TNBI 10-Q Quarterly Report Sept. 30, 2010 | Alphaminr
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TNBI 10-Q Quarter ended Sept. 30, 2010

Balance Sheet
Cash Flow
Income Statement
10-Q 1 greyhound-10q093010.htm GREYHOUND 10Q 093010 greyhound-10q093010.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended September 30, 2010

[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number  000-53529

GREYHOUND COMMISSARY, INC.
(Exact name of registrant as specified in its charter)

Nevada 26-3853855
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
2681 Parleys Way, Suite 204, Salt Lake City, Utah 84109
(Address of principal executive offices)

(801) 322-3401
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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  [X]   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  [  ]    No  [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer
[   ]
Accelerated filer
[   ]
Non-accelerated filer
[   ]
Smaller reporting company
[X]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  [X]   No[  ]

APPLICABLE ONLY TO CORPORATE ISSUERS

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

Class
Outstanding as of November 15, 2010

Common Stock, $.001 par value
3,397,787

TABLE OF CONTENTS
Heading Page
PART  I    —   FINANCIAL INFORMATION
Item 1. Financial Statements
3
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
10
Item 3. Quantitative and Qualitative Disclosures About Market Risk
11
Item 4(T). Controls and Procedures
12
PART II   —   OTHER INFORMATION
Item 1. Legal Proceedings
12
Item 1A. Risk Factors
12
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
12
Item 3. Defaults Upon Senior Securities
12
Item 4. (Removed and Reserved)
12
Item 5. Other Information
13
Item 6. Exhibits
13
Signatures
13

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PART  I   —   FINANCIAL INFORMATION

Item 1.                      Financial Statements

The accompanying unaudited balance sheet of Greyhound Commissary, Inc. at September 30, 2010, related unaudited statements of operations, statements of stockholders’ equity (deficit) and cash flows for the three and nine months ended September 30, 2010 and 2009 and the period from May 24, 1989 (date of inception) to September 30, 2010, have been prepared by management in conformity with United States generally accepted accounting principles.  In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.  It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2009 audited financial statements.  Operating results for the period ended September 30, 2010, are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2010 or any other subsequent period.













GREYHOUND COMMISSARY, INC.
(A Development Stage Company)

FINANCIAL STATEMENTS

September 30, 2010


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GREYHOUND COMMISSARY, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
ASSETS
September 30,
December 31,
2010
2009
(unaudited)
CURRENT ASSETS
Cash
$
-
$
-
Total Current Assets
-
-
TOTAL ASSETS
$
-
$
-
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued expenses
$
250
$
1,500
Accrued interest - related party
4,689
2,415
Note payable related party
44,366
28,311
Total Current Liabilities
49,305
32,226
TOTAL LIABILITIES
49,305
32,226
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock: $0.001 par value;
50,000,000 shares authorized, 3,397,787
shares issued and outstanding
3,398
3,398
Additional paid in capital
49,701
45,201
Deficit accumulated during the development stage
(102,404)
(80,825)
Total Stockholders' Equity (Deficit)
(49,305)
(32,226)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
$
-
$
-
The accompanying notes are an integral part of these financial statements.


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GREYHOUND COMMISSARY, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
(unaudited)
From Inception
On May 24,
For the Three Months Ended
For the Nine Months Ended
1989 through
September 30,
September 30,
September 30,
2010
2009
2010
2009
2010
REVENUES
$ - $ - $ - $ - $ -
OPERATING EXPENSES
General and administrative
3,795 7,291 19,350 14,074 97,715
Total Operating Expenses
3,795 7,291 19,350 14,074 97,715
LOSS FROM OPERATIONS
(3,795 ) (7,291 ) (19,350 ) (14,074 ) (97,715 )
OTHER INCOME (EXPENSE)
Interest expense
(832 ) (480 ) (2,229 ) (1,259 ) (4,689 )
Total Other Income (Expense)
(832 ) (480 ) (2,229 ) (1,259 ) (4,689 )
INCOME BEFORE TAXES
(4,627 ) (7,771 ) (21,579 ) (15,333 ) (102,404 )
Income taxes
- - - - -
NET LOSS
$ (4,627 ) $ (7,771 ) $ (21,579 ) $ (15,333 ) $ (102,404 )
BASIC LOSS PER SHARE
$ (0.00 ) $ (0.00 ) $ (0.01 ) $ (0.00 )
WEIGHTED AVERAGE SHARES
OUTSTANDING
3,397,787 3,397,787 3,397,787 3,397,787
The accompanying notes are an integral part of these financial statements.

