x
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QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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o
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
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Nevada
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92-0189305
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(State
or other jurisdiction of
incorporation
or organization)
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(I.R.S.
Employer
Identification
No.)
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Large
accelerated filer o
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Accelerated
filer ¨
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Non-accelerated
filer ¨
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Smaller
reporting company x
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Page
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PART
I
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ITEM
1.
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Financial
Statements
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F-1
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ITEM
2.
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Management's
Discussion and Analysis of Financial Condition and Results of
Operations
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4
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ITEM
3.
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Quantitative
and Qualitative Disclosures about Market Risk
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7
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ITEM
4T.
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Controls
and Procedures
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8
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PART
II
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ITEM
1.
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Legal
Proceedings
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8
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ITEM 1A.
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Risk
Factors
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8
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ITEM
2.
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Unregistered
Sales of Equity Securities and Use of Proceeds
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8
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ITEM
3.
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Defaults
Upon Senior Securities
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8
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ITEM
4.
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(Removed
and reserved)
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8
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ITEM
5.
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Other
Information
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8
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ITEM
6.
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Exhibits
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8
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Signatures
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8 |
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·
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dependence on key
personnel;
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·
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competitive
factors;
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·
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degree of success of research and
development programs;
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·
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the operation of our business;
and
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·
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general economic conditions in
Europe, the United States and
Israel.
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Financial
Statements-
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Balance
Sheets as of September 30, 2010 and December 31, 2009
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F-2
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Statements
of Operations for the Three Months Ended and Nine Months Ended September
30, 2010 and 2009 and Cumulative from Inception
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F-3
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Statement
of Stockholders’ Equity for the Period from Inception Through September
30, 2010
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F-4
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Statements
of Cash Flows for the Nine Months Ended September 30, 2010 and 2009 and
Cumulative from Inception
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F-5
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Notes
to Financial Statements
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F-6
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As
of
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As
of
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|||||||
September
30,
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December
31,
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|||||||
2010
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2009
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|||||||
(Unaudited)
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(Audited)
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|||||||
ASSETS
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||||||||
Current
Assets:
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||||||||
Cash
in bank
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$ | 6,323 | $ | 6,500 | ||||
Prepaid
expenses
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- | 156 | ||||||
Total
current assets
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6,323 | 6,656 | ||||||
Total
Assets
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$ | 6,323 | $ | 6,656 | ||||
LIABILITIES AND STOCKHOLDERS'
EQUITY
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||||||||
Current
Liabilities:
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||||||||
Accounts
payable and accrued liabilities
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$ | 4,087 | $ | 7,875 | ||||
Due
to shareholder
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71,095 | 39,857 | ||||||
Total
current liabilities
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75,182 | 47,732 | ||||||
Total
liabilities
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75,182 | 47,732 | ||||||
Commitments
and Contingencies
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- | - | ||||||
Stockholders'
Equity (Deficit):
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||||||||
Preferred
stock, par value $0.001 per share, 5,000,000 shares authorized; no shares
issued and outstanding
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- | - | ||||||
Common
stock, par value $0.001 per share, 100,000,000 shares authorized;
7,583,334 shares issued and outstanding
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7,583 | 7,583 | ||||||
Additional
paid-in capital
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64,917 | 64,917 | ||||||
(Deficit)
accumulated during development stage
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(141,359 | ) | (113,576 | ) | ||||
Total
stockholders' equity (deficit)
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(68,859 | ) | (41,076 | ) | ||||
Total
Liabilities and Stockholders' Equity (Deficit)
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$ | 6,323 | $ | 6,656 |
Three Months
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Three Months
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Nine Months
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Nine Months
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|||||||||||||||||
Ended
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Ended
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Ended
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Ended
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Cumulative
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||||||||||||||||
September 30,
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September 30,
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September 30,
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September 30,
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From
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||||||||||||||||
2010
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2009
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2010
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2009
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Inception
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Revenues
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Expenses:
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||||||||||||||||||||
General
and administrative-
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||||||||||||||||||||
Professional
fees
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9,000 | 24,065 | 25,248 | 45,765 | 124,418 | |||||||||||||||
Filing
fees
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375 | 398 | 2,358 | 1,340 | 6,948 | |||||||||||||||
Officers'
compensation paid by issued shares
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- | - | - | - | 4,750 | |||||||||||||||
Organization
costs
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- | - | - | - | 488 | |||||||||||||||
Travel
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- | 3,419 | - | 3,419 | 3,419 | |||||||||||||||
Other
