DIGITAL DEVELOPMENT PARTNERS, INC. |
(Exact name of registrant as specified in its charter) |
NEVADA | 98-0521119 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | þ |
DIGITAL DEVELOPMENT PARTNERS, INC.
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Balance Sheet
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as at
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June 30,
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December 31,
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|||||||
2011
|
2010
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(Unaudited)
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ASSETS
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Current Assets
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Cash
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$ | 28,468 | $ | 196,676 | ||||
Pre-paid Deposit
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16,680 | 269,128 | ||||||
Loan receivable
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- | 33,000 | ||||||
45,148 | 498,804 | |||||||
Other Assets
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||||||||
Due From EFT Holdings, Inc.
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45,000 | - | ||||||
Goodwill
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- | 5,000 | ||||||
$ | 90,148 | $ | 503,804 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities
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Accounts Payable
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25,036 | 16,920 | ||||||
Long Term Liabilities
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Loan Payable (Note 5)
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300,000 | 619,666 | ||||||
$ | 325,036 | $ | 636,586 | |||||
Stockholders' Equity
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Common Stock, $0.001 par value; authorized 225,000,000
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shares; issued and outstanding
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86,402,665 shares as at December 31, 2010,
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86,402,665 shares as at June 30, 2011
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86,403 | 86,403 | ||||||
Additional Paid-In Capital
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8,281,164 | 8,281,164 | ||||||
Deficit
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(8,602,455 | ) | (8,500,349 | ) | ||||
Total Stockholders' Equity
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(234,888 | ) | (132,782 | ) | ||||
$ | 90,148 | $ | 503,804 |
DIGITAL DEVELOPMENT PARTNERS, INC.
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Statement of Operations
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(Unaudited)
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For the
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For the
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2011
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2010
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2011
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2010
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Revenue
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$ | 71,402 | $ | 0 | 921,882 | 1,200 | ||||||||||
Cost of Sales
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66,300 | 1,895 | 853,990 | 13,042 | ||||||||||||
Operating Income
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5,102 | (1,895 | ) | 67,892 | (11,842 | ) | ||||||||||
General and Administrative Expenses:
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0 | |||||||||||||||
Advertising
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0 | 61,235 | 2,383 | |||||||||||||
Consulting
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22,500 | 0 | 48,750 | 42,575 | ||||||||||||
Professional Fees
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9,885 | 24,407 | 16,197 | 59,511 | ||||||||||||
Transfer Fees
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2,450 | 402 | 2,450 | |||||||||||||
Project Related Costs
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0 | 0 | 0 | 0 | ||||||||||||
Other Administrative Expenses
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12,385 | 5,501 | 35,144 | 19,645 | ||||||||||||
Total General and
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Administrative Expenses
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44,770 | 32,358 | 161,728 | 126,564 | ||||||||||||
Net Loss from Operations
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(39,668 | ) | (34,253 | ) | (93,836 | ) | (138,406 | ) | ||||||||
Other Income and Expense
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Interest Income
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0 | 0 | 0 | |||||||||||||
Interest Expense
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(3,709 | ) | (2,871 | ) | (8,270 | ) | (2,871 | ) | ||||||||
(3,709 | ) | (2,871 | ) | (8,270 | ) | (2,871 | ) | |||||||||
Net Loss
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$ | (43,377 | ) | (37,124 | ) | (102,106 | ) | (141,277 | ) | |||||||
Loss Per Common Share:
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Basic and Diluted
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$ | (0.00 | ) | 0 | 0 | 0 | ||||||||||
Weighted Average Shares Outstanding,
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Basic and Diluted:
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86,402,665 | 26,800,665 | 86,402,665 | 26,777,476 |
DIGITAL DEVELOPMENT PARTNERS, INC.
