10-Q

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 quarterly period ended: September 30, 2011

 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ____  to ________

RETROSPETTIVA, INC.

(Exact Name of Registrant as Specified in its Charter)

CALIFORNIA	333-29295	95-4298051
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	I.R.S. Employer Identification Number

1251 Point View Street, Los Angeles, CA  90035

(Address of Principal Executive Offices)  (Zip Code)

Registrant’s telephone number including area code:  (213) 623-9216

Former name, former address, and former fiscal year, if changed since last report

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 preceding 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 o

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  x   No o

Indicate by checkmark whether the registrant is a large accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  o                                                                                                                      Accelerated filer  o

Non-accelerated filer   o (Do not check if a smaller reporting company)                                      Smaller reporting company  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 Yes  x    No o

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:  14,425,903 shares of common stock outstanding as of August 1, 2011.

 

Part I - FINANCIAL INFORMATION
Item 1.	Financial Statements
	Balance Sheets as of September 30, 2011 (unaudited) and December 31, 2010	2
	Statements of Operations (unaudited) for the three months ended September 30, 2011 and 2010	3
	Statements of Operations (unaudited) for the nine months ended September 30, 2011 and 2010, and for the Development Period from October 11, 2006 to September 30, 2011	4
	Statements of Cash Flows (unaudited) for the nine months ended September 30, 2011 and 2010, and for the Development Period from October 11, 2006 to September 30, 2011	5
	Notes to Financial Statements (unaudited)	6
Item 2.	Management's Discussion and Analysis or Plan of Operation	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13
Item 4.	Controls and Procedures	13
Part II - OTHER INFORMATION
Item 1.	Legal Proceedings	14
Item 1A.	Risk Factors	14
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14
Item 3.	Defaults Upon Senior Securities	14
Item 4.	(Removed and Reserved)	14
Item 5.	Other Information	14
Item 6.	Exhibits	14
SIGNATURES		15

1

RETROSPETTIVA, INC.

(A Development Stage Company)

BALANCE SHEETS

	September 30, 2011			December 31, 2010
	(Unaudited)
ASSETS
Current assets:
Total current assets	$	-		$	-
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current liabilities:
Accounts payable	$	6,020		$	10,893
Accrued expenses		1,400			800
Advances payable - officer		6,934			6,934
Notes payable - stockholders		166,049			151,680
Accrued interest - stockholders		41,805			32,309
Total current liabilities		222,209			202,616
Commitments and contingencies (Notes 1, 2, 3, and 5)
Stockholders' (deficit):
Preferred stock - no par value, authorized 1,000,000 shares:
No shares issued or outstanding		-			-
Common stock - no par value, 100,000,000 shares authorized:
14,425,903 shares issued and outstanding		6,903,766			6,903,766
Additional paid-in capital		230,000			230,000
Accumulated deficit through October 11, 2006		(7,302,235	)		(7,302,235	)
(Accumulated deficit) during development stage		(53,740	)		(34,147	)
Total stockholders' (deficit)		(222,209	)		(202,616	)
Total liabilities and stockholders' (deficit)	$	-		$	-

The accompanying notes are an integral part of these financial statements.

2

RETROSPETTIVA, INC.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

for the three months ended September 30, 2011 and 2010

and for the Development Period from October 11, 2006 to September 30, 2011

 (Unaudited)

	2011			2010
Revenues	$	-		$	-
Expenses:
General and administrative:
Financing costs		-			-
Consulting fees		-			-
Accounting and legal		(580	)		3,020
Investor relations		722			225
Total expenses		142			3,245
Operating (loss)		142			(3,245	)
Other income (expense):
Gain from litigation settlement		-			-
Interest (expense)		(3,299	)		(2,905	)
		(3,299	)		(2,905	)
Income (loss) before income taxes		(3,441	)		(6,150	)
Provision for income taxes		200			200
Net income (loss)	$	(3,641	)	$	(6,350	)
Net (loss) per common share:
Basic and Diluted	$	Nil		$	Nil
Weighted average shares outstanding:
Basic and Diluted		14,425,903			14,425,903

The accompanying notes are an integral part of these financial statements.

3

RETROSPETTIVA, INC.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

for the nine months ended September 30, 2011 and 2010

and for the Development Period from October 11, 2006 to September 30, 2011

 (Unaudited)

	2011			2010			Development Period October 11, 2006 to September 30, 2011
Revenues	$	-		$	-		$	-
Expenses:
General and administrative:
Financing costs		-						2,917
Consulting fees		-			328			8,029
Accounting and legal		7,523			12,922			108,464
Investor relations		1,974			4,367			25,117
Total expenses		9,496			17,617			144,526
Operating (loss)		(9,496	)		(17,617	)		(144,526	)
Other income (expense):
Gain from litigation settlement		-			-			137,310
Interest (expense)		(9,497	)		(8,429	)		(41,806	)
		(9,497	)		(8,429	)		95,504
Income (loss) before income taxes		(18,994	)		(26,046	)		(49,023	)
Provision for income taxes		600			600			4,718
Net income (loss)	$	(19,594	)	$	(26,646	)	$	(53,741	)
Net (loss) per common share:
Basic and Diluted	$	Nil		$	Nil
Weighted average shares outstanding:
Basic and Diluted		14,425,903			14,425,903

The accompanying notes are an integral part of these financial statements.

