[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 ( d ) OF THE EXCHANGE ACT
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THERMAL TENNIS INC.
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Nevada
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88-0367706
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(State or Other Jurisdiction of
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(I.R.S. Employer Identification No.)
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incorporation or organization)
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Page
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PART I – FINANCIAL INFORMATION
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Item 1 Financial Statements
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3
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Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations
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11
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Item 3 Quantitative and Qualitative Disclosures About Market Risk
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13
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Item 4 Controls and Procedures
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14
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PART II – OTHER INFORMATION
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Item 1 Legal Proceedings
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15
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Item 1A Risk Factors
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15
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Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
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15
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Item 3 Defaults Upon Senior Securities
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15
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Item 4 (Removed and Reserved)
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15
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Item 5 Other Information
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15
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Item 6 Exhibits
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15
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SIGNATURES
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16
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THERMAL TENNIS INC.
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CONDENSED BALANCE SHEETS
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SEPTEMBER 30, 2011 AND DECEMBER 31, 2010
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ASSETS
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September 30,
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December 31,
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|||||||
2011
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2010
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(Unaudited)
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CURRENT ASSETS:
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Cash
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$ | 5,982 | $ | 2,330 | ||||
Accounts receivable, net
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4,025 | 1,326 | ||||||
Prepaids
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900 | 433 | ||||||
Total Current Assets
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10,907 | 4,089 | ||||||
TOTAL ASSETS
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$ | 10,907 | $ | 4,089 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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CURRENT LIABILITIES:
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Accounts payable and accrued expenses
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$ | 15,595 | $ | 18,565 | ||||
Accounts payable and accrued expenses-Related parties
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18,722 | 14,076 | ||||||
Notes payable-Related parties
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72,000 | 46,000 | ||||||
Total Current Liabilities
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106,317 | 78,641 | ||||||
Total Liabilities
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106,317 | 78,641 | ||||||
STOCKHOLDERS' DEFICIT:
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Capital stock, $.001 par value; 50,000,000 shares authorized;
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1,676,000 shares issued and outstanding
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at September 30, 2011 and December 31, 2010, respectively
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1,676 | 1,676 | ||||||
Additional paid-in capital
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36,579 | 34,116 | ||||||
Accumulated deficit
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(133,665 | ) | (110,344 | ) | ||||
Total Stockholders' Deficit
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(95,410 | ) | (74,552 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
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$ | 10,907 | $ | 4,089 |
THERMAL TENNIS INC.
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CONDENSED STATEMENTS OF OPERATIONS
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FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
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AND THE THREE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
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Nine Months Ended
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Three Months Ended
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September 30,
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September 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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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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SALES, Net of Returns, Allowances and Discounts
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$ | 92,264 | $ | 78,392 | $ | 40,211 | $ | 32,590 | ||||||||
COST OF SALES
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80,001 | 71,037 | 36,068 | 28,601 | ||||||||||||
GROSS PROFIT
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12,263 | 7,355 | 4,143 | 3,989 | ||||||||||||
EXPENSES:
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General and administrative expenses
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30,726 | 24,628 | 10,716 | 6,148 | ||||||||||||
TOTAL OPERATING EXPENSES
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30,726 | 24,628 | 10,716 | 6,148 | ||||||||||||
(LOSS) BEFORE OTHER INCOME/(EXPENSE) AND INCOME TAXES
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(18,463 | ) | (17,273 | ) | (6,573 | ) | (2,159 | ) | ||||||||
OTHER INCOME/(EXPENSE)
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Interest income
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- | 1 | - | - | ||||||||||||
Interest expense
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(4,858 | ) | (3,220 | ) | (1,808 | ) | (1,159 | ) | ||||||||
Total other income/(expense)
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(4,858 | ) | (3,219 | ) | (1,808 | ) | (1,159 | ) | ||||||||
(LOSS) BEFORE INCOME TAXES
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(23,321 | ) | (20,492 | ) | (8,381 | ) | (3,318 | ) | ||||||||
PROVISIONS FOR INCOME TAXES
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- | - | - | - | ||||||||||||
NET LOSS
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$ | (23,321 | ) | $ | (20,492 | ) | $ | (8,381 | ) | $ | (3,318 | ) | ||||
(LOSS) PER SHARE-FULLY DILUTED
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.00 | ) | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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1,676,000 | 1,675,670 | 1,676,000 | 1,676,000 |
THERMAL TENNIS INC.
