UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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: 000-53498
Smartdata Corporation
(Exact name of registrant as specified in its charter)
Nevada | 87-0449945 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
PO Box 1593, Moab, Utah | 84532 |
(Address of principal executive offices) | (Zip Code) |
(801) 557-6748
(Registrant's telephone number, including area code)
PO BOX 573633, Murray, Utah 84157
(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 is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer | . | Accelerated filer | . |
Non-accelerated filer | . (Do not check if a smaller reporting company) | Smaller reporting company | X . |
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 February 21, 2012: 37,076,779
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at December 31, 2011 and 2010 and for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's September 30, 2011 audited financial statements. The results of operations for the period ended December 31, 2011 are not necessarily indicative of the operating results for the full year.
2
Smartdata Corporation
[A Development Stage Company]
UNAUDITED CONDENSED FINANCIAL STATEMENTS
December 31, 2011
3
Smartdata Corporation
[A Development Stage Company]
CONTENTS
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Condensed Balance Sheets, December 31, 2011 (Unaudited) and September 30, 2011 | 5 |
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Unaudited Condensed Statements of Operations, for the three months ended December 31, 2011, and 2010, and for the period from Re-entering the Development Stage [October 1, 1991] through December 31, 2011 | 6 |
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Unaudited Condensed Statements of Cash Flows, for the three months ended December 31, 2011, and 2010, and for the period from Re-entering the Development Stage [October 1, 1991] through December 31, 2011 | 7 |
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Notes to Unaudited Condensed Financial Statements | 8 |
4
Smartdata Corporation
[A Development Stage Company]
CONDENSED BALANCE SHEETS
As of December 31, 2011 and September 30, 2011
Assets |
| December 31, 2011 |
| September 30, 2011 |
|
| Unaudited |
| Audited |
Cash | $ | 387 | $ | 208 |
Total Current Assets |
| 387 |
| 208 |
Total Assets | $ | 387 | $ | 208 |
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Liabilities and Stockholders' Deficit |
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Liabilities |
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Current Liabilities |
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Accounts Payable | $ | 7,459 | $ | 8,320 |
Convertible Promissory Note |
| 15,000 |
| 15,000 |
Payable to Shareholder |
| 48,818 |
| 42,817 |
Total Current Liabilities |
| 71,277 |
| 66,137 |
Total Liabilities |
| 71,277 |
| 66,137 |
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Stockholders' Deficit |
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Common Stock - 100,000,000 shares authorized having a par value of $0.001 per share; 37,076,779 shares issued and outstanding, as of December 31, 2011 and September 30, 2011; respectively |
| 37,077 |
| 37,077 |
Capital in Excess of par value |
| 210,777 |
| 209,607 |
Deficit accumulated during the development stage |
| (318,744) |
| (312,613) |
Total Stockholders' Deficit |
| (70,890) |
| (65,929) |
Total Liabilities and Stockholders' Deficit | $ | 387 | $ | 208 |
The accompanying notes are an integral part of these unaudited condensed financial statements.
5
Smartdata Corporation
[A Development Stage Company]
Unaudited Condensed Statements of Operations
For the Three-Month Periods Ended December 31, 2011 and 2010 and
for the Period from Re-entering the Development Stage [October 1, 1991] through December 31, 2011
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| For the Three Months Ended |
| For the Period from re-entering the development stage [October 1, 1991] | ||
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| December 31, |
| December 31, |
| Through Dec. 31, |
|
| 2011 |
| 2010 |
| 2011 |
Revenues | $ | - | $ | - | $ | - |
Operating Expenses |
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General and Administrative Expenses |
| 4,811 |
| 659 |
| 314,346 |
Loss from Operations |
| (4,811) |
| (659) |
| (314,346) |
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Other Income (Expense) |
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Gain on Forgiveness of Debt |
| - |
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| 2,353 |
Interest Expense |
| (1,320) |
| (748) |
| (6,751) |
Total Other Income (Expense) |
| (1,320) |
| (748) |
| (4,398) |
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Net Loss before income taxes |
| (6,131) |
| (1,407) |
| (318,744) |
Income Taxes |
| - |
| - |
| - |
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Net Loss | $ | (6,131) | $ | (1,407) | $ | (318,744) |
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Basic and Diluted Loss per share | $ | (.01) | $ | (.01) |
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Basic and diluted weighted average number of common shares |
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outstanding |
| 37,076,779 |
| 35,976,781 |
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The accompanying notes are an integral part of these unaudited condensed financial statements.