4

RETROSPETTIVA, INC.

(A Development Stage Company)

STATEMENTS OF CASH FLOWS

for the nine months ended September 30, 2011 and 2010

and for the Development Period from October 11, 2006 to September 30, 2011

 (Unaudited)

	2011			2010			Development Period October 11, 2006 to September 30, 2011
Cash flows from operating activities:
Net income (loss)	$	(19,594	)	$	(26,645	)	$	(53,741	)
Adjustments to reconcile net income (loss) to net cash
used by operating activities:
Gain from litigation settlement					-			(137,310	)
Shares issued for loan fees and consulting fees					-			10,946
Changes in operating assets and liabilities:
Accounts payable		(4,873	)		948			(8,335	)
Accrued expenses		600			600			1,400
Judgement payable								(27,750	)
Accrued interest		9,497			8,429			41,806
Total adjustments		5,224			9,977			(119,243	)
Net cash (used in) operating activities		(14,370	)		(16,668	)		(172,984	)
Cash flows from investing activities:
Net cash (used in) investing activities		-			-			-
Cash flows from financing activities:
Proceeds from notes payable - stockholders		14,369			16,668			166,049
Advances from officer								6,934
Net cash provided by financing activities		14,369			16,668			172,983
Net increase in cash and equivalents		(1	)		-			(1	)
Cash and equivalents at beginning of year		-			-			-
Cash and equivalents at end of year	$	(1	)	$	-		$	(1	)
Supplemental Cash Flow Information
Interest paid	$	-		$	-		$	-
Income taxes paid	$	-		$	328		$	7,670

The accompanying notes are an integral part of these financial statements.

5

RETROSPETTIVA, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

 September 30, 2011

(Unaudited)

1.     Summary of Significant Accounting Policies

Interim Financial Information:    The interim financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) as promulgated in Item 210 of Regulation S-X.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position as of September 30, 2011, results of operations for the three and nine months ended September 30, 2011 and 2010, and cash flows for the nine months ended September 30, 2011 and 2010, as applicable, have been made.  The results for these interim periods are not necessarily indicative of the results for the entire year.  The accompanying financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Form 10-K.

Basis of Presentation:    Retrospettiva, Inc. (the "Company") was organized under the laws of the State of California in November, 1990 to manufacture and import textile products, including both finished garments and fabrics.  The Company’s manufacturing facilities and warehouses were located primarily in Europe.  The Company ceased operations in 2001 and was inactive from 2002 until commencement of the development stage.  On August 2, 2004, the Company was terminated, by administrative action of the State of California as a result of non-filing of required documents with the State of California.  Effective February 15, 2007, the Company reinstated its charter.

Effective October 11, 2006 (commencement of the development stage) efforts commenced to revive the Company.  Legal counsel was hired to address litigation involving the Company and activities were undertaken to prepare and file delinquent tax and financial reports.  Furthermore, a financial judgment against the Company dating back to 2002 was addressed and a final settlement was reached in October 2007.  The Company filed various delinquent reports to become current in its reporting obligations to the Securities and Exchange Commission (“SEC”) and various taxing authorities.

The Company intends to evaluate structure and complete a merger with, or acquisition of, prospects consisting of private companies, partnerships or sole proprietorships.  The Company may seek to acquire a controlling interest in such entities in contemplation of later completing an acquisition.

Development Stage Company:    Based on the Company’s business plan, it is a development stage company since planned principle operations have not yet commenced.  Accordingly, the Company presents its financial statements in conformity with the accounting principles generally accepted in the United States of America that apply to developing enterprises.  As a development stage enterprise, the Company discloses its retained earnings (or deficit accumulated) during the development stage and the cumulative statements of operations and cash flows from commencement of development stage to the current balance sheet date.  The development stage began on October 11, 2006, when management commenced its efforts to revive the Company.

6

Per Share Amounts:    Basic earnings (loss) per share is computed by dividing net loss by the weighted average number of common shares outstanding during each period.  Diluted earnings (loss) per share reflects the potential dilution that could occur if potentially dilutive securities are converted into common shares.  Potentially dilutive securities, such as stock options and warrants, are excluded from the calculation when their inclusion would be anti-dilutive, such as periods when a net loss is reported or when the exercise price of the instrument exceeds the fair market value.  During 2011 and 2010, the Company has not issued any potentially dilutive securities.

Use of Estimates:    The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount 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.  Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain.  Estimates that are critical to the accompanying financial statements include the identification and valuation of assets and liabilities, valuation of deferred tax assets, and the likelihood of loss contingencies.  Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  Estimates and assumptions are revised periodically and the effects of revisions are reflected in the financial statements in the period it is determined to be necessary.  Actual results could differ from these estimates.

Recently Adopted Accounting Standards.  The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board (“FASB”), the SEC, and the Emerging Issues Task Force (“EITF”), to determine the impact of new pronouncements on US GAAP and the impact on the Company.

