0001144204-12-010190.txt : 20120221 0001144204-12-010190.hdr.sgml : 20120220 20120221163146 ACCESSION NUMBER: 0001144204-12-010190 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120221 DATE AS OF CHANGE: 20120221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Putnam Hills Corp. CENTRAL INDEX KEY: 0001527728 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 452259340 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54478 FILM NUMBER: 12627244 BUSINESS ADDRESS: STREET 1: 45 NORTH STATION SUITE 214 CITY: GREAT NECK STATE: NY ZIP: 11021 BUSINESS PHONE: 516-665-1003 MAIL ADDRESS: STREET 1: 45 NORTH STATION SUITE 214 CITY: GREAT NECK STATE: NY ZIP: 11021 10-Q 1 v303023_10q.htm

 

FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2011

 

OR

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________

 

Commission file number 000-54478

 

 

 

Putnam Hills Corp.

(Exact name of registrant as specified in its charter)

 

Delaware 45-2259340
(State or other jurisdiction (I.R.S. Employer Identification Number)
of incorporation or organization)  

 

 

c/o Samir Masri CPA Firm P.C., 175 Great Neck Road, Suite 403, Great Neck, NY 11021

(Address of principal executive offices)

 

(516) 466-6193

(Registrant’s telephone number, including area code)

 

No change

(Former name, former address and former fiscal year, if changed since last report)

 

 

 

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 website, 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). Yes [X] No [ ]

 
 

 

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated file. See definition of accelerated filer and large accelerated filer 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 [ ].

 

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING

THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ].

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 5,000,000 shares of common stock, par value $.0001 per share, outstanding as of February 21, 2012.

 

 
 

 

 

 

PUTNAM HILLS CORP.

 

 

- INDEX –

 

     
    Page
PART I – FINANCIAL INFORMATION:  
     
Item 1.  Financial Statements:                   1
     
  Balance Sheet as of December 31, 2011 (Unaudited) and March 31, 2011  2
     
  Statement of Operations (Unaudited) for the Three and Nine Months Ended  3
  December 31, 2011 and for the Period from January 18, 2011 (Inception)  
  to December 31, 2011  
     
  Statement of Stockholder’s Deficiency for the Period from  4
  January 18, 2011 (Inception) to December 31, 2011 (Unaudited)  
     
  Statement of Cash Flows (Unaudited) for the Nine Months Ended  5
  December 31, 2011 and for the Period from January 18, 2011 (Inception)  
  to December 31, 2011  
     
  Notes to Financial Statements  6
     
Item 2.  Management’s Discussion and Analysis of Financial Condition and 10
  Results of Operations  
     
Item 3.  Quantitative and Qualitative Disclosures About Market Risk 13
     
Item 4.  Controls and Procedures 13
     
PART II – OTHER INFORMATION:  
     
Item 1.  Legal Proceedings 13
     
Item 1A.  Risk Factors 13
     
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds 14
     
Item 3. Defaults Upon Senior Securities 14
     
Item 4.  Removed and Reserved 14
     
Item 5.  Other Information 14
     
Item 6.  Exhibits  14
     
Signatures   15

 

 

 

 
 

 

PART I – FINANCIAL INFORMATION


Item 1. Financial Statements.

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

 

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

 

The results for the period ended December 31, 2011 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Form 10 filed with the Securities and Exchange Commission on August 12, 2011.

 

 

1
 

 

 

PUTNAM HILLS CORP.

(A Development Stage Company)

BALANCE SHEET

 

   (Unaudited)     
   December 31, 2011   March 31, 2011 
           
ASSETS          
           
           
CURRENT ASSETS:          
Cash  $123   $- 
Loan receivable - related party   13,219    - 
           
Total Current Assets   13,342    - 
           
TOTAL ASSETS  $13,342   $- 
      
LIABILITIES AND STOCKHOLDER'S DEFICIENCY          
           
CURRENT LIABILITIES:          
Accounts payable  $376   $- 
Loan payable - related party   17,235    8,735 
Note payable - related party   5,000    - 
           
Total Current Liabilities   22,611    8,735 
           
           
COMMITMENTS AND CONTINGENCIES   -    - 
           
           
STOCKHOLDER'S DEFICIENCY:          
Preferred stock, $.0001 par value; 10,000,000 shares authorized;          
 none issued and outstanding   -    - 
Common stock, $.0001 par value; 100,000,000 shares authorized;          
  5,000,000 shares subscribed   500    500 
Additional paid-in capital   24,500    24,500 
Subscription receivable   -    (25,000)
(Deficit) accumulated during the development stage   (34,269)   (8,735)
           
Total Stockholder's Deficiency   (9,269)   (8,735)
           
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY  $13,342   $- 

 

 

The accompanying notes are an integral part of these financial statements.

 

2
 

 

 PUTNAM HILLS CORP.