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Statement of Stockholders' Equity
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For the period from January 1, 2007 to June 30, 2011
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(Unaudited)
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Common Stock
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Additional
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Total Shareholders'
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Number of
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Paid-In
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Equity
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Shares
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Amount
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Capital
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Deficit
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(Deficit)
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Balances January 1, 2007
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0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Common stock issued for cash,
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Jan. 10, 2007 @ $0.01 per share
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4,500,000 | 4,500 | 10,500 | 0 | 15,000 | |||||||||||||||
Common stock issued for cash,
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May, 2007 @ $0.02 per share
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3,975,000 | 3,975 | 22,525 | 0 | 26,500 | |||||||||||||||
Common stock issued for cash,
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June, 2007 @ $0.02 per share
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2,400,000 | 2,400 | 13,600 | 0 | 16,000 | |||||||||||||||
Net loss for the year ended
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December 31, 2007
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(36,063 | ) | (36,063 | ) | ||||||||||||||||
Balances, December 31, 2007
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10,875,000 | $ | 10,875 | $ | 46,625 | $ | (36,063 | ) | $ | 21,437 | ||||||||||
Capital contributed Nov. 26, 2008
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5,000 | 5,000 | ||||||||||||||||||
Net loss for year ended Dec.31, 2008
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(23,253 | ) | (23,253 | ) | ||||||||||||||||
Balances, December 31, 2008
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10,875,000 | $ | 0,875 | $ | 51,625 | $ | (59,316 | ) | $ | 3,184 | ||||||||||
Capital contributed August 1, 2009
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100 | 0 | 100 | |||||||||||||||||
Stock Issued for purchase of sub-
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||||||||||||||||||||
sidiary Aug 3, 2009 @ $0.0033/share
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15,495,000 | 15,495 | (10,495 | ) | 0 | 5,000 | ||||||||||||||
Sale of warrant @ $25,000 Aug.3, 2009
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25,000 | 0 | 25,000 | |||||||||||||||||
Common stock issued for cash
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Dec. 31, 2009 @ $0.75 per share.
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216,000 | 216 | 161,784 | 0 | 162,000 | |||||||||||||||
Net loss for year ended Dec.31, 2009
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(168,723 | ) | (168,723 | ) | ||||||||||||||||
Balances, December 31, 2010
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26,586,000 | $ | 6,586 | $ | 228,014 | $ | (228,039 | ) | $ | 26,561 | ||||||||||
Capital Contributed Feb. 2, 2010
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75,000 | 0 | 75,000 | |||||||||||||||||
January 5, 2010 Stock issued for debt
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100,000 | 100 | 99,900 | 0 | 100,000 | |||||||||||||||
Common Stock issued for services
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@ $0.10 per share Feb. 2, 2010
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114,665 | 115 | 11,352 | 0 | 11,467 | |||||||||||||||
Stock issued per Agreement with
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||||||||||||||||||||
EFT Biotech Holdings, Inc. Feb. 18, | 79,265,000 | 79,265 | 7,847,235 | 0 | 7,926,500 | |||||||||||||||
2010 @ $0.10 per share | ||||||||||||||||||||
Common Stock returned to Treasury | ||||||||||||||||||||
and cancelled Feb. 22, 2010 | (20,095,000) | (20,095) | 20,095 | 0 | 0 | |||||||||||||||
June, 2010 stock issued pursuant to | ||||||||||||||||||||
completion of Sep. 2009 offering. | 432,000 | 432 | (432 | ) | 0 | 0 | ||||||||||||||
Net loss for year ended Dec.31, 2010 | (8,272,310) | (8,272,310) | ||||||||||||||||||
Balances, December 31, 2010 | 86,402,665 | $ | 86,403 | $ | 8,281,164 | $ | (8,500,349 | ) | $ | (132,782 | ) | |||||||||
Net loss for the six months | (102,106 | ) | (102,106 | ) | ||||||||||||||||
Balances, June 30, 2011 | 86,402,665 | $ | 86,403 | $ | 8,281,164 | $ | (8,602,455 | ) | $ | (234,888 | ) |
DIGITAL DEVELOPMENT PARTNERS, INC.