Accounting Standards Codification - In June 2009, FASB established the Accounting Standards Codification (“ASC”) as the single source of authoritative US GAAP to be applied by nongovernmental entities.  Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative US GAAP for SEC registrants.  The ASC is a new structure which took existing accounting pronouncements and organized them by accounting topic.  The ASC did not change current US GAAP, but was intended to simplify user access to all authoritative US GAAP by providing all the relevant literature related to a particular topic in one place.  All previously existing accounting standards were superseded and all other accounting literature not included in the ASC is considered non-authoritative.  New accounting standards issued subsequent to June 30, 2009, will be communicated by the FASB through Accounting Standards Updates (ASU’s).  The ASC was effective during the period ended September 30, 2009.  Adoption of the ASC did not have an impact on the Company’s financial position, results of operations or cash flows.

The Company has recently adopted the following new accounting standards:

Subsequent Events - In May 2009, the ASC guidance for subsequent events was updated to establish accounting and reporting standards for events that occur after the balance sheet date but before financial statements are issued.  The guidance was amended in February 2010.  The update sets forth: (i) the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, (ii) the circumstances under which an entity should recognize events or transactions occurring after the balance sheet in its financial statements, and (iii) the disclosures that an entity should make about events or transactions occurring after the balance sheet date in its financial statements.  The amended ASU was effective immediately and its adoption had no impact on the Company’s financial position, results of operations or cash flows.

 7

Fair Value Measurements – In January 2010, ASU 2010-6 amended existing disclosure requirements about fair value measurements by adding required disclosures about items transferring into and out of levels 1 and 2 in the fair value hierarchy; adding separate disclosures about purchase, sales, issuances, and settlements relative to level 3 measurements; and clarifying, among other things, the existing fair value disclosures about the level of disaggregation. The ASU was adopted during the period ended June 30, 2010, and its adoption had no impact on the Company’s financial position, results of operations or cash flows.

Consolidations – ASU 2009-17 revises the consolidation guidance for variable-interest entities. The modifications include the elimination of the exemption for qualifying special purpose entities, a new approach for determining who should consolidate a variable-interest entity, and changes to when it is necessary to reassess who should consolidate a variable-interest entity. The ASU was adopted during the period ended June 30, 2010, and its adoption had no impact on the Company’s financial position, results of operations or cash flows.

Recently Issued Accounting Standards Updates.     The following accounting standards updates were recently issued and have not yet been adopted by the Company.  These standards are currently under review to determine their impact on the Company’s financial position, results of operations, or cash flows.

ASU No. 2010-11 was issued in March 2010, and clarifies that the transfer of credit risk that is only in the form of subordination of one financial instrument to another is an embedded derivative feature that should not be subject to potential bifurcation and separate accounting.  This ASU will be effective for the first fiscal quarter beginning after June 15, 2010, with early adoption permitted.

ASU No. 2010-13 was issued in April 2010, and will clarify the classification of an employee share based payment award with an exercise price denominated in the currency of a market in which the underlying security trades.  This ASU will be effective for the first fiscal quarter beginning after December 15, 2010, with early adoption permitted.

There were various other accounting standards updates recently issued, most of which represented technical corrections to the accounting literature or were applicable only to specific industries.  None of these additional recent updates are expected to have a material impact on the Company’s financial position, operations, or cash flows.

2.     Going Concern

The Company's financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business.  However, the Company has no business operations and has negative working capital and has a total stockholders’ deficit.  These conditions raise substantial doubt about the ability of the Company to continue as a going concern.

In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations.  The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.

Management has opted to file the Company’s periodic financial reports with the SEC and then to raise funds through a private placement.  Management believes that this plan provides an opportunity for the Company to continue as a going concern.

8
 

3.     Related Party Transactions

Effective July 2, 2007, the Company entered into a note payable agreement with a stockholder that provides for borrowings up to the principal amount of $64,871.  The note is uncollateralized and bears interest at an annual rate of 8%.  The original due date of June 30, 2008 has been modified, and the current terms of the note require it to be repaid upon demand.  The Company issued 945,987 shares of its common stock as additional consideration for the note payable.  As of September 30, 2011, the outstanding balance of the note payable was $64,871.

Effective November 14, 2007, the Company entered into a revolving convertible loan agreement with the President and a stockholder.  The agreement provides for borrowings up to the principal amount of $133,333.  The note is due on demand, is uncollateralized, bears interest at an annual rate of 8%, and is convertible into restricted common stock at $0.10 per share.  The Company issued 10,000,000 shares of its common stock as additional consideration for the note payable.  As of September 30, 2011, outstanding borrowings under the agreement totaled $101,178, including $14,370 borrowed during 2011.

The Company accrued interest expense of $9,497 on the two notes payable during the nine months ended September 30, 2011.

In addition to funds advanced under the borrowing arrangements described above, The Company’s President previously advanced funds to the Company so that it could meet its financial obligations.  As of September 30, 2011, the aggregate amounts advanced, including amounts advanced and repayments during previous periods, were $6,934.  These advances are due on demand, uncollateralized and bear no interest.

The Company uses the offices of its President for its minimal office facility needs for no additional consideration.  No provision for these costs has been provided since it has been determined that they are immaterial.

4.     Income Taxes

Deferred income taxes arise from temporary timing differences in the recognition of income and expenses for financial reporting and tax purposes.  The Company's deferred tax assets consist entirely of the benefit from net operating loss (NOL) carryforwards.  The net operating loss carryforwards, if not used, will expire in various years through 2031, and are severely restricted as per the Internal Revenue code if there is a change in ownership.  The Company's deferred tax assets are offset by a valuation allowance due to the uncertainty of the realization of the net operating loss carryforwards.  Net operating loss carryforwards may be further limited by other provisions of the tax laws.

The Company's deferred tax assets, valuation allowance, and change in valuation allowance are as follows:

Period Ending	Estimated NOL Carry-forward	NOL Expires	Estimated Tax Benefit from NOL	Valuation Allowance	Change in Valuation Allowance	Net Tax Benefit
December 31, 2010	$ 500,000	Various	113,250	113,250	$(3,963)	$—
September 30, 2011	15,953	2031	$0	$(0)	0	$—

 9

Income taxes at the statutory rate are reconciled to the Company’s reported income tax expense (benefit) as follows:

Federal tax expense (benefit) at statutory rate	(15.00	%)
State tax expense (benefit), net of federal tax	(7.65	%)
Deferred income tax valuation allowance	22.65	%
Reported tax rate	0	%

The Company also paid franchise taxes and related fees totaling $328 in 2010 to the State of California.  At September 30, 2011 and December 31, 2010, the Company had accrued franchise taxes and related fees payable to the State of California totaling $1,400 and $nil, respectively.

5.     Other Matters

On July 22, 2010, the Company entered into an Agreement and Plan of Merger with NewGen BioPharma Corporation (“NewGen”).  NewGen is a start-up, early stage biopharmaceutical company that plans to develop and market therapeutic products that will generally be reformulations of existing active pharmaceutical ingredients.  Completion of the transaction contemplated by the Agreement was subject to a number of contractual closing conditions.  Those conditions were not satisfied and the Agreement was terminated.

10

Item 2.  Management’s Discussion and Analysis or Plan of Operation

Overview

The following discussion updates our plan of operation for the next twelve months. It also analyzes our financial condition at September 30, 2011 and compares it to our financial condition at December 31, 2010. Finally, the discussion summarizes the results of our operations for the nine months ended September 30, 2011 and compares those results to the corresponding periods ended September 30, 2010.  This discussion and analysis should be read in conjunction with our audited financial statements for the year ended December 31, 2010, including footnotes, and the discussion and analysis included in our Form 10-K.

Plan of Operation

Retrospettiva, Inc. (the "Company") was organized under the laws of the State of California in November, 1990.  Prior to 2002, our business was to manufacture and import textile products, including both finished garments and fabrics.  Our manufacturing facilities and inventories were primarily located in Europe.  On July 2, 2001, we announced that the civil war in Macedonia rendered it impossible to continue operations.  We ceased operating and liquidated all of our assets.

On August 2, 2004, the Company was terminated, by administrative action of the State of California as a result of non-filing of required documents with the State of California.  Effective February 15, 2007, the Company reinstated its charter.

We have updated our affairs and become current in our various reporting obligations.  We intend to combine the Company with another entity in a merger, acquisition, or similar transaction and are seeking potential candidates.  Our plan is to evaluate prospects, structure a transaction, and ultimately combine with another entity.

On July 22, 2010, we entered into an Agreement and Plan of Merger with NewGen BioPharma Corporation (“NewGen”).  NewGen is a start-up, early stage biopharmaceutical company that plans to develop and market therapeutic products that will generally be reformulations of existing active pharmaceutical ingredients.  Completion of the transaction contemplated by the Agreement was subject to a number of contractual closing conditions.  Those conditions were not satisfied and the Agreement was terminated.

We are unable, at this time, to predict when, if ever, our objectives will be achieved.

Liquidity and Capital Resources

As of September 30, 2011, we had a working capital deficit of $222,210.  We had no current assets and current liabilities of $222,210.  This represents a $19,593 increase in the deficit from the working capital deficit of $202,616 at December 31, 2010.  During the nine months ended September 30, 2011, our working capital deficit increased because of costs incurred to revive our business and to meet the ongoing reporting requirements for a public company.  These costs were funded by an increase in current liabilities.

We will need additional funding to achieve our ultimate goals.  We do not believe we are a candidate for conventional debt financing and in the past we have relied on loans and advances from stockholders to fund our operations; however we have no guarantee that our stockholders will be willing and able to fund all of our future financing needs.

 11

We entered into a note payable agreement with one of our stockholders effective July 2, 2007.  The note provides for borrowings up to the principal amount of $64,871, is uncollateralized, and bears interest at an annual rate of 8%.  The original due date of June 30, 2008 has been modified, and the current terms of the note require it to be repaid upon demand.  We issued 945,987 shares of our common stock as additional consideration for the loan agreement.