(A Development Stage Company)

STATEMENT OF OPERATIONS

(Unaudited)

 

           For The Period 
   For The Three   For The Nine   From January 18, 
   Months Ended   Months Ended   2011 (Inception) to 
   December 31, 2011   December 31, 2011   December 31, 2011 
             
             
REVENUES  -   $-   $- 
                
GENERAL AND ADMINISTRATIVE EXPENSES   11,351    25,534    34,269 
                
(LOSS) BEFORE OTHER EXPENSES   (11,351)   (25,534)   (34,269)
                
(LOSS) BEFORE BENEFIT FROM INCOME TAXES   (11,351)   (25,534)   (34,269)
                
BENEFIT FROM INCOME TAXES   -    -    - 
                
NET (LOSS)  $(11,351)  $(25,534)  $(34,269)
                
BASIC AND DILUTED LOSS PER SHARE   -    -    - 
                
WEIGHTED AVERAGE NUMBER OF COMMON SHARES               
OUTSTANDING - BASIC AND DILUTED   -    -    - 
                

 

 

The accompanying notes are an integral part of these financial statements.

 

3
 

 

PUTNAM HILLS CORP.
(A Development Stage Company)
STATEMENT OF STOCKHOLDER'S DEFICIENCY
FOR THE PERIOD FROM JANUARY 18, 2011 (INCEPTION) TO DECEMBER 31, 2011
                                             

 

                                  Deficit        
                                  Accumulated      Total  
             Additional          During the     Stockholder's  
     Preferred Stock     Common Stock    Paid-in     Subscription     Development    Equity 
    Shares    Amount    Shares    Amount    Capital    Receivable    Stage    (Deficiency) 
                                         
January 18, 2011 -                                        
common stock subscription   -   $-    5,000,000   $500   $24,500   $(25,000)  $-   $- 
                                         
Net (loss)   -    -    -    -    -    -    (8,735)   (8,735)
                                         
Balance at March 31, 2011   -    -    5,000,000    500    24,500    (25,000)   (8,735)   (8,735)
                                         
August 10, 2011 -                                        
contributed capital   -   $-    -   $-   $-   $25,000   $-   $25,000 
                                         
Net (loss) (Unaudited)   -    -    -    -    -    -    (25,534)   (25,534)
                                         
Balance at December 31,                                         
2011 (Unaudited)   -   $-    5,000,000   $500   $24,500   $-   $(34,269)  $(9,269)
                                         

 

 

 The accompanying notes are an integral part of these financial statements.

 

4
 

 

 PUTNAM HILLS CORP.

(A Development Stage Company)

STATEMENT OF CASH FLOWS

(Unaudited)

 

         For The Period  
        From 
    For The Nine     January 18, 2011 
    Months Ended     (Inception) to 
    December 31, 2011      December 31, 2011 
CASH FLOWS FROM OPERATING ACTIVITIES:          
           
NET (LOSS)  $(25,534)  $(34,269)
           
ADJUSTMENT TO RECONCILE NET LOSS TO NET          
CASH USED IN OPERATING ACTIVITIES:          
Professional fees paid by related party on behalf of the Company   5,000    13,735 
Increase in accounts payable   376    376 
           
NET CASH USED IN OPERATING ACTIVITIES   (20,158)   (20,158)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Increase in note receivable - related party   (13,219)   (13,219)
           
NET CASH USED IN INVESTING ACTIVITIES   (13,219)   (13,219)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Increase in loan payable - related party   3,500    3,500 
Increase in note payable - related party   5,000    5,000 
Proceeds from Issuance or Common Stock   25,000    25,000 
           
NET CASH PROVIDED BY FINANCING ACTIVITIES   33,500    33,500 
           
NET INCREASE IN CASH   123    123 
           
CASH, BEGINNING OF PERIOD   -    - 
           
CASH, END OF PERIOD  $123   $123 
           
SCHEDULE OF NON-CASH FINANCING ACTIVITIES:          
Professional fees paid by related party on behalf of the Company  $5,000   $13,735 
Common stock subscribed  $-   $25,000 

 

  

The accompanying notes are an integral part of these financial statements.

 

5
 

 

 

PUTNAM HILLS CORP.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

 

Note 1 -       Organization and Business

 

Business Activity

 

Putnam Hills Corp., a Development Stage Company, ("the Company") was incorporated in the state of Delaware on January 18, 2011 with the objective to acquire, or merge with, an operating business.

 

The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation and, to a lesser extent, desires to employ the Company’s funds in its business. The Company’s principal business objective over the next twelve months and beyond will be to achieve long-term growth potential through a combination with a business rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officers and directors of the Company.

 

Note 2 -      Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements presentation and in accordance with the instructions to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, all adjustments for a fair statement of the results of operations and financial position for the interim periods presented have been included. All such adjustments are of a normal recurring nature. The accompanying financial statements and the information included under the heading Management’s Discussion and Analysis of Financial Condition and Results of Operations should read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Form 10 as of March 31, 2011. Interim results are not necessarily indicative of the results for a full year.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in 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 balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

6
 

 

 

PUTNAM HILLS CORP.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

 

Note 2 -      Summary of Significant Accounting Policies (con’t)

 

Cash Equivalents

 

The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. There are no cash equivalents at the balance sheet date.


Income Taxes

 

The Company utilizes the accrual method of accounting for income taxes. Under the accrual method, the deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and the tax basis of the assets and liabilities and are measured using enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recognized, when it is more likely than not, that such tax benefits will not be realized.

