0001165527-12-001348.txt : 20121228
0001165527-12-001348.hdr.sgml : 20121228
20121228074709
ACCESSION NUMBER: 0001165527-12-001348
CONFORMED SUBMISSION TYPE: 10-K/A
PUBLIC DOCUMENT COUNT: 7
CONFORMED PERIOD OF REPORT: 20120930
FILED AS OF DATE: 20121228
DATE AS OF CHANGE: 20121228
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FIRST AMERICAN GROUP INC.
CENTRAL INDEX KEY: 0001504678
STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
IRS NUMBER: 272094706
STATE OF INCORPORATION: NV
FISCAL YEAR END: 0930
FILING VALUES:
FORM TYPE: 10-K/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-54768
FILM NUMBER: 121288806
BUSINESS ADDRESS:
STREET 1: 11037 WARNER AVE, SUITE 132
CITY: FOUNTAIN VALLEY
STATE: CA
ZIP: 92708
BUSINESS PHONE: 7145008919
MAIL ADDRESS:
STREET 1: 11037 WARNER AVE, SUITE 132
CITY: FOUNTAIN VALLEY
STATE: CA
ZIP: 92708
10-K/A
1
g6493a.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1
TO
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 2012
Commission File No. 333-171091
FIRST AMERICAN GROUP INC.
(Exact name of registrant as specified in its charter)
Nevada 27-2094706
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11037 Warner Ave., Suite 132
Fountain Valley, California 92708
(Address of principal executive offices, zip code)
(714) 500-8919
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year,
if changed since last report)
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
None
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
Common Stock, $.001 Par Value
Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act. Yes [ ] No [X]
Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]
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 during the
preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files) Yes [ ] No [X]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
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. (Check one):
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 [X] No [ ]
At March 31, 2012, the last business day of the Registrant's most recently
completed second fiscal quarter, the aggregate market value of the voting common
stock held by non-affiliates of the Registrant (without admitting that any
person whose shares are not included in such calculation is an affiliate) was
approximately $49,475. At September 30, 2012, the end of the Registrant's most
recently completed fiscal year, and as of December 27, 2012, there were
2,521,264 shares of the Registrant's common stock, par value $0.001 per share,
outstanding.
EXPLANATORY NOTE
The purpose of this Amendment No. 1 to the Company's Annual Report on Form 10-K
for the year ended September 30, 2012, filed with the Securities and Exchange
Commission on December 27, 2012 (the "Form 10-K"), is solely to furnish Exhibit
101 to the Form 10-K. Exhibit 101 provides the financial statements and related
notes from the Form 10-K formatted in XBRL (Extensible Business Reporting
Language).
No other changes have been made to the Form 10-K. This Amendment No. 1 to the
Form 10-K continues to speak as of the original filing date of the Form 10-K,
does not reflect events that may have occurred subsequent to the original filing
date, and does not modify or update in any way disclosures made in the original
Form 10-K.
Pursuant to rule 406T of Regulation S-T, the Interactive Data Files on Exhibit
101 hereto are deemed not filed or part of a registration statement or
prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as
amended, are deemed not filed for purposes of Section 18 of the Securities Act
of 1934, as amended, and otherwise are not subject to liability under those
sections.
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE
(a) The following Exhibits, as required by Item 601 of Regulation SK, are
attached or incorporated by reference, as stated below.
Number Description
------ -----------
3.1.1 Articles of Incorporation*
3.1.2 Certificate of Amendment*
3.2 Bylaws*
31.1 Certification of Principal Executive Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002. **
31.2 Certification of Principal Financial Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002. **
32.1 Certification of Principal Executive Officer and Principal
Financial Officer and pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002. **
101 Interactive Data Files pursuant to Rule 405 of Regulation S-T.
----------
* Incorporated by reference to the Registrant's Form S-1 (File No.
333-171091), filed with the Commission on December 10, 2010.
** Previously filed.
2
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
FIRST AMERICAN GROUP INC.
(Name of Registrant)
Date: December 28, 2012 By: /s/ Mazen Kouta
--------------------------------------
Name: Mazen Kouta
Title: President, Treasurer, and Director
(Principal Executive Officer,
Principal Accounting Officer, and
Principal Financial Officer)
Date: December 28, 2012 By: /s/ Zeeshan Sajid
--------------------------------------
Name: Zeeshan Sajid
Title: Secretary and Director
3
EXHIBIT INDEX
Number Description
------ -----------
3.1.1 Articles of Incorporation*
3.1.2 Certificate of Amendment*
3.2 Bylaws*
31.1 Certification of Principal Executive Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002. **
31.2 Certification of Principal Financial Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002. **
32.1 Certification of Principal Executive Officer and Principal
Financial Officer and pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002. **
101 Interactive Data Files pursuant to Rule 405 of Regulation S-T.
----------
* Incorporated by reference to the Registrant's Form S-1 (File No.
333-171091), filed with the Commission on December 10, 2010.
** Previously filed.
EX-101.INS
2
famg-20120930.xml
00015046782011-10-012012-09-3000015046782012-12-1700015046782012-09-3000015046782011-09-3000015046782010-10-012011-09-3000015046782010-03-112012-09-3000015046782010-09-3000015046782010-03-100001504678us-gaap:CommonStockMember2010-03-112010-09-300001504678us-gaap:CommonStockMember2010-10-012011-09-300001504678us-gaap:CommonStockMember2011-10-012012-09-300001504678us-gaap:CommonStockMember2010-03-100001504678us-gaap:CommonStockMember2010-09-300001504678us-gaap:CommonStockMember2011-09-300001504678us-gaap:CommonStockMember2012-09-300001504678us-gaap:AdditionalPaidInCapitalMember2010-03-112010-09-300001504678us-gaap:AdditionalPaidInCapitalMember2010-10-012011-09-300001504678us-gaap:AdditionalPaidInCapitalMember2011-10-012012-09-300001504678us-gaap:AdditionalPaidInCapitalMember2010-03-100001504678us-gaap:AdditionalPaidInCapitalMember2010-09-300001504678us-gaap:AdditionalPaidInCapitalMember2011-09-300001504678us-gaap:AdditionalPaidInCapitalMember2012-09-300001504678FAMG:DeficitAccumulatedInTheDevelopmentStageMember2010-03-112010-09-300001504678FAMG:DeficitAccumulatedInTheDevelopmentStageMember2010-10-012011-09-300001504678FAMG:DeficitAccumulatedInTheDevelopmentStageMember2011-10-012012-09-300001504678FAMG:DeficitAccumulatedInTheDevelopmentStageMember2010-03-100001504678FAMG:DeficitAccumulatedInTheDevelopmentStageMember2010-09-300001504678FAMG:DeficitAccumulatedInTheDevelopmentStageMember2011-09-300001504678FAMG:DeficitAccumulatedInTheDevelopmentStageMember2012-09-3000015046782010-03-112010-09-300001504678us-gaap:PresidentMember2012-09-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesFIRST AMERICAN GROUP INC.000150467810-K2012-09-30false--09-30NoNoYesSmaller Reporting Company20120.0010.00150000000500000002521264236145025212642361450236145049475FY23117313001379100021738303001225866473253251193363222311731300108592465311399200023612521140004947565296-4601-27183-56958569582718365296494752521236124666982110882-0.01-0.012977522582569581636254392272713413171433423121738303008224-85622207621738159813583668142325159813583667817-24543-13760-464045611482211933-3794000-1379-29775-22582-56958<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First American Group Inc. (“the Company”)
was incorporated in the state of Nevada on March 11, 2010 under the name Radikal Phones Inc.  We changed our name to
First American Group Inc. on October 7, 2010.  The Company plans to engage in the development, sales and marketing of
voice-over-Internet-protocol (“VOIP”) telephone services to enable end-users to place free phones calls over the internet
in return for viewing and listening to advertising.  We also plan to license or sell our proprietary software to companies
looking for similar business opportunities.  The company has limited operations and is conserved to be in the development
stage.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The company has limited operations and is considered
to be in the development stage under ASC 915-15.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the accompanying financial statements,
we have incurred net losses since. In addition, we have an accumulated deficit of $56,958 as of September 31, 2012. These conditions
raise substantial doubt as to our ability to continue as a going concern. In response to these conditions, we may raise additional
capital through the sale of equity securities, through an offering of debt securities or through borrowings from financial institutions
or individuals. The financial statements do not include any adjustments that might be necessary if we are unable to continue as
a going concern</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Basis of Presentation</u></i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying financial statements have
been prepared in accordance with United States generally accepted accounting principle for financial information and in accordance
with Securities and Exchange Commission’s Regulation S-X.  They reflect all adjustments which are, in the opinion
of the Company’s management, necessary for a fair presentation of the financial position and operating results as of and
for the period March 11, 2010 (date of inception) to September 30, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Cash and Cash Equivalents</u></i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents are reported in the
balance sheet at cost, which approximates fair value.  For the purpose of the financial statements, cash equivalents
include all highly liquid investments with maturity of three months or less.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Use of Estimates</u></i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in
conformity with generally accepted accounting principles of the United States requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the year. The more significant areas requiring the
use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates
on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results
may differ from the estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Loss Per Share</u></i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC 260, Earnings per Share.  Basic
earnings (loss) per share are calculated by dividing the Company’s net income available to common shareholders by the weighted
average number of common shares outstanding during the year/period.  The diluted earnings (loss) per share are calculated
by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares
outstanding for the period.  The diluted weighted average number of shares outstanding is the basic weighted number of
shares adjusted as of the first of the year for any potentially dilutive debt or equity.  There are no dilutive shares
outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not adopted any policy regarding
payment of dividends.  No dividends have been paid during the period shown.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Income Taxes</u></i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC 740, Income Taxes,
at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment
date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities.
The components of the deferred tax assets and liabilities are individually classified as  current and non-current based
on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be realized. No deferred tax assets or liabilities
were recognized as of September 30, 2012.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses the liability method, where
deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between
the carrying amounts of assets and liabilities for financial and income tax reporting purposes. During fiscal year 2012, Surf a
Movie incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward
has been fully reserved. The cumulative net operating loss carry-forward is $56,958 at September 30, 2012, and will expire in the
year 2031.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at September 30, 2012, deferred tax assets
consisted of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 88%">Deferred tax asset</td>
<td style="width: 1%"> </td>
<td style="width: 1%">$</td>
<td style="width: 9%; text-align: right">709,366</td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td>Less: Valuation allowance</td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right">(19,366</td>
<td nowrap="nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td>Net deferred tax asset</td>
<td> </td>
<td style="border-bottom: black 2.25pt double">$</td>
<td style="border-bottom: black 2.25pt double; text-align: right">-</td>
<td nowrap="nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2012, the Company has a
balance of $325 due to the President for advances. These advances bear no interest, are unsecured, and due on demand.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 11, 2010, the Company issued 2,000,000
of its $0.001 par value common stock for $16,000 cash.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the fiscal year ended September 30,
2011, the Company raised $35,836 through the issuance of 361,450 of its common shares at $0.10 per share</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the fiscal year ended September 30,
2012, the Company raised $15,981 through the issuance of 159,814 of its common shares at $0.10 per share.</p>20000002361450252126415981358362000361160140003547515821160002000000361450159814<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying financial statements
have been prepared in accordance with United States generally accepted accounting principle for financial information and in accordance
with Securities and Exchange Commission’s Regulation S-X.  They reflect all adjustments which are, in the opinion
of the Company’s management, necessary for a fair presentation of the financial position and operating results as of and
for the period March 11, 2010 (date of inception) to September 30, 2012.</p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents are reported
in the balance sheet at cost, which approximates fair value.  For the purpose of the financial statements, cash equivalents
include all highly liquid investments with maturity of three months or less.</p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements
in conformity with generally accepted accounting principles of the United States requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the year. The more significant areas requiring the
use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates
on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results
may differ from the estimates.</p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC 260, Earnings
per Share.  Basic earnings (loss) per share are calculated by dividing the Company’s net income available to common
shareholders by the weighted average number of common shares outstanding during the year/period.  The diluted earnings
(loss) per share are calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted
weighted average number of shares outstanding for the period.  The diluted weighted average number of shares outstanding
is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity.  There
are no dilutive shares outstanding.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not adopted any policy
regarding payment of dividends.  No dividends have been paid during the period shown.</p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC 740, Income
Taxes, at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment
date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities.
