Colorado
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20-5566275
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(State
or other jurisdiction
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(IRS
Employer File Number)
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of
incorporation)
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10680
Hoyt Street
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Westminster,
Colorado
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80021
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(Address
of principal executive offices)
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(zip
code)
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Large
accelerated filer[ ]
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Accelerated
filer[ ]
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Non-accelerated
filer[ ]
(Do
not check if a smaller reporting company)
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Smaller
reporting company[X]
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Page
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PART
I FINANCIAL INFORMATION
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Item
1. Financial Statements for the period ended July 31, 2008
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4
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Consolidated
Balance Sheet(Unaudited)
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5
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Consolidated
Statements of Operations (Unaudited)
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6
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Consolidated
Statements of Cash Flows (Unaudited)
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7
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Consolidated Statement of Shareholders' Equity | 8 |
Item
2. Management's Discussion and Analysis and Plan of
Operation
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10
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Item
3. Controls and Procedures
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18
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PART
II OTHER INFORMATION
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Item
1. Legal Proceedings
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18
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Item
2. Changes in Securities
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18
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Item
3. Defaults Upon Senior Securities
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19
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Item
4. Submission of Matters to a Vote of Security Holders
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19
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Item
5. Other Information
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19
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Item
6. Exhibits and Reports on Form 8-K
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19
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Signatures
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20
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Page
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CONSOLIDATED
FINANCIAL STATEMENTS
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Consolidated
balance sheet
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4
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Consolidated
statements of operations
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5
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Consolidated
statements of cash flows
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6
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Consolidated
statement of shareholders' equity
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8
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Notes
to consolidated financial statements
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9
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Famous
Products, Inc.
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||||||||
Consolidated
Balance Sheet
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||||||||
(A
Development Stage Company)
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||||||||
Unaudited
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Audited
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|||||||
July
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October
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|||||||
31, 2008
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31, 2007
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|||||||
ASSETS
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||||||||
Current
Assets
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||||||||
Cash
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$ | 7,720 | $ | 24,170 | ||||
Accounts
receivable
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3,120 | - | ||||||
Total
current assets
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10,840 | 24,170 | ||||||
Property,
Plant, & Equipment
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||||||||
Office
equipment (net of accumulated depreciation $1,651 & $826
respectively)
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1,653 | 2,478 | ||||||
TOTAL
ASSETS
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$ | 12,493 | $ | 26,648 | ||||
LIABILITIES
AND SHAREHOLDERS' EQUITY (DEFICIT)
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||||||||
LIABILITIES
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||||||||
Accounts
payable
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$ | 2,859 | $ | - | ||||
Interest
payable
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1,625 | 505 | ||||||
Advances
from related party
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3,455 | - | ||||||
Current
portion notes payable
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25,000 | 25,000 | ||||||
Total
current liabilities
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32,939 | 25,505 | ||||||
Long-Term
Liabilities
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- | - | ||||||
TOTAL
LIABILITIES
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$ | 3 2,939 | $ | 25,505 | ||||
SHAREHOLDERS'
EQUITY
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||||||||
Preferred
stock, par value $.10 per share; Authorized
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||||||||
1,000,000
shares; issued and outstanding -0- shares.
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- | - | ||||||
Common
Stock, par value $.001 per share; Authorized
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||||||||
50,000,000
shares; issued and outstanding 21,049,400 shares.
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21,049 | 21,049 | ||||||
Capital
paid in excess of par value
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28,449 | 28,449 | ||||||
Deficit
accumulated during the development stage
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(69,944 | ) | (48,355 | ) | ||||
TOTAL
SHAREHOLDERS' EQUITY
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(20,446 | ) | 1,143 | |||||
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 12,493 | $ | 26,648 |
Famous
Products, Inc.
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||||||||
Unaudited
Consolidated Statement Of Operations
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||||||||
(A
Development Stage Company)
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||||||||
Unaudited
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Unaudited
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|||||||
3
Months
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May
23
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|||||||
Ended
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2007
(inception)
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|||||||
April
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through
July
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|||||||
30, 2008
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31, 2008
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|||||||
Revenue:
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$ | 3,200 | $ | 2,226 | ||||
General
& Administrative Expenses
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||||||||
Accounting
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1,500 | - | ||||||
Advertising
& promotion
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- | 3,787 | ||||||
Bank
charges
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(16 | ) | - | |||||
Compensatory
stock issuances
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- | 20,850 | ||||||
Consulting
& contract labor
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3,324 | - | ||||||
Depreciation
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275 | - | ||||||
Legal
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7,500 | 12,000 | ||||||
Office
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- | - | ||||||
Stock
transfer
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- | - | ||||||
Total
G & A
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12,583 | 36,637 | ||||||
Income
(Loss) from operations
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(9,383 | ) | (34,411 | ) | ||||
Other
(Expenses) interest
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(375 | ) | (197 | ) | ||||
Net
(Loss)
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$ | (9,758 | ) | $ | (34,608 | ) | ||
Basic
(Loss) per common share
|
(0.00 | ) | (0.01 | ) | ||||
Weighted
Average Common Shares Outstanding
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21,049,000 | 3,486,667 |
Famous
Products, Inc.