 

The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. As of December 31, 2011, the Company is unaware of any uncertain tax positions.

 

Loss Per Common Share

 

Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments.

 

Recent Accounting Pronouncements

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

7
 

 

 

PUTNAM HILLS CORP.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

 

Note 3 -      Going Concern

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from inception of approximately $34,000, which, among other factors, raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management’s plan to find a suitable acquisition or merger candidate, raise additional capital from the sales of stock, receive additional loans from its stockholder, and ultimately, income from operations. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

 

Note 4 -       Income Taxes

 

As of December 31, 2011 the Company has net operating loss carryforwards of approximately $34,000 to reduce future federal and state taxable income through 2031. The Company has approximately $12,000 in deferred tax assets at December 31, 2011 resulting from net operating loss carryforwards. At December 31, 2011, a valuation allowance has been recorded to fully offset these deferred tax assets because future realization of the related income tax effects is uncertain. The difference between the statutory rate of 34% and the effective rate of 0% is due to the increase in the deferred tax asset valuation allowance.

 

The Company currently has no federal or state tax examination in progress nor has it had any federal or state examinations since its inception.

 

The earliest tax year subject to examination by taxing authorities by major jurisdictions are Federal and Delaware for fiscal year 2011.

 

Note 5 -       Common Stock

 

On January 18, 2011, the Company authorized one hundred million (100,000,000) shares of common stock. On January 18, 2011, the Company received a subscription for five million (5,000,000) shares of common stock for $25,000 from the former President of the Company.

 

Note 6 -       Preferred Stock

 

The Company is authorized to issue (10,000,000) shares of $.0001 par value preferred stock with designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors of the Company.

 

8
 

 

 

PUTNAM HILLS CORP.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

 

Note 7 -       Related Party Transactions

 

The Company utilizes the office space and equipment of its management at no cost.

 

During the year ended March 31, 2011, professional fees in the amount of $8,735 were paid on behalf of the Company by Sunrise Securities Corp. (“Sunrise”). During the nine months ended December 31, 2011, Sunrise paid additional professional fees in the amount of $5,000 and advanced the Company an additional $3,500. The President of Sunrise was the Company’s former President and sole stockholder. As of December 31, 2011, the outstanding balance of $17,235 is reported as loan payable – related party. The amount is unsecured, non-interest bearing and has no stipulated repayment terms.

 

During the nine months ended December 31, 2011, the Company disbursed $6,525 and $6,694 to Iron Sands Corp. and Trenton Acquisition Corp., respectively. NLDBIT 2010 Services, LLC is the sole stockholder of both Iron Sands Corp. and Trenton Acquisition Corp. As of December 31, 2011, the outstanding receivable of 13,219 is reported as loan receivable – related party. The amounts are unsecured, non-interest bearing and have no stipulated repayment terms.

 

On May 26, 2011, the former President resigned and the related subscription for common stock was cancelled. On May 26, 2011, NLBDIT 2010 Services, LLC, a company controlled by the former President, subscribed for five million (5,000,000) shares of common stock for $25,000. On August 10, 2011 the Company received payment of $25,000 for the common stock subscription.

 

On June 3, 2011, the Company issued a Promissory Note payable (the “Note”) to NLBDIT 2010 Enterprises, LLC, an entity controlled by the Company’s sole stockholder. The Note bears interest at 6% and is payable upon completion of a business combination with a private company in a reverse merger or other transaction after which the Company would cease to be a shell company. At December 31, 2011, the outstanding balance of $5,000 is reported as note payable – related party.

 

Note 8 -       Subsequent Events

 

Subsequent to December 31, 2011, the Company received funds totaling $1,000 from Sunrise to pay for professional fees.

 

 

9
 

  

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

 

Forward Looking Statement Notice

 

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Putnam Hills Corp. (“we”, “us”, “our” or the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

 

Description of Business

 

The Company was incorporated in the State of Delaware on January 18, 2011 (Inception) and maintains its principal executive office at c/o Samir Masri CPA Firm P.C., 175 Great Neck Road, Suite 403, Great Neck, NY 11021. Since inception, the Company has been engaged in organizational efforts and obtaining initial financing. The Company was formed as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business. The Company filed a registration statement on Form 10 with the U.S. Securities and Exchange Commission (the “SEC”) on August 12, 2011, and since its effectiveness, the Company has focused its efforts to identify a possible business combination.

 

The Company is currently considered to be a “blank check” company. The SEC defines those companies as "any development stage company that is issuing a penny stock, within the meaning of Section 3(a)(51) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that has no specific business plan or purpose, or has indicated that its business plan is to merge with an unidentified company or companies." Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. The Company is also a “shell company,” defined in Rule 12b-2 under the Exchange Act as a company with no or nominal assets (other than cash) and no or nominal operations. Management does not intend to undertake any efforts to cause a market to develop in our securities, either debt or equity, until we have successfully concluded a business combination. The Company intends to comply with the periodic reporting requirements of the Exchange Act for so long as we are subject to those requirements.

 

The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company’s principal business objective for the next 12 months will be to complete the transactions contemplated by the Share Exchange. In the event the Company does not consummate the transactions contemplated by the Share Exchange the Company’s principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with an operating business. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.

