Corindus Vascular Robotics, Inc. - FORM 10-Q

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EXCEL - IDEA: XBRL DOCUMENT - Corindus Vascular Robotics, Inc.	Financial_Report.xls
EX-31.1 - CERTIFICATION - Corindus Vascular Robotics, Inc.	yidi_ex311.htm
EX-32.1 - CERTIFICATION - Corindus Vascular Robotics, Inc.	yidi_ex321.htm
EX-31.2 - CERTIFICATION - Corindus Vascular Robotics, Inc.	yidi_ex312.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended December 31, 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: 333-176581

YOUR INTERNET DEFENDER INC.

(Exact name of registrant as specified in its charter)

Nevada		30-0687898
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o Lisa Grossman

20 East Sunrise Highway

Suite 202

Valley Stream, New York 11581

(Address of principal executive offices)

(516) 303- 8100

(Registrant’s telephone number, including area code)

________________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 smaller reporting company. See definitions of “large accelerated filer,” “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

(Do not check if a smaller reporting company)

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

As of February 11, 2013, 52,000,000 shares of common stock, par value $0.0001 per share, were issued and outstanding.

TABLE OF CONTENTS

		Page
PART I FINANCIAL INFORMATION

Item 1.	Financial Statements		3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		21

Item 4.	Controls and Procedures		21

PART II OTHER INFORMATION

Item 1.	Legal Proceedings		22

Item 1A.	Risk Factors		22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		23

Item 3.	Defaults Upon Senior Securities		23

Item 4.	Mine Safety Disclosures		23

Item 5.	Other Information		23

Item 6.	Exhibits		23

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements.

YOUR INTERNET DEFENDER, INC.

(A DEVELOPMENT STAGE COMPANY)

CONTENTS

PAGE	4	CONDENSED BALANCE SHEET AS OF DECEMBER 31, 2012 (UNAUDITED) AND MARCH 31, 2012 (AUDITED)

PAGE	5	CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2012 AND 2011 AND FOR THE PERIOD FROM MAY 4, 2011 (INCEPTION) THROUGH DECEMBER 31, 2012

PAGE	6	CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) FOR THE PERIOD FROM MAY 4, 2011 (INCEPTION) THROUGH DECEMBER 31, 2012

PAGE	7	CONDENSED STATEMENT OF CASH FLOW (UNAUDITED) FOR THE NINE MONTHS ENDED DECEMBER 31, 2012 AND 2011 AND FOR THE PERIOD FROM MAY 4, 2011 (INCEPTION) THROUGH DECEMBER 31, 201

PAGES	8- 13	CONDENSED NOTES TO UNAUDITED FINANCIAL STATEMENTS

YOUR INTERNET DEFENDER, INC.
CONDENSED BALANCE SHEETS
AS OF DECEMBER 31, 2012

	December 31,			March 31,
	2012			2012
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	-		$	48,600
Accounts receivable, net		22,441			15,869
Prepaid Expense		950			-
TOTAL CURRENT ASSETS		23,391			64,469

Website development costs, net		14,277			21,015
Security Deposit		325			325
TOTAL OTHER ASSETS		14,602			21,340

TOTAL ASSETS	$	37,993		$	85,809

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Bank Overdraft	$	4,022		$	-
Note payable - related party		27,000
Accounts payable		3,306			1,900
Accrued expenses and other current liabilities		42,699			18,933

TOTAL CURRENT LIABILITIES		77,027			20,833

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 1,000,000 share authorized, none issued and outstanding		-			-
Common stock, $0.0001 par value, 150,000,000 shares authorized, 52,000,000 shares issued and outstanding		5,200			5,200
Additional paid in capital		119,440			111,640
Accumulated deficit during development stage		(163,674	)		(51,864	)

TOTAL STOCKHOLDERS' EQUITY		(39,034	)		64,976

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	37,993		$	85,809

YOUR INTERNET DEFENDER, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENT OF OPERATIONS (UNAUDITED)