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||||||||||||
Unaudited
Consolidated Statement Of Operations
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||||||||||||
(A
Development Stage Company)
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||||||||||||
Unaudited
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Unaudited
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Unaudited
|
||||||||||
9
Months
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May
23
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May
23
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||||||||||
Ended
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2007
(inception)
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2007
(inception)
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||||||||||
July
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through
July
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through
April
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||||||||||
31, 2008
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31, 2008
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30, 2008
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||||||||||
Revenue:
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$ | 18,970 | $ | 2,226 | $ | 18,970 | ||||||
General
& Administrative Expenses
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||||||||||||
Accounting
|
5,020 | - | 7,520 | |||||||||
Advertising
& promotion
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4,560 | 3,787 | 4,560 | |||||||||
Bank
charges
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1,415 | - | 1,415 | |||||||||
Compensatory
stock issuances
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- | 20,850 | 20,850 | |||||||||
Consulting
& contract labor
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5,732 | - | 5,732 | |||||||||
Depreciation
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825 | - | 825 | |||||||||
Legal
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7,700 | 12,000 | 32,200 | |||||||||
Office
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10,292 | - | 10,292 | |||||||||
Stock
transfer
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3,895 | - | 3,895 | |||||||||
Total
G & A
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39,439 | 36,637 | 87,289 | |||||||||
Income
(Loss) from operations
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(20,469 | ) | (34,411 | ) | (68,319 | ) | ||||||
Other
(Expenses) interest
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(1,120 | ) | (197 | ) | (1,625 | ) | ||||||
Net
(Loss)
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$ | (21,589 | ) | $ | (34,608 | ) | $ | (69,944 | ) | |||
Basic
(Loss) per common share
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(0.00 | ) | (0.01 | ) | (0.00 | ) | ||||||
Weighted
Average Common Shares Outstanding
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21,049,000 | 3,486,667 | 21,049,000 |
Famous
Products, Inc.
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||||||||||||
(A
Development Stage Company)
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||||||||||||
Unaudited
Consolidated Statement of Cash Flows
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||||||||||||
Unaudited
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Unaudited
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|||||||||||
Unaudited
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May
23,
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May
23,
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||||||||||
9
Months
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2007
Inception
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2007
Inception
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||||||||||
period
ended
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through
|
through
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||||||||||
July
31,
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July
31,
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July
31,
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||||||||||
2008
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2008
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2008
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||||||||||
Net
(Loss)
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$ | (21,589 | ) | $ | (34,608 | ) | $ | (69,944 | ) | |||
Adjustments
to reconcile decrease in net assets to net cash
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||||||||||||
provided
by operating activities:
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||||||||||||
Depreciation
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825 | - | 825 | |||||||||
Increase
in accounts receivable
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(3,120 | ) | - | (3,120 | ) | |||||||
Stock
issued for services
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- | 20,850 | 20,850 | |||||||||
Increase
in accounts payable
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2,859 | - | 2,859 | |||||||||
Increase
in bank overdraft
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- | - | - | |||||||||
Increase
in interest payable
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1,120 | 197 | 1,625 | |||||||||
Net
cash (used) in operation activities
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(19,905 | ) | (13,561 | ) | (46,905 | ) | ||||||
Cash
flows from investing activities:
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||||||||||||
- | - | - | ||||||||||
Net
cash (used) in investing activities
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- | - | - | |||||||||
Cash
flows from financing activities:
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||||||||||||
Issuance
of common stock
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- | 70 | 26,170 | |||||||||
Advances
from related party
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3,455 | 1,809 | 3,455 | |||||||||
Notes
payable
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- | 25,000 | 25,000 | |||||||||
Net
cash provided from financing activities
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3,455 | 26,879 | 54,625 | |||||||||
Net
increase in cash
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(16,450 | ) | 13,318 | 7,720 | ||||||||
Cash
at beginning of period
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24,170 | - | - | |||||||||
Cash
at end of period
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$ | 7,720 | $ | 13,318 | $ | 7,720 | ||||||
Supplemental
disclosure information:
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||||||||||||
Stock
issued for services
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$ | - | $ | 20,850 | $ | 20,850 | ||||||
Cash
paid for interest
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$ | - | $ | - | $ | - | ||||||
Cash
paid for income taxes
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$ | - | $ | - | $ | - |
Famous
Products, Inc.
