SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
SB-2
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
Marvin’s
Place, Inc.
|
(Name
of small business issuer in its charter)
|
|
Nevada
|
4783
|
20-8789451
|
(State
or jurisdiction of incorporation or organization)
|
(Primary
Standard Industrial Classification Code Number)
|
(I.R.S.
Employer Identification No.)
|
|
13245
Sunnyslope Dr.
|
|
Chino
Hills, CA 91709
|
|
(626)
208-1350
|
|
(Address
and telephone number of principal executive offices)
|
|
|
|
13245
Sunnyslope Dr.
|
|
Chino
Hills, CA 91709
|
|
(626)
208-1350
|
|
(Address
of principal place of business or intended principal place of
business)
|
|
|
|
Randall
Henderson, Esq.
|
|
1957
Paloma
Pasadena,
California 91104-4820
|
|
Voice
(626) 798-9832
Fax
(626) 794-0025
|
|
(Name,
address and telephone number of agent for service)
|
|
|
|
Copies
to:
|
|
Randall
Henderson, Esq.
|
|
1957
Paloma
|
|
Pasadena,
California 91104-4820
|
|
Approximate
date of proposed sale to the public: As soon as practicable after this
Registration Statement becomes effective.
If
this
Form is filed to register additional securities for an offering pursuant to
Rule
462(b) under the Securities Act, please check the following box and list the
Securities Act Registration Statement number of the earlier effective
Registration Statement for the same offering. [
]_________________________________
If
this
Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act Registration
Statement number of the earlier effective Registration Statement for the same
offering. [
]_____________________________________________
If
this
Form is a post-effective amendment filed pursuant to Rule 462(d) under the
Securities Act, check the following box and list the Securities Act Registration
Statement number of the earlier effective Registration Statement for the same
offering. [
]_____________________________________________
If
delivery of the prospectus is expected to be made pursuant to Rule 434, check
the following box. [ ]
If
this
Form is filed to register securities for an offering to be made on a continuous
or delayed basis pursuant to Rule 415 under the Securities Act, please check
the
following box. [ ]
CALCULATION
OF REGISTRATION FEE
Tile
of each class of securities to be registered
|
Dollar
amount to be registered
|
Proposed
maximum offering price per share
|
Proposed
maximum aggregate offering price
|
Amount
of registration fee
|
Common
Stock
|
$75,000.00
|
$0.05
|
$75,000.00
|
46.05
|
The
Registrant hereby amends this Registration Statement on such date or dates
as
may be necessary to delay its effective date until the Registrant shall file
a
further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
Neither
the Securities and Exchange Commission nor any state securities commission
has
approved or disapproved of these securities or passed upon the adequacy or
accuracy of the prospectus. Any representation to the contrary is a
criminal offense.
Prospectus
Marvin’s
Place, Inc.
1,500,000
Shares of Common Stock
$0.05
per
share
Marvin’s
Place, Inc. (Marvins or the "Company") is offering on a best-efforts basis
a
minimum of 400,000 and a maximum of 1,500,000 shares of its common stock at
a
price of $0.05 per share. The shares are intended to be sold directly
through the efforts of Chong Kim, our sole officer and director. The
intended methods of communication include, without limitation, telephone and
personal contact. For more information, see the section titled "Plan of
Distribution" herein.
The
proceeds from the sale of the shares in this offering will be payable
to Randall Henderson, Esq. Trust Account fbo Marvin’s Place,
Inc. All subscription funds will be held in a non-interest bearing
Trust Account pending the achievement of the Minimum Offering and no funds
shall
be released to Marvin’s Place, Inc. until such a time as the minimum proceeds
are raised. If the minimum offering is not achieved within 90 days of the date
of this prospectus, all subscription funds will be returned to investors
promptly without interest or deduction of fees. See the section title
"Plan of Distribution” herein. Neither the Company nor any subscriber
shall receive interest no matter how long subscriber funds might be
held.
The
offering shall terminate on the earlier of (i) the date when the sale of all
1,500,000 shares is completed or (ii) ninety days from the effective date of
this prospectus. The Company may extend the offering period beyond ninety
days from the effective date of this prospectus.
