0001056520-12-000159.txt : 20120417 0001056520-12-000159.hdr.sgml : 20120417 20120416195329 ACCESSION NUMBER: 0001056520-12-000159 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20120417 DATE AS OF CHANGE: 20120416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JETPADS, INC. CENTRAL INDEX KEY: 0001438392 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 262347451 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-151867 FILM NUMBER: 12762373 BUSINESS ADDRESS: STREET 1: 650 S. HILL ST. #J-4 CITY: LOS ANGELES STATE: CA ZIP: 90014 BUSINESS PHONE: 877-538-7717 MAIL ADDRESS: STREET 1: 650 S. HILL ST. #J-4 CITY: LOS ANGELES STATE: CA ZIP: 90014 10-Q/A 1 jetpads10qsept2011amended.htm 10Q 9-30-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q/A

[ 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

OR

[ ] 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 333-151867

JETPADS, INC.

(Exact name of Registrant as specified in its charter)


 

 

NEVADA

26-2347451

(State or other jurisdiction of incorporation or

(IRS Employer Identification Number)

organization)

  


650 S. HILL ST. #J-4, LOS ANGELES, CA 90014

(Address of principal executive offices)

(310) 728-6579
(Registrant's telephone number)

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 checkmark 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[x]  Yes

[  ]

No

Indicate by check mark whether the Registrant is a larger accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “larger accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [   ]

Accelerated filer  [   ]

Non-accelerated filer  [   ] (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 [  ] No [X]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.  As at September 30, 2011, there were 10,000,000 common shares issued and outstanding.



1





EXPLANATORY NOTE


This Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the “Amendment”) amends the Quarterly Report on Form 10-Q of Jetpads, Inc. (“the Company”) for the quarter ended September 30, 2011 (the “Original Filing”), that was originally filed with the U.S. Securities and Exchange Commission on April 4, 2012.  The Amendment is being filed to submit Exhibits 101.  The amendment revises the exhibit index included in Part II, Item 6 of the Original Filing and Exhibit 101 (XBRL interactive data) is included as an exhibit to the Amendment.


Except as described above, the Amendment does not modify or update the disclosures presented in, or exhibits to, the Original Filing in any way.  Those sections of the Original Filing that are unaffected by the Amendment are not included herein.  The Amendment continues to speak as of the date of the Original Filing.  Furthermore, the Amendment does not reflect events occurring after the filing of the Original Filing.  Accordingly, the Amendment should be read in conjunction with the Original Filing, as well as the Company’s other filings made with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act subsequent to the filing of the Original Filing.

ITEM 6. EXHIBITS

The following exhibits are included with this filing. Those marked with an asterisk (*) and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our original Form S-1 Registration Statement, filed under SEC File Number 333-151867, at the SEC website at www.sec.gov:


Exhibit

Number

Description


3.1*

Articles of Incorporation

3.2*

Bylaws

31

Rule 13a-14(a)/15d-14a(a) Certifications

32

Section 1350 Certifications

101.INS*

XBRL Instance

101.SCH*

XBRL Taxonomy Extension Schema

101.CAL*

XBRL Taxonomy Extension Calculation

101.DEF*

XBRL Taxonomy Extension Definition

101.LAB*

XBRL Taxonomy Extension Labels

101.PRE*

XBRL Taxonomy Extension Presentation


*  XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.



2




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.



 

 

 

 

JETPADS, INC.

 

(Registrant)

 

  

  

April 13, 2012

BY:

/s/ Robert Kanaat

 Date

  

  

 

  

Robert Kanaat

 

  

President, Chief Executive Officer, Principal Financial Officer, Principal Accounting Officer,  and member of the Board of Directors

 

 

 


 

 




3



EX-31 2 exhibit31.htm Converted by EDGARwiz

Exhibit 31.1

Certification of Chief Executive Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act

I, Robert Kanaat, certify that:

1. I have reviewed this quarterly report on Form 10-Q of jetPADS, 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 controls over financial reporting.

Date:  April 13, 2012.


/s/ Robert Kanaat

Chief Executive and Financial Officer



1



EX-31 3 exhibit32.htm Converted by EDGARwiz

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of jetPADS, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert Kanaat, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)

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

(2)

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

IN WITNESS WHEREOF, the undersigned has executed this certification as of 13th  day of April, 2012.