	FOR THE THREE MONTHS ENDED DECEMBER 31,			FOR THE THREE MONTHS ENDED DECEMBER 31,			FOR THE NINE MONTHS ENDED DECEMBER 31,			FROM MAY 4, 2011 (INCEPTION) TO DECEMBER 31,			FROM MAY 4, 2011 (INCEPTION) TO DECEMBER 31,
	2012			2011			2012			2011			2012

REVENUE	$	54,664		$	53,885		$	110,046		$	98,285		$	261,176

OPERATING EXPENSES
Cost of revenues		62,690			40,056			145,017			80,790			268,117
Officers' compensation		2,600			2,600			7,800			6,800			17,200
General and administrative expense		14,586			16,849			68,405			41,139			138,857
Total Operating Expenses		79,876			59,505			221,222			128,729			424,174

LOSS FROM OPERATIONS		(25,212	)		(5,619	)		(111,176	)		(30,443	)		(162,998	)

OTHER EXPENSES
Interest Expense		184			-			634			42			676

LOSS FROM OPERATIONS BEFORE PROVISION FOR INCOME TAXES		(25,396	)		(5,619	)		(111,810	)		(30,485	)		(163,674	)

Provision for Income Taxes		-			-			-			-			-

NET LOSS	$	(25,396	)	$	(5,619	)	$	(111,810	)	$	(30,485	)	$	(163,674	)

Net loss per share - basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted average number of shares outstanding during the period - basic and diluted		52,000,000			52,000,000			52,000,000			31,655,351			43,902,294

YOUR INTERNET DEFENDER, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

FOR THE PERIOD MAY 4, 2011 (INCEPTION) TO DECEMBER 31, 2012

	Preferred Stock				Common Stock				Additional Paid-In		Accumulated Deficit During Development
	Shares		Amount		Shares		Amount		Capital		Stage			Total

BALANCE, May 4, 2011 (Inception)		-	$	-		-	$	-	$	-	$	-		$	-

Sale of common stock -Founders $0.0001 per share		-		-		9,400,000		940							940
Sale of common stock - private placement $0.0025 per share		-		-		42,600,000		4,260		102,240					106,500
Non cash compensation - May 4, 2011 (inception) to March 31, 2012										9,400					9,400

Net Loss, for the period May 4, 2011 (Inception) to March 31, 2012												(51,864	)		(51,864	)

BALANCE, March 31, 2012		-	$	-		52,000,000	$	5,200	$	111,640	$	(51,864	)	$	64,976

Non cash compensation - three months ended June 30, 2012										2,600					2,600

Net Loss for the Three Months Ended June 30, 2012												(46,073	)		(46,073	)

BALANCE, June 30, 2012		-	$	-		52,000,000	$	5,200	$	114,240	$	(97,937	)	$	21,503

Non cash compensation - three months ended September 30, 2012										2,600					2,600

Net Loss for the Three Months Ended September 30, 2012												(40,341	)		(40,341	)

BALANCE, September 30, 2012		-	$	-		52,000,000	$	5,200	$	116,840	$	(138,278	)	$	(16,238	)

Non cash compensation - three months ended December 31, 2012										2,600					2,600

Net Loss for the Three Months Ended December 31, 2012												(25,396	)		(25,396	)

BALANCE, December 31, 2012		-	$	-		52,000,000	$	5,200	$	119,440	$	(163,674	)	$	(39,034	)

YOUR INTERNET DEFENDER, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF CASH FLOW (UNAUDITED)

	FOR THE NINE MONTHS ENDED DECEMBER 31,			FOR THE NINE MONTHS ENDED DECEMBER 31,			FROM MAY 4, 2011 (INCEPTION) TO DECEMBER 31,
	2012			2011			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(111,810	)	$	(30,485	)	$	(163,674	)