6
Smartdata Corporation
[A Development Stage Company]
Unaudited Condensed Statements of Cash Flows
For the Three-Month Periods Ended December 31, 2011 and 2010 and
for the Period from Re-entering the Development Stage [October 1, 1991] through December 31, 2011
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| For the Three Months Ended |
| From Re-entering the Development Stage [October 1, 1991] through | ||
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| December 31, |
| December 31, |
| December 31, |
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| 2011 |
| 2010 |
| 2011 |
Cash Flows From Operating Activities |
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Net Loss | $ | (6,131) | $ | (1,407) | $ | (318,744) |
Adjustments to reconcile Net Loss |
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to net cash used by operating activities: |
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Gain on forgiveness of debt |
| - |
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| (2,353) |
Non-cash interest expense |
| 1,170 |
| 748 |
| 6,191 |
Shares issued for services |
| - |
| - |
| 22,450 |
Changes in assets and liabilities: |
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Increase (decrease) in accounts payable |
| (860) |
| 259 |
| 9,812 |
Increase in debt - Related Party |
| 6,000 |
| 400 |
| 67,881 |
Net Cash Used by Operating Activities |
| 179 |
| - |
| (214,763) |
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Cash Flows From Investing Activities |
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Net Cash From Investing Activities |
| - |
| - |
| - |
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Cash Flows From Financing Activities |
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Issuance of Notes Payable |
| - |
| - |
| 15,150 |
Proceeds from issuances of common stock |
| - |
| - |
| 200,000 |
Net Cash From Financing Activities |
| - |
| - |
| 215,150 |
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Net Increase (Decrease) in Cash |
| 179 |
| - |
| 387 |
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Beginning Cash Balance |
| 208 |
| 40 |
| - |
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Ending Cash Balance | $ | 387 | $ | 40 | $ | 387 |
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Supplemental Disclosures |
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Interest paid | $ | - | $ | - | $ | - |
Income taxes paid | $ | - | $ | - | $ | - |
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Supplemental Schedule of Noncash Investing and Financing Activities: | ||||||
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Common Stock issued for Debt | $ | - | $ | - | $ | 19,213 |
The accompanying notes are an integral part of these unaudited condensed financial statements.
7
Smartdata Corporation
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying condensed financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the results for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report for the year ended September 30, 2011. The operating results for the periods presented are not necessarily indicative of the operating results for the full year.
NOTE 2 - GOING CONCERN
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has incurred losses since its inception and has no revenue-generating activities. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management is seeking potential business opportunities and is proposing to raise any necessary additional funds not provided by operations through loans and/or through additional sales of its common stock. There is no assurance that the Company will be successful in raising additional capital or achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.
NOTE 3 - NOTES PAYABLE RELATED PARTY
Through December 31, 2011, the Company had received $67,881 in advances from certain officers of the Company under promissory notes. A balance of $48,818 is still outstanding on these notes. The notes bear no interest and are payable on demand. Although the notes bear no interest, the Company imputed interest at a rate of 8% and during the three month periods ended December 31, 2011 and 2010, recognized $1,170 and $748, respectively, in interest expense with an increase to additional paid in capital for the same amounts.
NOTE 4 - NEW ACCOUNTING STANDARDS
From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Companys financial statements upon adoption.
8
ITEM 2. PLAN OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION
FORWARD-LOOKING STATEMENT NOTICE
This Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "estimate" or "continue" or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control. These factors include but are not limited to economic conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition from much larger competitors; technological advances and failure to successfully develop business relationships.
PLAN OF OPERATION
Our plan of operation for the next 12 months is to: (i) consider guidelines of industries in which we may have an interest; (ii) adopt a business plan regarding engaging in the business of any selected industry; and (iii) to commence such operations through funding and/or the acquisition of a going concern engaged in any industry selected.
During the next 12 months, our only foreseeable cash requirements, which may be advanced by our management or principal stockholders as loans to us, will relate to maintaining our good standing or the payment of expenses associated with legal, accounting and other fees related to our compliance with the Exchange Act requirements of being a reporting issuer and reviewing or investigating any potential acquisition or business combination candidate. Because we have not determined any business or industry in which our operations will be commenced, and we have not identified any prospective acquisition or business combination candidate as of the date of this Quarterly Report, it is impossible to predict the amount of any such costs or required advances. Any such loan will be on terms no less favorable to us than would have been made available to us from a commercial lender in an arms length transaction.