 

10
 

 

 

The Company currently does not engage in any business activities that provide cash flow. During the next twelve months we anticipate incurring costs related to:

 

(i) filing Exchange Act reports, and

(ii) investigating, analyzing and consummating an acquisition.

 

We believe we will be able to meet these costs through use of funds in our treasury, through deferral of fees by certain service providers and additional amounts, as necessary, to be loaned to or invested in us by our stockholders, management or other investors. As of the date of the period covered by this report, the Company has $123 of cash in its treasury. There are no assurances that the Company will be able to secure any additional funding as needed. Currently, however our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Our ability to continue as a going concern is also dependant on our ability to find a suitable target company and enter into a possible reverse merger with such company. Management’s plan includes obtaining additional funds by equity financing through a reverse merger transaction and/or related party advances, however there is no assurance of additional funding being available.

 

The Company may consider acquiring a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital but which desires to establish a public trading market for its shares while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering.

 

Since our Registration Statement on Form 10 became effective, our management has had contact and discussions with representatives of other entities regarding a business combination with us; however, we have not entered into any agreement. Any target business that is selected to consummate a business combination with us may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies.. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks. Our management anticipates that it will likely be able to effect only one business combination, due primarily to our limited financing and the dilution of interest for present and prospective stockholders, which is likely to occur as a result of our management’s plan to offer a controlling interest to a target business in order to achieve a tax-free reorganization. This lack of diversification should be considered a substantial risk in investing in us, because it will not permit us to offset potential losses from one venture against gains from another.

 

The Company anticipates that the selection of a business combination will be complex and extremely risky. Our management believes that there are numerous firms seeking the perceived benefits of becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.

 

11
 

 

Liquidity and Capital Resources

 

As of December 31, 2011, the Company had assets equal to $13,342, comprised of cash and loan receivable. This compares with no assets as of March 31, 2011. The Company’s liabilities as of December 31, 2011 totaled $22,611, comprised of accounts payable and amounts due to a related party. This compares to the Company’s total liabilities as of March 31, 2011 of $8,735, comprised of amounts due to a related party. The Company can provide no assurance that it can continue to satisfy its cash requirements for at least the next twelve months.

 

The following is a summary of the Company's cash flows provided by (used in) operating, investing, and financing activities:

 

   Nine Months Ended December 31, 2011   For the Cumulative
Period from
January 18, 2011 (Inception)
to December 31, 2011
 
Net Cash (Used in) Operating Activities  $(20,158)  $(20,158)
Net Cash (Used in) Investing Activities  $(13,219)  $(13,219)
Net Cash Provided by Financing Activities  $33,500   $33,500 
Net Increase in Cash and Cash Equivalents  $123   $123 

 

The Company has only cash assets and has generated no revenues since inception. The Company is also dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able to implement its plan of operations.

 

Results of Operations

 

The Company has not conducted any active operations since inception, except for its efforts to locate suitable acquisition candidates. No revenue has been generated by the Company from January 18, 2011 (Inception), through December 31, 2011. It is unlikely the Company will have any revenues unless it is able to effect an acquisition or merger with an operating company, of which there can be no assurance. It is management's assertion that these circumstances may hinder the Company's ability to continue as a going concern.  The Company’s plan of operation for the next twelve months shall be to continue its efforts to locate suitable acquisition candidates. 

 

For the three months and nine months ended December 31, 2011, the Company had a net loss of $11,351 and $25,534, respectively, comprised of legal, accounting, audit and other professional service fees incurred in relation to the filing of the Company’s Registration Statement on Form 10 in August of 2011, the preparation and filing of the Company’s periodic reports, and general and administrative expenses.

 

For the cumulative period from January 18, 2011 (Inception) to December 31, 2011, the Company had a net loss of $34,269, comprised of legal, accounting, audit and other professional service fees incurred in relation to the formation of the Company, the filing of the Company’s Registration Statement on Form 10 in August of 2011, the preparation and filing of the Company’s periodic reports, and general and administrative expenses.

 

 

12
 

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

Contractual Obligations

  

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules, regulations and related forms, and that such information is accumulated and communicated to our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

 

As of December 31, 2011, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and our principal financial officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report. 

 

Changes in Internal Controls

 

There have been no changes in our internal controls over financial reporting during the quarter ended December 31, 2011 that have materially affected or are reasonably likely to materially affect our internal controls.

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

There are presently no material pending legal proceedings to which the Company, any of its subsidiaries, any executive officer, any owner of record or beneficially of more than five percent of any class of voting securities is a party or as to which any of its property is subject, and no such proceedings are known to the Company to be threatened or contemplated against it.

 

Item 1A. Risk Factors.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.

 

13
 

 

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Removed and Reserved.

 

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

(a) Exhibits required by Item 601 of Regulation S-K.

 

  Exhibit No.         Description
     
  *3.1 Certificate of Incorporation, as filed with the Delaware Secretary of State on January 18, 2011.
     
  *3.2 By-laws.
     
  31.1 Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2011.
     
  31.2 Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2011.
     
  32.1 Certification of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
  32.2 Certification of the Company’s Principal Financial Officer 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
     
  101.CAL XBRL Taxonomy Extension Calculation Linkbase
     
  101.DEF XBRL Taxonomy Extension Definition Linkbase
     
  101.LAB XBRL Taxonomy Extension Label Linkbase
     
  101.PRE XBRL Taxonomy Extension Presentation Linkbase

 

*Filed as an exhibit to the Company's Registration Statement on Form 10, as filed with the SEC on August 12, 2011, and incorporated herein by this reference.

 

14
 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

  Putnam Hills Corp.
   
   
Dated: February 21, 2012 By:  /s/ Samir N. Masri
    Samir N. Masri
President, Secretary and Director
Principal Executive Officer
     
     
     
Dated: February 21, 2012  By:  /s/ Sasha S. Masri 
    Sasha S. Masri
    Chief Financial Officer and Director
Principal Financial Officer 

 

 

15

EX-31.1 2 v303023_ex31-1.htm

 

Exhibit 31.1

 

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

 

I, Samir N. Masri, certify that:

 

1. I have reviewed this report on Form 10-Q of Putnam Hills Corp.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: February 21, 2012

/s/ Samir N. Masri

Samir N. Masri

Principal Executive Officer

 

 

 

 

 

 

EX-31.2 3 v303023_ex31-2.htm

 

Exhibit 31.2

 

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

 

I, Sasha S. Masri, certify that:

 

1. I have reviewed this report on Form 10-Q of Putnam Hills Corp.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: February 21, 2012

/s/ Sasha S. Masri

Sasha S. Masri

Principal Financial Officer

 

 

 

  

 

EX-32.1 4 v303023_ex32-1.htm

 

Exhibit 32.1

 

Certification of Principal Executive Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the Quarterly Report of Putnam Hills Corp. (the "Company") on Form 10-Q for the period ending December 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Samir N. Masri, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

/s/ Samir N. Masri

Samir N. Masri

Principal Executive Officer

February 21, 2012

 

 

 

 

 

EX-32.2 5 v303023_ex32-2.htm

 

Exhibit 32.2

 

Certification of Principal Financial Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the Quarterly Report of Putnam Hills Corp. (the "Company") on Form 10-Q for the period ending December 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Sasha S. Masri, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

/s/ Sasha S. Masri

Sasha S. Masri

Principal Financial Officer

February 21, 2012

 

 

 

 

 

