FITS MY STYLE INC.
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(Exact name of registrant as specified in its charter)
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Nevada
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27-3440894
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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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9A Yadin Igal St Ra'anana, Israel 43582
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(Address of principal executive offices)
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+972-9-7748757
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(Registrant’s telephone number)
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Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
(Do not check if a smaller reporting company)
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Page(s)
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Financial Statements:
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Balance Sheets –September 30, 2011 (Unaudited) and June 30, 2011
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1 | |||
Statements of Operations -
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Three months ended September 30, 2011 and from July 26, 2010 (inception)
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to September 30, 2010, and July 26, 2010 (inception) to September 30, 2011 (Unaudited)
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2 | |||
Statement of Stockholders’ Equity -
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July 26, 2010 (inception) to September 30, 2011 (Unaudited)
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3 | |||
Statements of Cash Flows -
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Three months ended September 30, 2011 and from July 26, 2010 (inception)
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to September 30, 2010, and July 26, 2010 (inception) to September 30, 2011 (Unaudited)
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4 | |||
Notes to Financial Statements (Unaudited)
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5 – 9 |
Fits My Style Inc.
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(A Development Stage Company)
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Balance Sheets
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September 30, 2011
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June 30, 2011
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(Unaudited)
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Assets
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Current Assets
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Cash
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$ | 23,478 | 37,030 | |||||
Total Current Assets
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23,478 | 37,030 | ||||||
Total Assets
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$ | 23,478 | 37,030 | |||||
Liabilties and Stockholders' Equity
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Current Liabilities:
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Accounts payable
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$ | 5,499 | 11,657 | |||||
Total Current Liabilities
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5,499 | 11,657 | ||||||
Stockholders' Equity:
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Preferred stock, $0.001 par value; 20,000,000 shares authorized;
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- | - | ||||||
none issued and outstanding
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Common stock, $0.001 par value, 200,000,000 shares authorized;
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3,836,000 shares issued and outstanding
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3,836 | 3,836 | ||||||
Additional paid-in capital
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63,464 | 63,464 | ||||||
Deficit accumulated during the development stage
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(49,321 | ) | (41,927 | ) | ||||
Total Stockholders' Equity
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17,979 | 25,373 | ||||||
Total Liabilties and Stockholders' Equity
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$ | 23,478 | 37,030 |
Fits My Style Inc.
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(A Development Stage Company)
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Statements of Operations
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(Unaudited)
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Three months ended
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From July 26, 2010 (Inception) to
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From July 26, 2010 (Inception) to
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September 30, 2011
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September 30, 2010
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September 30, 2011
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Operating Expenses
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Research and development
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$ | - | $ | 24,500 | $ | 24,500 | ||||||
General and administrative
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7,394 | 500 | 24,821 | |||||||||
Total Operating Expenses
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7,394 | 25,000 | 49,321 | |||||||||
Net loss
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$ | (7,394 | ) | $ | (25,000 | ) | $ | (49,321 | ) | |||
Net loss per common share - basic and diluted
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$ | (0.002 | ) | $ | (0.008 | ) | $ | (0.014 | ) | |||
Weighted average number of common shares outstanding during the period - basic and diluted
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3,836,000 | 3,050,000 | 3,551,972 |
Fits My Style Inc.
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|||||
(A Development Stage Company)
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Statement of Stockholders' Equity
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From July 26, 2010 (Inception) to September 30, 2011 (Unaudited)
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Deficit
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Accumulated
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Additional
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During the
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Total
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Common Stock, $0.001 Par Value
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Paid in
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Development
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Stockholders'
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Shares
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Amount
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Capital
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Stage
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Equity
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Issuance of common stock for cash - related parties ($0.001/share)
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2,550,000 | $ | 2,550 | $ | 450 | $ | - | $ | 3,000 | |||||||||||
Issuance of common stock for cash - third parties ($0.05/share)
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776,000 | 776 | 38,024 | - | 38,800 | |||||||||||||||
Issuance of common stock for services - related party ($0.05/share)
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10,000 | 10 | 490 | - | 500 | |||||||||||||||
Issuance of common stock for services - third party ($0.05/share)
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10,000 | 10 | 490 | 500 | ||||||||||||||||
Issuance of common stock for intellectual property - related party ($0.05/share)
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490,000 | 490 | 24,010 | - | 24,500 | |||||||||||||||
Net loss - period ended June 30, 2011
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- | - | (41,927 | ) | (41,927 | ) | ||||||||||||||
Balance - June 30, 2011
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3,836,000 | 3,836 | 63,464 | (41,927 | ) | 25,373 | ||||||||||||||
Net loss - period ended September 30, 2011
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- | - | (7,394 | ) | (7,394 | ) | ||||||||||||||
Balance - September 30, 2011
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3,836,000 | $ | 3,836 | $ | 63,464 | $ | (49,321 | ) | $ | 17,979 |
Fits My Style Inc.