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Statement of Cash Flows
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(Unaudited)
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For the
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Six Months Ended
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June 30,
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2011
|
2010
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Cash flows from operating activities:
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Net loss
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$ | (102,106 | ) | $ | (141,277 | ) | ||
Adjustments to reconcile net loss to
|
||||||||
net cash used by operating activities:
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0 | 0 | ||||||
Change in operating assets and liabilities:
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Accounts payable, accrued liabilities
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8,116 | 3,082 | ||||||
Deposits
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252,448 | 0 | ||||||
Net cash provided (used) by operating activities
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158,458 | (138,195 | ) | |||||
Non Cash investing and financing activities
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Non cash issue of stock for investment
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0 | 7,926,500 | ||||||
Non cash issue of stock for services
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0 | 11,467 | ||||||
0 | 7,937,967 | |||||||
Cash flows from investing activities
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Investment in EFT Project
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0 | (8,030,492 | ) | |||||
Stock Option
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0 | 100,000 | ||||||
Impairment of Goodwill
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5,000 | |||||||
Net cash provided (used) by investing activities
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5,000 | (7,930,492 | ) | |||||
Cash flows from financing activities:
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Repayment of loans
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(319,666 | ) | 0 | |||||
Proceeds of loan receivable
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33,000 | 0 | ||||||
Loan to related Party
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(45,000 | ) | 523,020 | |||||
Non cash issue of stock for debt
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0 | 0 | ||||||
Contributed Capital
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0 | 75,000 | ||||||
Net cash provided (used) by financing
|
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activities
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(331,666 | ) | 598,020 | |||||
Net increase (decrease) in cash
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(168,208 | ) | 467,300 | |||||
0 | 0 | |||||||
Cash, beginning of the period
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196,676 | 21,561 | ||||||
Cash, end of the period
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$ | 28,468 | $ | 488,861 | ||||
Supplemental cash flow disclosure:
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Interest paid
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$ | 0 | $ | 0 | ||||
Taxes paid
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$ | 0 | $ | 0 |
Numerator: | 2011 | 2010 | ||||||
Basic and diluted net loss per share: | ||||||||
Net Loss | $ | (102,106 | ) | $ | (141,277 | ) | ||
Denominator | ||||||||
Basic and diluted weighted average number of shares outstanding | 86,402,665 | 26,777,476 | ||||||
Basic and Diluted Net Loss Per Share | $ | (0.00 | ) | $ | (0.00 | ) |
June 30, 2011 | December 31, 2010 | |||||
$ | 16,680 | $ | 269,128 |
June 30, 2011 | December 31, 2010 | |||||
$ | 0 | $ | 0 |
June 30, 2011 |
December 31, 2010 |
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Loan Payable – EFT Holdings, Inc. | $ | 300,000 | $ | 619,666 |
●
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involved the distribution of its shares in YuDeal to the Company’s shareholders; and
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●
|
the acquisition of new line of technology which has the prospect of being the core of a commercially viable business.
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Item |
Increase (I)
or Decrease (D)
|
Reason | ||
Revenue, Cost of Sales and Advertising | I | The Company began marketing the EFT-Phones to the affiliates of EFT in July 2010. | ||
Professional fees | D | Amounts during the six months ended June 30, 2010 were higher than the current period as the Company incurred one-time costs when it began assembling the organizational structure required to distribute the EFT phone. | ||
Other Administrative Expenses | I | Increase mainly due to the expense associated with the hiring of a Chief Financial Officer for the Company. | ||
Advertising Expense (increase)
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I | Increase for the six months ended June 30, 2011 was mainly due to one-time costs incurred by the company related to the promotion of the EFT phone. |
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31.1
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Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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31.2
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Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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|
32
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Certification pursuant to Section 906 of the Sarbanes-Oxley Act.