Prior
to
this offering, there has been no public market for Marvin’s Place, Inc.'s common
stock.
|
|
Number
of Shares
|
Offering
Price
|
Underwriting
Discounts & Commissions
|
Proceeds
to the Company
|
|
|
|
|
|
Per
Share
|
1
|
$0.05
|
$0.00
|
$0.05
|
Minimum
|
400,000
|
$20,000
|
$0.00
|
$20,000
|
Maximum
|
1,500,000
|
$75,000
|
$0.00
|
$75,000
|
|
Number
of Shares
|
Offering
Price
|
Underwriting
Discounts & Commissions
|
Proceeds
to the Company
|
|
|
|
|
|
Per
Share
|
1
|
$0.05
|
$0.00
|
$0.05
|
Minimum
|
400,000
|
$20,000
|
$0.00
|
$20,000
|
Maximum
|
1,500,000
|
$75,000
|
$0.00
|
$75,000
|
This
investment involves a high degree of risk. You should purchase shares only
if you can afford a complete loss of your investment. See the section
titled "Risk Factors" herein.
Neither
the Securities and Exchange Commission nor any state securities commission
has
approved or disapproved these securities, or determined if this prospectus
is
truthful or complete. Any representation to the contrary is a criminal
offense.
The
information in this prospectus is not complete and may be changed. We may
not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an
offer to sell these securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted.
Marvin’s
Place, Inc. does not plan to use this offering prospectus before the effective
date.
The
date
of this Prospectus is June 28, 2007
TABLE
OF CONTENTS
PAGE
PART
I: INFORMATION REQUIRED IN
PROSPECTUS
4
SUMMARY
INFORMATION AND RISK
FACTORS 4
USE
OF
PROCEEDS 10
DETERMINATION
OF OFFERING
PRICE 11
DILUTION 11
PLAN
OF
DISTRIBUTION 12
LEGAL
PROCEEDINGS 13
DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS13
SECURITY
OWNERSHIP OF CERTAIN BENEFIACAL OWNERS AND MANAGEMENT14
DESCRIPTION
OF
SECURITIES 14
INTEREST
OF NAMED EXPERTS AND
COUNSEL 15
DISCLOSURE
OF COMMISSION POSITION ON
INDEMNIFICATION
FOR SECURITIES ACT
LIABILITIES 15
ORGANIZATION
WITHIN LAST FIVE
YEARS 16
DESCRIPTION
OF
BUSINESS 16
MANAGEMENT'S
DISCUSSION AND PLAN OF
OPERATION 21
DESCRIPTION
OF
PROPERTY 22
CERTAIN
RELATIONSHIPS AND RELATED
TRANSACTIONS 22
MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS22
EXECUTIVE
COMPENSATION 23
FINANACAL
STATEMENTS 24
PART
II: INFORMATION NOT REQUIRED IN
PROSPECTUS
35
INDEMNIFICATION
OF DIRECTORS AND
OFFICERS 35
OTHER
EXPENSES OF ISSUANCE AND
DISTRIBUTION 35
RECENT
SALES OF UNREGISTERED
SECURITIES 35
EXHIBITS 37
UNDERTAKINGS 37
SIGNATURES 38
PART
I: INFORMATION REQUIRED IN PROSPECTUS
SUMMARY
INFORMATION AND RISK FACTORS
THE
COMPANY
Business
Overview
Marvin’s
Place, Inc. ("Marvins" or the "Company"), incorporated in the State of Nevada
on
April 11, 2007, is a development stage company with the principal business
objective of becoming a premier franchisor of retail shipping, postal, courier
and business service centers by providing a wide range of convenient,
value-added business services to consumers, mobile and traveling professionals
and the small office/home office market.
The
Company was founded based on the need of individuals and companies to have
dependable, consistent and professional business service centers where they
can
obtain a wide variety of benefits such as packaging, shipping, copy and print
assistance, mailbox locations, email retrieval, delivery and messenger couriers
and convenient office supplies. It is our goal to become the most
dependable, consistent and professional business service center available to
the
public. We will recognize that each customer we will serve has
different needs, requirements and concerns pertinent to their
business. Our primary customer service goal is to tailor specific
solutions to suit each particular customer’s needs and concerns.
