Nevada
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26-3751595
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification No.)
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o Large
accelerated filer
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o Accelerated
filer
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o Non-accelerated
filer
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x Smaller
reporting company
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Item
1.
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Financial
Statements
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1
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Condensed Balance Sheets as of May 31, 2010 (unaudited) and August 31, 2009 |
2
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||
Condensed Statements of Operations for the three and nine months ended May 31, 2010 and 2009 (unaudited) |
3
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||
Condensed Statements of Cash Flows for the nine months ended May 31, 2010 and 2009 (unaudited) |
4
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||
Notes to Condensed Financial Statements (unaudited) |
5
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||
Item 2. | Management’s Discussions and Analysis of Financial Condition and Results of Operations |
7
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Item 3. | Quantitative and Qualitative Disclosure About Market Risk |
8
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Item
4.
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Control and Procedures |
8
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Item
1.
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Legal
Proceedings
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8
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Item
1A.
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Risk
Factors
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8
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Item
2.
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Unregistered
Sales of Equity Securities and Use of Proceeds
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8
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Item
3.
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Defaults
Upon Senior Securities
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9
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Item
4.
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(Removed
and Reserved)
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9
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Item
5.
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Other
Information
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9
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Item
6.
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Exhibits |
9
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|
10
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May
31, 2010
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August
31, 2009
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|||||||
ASSETS
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(Unaudited)
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|||||||
Current
assets:
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||||||||
Cash
and cash equivalents
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$ | 160 | $ | 26,905 | ||||
Prepaid
expense, net
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2,192 | 9,699 | ||||||
Total
current assets
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2,352 | 36,604 | ||||||
$ | 2,352 | $ | 36,604 | |||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
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||||||||
Current
liabilities:
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||||||||
Accounts
payable
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$ | 3,700 | $ | 13,712 | ||||
Total
current liabilities
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3,700 | 13,712 | ||||||
Stockholders'
equity
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||||||||
Preferred
stock; $.001 par value, 5,000,000 shares
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||||||||
authorized,
zero shares issued and outstanding
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- | - | ||||||
Common
stock; $.001 par value, 70,000,000 shares authorized;
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||||||||
14,000,000
and 14,000,000 shares issued and outstanding
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||||||||
at
May 31, 2010 and August 31, 2009, respectively
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14,000 | 14,000 | ||||||
Additional
paid-in-capital
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40,473 | 34,473 | ||||||
Deficit
accumulated during development stage
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(55,821 | ) | (25,581 | ) | ||||
Total
stockholders' equity
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(1,348 | ) | 22,892 | |||||
Total
liabilities and stockholders' equity
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$ | 2,352 | $ | 36,604 |
November
19, 2008
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November
19, 2008
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|||||||||||||||||||
For
the three
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For
the three
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For
the nine
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(Inception)
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(Inception)
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||||||||||||||||
months
ended
|
months
ended
|
months
ended
|
through
|
through
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||||||||||||||||
May
31, 2010
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May
31, 2009
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May
31, 2010
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May
31, 2009
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May
31, 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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(Unaudited)
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||||||||||||||||
Revenues
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Operating
expenses
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||||||||||||||||||||
General
and administrative
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6,432 | 7,726 | 30,240 | 13,243 | 55,821 | |||||||||||||||
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6,432 | 7,726 | 30,240 | 13,243 | 55,821 | |||||||||||||||
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||||||||||||||||||||
Income
(loss) from operations
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(6,432 | ) | (7,726 | ) | (30,240 | ) | (13,243 | ) | (55,821 | ) | ||||||||||
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||||||||||||||||||||
Other
income (expense)
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||||||||||||||||||||
Other
income
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- | - | - | - | - | |||||||||||||||
Interest
expense
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- | - | - | - | - | |||||||||||||||
Loss
before income taxes
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(6,432 | ) | (7,726 | ) | (30,240 | ) | (13,243 | ) | (55,821 | ) | ||||||||||
Income
tax expense
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- | - | - | - | - | |||||||||||||||
Net
income (loss)
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$ | (6,432 | ) | $ | (7,726 | ) | $ | (30,240 | ) | $ | (13,243 | ) | $ | (55,821 | ) | |||||
Basic
and diluted loss per common share
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$ | (0.000 | ) | $ | (0.001 | ) | $ | (0.002 | ) | $ | (0.001 | ) | ||||||||
Basic
and diluted weighted average
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||||||||||||||||||||
common
shares outstanding
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14,000,000 | 10,000,000 | 14,000,000 | 10,000,000 |
November
19, 2008
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November
19, 2008
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|||||||||||
For
the nine
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(Inception)
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(Inception)
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||||||||||
months
ended
|
through
|
through
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||||||||||
May
31, 2010
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May
31, 2009
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May
31, 2010
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||||||||||
(Unaudited)
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(Unaudited)
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(Unaudited)
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||||||||||
Operating
activities:
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||||||||||||
Net
loss
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$ | (30,240 | ) | $ | (13,243 | ) | $ | (55,821 | ) | |||
Adjustments
to reconcile net loss to
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||||||||||||
net
cash used in operating activities:
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||||||||||||
Amortization
of prepaid expense
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7,507 | - | 7,808 | |||||||||
Stock
issued for services
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- | 2,500 | 2,500 | |||||||||
Changes
in operating assets and liabilities:
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||||||||||||
(Increase)
in prepaid expense
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- | - | (10,000 | ) | ||||||||
(Decrease)
increase in accounts payable
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(10,012 | ) | - | 3,700 | ||||||||
Net
cash (used in) operating activities
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(32,745 | ) | (10,743 | ) | (51,813 | ) | ||||||
Financing
activities:
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||||||||||||
Capital
contribution
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6,000 | 6,000 | ||||||||||
Proceeds
from issuance of common stock
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- | 7,500 | 45,973 | |||||||||
Net
cash provided by financing activities
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6,000 | 7,500 | 51,973 | |||||||||
Net
change in cash
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(26,745 | ) | (3,243 | ) | 160 | |||||||
Cash,
beginning of period
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26,905 | - | - | |||||||||
Cash,
ending of period
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$ | 160 | $ | (3,243 | ) | $ | 160 | |||||
Supplemental
cash flow disclosures
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||||||||||||
Cash
paid for:
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||||||||||||
Interest
expense
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$ | - | $ | - | $ | - | ||||||
Income
taxes
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$ | - | $ | - | $ | - | ||||||
Non-cash
activities:
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||||||||||||
Issuance
of common stock for services
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$ | - | $ | 2,500 | $ | 2,500 |
3.1
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The
Articles of Incorporation of the Company are hereby incorporated by
reference to Exhibit 3.1 of its Form S-1 registrationstatement
(File No. 333-156796)
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3.2
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The
Bylaws of the Company are hereby incorporated by reference to Exhibit 3.2
of its Form S-1 registration statement (File No. 333-156796)
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10.1
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Stock
Purchase Agreement to purchase common stock of the Company from Molly
Blaszczak by Reno J. Calabrigo dated June 17,
2010, is hereby incorporated by reference to Exhibit 10.1 to the Form 8-K
current report filed by the Company
on June 24, 2010.
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31
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Certification
pursuant to Section 302 of Sarbanes Oxley Act
of 2002
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32
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Certification
pursuant to Section 906 of Sarbanes Oxley Act of
2002
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1.
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I
have reviewed this Quarterly Report on Form 10-Q of Spartan Business
Services Corporation
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2.
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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;
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3.
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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 small
business issuer as of, and for, the periods present in this
report;
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4.
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I
am 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 small business issuer and
have:
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(a)
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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 small business issuer, 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;
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(b)
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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;
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(c)
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Evaluated
the effectiveness of the small business issuer’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
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(d)
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Disclosed
in this report any change in the small business issuer’s internal control
over financing reporting that occurred during the small business issuer’s
most recent fiscal quarter (the small business issuer’s fourth fiscal
quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the small business issuer’s
internal control over financial reporting;
and
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5.
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As
the small business issuer’s only certifying officer, the undersigned has
disclosed, based on my most recent evaluation of internal control over
financial reporting, to the small business issuer’s auditors and the audit
committee of the small business issuer’s board of directors (or persons
performing the equivalent
functions):
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(a)
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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 small business issuer’s ability
to record, process, summarize and report financial information;
and
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(b)
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Any
fraud, whether or not material, that involved management or other
employees who have a significant role in the small business issuer’s
internal control over financial
reporting.
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1.
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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.
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The
information contained in the Report fairly presents, in all material
respects, the financial condition and result of operations of the
Company.
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