T | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For
the period ended September 30, 2006
|
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* | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE Act of 1934 | |
For
the transition period from ___ to
___.
|
NEVADA |
98-0351508 |
|||
(State
or other jurisdiction of incorporation) |
(IRS
Employer |
|||
Identification
No.) |
PART1-FINANCIAL
INFORMATION
|
||
Item
1:
|
FINANTIAL
STATEMENTS:
|
|
4
|
||
5
|
||
6
|
||
7
|
||
Notes to Financial Statements (unaudited) |
8
|
|
Item
2:
|
9
|
|
Item
3:
|
12
|
|
PART2-OTHER
INFORMATION
|
||
Item
1:
|
13
|
|
Item
2:
|
13
|
|
Item
3:
|
13
|
|
Item
4:
|
13
|
|
Item
5:
|
13
|
|
Item
6:
|
13
|
|
14
|
ITEM 1. |
FINANCIAL
STATEMENTS
|
September 30,
2006
(Unaudited)
|
December 31,
2005
(Audited)
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
|
$
|
177
|
$
|
7,693
|
|||
Total
current assets
|
177
|
7,693
|
|||||
Fixed
Assets:
|
|||||||
Automobile
|
1,500
|
1,500
|
|||||
Less
accumulated depreciation
|
1,315
|
1,192
|
|||||
Net
fixed assets
|
185
|
308
|
|||||
Other
Assets:
|
|||||||
Licensing
agreement
|
160,000
|
160,000
|
|||||
Less
accumulated amortization
|
54,119
|
47,060
|
|||||
Total
other assets
|
105,881
|
112,940
|
|||||
|
|
||||||
Total
Assets
|
$
|
106,243
|
$
|
120,941
|
|||
LIABILITIES
AND STOCKHOLDERS’ DEFICIT
|
|||||||
Current
Liabilities:
|
|||||||
Advance from Affiliate
|
$
|
-
|
$
|
100,000
|
|||
Accrued Expenses
|
-
|
2,100
|
|||||
Other Advance
|
99,900
|
99,900
|
|||||
Stockholder Advance
|
120,000
|
-
|
|||||
Total current liabilities
|
219,900
|
202,000
|
|||||
Stockholders’
Deficit:
|
|||||||
Common
Stock: authorized 100,000,000 shares of $.001
par value; 46,676,400 shares issued and outstanding
|
46,656
|
46,656
|
|||||
Additional
paid-in capital
|
490,744
|
490,744
|
|||||
Deficit
accumulated during development stage
|
(651,057
|
)
|
(618,459
|
)
|
|||
Total
stockholders’ deficit
|
(113,657)
|
(81,059)
|
|||||
Total
Liabilities and Stockholders’ Deficit
|
$
|
106,243
|
$
|
120,941
|
Nine Months Periods Ended September 30,
|
December
1, 1997
(Date
of Inception)
To
September 30,
|
|||||||||
2006
|
2005
|
2006
|
||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
91,912
|
||||
Expenses
|
32,630
|
61,093
|
746,423
|
|||||||
Operating
loss
|
(32,630
|
)
|
(61,093
|
)
|
(654,511
|
)
|
||||
Other
Income - Interest
|
32
|
-
|
3,454
|
|||||||
Loss
accumulated during development stage
|
$
(32,598
|
)
|
$
(61,093
|
)
|
$
(651,057
|
)
|
||||
Loss
Per Share -
|
||||||||||
Basic
and Diluted
|
$
|
-
|
$
|
-
|
||||||
Average
shares outstanding
|
46,676,400
|
46,676,400
|
Three Months Periods Ended September 30,
|
December
1, 1997
(Date
of Inception)
To
September 30,
|
|||||||||
2006
|
2005
|
2006
|
||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
91,912
|
||||
Expenses
|
2,633
|
4,213
|
746,423
|
|||||||
Operating
loss
|
(2,633
|
)
|
(4,213
|
)
|
(654,511
|
)
|
||||
Other
Income - Interest
|
-
|
-
|
3,454
|
|||||||
Loss
accumulated during development stage
|
$
(2,633
|
)
|
$
(4,213
|
)
|
$
(651,057
|
)
|
||||
Loss
Per Share -
|
||||||||||
Basic
and Diluted
|
$
|
-
|
$
|
-
|
||||||
Average
shares outstanding
|
46,676,400
|
46,676,400
|
Quarters Ended
September 30
|
December
1, 1997
(Date
of Inception)
|
|||||||||
2006
|
2005
|
To
September 30, 2006
|
||||||||
CASH
FLOWS FROM OPERATIONS:
|
||||||||||
Net
loss
|
$
|
(32,598
|
)
|
$
|
(61,093
|
)
|
$
|
(651,057
|
)
|
|
Charges
not requiring the outlay of cash:
|
||||||||||
Depreciation
and amortization
|
7,182
|
7,212
|
55,434
|
|||||||
Common stock issued for services
|
-
|
-
|
21,300
|
|||||||
Changes
in assets and liabilities:
|
||||||||||
Increase (Decrease)
in accrued liabilities
|
(2,100)
|
1,050) |
-
|
|||||||
Decrease
in in advance from affiliate
|
-
|
(1,525) |
-
|
|||||||
Net
Cash Consumed By Operating
Activities
|
(27,516)
|
(54,356
|
)
|
(574,323)
|
||||||
|
||||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||
Purchase
of automobile
|
-
|
-
|
(1,500
|
)
|
||||||
Payment
of amount due for licensing agreement
|
-
|
-
|
(160,000
|
)
|
||||||
|
||||||||||
Net
Cash Consumed By Investing
Activities
|
-
|
-
|
(161,500
|
)
|
||||||
|
||||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
Advance received
|
-
|
-
|
99,900
|
|||||||
Issuances of common stock
|
-
|
-
|
446,100
|
|||||||
Shareholder deposits for common stock
|
-
|
-
|
70,000
|
|||||||
Shareholder
advance
|
120,000
|
20,000
|
200,000
|
|||||||
Repayment of shareholder advances
|
-
|
-
|
(80,000)
|
|||||||
Advances from affiliate
|
100,000
|
-
|
200,000
|
|||||||
Repayment of advances from affiliate
|
(200,000)
|
-
|
(200,000)
|
|||||||
Net
Cash Provided By Financing
Activities
|
20,000
|
20,000
|
736,000
|
|||||||
|
||||||||||
Net
Change In Cash
|
(7,516
|
)
|
(34,356
|
)
|
-
|
|||||
|
||||||||||
Cash
balance, beginning of period
|
7,693
|
44,560
|
-
|
|||||||
|
|
|||||||||
Cash
balance, end of period
|
$
|
177
|
$
|
10,204
|
$
|
177
|
1.
|
BASIS
OF PRESENTATION
|
2.
|
GOING CONCERN UNCERTAINTY
|
(i)
|
this quarterly report on Form 10 QSB contains any untrue statement
of a material fact or omits 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 quarterly report on Form 10 QSB, and (ii) the
financial statements, and other financial information included in this
quarterly report on Form 10 QSB, fairly present in all material respects
the financial condition, results of operations and cash flows of the
Company as of, and for, the periods presented in this quarterly report
on Form 10 QSB.
|