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(A Development Stage Company)
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Statements of Cash Flows
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(Unaudited)
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Three months ended
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From July 26, 2010 (Inception) to
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From July 26, 2010 (Inception) to
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September 30, 2011
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September 30, 2010
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September 30, 2011
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net Loss
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$ | (7,394 | ) | $ | (25,000 | ) | $ | (49,321 | ) | |||
Adjustments to reconcile net loss to cash used in operating activities:
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Stock issued for intellectual property - related party
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- | - | 24,500 | |||||||||
Stock issued for services - related party
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- | - | 500 | |||||||||
Stock issued for services
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- | - | 500 | |||||||||
Changes in operating assets and liabilities:
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Increase (decrease) in accounts payable
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(6,158 | ) | - | 5,499 | ||||||||
Net Cash Used In Operating Activities
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(13,552 | ) | (25,000 | ) | (18,322 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Proceeds from issuance of common stock
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- | 28,000 | 41,800 | |||||||||
Net Cash Provided By Financing Activities
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- | 28,000 | 41,800 | |||||||||
Net Increase (Decrease) in Cash
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(13,552 | ) | 3,000 | 23,478 | ||||||||
Cash - Beginning of Period
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37,030 | - | - | |||||||||
Cash - End of Period
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$ | 23,478 | $ | 3,000 | $ | 23,478 | ||||||
SUPPLEMENTARY CASH FLOW INFORMATION:
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Cash Paid During the Period for:
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Taxes
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$ | - | $ | - | $ | - | ||||||
Interest
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$ | - | $ | - | $ | - |
Transaction Type
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Quantity of Shares
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Valuation
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Value per Share
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Cash – related parties
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2,550,000 | $ | 3,000 | $ | 0.001 | |||||||
Cash – third parties
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776,000 | 38,800 | 0.050 | |||||||||
Services – related parties (1)
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10,000 | 500 | 0.050 | |||||||||
Services – third parties (2)
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10,000 | 500 | 0.050 | |||||||||
Intellectual property – related party (3)
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490,000 | 24,500 | 0.050 | |||||||||
3,836,000 | $ | 67,300 | $ | 0.001 – 0.050 |
(1)
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Valuation based upon cash offering price paid by founders on same date.
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(2)
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Valuation based upon recent cash offering price to third parties.
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(3)
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The Company issued these shares of common stock, to its Chief Executive Officer and Director, for the acquisition of certain intellectual property (“IP”).
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Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
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Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
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Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
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31.1
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Certification pursuant to Rule 13a-14(a)/15d-14(a) of Nir Bar *
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31.2
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Certification pursuant to Rule 13a-14(a)/15d-14(a) of Nir Bar *
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32.1
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Certification pursuant to 18 U.S.C. Section 1350 of Nir Bar **
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101 **
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The following materials from our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 formatted in XBRL (eXtensible Business Reporting Language): (i) Balance Sheet, (ii) Statement of Operations, (iii) Statements of Cash Flows, (iv) Statements of Stockholders Equity and (v) related notes to these financial statements, tagged as blocks of text.
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*Filed herewith.
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**Furnished herewith.
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By:
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/s/ Nir Bar
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(President, Treasurer and a Director)
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(Principal Executive, Financial and Accounting
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Officer)
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Date: November 14, 2011
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/s/ Nir Bar
——————————————
Nir Bar
President and Chief Executive Officer
(Principal Executive Officer)
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Date: November 14 2011
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/s/ Nir Bar
——————————————
Nir Bar
Treasurer and Chief Financial Officer
(Principal Financial Officer)
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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 results of operations of the Company.
