in the net loss for this period in 2012 is due to an increase in the revenues, and the decrease of general and administrative expenses of the company. 

 

Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011

 

9
 

 

Revenues

 

Total revenues for the nine months ended September 30, 2012 were $45,000 compared to $0 revenues  for the same period ending September 30, 2011, representing an increase  from the same period in 2011. The increase in revenue for the nine months ended September 30, 2012 was primarily a result of an increase in the revenue from the leasing of super speedway race equipment, specifically the NASCAR Camping World Truck Series. 

 

Cost of Revenues

 

There were no costs of revenues for the six months ended June 30, 2012 or the six months ended June 30, 2011.

 

Operating Expenses

 

Operating expenses for the nine months ended September 30, 2012 were $156,218 or 347% of revenue compared to $103,650 with no revenue for the same period ended September 30, 2011.  The increase in operating expenses was due to an overall increase in general and administrative expenses, including accounting expenses, and legal expenses.  Depreciation and amortization expenses for the nine months ended September 30, 2012 was $63,750 or 141% of revenue, compared to $53,889 with no revenue for the same period in 2011. 

   

Interest and Financing Costs

 

Interest and financing costs for the nine months ended September 30, 2012 were ($11,719) or 26% of revenue compared to ($1,890) with no revenue for the period ended September 30, 2011.  The increase for the nine months period ended September 30, 2012 as compared to the same period in 2011 was due to a increase in the overall indebtedness of  the Company.

 

Other Non-operating Income

 

The Company had no non-operating income for the nine month periods ended September 30, 2012 and 2011. 

 

Net Loss

 

Net loss for the nine months ended September 30, 2012 was $(122,937) or 273% of revenue compared to $(105,541) with no revenue for the same period ended September 30, 2011. The increase in the net loss for this period in 2012 is due to a increase in general and administrative costs, specifically legal and accounting costs.  

 

LIQUIDITY AND CAPITAL RESOURCES

 

Cash

 

Our primary source of liquidity is cash provided by operating, investing, and financing activities. Net cash used in operations for the nine months ended September 30, 2012 was $51,592 as compared to $47,165 for the period ended September 30, 2011.   During the nine months ended September 30, 2012 we used $51,592 in cash from operating activities.  

 

Liquidity

 

The accompanying consolidated financial statements have been prepared assuming that the company will continue as a going concern. The Company incurred a net loss of $(122,937) and utilized cash in operating activities of $(51,592) during the nine months ended September 30, 2012.  These matters raise substantial doubt about the Company’s ability to continue as a going concern.  As of September 30, 2012 the Company had assets that exceeded liabilities by $(138).

 

10
 

 

The Company’s source of cash is from rental revenue and from its line of credit.  The Company will continue to explore other sources of capital to expand and fund its operations.

 

Cash Flows for the Nine Months Ended September  30, 2012.

 

Operating activities for the nine months ended September 30, 2012 produced no cash.  The accounts receivable for the Company is currently $15,000.  As of September 30, 2012 accounts payable increased to $8,774 compared to $1,179 for the same period in 2011.   Depreciation and amortization for the nine months ended September 30, 2012 totaled $63,750, an increase of $9,861 from a total of $53,889 for the same period in 2011. There were no prepaid expenses for the period.

 

Net cash provided by financing activities was $65,000 for the nine months ended September 30, 2012, compared to $100,500 for the same period of 2011.  There was a net increase in cash of $13,408 for the nine months ended September 30, 2012, as compared to $53,335 in cash for the same period in 2011.

 

Stockholder Matters

 

Stockholder’s equity was $(138) on September 30, 2012, or $ 0.000 per share outstanding.  As of September 30, 2011 stockholder’s equity was $224,357 or $.017 per share outstanding.

 

 

PART II – OTHER INFORMATION

 

ITEM 1.  Legal Proceedings

 

We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or material pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

 

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

 

During the nine months ended September 30, 2012, the Company did not sell or issue any shares .

 

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk.

 

As a “smaller reporting company,” we are not required to provide the information under this Item 3.

 

ITEM 4. Controls and Procedures

 

(a) Evaluation of disclosure controls and procedures. Based on the evaluation of our disclosure controls and procedures (as defined in Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e) required by Securities Exchange Act Rules 13a-15(b) or 15d-15(b), our Chief Executive Officer/Chief Financial Officer has concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective.

 

11
 

 

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

 

ITEM 6.  Exhibits

 

Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K

 

SEC Ref. No.   Title of Document
31.1   Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2   Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
     
     
32.1   Certification of the Principal Executive Officer pursuant to U.S.C. pursuant to Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
     
32.2   Certification of the Principal Financial Officer pursuant to U.S.C. pursuant to Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
     
     

* Filed herewith.

 

 

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

SSTL, INC.