On November 14, 2007, we entered into a loan agreement with our President and a stockholder.  The principal maximum amount that can be borrowed is $133,333.  The note is due on demand, is uncollateralized, bears interest at 8% per annum, and is convertible into restricted common stock at $0.10 per share.  We issued 10,000,000 shares of common stock as additional consideration for the note payable.  As of September 30, 2011, we had borrowed $101,178 under this arrangement and the amount available for future borrowings was $32,155

Our President previously advanced funds to us to meet our working capital needs.  As of September 30, 2011, we owe our President $6,934 for advances which are uncollateralized, non-interest bearing and due on demand.  During the three months ended September 30, 2011, we incurred other obligations and liabilities which are reflected in the accompanying balance sheet as accounts payable and accrued expenses.

Net cash used in operating activities was $14,370 during the first nine months of 2011 compared to cash used of $16,668 during the nine months ended June 30, 2010.  For both periods, all of our cash needs were funded by related parties.

Results of Operations – Three Months Ended September 30, 2011 Compared to the Three Months Ended September 30, 2010

We are considered a development stage company for accounting purposes, since we are working to revive the Company and to implement our plan of operations.  We are unable to predict with any degree of accuracy when this classification will change.  We expect to incur losses until such time, if ever, we begin generating revenue from operations.

For the three months ended September 30, 2011, we recorded a net loss of $(3,641), or $nil per share, compared to a loss for the corresponding period of 2010 of $(6,350) or $nil per share.  In neither period did we report any revenue.

Operating expenses decreased to $342 for the three months ended September 30, 2011 compared to $3,445 during the comparable period of 2010.  All of our operating expenses are incurred in connection with activities to meet current reporting requirements for a public company and there was no material change in the nature or extent of those activities.

During the three months ended September 30, 2011, we incurred interest expense of $3,299 related to the notes payable to stockholders, compared to $2,905 for the three months ended September 30, 2010.  Interest expense increased as the note balances increased from $162,187 reported at June 30, 2011 to $166,049 at September 30, 2011.

Results of Operations – Nine Months Ended September 30, 2011 Compared to the Nine Months Ended September 30, 2010

We are considered a development stage company for accounting purposes, since we are working to revive the Company and to implement our plan of operations.  We are unable to predict with any degree of accuracy when this classification will change.  We expect to incur losses until such time, if ever, we begin generating revenue from operations.

 12

For the nine months ended September 30, 2011, we recorded a net loss of $(19,594), or $nil per share, compared to a loss for the corresponding period of 2010 of $(26,646) or $nil per share.  In neither period did we report any revenue.

Operating expenses decreased to $9,497 for the nine months ended September 30, 2011 compared to $17,617 during the comparable period of 2010.  All of our operating expenses are incurred in connection with activities to meet current reporting requirements for a public company and there was no material change in the nature or extent of those activities.

During the nine months ended September 30, 2011, we incurred interest expense of $9,497 related to the notes payable to stockholders, compared to $8,429 for the nine months ended September 30, 2010.  Interest expense increased as the note balances increased from $151,680 reported at December 31, 2010 to $162,187 at September 30, 2011.

Forward-Looking Statements

This Form 10-Q contains or incorporates by reference “forward-looking statements,” as that term is used in federal securities laws, about our financial condition, results of operations and business.  These statements include, among others:

- statements concerning the benefits that we expect will result from our business activities and results of business development that we contemplate or have completed, such as increased revenues; and

- statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts.

These statements may be made expressly in this document or may be incorporated by reference to other documents that we will file with the SEC.  You can find many of these statements by looking for words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions used in this report or incorporated by reference in this report.

These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause our actual results to be materially different from any future results expressed or implied in those statements.  Because the statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied.  We caution you not to put undue reliance on these statements, which speak only as of the date of this report.  Further, the information contained in this document or incorporated herein by reference is a statement of our present intention and is based on present facts and assumptions, and may change at any time and without notice, based on changes in such facts or assumptions.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

The important factors that could prevent us from achieving our stated goals and objectives include, but are not limited to, those set forth in our annual report on Form 10-K, other reports filed with the SEC and the following:

·   The worldwide economic situation;

·   Any change in interest rates or inflation;

·   The willingness and ability of third parties to honor their contractual commitments;

·   Our ability to raise additional capital, as it may be affected by current conditions in the stock market and competition for risk capital;

·   Environmental and other regulations, as the same presently exist and may hereafter be amended.

We undertake no responsibility or obligation to update publicly these forward-looking statements, but may do so in the future in written or oral statements.  Investors should take note of any future statements made by or on our behalf.

Item 4.  Controls and Procedures

(a)  We maintain a system of controls and procedures designed to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within time periods specified in the SEC’s rules and forms and to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.  As of September 30, 2011, under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures.  Based on that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were not effective.

(b) Changes in Internal Controls.  There were no changes in our internal control over financial reporting during the quarter ended September 30, 2011 that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

13 

PART II – OTHER INFORMATION

Item 1.  Legal Proceedings.

None

Item 1A.  Risk Factors.

Not required for smaller reporting companies.

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

None

Item 3.  Defaults Upon Senior Securities.

None

Item 4.  (Removed and Reserved)

Item 5.  Other Information.

None

Item 6.  Exhibits.

a.   Exhibits

31.1 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Borivoje Vukadinovic.

32.1 Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Borivoje Vukadinovic.

101 Interactive Data Files

14

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	RETROSPETTIVA, INC.
	/s/ Borivoje Vukadinovic
Dated: November 18, 2011	By: Borivoje Vukadinovic, Director, Chief Executive Officer, and Chief Financial Officer

In accordance with the Exchange Act, this Report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.

	RETROSPETTIVA, INC.
	/s/ Borivoje Vukadinovic
Dated: November 18, 2011	By: Borivoje Vukadinovic, Director, Chief Executive Officer, and Chief Financial Officer

15

EX-31.1

Exhibit 31.1

CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Borivoje Vukadinovic, certify that:

1.           I have reviewed this Form 10-Q of Retrospettiva, Inc.;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.           The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.           Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.           Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.           The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a.           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

b.           Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:   November 18, 2011                                                                                            Date:  November 18, 2011

/s/ Borivoje Vukadinovic                                                                                              /s/ Borivoje Vukadinovic

Borivoje Vukadinovic,                                                                                                  Borivoje Vukadinovic

President and Principal Executive Officer                                                                  Principal Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Quarterly Report of Retrospettiva, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof, (the "Report"), I, Borivoje Vukadinovic, the Company’s Principal Executive Officer and Principal Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; as amended; and

(2)           The information contained in the Report fairly presents, in all material respects, the financial condition and results of the Company.

Date:  November 18, 2011

/s/ Borivoje Vukadinovic                                                      

Borivoje Vukadinovic,

Principal Executive Officer

/s/ Borivoje Vukadinovic                                                                

Borivoje Vukadinovic,

Principal Financial Officer

XML

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2010	Sep. 30, 2011 Unaudited
Preferred stock no par value	$ 0	$ 0
Preferred stock authorized shares	1,000,000	1,000,000
Preferred stock No shares issued or outstanding	0	0
Common stock no par value	$ 0	$ 0
Common stock shares authorized	100,000,000	100,000,000
Common stock shares issued and outstanding	14,425,903	14,425,903

XML

Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		60 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Income Statement [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0	$ 0
Financing costs					2,917
Consulting fees				328	8,029
Accounting and legal	(580)	3,020	7,523	12,922	108,464
Investor relations	722	225	1,974	4,367	25,117
Total expenses	142	3,245	9,496	17,617	144,526
Operating (loss)	142	(3,245)	(9,496)	(17,617)	(144,526)
Gain from litigation settlement					137,310
Interest (expense)	(3,299)	(2,905)	(9,497)	(8,429)	(41,806)
Net Other income	(3,299)	(2,905)	(9,497)	(8,429)	95,504
Income (loss) before income taxes	(3,441)	(6,150)	(18,994)	(26,046)	(49,023)
Provision for income taxes	200	200	600	600	4,718
Net income (loss)	3,641	6,350	19,594	26,646	53,741
Basic and Diluted	0	0	0	0
Basic and Diluted	$ 14,425,903	$ 14,425,903	$ 14,425,903	$ 14,425,903

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2011	Aug. 01, 2011
Document And Entity Information
Entity Registrant Name	RETROSPETTIVA INC.
Entity Central Index Key	0001015383
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,425,903
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2011

XML

Related Party Transactions

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Related Party Transactions

3.     Related Party Transactions

Effective July 2, 2007, the Company entered into a note payable agreement with a stockholder that provides for borrowings up to the principal amount of $64,871.  The note is uncollateralized and bears interest at an annual rate of 8%.  The original due date of June 30, 2008 has been modified, and the current terms of the note require it to be repaid upon demand.  The Company issued 945,987 shares of its common stock as additional consideration for the note payable.  As of September 30, 2011, the outstanding balance of the note payable was $64,871.

Effective November 14, 2007, the Company entered into a revolving convertible loan agreement with the President and a stockholder.  The agreement provides for borrowings up to the principal amount of $133,333.  The note is due on demand, is uncollateralized, bears interest at an annual rate of 8%, and is convertible into restricted common stock at $0.10 per share.  The Company issued 10,000,000 shares of its common stock as additional consideration for the note payable.  As of September 30, 2011, outstanding borrowings under the agreement totaled $101,178, including $14,370 borrowed during 2011.

The Company accrued interest expense of $9,497 on the two notes payable during the nine months ended September 30, 2011.

In addition to funds advanced under the borrowing arrangements described above, The Company’s President previously advanced funds to the Company so that it could meet its financial obligations.  As of September 30, 2011, the aggregate amounts advanced, including amounts advanced and repayments during previous periods, were $6,934.  These advances are due on demand, uncollateralized and bear no interest.

The Company uses the offices of its President for its minimal office facility needs for no additional consideration.  No provision for these costs has been provided since it has been determined that they are immaterial.

XML

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Summary of Significant Accounting Policies

1.     Summary of Significant Accounting Policies

Interim Financial Information:    The interim financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) as promulgated in Item 210 of Regulation S-X.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position as of September 30, 2011, results of operations for the three and nine months ended September 30, 2011 and 2010, and cash flows for the nine months ended September 30, 2011 and 2010, as applicable, have been made.  The results for these interim periods are not necessarily indicative of the results for the entire year.  The accompanying financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Form 10-K.