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Date: November 14, 2011
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By: /s/ Nir Bar
——————————————
Nir Bar
Chief Executive Officer and Chief Financial Officer
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Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2011 | Jun. 30, 2011 |
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Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 3,836,000 | 3,836,000 |
Common stock, shares outstanding | 3,836,000 | 3,836,000 |
Statements of Operations (USD $) | 2 Months Ended | 3 Months Ended | 15 Months Ended |
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Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2011 | |
Operating Expenses | |||
Research and development | $ 24,500 | $ 24,500 | |
General and administrative | 500 | 7,394 | 24,821 |
Total Operating Expenses | 25,000 | 7,394 | 49,321 |
Net loss | $ (25,000) | $ (7,394) | $ (49,321) |
Net loss per common share - basic and diluted | $ (0.008) | $ (0.002) | $ (0.014) |
Weighted average number of common shares outstanding during the period - basic and diluted | 3,050,000 | 3,836,000 | 3,551,972 |
Document and Entity Information | 3 Months Ended | |
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Sep. 30, 2011 | Nov. 10, 2011 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2011 | |
Document Fiscal Year Focus | 2012 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | FITS MY STYLE INC | |
Entity Central Index Key | 0001509261 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,836,000 |
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Fair Value | 15 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||
Fair Value |
Note 5
Fair Value
The
Company measures assets and liabilities at fair value based on an
expected exit price as defined by the authoritative guidance on
fair value measurements, which represents the amount that would be
received on the sale of an asset or paid to transfer a liability,
as the case may be, in an orderly transaction between market
participants. As such, fair value may be based on assumptions that
market participants would use in pricing an asset or liability. The
authoritative guidance on fair value measurements establishes a
consistent framework for measuring fair value on either a recurring
or nonrecurring basis whereby inputs, used in valuation techniques,
are assigned a hierarchical level.
The
following are the hierarchical levels of inputs to measure fair
value:
The
Company's financial instruments consisted of accounts payable. The
carrying amount of the Company's financial instruments generally
approximated its fair value as of September 30, 2011, due to the
short-term nature of this instrument.
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Basis of Presentation | 15 Months Ended |
---|---|
Sep. 30, 2011 | |
Basis of Presentation |
Note 1
Basis of Presentation
The
accompanying unaudited interim financial statements have been
prepared in accordance with accounting principles generally
accepted in the United States of America and the rules and
regulations of the United States Securities and Exchange Commission
for interim financial information and with the instructions to Form
10-Q and Article 10 of Regulation S-X.
The
financial information as of June 30, 2011 is derived from the
audited financial statements presented in the Company’s
Annual Report on Form 10-K for the year ended June 30,
2011. The unaudited interim financial
statements should be read in conjunction with the Company’s
Annual Report on Form 10-K, which contains the audited financial
statements and notes thereto, together with the Management’s
Discussion and Analysis of Financial Condition and Results of
Operations, for the year ended June 30, 2011.
Certain
information or footnote disclosures normally included in financial
statements prepared in accordance with accounting principles
generally accepted in the United States of America have been or
omitted, pursuant to the rules and regulations of the Securities
and Exchange Commission for interim financial reporting.
Accordingly, they do not include all the information and footnotes
necessary for a comprehensive presentation of financial position,
results of operations, or cash flows. It is management's opinion,
however, that all material adjustments (consisting of normal
recurring adjustments) have been made which are necessary for a
fair financial statement presentation. The interim results for the
period ended September 30, 2011 are not necessarily indicative of
results for the full fiscal year.
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Statement of Stockholders' Equity (Parenthetical) (USD $) | 11 Months Ended |
---|---|
Jun. 30, 2011 | |
Related Party | Cash | |
Issuance of common stock for cash, per share | $ 0.001 |
Third Party | Cash | |
Issuance of common stock for cash, per share | $ 0.05 |
Related Party | Services | |
Issuance of common stock for cash, per share | $ 0.05 |
Third Party | Services | |
Issuance of common stock for cash, per share | $ 0.05 |
Related Party | Intellectual Property | |
Issuance of common stock for cash, per share | $ 0.05 |
Nature of Operations and Summary of Significant Accounting Policies | 15 Months Ended |
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Sep. 30, 2011 | |
Nature of Operations and Summary of Significant Accounting Policies |
Note 2
Nature of Operations and Summary of Significant Accounting
Policies
Fits
My Style Inc. (the "Company"), was incorporated in Nevada on July
26, 2010. The Company is headquartered in Israel.
The
Company is not yet able to determine where it will do business, as
operations are expected to occur on an international
basis.
The
Company is developing a website that will allow buyers of
furnishings to simulate how their home or office could look before
making a purchase.
The
Company’s fiscal year end is June 30.
Development Stage
The
Company's financial statements are presented as those of a
development stage enterprise. Activities during the
development stage primarily include equity based financing, and the
development of the business plan.
Use of Estimates
The
preparation of financial statements in conformity with U.S.
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts in
the financial statements and the accompanying notes.
Such
estimates and assumptions impact, among others, the following: the
fair value of share-based payments, estimates of the probability
and potential magnitude of contingent liabilities and the valuation
allowance for deferred tax assets due to continuing and expected
future operating losses.
