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x
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QUARTERLY
REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the quarterly period ended: September 30,
2008
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o
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TRANSITION
REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the transition period from ______________ to
______________
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Nevada
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26-3530392
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(State
or Other Jurisdiction
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IRS
Employer
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of
Incorporation or Organization)
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Identification
Number
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Securities
registered under Section 12(b) of the Exchange Act:
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Title
of each class registered:
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Name
of each exchange on which registered:
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None
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Over-the-Counter
Bulletin Board
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Securities
registered under Section 12(g) of the Exchange Act:
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Common
Stock, par value $0.001
(Title
of class)
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Large
accelerated filer o
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Accelerated
filer o
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Non-accelerated
filer o
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Smaller
reporting company x
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(Do
not check if a smaller reporting company)
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PART I
- FINANCIAL INFORMATION
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PAGE
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FINANCIAL
STATEMENTS
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4 | |
CONSOLIDATED
AND CONDENSED BALANCE SHEETS
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4 | |
CONSOLIDATED
AND CONDENSED STATEMENTS OF OPERATIONS
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5 | |
CONSOLIDATED
AND CONDENSED STATEMENTS OF CASH FLOWS
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6 | |
NOTES
TO FINANCIAL STATEMENTS
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7 | |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
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12 | |
CONTROLS
AND PROCEDURES
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16 | |
PART II
- OTHER INFORMATION
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||
LEGAL
PROCEEDINGS
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17 | |
RISK
FACTORS
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17 | |
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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17 | |
DEFAULTS
UPON SENIOR SECURITIES
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17 | |
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
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17 | |
OTHER
INFORMATION
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17 | |
EXHIBITS
|
17 | |
18 |
1st
Home Buy and Sell Ltd.
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||||||||
(A
Development Stage Company)
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||||||||
Consolidated
Balance Sheets
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||||||||
(In
Canadian Dollars)
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||||||||
UNAUDITED
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||||||||
September
30, 2008
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June
30, 2008
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|||||||
ASSETS
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||||||||
Current
Assets
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||||||||
Cash
of continuing operations
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$ | 1,053 | $ | 28,498 | ||||
Cash
of discontinued operations
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0 | 6,130 | ||||||
Accounts
Receivable
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0 | 0 | ||||||
Other
current assets of discontinued operations
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0 | 2,768 | ||||||
Total
Current Assets
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1,053 | 37,395 | ||||||
Fixed
Assets
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||||||||
Equipment,
net of accumulated depreciation
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$ | 0 | $ | 0 | ||||
Patents,
net of accumulated amortization
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0 | 0 | ||||||
Fixed
assets of discontinued operations
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0 | 6,421 | ||||||
Total
Fixed Assets
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0 | 6,421 | ||||||
TOTAL
ASSETS
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$ | 1,053 | $ | 43,817 | ||||
LIABILITIES
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||||||||
Current
Liabilities
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||||||||
Accounts
payable
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$ | 17,878 | $ | 12,183 | ||||
Accrued
liabilities
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1,590 | 4,584 | ||||||
Shareholders'
Loans
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0 | 12,669 | ||||||
Demand
loans payable to related parties
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153,176 | 153,176 | ||||||
Current
liabilities of discontinued operations
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0 | 4,209 | ||||||
Total
Current Liabilities
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$ | 172,644 | $ | 186,821 | ||||
STOCKHOLDERS’
DEFICIENCY
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||||||||
Capital
Stock
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||||||||
Preferred
Stock
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||||||||
Authorized: 10,000,000
shares with USD 0.001 par value
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||||||||
Issued:
Nil
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0 | 0 | ||||||
Common
Stock
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||||||||
Authorized:
100,000,000 common shares with USD 0.001 par value
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||||||||
Issued: 19,222,011
(September 30, 2008)
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20,966 | 21,922 | ||||||
20,122,011
(June 30, 2008)
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||||||||
Additional
paid-in capital
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12,677 | 27,261 | ||||||
Comprehensive
Loss
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(13,046 | ) | (42,053 | ) | ||||
Retained
Earnings
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(192,187 | ) | (150,134 | ) | ||||
(171,591 | ) | (143,004 | ) | |||||
$ | 1,053 | $ | 43,817 | |||||
The
accompanying notes are an integral part of these consolidated financials
statements.
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1st
Home Buy and Sell Ltd.
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||||||||||||
(A
Development Stage Company)
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||||||||||||
Consolidated
Statements of Operations
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||||||||||||
For
the Three Months Ended September 30, 2008 and
2007
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||||||||||||
(In
Canadian Dollars)
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||||||||||||
UNAUDITED
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||||||||||||
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||||||||||||
Cumulative
from date of entering Development Stage (September 1, 2008) through
September 30,
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||||||||||||
2008
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2007
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2008
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||||||||||
Revenue
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- | - | - | |||||||||
Expenses
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||||||||||||
Bank
Charges
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61 | 108 | 61 | |||||||||
Filing
Fees
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2,448 | 11,141 | 2,448 | |||||||||
General
and Administrative
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519 | 0 | 519 | |||||||||
Management
Fees
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0 | 15,000 | 0 | |||||||||
Professional
Fees
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10,530 | 10,517 | 10,530 | |||||||||
Total
Expenses
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13,559 | 36,766 | 13,559 | |||||||||
(13,559 | ) | (36,766 | ) | (13,559 | ) | |||||||
Income
(loss) from continuing operations
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0 | |||||||||||
Income
(loss) from discontinued operations
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53 | (4,685 | ) | 53 | ||||||||
Other
Income (Expense)
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||||||||||||
Provision
for Income Taxes
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0 | 0 | 0 | |||||||||
Net
Income (Loss)
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$ | (13,505 | ) | $ | (41,451 | ) | (13,505 | ) | ||||
Loss
per Share – Basic and Diluted
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$ | (0.00 | ) | $ | (0.00 | ) | (0.00 | ) | ||||
Weighted
Average Shares Outstanding
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19,828,533 | 15,600,000 | 19,828,533 | |||||||||
Comprehensive
Income (Loss)
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||||||||||||
Net
Loss
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(13,505 | ) | (41,451 | ) | (13,505 | ) | ||||||
Gain
(loss) on foreign exchange translation
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459 | (602 | ) | 459 | ||||||||
Total
Comprehensive Loss
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(13,046 | ) | (42,053 | ) | (13,046 | ) | ||||||
The
accompanying notes are an integral part of these consolidated financials
statements.