Basis of Presentation:    Retrospettiva, Inc. (the "Company") was organized under the laws of the State of California in November, 1990 to manufacture and import textile products, including both finished garments and fabrics.  The Company’s manufacturing facilities and warehouses were located primarily in Europe.  The Company ceased operations in 2001 and was inactive from 2002 until commencement of the development stage.  On August 2, 2004, the Company was terminated, by administrative action of the State of California as a result of non-filing of required documents with the State of California.  Effective February 15, 2007, the Company reinstated its charter.

Effective October 11, 2006 (commencement of the development stage) efforts commenced to revive the Company.  Legal counsel was hired to address litigation involving the Company and activities were undertaken to prepare and file delinquent tax and financial reports.  Furthermore, a financial judgment against the Company dating back to 2002 was addressed and a final settlement was reached in October 2007.  The Company filed various delinquent reports to become current in its reporting obligations to the Securities and Exchange Commission (“SEC”) and various taxing authorities.

The Company intends to evaluate structure and complete a merger with, or acquisition of, prospects consisting of private companies, partnerships or sole proprietorships.  The Company may seek to acquire a controlling interest in such entities in contemplation of later completing an acquisition.

Development Stage Company:    Based on the Company’s business plan, it is a development stage company since planned principle operations have not yet commenced.  Accordingly, the Company presents its financial statements in conformity with the accounting principles generally accepted in the United States of America that apply to developing enterprises.  As a development stage enterprise, the Company discloses its retained earnings (or deficit accumulated) during the development stage and the cumulative statements of operations and cash flows from commencement of development stage to the current balance sheet date.  The development stage began on October 11, 2006, when management commenced its efforts to revive the Company.

Per Share Amounts:     Basic earnings (loss) per share is computed by dividing net loss by the weighted average number of common shares outstanding during each period.  Diluted earnings (loss) per share reflects the potential dilution that could occur if potentially dilutive securities are converted into common shares.  Potentially dilutive securities, such as stock options and warrants, are excluded from the calculation when their inclusion would be anti-dilutive, such as periods when a net loss is reported or when the exercise price of the instrument exceeds the fair market value.  During 2011 and 2010, the Company has not issued any potentially dilutive securities.

Use of Estimates:    The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount 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.  Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain.  Estimates that are critical to the accompanying financial statements include the identification and valuation of assets and liabilities, valuation of deferred tax assets, and the likelihood of loss contingencies.  Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  Estimates and assumptions are revised periodically and the effects of revisions are reflected in the financial statements in the period it is determined to be necessary.  Actual results could differ from these estimates.

Recently Adopted Accounting Standards.  The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board (“FASB”), the SEC, and the Emerging Issues Task Force (“EITF”), to determine the impact of new pronouncements on US GAAP and the impact on the Company.

Accounting Standards Codification - In June 2009, FASB established the Accounting Standards Codification (“ASC”) as the single source of authoritative US GAAP to be applied by nongovernmental entities.  Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative US GAAP for SEC registrants.  The ASC is a new structure which took existing accounting pronouncements and organized them by accounting topic.  The ASC did not change current US GAAP, but was intended to simplify user access to all authoritative US GAAP by providing all the relevant literature related to a particular topic in one place.  All previously existing accounting standards were superseded and all other accounting literature not included in the ASC is considered non-authoritative.  New accounting standards issued subsequent to June 30, 2009, will be communicated by the FASB through Accounting Standards Updates (ASU’s).  The ASC was effective during the period ended September 30, 2009.  Adoption of the ASC did not have an impact on the Company’s financial position, results of operations or cash flows.

The Company has recently adopted the following new accounting standards:

Subsequent Events - In May 2009, the ASC guidance for subsequent events was updated to establish accounting and reporting standards for events that occur after the balance sheet date but before financial statements are issued.  The guidance was amended in February 2010.  The update sets forth: (i) the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, (ii) the circumstances under which an entity should recognize events or transactions occurring after the balance sheet in its financial statements, and (iii) the disclosures that an entity should make about events or transactions occurring after the balance sheet date in its financial statements.  The amended ASU was effective immediately and its adoption had no impact on the Company’s financial position, results of operations or cash flows.

Fair Value Measurements – In January 2010, ASU 2010-6 amended existing disclosure requirements about fair value measurements by adding required disclosures about items transferring into and out of levels 1 and 2 in the fair value hierarchy; adding separate disclosures about purchase, sales, issuances, and settlements relative to level 3 measurements; and clarifying, among other things, the existing fair value disclosures about the level of disaggregation. The ASU was adopted during the period ended June 30, 2010, and its adoption had no impact on the Company’s financial position, results of operations or cash flows.

Consolidations – ASU 2009-17 revises the consolidation guidance for variable-interest entities. The modifications include the elimination of the exemption for qualifying special purpose entities, a new approach for determining who should consolidate a variable-interest entity, and changes to when it is necessary to reassess who should consolidate a variable-interest entity. The ASU was adopted during the period ended June 30, 2010, and its adoption had no impact on the Company’s financial position, results of operations or cash flows.

Recently Issued Accounting Standards Updates.     The following accounting standards updates were recently issued and have not yet been adopted by the Company.  These standards are currently under review to determine their impact on the Company’s financial position, results of operations, or cash flows.

