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EXCEL - IDEA: XBRL DOCUMENT - Psychic Friends Network Inc.Financial_Report.xls
10-K - Psychic Friends Network Inc.g6512.txt
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EX-31 - Psychic Friends Network Inc.ex31.txt
EX-32 - Psychic Friends Network Inc.ex32.txt
v2.4.0.6
ORGANIZATION AND DESCRIPTION OF BUSINESS
12 Months Ended
Sep. 30, 2012
ORGANIZATION AND DESCRIPTION OF BUSINESS  
ORGANIZATION AND DESCRIPTION OF BUSINESS
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
 
Psychic  Friends  Network,  Inc.  (OTC:PFNI)  hereinafter,  ("the  Company") was
incorporated  in the State of Nevada on May 9, 2007 under the name "Web  Wizard,
Inc.".  On February 17, 2012 the  Company's  board passed a motion to change the
corporate name to "Psychic Friends Network,  Inc." pursuant to an asset purchase
agreement  executed on January 27, 2012. As part of this  agreement,  all of the
assets of PFN Holdings were purchased.  These assets are an integral part of the
Company's  business  development and ultimately the realization of the Company's
anticipated cash flows.
 
The Company is in the business of providing  daily  horoscopes  and live psychic
advice by telephone, internet or our soon to be released mobile application. Our
website is  www.psychicfriendsnetwork.com.  First time customers will be offered
promotions and are able to choose their psychic friend by specialties. They also
are able to establish an ongoing  relationship  with their advisor,  or they can
choose to try someone new the next time they call. We will strive to stay on the
cutting edge of technology in an effort to deliver our content.  Currently  this
includes  facebook  applications,  and twitter pages,  that reward our customers
with free credits towards readings for sharing, liking or tweeting about PFN. We
will  also be  giving  all of our  psychics  their  own  website,  to  find  new
customers.
 
BASIS OF PRESENTATION
 
The  Company  is  considered  to be a  development  stage  company  and  has not
generated  significant  revenues  from  operations.   There  is  no  bankruptcy,
receivership, or similar proceedings against our company.
 
The accompanying  audited financial  statements have been prepared in accordance
with accounting  principles  generally  accepted in the United States of America
and the rules and  regulations  of the United  States  Securities  and  Exchange
Commission for annual financial information.
 
GOING CONCERN
 
The accompanying  financial  statements have been prepared  assuming the Company
will continue as a going concern.  Its ability to continue as a going concern is
dependent  upon the ability of the Company to obtain the necessary  financing to
meet its  obligations  and pay its  liabilities  arising  from  normal  business
operations  when they come due.  Furthermore,  as of  September  30,  2012,  the
Company  has  accumulated  losses  from  inception  (May 9,  2007) of  $454,634.
Likewise,  net cash of  $316,255  has been used in  operations  during  the same
period.  The outcome of these matters  cannot be predicted with any certainty at
this time and raise  substantial doubt that the Company will be able to continue
as a going concern. These financial statements do not include any adjustments to
the amounts and  classification of assets and liabilities which may be necessary
should the Company be unable to continue as a going concern. Management believes
that the Company will need to obtain additional  funding by borrowing funds from
its  directors  and  officers,  or a private  placement of common stock  through
various sales and public offerings.