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GREYHOUND COMMISSARY, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
Total
Additional
Stockholders'
Common Stock
Paid-In
Accumulated
Equity
Shares
Amount
Capital
Deficit
(Deficit)
Balance May 24, 1989
- $ - $ - $ - $ -
Shares issued for services
at $1.00 per share
397,787 398 30,201 - 30,599
Shares issued for services
at $0.001 per share
3,000,000 3,000 - - 3,000
Net loss from inception through
December 31, 2004
- - - (33,599 ) (33,599 )
Balance December 31, 2004
3,397,787 3,398 30,201 (33,599 ) -
Net loss for the year ended
December 31, 2005
- - - - -
Balance December 31, 2005
3,397,787 3,398 30,201 (33,599 ) -
Net loss for the year ended
December 31, 2006
- - - - -
Balance December 31, 2006
3,397,787 3,398 30,201 (33,599 ) -
Contributed services
- - 3,000 - 3,000
Net loss for the year ended
December 31, 2007
- - - (7,043 ) (7,043 )
Balance December 31, 2007
3,397,787 3,398 33,201 (40,642 ) (4,043 )
Contributed services
- - 6,000 - 6,000
Net loss for the year ended
December 31, 2008
- - - (18,518 ) (18,518 )
Balance December 31, 2009
3,397,787 3,398 39,201 (59,160 ) (16,561 )
Contributed services
- - 6,000 - 6,000
Net loss for the year ended
December 31, 2009
- - - (21,665 ) (21,665 )
Balance, December 31, 2009
3,397,787 3,398 45,201 (80,825 ) (32,226 )
Contibuted services (unaudited)
- - 4,500 - 4,500
Net loss for the nine months
ended September 30, 2010 (unaudited)
- - - (21,579 ) (21,579 )
Balance, September 30, 2010 (unaudited)
3,397,787 $ 3,398 $ 49,701 $ (102,404 ) $ (49,305 )
The accompanying notes are an integral part of these financial statements.


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GREYHOUND COMMISSARY, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
(unaudited)
From Inception
On May 24,
For the Nine Months Ended
1989 through
September 30,
September 30,
2010
2009
2010
OPERATING ACTIVITIES
Net loss
$ (21,579 ) $ (15,333 ) $ (102,404 )
Adjustments to reconcile net loss to
net cash used in operating activities:
Common stock issued for services
- - 33,599
Contributed services
4,500 4,500 19,500
Changes in operating assets and liabilities:
Decrease in prepaid expenses
- 750 -
Increase in accrued interest - related party
2,274 1,259 4,689
Increase (decrease) in accounts payable
(1,250 ) - 250
NET CASH USED IN
OPERATING ACTIVITIES
(16,055 ) (8,824 ) (44,366 )
INVESTING ACTIVITIES
- - -
FINANCING ACTIVITIES
Increase (decrease) in accounts payable
16,055 8,824 44,366
NET CASH PROVIDED BY
FINANCING ACTIVITIES
16,055 8,824 44,366
NET CHANGE IN CASH
- - -
CASH - Beginning of period
- - -
CASH - End of period
$ - $ - $ -
SUPPLEMENTAL CASH FLOW DISCLOSURE:
CASH PAID FOR:
Interest
$ - $ - $ -
Income taxes
$ - $ - $ -
NON CASH FINANCING ACTIVITIES:
$ - $ - $ -
The accompanying notes are an integral part of these financial statements.



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GREYHOUND COMMISSARY, INC.
(A Development Stage Company)
Notes to Financial Statements
September 30, 2010 and December 31, 2009
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2010, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2009 audited financial statements.  The results of operations for the periods ended September 30, 2010 and 2009 are not necessarily indicative of the operating results for the full years.
NOTE 2 - GOING CONCERN
The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet Established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the 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.

