ptrv_10q.htm

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.

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

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 definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. ¨

		Page Number

PART I. FINANCIAL INFORMATION			1

	Balance Sheets at June 30, 2012 (Unaudited) and December 31, 2011		F-2

	Statements of Operations for the Six Months Ended June 30, 2012 and 2011 (Unaudited)		F-3

	Statements of Operations for the Three Months Ended June 30, 2012 and 2011 (unaudited)		F-3

	Statement of Stockholders’ Equity (Deficit) for the Period from November 23, 2010 (inception) through June 30, 2012 (Unaudited)		F-4

	Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011 (Unaudited)		F-5

	Notes to the Financial Statements (Unaudited)		F-6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		2

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		5

Item 4.	Controls and Procedures		5

PART II. OTHER INFORMATION			6

Item 1.	Legal Proceedings		6

Item 1A.	Risk Factors		6

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		6

Item 3.	Defaults Upon Senior Securities		6

Item 4.	Mine Safety Disclosure		6

Item 5.	Other Information		6

Item 6.	Exhibits		7

SIGNATURES			8

Contents	Page(s)

Balance Sheets at June 30, 2012 (Unaudited) and December 31, 2011		F-2

Statements of Operations for the Six Months Ended June 30, 2012 and 2011 (Unaudited)		F-3

Statements of Operations for the Three Months Ended June 30, 2012 and 2011 (unaudited)		F-4

Statement of Stockholders’ Equity (Deficit) for the Period from November 23, 2010 (inception) through June 30, 2012 (Unaudited)		F-5

Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011 (Unaudited)		F-6

	June 30, 2012		December 31, 2011
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash	$	2,501	$	12,012

Total Current Assets		2,501		12,012

Total Assets	$	2,501	$	12,012

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	1,584	$	607

Total Current Liabilities		1,584		607

STOCKHOLDERS' EQUITY:
Preferred stock at $0.000001 par value: 5,000,000 shares authorized; none issued or outstanding		-		-
Common stock at $0.000001 par value: 95,000,000 shares authorized, 8,000,000 shares issued and outstanding		8		8
Additional paid-in capital		39,998		39,998
Accumulated deficit		(39,089)		(28,601	)

Total Stockholders' Equity		917		11,405

Total Liabilities and Stockholders' Equity	$	2,501	$	12,012

	For the Six Months			For the Six Months
	Ended			Ended
	June 30, 2012			June 30, 2011
	(Unaudited)			(Unaudited)

NET REVENUES	$	-		$	-

COST OF REVENUES		-			-

GROSS PROFIT		-			-

OPERATING EXPENSES:
Professional fees		10,024			18,829
General and administrative expenses		2,714			8,096

Total operating expenses		12,738			26,925

LOSS FROM OPERATIONS		(12,738	)		(26,925	)

OTHER (INCOME) EXPENSE: Consulting income		(2,250)			-
Total other (income) expense		(2,250)			-

	For the Three Months			For the Three Months
	Ended			Ended
	June 30, 2012			June 30, 2011
	(Unaudited)			(Unaudited)

NET REVENUES	$	-		$	-

COST OF REVENUES		-			-

GROSS PROFIT		-			-

OPERATING EXPENSES:
Professional fees		1,584			3,380
General and administrative expenses		-			1,763

Total operating expenses		1,584			5,143

LOSS FROM OPERATIONS		(1,584	)		(26,925	)

OTHER (INCOME) EXPENSE: Consulting income		(2,250)			-
Total other (income) expense		(2,250)			-

	Common Stock, $0.000001 Par Value				Additional		Accumulated			Stockholders'
	Number of Shares		Amount		Paid-in Capital		Deficit			Equity (Deficit)

BALANCE, NOVEMBER 23, 2010 (INCEPTION)		-	$	-	$	-	$	-		$	-

COMMON STOCK ISSUED TO PRESIDENT AS COMPENSATION ON DECEMBER 15, 2010		6,000,000		6							6
NET LOSS								(613	)		(613	)

BALANCE, DECEMBER 31, 2010		6,000,000		6		-		(613	)		(607	)

SALE OF COMMON STOCK FROM MARCH 14, 2011 THROUGH JUNE 30, 2011 AT $0.02 PER SHARE		2,000,000		2		39,998					40,000
NET LOSS								(27,988	)		(27,988	)

BALANCE DECEMBER 31, 2011		8,000,000		8		39,998		(28,601	)		11,405

NET LOSS								(10,488	)		(10,488	)

BALANCE, JUNE 30, 2012		8,000,000	$	8	$	39,998	$	(39,089	)	$	917

	For the Six Months			For the Six Months
	Ended			Ended
	June 30, 2012			June 30, 2011
	(Unaudited)			(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(10,488	)	$	(26,925	)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Changes in operating assets and liabilities:
Prepaid Expenses		-			(57,060	)
Accounts payable and accrued expenses		977			(25	)
Customer Deposits		-			72,208
Common stock payable		-			-

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(9,511	)		(11,802	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Amounts received from (repayments made to) related party		-			14,500
Proceeds from sale of common stock		-			40,000
NET CASH PROVIDED BY FINANCING ACTIVITIES		-			54,500

NET CHANGE IN CASH		(9,511	)		42,698

Cash at beginning of period		12,012			6,825

Cash at end of period	$	2,501		$	49,523

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Interest paid	$	-		$	-
Income tax paid	$	-		$	-

The Company is a sports travel company that creates and manages trips to destination locations for youth basketball teams. The Company organizes all aspects of tours, including flights, hotels, meals, ground transportation and local competition. The Company anticipates providing these services to accommodate tours domestically and internationally.