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59 | 136 | 177 | 376 | 1,336 | |||||||||||||||
Total
general and administrative expenses
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9,434 | 28,018 | 27,783 | 50,900 | 141,359 | |||||||||||||||
- | ||||||||||||||||||||
(Loss)
from Operations
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(9,434 | ) | (28,018 | ) | (27,783 | ) | (50,900 | ) | (141,359 | ) | ||||||||||
Other
Income (Expense)
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- | - | - | - | ||||||||||||||||
Provision
for Income Taxes
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- | - | - | - | ||||||||||||||||
Net
(Loss)
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$ | (9,434 | ) | $ | (28,018 | ) | $ | (27,783 | ) | $ | (50,900 | ) | $ | (141,359 | ) | |||||
(Loss)
Per Common Share:
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(Loss)
per common share - Basic and Diluted
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||||||
Weighted
Average Number of Common Shares Outstanding - Basic and
Diluted
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7,583,334 | 7,209,239 | 7,583,334 | 7,070,513 |
(Deficit)
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||||||||||||||||||||||||
Accumulated
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||||||||||||||||||||||||
Additional
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Paid
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During the
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Common stock
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Paid-in
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Stock
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Development
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Description
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Shares
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Amount
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Capital
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Subscriptions
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Stage
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Totals
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Balance
at inception
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- | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Common
stock issued for officers' compensation ($0.001/share)
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4,750,000 | 4,750 | - | - | - | 4,750 | ||||||||||||||||||
Common
stock issued for cash ($0.001/share)
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250,000 | 250 | - | - | - | 250 | ||||||||||||||||||
Payment
for stock subscriptions
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- | - | - | 1,000 | - | 1,000 | ||||||||||||||||||
Common
stock issued for cash ($0.025/share)
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1,000,000 | 1,000 | 24,000 | - | - | 25,000 | ||||||||||||||||||
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Net
(loss) for the year
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- | - | - | - | (25,798 | ) | (25,798 | ) | ||||||||||||||||
Balance
- December 31, 2007
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6,000,000 | 6,000 | 24,000 | 1,000 | (25,798 | ) | 5,202 | |||||||||||||||||
Common
stock issued for cash ($0.025/share)
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1,000,000 | 1,000 | 24,000 | (1,000 | ) | - | 24,000 | |||||||||||||||||
Net
(loss) for the year
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- | - | - | - | (28,511 | ) | (28,511 | ) | ||||||||||||||||
Balance
- December 31, 2008
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7,000,000 | 7,000 | 48,000 | - | (54,309 | ) | 691 | |||||||||||||||||
Common
stock issued for cash ($0.03/share)
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583,334 | 583 | 16,917 | 17,500 | ||||||||||||||||||||
Net
(loss) for the period
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- | - | - | - | (59,267 | ) | (59,267 | ) | ||||||||||||||||
Balance
- December 31, 2009
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7,583,334 | 7,583 | 64,917 | - | (113,576 | ) | (41,076 | ) | ||||||||||||||||
Net
(loss) for the period
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(27,783 | ) | (27,783 | ) | |||||||||||||||||||
Balance
- September 30, 2010
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7,583,334 | $ | 7,583 | $ | 64,917 | $ | - | $ | (141,359 | ) | $ | (68,859 | ) |
Nine Months
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Nine Months
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|||||||||||
Ended
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Ended
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Cumulative
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September 30,
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September 30,
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From
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2010
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2009
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Inception
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Operating
Activities:
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Net
(loss)
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$ | (27,783 | ) | $ | (50,900 | ) | $ | (141,359 | ) | |||
Adjustments
to reconcile net (loss) to net cash provided by operating
activities:
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Common
stock issued for officers' compensation
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- | - | 4,750 | |||||||||
Changes
in net assets and liabilities-
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||||||||||||
Prepaid
expenses
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156 | (299 | ) | - | ||||||||
Accounts
payable and accrued liabilities
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(3,788 | ) | 20,860 | 4,087 | ||||||||
Net
Cash Used in Operating Activities
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(31,415 | ) | (30,339 | ) | (132,522 | ) | ||||||
Investing
Activities:
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Cash
provided by investing activities
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- | - | - | |||||||||
Net
Cash Provided by Investing Activities
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- | - | - | |||||||||
Financing
Activities:
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Loan
from shareholder
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31,238 | 13,044 | 71,095 | |||||||||
Pai
stock subscriptions
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8,750 | |||||||||||
Issuance
of common stock for cash
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- | 8,750 | 67,750 | |||||||||
Net
Cash Provided by Financing Activities
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31,238 | 30,544 | 138,845 | |||||||||
Net
(Decrease) Increase in Cash
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(177 | ) | 205 | 6,323 | ||||||||
Cash
- Beginning of Period
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6,500 | 6,354 | - | |||||||||
Cash
- End of Period
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$ | 6,323 | $ | 6,559 | $ | 6,323 | ||||||
Supplemental
disclosure of cash flow information:
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Cash
paid during the period for:
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||||||||||||
Interest
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$ | - | $ | - | $ | - | ||||||
Income
taxes
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$ | - | $ | - | $ | - |
2010
|
2009
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|||||||
Current
Tax Provision:
|
||||||||
Federal-
|
||||||||
Taxable
income
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$ | - | $ | - | ||||
Total
current tax provision
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$ | - | $ | - | ||||
Deferred
Tax Provision:
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||||||||
Federal-
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||||||||
Loss
carryforwards
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$ | 6,390 | $ | 11,707 | ||||
Change
in valuation allowance
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(6,390 | ) | (11,707 | ) | ||||
Total
deferred tax provision
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$ | - | $ | - |
2010
|
2009
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Loss
carryforwards
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$ | 32,512 | $ | 26,122 | ||||
Less
- valuation allowance
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(32,512 | ) | (26,122 | ) | ||||
Total
net deferred tax assets
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$ | - | $ | - |
Exhibit
Number
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Exhibit Description
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3.1
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-
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Certificate
of Incorporation.*
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3.2
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-
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Bylaws.*
|
31
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-
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Rule
13a-14(a)/15d-14(a) Certification of Principal Executive and Financial
Officer
|
32
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-
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Section
1350 Certification of Principal Executive and Financial
Officer
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By:
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/s/
Nehemya Hesin
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Nehemya
Hesin
Title:
President, Treasurer and Director
(Principal Executive Officer, Principal Financing Officer and Principal Accounting Officer)
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