UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
(Mark One)
S | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2011
£ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______ to _______
Commission File Number: 333-148722
MAX CASH MEDIA, INC.
(Exact name of registrant as specified in its charter)
Nevada | 02-0811868 | |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
50 Brompton Road, Apt. 1X
Great Neck, NY 11021
(Address of principal executive offices)
(646) 303-6840
(Registrant’s telephone number, including area code)
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 ¨
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 ¨
Indicate by check mark whether the registrant is a large accelerated filer, an 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 £ | Accelerated filer £ | Non-accelerated filer £ | Smaller reporting company x | |||
(Do not check if a smaller Reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No x
There were 6,370,000 shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 21, 2012.
EXPLANATORY NOTE
This Amendment No. 1 to Max Cash Media, Inc.’s (the Company”) Quarterly Report on Form 10-Q for the period ended December 31, 2011 (“Form 10-Q”), as filed with the Securities and Exchange Commission on February 21, 2012, is being filed solely to furnish Exhibit 101 to the Form 10-Q as required by Rule 405 of Regulation S-T. Exhibit 101 to this Amendment No. 1 to Form 10-Q furnishes the following items in eXtensible Business Reporting Language: (i) the Company’s condensed balance sheets as of December 31, 2011 (unaudited) and September 30, 2011, (ii) the Company’s unaudited condensed statements of operations for the three months ended December 31, 2011 and 2010, (iii) the Company’s unaudited statement in changes in stockholders’ equity (deficiency) for the period from July 9, 2007 (inception) to December 31, 2011, (iv) the Company’s unaudited condensed statements of cash flows for the three months ended December 31, 2011 and 2010, and (v) the notes to the Company’s consolidated financial statements (unaudited).
No changes have been made to the Form 10-Q other than the furnishing of Exhibit 101 described above. This Amendment No. 1 to Form 10-Q does not reflect subsequent events occurring after the original filing date of the Form 10-Q or modify or update in any way disclosures made in the Form 10-Q.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MAX CASH MEDIA, INC. | |||
February 22, 2012 | By: | /s/ Noah Levinson | |
Noah Levinson, Chief Executive Officer and Chief Financial Officer |
EXHIIBIT INDEX
* | 31.1 | Certification of Principal Executive Officer and Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002 |
* | 32.1 | Certification of Chief Executive Officer and Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
** | 101.INS | XBRL Instance Document |
** | 101.SCH | XBRL Taxonomy Extension Schema Document |
** | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
** | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
** | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
* | Previously filed. | |
** | Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections. | |
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NOTE RECEIVABLE
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3 Months Ended | |||||||||||||||||||||||
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Dec. 31, 2011
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NOTE RECEIVABLE |
On August 4, 2011, the Company received a promissory note in exchange for $2,000,000 bearing interest at 8% with Prism Corporation (the Borrower). The loan was disbursed in four installments:
The loan was due and payable on the earliest of:
As part of the note receivable the borrower entered into a security and a pledge agreements with the Company. The security agreement is dated August 5, 2011 and Pledge Agreement is dated August 4, 2011. The Security Agreement granted the Company first priority security interest in all tangible and intangible assets of the borrower. The Pledge Agreement pledged 1,000 issued and outstanding shares of common stock of the borrower as security
As of December 31, 2011, none of the above events took place. No repayment of the note occurred through today and the note receivable is in default. The Company is not recognizing the interest income on the note receivable since the note is in default. Currently, the value of pledged capital stock cannot be determined and the entire $2,000,000 is deemed to be uncollectible and was fully reserved in the prior year. On January 9, 2012 the Company commenced litigation against the borrower to secure the Company’s interest in the pledged assets (See Note 10). |