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CONDENSED STATEMENTS OF CASH FLOWS
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FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
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Nine Months Ended
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September 30,
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2011
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2010
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(Unaudited)
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(Unaudited)
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net loss
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$ | (23,321 | ) | $ | (20,492 | ) | ||
Adjustments to reconcile net loss to net cash used
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in operating activities:
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Contribution of rent expense by a related party
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2,250 | - | ||||||
Changes in assets and liabilities:
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(Increase) in accounts receivable
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(2,699 | ) | (2,666 | ) | ||||
(Increase) in prepaid insurance
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(467 | ) | (410 | ) | ||||
Decrease in due from officer
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- | 2,250 | ||||||
Increase in accrued expenses-Related parties
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4,646 | - | ||||||
(Decrease)/Increase in accounts payable and accrued expenses
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(2,757 | ) | 9,227 | |||||
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Net cash (used) by operating activities
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(22,348 | ) | (12,091 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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- | - | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Increase in notes payable-Related parties
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26,000 | 6,000 | ||||||
Proceeds from the sale of common stock
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- | 1,000 | ||||||
Net cash provided by financing activities
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26,000 | 7,000 | ||||||
Net increase/(decrease) in cash
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3,652 | (5,091 | ) | |||||
CASH AT BEGINNING PERIOD
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2,330 | 7,735 | ||||||
CASH AT END OF PERIOD
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$ | 5,982 | $ | 2,644 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION:
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Cash paid for income taxes
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$ | - | $ | - | ||||
Cash paid for interest expense
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$ | - | $ | - | ||||
NON-CASH TRANSACTION-OPERATING ACTIVITIES
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Contribution of accrued interest by a related party
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$ | 212 | $ | - |
September 30, 2011
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Note payable, 10% interest, principle and interest due June 1, 2012
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$ | 20,000 | ||
Note payable, 10% interest, principle and interest due June 1, 2012(1)(2)
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32,000 | |||
Note payable, 10% interest, principle and interest due June 1, 2012(1)
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20,000 | |||
$ | 72,000 |
(1)
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The notes listed above represent credit lines that allow the Company to borrow up to $25,000 on each note to pay the ongoing expenses of the company.
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(2)
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The lender made the additional loan above the original terms and conditions of the note without amending the credit line.
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31
32
101
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Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of Robert R. Deller.
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Robert R. Deller.
Interactive Data Files
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Date:
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November 14, 2011
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By:
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/s/Robert R. Deller
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Robert R. Deller
Principal Executive Officer
Principal Financial Officer
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Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
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Common Stock, par or stated value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 1,676,000 | 1,676,000 |
Common Stock, shares outstanding | 1,676,000 | 1,676,000 |
Condensed Statements Of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
SALES, Net of Returns, Allowances and Discounts | $ 40,211 | $ 32,590 | $ 92,264 | $ 78,392 |
COST OF SALES | 36,068 | 28,601 | 80,001 | 71,037 |
GROSS PROFIT | 4,143 | 3,989 | 12,263 | 7,355 |
EXPENSES: | ||||
General and administrative expenses | 10,716 | 6,148 | 30,726 | 24,628 |
TOTAL OPERATING EXPENSES | 10,716 | 6,148 | 30,726 | 24,628 |
(LOSS) BEFORE OTHER (EXPENSE) AND INCOME TAXES | (6,573) | (2,159) | (18,463) | (17,273) |
OTHER INCOME/(EXPENSE) | ||||
Interest income | 1 | |||
Interest expense | (1,808) | (1,159) | (4,858) | (3,220) |
Total other income/(expense) | (1,808) | (1,159) | (4,858) | (3,219) |
(LOSS) BEFORE INCOME TAXES | (8,381) | (3,318) | (23,321) | (20,492) |
PROVISIONS FOR INCOME TAXES | ||||
NET LOSS | $ (8,381) | $ (3,318) | $ (23,321) | $ (20,492) |
(LOSS) PER SHARE-FULLY DILUTED | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE SHARES OUTSTANDING | 1,676,000 | 1,676,000 | 1,676,000 | 1,675,670 |
Document and Entity Information | 3 Months Ended | |
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Sep. 30, 2011 | Nov. 09, 2011 | |
Document and Entity Information | ||
Entity Registrant Name | THERMAL TENNIS INC. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2011 | |
Amendment Flag | false | |
Entity Central Index Key | 0001417028 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 1,676,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 |
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Related Party Transactions | 3 Months Ended |
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Sep. 30, 2011 | |
Related Party Transactions | |
Related Party Transactions | NOTE G RELATED PARTY TRANSACTIONS
The Company recognized $750 of expense in the three months ended September 30, 2011, which represented the value of the rent associated with the sole officers home office. This amount recognized in the third quarter in the amount of $750 was contributed to additional paid-in capital for the quarter ended September 30, 2011 and $1,500 for the first and second quarters. An amount of $212 in accounts payable to the president, was contributed to additional paid-in capital for the quarter ended March 31, 2011.