The components of the deferred tax assets and liabilities are individually classified as  current and non-current based
on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be realized. No deferred tax assets or liabilities
were recognized as of September 30, 2012.</p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As at September 30, 2012, deferred tax
assets consisted of the following:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 88%; line-height: 115%; text-align: justify">Deferred tax asset</td>
<td style="width: 1%; line-height: 115%; text-align: justify"> </td>
<td style="width: 1%; line-height: 115%; text-align: justify">$</td>
<td style="width: 9%; line-height: 115%; text-align: justify">709,366</td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%; text-align: justify"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; text-align: justify">Less: Valuation allowance</td>
<td style="line-height: 115%; text-align: justify"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">(19,366)</td>
<td nowrap="nowrap" style="line-height: 115%; text-align: justify"></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; text-align: justify">Net deferred tax asset</td>
<td style="line-height: 115%; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: justify">$</td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: justify">-</td>
<td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>709366-193665695832515981436145015981358360.10.1-29775-22582-4601-22582-29775-4601EX-101.SCH
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famg-20120930_lab.xml
DirectorMemberRelatedPartyTransactionsByRelatedParty [Axis]Common StockEquity Components [Axis]Additional Paid-In CapitalDeficit Accumulated in the Development StagePresident [Member]Document And Entity InformationEntity Registrant NameEntity Central Index KeyDocument TypeDocument Period End DateAmendment FlagCurrent Fiscal Year End DateIs Entity a Well-known Seasoned Issuer?Is Entity a Voluntary Filer?Is Entity's Reporting Status Current?Entity Filer CategoryEntity Public FloatEntity Common Stock, Shares OutstandingDocument Fiscal Period FocusDocument Fiscal Year FocusStatement of Financial Position [Abstract]ASSETSCurrent assets:Cash and cash equivalentsPrepaid expensesTotal assetsLIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable and accrued expensesDue to directorTotal current liabilitiesStockholders' equity :Common stock, $0.001 par value; 50,000,000 shares authorized 2,521,264 and 2,361,450 issued and outstanding, respectivelyAdditional paid in capitalDeficit accumulated during the development stageTotal stockholders' equityTotal liabilities and stockholders' equityCommon Stock, par valueCommon Stock, shares authorizedCommon Stock, shares issuedCommon Stock, shares outstandingIncome Statement [Abstract]OPERATING EXPENSESProfessional feesGeneral & administrativeTotal Operating ExpenseNET LOSSBasic And Diluted Net Loss Per ShareBasic And Diluted Weighted Average Number of Shares OutstandingStatement [Table]Statement [Line Items]Beginning Balance, AmountBeginning Balance, SharesInitial CapitalizationSale of common stock, AmountSale of common stock, SharesNet lossEnding Balance, AmountEnding Balance, SharesStatement of Cash Flows [Abstract]CASH FLOWS FROM OPERATING ACTIVITIESNet lossAdjustments to reconcile net loss to net cash used in operating activitiesChanges in operating assets and liabilitiesPrepaid expenses.Accounts payable and accrued liabilitiesNet cash used in operating activitiesCASH FLOWS FROM FINANCING ACTIVITYSale of common stockDue to director.Net cash provided by financing activityNet increase (decrease) in cash and cash equivalentsCash - openingCash - closingOrganization, Consolidation and Presentation of Financial Statements [Abstract]Note 1 - Nature of OperationsAccounting Policies [Abstract]Note 2 - Significant Accounting PoliciesIncome Tax Disclosure [Abstract]Note 3 - Income TaxesRelated Party Transactions [Abstract]Note 4 - Related partyEquity [Abstract]Note 5 - Stockholders EquitySignificant Accounting Policies PoliciesBasis of PresentationCash and Cash EquivalentsUse of EstimatesLoss Per ShareIncome TaxesIncome Taxes TablesDeferred tax assetsNature Of Operations Details NarrativeAccumulated deficitIncome Taxes DetailsDeferred tax assetLess: Valuation allowanceNet deferred tax assetIncome Taxes Details NarratveNet operating loss carry-forwardRelated Party [Axis]Due to related partiesStockholders Equity Details NarrativeCommon Stock IssuedValue of Common StockCommon Stock Value Per ShareCustom Element.Custom Element.Custom Element.AssetsLiabilities, CurrentStockholders' Equity Attributable to ParentLiabilities and EquityOperating ExpensesShares, IssuedNet Cash Provided by (Used in) Operating ActivitiesNet Cash Provided by (Used in) Financing ActivitiesCash and Cash Equivalents, at Carrying ValueEX-101.PRE
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famg-20120930_pre.xml
ZIP
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M.G0?
The Company uses the liability method, where
deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between
the carrying amounts of assets and liabilities for financial and income tax reporting purposes. During fiscal year 2012, Surf a
Movie incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward
has been fully reserved. The cumulative net operating loss carry-forward is $56,958 at September 30, 2012, and will expire in the
year 2031.
As at September 30, 2012, deferred tax assets
consisted of the following:
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.