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DIGITAL DEVELOPMENT PARTNERS, INC. | |||
August 10, 2011
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By:
|
/s/ Jack Jie Qin | |
Jack Jie Qin | |||
President and Principal Executive Officer | |||
August 10, 2011 | By: | /s/ William E. Sluss | |
William E. Sluss, | |||
Principal Financial and Accounting Officer |
August 10, 2011
|
By:
|
/s/ Jack Jie Qin | |
Jack Jie Qin | |||
Principal Executive Officer | |||
August 10, 2011
|
By:
|
/s/ William E. Sluss | |
William E. Sluss | |||
Principal Financial Officer | |||
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
|
The information contained in the Report fairly presents, in all material respects the financial condition and results of the Company.
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DIGITAL DEVELOPMENT PARTNERS, INC. | |||
August 10, 2011
|
By:
|
/s/ Jack Jie Qin | |
Jack Jie Qin | |||
President and Principal Executive Officer | |||
August 10, 2011 | By: | /s/ William E. Sluss | |
William E. Sluss, | |||
Principal Financial and Accounting Officer |
Balance Sheet (Parenthetical) (USD $)
|
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Stockholders' Equity | Â | Â |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 225,000,000 | 225,000,000 |
Common stock, Issued | 86,402,665 | 86,402,665 |
Common stock, outstanding | 86,402,665 | 86,402,665 |
Statement of Operations (Unaudited) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Income Statement [Abstract] | Â | Â | Â | Â |
Revenue | $ 71,402 | $ 0 | $ 921,882 | $ 1,200 |
Cost of Sales | 66,300 | 1,895 | 853,990 | 13,042 |
Operating Income | 5,102 | (1,895) | 67,892 | (11,842) |
General and Administrative Expenses: | Â | Â | Â | Â |
Advertising | 0 | 0 | 61,235 | 2,383 |
Consulting | 22,500 | 0 | 48,750 | 42,575 |
Professional Fees | 9,885 | 24,407 | 16,197 | 59,511 |
Transfer Fees | 0 | 2,450 | 402 | 2,450 |
Project Related Costs | 0 | 0 | 0 | 0 |
Other Administrative Expenses | 12,385 | 5,501 | 35,144 | 19,645 |
Total General and Administrative Expenses | 44,770 | 32,358 | 161,728 | 126,564 |
Net Loss from Operations | (39,668) | (34,253) | (93,836) | (138,406) |
Other Income and Expense | Â | Â | Â | Â |
Interest Income | 0 | 0 | 0 | 0 |
Interest Expense | (3,709) | (2,871) | (8,270) | (2,871) |
Total | (3,709) | (2,871) | (8,270) | (2,871) |
Net Loss | $ (43,377) | $ (37,124) | $ (102,106) | $ (141,277) |
Loss Per Common Share: | Â | Â | Â | Â |
Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Shares Outstanding, Basic and Diluted: | 86,402,665 | 26,800,665 | 86,402,665 | 26,777,476 |
Document and Entity Information (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Aug. 12, 2011
|
|
Document And Entity Information | Â | Â |
Entity Registrant Name | Digital Development Partners, Inc. | Â |
Entity Central Index Key | 0001409999 | Â |
Document Type | 10-Q | Â |
Document Period End Date | Jun. 30, 2011 | |
Amendment Flag | false | Â |
Current Fiscal Year End Date | --12-31 | Â |
Is Entity a Well-known Seasoned Issuer? | No | Â |
Is Entity a Voluntary Filer? | No | Â |
Is Entity's Reporting Status Current? | Yes | Â |
Entity Filer Category | Smaller Reporting Company | Â |
Entity Public Float | Â | $ 86,403 |
Entity Common Stock, Shares Outstanding | Â | 86,402,668 |
Document Fiscal Period Focus | Q2 | Â |
Document Fiscal Year Focus | 2011 | Â |
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Income Taxes
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Income Taxes | Â |
Income Taxes | No provision was made for federal income tax, since the Company had an operating loss and has accumulated net operating loss carry-forwards. The net operating loss carry-forwards may be used to reduce taxable income through the year 2025. |
Summary of Significant Accounting Policies
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
|
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Summary Of Significant Accounting Policies | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates made by management are, among others, reliability of long-lived assets and deferred taxes.