November 13, 2012

 
   
  By:  /s/ Jason White
    Jason White
Chief Executive Officer

 

12

EX-31.1 2 v328018_ex31-1.htm EX-31.1

 

 

Exhibit 31.1

 

CERTIFICATIONS PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

 

I, Jason White, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of SSTL, Inc. for the period ended September 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 the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

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: November 13, 2012

 

   /s/   Jason White                                                      

Name:  Jason White,  Chief Executive Officer

Its:  Chief Executive Officer (Principal Executive Officer)

 

 

EX-31.2 3 v328018_ex31-2.htm EX-31.2

 

Exhibit 31.2

 

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

 

I, Susan Lokey, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of SSTL, Inc. for the period ended September 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 the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

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: November 13, 2012

 

    /s/   Susan Lokey                                                      

Name:  Susan Lokey, Secretary and Treasurer and Principal Financial Officer 

 

 

EX-32.1 4 v328018_ex32-1.htm EX-32.1

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SSTL, Inc. (the “Company”) on Form 10-Q, for the period ended September 30, 2012 as filed with the Securities and Exchange Commission, I, Jason White, Chief Executive 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.

 

 

Date:  November 13, 2012

 

   /s/  Jason White                                                      

Name:  Jason White

Its:  Chief Executive Officer (Principal Executive Officer)

 

 

 

 

EX-32.2 5 v328018_ex32-2.htm EX-32.2

 

 

Exhibit 32-2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SSTL, Inc. (the “Company”) on Form 10-Q, for the period ended September 30, 2012 as filed with the Securities and Exchange Commission, I, Susan Lokey, 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.

 

 

Date:  November 13, 2012

 

   s/ Susan Lokey                                                      

Name: Susan Lokey

Its:  Secretary and Treasurer and Principal Executive Officer

 

 

 

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If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Stock based compensation</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.</p> 2010-11-10 under accelerated or straight line methods <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Basis of Presentation</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.</p> Nevada 0 0 0 0 0 0 0001534298us-gaap:CommonStockMember2010-11-09 0 0 0001534298us-gaap:AdditionalPaidInCapitalMember2010-11-09 0 0001534298us-gaap:RetainedEarningsMember2010-11-09 0 0 EX-101.SCH 7 sstl-20120930.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - DOCUMENT AND ENTITY INFORMATION link:presentationLink link:definitionLink link:calculationLink 002 - Statement - BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 003 - Statement - BALANCE SHEETS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 004 - Statement - STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 005 - Statement - STATEMENTS OF STOCKHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 006 - Statement - STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 sstl-20120930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 sstl-20120930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 sstl-20120930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 sstl-20120930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)
9 Months Ended
Sep. 30, 2012
Entity Incorporation, State Country Name Nevada
Entity Incorporation, Date of Incorporation Nov. 10, 2010
Property, Plant and Equipment, Depreciation Methods under accelerated or straight line methods
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v2.4.0.6
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

Receivables, Policy [Policy Text Block]

Accounts receivable

 

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and equipment

 

Property and equipment are recorded at cost and depreciated under accelerated or straight line methods over each item's estimated useful life.

Revenue Recognition, Policy [Policy Text Block]

Revenue recognition

 

Revenue is recognized on an accrual basis as earned under contract terms.

Advertising Costs, Policy [Policy Text Block]

Advertising costs

 

Advertising costs are expensed as incurred.

Income Tax, Policy [Policy Text Block]

Income tax

 

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Earnings Per Share, Policy [Policy Text Block]

Net income (loss) per share

 

The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

 

The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheets, approximates fair value.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Long-Lived Assets

 

In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (USD $)
Sep. 30, 2012
Dec. 31, 2011
ASSETS    
Cash $ 18,455 $ 5,047
Accounts receivable 15,000 15,000
Total current assets 33,455 20,047
Fixed assets - net 176,111 239,861
Total Assets 209,566 259,908
LIABILITIES & STOCKHOLDERS' EQUITY    
Accounts payable 8,774 1,179
Related party payable 25,000 35,000
Accrued interest payable 930 931
Note payable - current 175,000 100,000
Total current liabilties 209,704 137,110
Total Liabilities 209,704 137,110
Stockholders' Equity    
Preferred stock, $.001 par value; 25,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $.001 par value; 100,000,000 shares authorized; 16,254,167 shares issued and outstanding 16,254 16,254
Additional paid in capital 419,496 419,496
Deficit accumulated during the development stage (435,888) (312,952)
Total Stockholders' Equity (138) 122,798
Total Liabilities and Stockholders' Equity $ 209,566 $ 259,908
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended 23 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Cash Flows From Operating Activities:      
Net income (loss) $ (122,937) $ (105,541) $ (435,888)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:      
Amortization & depreciation 63,750 53,889 138,889
Accounts receivable 0 0 (15,000)
Compensatory stock issuances 0 0 104,000
Accrued payables 7,595 4,486 9,704
Net cash provided by (used for) operating activities (51,592) (47,165) (198,295)
Cash Flows From Investing Activities:      
Fixed assets 0 0 (25,000)
Net cash provided by (used for) investing activities 0 0 (25,000)
Cash Flows From Financing Activities:      
Note payable - borrowings 75,000 85,000 225,000
Note payable - payments (10,000) 0 (60,000)
Issuance of stock for cash 0 10,500 34,840
Paid in capital 0 5,000 5,000
Net cash provided by (used for) financing activities 65,000 100,500 204,840
Net Increase (Decrease) In Cash 13,408 53,335 (18,455)
Cash At The Beginning Of The Period 5,047 0 0
Cash At The End Of The Period 18,455 53,335 18,455
Schedule Of Non-Cash Investing And Financing Activities      
Common stock issued for assets 0 0 290,000
Supplemental Disclosure:      
Cash paid for interest 13,157 0 15,884
Cash paid for income taxes $ 0 $ 0 $ 0
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XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

