EWaste Systems, Inc. - FORM 8-K/A - EX-99.1 - EXHIBIT991 - May 30, 2012

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8-K/A - MAINBODY - EWaste Systems, Inc.mainbody.htm
EX-99.2 - EXHIBIT992 - EWaste Systems, Inc.exhibit992.htm
EX-21.1 - EXHIBIT211 - EWaste Systems, Inc.exhibit211.htm
EXHIBIT 99.1
 
 
 
 
TECH DISPOSAL, INC.
  
Balance Sheets
  
             
             
ASSETS
            
             
   
September 30,
    
December 31,
  
   
2011
    
2010
  
   
(Unaudited)
        
CURRENT ASSETS
            
             
Cash
   $ 4,930     $ 56  
Inventory
     17,000       -  
                 
Total Current Assets
     21,930       56  
                 
PROPERTY AND EQUIPMENT, net
     8,410       10,091  
                 
OTHER ASSETS
                
                 
Deposits
     2,500       2,500  
                 
Total Other Assets
     2,500       2,500  
                 
TOTAL ASSETS
   $ 32,840     $ 12,647  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
CURRENT LIABILITIES
                
                 
Accounts payable and accrued expenses
   $ 7,022     $ -  
                 
Total Current Liabilities
     7,022       -  
                 
STOCKHOLDERS' EQUITY
                
                 
Common stock; 100 shares authorized,
                
   at no par value, 100 shares
                
   issued and outstanding
     100       100  
Additional paid-in capital
     62,525       53,775  
Accumulated deficit
     (36,807 )     (41,228 )
                 
Total Stockholders'  Equity
     25,818       12,647  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
   $ 32,840     $ 12,647  
                 
                 
                 
                 
The accompanying notes are an integral part of these financial statements.
 
 
 
 
 
F - 1
 
 
 
 
 
 
TECH DISPOSAL, INC.
Statements of Operations
(Unaudited)
                         
                     
From Inception
  
   
For the Three
    
For the Three
    
For the Nine
    
on March 26,
  
   
Months Ended
    
Months Ended
    
Months Ended
    
2010 Through
  
   
September 30,
    
September 30,
    
September 30,
    
September 30,
  
   
2011
    
2010
    
2011
    
2010
  
                         
REVENUES
   $ 262,192     $ 1,500     $ 435,716     $ 1,500  
                                 
Cost of  Sales
     221,462       -       332,949       -  
                                 
      Gross Profit
     40,730       1,500       102,767       1,500  
                                 
OPERATING EXPENSES
                                
                                 
Depreciation expense
     2,732       -       3,981       -  
Officer compensation
     -       -       7,500       -  
General and administrative
     45,749       (76 )     86,865       19  
                                 
Total Operating Expenses
     48,481       (76 )     98,346       19  
                                 
OPERATING INCOME (LOSS)
                                
                                 
NET INCOME (LOSS) BEFORE INCOME TAXES
     (7,751 )     1,576       4,421       1,481  
                                 
Income taxes
     -       -       -       -  
                                 
NET INCOME (LOSS)
   $ (7,751 )   $ 1,576     $ 4,421     $ 1,481  
                                 
BASIC AND DILUTED INCOME (LOSS) PER
                                
COMMON SHARE
   $ (77.51 )   $ 15.76     $ 44.21     $ 14.81  
                                 
WEIGHTED AVERAGE NUMBER OF
                                
COMMON SHARES OUTSTANDING
     100       100       100       100  
                                 
                                 
                                 
                                 
                                 
 
                                
                                 
                                 
                                 
                                 
                                 
The accompanying notes are an integral part of these financial statements.
  
 
 
 
 
 
 
F - 2
 
 
 
 
 
 
TECH DISPOSAL, INC.
  
