SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended April 30, 2011
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File No. 333-167084
375 N. Stephanie St. - Suite 1411
Henderson, NV 89014-8909
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant as 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes [ ] No [X]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. 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]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes [ ] No [ X]
As of April 30, 2011, the registrant had 4,175,000 shares of common stock issued and outstanding. No market value has been computed based upon the fact that no active trading market has been established as of April 30, 2011.
TABLE OF CONTENTS
Item 1. Description of Business
This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
INTERDOM, CORP. was incorporated in the State of Nevada on December 8, 2009. We are in the business of real estate consulting and evaluation.
Our service includes:
-Real estate consulting.
-Comparative market analysis.
-Financial analysis for income properties.
-Estimating the value of real property.
-Negotiating short sales.
-Property auctions introduction and consulting.
The Company has generated $200 in revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception, (December 8, 2009) through April 30, 2011 the Company has accumulated losses of $24,218 and further losses are anticipated.
We have engaged in to date is executing agreements with Florida Exclusive Realty, LLC.
Agreement with Florida Exclusive Realty, LLC
We have entered into a real estate consulting agreement, (Agreement) with Florida Exclusive Realty, LLC (Realty) of Miami Beach, Florida. Under the terms of the Agreement, a summary of our consulting duties follows:
1. Advise the Realty with respect to real estate related investments which Realty may wish to recommend to its clients.
2. Present to the Realty for its consideration real estate investments which, based upon our preliminary investigation, meet the Realtys requirements.
3. Complete all appropriate and necessary due diligence services and negotiations to effect the acquisition.
4. Recommend to the Realty appraisers, insurance agents and attorneys whose services are necessary for the acquisition.
5. Provide other similar services which Realty may reasonably request relating to real estate investments.
Employees and Employment Agreements
At present, we have no employees other than our officer and director. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we may adopt such plans in the future. There are presently no personal benefits available to any officers, directors or employees.
Item 1A. Risk Factors
Not applicable to smaller reporting companies.
Item 2. Description of Property
We do not own any real estate or other properties.
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Market for Common Equity and Related Stockholder Matters
There is a limited public market for our common shares. Our common shares are quoted on the OTC Bulletin Board under the symbol ITRD. Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a companys operations or business prospects. We cannot assure you that there will be a market in the future for our common stock.
OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange. Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks. OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.
As of April 30, 2011, no shares of our common stock have traded.
Number of Holders
As of April 30, 2011, the 4,175,000 issued and outstanding shares of common stock were held by a total of 28 shareholders of record.
No cash dividends were paid on our shares of common stock during the fiscal years ended April 30, 2010 and 2011. We have not paid any cash dividends since our inception and do not foresee declaring any cash dividends on our common stock in the foreseeable future.
Recent Sales of Unregistered Securities
Purchase of our Equity Securities by Officers and Directors
Other Stockholder Matters
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.
RESULTS OF OPERATIONS
We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.
We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.
FISCAL YEAR ENDED APRIL 30, 2011 COMPARED TO FISCAL YEAR ENDED APRIL 30, 2010.
Our net loss for the fiscal year ended April 30, 2011 was $17,502 compared to a net loss of $6,716 during the fiscal year ended April 30, 2010. During fiscal year ended April 30, 2011, the Company generated $200 in revenue.
During the fiscal year ended April 30, 2011, we incurred general and administrative expenses of $17,702 compared to $6,716 incurred during fiscal year ended April 30, 2010. These expenses incurred during the fiscal year ended April 30, 2011 consisted of: bank charges and interest of $144 (2009: $-0); transfer agent fees of $8,246 (2009: $-0); professional fees of $7,435 (2009: $6,550); and miscellaneous charges of $1,877 (2009: $166).
Expenses incurred during fiscal year ended April 30, 2011 compared to fiscal year ended April 30, 2010 increased primarily due to the increased scale and scope of business operations. General and administrative expenses generally include corporate overhead, financial and administrative contracted services, marketing, and consulting costs.
The weighted average number of shares outstanding was 3,725,685 for the fiscal year ended April 30, 2011 compared to 413,194 for the fiscal year ended April 30, 2010.
LIQUIDITY AND CAPITAL RESOURCES
FISCAL YEAR ENDED APRIL 30, 2011
As of April 30, 2011, our current assets were $8,378 and our total liabilities were $8,846. As of April 30, 2011, current assets were comprised of $45 in cash and $8,333 in prepaid expenses; total liabilities were comprised of $8,646 in advances from a director and $200 in accounts payable.
As of April 30, 2011, our total assets were $8,378 comprised entirely of current assets. Stockholders deficit decreased from ($3,216) as of April 30, 2010 to ($468) as of April 30, 2011.
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. For the fiscal year ended April 30, 2011, net cash flows used in operating activities was ($25,635) consisting of a net loss of ($17,502) , increase in accounts payable of $200 and increase in prepaid expenses of ($8,333). For the fiscal year ended April 30, 2010, net cash flows used in operating activities was $6,716. Net cash flows used in operating activities was ($32,351) for the period from inception (December 8, 2009) to April 30, 2011.
Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the fiscal year ended April 30, 2011, net cash from financing activities was $25,250, consisting of $20,250 proceeds received from issuances of common stock and $5,000 in advances from a director. For the fiscal year ended April 30, 2010, net cash from financing activities was $7,146 consisting of $3,500 of proceeds received from issuances of common stock and $3,646 in advances from a director. For the period from inception (December 8, 2009) to April 30, 2011, net cash provided by financing activities was $32,396 consisting of $23,750 of proceeds received from issuances of common stock and $8,646 in advances from a director.
PLAN OF OPERATION AND FUNDING
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
As of the date of this Annual Report, we do not have any material commitments.
PURCHASE OF SIGNIFICANT EQUIPMENT
We do not intend to purchase any significant equipment during the next twelve months.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Annual Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
The independent auditors' report accompanying our April 30, 2011 and April 30, 2010 financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
Item 8. Financial Statements and Supplementary Data
INDEX TO FINANCIAL STATEMENTS
(A DEVELOPMENT STAGE COMPANY)
TABLE OF CONTENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders
We have audited the accompanying balance sheets of Interdom, Corp. (A Development Stage Company) as of April 30, 2011 and 2010, and the related statements of operations, stockholders deficit, and cash flows for the years then ended and from inception (December 8, 2009) to April 30, 2011. Interdom, Corp. management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control over the financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Interdom, Corp (A Development Stage Company) as of April 30, 2011 and 2010, and the results of its operations and its cash flows for the years then ended and from inception (December 8, 2009) to April 30, 2011 in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations, which raise substantial doubt about its ability to continue as a going concern. Managements plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
De Joya Griffith & Company, LLC
/s/ De Joya Griffith & Company, LLC
June 3, 2011
The accompanying notes are an integral part of these financial statements.
(A Development Stage Company)
Notes to the Audited Financial Statements
April 30, 2011
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS
Interdom, Corp. (the Company) was incorporated in the State of Nevada on December 8, 2009. The Company is in the business of real estate consulting and evaluation. Interdom, Corp. is in the development stage as defined under Accounting Codification Standard, Development Stage Entities (ASC-915). The Company has generated $200 of revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception, (December 8, 2009) through April 30, 2011 the Company has accumulated losses of $24,218 and further losses are anticipated.
NOTE 2 - GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $24,218 as of April 30, 2011 and further losses are anticipated in the development of its business raising substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included.
Cash and Cash Equivalents
The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The carrying value of the Company's financial instruments approximates their fair value because of the short maturity of these instruments.
(A Development Stage Company)
Notes to the Audited Financial Statements
April 30, 2011
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.
Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
The Companys revenue recognition policies are in compliance with FASB ASC 605-35 Revenue Recognition. Revenue is recognized when a formal arrangement exists, the price is fixed or determinable, all obligations have been performed pursuant to the terms of the formal arrangement and collectability is reasonably assured. The Company recognizes revenues on sales of its services, based on the terms of the customer agreement. The customer agreement takes the form of either a contract or a customer purchase order and each provides information with respect to the service being sold and the sales price. If the customer agreement does not have specific delivery or customer acceptance terms, revenue is recognized at the time the service is provided to the customer.
More specifically revenue is recognized for each of our nine services when:
1.Real estate consulting: when consulting service has been provided and invoice issued
2.Comparative market analysis: when market analysis report has been accepted
3.Financial analysis for income properties: when financial analysis has been accepted.
4.Broker opinion: when opinion has been accepted.
5.Estimating the value of real property: when the appraisal language has been accepted.
6.Property management: every month when management payments are received are received
7.Financial consulting; when consulting services has been provided and invoice issued.
8.Negotiating short sales": when short sale has closed and commission to us paid.
9.Property auctions introduction and consulting: when consulting service has been provided and invoice issued.
(A Development Stage Company)
Notes to the Audited Financial Statements
April 30, 2011
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basic and Diluted Net Loss per Share
The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are the same.
The Company's fiscal year end is April 30.
NOTE 4- PREPAID EXPENSES
As April 30, 2011 the Company had $8,333 in prepaid expenses. The Company entered into an agreement with Transfer agent to provide premium services over a 12 month period.
NOTE 5 - STOCKHOLDERS EQUITY
The authorized capital of the Company is 75,000,000 common shares with a par value of $ 0.001 per share. On April 14, 2009, the Company issued 3,500,000 shares of common stock at a price of $0.001 per share for total cash proceeds of $3,500.
In November and December 2010 and January 2011, the Company issued 400,000 shares of common stock at a price of $0.03 per share for total cash proceeds of $12,000.
In February 2011, the Company issued 275,000 shares of common stock at a price of $0.03 per share for total cash proceeds of $8,250
As of April 30, 2011, the Company had 4,175,000 shares of common stock issued and outstanding.