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Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, all adjustments for a fair statement of the results of operations and financial position for the interim periods presented have been included. All such adjustments are of a normal recurring nature. The accompanying financial statements and the information included under the heading Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations should read in conjunction with the Company&#x2019;s audited financial statements and related notes included in the Company&#x2019;s Form 10 as of March 31, 2011. 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As of December 31, 2011, the Company is unaware of any uncertain tax positions.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> <u>Loss Per Common Share</u></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> <u>Recent Accounting Pronouncements</u></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.</p> </div> -13219 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Note 6 - &#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <u>Preferred Stock</u></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The Company is authorized to issue (10,000,000) shares of $.0001 par value preferred stock with designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors of the Company.</p> </div> -20158 5000 -25534 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Note 8 -&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <u>Subsequent Events</u></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> Subsequent to December 31, 2011, the Company received funds totaling $1,000 from Sunrise to pay for professional fees.</p> </div> -25534 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Note 1 - &#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<u>Organization and Business</u></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> <u>Business Activity</u></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> Putnam Hills Corp., a Development Stage Company, ("the Company") was incorporated in the state of Delaware on January 18, 2011 with the objective to acquire, or merge with, an operating business.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation and, to a lesser extent, desires to employ the Company&#x2019;s funds in its business. The Company&#x2019;s principal business objective over the next twelve months and beyond will be to achieve long-term growth potential through a combination with a business rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officers and directors of the Company.</p> </div> -25534 376 25000 13219 123 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Note 4 - &#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <u>Income Taxes</u></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 the Company has net operating loss carryforwards of approximately $34,000 to reduce future federal and state taxable income through 2031. The Company has approximately $12,000 in deferred tax assets at December 31, 2011 resulting from net operating loss carryforwards. At December 31, 2011, a valuation allowance has been recorded to fully offset these deferred tax assets because future realization of the related income tax effects is uncertain. The difference between the statutory rate of 34% and the effective rate of 0% is due to the increase in the deferred tax asset valuation allowance.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The Company currently has no federal or state tax examination in progress nor has it had any federal or state examinations since its inception.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The earliest tax year subject to examination by taxing authorities by major jurisdictions are Federal and Delaware for fiscal year 2011.</p> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Note 7 -&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <u>Related Party Transactions</u></p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The Company utilizes the office space and equipment of its management at no cost.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> During the year ended March 31, 2011, professional fees in the amount of $8,735 were paid on behalf of the Company by Sunrise Securities Corp. (&#x201C;Sunrise&#x201D;). During the nine months ended December 31, 2011, Sunrise paid additional professional fees in the amount of $5,000 and advanced the Company an additional $3,500. The President of Sunrise was the Company&#x2019;s former President and sole stockholder. As of December 31, 2011, the outstanding balance of $17,235 is reported as loan payable &#x2013; related party. The amount is unsecured, non-interest bearing and has no stipulated repayment terms.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> During the nine months ended December 31, 2011, the Company disbursed $6,525 and $6,694 to Iron Sands Corp. and Trenton Acquisition Corp., respectively. NLDBIT 2010 Services, LLC is the sole stockholder of both Iron Sands Corp. and Trenton Acquisition Corp. As of December 31, 2011, the outstanding receivable of 13,219 is reported as loan receivable &#x2013; related party. The amounts are unsecured, non-interest bearing and have no stipulated repayment terms.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> On May 26, 2011, the former President resigned and the related subscription for common stock was cancelled. On May 26, 2011, NLBDIT 2010 Services, LLC, a company controlled by the former President, subscribed for five million (5,000,000) shares of common stock for $25,000. On August 10, 2011 the Company received payment of $25,000 for the common stock subscription.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> On June 3, 2011, the Company issued a Promissory Note payable (the &#x201C;Note&#x201D;) to NLBDIT 2010 Enterprises, LLC, an entity controlled by the Company&#x2019;s sole stockholder. The Note bears interest at 6% and is payable upon completion of a business combination with a private company in a reverse merger or other transaction after which the Company would cease to be a shell company. At December 31, 2011, the outstanding balance of $5,000 is reported as note payable &#x2013; related party.</p> </div> 25534 33500 25000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Note 5 - &#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <u>Common Stock</u></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> On January 18, 2011, the Company authorized one hundred million (100,000,000) shares of common stock. On January 18, 2011, the Company received a subscription for five million (5,000,000) shares of common stock for $25,000 from the former President of the Company.</p> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Note 3 - &#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<u>Going Concern</u></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from inception of approximately $34,000, which, among other factors, raises substantial doubt about the Company&#x2019;s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management&#x2019;s plan to find a suitable acquisition or merger candidate, raise additional capital from the sales of stock, receive additional loans from its stockholder, and ultimately, income from operations. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.</p> </div> 5000 25000 -25534 3500 5000 -13219 -20158 13735 -34269 -34269 -34269 376 25000 13219 123 34269 33500 25000 13735 3500 5000 -8735 -8735 -11351 -11351 -11351 11351 0001527728 2011-10-01 2011-12-31 0001527728 ck0001527728:DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStageMember 2011-01-19 2011-03-31 0001527728 2011-01-19 2011-03-31 0001527728 ck0001527728:NotesPayableMember 2011-01-19 2011-12-31 0001527728 us-gaap:LoansPayableMember 2011-01-19 2011-12-31 0001527728 2011-01-19 2011-12-31 0001527728 ck0001527728:NotesPayableMember 2011-04-01 2011-12-31 0001527728 us-gaap:LoansPayableMember 2011-04-01 2011-12-31 0001527728 ck0001527728:DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStageMember 2011-04-01 2011-12-31 0001527728 ck0001527728:SubscriptionsReceivablesMember 2011-04-01 2011-12-31 0001527728 2011-04-01 2011-12-31 0001527728 ck0001527728:SubscriptionsReceivablesMember 2011-01-18 0001527728 us-gaap:AdditionalPaidInCapitalMember 2011-01-18 0001527728 us-gaap:CommonStockMember 2011-01-18 0001527728 ck0001527728:DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStageMember 2011-12-31 0001527728 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0001527728 us-gaap:CommonStockMember 2011-12-31 0001527728 2011-12-31 0001527728 ck0001527728:DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStageMember 2011-03-31 0001527728 ck0001527728:SubscriptionsReceivablesMember 2011-03-31 0001527728 us-gaap:AdditionalPaidInCapitalMember 2011-03-31 0001527728 us-gaap:CommonStockMember 2011-03-31 0001527728 2011-03-31 0001527728 2012-02-21 shares iso4217:USD iso4217:USD shares EX-101.SCH 7 ck0001527728-20111231.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - BALANCE SHEET link:calculationLink link:presentationLink link:definitionLink 104 - Statement - BALANCE SHEET (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - STATEMENT OF OPERATIONS link:calculationLink link:presentationLink link:definitionLink 106 - Statement - STATEMENT OF STOCKHOLDER'S EQUITY/(DEFICIT) link:calculationLink link:presentationLink link:definitionLink 107 - Statement - STATEMENT OF CASH FLOWS link:calculationLink link:presentationLink link:definitionLink 108 - Disclosure - Organization and Business link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Summary of Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Going Concern link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Common Stock link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Preferred Stock link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Related Party Transactions link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Subsequent Events link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 8 ck0001527728-20111231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 ck0001527728-20111231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 ck0001527728-20111231_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 ck0001527728-20111231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE ZIP 12 0001144204-12-010190-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-010190-xbrl.zip M4$L#!!0````(``&$54`XOTJKKAL``%'#```9`!P`8VLP,#`Q-3(W-S(X+3(P M,3$Q,C,Q+GAM;%54"0`#4@U$3U(-1$]U>`L``00E#@``!#D!``#L75ES&SF2 M?F<$_P-&Z^YP1Y`4#U&7VSU!65*/9F5+(\FSO?OB`*M`$G:Q4`U426+_^LU, MH"ZR*%&GK=5VA*,M%8Y$(I'YY0'XU[]?3P-V*;21*GR_UFFUUY@(/>7+>CS0(7B_=I,F+6__U:O_?JW9I,=[/\^.&,G82!#P8Z:'T6L MY37[PQ.!T#R&7X78U1-L7WG)5(1Q@PVY$3Y3(?MC[^R8=5L=QB9Q'.VNKU]= M7;6$/^:ZJ6C`EJ>FZZS93"?[MZ5SE['-5J?7VBY\.E-)Z.^RX=;6<)MO;#>] M87_8W!B)S>9PNRV:.YO][5ZO-^IMDVV]UF9_NB ML[7;W]KM;?Q/L;6*9EJ.)S%[Z_T"C=O])O3HE'C0@!5[+38(`G:&30T[$T;H M2^&WW$C70QTPX'IHWJ\5UHV_;BD]7H=Q>^O2L6W-MMS%K\$-[6'J;\C7K#W^ MHM3^JD>M.SL[.^OT-6TJC=KH=K9N(L:VR,8VLFID:-I9_^/C\;DW$5/>G%^! 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Going Concern
9 Months Ended
Dec. 31, 2011
Going Concern