Cash and equivalents
Cash and equivalents include investments with initial maturities of six months or less.
Fair Value of Financial Instruments
The Financial Accounting Standards Board issued ASC No. 820, Fair Value Measurements and Disclosures. ASC No. 820 requires disclosure of fair value information about financial instruments when it is practicable to estimate that value. The carrying amounts of the Companys financial instruments as of June 30, 2010 approximate their respective fair values because of the short-term nature of these instruments. Such instruments consist of cash, accounts payable and accrued expenses. The fair value of related party payables is not determinable.
Income Taxes
The Company utilizes ASC 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company generated a deferred tax credit through net operating loss carry-forward. However, a valuation allowance of 100% has been established, as the realization of the deferred tax credits is not reasonably certain, based on going concern considerations outlined under Going Concern following.
Recent Accounting Pronouncements
In April 2010, the FASB codified the consensus reached in Emerging Issues Task Force Issue No. 08-09, Milestone Method of Revenue Recognition. FASB ASU No. 2010-29 Revenue Recognition Milestone Method (Topic 605) provides guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research and development transactions. FASB ASU No. 2010 17 is effective for fiscal years beginning on or after June 15, 2010, and is effective on a prospective basis for milestones achieved after the adoption date. The Company does not expect this ASU has a material impact on its financial position or results of operations at this time.
On December 1, 2010, we adopted guidance issued by the FASB ASU 2010-15 on the consolidation of variable interest entities. The new guidance requires revised evaluations of whether entities represent variable interest entities, ongoing assessments of control over such entities, and additional disclosures for variable interests. Adoption of the new guidance did not have a material impact on our financial statements.
The Company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.
Basic and Diluted Net Loss Per Share
Net loss per share is calculated in accordance with ASC 260, Earnings Per Share, for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.
As of June 30, 2011 the Company has potentially dilutive securities in outstanding warrants for the purchase of 2,330,665 shares of common stock. Since the Company is in a loss position the warrants are anti-dilutive and not considered in the calculation.
The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations for the six months ended June 30, 2011 and 2010:
|
Capital Stock
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Capital Stock | Â |
Capital Stock | No stock was issued in the three months ended June 30, 2011.
As at June 30, 2011, the Company was authorized to issue 225,000,000 common shares, of which 86,402,665 were issued and outstanding. |
Pre-paid Deposit
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
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Pre-Paid Deposit | Â | ||||||||||||||||||||||||||||||||||||
Pre-paid Deposit |
A deposit was made for the manufacture of EFT smart phones following purchase of distribution and servicing rights from EFT Holdings, Inc. in February, 2010. |
EFT Project
|
6 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
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Notes to Financial Statements | Â | ||||||||||||||||||
EFT Project |
The EFT Project is a new line of technology purchased February, 2010: the worldwide distribution and servicing rights for the EFT Smart Phone. This was purchased from EFT Holdings, Inc, a cell phone enterprise operating in China, including Hong Kong, by the exchange of stock, and valued at $8,031,492. Impairment was considered at the year ended December 31, 2010 based on future cash flows, and the investment written down to zero. The Company still retains all rights originally purchased. |
Loans Payable
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
|
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Notes to Financial Statements | Â | ||||||||||||||||||||||||||||||||||||
Loans Payable |
A promissory note for $500,000 was issued May 13, 2010 to EFT Holdings Inc. A series of advances was received from EFT Holdings during the fiscal year ended December 31, 2010 totaling $619,666. The note bears annual interest of 5%, requires no monthly payments, and matured November 13, 2010. The note was extended indefinitely. The note was paid down to $300,000 in January, 2011. |
Basis of Presentation and Nature of Operations
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Basis Of Presentation And Nature Of Operations | Â |
Basis of Presentation and Nature of Operations | These unaudited interim financial statements as of and for the six months ended June 30, 2011 reflect all adjustments which, in the opinion of management, are necessary to fairly state the Companys financial position and the results of its operations for the periods presented, in accordance with the accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature.