LIQUIDITY AND CAPITAL RESOURCES
The Company remains in the development stage and has experienced no significant change in liquidity or capital resources or stockholders' equity since inception. The Company's balance sheet as of December 31, 2011, reflects a total asset value of $387. The Company has little cash or line of credit, other than that which present management may agree to extend to or invest in the Company, nor does it expect to have one before a merger is effected. The Company will carry out its plan of business as discussed above. The Company cannot predict to what extent its liquidity and capital resources will be diminished prior to the consummation of a business combination or whether its capital will be further depleted by the operating losses (if any) of the business entity which the Company may eventually acquire.
RESULTS OF OPERATIONS
We had no operations during the quarterly period ended December 31, 2011, nor do we have operations as of the date of this filing. General and administrative expenses were $4,811 for the December 31, 2011 period compared to $659 for the December 31, 2010 period. General and administrative expenses for the three months ended December 31, 2011, were comprised mainly of accounting and stock transfer fees. We had a net loss of $6,131 for the December 31, 2011 period compared to net loss of $1,407 for the December 31, 2010 period.
For the current fiscal year, the Company anticipates incurring a loss as a result of legal and accounting expenses, and expenses associated with locating and evaluating acquisition candidates. The Company anticipates that until a business combination is completed with an acquisition candidate, it will not generate revenues, and may continue to operate at a loss after completing a business combination, depending upon the performance of the acquired business.
9
NEED FOR ADDITIONAL FINANCING
Based upon current management's willingness to extend credit to the Company and/or invest in the Company until a business combination is completed, the Company believes that its existing capital will be sufficient to meet the Company's cash needs required for the costs of compliance with the continuing reporting requirements of the Securities Exchange Act of 1934, as amended, and for the costs of accomplishing its goal of completing a business combination, for an indefinite period of time. Accordingly, in the event the Company is able to complete a business combination during this period, it anticipates that its existing capital will be sufficient to allow it to accomplish the goal of completing a business combination. There is no assurance, however, that the available funds will ultimately prove to be adequate to allow it to complete a business combination, and once a business combination is completed, the Company's needs for additional financing are likely to increase substantially. In addition, as current management is under no obligation to continue to extend credit to the Company and/or invest in the Company, there is no assurance that such credit or investment will continue or that it will continue to be sufficient for future periods.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not required by smaller reporting companies.
ITEM 4T. CONTROLS AND PROCEDURES.
(a) Evaluation of Disclosure Controls and Procedures. Evaluation of Disclosure Controls and Procedures Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in rules and forms adopted by the Securities and Exchange Commission ("SEC"), and that such information is accumulated and communicated to management, including the President and Secretary, to allow timely decisions regarding required disclosures. Under the supervision and with the participation of our management, including our President and Secretary, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")). Based upon that evaluation, our President and Secretary concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were not effective, but the costs of remediation would place further strain on the Companys limited access to capital.
(b) Changes in Internal Control over Financial Reporting. There were no changes in the Company's internal controls over financial reporting, known to the chief executive officer or the chief financial officer, that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
No legal proceedings are threatened or pending against Smartdata Corporation, or any of our officers or directors. Further, none of our officers, directors or affiliates are parties against Smartdata Corporation, or have any material interests in actions that are adverse to our own.
ITEM 1A. RISK FACTORS
Smaller reporting companies are not required to provide the information required by this item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No matters were submitted during the period covered by this report to a vote of security holders.
10
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K.
Exhibit No. | Title of Document | Location |
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31.1 | Certification of the Principal Executive Officer/ Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Attached |
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32.1 | Certification of the Principal Executive Officer/ Principal Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* | Attached |
(b) Reports on Form 8-K
None
* The Exhibit attached to this Form 10-Q shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
11
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.
Smartdata Corporation
Date: February 21, 2012
By: /s/ Burkeley Priest
Burkeley Priest, President, CEO and CFO
12
Exhibit 31.1
CERTIFICATION
I, Burke Priest, certify that:
1. I have reviewed this amended quarterly report on Form 10-Q of Smartdata Corp for the fiscal quarter ended December 31, 2011;
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 13a15(e) and 15d15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a15(f) and 15d15(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 an 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/Burke Priest
Burke Priest
Chief Executive and Financial Officer
(Principal Executive and Financial Officer)
Exhibit 32.1
CERTIFICATION OF PERIODIC REPORT
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Burke Priest, Chief Financial Officer of SmartData Corp (the Company), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:
(1) the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended December 31, 2011 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78 o(d)); and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: February 21, 2012
/s/ Burke Priest
Burke Priest
Chief Executive Officer and
Chief Financial Officer
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act has been furnished to SmartData Corp. and will be retained by SmartData Corp and furnished to the Securities and Exchange Commission or its staff upon request.
