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|
Nevada
|
95-3506403
|
|
|
(State or other jurisdiction
of
incorporation)
|
(IRS Employer Identification No.) | |
|
2101
Vista Pkwy. Ste. 292
West Palm Beach FL
|
33411 | |
|
(Address
of principal executive offices)
|
(Zip Code) |
| Securities registered under Section 12(b) of the Act: | ||
| Title of each class |
Name of each
exchange
on which
registered
|
|
| None | None | |
| Securities registered under Section 12(g) of the Act: | ||
| Common Stock, $0.0001 par value per share |
|
|
| (Title of class) | ||
| Copies of Communications Sent to: | ||
|
|
Large
accelerated
filer
o
Non-accelerated
filer
o
|
Accelerated
filer
o
Smaller
reporting company
x
|
|
ITEM
1.
|
FINANCIAL
STATEMENTS
|
|
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
|
September
30,
2009
|
|||||||
|
(unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS
|
||||||||
|
Cash
and equivalents
|
$ | 6,134 | $ | 333 | ||||
|
Promissory
note receivable
|
0 | 0 | ||||||
|
Total
current assets
|
6,134 | 333 | ||||||
|
PROPERTY
AND EQUIPMENT
|
||||||||
|
Equipment
|
0 | 0 | ||||||
|
Less:
Accumulated depreciation
|
0 | 0 | ||||||
|
Net
property and equipment
|
0 | 0 | ||||||
|
OTHER
ASSETS
|
||||||||
|
Deposits
|
0 | 0 | ||||||
|
Total
other assets
|
0 | 0 | ||||||
|
Total
Assets
|
$ | 6,134 | $ | 333 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES
|
||||||||
|
Accounts
Payable and accrued liabilities
|
$ | 2,747 | $ | 2,747 | ||||
|
Accrued
interest payable
|
115,383 | 107,215 | ||||||
|
Total
current liabilities
|
118,130 | 109,962 | ||||||
|
Line
of credit payable
|
333,210 | 313,210 | ||||||
|
Total
long-term liabilities
|
333,210 | 313,210 | ||||||
|
Total
liabilities
|
451,340 | 423,172 | ||||||
|
STOCKHOLDERS
'
EQUITY
|
||||||||
|
Preferred
stock, $0.0001 par value, 25,000,000 shares authorized,
0
issued and outstanding
|
0 | 0 | ||||||
|
Common
stock, $0.0001, authorized 300,000,000 shares; 25,104,818
issued
and outstanding
|
2,510 | 2,510 | ||||||
|
Additional paid in capital in excess of par
|
14,139,858 | 14,139,858 | ||||||
|
Deficit accumulated during the development stage
|
(14,587,574 | ) | (14,565,207 | ) | ||||
|
Total
stockholders' equity
|
(445,206 | ) | (422,839 | ) | ||||
|
Total
Liabilities and Stockholders' Equity
|
$ | 6,134 | $ | 333 | ||||
|
Period
from
Oct
1, 2003
(Inception)
through
|
||||||||||||
|
2009
|
2008
|
Dec
31, 2009
|
||||||||||
|
REVENUES
|
$ | 0 | $ | 0 | $ | 0 | ||||||
|
OPERATING
EXPENSES
|
||||||||||||
|
General
and administrative
|
5,448 | 1,266 | 327,072 | |||||||||
|
Professional
fees
|
8,750 | 5,000 | 52,750 | |||||||||
|
Interest
expense
|
8,169 | 7,608 | 104,069 | |||||||||
|
Total
expenses
|
22,367 | 13,874 | 483,891 | |||||||||
|
Net
loss
|
$ | (22,367 | ) | $ | (13,874 | ) | $ | (483,891 | ) | |||
|
Basic
net loss per weighted average share
|
$ | 0.00 | $ | 0.00 | ||||||||
|
Weighted
average number of shares
|
25,104,818 | 25,104,818 | ||||||||||
|
Number
of Common
Shares
|
Common
Stock
|
Add'tl
Paid
in
Capital
in
Excess
of
Par
|
Deficit
Accumulated
During
the
Development
Stage
|
Total
Stockholders'
Equity
(Deficit)
|
||||||||||||||||