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||||||||||||||||||||
(A
Development Stage Company)
|
||||||||||||||||||||
Consolidated
Statement of Shareholders' Equity
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||||||||||||||||||||
Number
Of
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Capital
Paid
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Retained
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||||||||||||||||||
Common
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Common
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in
Excess
|
Earnings
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|||||||||||||||||
Shares
Issued
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Stock
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of Par
Value
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(Deficit)
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Total
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||||||||||||||||
Balance
at May 23, 2007 (Inception)
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- | $ | - | $ | - | $ | - | $ | - | |||||||||||
May
24, 2007 issued 70,000
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||||||||||||||||||||
shares
of par value $.001 common stock
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||||||||||||||||||||
for
cash of $70 or $.001 per share.
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70,000 | 70 | - | 70 | ||||||||||||||||
May
24, 2007 issued 20,850,000
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||||||||||||||||||||
shares
of par value $.001 common stock
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||||||||||||||||||||
for
services valued at $850 or $.001 per share
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20,850,000 | 20,850 | - | 20,850 | ||||||||||||||||
September
20, 2007 issued 80,400
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||||||||||||||||||||
shares
of par value $.001 common stock
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||||||||||||||||||||
for
cash of $20,100 or $.25 per share
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80,400 | 80 | 20,020 | 20,100 | ||||||||||||||||
September
28, 2007 issued 22,000
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||||||||||||||||||||
shares
of par value $.001 common stock
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||||||||||||||||||||
for
cash of $5,500 or $.25 per share
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22,000 | 22 | 5,478 | 5,500 | ||||||||||||||||
October
11, 2007 issued 2,000
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||||||||||||||||||||
shares
of par value $.001 common stock
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||||||||||||||||||||
for
cash of $500 or $.25 per share
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2,000 | 2 | 498 | 500 | ||||||||||||||||
October
18, 2007 issued 25,000 shares of
|
||||||||||||||||||||
par
value $.001 common stock to founder
|
||||||||||||||||||||
for
subsidiary 100% of outstanding shares in
|
||||||||||||||||||||
subsidiary
valued at $25 or $.001 per share
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25,000 | 25 | 2,453 | 2,478 | ||||||||||||||||
Net
(Loss)
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- | - | - | (48,355 | ) | (48,355 | ) | |||||||||||||
Balance
at October 31, 2007
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21,049,400 | $ | 21,049 | $ | 28,449 | $ | (48,355 | ) | $ | 1,143 | ||||||||||
Net
(loss)
|
(21,589 | ) | (21,589 | ) | ||||||||||||||||
Balance at July 31,
2008 (Unaudited)
|
21,049,400 | $ | 21,049 | $ | 28,449 | $ | (69,944 | ) | $ | (20,446 | ) |
•
|
our ability to begin active
operations;
|
•
|
our ability to locate clients who will purchase our services;
and
|
•
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our ability to generate revenues.
|
1.
|
Cease
operations and go out of business;
|
2.
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Continue
to seek alternative and acceptable sources of
capital;
|
3.
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Bring
in additional capital that may result in a change of control;
or
|
4.
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Identify
a candidate for acquisition that seeks access to the public marketplace
and its financing sources.
|
(1)
|
Pertain
to the maintenance of records that in reasonable detail accurately and
fairly reflect our transactions and dispositions of
assets;
|
|
(2)
|
Provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures are being made
only in accordance with authorizations of our management and directors;
and
|
|
(3)
|
Provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of our assets that could have
a material effect on our financial
statements.
|
Exhibit
Number
|
Description
|
3.1*
|
Articles
of Incorporation
|
3.2*
|
Bylaws
|
21.1*
|
List
of Subsidiaries
|
31.1
|
Certification
of CEO/CFO pursuant to Sec. 302
|
32.1
|
Certification
of CEO/CFO pursuant to Sec. 906
|
Famous
Products, Inc.
|
||
Date September 10, 2008
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By:
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/s/ John
Quam
|
John
Quam, President,
Chief
Executive Officer
and
Chief Financial Officer
|
||
|