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2011 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2012.

The preparation of financial statements in conformity with generally accepted accounting principles 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 reporting period.

The Company’s significant estimates and assumptions include the fair value of financial instruments; revenue recognized or recognizable; income tax rate, income tax provision, deferred tax assets and the valuation allowance of deferred tax assets, and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly.

The Company follows paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments and paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

Level 1		Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2		Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3		Pricing inputs that are generally observable inputs and not corroborated by market data.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

Pursuant to Section 850-10-20 the Related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal 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 the Statements of Income and Comprehensive Income in the period that includes the enactment date.

The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.

The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary.

Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options and warrants.

The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

In June 2011, the FASB issued the FASB Accounting Standards Update No. 2011-05 “Comprehensive Income” (“ASU 2011-05”), which was the result of a joint project with the IASB and amends the guidance in ASC 220, Comprehensive Income, by eliminating the option to present components of other comprehensive income (OCI) in the statement of stockholders’ equity. Instead, the new guidance now gives entities the option to present all non-owner changes in stockholders’ equity either as a single continuous statement of comprehensive income or as two separate but consecutive statements. Regardless of whether an entity chooses to present comprehensive income in a single continuous statement or in two separate but consecutive statements, the amendments require entities to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income.

In September 2011, the FASB issued the FASB Accounting Standards Update No. 2011-08 “Intangibles—Goodwill and Other: Testing Goodwill for Impairment” (“ASU 2011-08”). This Update is to simplify how public and nonpublic entities test goodwill for impairment. The amendments permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. Under the amendments in this Update, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount.

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-10 “Property, Plant and Equipment: Derecognition of in Substance Real Estate-a Scope Clarification” (“ASU 2011-09”). This Update is to resolve the diversity in practice as to how financial statements have been reflecting circumstances when parent company reporting entities cease to have controlling financial interests in subsidiaries that are in substance real estate, where the situation arises as a result of default on nonrecourse debt of the subsidiaries.

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS.

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-12 “Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05” (“ASU 2011-12”). This Update is a deferral of the effective date pertaining to reclassification adjustments out of accumulated other comprehensive income in ASU 2011-05. FASB is to going to reassess the costs and benefits of those provisions in ASU 2011-05 related to reclassifications out of accumulated other comprehensive income. Due to the time required to properly make such a reassessment and to evaluate alternative presentation formats, the FASB decided that it is necessary to reinstate the requirements for the presentation of reclassifications out of accumulated other comprehensive income that were in place before the issuance of Update 2011-05.

All other requirements in Update 2011-05 are not affected by this Update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Public entities should apply these requirements for fiscal years, and interim periods within those years, beginning after December 15, 2011.

As reflected in the accompanying financial statements, the Company had an accumulated deficit at June 30, 2012, a net loss and net cash used in operating activities for the interim period then ended, respectively. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

While the Company is attempting to commence operations and generate sufficient revenues, the Company’s cash position may not be sufficient enough to support the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan and generate sufficient revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate sufficient revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenues.

The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The Management of the Company determined that there were no reportable subsequent events to be disclosed.

The following discussion should be read in conjunction with our unaudited financial statements and the related notes that appear elsewhere in this Form 10-Q. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this Form 10-Q.

We were incorporated in the state of Delaware on November 23, 2010. We are a sports travel company that creates and manages trips to destination locations for youth basketball teams. We organize all aspects of tours, including flights, hotels, meals, ground transportation and local competition. We anticipate providing these services to accommodate tours domestically and internationally.

Operating Expenses –During the three and six month periods ended June 30, 2012, our operating expenses were primarily comprised of professional fees in the amount of $1,584 and $10,024, respectively and general and administrative expenses in the amount of $0 and $2,714 respectively. During the three and six month periods ended June 30, 2011, our operating expenses primarily consisted of professional fees in the amount of $3,380 and $18,829, respectively, and general and administrative expenses of $1,763 and $8,096, respectively, which expenses were incurred in relation to the filing of our registration statement on Form S-1.

Net Income (Loss) - During the three and six month periods ended June 30, 2012, we incurred net income (loss) in the amount of $666 and $(10,488), respectively compared to $(5,143) and $(26,925) for the three and six month periods ended June 30, 2011. The net loss incurred during the three and six month periods ended June 30, 2011 is attributable to the expenses incurred in relation to the filing of our registration statement on Form S-1.

