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EX-32.1 - BERRY ONLY 10Q, CERTIFICATION 906 - Kintara Therapeutics, Inc.berryonlyexh32_1.htm
EX-31.1 - BERRY ONLY 10Q, CERTIFICATION 302 - Kintara Therapeutics, Inc.berryonlyexh31_1.htm
EXCEL - IDEA: XBRL DOCUMENT - Kintara Therapeutics, Inc.Financial_Report.xls



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant To Section 13 Or 15(D) Of The Securities Exchange Act Of 1934

For the quarterly period ended September 30, 2011

o Transition Report Under Section 13 Or 15(D) Of The Securities Exchange Act Of 1934

For the transition period from ____________ to ____________

COMMISSION FILE NUMBER    333-168897

BERRY ONLY INC.
(Exact name of registrant as specified in its charter)

NEVADA
99-0360497
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

722B Kingston Rd, Toronto, Ontario, Canada, M4E 1R7
(Address of principal executive offices, including zip code)

647-283-3152
(Issuer’s telephone number, including area code)
 
 
Check whether the issuer (1) filed all reports required to be filed by section 13 or 15(d) of the Exchange Act during the past 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 o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
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 o
 
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date. 3,944,000 shares of common stock as of November 10, 2011.
 
 
 
1

 
 
 
PART I. FINANCIAL INFORMATION
 
Item 1.       Financial Statements

The following consolidated interim unaudited financial statements of Berry Only Inc. (the “Company”) for the three month period ended September 30, 2011 are included with this Quarterly Report on Form 10-Q:















 
2

 
 
 
BERRY ONLY INC.
 
(A Development Stage Company)
 
Balance Sheet
 
as at September 30, 2011 (unaudited) and June 30, 2011
 
             
             
   
September 30,
   
June 30,
 
   
2011
   
2011
 
   
(Unaudited)
       
             
ASSETS            
             
Current Assets
           
Cash and Cash Equivalents
  $ 6,837     $ 5,695  
Account receivable
    -       5,000  
                 
TOTAL ASSETS
  $ 6,837     $ 10,695  
                 
LIABILITIES & STOCKHOLDERS' EQUITY
               
                 
Current Liabilities
               
Accounts Payable
  $ -     $ -  
                 
Stockholders' Equity
               
Preferred Stock, $0.001 par value, 5,000,000 shares authorized;
               
none outstanding as at June 30, 2010 and 2009.
            -  
Common Stock, $0.001 par value, 75,000,000 shares authorized,
               
5,950,000 issued and outstanding as at September 30, 2011,
               
5,950,000 issued and outstanding as at June 30, 2010.
    5,950       5,950  
Additional paid-in capital
    43,550       43,550  
Accumulated other income (loss)
    (87 )     (87 )
Deficit
    (42,576 )     (38,718 )
                 
Total Stockholders' Equity
    6,837       10,695  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 6,837     $ 10,695  

 
 
 
See accompanying notes to interim financial statements.
 
 
3

 
 
 
BERRY ONLY INC.
 
(A Development Stage Company)
 
Statement of Operations and Comprehensive Loss
 
(Unaudited)
 
                   
                   
               
For the period
 
               
June 24, 2009
 
   
For the 3 months ended
   
(inception) to
 
   
September 30,
   
September 30,
 
   
2011
   
2010
   
2011
 
                   
Revenues
  $ -     $ -     $ -  
                         
Selling, General and Administrative Expenses
                 
                         
Marketing
            1,500          
Professional Fees
    2,000       6,410       17,134  
Consulting
    1,162       -       1,162  
Other Selling General & Administrative
    696       -       24,280  
                         
Total Expenses
    3,858       7,910       42,576  
                         
Operating Loss
    (3,858 )     (7,910 )     (42,576 )
                         
                         
Net Income (Loss)
    (3,858 )     (7,910 )     (42,576 )
                         
Currency translation adjustment
    -       (1 )     (87 )
                         
Comprehensive Loss
  $ (3,858 )   $ (7,911 )   $ (42,663 )
                         
Net Income (Loss) per share, basic and diluted
  $ (0.00 )   $ (0.00 )        
 
                       
Weighted average number of shares outstanding, basic and diluted
    5,950,000       5,950,000          
 
 
See accompanying notes to interim financial statements.
 
 
4

 
 
 
BERRY ONLY INC.
 
