Note 1 - Organization and summary of significant
Following is a summary of our organization
and significant accounting policies:
Organization and nature of business
Swingplane Ventures, Inc. (the Company), a Nevada corporation, is a development stage mens and
women's golf fashion manufacturer located in Broomfield, Colorado. The Company's initial clothing line consists of tailored-fit
golf shirts, pants and skirts that younger golfers are demanding from the standpoint of comfort, style and fabric. The Company
plans to stay on the cutting edge of the constantly changing golf apparel market and our goal is to create a quality reputation
within the youthful golfing community and golf garment marketplace.
The first designs will take into
consideration of the fit, style and fabrics that younger golfers are demanding, including tailored-fit shirts with shorter sleeves
and fabrics that are wet and wind resistant, such as microfibers used today in tennis and active wear tops. Our initial design
is a tailored-fit men's golf shirt with shorter sleeves and unique (and colorful) design patterns. This current design will be
marketed under the "Swingplane Ventures" brand. Because of its fit, fibers, and design, this garment will attract the
12 - 35 year old male golfer market as an alternative to much higher priced brands with similar styling.
Basis of presentation - The
accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles applicable to exploration
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 amount of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
Cash and cash equivalents - For
purposes of the statement of cash flows, we consider all cash in banks, money market funds, and certificates of deposit with a
maturity of less than three months to be cash equivalents.
Fair value of financial instruments
and derivative financial instruments - The carrying amounts of cash and current liabilities approximate fair value because
of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters
of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments in
the management of our foreign exchange, commodity price or interest rate market risks.
The FASB Codification clarifies
that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. It also requires disclosure about how fair value is determined for assets
and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels
of inputs as follows:
Level 1: Quoted prices in active
markets for identical assets or liabilities.
Level 2: Quoted
prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability.
Level 3: Unobservable
inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
The determination of where assets
and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Federal income taxes - Deferred
income taxes are reported for timing differences between items of income or expense reported in the financial statements and those
reported for income tax purposes in accordance with applicable FASB Codification regarding Accounting for Income Taxes,
which require the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are
recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are
expected to be recovered or settled. The Company provides deferred taxes for the estimated future tax effects attributable to temporary
differences and carryforwards when realization is more likely than not.
We have analyzed filing positions
in all of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in
these jurisdictions. We are not currently under examination by the Internal Revenue Service or any other jurisdiction.
We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments
that will result in a material adverse effect on our financial condition, results of operations, or cash flow. Therefore,
no reserves for uncertain income tax positions have been recorded.
Net income per share of common
stock We have adopted applicable FASB Codification regarding Earnings per Share, which require presentation
of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation
of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation.
In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted
average number of shares of common stock outstanding during the period. At September 30, 2012 and June 30, 2012, there were no
variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding.