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. 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Accounts payable and accrued liabilities Net cash used in operating activities CASH FLOWS FROM FINANCING ACTIVITY Sale of common stock Due to director. Net cash provided by financing activity Net increase (decrease) in cash and cash equivalents Cash - opening Cash - closing Organization, Consolidation and Presentation of Financial Statements [Abstract] Note 1 - Nature of Operations Accounting Policies [Abstract] Note 2 - Significant Accounting Policies Income Tax Disclosure [Abstract] Note 3 - Income Taxes Related Party Transactions [Abstract] Note 4 - Related party Equity [Abstract] Note 5 - Stockholders Equity Significant Accounting Policies Policies Basis of Presentation Cash and Cash Equivalents Use of Estimates Loss Per Share Income Taxes Income Taxes Tables Deferred tax assets Nature Of Operations Details Narrative Accumulated deficit Income Taxes Details Deferred tax asset Less: Valuation allowance Net deferred tax asset Income Taxes Details Narratve Net operating loss carry-forward Related Party [Axis] Due to related parties Stockholders Equity Details Narrative Common Stock Issued Value of Common Stock Common Stock Value Per Share Custom Element. Custom Element. Custom Element. 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Income Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Note 3 - Income Taxes

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:

 

Deferred tax asset   $ 709,366  
Less: Valuation allowance     (19,366 )
Net deferred tax asset   $ -  

 

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Significant Accounting Policies
12 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Note 2 - Significant Accounting Policies

Basis of Presentation

 

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.

 

Cash and Cash Equivalents

 

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.

 

Use of Estimates

 

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.

 

Loss Per Share

 

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.

 

The Company has not adopted any policy regarding payment of dividends.  No dividends have been paid during the period shown.

 

Income Taxes

 

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.

XML 13 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (USD $)
Sep. 30, 2012
Sep. 30, 2011
Current assets:    
Cash and cash equivalents $ 21,738 $ 30,300
Prepaid expenses 1,379 1,000
Total assets 23,117 31,300
Current liabilities:    
Accounts payable and accrued expenses 11,933 6,322
Due to director 325 325
Total current liabilities 12,258 6,647
Stockholders' equity :    
Common stock, $0.001 par value; 50,000,000 shares authorized 2,521,264 and 2,361,450 issued and outstanding, respectively 2,521 2,361
Additional paid in capital 65,296 49,475
Deficit accumulated during the development stage (56,958) (27,183)
Total stockholders' equity 10,859 24,653
Total liabilities and stockholders' equity $ 23,117 $ 31,300
XML 14 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended 31 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (29,775) $ (22,582) $ (56,958)
Changes in operating assets and liabilities      
Prepaid expenses. (379) 4,000 (1,379)
Accounts payable and accrued liabilities 5,611 4,822 11,933
Net cash used in operating activities (24,543) (13,760) (46,404)
CASH FLOWS FROM FINANCING ACTIVITY      
Sale of common stock 15,981 35,836 67,817
Due to director.       325
Net cash provided by financing activity 15,981 35,836 68,142
Net increase (decrease) in cash and cash equivalents (8,562) 22,076 21,738
Cash - opening 30,300 8,224   
Cash - closing $ 21,738 $ 30,300 $ 21,738
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XML 16 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Operations
12 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Note 1 - Nature of Operations

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.

 

The company has limited operations and is considered to be in the development stage under ASC 915-15.

 

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

 

XML 17 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (Parenthetical) (USD $)
Sep. 30, 2012
Sep. 30, 2011
Stockholders' equity :    
Common Stock, par value $ 0.001 $ 0.001
Common Stock, shares authorized 50,000,000 50,000,000
Common Stock, shares issued 2,521,264 2,361,450
Common Stock, shares outstanding 2,521,264 2,361,450
XML 18 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related party (Details Narrative) (President [Member], USD $)
Sep. 30, 2012
President [Member]
 
Due to related parties $ 325
XML 19 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
12 Months Ended
Sep. 30, 2012
Dec. 17, 2012
Document And Entity Information    
Entity Registrant Name FIRST AMERICAN GROUP INC.  
Entity Central Index Key 0001504678  
Document Type 10-K  
Document Period End Date Sep. 30, 2012  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 49,475
Entity Common Stock, Shares Outstanding   2,361,450
Document Fiscal Period Focus FY  
Document Fiscal Year Focus 2012  
XML 20 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders Equity (Details Narrative) (USD $)
12 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Stockholders Equity Details Narrative    
Common Stock Issued 159,814 361,450
Value of Common Stock $ 15,981 $ 35,836
Common Stock Value Per Share $ 0.1 $ 0.1
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF EXPENSES (USD $)
12 Months Ended 31 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
OPERATING EXPENSES      
Professional fees $ 13,413 $ 17,143 $ 34,231
General & administrative 16,362 5,439 22,727
Total Operating Expense 29,775 22,582 56,958
NET LOSS $ (29,775) $ (22,582) $ (56,958)
Basic And Diluted Net Loss Per Share $ (0.01) $ (0.01)  
Basic And Diluted Weighted Average Number of Shares Outstanding 2,466,698 2,110,882  
XML 22 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies (Policies)
12 Months Ended
Sep. 30, 2012
Significant Accounting Policies Policies  
Basis of Presentation

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.

Cash and Cash Equivalents

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.

Use of Estimates

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.

Loss Per Share

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.

 

The Company has not adopted any policy regarding payment of dividends.  No dividends have been paid during the period shown.

Income Taxes

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.

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Stockholders Equity
12 Months Ended
Sep. 30, 2012
Equity [Abstract]  
Note 5 - Stockholders Equity

On March 11, 2010, the Company issued 2,000,000 of its $0.001 par value common stock for $16,000 cash.

 

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

 

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.

XML 24 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details) (USD $)
Sep. 30, 2012
Income Taxes Details  
Deferred tax asset $ 709,366
Less: Valuation allowance (19,366)
Net deferred tax asset   
XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2012
Income Taxes Tables  
Deferred tax assets

As at September 30, 2012, deferred tax assets consisted of the following:

 

Deferred tax asset   $ 709,366  
Less: Valuation allowance     (19,366)
Net deferred tax asset   $ -  

 

XML 26 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Operations (Details Narrative) (USD $)
Sep. 30, 2012
Sep. 30, 2011
Nature Of Operations Details Narrative    
Accumulated deficit $ 56,958 $ 27,183
XML 27 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details Narratve) (USD $)
Sep. 30, 2012
Income Taxes Details Narratve  
Net operating loss carry-forward $ 56,958
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STATEMENT OF STOCKHOLDERS EQUITY (USD $)
Common Stock
Additional Paid-In Capital
Deficit Accumulated in the Development Stage
Total
Beginning Balance, Amount at Mar. 10, 2010            
Beginning Balance, Shares at Mar. 10, 2010         
Sale of common stock, Amount 2,000 14,000    16,000
Sale of common stock, Shares 2,000,000      
Net loss       (4,601) (4,601)
Ending Balance, Amount at Sep. 30, 2010 2,000 14,000 (4,601) 11,399
Ending Balance, Shares at Sep. 30, 2010 2,000,000      
Sale of common stock, Amount 361 35,475    35,836
Sale of common stock, Shares 361,450      
Net loss       (22,582) (22,582)
Ending Balance, Amount at Sep. 30, 2011 2,361 49,475 (27,183) 24,653
Ending Balance, Shares at Sep. 30, 2011 2,361,450      
Sale of common stock, Amount 160 15,821    15,981
Sale of common stock, Shares 159,814      
Net loss       (29,775) (29,775)
Ending Balance, Amount at Sep. 30, 2012 $ 2,521 $ 65,296 $ (56,958) $ 10,859
Ending Balance, Shares at Sep. 30, 2012 2,521,264      
XML 29 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related party
12 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Note 4 - Related party

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.

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