(A Development Stage Company)
 
Statement of Cash Flows
 
(Unaudited)
 
                   
               
For the period
 
               
June 24, 2009
 
   
For the 3 months ended
   
(inception) to
 
   
September 30,
   
June 30,
 
   
2011
   
2010
   
2011
 
                   
Cash Flows From Operating Activities
                 
Net Income (Loss)
    (3,858 )     (7,910 )     (42,576 )
Adjustments to reconcile net loss to
                       
net cash used by operating activities:
                       
Changes in operating assets and liabilities:
                 
Accounts receivable
    5,000                  
Accounts payable
            (653 )        
Net cash used in operating activities
    1,142       (8,563 )     (42,576 )
                         
Cash Flows From Investing activities
                       
Net cash used in investing activities
    -       -       -  
                         
Cash Flows From Financing Activities
                       
Sale of stock for cash
                    49,500  
Net cash provided by Financing Activities
    -       -       49,500  
                         
                         
Effects of exchange rates on cash
    -       -       (87 )
                         
Net increase/(decrease)  in cash
            (8,563 )     6,837  
                         
Cash at beginning of period
    5,695       44,561       -  
                         
Cash at end of period
  $ 6,837     $ 35,998     $ 6,837  
                         
Supplemental cash flow information
                       
Interest paid
  $ -     $ -     $ -  
Income Taxes paid
  $ -     $ -     $ -  

 
See accompanying notes to interim financial statements.
 
 
5

 
 
 
BERRY ONLY INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2011
(Expressed in US Dollars)
(Unaudited)
 
NOTE 1     BASIS OF PRESENTATION AND ORGANIZATION

These interim financial statements as of and for the three months ended September 30, 2011 reflect all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented in accordance with the accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature.
 
These interim financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s fiscal year end June 30, 2010 10 K report. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The results of operations for the three month period ended September 30, 2011 are not necessarily indicative of results for the entire year ending June 30, 2012.

Berry Only Inc. (“the Company”) was incorporated in the State of Nevada on June 24, 2009.   The Company was incorporated for the purpose of marketing and distributing a sanitizing product for mobile phones and other mobile devices.  The Company chose June 30 as its fiscal year end. The Company was first capitalized in August, 2009.

NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and cash equivalents

The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents.

Property & Equipment

Capital assets are stated at cost. Depreciation of equipment is provided using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. The Company did not have any property & equipment at September 30, 2011.
 
 
 
6

 
 
 
Long-lived assets

The Company accounts for long-lived assets under the FASB (Financial Accounting Standards Board) ASC (Accounting Standard Codification) 340-10 Other Assets and Deferred Costs,  (SFAS 142 and 144: “Accounting for Goodwill and Other Intangible Assets” and “Accounting for Impairment or Disposal of Long-Lived Assets”) . In accordance with ASC 340-10, long-lived assets, goodwill and certain identifiable intangible assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset will not be recoverable. For purposes of evaluating the recoverability of long-lived assets, goodwill and intangible assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets.  Impairment of experimental water clarification equipment is calculated based on its estimated useful life.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
Income Taxes

The Company utilizes FASB ACS 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.  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 Company generated a deferred tax credit through net operating loss carryforward.  However, a valuation allowance of 100% has been established.

Interest and penalties on tax deficiencies recognized in accordance with ASC accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.
 
 
 
 
7

 

 
Foreign Currency Translation

In accordance with FASB ASC 830-20 Foreign Currency Transactions, (SFAS No. 52 “Foreign Currency Translation”), the Company has determined that its functional currency is the United States Dollar.  Exchange differences since inception are accumulated as a component of accumulated other comprehensive gain (loss).

Comprehensive Income (Loss)

Comprehensive income or loss encompasses net income or loss and “other comprehensive income or loss”, which includes all other non-owner transactions and events that change shareholders’ equity/deficiency. The Company’s other comprehensive gain reflects the effect of foreign currency translation adjustments on the translation of the financial statements from the functional currency of Canadian dollars into the reporting currency of U.S. dollars.