Making
estimates requires management to exercise significant judgment. It
is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the
date of the financial statements, which management considered in
formulating its estimate could change in the near term due to one
or more future confirming events. Accordingly, the actual results
could differ significantly from our estimates.
Risks and Uncertainties
The
Company's operations may be subject to significant risk and
uncertainties including financial, operational, regulatory and
other risks associated with a development stage company, including
the potential risk of business failure. Also, see Note 3
regarding going concern matters.
Cash and Cash Equivalents
The
Company considers all highly liquid instruments purchased with
maturity of three months or less to be cash
equivalents. The Company had no cash equivalents at
September 30, 2011.
The
Company minimizes its credit risk associated with cash by
periodically evaluating the credit quality of its primary financial
institution. The balance at times may exceed federally insured
limits. At September 30, 2011, there were no balances
that exceeded the federally insured limit.
Earnings (Loss) Per Share
Basic
loss per share is computed by dividing net loss by weighted average
number of shares of common stock outstanding during each
period. Diluted loss per share is computed by dividing
net loss by the weighted average number of shares of common stock,
common stock equivalents and potentially dilutive securities
outstanding during each period. At September 30, 2011, the Company
does not have any outstanding common stock equivalents; therefore,
a separate computation of diluted loss per share is not
presented.
Share-Based Payments
Generally,
all forms of share-based payments, including stock option grants,
warrants, restricted stock grants and stock appreciation rights are
measured at their fair value on the awards’ grant date, based
on the estimated number of awards that are ultimately expected to
vest. Share-based compensation awards issued to non-employees for
services rendered are recorded at either the fair value of the
services rendered or the fair value of the share-based payment,
whichever is more readily determinable. The expense resulting from
share-based payments are recorded as a component of general and
administrative expense.
Research and Development
Research and development is expensed as
incurred. Research and development expenses consist
of the acquisition of
certain intellectual property (“IP”). Also, see Note 4
regarding Intellectual property – related party.
Recent Accounting Pronouncements
There
are no recent accounting pronouncements that are expected to have
an effect on the Company’s financial statements.
|
Going Concern | 15 Months Ended |
---|---|
Sep. 30, 2011 | |
Going Concern |
Note 3
Going Concern
As
reflected in the accompanying financial statements, the Company has
a net loss of $7,394 and net cash used in operations of $13,552 for
the three months ended September 30, 2011, and a deficit
accumulated during the development stage of $49,321. In
addition, the Company is in the development stage and has not yet
generated any revenues. These factors raise substantial doubt about
the Company’s ability to continue as a going
concern.
While
the Company has positive working capital at September 30, 2011, the
Company expects that its current cash resources as well as expected
lack of operating cash flows will not be sufficient to sustain
operations for a period greater than one year.
The
ability of the Company to continue its operations is dependent on
Management's plans, which include continuing to raise equity based
financing as well as development of the business plan.
The
accompanying financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of
business.
These
financial statements do not include any adjustments relating to the
recovery of the recorded assets or the classification of the
liabilities that might be necessary should the Company be unable to
continue as a going concern.
|
Stockholders' Equity | 15 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity |
Note 4
Stockholders’ Equity
From
July 26, 2010 (inception) to September 30, 2011, the Company issued
the following shares of common stock:
Under
Staff Accounting Bulletin Topic 5(G), “Transfers of
Nonmonetary Assets by Promoters or Shareholders”, the
IP was contributed to the Company at its historical cost basis of
$0, as determined under generally accepted accounting
principles. The Company has expensed this stock issuance
as a component of research and development.
The
Company also considered the valuation of the IP, whereby these
assets had never been previously developed for
commercialization. The IP acquired will be used by the
Company in the attempt of furthering the business
plan.
|
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Balance Sheets (USD $) | Sep. 30, 2011 | Jun. 30, 2011 |
---|---|---|
Current Assets | ||
Cash | $ 23,478 | $ 37,030 |
Total Current Assets | 23,478 | 37,030 |
Total Assets | 23,478 | 37,030 |
Current Liabilities: | ||
Accounts payable | 5,499 | 11,657 |
Total Current Liabilities | 5,499 | 11,657 |
Stockholders' Equity: | ||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.001 par value, 200,000,000 shares authorized; 3,836,000 shares issued and outstanding | 3,836 | 3,836 |
Additional paid-in capital | 63,464 | 63,464 |
Deficit accumulated during the development stage | (49,321) | (41,927) |
Total Stockholders' Equity | 17,979 | 25,373 |
Total Liabilties and Stockholders' Equity | $ 23,478 | $ 37,030 |