/s/ Robert Kanaat

Chief Executive Officer and

Chief Financial Officer









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It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2011 audited financial statements as reported in Form 10-K.&nbsp;&nbsp;The results of operations for the period ended September 30, 2011 are not necessarily indicative of the operating results for the full year ended March 31, 2012.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The accompanying consolidated financial statements include the accounts of the Company, as well as the accounts of Jet Luxury Rentals, Inc., a wholly-owned subsidiary of the Company organized under the laws of the State of Delaware in July, 2011.&nbsp; All intercompany accounts and transactions have been eliminated in the accompanying consolidated financial statements.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>Note 2- Going Concern</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern.&nbsp;&nbsp;The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable.&nbsp;&nbsp;If the Company is unable to obtain adequate capital, it could be forced to cease operations.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">In order to continue as a going concern, the Company will need, among other things, additional capital resources.&nbsp;&nbsp;Management's plans to obtain such resources for the Company include (1) obtaining capital from management and significant stockholders sufficient to meet its operating expenses, and (2) as a last resort, seeking out and completing a merger with an existing operating company. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>Note 3 &#150; Rental Agent Contracts</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">During the year ended March 31, 2011 and subsequently through September 30, 2011, the Company has entered into various agreements with vacation property owners to act as a short-term rental agent on behalf of the owners. The agreements allow for the Company to retain a commission of 10% - 60% of the gross rental booking. &nbsp;Since rental contracts between the owners and renters are cancellable up to the point of use of the owners&#146; properties by the renters, commissions are deferred and recognized as revenue once the renters complete their use of the owners&#146; properties. &nbsp;The remaining 40%-90% of gross rental bookings, plus applicable taxes paid by the renters, are remitted to the owners upon the renters&#146; use of the owners&#146; properties. &nbsp;At the time of booking, renters are required to pay a security deposit that is refundable to them after ensuring no damage was done to the owners&#146; properties subsequent to use by the renters.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>Note 4 &#150; Subsequent Events</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company has evaluated subsequent events through the filing date of this document and determined there are no items to disclose.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>Note 5 &#150; Income Taxes</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes. Deferred taxes are normally provided in the financial statements under ASC Topic No. 740 to give effect to the resulting temporary differences which may arise from differences in the bases of fixed assets, depreciation methods, allowances, and start-up costs based on the income taxes expected to be payable in future years. Operating loss carry forwards generated during the six month periods ended September 30, 2011 and 2010 of $127,711 and $193,327, respectively, will begin to expire in 2030, and may be limited by the provisions of Internal Revenue Code Section 382 and other provisions as to their utilization. Deferred tax assets related to the net operating losses and temporary non-deductible deficiencies (if any) of approximately $44,699 and $67,664, respectively, have been completely offset by a valuation allowance.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company follows the provisions of uncertain tax positions as addressed in FASC 740-10-65-1.The Company recognized approximately no increase in the liability for unrecognized tax benefits.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company has no tax position at September 30, 2011 and March 31, 2011 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at September 30, 2011 and March 31, 2011. The Company&#146;s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>Note 6 &#150; Leases</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">During the year ended March 31, 2010, the Company entered into a lease for property which it intends to sub-lease to customers. The lease requires minimum monthly rental payments of $7,000 through March 2012. This property resulted in sub-lease revenues totaling $19,190 and $10,235 and deferred revenues totaling $16,829 and $10,235 during the periods ended September 30, 2011 and 2010, respectively.&nbsp; Total rent expense for the six month periods ended September 30, 2011 and 2010 was $40,791 and $42,560, respectively.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>Note 7 &#150; Related Party Transactions</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">As of September 30, 2011 and March 31, 2011, the Company has a balance payable to related parties totaling $78,425 and $50,948, respectively.&nbsp; The loans are non-interest bearing, due on demand and as such are included in current liabilities. 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Leases
3 Months Ended
Sep. 30, 2011
Leases, Capital [Abstract]  
Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

Note 6 – Leases

 

During the year ended March 31, 2010, the Company entered into a lease for property which it intends to sub-lease to customers. The lease requires minimum monthly rental payments of $7,000 through March 2012. This property resulted in sub-lease revenues totaling $19,190 and $10,235 and deferred revenues totaling $16,829 and $10,235 during the periods ended September 30, 2011 and 2010, respectively.  Total rent expense for the six month periods ended September 30, 2011 and 2010 was $40,791 and $42,560, respectively.

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Income Taxes
3 Months Ended
Sep. 30, 2011
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 5 – Income Taxes

 

The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes. Deferred taxes are normally provided in the financial statements under ASC Topic No. 740 to give effect to the resulting temporary differences which may arise from differences in the bases of fixed assets, depreciation methods, allowances, and start-up costs based on the income taxes expected to be payable in future years. Operating loss carry forwards generated during the six month periods ended September 30, 2011 and 2010 of $127,711 and $193,327, respectively, will begin to expire in 2030, and may be limited by the provisions of Internal Revenue Code Section 382 and other provisions as to their utilization. Deferred tax assets related to the net operating losses and temporary non-deductible deficiencies (if any) of approximately $44,699 and $67,664, respectively, have been completely offset by a valuation allowance.

 

The Company follows the provisions of uncertain tax positions as addressed in FASC 740-10-65-1.The Company recognized approximately no increase in the liability for unrecognized tax benefits.

 

The Company has no tax position at September 30, 2011 and March 31, 2011 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at September 30, 2011 and March 31, 2011. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities.

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Consolidated Balance Sheets (USD $)
Sep. 30, 2011
Mar. 31, 2011
ASSETS    
Restricted cash $ 12,992 $ 10,758
Accounts receivable, net of allowance of $2,504 and $7,489 5,843 17,473
Prepaid expenses   3,854
Total current assets 18,835 32,085
Equipment, less accumulated depreciation of $1,017 and $225 2,747 2,469
Total assets 21,582 34,554
Checks drawn in excess of bank balances 20,289 7,477
Accounts payable and accrued liabilities 23,998 16,388
Customer payables 405,594 324,527
Property owner payables 245,466 224,401
Related party payables 78,425 50,948
Deferred revenue 1,433 38,258
Total current liabilities 775,205 661,999
Common stock, par value $0.001; 100,000,000 shares authorized; 10,000,000 shares issued and outstanding $ 10,000 $ 10,000
Additional paid-in capital 6,291 4,758
Other comprehensive loss (148) (148)
Accumulated deficit during the development stage (769,766) (642,055)
Total stockholders' deficit (753,623) (627,445)
Total liabilities and stockholders' deficit $ 21,582 $ 34,554
XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accounting Policies
3 Months Ended
Sep. 30, 2011
Accounting Policies [Abstract]  
Basis of Accounting [Text Block]

Note 1 – Condensed Financial Statements

 

The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the periods ended September 30, 2011 and for all periods presented have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2011 audited financial statements as reported in Form 10-K.  The results of operations for the period ended September 30, 2011 are not necessarily indicative of the operating results for the full year ended March 31, 2012.

 

The accompanying consolidated financial statements include the accounts of the Company, as well as the accounts of Jet Luxury Rentals, Inc., a wholly-owned subsidiary of the Company organized under the laws of the State of Delaware in July, 2011.  All intercompany accounts and transactions have been eliminated in the accompanying consolidated financial statements.

Basis of Presentation and Significant Accounting Policies [Text Block]

Note 2- Going Concern

 

The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern.  The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable.  If the Company is unable to obtain adequate capital, it could be forced to cease operations.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources.  Management's plans to obtain such resources for the Company include (1) obtaining capital from management and significant stockholders sufficient to meet its operating expenses, and (2) as a last resort, seeking out and completing a merger with an existing operating company. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

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XML 17 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitment and Contingencies
3 Months Ended
Sep. 30, 2011
Disclosure Text Block Supplement [Abstract]  
Commitments Disclosure [Text Block]

Note 3 – Rental Agent Contracts

 

During the year ended March 31, 2011 and subsequently through September 30, 2011, the Company has entered into various agreements with vacation property owners to act as a short-term rental agent on behalf of the owners. The agreements allow for the Company to retain a commission of 10% - 60% of the gross rental booking.  Since rental contracts between the owners and renters are cancellable up to the point of use of the owners’ properties by the renters, commissions are deferred and recognized as revenue once the renters complete their use of the owners’ properties.  The remaining 40%-90% of gross rental bookings, plus applicable taxes paid by the renters, are remitted to the owners upon the renters’ use of the owners’ properties.  At the time of booking, renters are required to pay a security deposit that is refundable to them after ensuring no damage was done to the owners’ properties subsequent to use by the renters.