ASU No. 2010-11 was issued in March 2010, and clarifies that the transfer of credit risk that is only in the form of subordination of one financial instrument to another is an embedded derivative feature that should not be subject to potential bifurcation and separate accounting.  This ASU will be effective for the first fiscal quarter beginning after June 15, 2010, with early adoption permitted.

ASU No. 2010-13 was issued in April 2010, and will clarify the classification of an employee share based payment award with an exercise price denominated in the currency of a market in which the underlying security trades.  This ASU will be effective for the first fiscal quarter beginning after December 15, 2010, with early adoption permitted.

There were various other accounting standards updates recently issued, most of which represented technical corrections to the accounting literature or were applicable only to specific industries.  None of these additional recent updates are expected to have a material impact on the Company’s financial position, operations, or cash flows.

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Income Taxes

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Income Taxes

4.     Income Taxes

Deferred income taxes arise from temporary timing differences in the recognition of income and expenses for financial reporting and tax purposes.  The Company's deferred tax assets consist entirely of the benefit from net operating loss (NOL) carryforwards.  The net operating loss carryforwards, if not used, will expire in various years through 2031, and are severely restricted as per the Internal Revenue code if there is a change in ownership.  The Company's deferred tax assets are offset by a valuation allowance due to the uncertainty of the realization of the net operating loss carryforwards.  Net operating loss carryforwards may be further limited by other provisions of the tax laws.

The Company's deferred tax assets, valuation allowance, and change in valuation allowance are as follows:

Period Ending	Estimated NOL Carry-forward	NOL Expires	Estimated Tax Benefit from NOL	Valuation Allowance	Change in Valuation Allowance	Net Tax Benefit
December 31, 2010	$ 500,000	Various	113,250	113,250	$(3,963)	$—
September 30, 2011	15,953	2031	$0	$(0)	0	$—

Income taxes at the statutory rate are reconciled to the Company’s reported income tax expense (benefit) as follows:

Federal tax expense (benefit) at statutory rate	(15.00	%)
State tax expense (benefit), net of federal tax	(7.65	%)
Deferred income tax valuation allowance	22.65	%
Reported tax rate	0	%

The Company also paid franchise taxes and related fees totaling $328 in 2010 to the State of California.  At September 30, 2011 and December 31, 2010, the Company had accrued franchise taxes and related fees payable to the State of California totaling $1,400 and $nil, respectively.

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Other Matters

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Other Matters

5.     Other Matters

On July 22, 2010, the Company entered into an Agreement and Plan of Merger with NewGen BioPharma Corporation (“NewGen”).  NewGen is a start-up, early stage biopharmaceutical company that plans to develop and market therapeutic products that will generally be reformulations of existing active pharmaceutical ingredients.  Completion of the transaction contemplated by the Agreement was subject to a number of contractual closing conditions.  Those conditions were not satisfied and the Agreement was terminated.

XML

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended		60 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Statement of Cash Flows [Abstract]
Net income (loss)	$ (19,594)	$ (26,645)	$ (53,741)
Gain from litigation settlement			(137,310)
Shares issued for loan fees and consulting fees			10,946
Changes in operating assets and liabilities:
Accounts payable	(4,873)	948	(8,335)
Accrued expenses	600	600	1,400
Judgement payable			(27,750)
Accrued interest	9,497	8,429	41,806
Total adjustments	5,224	9,977	(119,243)
Net cash (used in) operating activities	(14,370)	(16,668)	(172,984)
Net cash (used in) investing activities
Proceeds from notes payable - stockholders	14,369	16,668	166,049
Advances from officer			6,934
Net cash provided by financing activities	14,369	16,668	172,983
Net increase in cash and equivalents	(1)		(1)
Cash and equivalents at beginning of year
Cash and equivalents at end of year	(1)		(1)
Supplemental Cash Flow Information
Interest paid
Income taxes paid		$ 328	$ 7,670

XML

Going Concern

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Going Concern

2.     Going Concern

The Company's financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business.  However, the Company has no business operations and has negative working capital and has a total stockholders’ deficit.  These conditions raise substantial doubt about the ability of the Company to continue as a going concern.

In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations.  The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.

Management has opted to file the Company’s periodic financial reports with the SEC and then to raise funds through a private placement.  Management believes that this plan provides an opportunity for the Company to continue as a going concern.

XML

Balance Sheets (USD $)	Dec. 31, 2010	Sep. 30, 2011 Unaudited
Total current assets	$ 0	$ 0
Accounts payable	10,893	6,020
Accrued expenses	800	1,400
Advances payable - officer	6,934	6,934
Notes payable - stockholders	151,680	166,049
Accrued interest - stockholders	32,309	41,805
Total current liabilities	202,616	222,209
Preferred stock - no par value, authorized 1,000,000 shares: No shares issued or outstanding	0	0
Common stock - no par value, 100,000,000 shares authorized: 14,425,903 shares issued and outstanding	6,903,766	6,903,766
Additional paid-in capital	230,000	230,000
Accumulated deficit through October 11, 2006	(7,302,235)	(7,302,235)
(Accumulated deficit) during development stage	(34,147)	(53,740)
Total stockholders' (deficit)	(202,616)	(222,209)
Total liabilities and stockholders' (deficit)	$ 0	$ 0