|
INCEPTION BALANCE,
Sept
30, 2002
|
2,343,180 | $ | 234 | $ | 11,399,832 | $ | (9,226,896 | ) | $ | 2,173,170 | ||||||||||
|
Shares
issued to settle debt
|
3,117,125 | 312 | 2,691,990 | 0 | 2,692,302 | |||||||||||||||
|
Net
loss
|
0 | 0 | 0 | (4,865,472 | ) | (4,865,472 | ) | |||||||||||||
|
BALANCE,
September 30,
2003
|
5,460,305 | 546 | 14,091,822 | (14,092,368 | ) | 0 | ||||||||||||||
|
Sale
of stock for cash
|
19,644,513 | 1,964 | 48,036 | 0 | 50,000 | |||||||||||||||
|
Net
loss
|
0 | 0 | 0 | (50,000 | ) | (50,000 | ) | |||||||||||||
|
BALANCE
, September 30,
2004
|
25,104,818 | 2,510 | 14,139,858 | (14,142,368 | ) | 0 | ||||||||||||||
|
Net
loss
|
0 | 0 | 0 | (145,486 | ) | (145,486 | ) | |||||||||||||
|
BALANCE
, September 30,
2005
|
25,104,818 | 2,510 | 14,139,858 | (14,287,854 | ) | (145,486 | ) | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (80,265 | ) | (80,265 | ) | |||||||||||||
|
BALANCE
, September 30,
2006
|
25,104,818 | 2,510 | 14,139,858 | (14,368,119 | ) | (225,751 | ) | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (104,261 | ) | (104,261 | ) | |||||||||||||
|
BALANCE,
September 30,
2007
|
25,104,818 | 2,510 | 14,139,858 | (14,472,380 | ) | (330,012 | ) | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (44,614 | ) | (44,614 | ) | |||||||||||||
|
BALANCE,
September 30,
2008
|
25,104,818 | 2,510 | 14,139,858 | (14,516,994 | ) | (374,626 | ) | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (48,213 | ) | (48,213 | ) | |||||||||||||
|
BALANCE,
September 30,
2009
|
25,104,818 | 2,510 | 14,139,858 | (14,565,207 | ) | (422,839 | ) | |||||||||||||
|
Net
loss
|
0 | 0 | 0 | (22,367 | ) | (22,367 | ) | |||||||||||||
|
ENDING BALANCE,
December
31, 2009 (unaudited)
|
25,104,818 | $ | 2,510 | $ | 14,139,858 | $ | (14,587,574 | ) | $ | (445,206 | ) | |||||||||
|
From
October
1, 2003 (Inception)
through
|
||||||||||||
|
2009
|
2008
|
December
31, 2009
|
||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
|
Net
loss
|
$ | (22,367 | ) | $ | (9,899 | ) | $ | (483,891 | ) | |||
|
Adjustments
to reconcile net loss to net cash used by operating
activities:
|
||||||||||||
|
Stock
issued for services
|
0 | 0 | 0 | |||||||||
|
Changes
in operating assets and liabilities
|
||||||||||||
|
Incr
(decr) in accounts payable and accrued liabilities
|
0 | 0 | 2,747 | |||||||||
|
Increase
(decrease) in accrued interest payable
|
8,168 | 7,380 | 104,068 | |||||||||
|
Net
cash used by operating activities
|
(14,199 | ) | (2,519 | ) | (377,076 | ) | ||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
|
Draw
on line of credit
|
20,000 | 2,519 | 333,210 | |||||||||
|
Proceeds
from issuance of common stock
|
0 | 0 | 50,000 | |||||||||
|
Net
cash provided by financing activities
|
20,000 | 2,519 | 383,210 | |||||||||
|
Net
increase (decrease) in cash
|
5,801 | 0 | 6,134 | |||||||||
|
CASH,
beginning of
period
|
333 | 0 | 0 | |||||||||
|
CASH,
end of
period
|
$ | 6,134 | $ | 0 | $ | 6,134 | ||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
| NONE | ||||||||||||
|
|
The
Company
Expertelligence, Inc., (the Company), was
incorporated on March 31, 1980, under the laws of the State of California.