These unaudited interim financial statements should be read in conjunction with the Companys financial statements and notes thereto included in the Companys fiscal year end December 31, 2010 report. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The results of operations for the six month period ended June 30, 2011 are not necessarily indicative of results for the entire year ending December 31, 2011.
Organization
The Company was incorporated as Cyprium Resources, Inc. under the laws of the State of Nevada December 22, 2006. The Company was originally formed for mineral exploration in the United States. On May 19, 2009 the Companys name was changed to Digital Development Partners, Inc.
Current Business of the Corporation
In January, 2007 the Company entered into a 20 year lease agreement with the owner of 10 mining claims situated in Utah, known as the King claims. The lease was maintained current through September 30, 2008, however mining activities were limited. The lease was terminated by mutual agreement in November 2008.
In a move to further the Companys plans to market an on-line coupon system to merchants, the Company gained control of two private companies in 2009 involved in related enterprises; 4gDeals Inc. (later Yu Deal Inc.), and Top Floor Studio. These companies began to work together on the project.
A reassessment of the Companys direction resulted in a reorganization plan on February 17, 2010 which included:
1. Acquisition of a new line of technology through the acquisition of the worldwide distribution and servicing rights to a cell phone enterprise based in Hong Kong; 2. Change in management; 3. Sale of the Companys option on Top Floor Studio; 4. Distribution of the Companys shares in YuDeal, Inc. to the stockholders.
Pursuant to the plan, the Companys interests in Top Floor Studio and YuDeal Inc. were disposed of in February, 2010. The Companys option on Top Floor was sold to YuDeal, Inc. for YuDeal common stock, which in turn was traded for 20,095,000 shares of Company stock. These shares were returned to Treasury and cancelled. A residual of YuDeal stock was distributed to Company stockholders in March and April, 2010.
As part of the reorganization plan, the management team of the Company resigned. The Companys president, Isaac Roberts, was replaced by Jack Jie Quin, president of EFT Biotech Holdings, Inc., now named EFT Holdings, Inc. (EFT). EFT trades on the OTC Pink Sheets under the ticker symbol EFTB
EFT markets its EFT-Phone through direct marketing in China, including Hong Kong. The distribution and servicing rights to the EFT phone were acquired by the Company in February 2010 exchange for 79,265,000 shares of the Companys common stock. |
Balance Sheet (USD $)
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Jun. 30, 2011
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Dec. 31, 2010
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ASSETS | Â | Â |
Cash | $ 28,468 | $ 196,676 |
Pre-paid Deposit | 16,680 | 269,128 |
Loan receivable | 0 | 33,000 |
Total | 45,148 | 498,804 |
Due From EFT Holdings, Inc. | 45,000 | 0 |
Goodwill | 0 | 5,000 |
Total | 90,148 | 503,804 |
LIABILITIES AND STOCKHOLDERS' EQUITY | Â | Â |
Accounts Payable | 25,036 | 16,920 |
Loan Payable (Note 5) | 300,000 | 619,666 |
Total | 325,036 | 636,586 |
Stockholders' Equity | Â | Â |
Common Stock, $0.001 par value; authorized 225,000,000 shares; issued and outstanding 86,402,665 shares as at December 31, 2010, 86,402,665 shares as at June 30, 2011 | 86,403 | 86,403 |
Additional Paid-In Capital | 8,281,164 | 8,281,164 |
Deficit | (8,602,455) | (8,500,349) |
Total Stockholders' Equity | (234,888) | (132,782) |
Total | $ 90,148 | $ 503,804 |