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EXCEL - IDEA: XBRL DOCUMENT - Bourbon Brothers Holding CorpFinancial_Report.xls
EX-32 - ART DIMENSIONS 10Q/A, CERTIFICATION 906, CEO/CFO - Bourbon Brothers Holding Corpartdimensionsexh32.htm
EX-31.2 - ART DIMENSIONS 10Q/A, CERTIFICATION 302, CFO - Bourbon Brothers Holding Corpartdimensionsexh31_2.htm
EX-31.1 - ART DIMENSIONS 10Q/A, CERTIFICATION 302, CEO - Bourbon Brothers Holding Corpartdimensionsexh31_1.htm



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

FORM 10-Q /A
Amendment #1

R Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2012

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:  000-53853
 
ART DIMENSIONS, INC.
(Exact name of registrant as specified in its charter)

Colorado 80-0182193
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
3636 S. Jason St.
Englewood, CO  80113
 (Address of principal executive offices, including Zip Code)
 
(303) 781-3377
(Issuer’s telephone number, including area code)
 
__________________________________________
(Former name or former address if changed since last report) 

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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     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 o    No x
 
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:  1,082,060 shares of common stock as of August 14, 2012.
 
Explanatory Note for Amendment 1:
This amendment 1 to our Quarterly report only furnishes the XBRL presentation not filed with the original 10Q filed on August 20, 2012. No other changes revisions or updates were made to the original filing.
 

 
1

 
 
 
ART DIMENSIONS, INC.
 
(A Development Stage Company)
 
BALANCE SHEETS
 
   
   
(Unaudited)
       
   
June 30,
   
December 31,
 
   
2012
   
2011
 
             
ASSETS            
Current assets
           
Cash
  $ 343     $ 443  
Accounts Receivable
    -     $ -  
Total current assets
    343       443  
                 
Total Assets
  $ 343     $ 443  
                 
LIABILITIES & STOCKHOLDERS' EQUITY
               
                 
Current liabilities
               
Accounts payables
  $ -     $ 7,509  
Accounts payable - related party
    22,297       2,350  
Accrued interest
    924       183  
Short term debt
    3,250       3,250  
Note payable related party
    10,700       10,700  
Payable to affiliated party
    -       24,800  
Total current liabilities
    37,171       48,792  
                 
Total Liabilities
    37,171       48,792  
                 
Stockholders' Equity
               
Preferred stock, no par value;
               
1,000,000 shares authorized;
               
no shares issued and outstanding
    -       -  
Common stock, no par value;
               
50,000,000 shares authorized;
               
1,082,060 shares issued and outstanding
    2,000       2,000  
Additional paid in capital
    36,665       11,865  
Deficit accumulated during the dev. stage
    (75,493 )     (62,214 )
Total Stockholders' Equity
    (36,828 )     (48,349 )
                 
Total Liabilities and Stockholders' Equity
  $ 343     $ 443  
 
 
 
 
The accompanying notes are an integral part of the unaudited financial statements.
 
 
2

 
 
                                                                               
ART DIMENSIONS, INC.  
(A Development Stage Company)  
STATEMENTS OF OPERATIONS  
             
   
Three Month
   
Three Month
 
   
Period Ended
   
Period Ended
 
   
June 30,
   
June 30,
 
   
2012
   
2011
 
    (Unaudited)     (Unaudited)  
             
Sales - net of returns
  $ -     $ -  
                 
Operating expenses:
               
Accounting & legal
    7,060       -  
General and administrative
    1,124       3,497  
      8,184       3,497  
                 
Gain (loss) from operations
    (8,184 )     (3,497 )
                 
Other income (expense):
               
Interest
    (462 )     -  
                 
Total other income (expense)
    (462 )     -  
                 
Income (loss) before
               
provision for income taxes
    (8,646 )     (3,497 )
                 
Provision for income tax
    -       -  
Net income (loss)
  $ (8,646 )   $ (3,497 )
                 
Net income (loss) per share
               
(Basic and fully diluted)
  $ (0.01 )   $ (0.00 )
                 
Weighted average number of
               
common shares outstanding
    1,082,060       1,082,060  
 
 
 
 
 
 
The accompanying notes are an integral part of the unaudited financial statements.
 
 
3

 

 
ART DIMENSIONS, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
 
                Period From  
   
Six Month
   
Six Month
   
January 29, 2008
 
   
Period Ended
   
Period Ended
   
(Inception)
 
   
June 30,
   
June 30,
   
Through
 
   
2012
   
2011
   
June 30, 2012
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
 
                   
Sales - net of returns
  $ -     $ -     $ 4,247  
                         
Operating expenses:
                       
Accounting & legal
    11,115       -       43,762  
General and administrative
    1,423       12,425       35,054  
      12,538       12,425       78,816  
                         
Gain (loss) from operations
    (12,538 )     (12,425 )     (74,569 )
                         
Other income (expense):
                       
     Interest
    (741 )     -       (924 )
                         
Total other income (expense)
    (741 )     -       (924 )
                         
Income (loss) before
                       
provision for income taxes
    (13,279 )     (12,425 )     (75,493 )
                         
Provision for income tax
    -       -       -  
Net income (loss)
  $ (13,279 )   $ (12,425 )   $ (75,493 )
                         
Net income (loss) per share
                       
(Basic and fully diluted)
  $ (0.01 )   $ (0.01 )        
                         
Weighted average number of
                       
common shares outstanding
    1,082,060       1,082,060          

 
 
 
 
The accompanying notes are an integral part of the unaudited financial statements.
 