Adjustments to reconcile net loss to net cash used in operating activities:
Amortization		6,738			3,689			12,673
In-kind compensation		7,800			6,800			17,200
Changes in Operating Assets and Liabilities:								-
Decrease (increase) in accounts receivable		(6,572	)		(12,200	)		(22,441	)
Decrease (increase) in prepaid Exp		(950	)					(950	)
Decrease (increase) in security deposit		-						(325	)
Increase (decrease) in bank overdraft		4,022						4,022
Increase (decrease) in accounts payable		1,406			7,603			3,306
Increase (decrease) in accrued expenses and other current liabilities		23,766			4,000			42,699
Net Cash Used In Operating Activities		(75,600	)		(20,593	)		(107,490	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for website development costs					(26,950	)		(26,950	)

Net Cash Used in Investing Activities		-			(26,950	)		(26,950	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock Issuance					107,440			107,440
Proceeds from notes payable - related party		27,000			10,000			37,000
Repayment of notes payable - related party					(10,000	)		(10,000	)
Net Cash Provided By Financing Activities		27,000			107,440			134,440

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(48,600	)		59,897			-

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		48,600			-

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	-		$	59,897		$	-

SUPPLEMENTARY CASH FLOW INFORMATION:
Cash paid during the period for:
Taxes	$	-		$	-		$	-
Interest	$	452		$	42		$	494

YOUR INTERNET DEFENDER, INC

(A DEVELOPMENT STAGE COMPANY)

CONDENSED NOTES TO UNAUDITED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

NOTE 1

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Your Internet Defender Inc. was incorporated under the laws of the State of Nevada on May 4, 2011, to engage in online brand management, focusing on offsite search engine optimization (SEO), social media reputation monitoring, and specialized brand reputation marketing. We intend to develop a full range of services, proprietary methodology and systems that will assist companies, professionals and individuals to protect and promote their brands in the most favorable manner, while attracting traffic to their desired web locations.

During the nine months ended December 31, 2012 activities during the development stage include developing the business plan and raising capital.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that could effect 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 revenue and expenses during the reported period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of the cash flow statements, the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. At December 31, 2012 the Company did not have any balances that exceeded FDIC insurance limits.

Revenue Recognition

The Company recognizes revenue in accordance with FASB ASC No. 985-605, “Revenue Recognition”. In all cases, revenue is recognized as the services are performed and when the price is fixed and determinable, persuasive evidence of an arrangement exists, and collectability of the resulting receivable is reasonably assured. For services where we do not have a contract, revenue is generally recognized when the services are performed and accepted by the customer and the amounts are earned and collection is reasonably assured. We recognize revenue under contracts agreements where we have a fixed term of service using the straight line method over the term of the agreement.

YOUR INTERNET DEFENDER, INC

(A DEVELOPMENT STAGE COMPANY)

CONDENSED NOTES TO UNAUDITED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

Allowance for Doubtful Accounts

Accounts receivable consist of trade receivables recorded at original invoice amount, less an estimated allowance for uncollectible accounts. Trade credit is generally extended on a short-term basis; thus, trade receivables do not bear interest, although finance charges may be applied to receivables that are past due. Trade receivables are periodically evaluated for collectability based on past credit history with customers and their current financial condition. Changes in the estimated collectability of trade receivables are recorded in the results of operations for the period in which the estimate is revised. The Company does not generally require collateral for trade receivables.

At December 31, 2012 management considers all accounts receivable collectable and has not made a provision for doubtful accounts.

Website Development Costs

The Company capitalizes its costs to develop its website and internal-use software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Such costs are amortized on a straight-line basis over the estimated useful life of three years. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred. As of December 31, 2012, the Company capitalized $26,950 of website development costs. Amortization expense for the nine months ended December 31, 2012 totaled $6,738.

Income Taxes

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities 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. 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. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Business Segments

The Company operates in one segment and therefore segment information is not presented.

Fair Value of Financial Instruments

The carrying amounts of the Company's accounts receivable, accounts payable and accrued expenses approximate fair value due to the relatively short period to maturity for these instruments.

