same place as this
Our balance sheet as September 30 2012 reflects cash in the amount of $103,704. Cash and cash equivalents from inception to date have been sufficient to provide the operating capital necessary to operate to date. The operating expenses and net loss for the nine months ended September 30 2012 and September 30 2011 amounted to $43,109, $37,289 and $15,949, respectively .
and this,
We plan to license the patent to a third-party to design, manufacture, and market the device against an initial payment to us and a percentage licensing agreement to be paid quarterly.
and this,
As described in Note 4, as of June 30, 2012, the Company owed $81,553 to Directors, officers, and principal stockholders of the Company for working capital loans.
and this,
As described in Note 5, on November 24, 2010, the Company issued 30,000,000 shares of its common stock to Directors and officers for $3,000 or $0.0001 per share.
and this,
The Company provided a valuation allowance equal to the deferred income tax assets for the periods ended September 30, 2012 and December 31, 2011, because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.
and this,
As of September 30, 2012, the Company had approximately $82,800 in tax loss carryforwards that can be utilized in future periods to reduce taxable income, and expire by the year 2032.
As of September 30, 2012, loans from related parties amounted to $81,553 and represented working capital advances from Directors who are also stockholders of the Company. The loans are unsecured, non-interest bearing, and due on demand
and so on,,,,,
The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits.
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not established any source of revenue to cover its operating costs, and as such, has incurred an operating loss since inception. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.
and thisThe Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.
Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.
THIS IS A GREAT IDEA HOWEVER SAFECODE ISNT EVEN GOING TO DO ANY OF IT! ITS ALL BEING SOLD TO THIRD PARTIES IF THEY WANT IT!
SAFECODE NOR ANYONE ELSE EVEN HAS A PROTOTYPE YET TO DATE NOR THE FUNDS TO BUILD ONE THAT IS COST EFFICIENT! WHILE ITS A GREAT IDEA, ITS A LONG WIGLLE , AND ALOT OF $$$$$ DOWN THE ROAD BEFORE IT HAPPENS!
its just not gonna be mine!
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