Fair Value of Financial Instruments

The Financial Accounting Standards Board issued   ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures" for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements.  FASB ASC 820-10 defines fair value as the price  that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.  FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value:

-  
Level 1:  Quoted prices in active markets for identical assets or liabilities

-  
Level 2:  Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities;  quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

-  
Level 3:  Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amounts of the Company’s financial instruments as of September 30, 2010 were valued according to the following inputs:
 
 
 
 
8

 
 
 
         
Observable Inputs
             
   
Observable
   
Other Than
   
Unobservable
       
   
Inputs
   
Level 1 Prices
   
Inputs, significant
   
Total
 
   
Level 1
   
Level 2
   
Level 3
       
                         
Cash and Cash Equivalents
    6,834                       6,834  
Accounts Receivable
                               
Accounts Payable
                               
Shareholders' Loan
                               
      6,834                       6,834  

Basic and Diluted Earnings Per Share

Net loss per share is calculated in accordance with FASB ASC 260, Earnings Per Share, for the period presented.  ASC 260 requires presentation of basic earnings per share and diluted earnings per share.  Basic income (loss) per share (“Basic EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share (“Diluted EPS”) is similarly calculated. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. As at September 30, 2011, there were no potentially dilutive securities
 
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended September 30, 2011 and 2010:
 
 
 
2011
   
2010
 
Basic and diluted net loss per share:
           
Numerator:
           
Comprehensive Loss
  $ (3,858 )   $ (7,911 )
Denominator:
               
Basic and diluted weighted average
               
number of shares outstanding
    5,950,000       5,950,000  
                 
Basic and Diluted Net Loss Per Share:
  $ (0.00 )   $ (0.00 )
 
 
 
9

 
 
 
Revenue Recognition

The Company's revenue recognition policies are in compliance with ASC 605-13 (Staff accounting bulletin (SAB) 104). Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured.  There were no sales in the three months ended September 30, 2011.

Development-Stage Company

The Company is considered a development-stage company, with no operating revenues during the periods presented.   Such companies report their operations, shareholders deficit and cash flows since inception through the date that revenues are generated from management’s intended operations, among other things.  Management has defined inception as June 24, 2009. Since inception, the Company has incurred an operating loss of $(42,663). The Company’s working capital has been generated through the sales of common stock.  Management has provided financial data since January June 24, 2009, “Inception” in the financial statements, as a means to provide readers of the Company’s financial information to make informed investment decisions.

NOTE 3     DEALERSHIP CONTRACT

On July 8, 2010 the Company signed an exclusive dealership agreement with Wireless Wipes, a New York corporation that manufactures a sanitizing wipe used to clean cell phones and other mobile devices. The agreement granted the Company the exclusive right to purchase, inventory, promote and resell the product within Canada under certain minimum order rules. The agreement required an annual distribution of 10,000 pouches of product.  The Company was unable to generate the required annual sales and the agreement lapsed.  The Company is seeking new business opportunities.
 
NOTE 4     UNCERTAINTY OF ABILITY TO CONTINUE AS A GOING CONCERN
 
The Company's financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has not generated any revenue and has incurred a loss of $(42,663) since inception June 24, 2009.
 
Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. The Company pursued funding through sale of stock. It has pursued a dealership agreement for its intended product, the marketing and sales of which is anticipated to be profitable. Management believes that the above actions will allow the Company to continue operations through the next fiscal year. However management cannot provide any assurances that the Company will be successful in its retail operation.
 
 
 
10

 
 
 
Recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheets is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to raise additional capital, obtain financing and to succeed in its future operations.  If the Company is unable to make it profitable, the Company could be forced to discontinue operations.
 
The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 5     CAPITAL

There was no stock issued in the three months ended September 30, 2011.

As of September 30, 2011 the Company had authorized 5,000,000 preferred shares of par value $0.001, of which none was issued and outstanding.

As of September 30, 2011 the Company had authorized 75,000,000 shares of common stock of par value $0.001,  of which 5,950,000 shares were issued and outstanding.














 
11

 
 
 
Item 2.       Management’s Discussion and Analysis of Financial condition and Results of Operations
 
THE FOLLOWING DISCUSSION OF THE RESULTS OF OUR OPERATIONS AND FINANCIAL CONDITION SHOULD BE READ IN CONJUNCTION WITH OUR FINANCIAL STATEMENTS AND THE NOTES THERETO INCLUDED ELSEWHERE IN THIS REPORT.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This section of this report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance.  Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of our report.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and predictions.  We are a development stage company and have not yet generated or realized any revenues.