YOUR INTERNET DEFENDER, INC

(A DEVELOPMENT STAGE COMPANY)

CONDENSED NOTES TO UNAUDITED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

Concentration of Credit Risk

The Company’s financial instruments that are exposed to the concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivables. The Company’s places its cash with high quality institutions. At times, such investments may be in excess of the FDIC insurance limit. Cash and cash equivalents held in a bank may exceed federally insured limits at year end and at various points during the year.

The Company routinely assesses the financial strength of its customers and, as a consequence, believes that its trade accounts receivable credit risk exposure is limited.

During the nine months ended December 31, 2012, one customer made up sales of 39%, and the remainder customers were each under 10%.

Loss Per Share

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB Accounting Standards Codification Topic 260, “Earnings Per Share.” As of December 31, 2012 there were no common share equivalents outstanding.

Recent Accounting Pronouncements

ASU No. 2011-02; A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring (“TDR”). In April, 2011, the FASB issued ASU No. 2011-02, intended to provide additional guidance to assist creditors in determining whether a restructuring of a receivable meets the criteria to be considered a troubled debt restructuring. The amendments in this ASU are effective for the first interim or annual period beginning on or after June 15, 2011, and are to be applied retrospectively to the beginning of the annual period of adoption. As a result of applying these amendments, an entity may identify receivables that are newly considered impaired. Early adoption is permitted. The Company adopted the methodologies prescribed by this ASU by the date required, and it did not have any impact upon adoption.

ASU No. 2011-03; Reconsideration of Effective Control for Repurchase Agreements. In April, 2011, the FASB issued ASU No. 2011-03. The amendments in this ASU remove from the assessment of effective control the criterion relating to the transferor’s ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee. The amendments in this ASU also eliminate the requirement to demonstrate that the transferor possesses adequate collateral to fund substantially all the cost of purchasing replacement financial assets.

YOUR INTERNET DEFENDER, INC

(A DEVELOPMENT STAGE COMPANY)

CONDENSED NOTES TO UNAUDITED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

The guidance in this ASU is effective for the first interim or annual period beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations.

ASU No. 2011-04; Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. In May, 2011, the FASB issued ASU No. 2011-04. The amendments in this ASU generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This ASU results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRSs. The amendments in this ASU are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted.

The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations.

ASU No. 2011-05; Amendments to Topic 220, Comprehensive Income. In June, 2011, the FASB issued ASU No. 2011-05. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.

The amendments in this ASU should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted, because compliance with the amendments is already permitted. The amendments do not require any transition disclosures. Due to the recency of this pronouncement, the Company is evaluating its timing of adoption of ASU 2011-05, but will adopt the ASU retrospectively by the due date.

NOTE 2

STOCKHOLDERS' EQUITY

(A) Preferred Stock

In June 2011, the Company amended its Articles of Incorporation to authorize 1,000,000 shares of preferred stock with a par value of $0.0001 with rights and preferences to be determined by the Board of Directors.

YOUR INTERNET DEFENDER, INC

(A DEVELOPMENT STAGE COMPANY)

CONDENSED NOTES TO UNAUDITED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(B) Common Stock

In June 2011, the Company amended its Articles of Incorporation to authorize 150,000,000 shares of common stock with a par value of $0.0001.

On July 25, 2011, the Company issued 9,400,000 to three founders at $0.0001 price per share for cash of $940.

During the period of July 28th, 2011 and August 18, 2011, the company issued 42,600,000 shares of common stock to individuals for cash of $106,500 ($0.0025 per share).

For the three months ended December 31, 2012, two shareholders of the Company contributed services having a fair value of $2,600 (See Note 3).

NOTE 3

RELATED PARTY TRANSACTIONS

For the three months ended December 31, two shareholders of the Company contributed services having a fair value of $2,600 (See Note 2(C)).

On July 25, 2011, the Company issued 9,400,000 to three founders at $0.0001 price per share for cash of $940.