(A Development Stage Company)
  
Statements of Stockholders' Equity
  
                               
                               
                     
Deficit
        
                     
Accumulated
        
               
Additional
    
During the
    
Total
  
   
Common Stock
    
Paid-In
    
Development
    
Stockholders'
  
   
Shares
    
Amount
    
Capital
    
Stage
    
Equity
  
                               
Balance at inception March 26 ,2010
     -     $ -     $ -     $ -     $ -  
                                         
Common stock issued to founders for cash at $1.00
     100       100       -       -       100  
                                         
Contributed capital
     -       -       53,775       -       53,775  
                                         
Net loss from inception to December 31, 2010
     -       -       -       (41,228 )     (41,228 )
                                         
Balance at December 31, 2010
     100       100       53,775       (41,228 )     12,647  
                                         
Contributed capital (unaudited)
     -       -       8,750       -       8,750  
                                         
Net income for the nine months
                                        
   ended September 30, 2011 (unaudited)
     -       -       -       4,421       4,421  
                                         
Balance at September 30, 2011 (unaudited)
     100     $ 100     $ 62,525     $ (36,807 )   $ 25,818  
                                         
                                         
                                         
                                         
                                         
                                         
                                         
                                         
The accompanying notes are an integral part of these financial statements.
 
 
 
 
 
 
F - 3
 
 
 
 
 
TECH DISPOSAL, INC.
  
Statements of Cash Flows
  
(Unaudited)
  
             
         
From Inception
  
   
For the Nine
    
on March 26,
  
   
Months Ended
    
2010 Through
  
   
September 30,
    
September 30,
  
   
2011
    
2010
  
             
CASH FLOWS FROM OPERATING ACTIVITIES
            
             
Net income (loss)
   $ 4,421     $ 1,481  
Adjustments to reconcile net loss to
                
  net cash used in operating activities:
                
Depreciation
     3,981       -  
Expenses paid on Company's behalf
                
by a related party
     6,450       -  
Changes to operating assets and liabilities:
                
Inventory
     (17,000 )        
Accounts payable
     7,022       -  
                 
Net Cash Provided by (Used in) Operating Activities
     4,874       1,481  
                 
CASH FLOWS FROM INVESTING ACTIVITIES
     -       -  
                 
CASH FLOWS FROM FINANCING ACTIVITIES
                
                 
Common stock issued for cash
     -       100  
 
                
Net Cash Provided by Financing Activities
     -       100  
                 
NET INCREASE IN CASH
     4,874       1,581  
CASH AT BEGINNING OF PERIOD
     56       -  
CASH AT END OF PERIOD
   $ 4,930     $ 1,581  
                 
SUPPLEMENTAL DISCLOSURES OF
                
CASH FLOW INFORMATION:
                
                 
CASH PAID FOR:
                
                 
Interest
   $ -     $ -  
Income taxes
   $ -     $ -  
                 
NON CASH FINANCING ACTIVITIES:
                
                 
Fixed assets received as contributed capital
   $ 2,300     $ 3,075  
Deposits received as contributed capital
   $ -     $ 2,500  
                 
                 
The accompanying notes are an integral part of these financial statements.
 
 
 
 
 
F - 4
 
 
 
 
 
TECH DISPOSAL, INC.
Condensed Notes to Financial Statements
September 30, 2011 and December 31, 2010
(Unaudited)

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2011, and for all periods presented herein, 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 December 31, 2010 audited financial statements.  The results of operations for the periods ended September 30, 2011 and 2010 are not necessarily indicative of the operating results for the full years.
 
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

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.

Revenue Recognition
 The Company applies the provisions of ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements.  ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue related to goods and services provided when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured. The Company sells refurbished electronic equipment and scrap electronic materials. All sales are for cash upon delivery of the product. Accordingly, revenues are recognized simultaneously when cash is received and the product is delivered. The Company does not extend credit to its customers but rather requires cash payment upon delivery.

Recent Accounting Pronouncements
 
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position or statements.

NOTE 3 – RELATED PARTY TRANSACTIONS

During the period ended September 30, 2011, the Company’s sole shareholder contributed $8,750 to the Company’s paid in capital for the purchase of fixed assets and to fund Company operations.

NOTE 4 – SUBSEQUENT EVENTS

In accordance with ASC 855-10, Company management reviewed all material events through the date of this report and determined that there are no additional material subsequent events to report.

 
 
 
 
F - 5
 

EWaste Systems, Inc. Reports