Overview

We were incorporated as Berry Only Inc. under the laws of Nevada on June 24, 2009. On July 8, 2010 the Company signed an exclusive dealership agreement with Wireless Wipes, a New York corporation that manufactures a sanitizing wipe used to clean cell phones and other mobile devices. The agreement granted the Company the exclusive right to purchase, inventory, promote and resell the product within Canada under certain minimum order rules. The agreement required an annual distribution of 10,000 pouches of product.  The Company was unable to generate the required annual sales and the agreement lapsed.  The Company is seeking new business opportunities.

We are currently seeking business opportunities with established business entities for the merger of a target business with our company. In certain instances, a target business may wish to become a subsidiary of us or may wish to contribute assets to us rather than merge. We are currently in negotiations with several parties to enter into a business opportunity but we have not entered into any definitive agreements to date and there can be no assurance that we will be able to enter into any definitive agreements. We anticipate that any new acquisition or business opportunities by our company will require additional financing. There can be no assurance, however, that we will be able to acquire the financing necessary to enable us to pursue our plan of operation. If our company requires additional financing and we are unable to acquire such funds, our business may fail.
 
 
 
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We have no revenues, have achieved losses since inception, have been issued a going concern opinion by our auditors and rely upon the sale of our securities to fund operations. Accordingly, we will be dependent on future additional financing in order to maintain our operations and continue seeking new business opportunities.

Our Current Business

We are currently seeking business opportunities with established business entities for the merger of a target business with our company. In certain instances, a target business may wish to become a subsidiary of us or may wish to contribute assets to us rather than merge. We are currently in negotiations with several parties to enter into a business opportunity but we have not entered into any definitive agreements to date and there can be no assurance that we will be able to enter into any definitive agreements. We anticipate that any new acquisition or business opportunities by our company will require additional financing. There can be no assurance, however, that we will be able to acquire the financing necessary to enable us to pursue our plan of operation. If our company requires additional financing and we are unable to acquire such funds, our business may fail.

Management of our company believes that there are perceived benefits to being a reporting company with a class of publicly-traded securities. These are commonly thought to include: (i) the ability to use registered securities to acquire assets or businesses; (ii) increased visibility in the financial community; (iii) the facilitation of borrowing from financial institutions; (iv) improved trading efficiency; (v) stockholder liquidity; (vi) greater ease in subsequently raising capital; (vii) compensation of key employees through stock options; (viii) enhanced corporate image; and (ix) a presence in the United States capital market.

We may seek a business opportunity with entities that have recently commenced operations, or entities who wish to utilize the public marketplace in order to raise additional capital in order to expand business development activities, to develop a new product or service, or for other corporate purposes. We may acquire assets and establish wholly-owned subsidiaries in various businesses or acquire existing businesses as subsidiaries.

In implementing a structure for a particular business acquisition or opportunity, we may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another corporation or entity. We may also acquire stock or assets of an existing business. Upon the consummation of a transaction, it is likely that our present management will no longer be in control of our company. In addition, it is likely that our officer and director will, as part of the terms of the acquisition transaction, resign and be replaced by one or more new officers and directors.
 
 
 
13

 
 
 
As of the date hereof, management has not entered into any formal written agreements for a business combination or opportunity. When any such agreement is reached, we intend to disclose such an agreement by filing a current report on Form 8-K with the Securities and Exchange Commission.

We anticipate that the selection of a business opportunity in which to participate will be complex and without certainty of success. Management believes that there are numerous firms in various industries seeking the perceived benefits of being a publicly registered corporation. Business opportunities may be available 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. We can provide no assurance that we will be able to locate compatible business opportunities.

As a development stage company, we are not able to fund our cash requirements through our current operations. Historically, we have been able to raise a limited amount of capital through private placements of our equity stock, but we are uncertain about our continued ability to raise funds privately. Further, we believe that our company may have difficulties raising capital until we locate a prospective property through which we can pursue our plan of operation. If we are unable to secure adequate capital to continue our acquisition efforts, our shareholders may lose some or all of their investment and our business may fail.
  
Results of Operations

The following summary of our results of operations should be read in conjunction with our financial statements included herein.

Our operating results for the three months ended September 30, 2011 and 2010 are summarized as follows:

 
 
Three Months Ended
 
 
 
September 30,
 
 
 
2011
   
2010
 
   
 
   
 
 
Revenue
  $ -     $ -  
Operating Expenses
    3,858       7,910  
Net Loss
  $ 3,858     $ 7,910  
 
Revenues

We have not earned any revenues to date. We are currently seeking business opportunities with established business entities for the merger of a target business with our company. We are presently in the development stage of our business and we can provide no assurance that we begin earning revenues.
 