Note 3 -      Going Concern

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from inception of approximately $34,000, which, among other factors, raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management’s plan to find a suitable acquisition or merger candidate, raise additional capital from the sales of stock, receive additional loans from its stockholder, and ultimately, income from operations. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

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Summary of Significant Accounting Policies
9 Months Ended
Dec. 31, 2011
Summary of Significant Accounting Policies

Note 2 -      Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements presentation and in accordance with the instructions to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, all adjustments for a fair statement of the results of operations and financial position for the interim periods presented have been included. All such adjustments are of a normal recurring nature. The accompanying financial statements and the information included under the heading Management’s Discussion and Analysis of Financial Condition and Results of Operations should read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Form 10 as of March 31, 2011. Interim results are not necessarily indicative of the results for a full year.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in 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 balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

 

Cash Equivalents

 

The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. There are no cash equivalents at the balance sheet date.


Income Taxes

 

The Company utilizes the accrual method of accounting for income taxes. Under the accrual method, the deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and the tax basis of the assets and liabilities and are measured using enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recognized, when it is more likely than not, that such tax benefits will not be realized.

 

The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. As of December 31, 2011, the Company is unaware of any uncertain tax positions.

 

Loss Per Common Share

 

Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments.

 

Recent Accounting Pronouncements

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEET (USD $)
Dec. 31, 2011
Mar. 31, 2011
CURRENT ASSETS:    
Cash $ 123  
Loan receivable - related party 13,219  
Total Current Assets 13,342  
TOTAL ASSETS 13,342  
CURRENT LIABILITIES:    
Accounts payable 376  
Loan payable - related party 17,235 8,735
Note payable - related party 5,000  
Total Current Liabilities 22,611 8,735
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDER'S DEFICIENCY:    
Preferred stock, $.0001 par value; 10,000,000 shares authorized; none issued and outstanding      
Common stock, $.0001 par value; 100,000,000 shares authorized; 5,000,000 shares subscribed 500 500
Additional paid-in capital 24,500 24,500
Subscription receivable   (25,000)
(Deficit) accumulated during the development stage (34,269) (8,735)
Total Stockholder's Deficiency (9,269) (8,735)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 13,342  
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STATEMENT OF CASH FLOWS (USD $)
9 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET (LOSS) $ (25,534) $ (34,269)
ADJUSTMENT TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES:    
Professional fees paid by related party on behalf of the Company 5,000 13,735
Increase in accounts payable 376 376
NET CASH USED IN OPERATING ACTIVITIES (20,158) (20,158)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Increase in note receivable - related party (13,219) (13,219)
NET CASH USED IN INVESTING ACTIVITIES (13,219) (13,219)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Issuance or Common Stock 25,000 25,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 33,500 33,500
NET INCREASE IN CASH 123 123
CASH, END OF PERIOD 123 123
SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Professional fees paid by related party on behalf of the Company 5,000 13,735
Common stock subscribed   25,000
Loan Payable
   
CASH FLOWS FROM FINANCING ACTIVITIES:    
Increase in payable - related party 3,500 3,500
Note Payable
   
CASH FLOWS FROM FINANCING ACTIVITIES:    
Increase in payable - related party $ 5,000 $ 5,000
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Organization and Business
9 Months Ended
Dec. 31, 2011
Organization and Business

Note 1 -       Organization and Business

 

Business Activity

 

Putnam Hills Corp., a Development Stage Company, ("the Company") was incorporated in the state of Delaware on January 18, 2011 with the objective to acquire, or merge with, an operating business.

 

The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation and, to a lesser extent, desires to employ the Company’s funds in its business. The Company’s principal business objective over the next twelve months and beyond will be to achieve long-term growth potential through a combination with a business rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officers and directors of the Company.