The President of the Company loaned in the quarter ended September 30, 2011, as described in Note D under notes payable-related parties, $4,000 that is due June 1, 2012 with interest at 10%.
The President of the Company loaned in the quarter ended June 30, 2011, as described in Note D under notes payable-related parties, $9,000 that is due June 1, 2012 with interest at 10%.
The President of the Company loaned in the quarter ended March 31, 2011, as described in Note D under notes payable-related parties, $1,000 that is due June 1, 2012 with interest at 10%.
A major shareholder of the Company loaned in the quarter ended March 31, 2011, as described in Note D under notes payable-related parties, $12,000 that is due June 1, 2012 with interest at 10%. |
Going Concern | 3 Months Ended |
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Sep. 30, 2011 | |
Going Concern | |
Going Concern | NOTE C - GOING CONCERN
The Companys financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company generated a net loss from its operations in 2010 and 2009. Additionally, the revenue base of the Company is seasonal and the Company receives a majority of its revenues in the second and third quarters of the Calendar year. It also sustained operating losses in prior years. Additionally, due to the current and prior year net operating loss, the Company currently has a deficit in its stockholders equity account. These factors raise substantial doubt as to its ability to obtain debt and/or equity financing and achieving future profitable operations.
Management intends to raise additional operating funds through equity and/or debt offerings. However, there can be no assurance management will be successful in its endeavors. Ultimately, the Company will need to achieve profitable operations in order to continue as a going concern.
There are no assurances that Thermal Tennis Inc. will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to Thermal Tennis Inc. If adequate working capital is not available Thermal Tennis Inc. may be required to curtail its operations. |
Subsequent Events | 3 Months Ended |
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Sep. 30, 2011 | |
Subsequent Events | |
Subsequent Events [Text Block] | NOTE H SUBSEQUENT EVENT
The Company has evaluated subsequent events pursuant to ASC 855 and has determined that there are no other reportable subsequent events.
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Presentation | 3 Months Ended |
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Sep. 30, 2011 | |
Presentation | |
Presentation | NOTE A - PRESENTATION
The balance sheets of the Company as of September 30, 2011 and December 31, 2010, the related statements of operations for the nine months and three months ended September 30, 2011 and 2010 and the statements of cash flows for the nine months ended September 30, 2011 and 2010, (the financial statements) include all adjustments (consisting of normal recurring adjustments) necessary to summarize fairly the Company's financial position and results of operations. The results of operations for the three months ended September 30, 2011 and 2010 are not necessarily indicative of the results of operations for the full year or any other interim period. The information included in this set of financial statements should be read in conjunction with Management's Discussion and Analysis and Financial Statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 2010. |
Notes Payable- Related Parties | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable- Related Parties | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable- Related Parties | NOTE D NOTES PAYABLE-RELATED PARTIES
The Companys related party notes payable, all due currently, consists of the following:
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Recently Enacted Accounting Pronouncements | 3 Months Ended |
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Sep. 30, 2011 | |
Recently Enacted Accounting Pronouncements | |
Recently Enacted Accounting Pronouncements | NOTE E RECENTLY ENACTED ACCOUNTING PRONOUNCEMENTS
In September 2011, the Financial Accounting Standards Board (FASB) issued an accounting pronouncement to simplify how an entity tests goodwill for impairment by permitting an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Under previous guidance an entity was required to test goodwill for impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value was less than its carrying amount, then the second step of the test was performed to measure the amount of the impairment loss. Under the new accounting pronouncement an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. The pronouncement is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on Thermals financial statements.
