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|
Nevada
|
20-4743354
|
|
|
(State
or other jurisdiction
of
incorporation)
|
(IRS Employer Identification No.) |
|
|
Large
accelerated
filer
o
Non-accelerated
filer
o
|
Accelerated
filer
o
Smaller
reporting company
x
|
|
Item
2
|
Management's
Discussion and Analysis or Plan of
Operations
|
|
Item
3
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
|
Item
4T.
|
Controls
and Procedures
|
|
Item
1
|
Legal
Proceedings
|
|
Item
1A.
|
Risk
Factors
|
|
Item
2
|
Unregistered
Sales of Equity Securities and Use of
Proceeds
|
|
Item
3
|
Defaults
Upon Senior Securities
|
|
Item
4
|
Submission
of Matters to a Vote of Security
Holders
|
|
Item
6
|
Exhibits
|
|
Balance
Sheet
|
F-2
|
|
Statements
of Operations
|
F-3
|
|
Statements
of Stockholders
'
Equity
|
F-4
|
|
Statements
of Cash Flows
|
F-5
|
|
Notes
to Financial Statement
|
F-6
|
|
December
31, 2009
|
June
30, 2009
|
|||||||
|
(Unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS
|
||||||||
|
Cash
|
$ | 95 | $ | 0 | ||||
|
Prepaid expenses
|
0 | 0 | ||||||
|
Total
current assets
|
95 | 0 | ||||||
|
OTHER
ASSETS
|
||||||||
|
Other
assets
|
0 | 0 | ||||||
|
Total
other assets
|
0 | 0 | ||||||
|
Total
Assets
|
$ | 95 | $ | 0 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES
|
||||||||
|
Accounts
payable and accrued liabilities
|
$ | 0 | $ | 0 | ||||
|
Accrued
interest on line of credit payable
|
13,730 | 10,071 | ||||||
|
Total
current liabilities
|
13,730 | 10,071 | ||||||
|
LONG-TERM
LIABILITIES
|
||||||||
|
Long-term
line of credit payable
|
77,156 | 57,156 | ||||||
|
Total
long-term liabilities
|
77,156 | 57,156 | ||||||
|
Total
Liabilities
|
90,886 | 67,227 | ||||||
|
STOCKHOLDERS'
EQUITY
|
||||||||
|
Common
stock, $0.001 par value, authorized 500,000,000 shares;
340,632
issued and outstanding
|
340 | 340 | ||||||
|
Additional
paid-in capital
|
33,690 | 33,690 | ||||||
|
Deficit
accumulated during the development stage
|
(124,821 | ) | (101,257 | ) | ||||
|
Total
stockholders' equity
|
(90,791 | ) | (67,227 | ) | ||||
|
Total
Liabilities and Stockholders' Equity
|
$ | 95 | $ | 0 | ||||
|
Three
Months
|
Six
Months
|
Period
from
Feb
24, 2004
(Inception)
through
|
||||||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
Dec
31, 2009
|
||||||||||||||||
|
REVENUES
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
|
OPERATING
EXPENSES
|
||||||||||||||||||||
|
General
and administrative
|
3,175 | 3,044 | 5,655 | 4,667 | 87,716 | |||||||||||||||
|
Professional
fees
|
4,750 | 0 | 14,250 | 0 | 23,375 | |||||||||||||||
|
Interest
expense
|
1,944 | 1,177 | 3,659 | 2,251 | 13,730 | |||||||||||||||
|
Total
expenses
|
9,869 | 4,221 | 23,564 | 6,918 | 124,821 | |||||||||||||||
|
Net
loss
|
$ | (9,869 | ) | $ | (4,221 | ) | $ | (23,564 | ) | $ | (6,918 | ) | $ | (124,821 | ) | |||||
|
Basic
net loss per weighted average share
|
$ | ( 0.03 | ) | $ | ( 0.01 | ) | $ | ( 0.07 | ) | $ | ( 0.02 | ) | ||||||||
|
Weighted
average number of shares
|
340,632 | 340,632 | 340,632 | 340,632 | ||||||||||||||||
|
Number
of
Shares
|
Common
Stock
|
Additional
Paid-in
Capital
|
Deficit
Accumulated
During
the
Development
Stage
|
Total
Stockholders'
Equity
|
||||||||||||||||
|
BEGINNING BALANCE,
July
1, 2005
|
34,030,390 | $ | 34,030 | $ | 0 | $ | (34,030 | ) | $ | 0 | ||||||||||
|
Net
loss
|
0 | 0 | 0 | (8,582 | ) | (8,582 | ) | |||||||||||||
|
BALANCE,
June 30,
2006
|
34,030,390 | 34,030 | 0 | (42,612 | ) | (8,582 | ) | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (8,205 | ) | (8,205 | ) | |||||||||||||
|
BALANCE,
June 30,
2007
|
34,030,390 | 34,030 | 0 | (50,817 | ) | (16,787 | ) | |||||||||||||
|
1
for 100 reverse split
|
(33,690,086 | ) | (33,690 | ) | 33,690 | 0 | 0 | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (24,549 | ) | (24,549 | ) | |||||||||||||
|
BALANCE,
June 30,
2008
|
340,304 | 340 | 33,690 | (75,366 | ) | (41,336 | ) | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (25,891 | ) | (25,891 | ) | |||||||||||||
|
BALANCE
, June 30,
2009
|
340,304 | 340 | 33,690 | (101,257 | ) | (67,227 | ) | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (23,564 | ) | (23,564 | ) | |||||||||||||
|
BALANCE
, December 31,
2009 (unaudited)
|
340,304 | $ | 340 | $ | 33,690 | $ | (124,821 | ) | $ | (90,791 | ) |
|
2009
|
2008
|
Cumulative from
February
24, 2004
(inception)
to
Dec
31, 2009
|
||||||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
|
Net
loss
|
$ | (23,565 | ) | $ | (6,918 | ) | $ | (124,821 | ) | |||
|
Adjustments
to reconcile net loss to net cash used by
operating
activities:
|
||||||||||||
|
Common
stock issued for services
|
0 | 0 | 25,000 | |||||||||
|
Changes
in operating assets and liabilities
|
||||||||||||
|
Increase
(decrease) in accounts payable - trade
|
0 | 4,667 | 0 | |||||||||
|
Increase
(decrease) in accrued interest
|
3,659 | 2,251 | 13,730 | |||||||||
|
Net
cash provided (used) by operating activities
|
(19,906 | ) | 0 | (86,091 | ) | |||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
|
Deposit
on options
|
0 | 0 | 0 | |||||||||
|
Net
cash provided (used) by investing activities
|
0 | 0 | 0 | |||||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
|
Common
stock issued for cash
|
0 | 0 | 9,030 | |||||||||
|
Proceeds
from line of credit payable
|
20,000 | 6,918 | 77,156 | |||||||||
|
Payments
on line of credit payable
|
0 | 0 | 0 | |||||||||
|
Net
cash provided by financing activities
|
20,000 | 6,918 | 86,186 | |||||||||
|
Net
increase (decrease) in cash
|
94 | 6,918 | 95 | |||||||||
|
CASH,
beginning of
period
|
0 | 0 | 0 | |||||||||
|
CASH,
end of
period
|
$ | 94 | $ | 6,918 | $ | 95 | ||||||
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||||
|
Non-Cash
Financing Activities:
|
||||||||||||
|
None
|
||||||||||||
|
(a) The Company
First
Quantum Ventures, Inc.. is a Nevada chartered development stage
corporation which conducts business from its headquarters in West Palm
Beach, Florida.
|
|
(b) Use of
estimates
The financial statements have been prepared in
conformity with generally accepted accounting principles. In
preparing the financial statements, management is required to make
estimates and assumptions that affect the reported amounts of assets and
liabilities as of the date of the statements of financial condition and
revenues and expenses for the year then ended. Actual results
may differ significantly from those
estimates.
|
|
(c) Start-up
costs
Costs of start-up activities, including
organization costs, are expensed as incurred, in accordance with Statement
of Position (SOP) 98-5.
|
|
(e) Net income (loss) per share
Basic loss per share is computed by dividing the net income (loss)
by the weighted average number of common shares outstanding during the
period.
|
|
Exhibit
number
|
Descriptions
|
|
|
31.1
|
*
Certification of the Chief Executive Officer pursuant to Section 302 of
Sarbanes-Oxley Act of 2002.
|
|
|
31.2
|
*
Certification of the Acting Chief Financial Officer pursuant to Section
302 of Sarbanes-Oxley Act of 2002.
|
|
|
|
||
|
32.1
|
*
Certification Chief Executive Officer pursuant to Section 906 of
Sarbanes-Oxley Act of 2002.
|
|
|
|
||
|
32.1
|
*
Certification Acting Chief Financial Officer pursuant to Section 906 of
Sarbanes-Oxley Act of 2002.
|
| First Quantum Ventures, Inc. | |||
|
|
By:
|
/s/ Andrew Godfrey | |
| Andrew Godfrey | |||
|
Chief
Executive Officer,
President
and Chairman of the Board*
|
|||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|