On July 30, 2012, the Company executed a four-year consulting agreement for $12,000 per month with a related party commencing upon the earlier of (i) the consummation by the Company of equity financings (including financings with an equity component) resulting in gross proceeds to the Company of no less than $500,000 or (ii) September 1, 2012. The agreement calls for an automatic renewal for an additional three years if the Company has raised in total a minimum of two million in gross capital from any and all sources. On October 1, 2012 the agreement was modified whereby the compensation under the consulting agreement was waived for the period from October through December 2012.

There was no consulting expense recognized for the three months ended December 31, 2012.

On October 5, 2012 the company borrowed $2,500 from a related party, payable on demand and bearing an annual interest rate of 3%. On October 15, 2012 $2,502 was repaid representing principal of $2,500 and interest of $2.

On November 9, 2012 the company borrowed $27,000 from a related party, payable on demand and bearing an annual interest rate of 3%.

YOUR INTERNET DEFENDER, INC

(A DEVELOPMENT STAGE COMPANY)

CONDENSED NOTES TO UNAUDITED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

NOTE 4

GOING CONCERN

As reflected in the accompanying financial statements, the Company is in the development stage with a net loss since inception of $163,674 and used cash in operating activities through inception of $107,490. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

NOTE 5

SUBSEQUENT EVENTS

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the date which the financial statements were issued.

On January 13, 2013 the Company borrowed $4,500 from a related party, payable on demand and bearing an annual interest rate of 3%.

Item 2. Management’s Discussion and Analysis or Plan of Operations.

As used in this Quarterly Report on Form 10-Q, references to the “Company,” “YID”, “we,” “our” or “us” refer to Your Internet Defender Inc. unless the context otherwise indicates. The following presentation of management’s discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the Company’s unaudited consolidated financial statements, the accompanying notes thereto and other financial information appearing elsewhere in this report and in conjunction with the Management's Discussion and Analysis set forth in our Annual Report on Form 10-K for the fiscal year ended March 31, 2012.

We are currently on a fiscal year ending March 31. We have defined various periods that are covered in this report as follows:

•		“fiscal 2013” – April 1, 2012 through March 31, 2013
•		“third quarter of fiscal 2013” – October 1, 2012 through December 31, 2012
•		“nine month period ended December 31, 2012” – April 1, 2012 through December 31, 2012
•		“fiscal 2012” — May 4, 2011 (inception) through March 31, 2012.
•		“third quarter of fiscal 2012” – October 1, 2011 through December 31, 2011
•		“five month period ended December 31, 2011” – May 4, 2011 (inception) through December 31, 2011

Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Securities and Exchange Commission (the “SEC”) encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This Quarterly Report on Form 10-Q and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management’s plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements regarding the anticipated development and expansion of our business, our intent, belief or current expectations, primarily with respect to our future operating performance and the factors discussed in Item 1A. of this report.

We caution that the factors described herein and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Overview

Your Internet Defender Inc. was incorporated under the laws of the State of Nevada on May 4, 2011, to engage in the business of an online brand management specialist, focusing on offsite search engine optimization (“SEO”), social monitoring, and specialized brand reputation marketing. The Company intends to develop a full range of services, proprietary methodology and systems that will assist companies of various sizes, professionals and individuals to protect and promote their brands in the most favorable light, while attracting traffic to their desired web locations.

Plan of Operation

YID is seeking new clients, both individual and corporate, by disseminating the description of its services to people with whom the management and our officers have previous established relationships. Using this “word of mouth” technique has efficiently allowed us to establish a YID relationship and initial track record and to demonstrate our capabilities. In addition, YID has begun approaching public relations and marketing firms, offering our brand of services to their respective clients, as a value-added service.

Our direct marketing approach has been successful to date. One example of the successful use of such approach was our contact with Marketsmith, Inc, a marketing company based in New Jersey, who has now added our name to their list of potential resources. Another example of the success of this approach is with Fox & Melofchik, a law firm based in New Jersey, who not only considered us as a valuable resource for their respective clients, but also themselves employed our services to improve their SEO/online optimization efforts and to build up their social media marketing presence.

To further exploit our direct marketing approach, we have recently entered into an agreement with Banner Marketing. Banner provides advertising solutions using print and digital platforms, and is a well-established staple in the Home Furnishings advertising and other industries. Banner Marketing has corporate relationships with such companies as Ashley Furniture Home Stores and many other well-known retail chains. Banner Marketing has sales presence and relationships in all 50 states and provides top-notch branding, concept, design, copy and media buying services to its clientele. Banner does not provide online marketing / optimization / reputation services, and they have chosen to partner with Your Internet Defender, Inc. to leverage our expertise in the online sphere as well as our technology solutions. In return, YID receives access to the entire client base of Banner Marketing.

On October 15, 2012 the Company entered into a one year automatic renewable agreement with Banner Retail Marketing Group, LLC. Under the Agreement YID will provide marketing, sale, and support of website services.

YID is continuously seeking out new relationships with marketing and law firms, offering our services to their respective clients. In addition, we have begun self-marketing efforts, utilizing the same online optimization and social marketing techniques that we would normally offer to our clients, to promote our own business name and services.

In addition to SEO and marketing services, YID creates propriety technology and software to be utilized within our industry.

One example of proprietary technology developed by YID is the SEO Toaster 2.0, the most advanced SEO website builder software, which is available for download from our website www.yourinternetdefender.com. Any website developed or hosted on SEO Toaster 2.0 will have distinct SEO advantages in the organic search engine rankings and thus automatically improve online visibility for YID customers utilizing this platform. The platform has been developed with SEO Samba Corp. and became available in December 2011. We intend to provide further updates and improved software releases in the future.

Another example of proprietary technology developed by YID is SEO Nexus, an automated online marketing application, available as software delivered as a service (SaaS). SEO Nexus automatically executes SEO techniques and acts as a central command center that connects to an unlimited number of self-reliant remotely hosted websites. To the best of our knowledge of the industry, SEO Nexus is unique as it physically optimizes and automates all on-site SEO factors and includes time-saving automation routines. Other automated SEO applications typically only analyze and suggest the proper strategies. SEO Nexus is available to all customers on a subscription basis.

Day-to-day operations at YID are primarily directed toward servicing the ongoing project needs of our current clients. The Company’s services which include, SEO, social marketing and reputation management (our core services) are all continuous processes and require ongoing attention and effort. At the same, we are directing our efforts to searching for new clients, as well as seeking out new potential technical resources that will be required as YID expands its customer base.

YID has added and will continue to add new features to its website www.yourinternetdefender.com. In particular we are now offering new downloadable proprietary software and adding features which will enable our current customers to self-manage numerous aspects of their ongoing projects. YID is also actively marketing our services directly to the general public and via new and existing relationships with public relations and marketing firms, attorneys and other sources of potential clients.

Over the course of the next 6-12 months, YID intends to actively work on establishing new business opportunities by searching for new clients and expanding the scope of work with our existing clients. Our plan is to continue to invest in the creation of new products and services, some of which may be mass-marketed to the general public, in order to attract clientele of lower-income levels (for example, job seekers looking to change their careers, etc.). On the higher-end of the spectrum, YID will look to participate in larger projects typically awarded to well-established public relations and marketing firms, and which are sub-contracted out to smaller firms.

YID will continue to actively search for new corporate and high-end individual clients. The Company’s current services are priced at the high-end of the pricing spectrum and the Company believes that it has the ability to attract clients that grasp its unique understanding of the issues facing their web presence and ability to fix these issues. We are therefore currently focusing on individuals with higher incomes and corporations with budget allocations for these services. We will also aggressively establish relationships with numerous public relations and law firms, offering to provide our services to their existing and future customers and clients. We plan to invest in the expansion of our proprietary technology base, offering new automated services to online customers, thus enabling us to mass-market new product offerings in addition to our current consulting-type services. The Company has made numerous presentations and has been asked to submit contract proposals to some of these prospects. The Company has been receiving a great deal of requests for proposals through its own online marketing initiatives (Google organic visibility of YID’s own website), and has increased its sales and marketing outreach to mid-size businesses and franchise operators. The Company also plans to expand its sales force to broaden the marketing exposure of its products and services.

Results of Operations

Revenues

Revenues in the third quarter of fiscal 2013 were $54,664, an increase of $779 compared to the third quarter of fiscal 2012. Revenues during this period remained flat on a comparative basis as we continued efforts in marketing and building our business. Revenues for the nine month period ended December 31, 2012 were $110,046, an increase of $11,761 compared to the five month period ended December 31, 2011. This increase was primarily a result of our continued marketing efforts and revenues over a nine month period in fiscal 2013 as compared to a five month period in fiscal 2012.

Total operating expenses

Total operating expenses in the third quarter of fiscal 2013 were $79,876, an increase of $20,372 compared to the third quarter of fiscal 2012. These expenses increased primarily due to cost of revenues that increased by $22,635 as a result of increased marketing efforts partially offset by a $2,263 reduction in general and administrative expenses. Total operating expenses for the nine month period ended December 31, 2012 were $221,222, an increase of $92,494 compared to the five month period ended December 31, 2011. This increase was primarily due to a $64,228 increase in cost of revenues as a result of our marketing efforts, $27,266 increase in general administrative expenses associated with SEC reporting requirements and $1,000 in officers’ compensation all of which covered a nine month period in fiscal 2013 as compared to a five month period in fiscal 2012.

Net loss

Net loss in the third quarter of fiscal 2013 was $(25,396), an increase of $19,777 compared to the third quarter of fiscal 2012. Net loss for the nine month period ended December 31, 2012 was $(111,810), an increase of $81,325 compared to the five month period ended December 31, 2011. This increase was primarily a result of the increase in operating expenses discussed above and the difference in number of months of operations included in the nine month period in fiscal 2013 as compared to a five month period in fiscal 2012.

Liquidity and Capital Resources

Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. As of December 31, 2012 our working capital amounted to $(53,636), for a decrease of $97,272 as compared to $43,636 as of March 31, 2012. We rely upon cash generated from our operations and loans from related parties to fund our operations. We expect to continue to borrow working capital from related parties over the next twelve months.

There are no limitations in the certificate of incorporation on the Company’s ability to borrow funds or raise funds through the issuance of capital stock.

We have historically borrowed funds from both related and unrelated parties. For the period ended December 31, 2012 we borrowed $27,000 from a related party.

During the nine month period ended December 31, 2012, one customer made up sales of 39%, and the remaining customers each made up under 10% of our sales. Accordingly, our business would be greatly damaged if we were to lose our primary customer.

Two of our stockholders provided, without cost to the Company, services, valued at $2,600 for the nine month period ended December 31, 2012. The total of these expenses was reflected in the statement of operations as general and administrative expenses with a corresponding contribution of paid-in capital.

We may not have sufficient resources to effectuate our business plan. We expect to incur a minimum of $275,000 in expenses during the next twelve months of operations. We estimate that this will be comprised of approximately $105,000 towards salaries, programming and subcontractors, $108,000 towards marketing materials and sales. Additionally, approximately $62,000 will be needed for general overhead expenses such as for corporate legal and accounting fees, office overhead and general working capital. Accordingly, we may have to raise the funds to pay for these expenses. We potentially will have to issue debt or equity or enter into a strategic arrangement with a third party.

There can be no assurance that additional capital will be available to us. We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources. Since we have no other such arrangements or plans currently in effect, our inability to raise funds for the above purposes will have a severe negative impact on our ability to remain a viable company.

The Company currently has no plans to conduct any research and development or to purchase or sell any significant equipment. If the Company is unable to obtain the working capital it requires to operate its business, it does not expect to hire any employees during the next 12 months.

Going Concern Consideration

The Company has been in the development stage since its inception and continues to incur significant losses. We had a net loss since inception of $163,674 and for the period from inception through December 31, 2012, $107,490 in cash was used in operating activities and $26,950 in case was used in investing activities. This raises substantial doubt about our ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and generate additional revenues and profits from our business plan.