NOTE 6 - RELATED PARTY TRANSACTONS
On April 14, 2009, a Director purchased 3,500,000 shares of common stock at a price of $0.001 per share for cash of $3,500.
On December 11, 2010, a Directors son purchased 25,000 shares of common stock at a price of $0.03 per share for total cash of $750.
On December 8, 2009, a Director advanced the Company $146. On April 30, 2010, a Director advanced the Company $3,500. On October 6, 2010, a Director advanced the Company $1,500. On April 09, 2011, a Director advanced the Company $3,500.
As of April 30, 2011, total advances from a director totaled $8,646. The advances are non-interest bearing, due upon demand and unsecured.
(A Development Stage Company)
Notes to the Audited Financial Statements
April 30, 2011
NOTE 7 INCOME TAXES
For the years ended April 30, 2011 and 2010, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At April 30, 2011 and 2010, the Company had approximately $24,218 and
$6,716 of federal and state net operating losses. The net operating loss carryforwards, if not utilized, will begin to expire in 2030. The provision for income taxes consisted of the following components for the year ended April 30:
Components of net deferred tax assets, including a valuation allowance, are as follows for the years ended April 30:
The valuation allowance for deferred tax assets as of April 30, 2011 and 2010 was $8,476 and $2,351, respectively. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of April 30, 2011 and 2010, and recorded a full valuation allowance.
Reconciliation between the statutory rate and the effective tax rate is as follows at April 30:
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A(T). Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Company management, including our chief executive officer and chief financial officer, have evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act) as of the end of the period covered by this Form 10-K. Based on that evaluation, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures are effective to ensure that the information we are required to disclose in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time period specified in Securities and Exchange Commission rules and forms. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including cost limitations, the possibility of human error, judgments and assumptions regarding the likelihood of future events, and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.
Change In Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during our last fiscal year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company
DIRECTORS AND EXECUTIVE OFFICERS
The name, address and position of our present officers and directors are set forth below:
Biographical Information and Background of officer and director
Igor Rumiantsev has acted as our President, Secretary, Treasurer and sole Director since our incorporation on December 8, 2009. Mr. Rumiantsev has Bachelor of Science in Teaching English as a second language. In 2000 he graduated from Gold Coast school of Real Estate. Mr. Rumiantsev is Licensed Real Estate Sales-Associate and Real Estate Assets Specialist. From 2001 to 2003 Mr. Rumiantsev worked as a sales associate in Intel Investment Realty, Inc. In 2004 he worked as sales associate in Ocean View International Realty. From January 2005 to August 2009 he was self employed in international real estate consulting. From August 2009 to February 2010 he worked as a sale associate in Florida Domestic Realty. From February 2010 to present he has been working as a sale associate in Yaffe Realty International.
We do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted.
We have no employees. Our sole officer and director, Igor Rumiantsev, is an independent contractor to us and currently devotes approximately twelve hours per week to company matters. After receiving funding pursuant to our business plan Mr. Rumiantsev intends to devote as much time as the Board of Directors deems necessary to manage the affairs of the company.
Item 11. Executive Compensation
The following table sets forth the compensation paid by us for the last three fiscal years ending April 30, 2011 for each of our officers. This information includes the dollar value of base salaries, bonus awards and number of stock options granted, and certain other compensation, if any. The compensation discussed addresses all compensation awarded to, earned by, or paid to named executive officers.
SUMMARY COMPENSATION TABLE
There are no current employment agreements between the company and its sole officer. The compensation discussed herein addresses all compensation awarded to, earned by, or paid to our named executive officer. There are no other stock option plans, retirement, pension, or profit sharing plans for the benefit of our officers and directors other than as described herein.
CHANGE OF CONTROL
As of April 30, 2011, we had no pension plans or compensatory plans or other arrangements which provide compensation in the event of a termination of employment or a change in our control.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table provides certain information regarding the ownership of our common stock, as of April 30, 2011 and as of the date of the filing of this annual report by:
The percent of class is based on 4,175,000 shares of common stock issued and outstanding as of the date of this annual report.
Item 13. Certain Relationships and Related Transactions
During the year ended April 30, 2011, we had not entered into any transactions with our sole officer or director, or persons nominated for these positions, beneficial owners of 5% or more of our common stock, or family members of these persons wherein the amount involved in the transaction or a series of similar transactions exceeded the lesser of $120,000 or 1% of the average of our total assets for the last three fiscal years.
Item 14. Principal Accountant Fees and Services
During fiscal year ended April 30, 2011, we incurred approximately $5,000 in fees to our principal independent accountants for professional services rendered in connection with the audit of our financial statements and for the reviews of our financial statements for the quarters ended July 31, 2010, October 31, 2010 and January 31, 2011.
Item 15. Exhibits
The following exhibits are filed as part of this Annual Report.
31.1 Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act
31.2 Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act
32.1 Certification of Chief Executive Officer and Chief Financial Officer Under Section 1350 as Adopted Pursuant Section 906 of the Sarbanes-Oxley Act.
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.