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.
Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP
accounting). The Company has adopted a December 31 fiscal year end.
Value of Financial Instruments
carrying value of cash, deferred offering costs, inventory, accounts payable, accrued expenses, accrued interest and notes payable
approximate their fair value due to the short period of these instruments.
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
and Cash Equivalents
purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of
three months or less to be cash equivalents.
inventory is comprised of grass feed beef parts (i.e. primarily steaks and ground beef). The inventory cost includes the purchase
price of the live cattle, slaughtering costs, processing and packaging cost. The Company uses the first-in, first-out inventory
method to determine costs.
and equipment is stated on the basis of historical cost less accumulated depreciation. Depreciation is provided using the straight-line
method over the three to five year estimated useful lives of the assets.
Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured.
accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial
Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities
are determined based on the differences between financial reporting basis and the tax basis of the assets and liabilities and
are measured using enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance
against deferred tax assets is recognized, when it is more likely than not, that such tax benefits will not be realized.
compensation is accounted for at fair value in accordance with ASC 718. To date, the Company has not adopted a stock option plan
and has not granted any stock options. As of December 31, 2011, the Company has not issued any stock-based payments to its employees.
Per Common Share
loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted
loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as
the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting
period. The Company does not have any potentially dilutive instruments.
were various accounting standards and interpretations issued during 2011, none of which are expected to have a material impact
on the Companys financial position, operations or cash flows upon adoption.