XML 18 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations (USD $)
3 Months Ended 6 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenues {1}        
Revenue, net of discounts and refunds $ 97,136 $ 70,926 $ 145,994 $ 125,652
Cost of services (23,963) (21,074) (56,320) (42,360)
Net revenue 73,173 49,852 89,674 83,292
Professional fees 14,665 72,266 28,817 127,285
Officer compensation 32,124   61,195  
Bad debt recoveries, net (4,941)   (4,985)  
Advertising 7,460 21,354 20,599 30,830
Travel 10,761 19,157 42,494 62,602
Other general and administrative 44,273 32,791 67,267 54,049
Total operating expenses 104,342 145,568 215,387 274,766
Interest expense (901) (843) (1,999) (1,771)
Interest income 1   1 6
Foreign currency transaction loss   (161)   (88)
Total other income (expense) (900) (1,004) (1,998) (1,853)
Net loss available to common stockholders (32,069) (96,720) (127,711) (193,327)
Foreign currency translation adjustment   10   (89)
Total comprehensive loss $ (32,069) $ (96,710) $ (127,711) $ (193,416)
Basic and diluted loss per common share $ 0.00 $ (0.01) $ (0.01) $ (0.02)
Weighted average shares outstanding 10,000,000 10,000,000 10,000,000 10,000,000
XML 19 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Sep. 30, 2011
Document and Entity Information  
Entity Registrant Name jetpads, Inc.
Document Type 10-Q
Document Period End Date Sep. 30, 2011
Amendment Flag false
Entity Central Index Key 0001438392
Current Fiscal Year End Date --03-31
Entity Common Stock, Shares Outstanding 10,000,000
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 2012
Document Fiscal Period Focus Q2
XML 20 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities    
Net loss $ (127,711) $ (193,327)
Depreciation expense 792  
Imputed interest on related party payable 1,533 1,698
Decrease (increase) in accounts receivable 16,615 (40,214)
Increase (decrease) in allowance for doubtful accounts (4,985)  
Decrease (increase) in prepaid expenses 3,854 (20,809)
Increase in bank overdraft   4,261
Increase (decrease) in accounts payable and accrued liabilities 7,610 19,784
Increase (decrease) in customer payables 81,067 168,700
Increase (decrease) in property owner payables 21,065 49,888
Increase (decrease) in related party payables 27,447  
Increase (decrease) in deferred revenue (36,825) (2,129)
Net cash used in operating activities (9,508) (12,148)
Purchase of equipment (1,070)  
Decrease (increase) in restricted cash (2,234) 34,237
Net cash provided by (used in) investing activities (3,304) 34,237
Increase in checks drawn in excess of bank balances 12,812  
Repayments of related party payables   (22,000)
Net cash provided by (used in) financing activities 12,812 (22,000)
Effect of exchange rate on cash   (89)
Cash paid for interest $ 466  
XML 21 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 4 – Subsequent Events

 

The Company has evaluated subsequent events through the filing date of this document and determined there are no items to disclose.

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Organization, Consolidation and Presentation of Financial Statements
3 Months Ended
Sep. 30, 2011
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting [Text Block]

Note 1 – Condensed Financial Statements

 

The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the periods ended September 30, 2011 and for all periods presented have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2011 audited financial statements as reported in Form 10-K.  The results of operations for the period ended September 30, 2011 are not necessarily indicative of the operating results for the full year ended March 31, 2012.

 

The accompanying consolidated financial statements include the accounts of the Company, as well as the accounts of Jet Luxury Rentals, Inc., a wholly-owned subsidiary of the Company organized under the laws of the State of Delaware in July, 2011.  All intercompany accounts and transactions have been eliminated in the accompanying consolidated financial statements.

XML 24 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Disclosures
3 Months Ended
Sep. 30, 2011
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

Note 7 – Related Party Transactions

 

As of September 30, 2011 and March 31, 2011, the Company has a balance payable to related parties totaling $78,425 and $50,948, respectively.  The loans are non-interest bearing, due on demand and as such are included in current liabilities. Imputed interest has been charged to additional paid-in capital at an annual rate of 6%, resulting in $1,533 and $3,239 in interest expense for the six month periods ended September 30, 2011 and 2010, respectively.

 

During the six month period ended September 30, 2011, the Company booked three reservations for a property owned by the Company’s President, totaling $19,190.  This resulted in a cleaning fee and commission revenue of $750 and $18,440, respectively.  As of September 30, 2011, there is no balance due to the property owner as a result of these bookings and $3,000 due to two customers representing refundable deposits.

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