 
 
14

 

 
Expenses

Our expenses for the three months ended September 30, 2011 and 2010 are outlined in the table below:

 
 
Three Months Ended
 
 
 
September 30,
 
 
 
2011
   
2010
 
    $       $    
Marketing
    -       1,500  
Professional Fees
    2,000       6,410  
Consulting
    1,162       -  
Other Selling General & Administrative
    696       -  
Total Expenses
  $ 3,858     $ 7,910  

Marketing

The decrease in our marketing expenses is due to the fact that the Company no longer has a distribution agreement with Wireless Wipes.

Professional Fees

Professional fees include our accounting and auditing expenses incurred in connection with the preparation of our financial statements and professional fees that we pay to our legal counsel. The decrease in our professional fees is associated with less business activity.

We incurred operating losses in the amount of $42,576 from inception on June 24, 2009 through the period ended September 30, 2011.  These operating expenses were composed of marketing expenses, professional fees, consulting, and other selling and general and administrative expenses.

Going Concern

We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive development activities. For these reasons our auditors stated in their report on our audited financial statements that they have substantial doubt we will be able to continue as a going concern.

Financings
 
Our operations to date have been funded by equity investment. All of our equity funding has come from a private placement of our securities.
 
 
 
15

 
 
 
We closed an issue of 2,000,000 shares of common stock on August 26, 2009 to our sole officer and director, David Guest, at a price of $0.005 per share.  The total proceeds received from this offering were $10,000.  These shares were issued pursuant to Section 4(2) of the Securities Act of 1933 and are restricted shares as defined in the Securities Act.  We did not engage in any general solicitation or advertising.
 
We closed an issue of 1,000,000 shares of common stock on April 29, 2010 to our sole officer and director, David Guest, at a price of $0.01 per share.  The total proceeds received from this offering were $10,000.  These shares were issued pursuant to Section 4(2) of the Securities Act of 1933 and are restricted shares as defined in the Securities Act.  We did not engage in any general solicitation or advertising.

We completed an offering of 2,950,000 shares of our common stock at a price of $0.01 per share to a total of thirty three (33) purchasers on June 30, 2010.  The total amount we received from this offering was $29,500. The identity of the purchasers from this offering is included in the selling shareholder table set forth above.  We completed this offering pursuant Rule 903(a) and conditions set forth in Category 3 (Rule 903(b)(3)) of Regulation S of the Securities Act of 1933.

Off-Balance Sheet Arrangements

We have no significant 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 is material to stockholders.
 
Item 3.       Quantitative and Qualitative Disclosures About Market Risk.
 
N/A
 
Item 4.       Controls and Procedures.

As of the end of the period covered by this Report, the Company’s President, and principal financial officer (the “Certifying Officer”), evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. Based on that evaluation, the officer concluded that, as of the date of the evaluation, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed in the Company’s periodic filings under the Securities Exchange Act of 1934 is accumulated and communicated to management to allow timely decisions regarding required disclosure.
 
 
 
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The Certifying Officer has also indicated that there were no changes in internal controls over financial reporting during the Company’s last fiscal quarter, and no significant changes in our internal controls or other factors that could significantly affect such controls subsequent to the date of their evaluation and there were no corrective actions with regard to significant deficiencies and material weaknesses.

Our management, including the Certifying Officer, does not expect that our disclosure controls or our internal controls will prevent all errors and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. In addition, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of these inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
 
Item 4(t).    Controls and Procedures.

The information required pursuant to item 4(t) has been provided in Item 4.







 
 

 




 
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PART II. OTHER INFORMATION

Item 1.       Legal Proceedings

None.

Item 1(a).   Risk Factors

There have been no changes to our risk factors from those disclosed in our Annual Report on Form 10-K filed September 28, 2011.

Item 2.       Unregistered Sales of Equity Securities

We did not issue any securities without registration pursuant to the Securities Act of 1933 during the three months ended September 30, 2011.

Item 3.       Defaults Upon Senior Securities

None.

Item 4.       Submission of Matters to a Vote of Securities Holders

No matters were submitted to our security holders for a vote during the quarter of our fiscal year ending September 30, 2011.

Item 5.       Other Information

None.

Item 6.       Exhibits
 
 
 

 
 
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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.

BERRY ONLY INC.

By:           /s/ David Guest                               

David Guest, President,
Chief Executive Officer and
Chief Financial Officer Director

Date: November 10, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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