In the opinion of our independent registered public accounting firm for our fiscal year end March 31, 2012, our auditor included a statement that as a result of our significant losses since inception there is a substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Off-Balance Sheet Arrangements

None

Critical Accounting Policies and Estimates

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that could 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 revenue and expenses during the reported period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Revenue Recognition

Allowance for Doubtful Accounts

At December 31, 2012 management considers all accounts receivable collectable and has not made a provision for doubtful accounts.

Website Development Costs

Income Taxes

Business Segments

The Company operates in one segment and therefore segment information is not presented.

Fair Value of Financial Instruments

The carrying amounts of the Company's accounts receivable, accounts payable and accrued expenses approximate fair value due to the relatively short period to maturity for these instruments.

Concentration of Credit Risk

The Company routinely assesses the financial strength of its customers and, as a consequence, believes that its trade accounts receivable credit risk exposure is limited.

During the nine months ended December 31, 2012, one customer made up sales of 39%, and the remaining customers each made up under 10% of our sales.

Loss Per Share

Recent Accounting Pronouncements

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable to a smaller reporting company.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this report (the “Evaluation Date”). Based upon the evaluation, our principal executive officer and principal financial officer concluded as of the Evaluation Date that our disclosure controls and procedures were effective. Disclosure controls are controls and procedures designed to reasonably ensure that information required to be disclosed in our reports filed under the Exchange Act, such as this report, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls include controls and procedures designed to reasonably ensure that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

This quarterly report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this quarterly report.

There were no significant changes in the Company's internal controls or in other factors that could significantly affect these controls subsequent to that evaluation, and there were no significant deficiencies or material weaknesses in such controls requiring corrective actions.

Evaluation of and Report on Internal Control over Financial Reporting

The management of the Registrant is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the company’s principal executive and principal financial officers and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:

	−	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

	−	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

	−	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2012. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework.

Based on its assessment, management concluded that, as of December 31, 2012, the Company’s internal control over financial reporting is effective based on those criteria.

This quarterly report does not include an attestation report of the Company’s registered accounting firm regarding internal control over financial reporting. Management’s report is not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this quarterly report.

Changes in Internal Controls Over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the quarterly period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings.

The Company’s officers and directors are not aware of any threatened or pending litigation to which the Company is a party or which any of its property is the subject and which would have any material, adverse effect on the Company.

Item 1A. Risk Factors.

Not applicable to a smaller reporting company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Equity Securities.

None.

Purchases of equity securities by the issuer and affiliated purchasers.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable

Item 5. Other Information.

On November 9, 2012 the Company borrowed $27,000 from The 1999 Family Trust, an unrelated party, pursuant to the terms of an unsecured Demand Promissory Note bearing interest at the rate of 3% per annum payable on demand by the lender on or after November 30, 2013.

On January 13, 2013 the Company borrowed $4,500 from The 1999 Family Trust, an unrelated party, pursuant to the terms of an unsecured Demand Promissory Note bearing interest at the rate of 3% per annum payable on demand by the lender on or after March 1, 2013.

Item 6. Exhibits.

Exhibit No.		Description

31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act

31.2		Certification of Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act

32.1		Certification of Principal Executive Officer and Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act

101.INS **		XBRL Instance Document

101.SCH **		XBRL Taxonomy Extension Schema Document

101.CAL **		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF **		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB **		XBRL Taxonomy Extension Label Linkbase Document

101.PRE **		XBRL Taxonomy Extension Presentation Linkbase Document

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

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.

	YOUR INTERNET DEFENDER INC.

Dated: February 12, 2013	By	/s/ Lisa Grossman
		Name: Lisa Grossman
		Title: President (Principal Executive Officer)

Dated: February 12, 2013	By	/s/ Gabriel Solomon
		Name: Gabriel Solomon
		Title: Treasurer (Principal Financial and Accounting Officer)

Corindus Vascular Robotics, Inc. - FORM 10-Q - February 12, 2013

Attached files

Corindus Vascular Robotics, Inc. Reports