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GREYHOUND COMMISSARY, INC.
(A Development Stage Company)
Notes to Financial Statements
September 30, 2010 and December 31, 2009

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Recent Accounting Pronouncements

The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements.

NOTE 4 – NOTES PAYABLE RELATED PARTY

The Company has recorded expenses paid on its behalf by shareholders as a related party payable. The note bears interest at 8 percent, is unsecured and is due and payable upon demand. The balance of this payable totaled $44,366 and $28,311 as at September 30, 2010 and December 31, 2009, respectively.  The balance in interest accrued on the note totaled $4,689 and $2,415 as at September 30, 2010 and December 31, 2009, respectively.

During the nine months ended September 30, 2010, Company shareholders performed services valued at $4,500 which have been recorded as a contribution to capital.

NO   – SUBSEQUENT EVENTS

In accordance with ASC 855-10, Company management reviewed all material events and determined that there are no material subsequent events to report.


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Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this Form 10-Q.

We are a development stage company with limited capital and historical operations.  Our costs and expenses related to preparing and filing this and other reports with the SEC have been paid for by advances from stockholders.  We anticipate that future funds necessary to maintain our corporate viability will most likely be provided by officers, directors or principal stockholders.  Unless we are able to finalize an acquisition of or merger with an operating business, or are able to secure significant outside financing, there is substantial doubt about our ability to continue as a going concern.

Results of Operations

During the three month period ended September 30, 2010 (“third quarter”), we incurred a net loss of $4,627 compared to a $7,771 loss during the three month period ended September 30, 2009.  The decreased loss for the third quarter of 2010 is attributed to the 48% decrease in general and administrative expenses, from $ 7,291 for the 2009 third quarter to $3,795 for the 2010 period, due to a decreased in legal and accounting costs and expenses related to our requisite SEC filing requirements.  Interest expense for the third quarter of 2010 increased 73% to $832 from $480 for the 2009 period, due to an increase in loans from stockholders.

We also incurred a net loss of $21,579 for the nine month period ended September 30, 2010, compared to $15,333 for the 2009 period.  This increase is attributed to a 37% increase in general and administrative expenses from $14,074 for the 2009 period to $19,350 for the 2010 period, due to increased legal and accounting costs.  Interest expenses increased 77% from $1,259 for the 2009 period to $2,229 for the 2010 period, also due to increased loans from stockholders.

In the opinion of management, inflation has not and will not have a material effect on our operations until such time as we successfully complete an acquisition or merger.  At that time, management will evaluate the possible effects of inflation related to our business and operations.

Liquidity and Capital Resources

During the third quarter of 2010, a principal stockholder paid our expenses.  At September 30, 2010 we had a note payable related party of $44,366, compared to $28,311 at December 31, 2009.  The increase represents the additional expenses paid by the stockholder.  We expect to continue to rely on the stockholder to pay our expenses because we will not have cash reserves or revenues until we complete a merger with or acquisition of a business opportunity.  There is no assurance that we will complete such a merger or acquisition or that the stockholder or other persons will continue indefinitely to pay our expenses.

At September 30, 2010, we had a stockholders’ deficit of $49,305 compared to a stockholders' deficit of $32,226 at December 31, 2009.  The increase in stockholders' deficit at September 30, 2010 is attributed to ongoing legal and accounting expenses.  Also, during the nine months ended September 30, 2010, shareholders performed services valued at $4,500, which has been recorded as a contribution to capital.

Plan of Operation

During the next 12 months, we intend to actively seek out and investigate possible business opportunities with the intent to acquire or merge with one or more business ventures.  We will not restrict our search to any specific business, industry, or geographical location and we may participate in a business venture of virtually any kind or nature.

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Because we lack current funds, it may become necessary for officers, directors or stockholders to advance funds and we intend to accrue expenses until such time as a successful business consolidation can be accomplished.  Management intends to hold expenses to a minimum and obtain services on a contingency basis when possible.  Further, directors will defer any compensation until an acquisition or merger can be accomplished and we will strive to have the business opportunity provide their remuneration.  However, if we engage outside advisors or consultants in our search for business opportunities, it may be necessary to attempt to raise additional funds.  As of the date hereof, we have not made any arrangements or definitive agreements to use outside advisors or consultants or to raise any capital.

If we need to raise capital, most likely the only method available would be the private sale of securities.  Because we are a development stage company, it is unlikely that we could make a public sale of securities or be able to borrow any significant sum from either a commercial or private lender.  There can be no assurance that we will be able to obtain additional funding when and if needed, or that such funding, if available, can be obtained on acceptable terms.

We do not intend to use any employees in the immediate future, with the possible exception of part-time clerical assistance on an as-needed basis.  We anticipate using outside advisors or consultants only if they can be obtained for minimal cost or on a deferred payment basis.  Management is confident that it will be able to operate in this manner and continue its search for business opportunities during the next twelve months.  Also, we do not anticipate making any significant capital expenditures until we successfully complete an acquisition or merger.

Forward-Looking and Cautionary Statements

This report includes "forward-looking statements" that may relate to such matters as anticipated financial performance, future revenues or earnings, business prospects, projected ventures, new products and services, anticipated market performance and similar matters.

When used in this report, the words "may," "will," expect," anticipate," "continue," "estimate," "project," "intend," and similar expressions are intended to identify forward-looking statements regarding events, conditions, and financial trends that may affect our future plans of operations, business strategy, operating results, and financial position. We caution readers that a variety of factors could cause our actual results to differ materially from the anticipated results or other matters expressed in forward-looking statements. These risks and uncertainties, many of which are beyond our control, include:

●
the sufficiency of existing capital resources and the ability to raise additional capital to fund cash requirements for future operations;

●
uncertainties following any successful acquisition or merger related to the future rate of growth of the acquired business and acceptance of its products and/or services;

●      volatility of the stock market, particularly within the technology sector; and

●      general economic conditions.

Although we believe expectations reflected in these forward-looking statements are reasonable, such expectations cannot guarantee future results, levels of activity, performance or achievements.

Item 3.
Quantitative and Qualitative Disclosures About Market Risk.

This item is not required for a smaller reporting company.



Item 4(T).                           Controls and Procedures.

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Evaluation of Disclosure Controls and Procedures .  Disclosure controls and procedures (as defined in Rules  13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.  Disclosure and control procedures are also designed to ensure that such information is accumulated and communicated to management, including the chief executive officer and principal accounting officer, to allow timely decisions regarding required disclosures.

As of the end of the period covered by this quarterly report, we carried out an evaluation, under the supervision and with the participation of management, including our chief executive officer and principal accounting officer, of the effectiveness of the design and operation of our disclosure controls and procedures.  In designing and evaluating the disclosure controls and procedures, management recognizes that there are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.  Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their desired control objectives.  Additionally, in evaluating and implementing possible controls and procedures, management is required to apply its reasonable judgment.  Based on the evaluation described above, management, including our principal executive officer and principal accounting officer, concluded that as of September 30, 2010, our disclosure controls and procedures were not effective.

Changes in Internal Control Over Financial Reporting .  Management has evaluated whether any change in our internal control over financial reporting occurred during the third quarter of fiscal 2010. Based on its evaluation, management, including the chief executive officer and principal accounting officer, has concluded that there has been no change in our internal control over financial reporting during the third quarter of fiscal 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART  II   —   OTHER INFORMATION

Item 1.                      Legal Proceedings

There are no material pending legal proceedings to which we are a party or to which any of our property is subject and, to the best of our knowledge, no such actions against us are contemplated or threatened.

Item 1A.
Risk Factors

This item is not required for a smaller reporting company.

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

This Item is not applicable.

Item 3.                      Defaults Upon Senior Securities

This Item is not applicable.

Item 4.                      (Removed and Reserved)




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Item 5.                      Other Information
This Item is not applicable.

Item 6.                      Exhibits

Exhibit 31.1
Certification of C.E.O. and Principal Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1
Certification of C.E.O. and Principal Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

.

GREYHOUND COMMISSARY, INC.
Date:  November 15, 2010
By: /S/   Geoff Williams
Geoff Williams
President, C.E.O. and Director
(Principal Accounting Officer)

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TABLE OF CONTENTS