In June 2011, the FASB issued an accounting pronouncement that requires all non-owner changes in stockholders equity to be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Under the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. The pronouncement should be applied retrospectively effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on Thermals financial statements.
In May 2011, the FASB issued an accounting pronouncement which amends the fair value measurement and disclosure requirements to achieve common disclosure requirements between U.S. GAAP and International Financial Reporting Standards (IFRS). The accounting pronouncement requires certain disclosures about transfers between level 1 and level 2 of the fair value hierarchy, sensitivity of fair value measurements categorized within Level 3 of the fair value hierarchy, and categorization by level of items that are reported at cost but are required to be disclosed at fair value. The disclosures are to be applied prospectively effective in the first interim and annual periods beginning after December 15, 2011. The adoption of this pronouncement is not expected to have a material impact on Thermals financial statements.
In April 2011, the FASB issued an accounting pronouncement which clarifies when a loan modification or restructuring is considered a troubled debt restructuring. The new pronouncement also requires new disclosures relating to troubled debt restructurings (TDRs). The guidance is effective for the first interim period beginning on or after June 15, 2011, and should be applied retrospectively to the beginning of the annual period of adoption. For purposes of measuring impairment on newly-considered impaired receivables an entity should apply the guidance prospectively. The adoption of this pronouncement did not have a material impact on Thermals financial condition and results of operations.
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Income Taxes | 3 Months Ended |
---|---|
Sep. 30, 2011 | |
Income Taxes | |
Income Taxes | NOTE F INCOME TAXES
Effective January 1, 2007, we adopted the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes). ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in a companys financial statements. ASC 740-10 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. The application of income tax law is inherently complex. Laws and regulation in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding the income tax exposures. Interpretations and guidance surrounding income tax laws and regulations change over time. As such, changes in the subjective assumptions and judgments can materially affect amounts recognized in the balance sheets and statements of income.
At the adoption date of January 1, 2007, we had no unrecognized tax benefit, which would affect the effective tax rate if recognized. There has been no significant change in the unrecognized tax benefit during the three months ended September 30, 2011. |
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Revenue Recognition | 3 Months Ended |
---|---|
Sep. 30, 2011 | |
Revenue Recognition | |
Revenue Recognition | NOTE B - REVENUE RECOGNITION
The Company recognizes revenue in accordance with the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number 104, which states that revenues are generally recognized when it is realized and earned. Specifically, the Company recognizes revenue when services are performed and projects are completed and accepted by the customer. Revenues are earned from tennis lessons, sales of ball machines and other related services. |
Condensed Balance Sheets (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
CURRENT ASSETS: | ||
Cash | $ 5,982 | $ 2,330 |
Accounts receivable, net | 4,025 | 1,326 |
Prepaids | 900 | 433 |
Total Current Assets | 10,907 | 4,089 |
TOTAL ASSETS | 10,907 | 4,089 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 15,595 | 18,565 |
Accounts payable and accrued expenses-Related parties | 18,722 | 14,076 |
Notes payable-Related parties | 72,000 | 46,000 |
Total Current Liabilities | 106,317 | 78,641 |
Total Liabilities | 106,317 | 78,641 |
STOCKHOLDERS' DEFICIT: | ||
Capital stock, $.001 par value; 50,000,000 shares authorized; 1,676,000 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively | 1,676 | 1,676 |
Additional paid-in capital | 36,579 | 34,116 |
Accumulated deficit | (133,665) | (110,344) |
Total Stockholders' Deficit | (95,410) | (74,552) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 10,907 | $ 4,089 |