 
4

 

 
ART DIMENSIONS, INC.
(A Development Stage Company)
STATEMENTS OF STOCKHOLDERS' EQUITY

 
                      Deficit        
                      Accumulated        
    Common Stock           During the        
         
Amount No
   
Paid In
   
Development
    Stockholders'  
    Shares     Par Value    
Capital
    Stage     Equity  
                                         
Balances at January 29, 2008 (Inception)
    -     $ -     $ -     $ -     $ -  
                                         
Compensatory stock issuance -
                                       
January 29, 2009 shares issued for
                                       
formation services at service value
    2,000,000       2,000                       2,000  
                                         
Compensatory warrant issuances -
                                       
January 29, 2009 shares issued for
                                       
consulting services at service value
                    3,407               3,407  
                                         
Net income (loss) for the period
 
 
   
 
   
 
      (6,589 )  
(6,589
)
Balances at December 31, 2008
    2,000,000     $ 2,000     $ 3,407     $ (6,589 )   $ (1,182 )
                                         
Redemption and redistribution of shares
                                       
from spin off from parent
    (917,940 )                             -  
                                         
Debt relief from spin off
                    8,458               8,458  
                                         
Net income (loss) for the year
 
 
   
 
   
 
       (5,911 )      (5,911 )
Balances at December
    1,082,060     $ 2,000     $ 11,865     $ (12,500 )   $ 1,365  
                                         
Net income (loss) for the year
 
 
   
 
   
 
       (18,609 )      (18,609 )
Balances at December 31, 2010
    1,082,060     $ 2,000     $ 11,865     $ (31,109 )   $ (17,244 )
                                         
Net income (loss) for the year
 
 
   
 
   
 
       (31,105 )      (31,105 )
Balances at December 31, 2011
    1,082,060     $ 2,000     $ 11,865     $ (62,214 )   $ (48,349 )
                                         
Debt forgiveness by shareholder
                  $ 24,800             $ 24,800  
Net (loss) March 31, 2012 (Unaudited)
 
 
   
 
   
 
       (13,279 )     (13,279 )
Balances at June 30, 2012 (Unaudited)
    1,082,060     $ 2,000     $ 36,665     $ (75,493 )   $ (36,828 )



 
 
The accompanying notes are an integral part of the unaudited financial statements.
 
 
5

 

 
ART DIMENSIONS, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
 
               
Period From
 
               
January 29, 2008
 
   
Six Month
   
Six Month
   
(Inception)
 
   
Period Ended
   
Period Ended
   
Through
 
   
June 30,
   
June 30,
    June 30,  
   
2012
   
2011
   
 2012
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
 
                   
Cash Flows From Operating Activities:
                 
Net income (loss)   $ (13,279 )   $ (12,425 )   $ (75,493 )
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
                       
        Common stock issued for services      -       -       2,000  
Warrant expense
     -       -       3,407  
        Changes in operating assets and liabilities:                        
Accounts Receivable
    -       533       -  
        Accounts payable     (7,509 )     2,797       3,250  
        Related party payables     19,947       (3,513 )     30,755  
        Interest payable      741       -       924  
            Net cash provided by (used for) operating activities     (100 )     (12,608 )     (35,157 )
                         
Cash Flows From Investing Activities:                        
                         
            Net cash provided by (used for) investing activities     -        -       -  
                         
Cash Flows From Financing Activities:                        
Conversion of accounts payable into notes payable
    -       -       -  
Borrowings on debt - related party
    -       2,500       10,700  
    Borrowing on debt - affiliated company     -        9,600       24,800  
            Net cash provided by (used for) financing activities     -       12,100       35,500  
                         
Net Increase (Decrease) In Cash     (100 )     (508 )     343  
                         
Cash At The Beginning Of The Period     443       736       -  
                         
Cash At The End Of The Period   $  343     $  228     $ 343  
                         
Schedule Of Non-Cash Investing And Financing Activities
                       
Conversion of accounts payable into notes payable
  $ -     $ -     $ 3,250  
        Forgiveness of debt   $  24,800             $ 24,800  
Supplemental Disclosure
                       
    Cash paid for interest   $  -     $ -     $ -  
    Cash paid for income taxes   $  -     $ -     $ -  
 
 
The accompanying notes are an integral part of the unaudited financial statements.

 
6

 

 
ART DIMENSIONS, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2012
 (Unaudited)


NOTE 1.  ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Art Dimensions, Inc. (the “Company”), was incorporated in the State of Colorado on January 29, 2008. The Company was formed to provide art consulting and marketing services and advise or represent individuals who are in the business of creating, producing and selling art.

Basis of Presentation

The accompanying unaudited interim financial statements of Art Dimensions Inc. have been prepared in accordance with accounting principles generally accepted in United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2011, as reported in Form 10-K, have been omitted.
 
Use of Estimates
 
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect 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.
 
Reclassification
 
Certain prior year amounts have been reclassified to conform to the current year presentation.
 
Recent Accounting Pronouncements
 
The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company.
 

 

 
7

 
 
 
ART DIMENSIONS, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2012
(Unaudited)


Note 2.  Going Concern

The Company has suffered recurring losses from operations and has a working capital deficit. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The company may raise additional capital through the sale of its equity securities, through offerings of debt securities, or through borrowings from financial institutions. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the company to continue as a going concern.

Note 3.  Related Party Transactions

The Company’s major shareholder advanced $10,700 at 8% interest and is payable on demand. As of June 30, 2012 and 2011, the company has accrued interest of $924 and $-0-, respectively,  on the note payable. Interest expense for the six months ended June 30, 2012 and 2011 was $741 and $-0- respectively.

During the period ended June 30, 2012 officers of the Company advanced an additional $19,947.

The Company has borrowed $24,800 from a company affiliated through common control. The related party payable balance was $24,800 at December 31, 2011. The loan does not bear interest and is payable upon demand. In connection with a change of control of Art Design, the outstanding payable to this affiliate was forgiven. The transaction was recorded as a distribution to shareholders and was reflected in the change in equity as of June 30, 2012.
 









 

 
8

 

 
FORWARD LOOKING STATEMENTS
 
The information contained in this Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including among other things, statements regarding our capital needs, business strategy and expectations. Any statement which does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms or other comparable terminology. In evaluating forward looking statements, you should consider various factors outlined in our latest Form 10-K, filed with the U.S. Securities Exchange Commission (“SEC”) on June 30, 2012, and, from time to time, in other reports we file with the SEC. These factors may cause our actual results to differ materially from any forward-looking statement. We disclaim any obligation to publicly update these statements, or disclose any difference between our actual results and those reflected in these statements.
 
Item 2.  Management's Discussion and Analysis of Financial Condition and Plan of Operation
 
The Company was incorporated in Colorado in January 2008.  The Company has generated only limited revenues since its formation and has nominal assets.  The Company has been inactive since the summer of 2010.
 
During the three months ended June 30, 2012:

 
Legal and Accounting expenses increased from the prior period since the Company changed auditors in late 2010. The Company’s new auditors charged more than the Company’s previous auditor for reviewing the Company’s 10-Q reports and auditing the Company’s financial statements for the years ended December 31, 2011 and 2010; and

 
General and Administrative expenses decreased from the prior period due to the costs associated with adding Interactive Data Files to the Company’s website and 1934 Act reports in 2011.

Contractual Obligations
 
The following table summarizes the Company’s contractual obligations as of June 30, 2012:

   
Total
   
2012
   
2013
   
2014
 
                         
Loan Payments
  $ 13,950     $ 13,950       --       --  

During the year ended December 31, 2011 and the three months ended June 30, 2012 the Company did not generate any revenue. The Company does not have any internal or external sources of liquidity. The Company does not have any commitments from any person to provide the Company with any capital.
 
 
 
9

 
 
 
Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonable likely to have a current or future effect on the Company’s financial condition, changes in financial condition, results of operations, liquidity or capital resources

Item 4.  Controls and Procedures.
 
(a)     We maintain a system of controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (“1934 Act”), is recorded, processed, summarized and reported within time periods specified in the SEC's rules and forms and to ensure that information required to be disclosed by us in the reports that we file or submit under the 1934 Act is accumulated and communicated to our management, including our Principal Executive and Financial Officer, as appropriate to allow timely decisions regarding required disclosure.  As of June 30, 2012, our Principal Executive and Financial Officer evaluated the effectiveness of the design and operation of our disclosure controls and procedures.  Based on that evaluation, our Principal Executive and Financial Officer concluded that our disclosure controls and procedures were effective.
 
(b)     Changes in Internal Controls.  There were no changes in our internal control over financial reporting during the quarter ended June 30, 2012 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
PART II
 
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds.
 
Item 6.   Exhibits

Exhibits

 
 
 
 
 
 

 

 
10

 

 
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.
 
 
  ART DIMENSIONS, INC.  
       
       
November 7, 2012
By:
/s/ Rebecca Gregarek  
    Rebecca Gregarek,  
    Chief Executive Officer  
    Principal Financial Officer  









 
 
 
 
11