On June 26, 2006, the Company reincorporated in
Nevada.
|
|
(2)
|
Stockholder'
Equity
The Company has
authorized 300,000,000 shares of $0.0001 par common stock. At December 31,
2009 and September 30, 2009 there were 25,104,818 shares issued and
outstanding.
|
|
(3)
|
Income Taxes
Deferred
income taxes (benefits) are provided for certain income and expenses which
are recognized in different periods for tax and financial reporting
purposes. The Company had net operating loss carry-forwards for
income tax purposes of approximately $483,900 expiring beginning September
30, 2028. The amount recorded as deferred tax asset as of
December 30, 2009 is approximately $121,000, which represents the amount
of tax benefit of the loss
carry-forward.
|
|
(3)
|
Income Taxes, continued
Deferred tax assets are reduced by a valuation
allowance if, in the opinion of management, it is more likely than not
that some portion or all of the deferred tax assets will not be
realized. Management
'
s
valuation procedures consider projected utilization of deferred tax assets
prospectively over the next several years, and continually evaluate new
circumstances surrounding the future realization of such assets. The
difference between income taxes and the amount computed by applying the
federal statutory tax rate to the loss before income taxes is due to an
increase in the deferred tax asset valuation
allowance.
|
|
(4)
|
Going Concern
The
accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company
'
s
financial position and operating results raise substantial doubt about the
Company
'
s
ability to continue as a going concern, as reflected by the net loss of
$14,587,600 accumulated from March 31, 1980 (Inception) through December
31, 2009. The ability of the Company to continue as a going
concern is dependent upon commencing operations, developing sales and
obtaining additional capital and financing. The financial
statements do not include any adjustments that might be necessary if the
Company is unable to continue as a going concern. The Company
is currently seeking additional capital to allow it to begin its planned
operations.
|
|
(5)
|
Convertible Line of Credit
Payable
In October 2004, the
Company entered into a line of credit with a third party, convertible into
common stock at the discretion of the lender, for $500,000.
This
line of credit carries an 10% rate of interest. It is convertible into
common stock at any time prior to repayment at a conversion rate of the
lesser of 66 2/3 of the average closing price on the date of conversion or
$0.01 per share, This line of credit carried an maturity date of December
31, 2010. As of December 31, 2009, $333,210 has been advanced under this
line of credit.
|
|
ITEM
2.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION
|
|
ITEM
4T.
|
CONTROLS
AND PROCEDURES
|
|
ITEM
1.
|
LEGAL
PROCEEDINGS.
|
|
ITEM
2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
|
ITEM
3.
|
DEFAULTS
IN SENIOR SECURITIES
|
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY
HOLDERS.
|
|
ITEM
5.
|
OTHER
INFORMATION
|
|
ITEM
6.
|
EXHIBITS
|
|
Exhibit
number
|
Descriptions
|
|
|
31.1*
|
Certification
pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
|
|
32.1*
|
Certification
pursuant to Section 906 of Sarbanes-Oxley Act of
2002.
|
| EXPERTELLIGENCE, INC. | |||
|
Dated:
February 10, 2010
|
By:
|
/s/ Jason Smart | |
| Jason Smart | |||
|
Chief
Executive Officer,
Chief
Financial Officer
President
and Chairman of the Board
|
|||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | 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 |
|---|