SSTL, Inc. (the “Company”) was incorporated in the State of Nevada on November 10, 2010. The Company designs and assembles motorsport racing vehicles for its own use, and plans to compete in organized racing events. The Company has currently only conducted limited activities and is considered to be in the development stage.

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.


Cash and cash equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

 

Accounts receivable

 

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.

 

Property and equipment

 

Property and equipment are recorded at cost and depreciated under accelerated or straight line methods over each item's estimated useful life.


Revenue recognition


Revenue is recognized on an accrual basis as earned under contract terms.

 

Advertising costs

 

Advertising costs are expensed as incurred.

 

Income tax

 

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Net income (loss) per share

 

The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.

 

Financial Instruments

 

The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheets, approximates fair value.

 

Long-Lived Assets

 

In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.
 

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS [Parenthetical] (USD $)
Sep. 30, 2012
Dec. 31, 2011
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 25,000,000 25,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 16,254,167 16,254,167
Common stock, shares outstanding 16,254,167 16,254,167
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
DOCUMENT AND ENTITY INFORMATION
9 Months Ended
Sep. 30, 2012
Nov. 13, 2012
Entity Registrant Name SSTL, Inc.  
Entity Central Index Key 0001534298  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol sstl  
Entity Common Stock, Shares Outstanding   16,254,167
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2012  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2012  
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended 23 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Revenues $ 15,000 $ 0 $ 45,000 $ 0 $ 60,000
Operating expenses:          
Amortization & depreciation 21,250 21,250 63,750 53,889 138,889
General and administrative 11,705 30,053 92,468 49,761 360,701
Operating Expenses Total 32,955 51,303 156,218 103,650 499,590
Gain (loss) from operations (17,955) (51,303) (111,218) (103,650) (439,590)
Other income (expense):          
Insurance income 0 0 0 0 19,077
Interest expense (2,973) (1,260) (11,719) (1,890) (15,375)
Other income (expenses) Total (2,973) (1,260) (11,719) (1,890) 3,702
Income (loss) before provision for income taxes (20,928) (52,563) (122,937) (105,541) (435,888)
Provision for income tax 0 0 0 0 0
Net income (loss) $ (20,928) $ (52,563) $ (122,937) $ (105,541) $ (435,888)
Net income (loss) per share          
(Basic and fully diluted) (in dollars per share) $ 0.00 $ 0.00 $ (0.01) $ (0.01)  
Weighted average number of common shares outstanding (in shares) 16,254,167 12,866,667 16,254,167 12,866,667  
XML 24 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance at Nov. 09, 2010 $ 0 $ 0 $ 0 $ 0
Balance (in shares) at Nov. 09, 2010 0      
Shares issued for cash 100 900 0 1,000
Shares issued for cash (in shares) 100,000      
Shares issued for assets 9,667 280,333 0 290,000
Shares issued for assets (in shares) 9,666,667      
Capital contributions - related party 0 5,000 0 5,000
Net income (loss) for the period     (18,556) (18,556)
Balance at Mar. 31, 2011 9,767 286,233 (18,556) 277,444
Balance (in shares) at Mar. 31, 2011 9,766,667      
Shares issued for cash 1,787 33,963 0 35,750
Shares issued for cash (in shares) 1,787,500      
Shares issued for services 4,700 99,300 0 104,000
Shares issued for services (in shares) 4,700,000      
Net income (loss) for the period     (294,396) (294,396)
Balance at Dec. 31, 2011 16,254 419,496 (312,952) 122,798
Balance (in shares) at Dec. 31, 2011 16,254,167      
Net income (loss) for the period     (84,068) (84,068)
Balance at Mar. 31, 2012 16,254 419,496 (397,020) 38,730
Balance (in shares) at Mar. 31, 2012 16,254,167      
Net income (loss) for the period     (17,941) (17,941)
Balance at Jun. 30, 2012 16,254 419,496 (414,961) 20,789
Balance (in shares) at Jun. 30, 2012 16,254,167      
Net income (loss) for the period     (20,928) (20,928)
Balance at Sep. 30, 2012 $ 16,254 $ 419,496 $ (435,889) $ (138)
Balance (in shares) at Sep. 30, 2012 16,254,167      
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