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1st
Home Buy and Sell Ltd.
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||||||||||||
(A
Development Stage Company)
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||||||||||||
Consolidated
Statements of Cash Flows
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||||||||||||
For
the Three Months ended September 30, 2008
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||||||||||||
(In
Canadian Dollars)
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||||||||||||
UNAUDITED
|
||||||||||||
2008
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2007
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Cumulative
from date of entering Development Stage (September 1, 2008) through
September 30, 2008
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||||||||||
Operating
|
||||||||||||
Net
Loss
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$ | (13,505 | ) | $ | (30,696 | ) | $ | (11,111 | ) | |||
Items
not involving cash:
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||||||||||||
Amortization
and depreciation
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- | 325 | - | |||||||||
Shares
issued for services
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- | 15,000 | - | |||||||||
Changes
in non-cash working capital items:
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||||||||||||
Accounts
payable from continuing operations
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5,696 | 9,631 | 4,770 | |||||||||
Accrued
liabilities from continuing operations
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(2,994 | ) | 1,500 | (2,994 | ) | |||||||
Effect
of disposal of accounts receivable in split-off of discontinued
operations
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2,768 | - | - | |||||||||
Effect
of disposal of fixed assets in split-off of discontinued
operation
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6,421 | - | - | |||||||||
Effect
to disposal of accounts payable in split-off of discontined
operation
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(3,809 | ) | - | - | ||||||||
Net
cash flows provided by (used in) operations
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(5,424 | ) | (4,240 | ) | (9,335 | ) | ||||||
Investing
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- | - | - | |||||||||
Net
cash flows from investing activities
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0 | 0 | 0 | |||||||||
Financing
|
||||||||||||
Proceeds
from shareholder loans
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- | 891 | - | |||||||||
Payments
on shareholder loans
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(12,669 | ) | (903 | ) | (12,669 | ) | ||||||
Shares
retired in split-off of discontinued operations
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(15,939 | ) | - | - | ||||||||
Net
cash flows from financing activities
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(28,609 | ) | (12 | ) | (12,669 | ) | ||||||
Effect
of exchange rate changes
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459 | 0 | 459 | |||||||||
Change
in Cash
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(33,574 | ) | (4,252 | ) | (21,546 | ) | ||||||
Cash
- Beginning
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34,628 | 9,502 | 22,599 | |||||||||
Cash
- Ending
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$ | 1,053 | $ | 5,250 | 1,053 | |||||||
Supplemental
Cash Flow Information
|
||||||||||||
Cash
paid for:
|
||||||||||||
Income
Taxes
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$ | - | $ | - | $ | - | ||||||
Interest
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$ | - | $ | - | $ | - | ||||||
The
accompanying notes are an integral part of these consolidated financials
statements.
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·
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Assets
and liabilities at the rate of exchange in effect at the balance sheet
date,
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·
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Equity
at historical rates, and
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·
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Revenue
and expense items at the prevailing rate on the date of the
transaction.
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Fair
Value of shares received
|
||||
900,000
shares @ USD 0.01667
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$ | 15,939 | ||
Total
Fair Value of consideration received
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15,939 | |||
Assets
|
||||
Cash
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$ | 1,731 | ||
Accounts
Receivable
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8,925 | |||
Property
& Equipment
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2,703 | |||
Patents
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3,719 | |||
Other
Assets
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236 | |||
Total
Assets Disposed of
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17,313 | |||
Liabilities
|
||||
Accounts
Payable
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1,773 | |||
Total
Liabilities disposed of
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1,773 | |||
Net
Assets disposed of
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$ | 15,540 | ||
Excess
of fair value of consideration over net assets disposed of
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$ | 399 |
EXHIBIT
NUMBER
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DESCRIPTION
|
LOCATION
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3.1
- 3.2
|
Articles
of Incorporation and Bylaws
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Previously
Filed.
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31.1
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Rule
13a-14(a)/15d-14(a) Certification (CEO)
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Filed
herewith
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31.2
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Rule
13a-14(a)/15d-14(a) Certification (CFO)
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Filed
herewith
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32.1
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Section
1350 Certification (CEO)
|
Filed
herewith
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32.2
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Section
1350 Certification (CFO)
|
Filed
herewith
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·
|
July
3, 2008
|
·
|
September
5, 2008
|
·
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September
10, 2008
|
1st Home Buy & Sell Ltd. | |||
Date:
November 14, 2008
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By:
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/s/ Martha Y. Jimenez | |
Martha Y. Jimenez | |||
Director, CEO and President | |||