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BALANCE SHEET (Parenthetical) (USD $)
Dec. 31, 2011
Mar. 31, 2011
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, issued      
Preferred stock, outstanding      
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares subscribed 0 5,000,000
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Document and Entity Information
9 Months Ended
Dec. 31, 2011
Feb. 21, 2012
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 31, 2011  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q3  
Entity Registrant Name PUTNAM HILLS CORP.  
Entity Central Index Key 0001527728  
Current Fiscal Year End Date --03-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   5,000,000
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STATEMENT OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2011
Dec. 31, 2011
REVENUES         
GENERAL AND ADMINISTRATIVE EXPENSES 11,351 25,534 34,269
(LOSS) BEFORE OTHER EXPENSES (11,351) (25,534) (34,269)
(LOSS) BEFORE BENEFIT FROM INCOME TAXES (11,351) (25,534) (34,269)
BENEFIT FROM INCOME TAXES         
NET (LOSS) $ (11,351) $ (25,534) $ (34,269)
BASIC AND DILUTED LOSS PER SHARE         
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED         
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Preferred Stock
9 Months Ended
Dec. 31, 2011
Preferred Stock

Note 6 -       Preferred Stock

 

The Company is authorized to issue (10,000,000) shares of $.0001 par value preferred stock with designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors of the Company.

XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock
9 Months Ended
Dec. 31, 2011
Common Stock

Note 5 -       Common Stock

 

On January 18, 2011, the Company authorized one hundred million (100,000,000) shares of common stock. On January 18, 2011, the Company received a subscription for five million (5,000,000) shares of common stock for $25,000 from the former President of the Company.

XML 26 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
9 Months Ended
Dec. 31, 2011
Related Party Transactions

Note 7 -       Related Party Transactions

 

The Company utilizes the office space and equipment of its management at no cost.

 

During the year ended March 31, 2011, professional fees in the amount of $8,735 were paid on behalf of the Company by Sunrise Securities Corp. (“Sunrise”). During the nine months ended December 31, 2011, Sunrise paid additional professional fees in the amount of $5,000 and advanced the Company an additional $3,500. The President of Sunrise was the Company’s former President and sole stockholder. As of December 31, 2011, the outstanding balance of $17,235 is reported as loan payable – related party. The amount is unsecured, non-interest bearing and has no stipulated repayment terms.

 

During the nine months ended December 31, 2011, the Company disbursed $6,525 and $6,694 to Iron Sands Corp. and Trenton Acquisition Corp., respectively. NLDBIT 2010 Services, LLC is the sole stockholder of both Iron Sands Corp. and Trenton Acquisition Corp. As of December 31, 2011, the outstanding receivable of 13,219 is reported as loan receivable – related party. The amounts are unsecured, non-interest bearing and have no stipulated repayment terms.

 

On May 26, 2011, the former President resigned and the related subscription for common stock was cancelled. On May 26, 2011, NLBDIT 2010 Services, LLC, a company controlled by the former President, subscribed for five million (5,000,000) shares of common stock for $25,000. On August 10, 2011 the Company received payment of $25,000 for the common stock subscription.

 

On June 3, 2011, the Company issued a Promissory Note payable (the “Note”) to NLBDIT 2010 Enterprises, LLC, an entity controlled by the Company’s sole stockholder. The Note bears interest at 6% and is payable upon completion of a business combination with a private company in a reverse merger or other transaction after which the Company would cease to be a shell company. At December 31, 2011, the outstanding balance of $5,000 is reported as note payable – related party.

XML 27 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
9 Months Ended
Dec. 31, 2011
Subsequent Events

Note 8 -       Subsequent Events

 

Subsequent to December 31, 2011, the Company received funds totaling $1,000 from Sunrise to pay for professional fees.

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STATEMENT OF STOCKHOLDER'S EQUITY/(DEFICIT) (USD $)
Total
Common Stock
Additional Paid-in Capital
Subscription Receivable
Deficit Accumulated During the Development Stage
Beginning Balance at Jan. 18, 2011   $ 500 $ 24,500 $ (25,000)  
Beginning Balance (in shares) at Jan. 18, 2011   5,000,000      
NET (LOSS) (8,735)       (8,735)
Ending Balance at Mar. 31, 2011 (8,735) 500 24,500 (25,000) (8,735)
Ending Balance (in shares) at Mar. 31, 2011   5,000,000      
August 10, 2011 - contributed capital 25,000     25,000  
NET (LOSS) (25,534)       (25,534)
Ending Balance at Dec. 31, 2011 $ (9,269) $ 500 $ 24,500   $ (34,269)
Ending Balance (in shares) at Dec. 31, 2011   5,000,000      
XML 29 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
9 Months Ended
Dec. 31, 2011
Income Taxes

Note 4 -       Income Taxes

 

As of December 31, 2011 the Company has net operating loss carryforwards of approximately $34,000 to reduce future federal and state taxable income through 2031. The Company has approximately $12,000 in deferred tax assets at December 31, 2011 resulting from net operating loss carryforwards. At December 31, 2011, a valuation allowance has been recorded to fully offset these deferred tax assets because future realization of the related income tax effects is uncertain. The difference between the statutory rate of 34% and the effective rate of 0% is due to the increase in the deferred tax asset valuation allowance.

 

The Company currently has no federal or state tax examination in progress nor has it had any federal or state examinations since its inception.

 

The earliest tax year subject to examination by taxing authorities by major jurisdictions are Federal and Delaware for fiscal year 2011.

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