During the next 12-month period, we will focus on business development and executing the initial stage of our marketing effort. We will seek to increase our customer base by cost-effectively acquiring new customers and increasing our market share in the rapidly growing online travel industry.

Our initial focus during the year 2012 has been to expose potential future participants to the benefits of our tours. We have posted photos, videos and testimonials from our 2011 tour online on our website and have implemented a digital campaign through email and other online social networks to reach as many potential customers as possible.

During the first and second quarters of 2012, we utilized our network of contacts in the high school coaching ranks to publicize our 2012 tour. We have also continued to promote our online component with e-blasts and continued promotion of our webpage through all promotional avenues.

Beginning in the start of the second quarter of 2012, we began to finalize the development of our online presence and expanded our marketing initiatives. We expect that the projected marketing costs will be approximately $500.00 and the projected costs associated with our online component will be approximately $1,150.

We are no longer in the process of attempting to organize a greater number of trips to be conducted during the year 2012 as compared to 2011 Summer tours that were scheduled, including tours to Geneva, Switzerland, Kona, Hawaii, and Nassau Bahamas, were canceled as a result of poor attendance, which made such tours uneconomic to maintain. We are in the process of determining whether and how to continue to rebuild or rebrand our tour strategy.

Our objective is to expand our tour offering within the next twenty-four months to include boys and girls volleyball and further, to include baseball and softball tour packages within thirty-six months after becoming a public company. We ultimately plan to expand our tours beyond Hawaii as our sole destination during the next three years.

We are an early stage company with limited operating history. We have not generated revenues for the three and six month periods ended June 30, 2012. There is a limited operating history by which to evaluate the likelihood of our success or our ability to exist as a going concern.

We currently do not have sufficient capital to enable us to continue to execute our business plan beyond the next twelve (12) months. Based on our estimated expenses, we anticipate that our current capital will only be sufficient for the next five (5) months. At the present time, we do not have plans to seek additional financing in order to conduct the business described herein. It is intended that cash on hand and revenues generated will be used to pay our expenses and our President has committed, in writing, to fund and any shortfall we may incur until December 2012 of up to $50,000. Payment for some of our expenses and services may be in shares of our common stock. We can offer no assurance that we will be successful in offering our services. In addition, any number of factors may impact our ability to further develop and expand our services, including our ability to obtain financing if and when necessary; market acceptance of our services; and our ability to gain a sufficient market share. Our business will fail if we cannot successfully implement our business plan or if we cannot develop or successfully market our services.

We can offer no assurance that we will be successful in developing and offering our services. Any number of factors may impact our ability to develop our services, including our ability to obtain financing if and when necessary; the availability of skilled personnel; market acceptance of our services, if they are developed; and our ability to gain market share. Our business will fail if we cannot successfully implement our business plan or if we cannot develop or successfully market our services.

The report of our independent registered accounting firm expresses concern about our ability to continue as a going concern based on the absence of significant revenues, recurring losses from operations, and our need for additional financing in order to fund our projected loss during the remainder of 2012.

Management, under the supervision and with the participation of our Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), have evaluated the effectiveness of our disclosure controls and procedures (“Disclosure Controls”) as defined in Rules 13a-15 promulgated under the Exchange Act, as of the end of the period covered by this Quarter Report (the “Evaluation Date”). Based on such evaluation, our PEO and PFO have concluded that as of the Evaluation Date, our Disclosure Controls were effective to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC and that material information relating to our Company is made known to management, including the PEO and the PFO, particularly during the period when our periodic reports are being prepared, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended June 30, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

For information regarding risk factors, please refer to the Company’s Form 10-K for the fiscal year ended December 31, 2011 filed with the SEC on March 9, 2012, as supplemented by Form 10-Q for the quarterly period ending March 31, 2012 filed with the SEC on May 9, 2012 which may be accessed via EDGAR through the Internet at www.sec.gov.

Exhibit No.		Description

3.1*		Certificate of Incorporation of Prime Time Travel, Inc.

3.2**		Amended and Restated Bylaws of Prime Time Travel, Inc, Inc.

4.1*		Specimen Stock Certificate

31.1		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS ***		XBRL Instance Document

101.SCH ***		XBRL Taxonomy Extension Schema Document

101.CAL ***		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF ***		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB ***		XBRL Taxonomy Extension Label Linkbase Document

101.PRE ***		XBRL Taxonomy Extension Presentation Linkbase Document

***

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

Delaware		80-0671280
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

NET LOSS PER COMMON SHARE
Basic and Diluted		$	(0.00	)		$	(0.00	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic and Diluted			8,000,000				6,681,319

NET INCOME (LOSS) PER COMMON SHARE
Basic and Diluted		$	0.00			$	(0.00	)

	Prime Time Travel, Inc.

Date: July 30, 2012	By:	/s/ Andrew M. Listerman
		Andrew M. Listerman
		Chief Executive Officer and President