NEW ACCOUNTING STANDARDS
|
3 Months Ended |
---|---|
Dec. 31, 2011
|
|
NEW ACCOUNTING STANDARDS | |
NEW ACCOUNTING STANDARDS | NOTE 4 - NEW ACCOUNTING STANDARDS
From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Companys financial statements upon adoption. |
NOTES PAYABLE - RELATED PARTY
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3 Months Ended |
---|---|
Dec. 31, 2011
|
|
NOTES PAYABLE - RELATED PARTY | |
NOTES PAYABLE - RELATED PARTY | NOTE 3 - NOTES PAYABLE RELATED PARTY
Through December 31, 2011, the Company had received $67,881 in advances from certain officers of the Company under promissory notes. A balance of $48,818 is still outstanding on these notes. The notes bear no interest and are payable on demand. Although the notes bear no interest, the Company imputed interest at a rate of 8% and during the three month periods ended December 31, 2011 and 2010, recognized $1,170 and $748, respectively, in interest expense with an increase to additional paid in capital for the same amounts. |
CONDENSED BALANCE SHEETS (USD $)
|
Dec. 31, 2011
|
Sep. 30, 2011
|
---|---|---|
Assets | ||
Cash | $ 387 | $ 208 |
Total Current Assets | 387 | 208 |
Total Assets | 387 | 208 |
Current Liabilities | ||
Accounts Payable | 7,459 | 8,320 |
Convertible Promissory Note | 15,000 | 15,000 |
Payable to Shareholder | 48,818 | 42,817 |
Total Current Liabilities | 71,277 | 66,137 |
Total Liabilities | 71,277 | 66,137 |
Stockholders' Deficit | ||
Common Stock - 50,000,000 shares authorized having a par value of $0.001 per share; 37,076,779 shares issued and outstanding, as of December 31, 2011 and September 30, 2011; respectively | 37,077 | 37,077 |
Capital in Excess of par value | 210,777 | 209,607 |
Deficit accumulated during the development stage | (318,744) | (312,613) |
Total Stockholders' Deficit | (70,890) | (65,929) |
Total Liabilities and Stockholders' Deficit | $ 387 | $ 208 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
---|---|
Dec. 31, 2011
|
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying condensed financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the results for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report for the year ended September 30, 2011. The operating results for the periods presented are not necessarily indicative of the operating results for the full year. |
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GOING CONCERN
|
3 Months Ended |
---|---|
Dec. 31, 2011
|
|
GOING CONCERN | |
GOING CONCERN | NOTE 2 - GOING CONCERN
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has incurred losses since its inception and has no revenue-generating activities. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management is seeking potential business opportunities and is proposing to raise any necessary additional funds not provided by operations through loans and/or through additional sales of its common stock. There is no assurance that the Company will be successful in raising additional capital or achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
CONDENSED BALANCE SHEETS PARENTHETICALS (USD $)
|
Dec. 31, 2011
|
Sep. 30, 2011
|
---|---|---|
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 37,076,779 | 37,076,779 |
Common Stock, shares outstanding | 37,076,779 | 37,076,779 |
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3 Months Ended
Document and Entity Information
Entity Registrant Name
SMARTDATA CORP
Document Type
10-Q
Document Period End Date
Dec. 31,
2011
Amendment Flag
false
Entity Central Index Key
0000827876
Current Fiscal Year End Date
--09-30
Entity Common Stock, Shares Outstanding
37,076,779
Entity Filer Category
Smaller Reporting Company
Entity Current Reporting Status
Yes
Entity Voluntary Filers
No
Entity Well-known Seasoned Issuer
No
Document Fiscal Year Focus
2012
Document Fiscal Period Focus
Q1
3 Months Ended
243 Months Ended
Revenues
$ 0
$ 0
$ 0
Operating Expenses
General and Administrative Expenses
4,811
659
314,346
Loss from Operations
(4,811)
(659)
(314,346)
Other Income (Expense)
Gain on Forgiveness of Debt
0
0
2,353
Interest Expense
(1,320)
(748)
(6,751)
Total Other Income (Expense)
(1,320)
(748)
(4,398)
Net Loss before income taxes
(6,131)
(1,407)
(318,744)
Income Taxes
0
0
0
Net Loss
$ (6,131)
$ (1,407)
$ (318,744)
Basic and Diluted Loss per share
$ (0.01)
$ (0.01)
Basic and diluted weighted average number of common shares outstanding
37,076,779
35,976,781