Marvin’s
Place, Inc. is attempting to become fully operational. In order to
generate revenues, we must address the following areas:
1. Develop
and Implement a Marketing Plan:
In order to promote our company
and establish our public presence, we believe we will be required to develop
and
implement a comprehensive marketing plan. We intend print media and
the internet to be the focus of our marketing and sales efforts. To
date, we have no marketing or sales initiatives or
arrangements. Without any marketing campaign, we may be unable to
generate interest in, or generate awareness of, our company.
2. Develop
Business-to-Business Relationships:
We intend to build
profitable, value-oriented relationships between the multiple large businesses
and corporations.
3. Create
Customer Loyalty:
The financial rewards of customer loyalty run
deep and increase the financial stability of any business. We intend
to market to our customers and potential customers with the industries best
customer relations management team implementing a well-developed customer
relations plan.
We
are a
small, start-up company that has not generated any significant revenues and
lacks a stable customer base. Since our inception to the present, we
have not generated any significant revenues and have incurred a cumulative
net
loss as indicated in our financial statements. We believe that the funds
expected to be received from the maximum sale of our common equity will be
sufficient to finance our efforts to become fully operational and carry us
through the next twelve (12) months, of which there can be no guarantee. We
believe that the recurring revenues from sales of services will be sufficient
to
support ongoing operations. Unfortunately, there can be no assurance that the
actual expenses incurred will not materially exceed our estimates or that cash
flows from sales of services will be adequate to maintain our business. As
a
result, our independent auditors have expressed substantial doubt about our
ability to continue as a going concern. If we do not produce
sufficient cash flow to support our operations over the next 12 months, we
may
need to raise additional capital by issuing capital stock in exchange for cash
in order to continue as a going concern. There are no formal or
informal agreements to attain such financing. We cannot assure you
that any financing can be obtained or, if obtained, that it will be on
reasonable terms. Without realization of additional capital, it would
be unlikely for us to stay in business.
Marvin’s
Place, Inc. currently has one officer and director, who is the same individual.
This individual allocates time and personal resources to the Company on a
part-time basis.
As
of the
date of this prospectus, we have 2,000,000 shares of $0.001 par value common
stock issued and outstanding.
Marvin’s
Place, Inc.’s operations and corporate offices are located at 13245 Sunnyslope
Dr., Chino Hills, CA 91709, with a telephone number of (626)
208-1350.
Marvin’s
Place, Inc.’s fiscal year end is December 31.
THE
OFFERING
Marvin’s
Place, Inc. is offering, on a best efforts, self-underwritten basis, a minimum
of 400,000 and a maximum of 1,500,000 shares of its common stock at a price
of
$0.05 per share. The proceeds from the sale of the shares in this offering
will be
payable
to "Randall Henderson, Esq. Trust Account fbo Marvin’s Place, Inc." and will be
deposited in a non-interest or minimum interest bearing bank account until
the
minimum offering proceeds are raised. No interest shall be paid to any investor
or to the Company. All subscription agreements and checks are
irrevocable and should be delivered Randall Henderson, Esq. fbo Marvin’s Place,
Inc. Failure to do so will result in checks being returned to the
investor, who submitted the check. Marvin’s Place, Inc.’s trust
agent, Randall Henderson, Esq., acts as legal counsel for Marvin’s Place, Inc.
and is therefore may not be considered an independent third party.
All
subscription funds will be held in trust pending the achievement of the Minimum
Offering and no funds shall be released to Marvin’s Place, Inc. until such a
time as the minimum proceeds are raised (see the section titled "Plan of
Distribution" herein). Any additional proceeds received after the
minimum offering is achieved will be immediately released to the Company.
The offering shall terminate on the earlier of (i) the date when the sale
of all 1,500,000 shares is completed or (ii) one hundred eighty (180) days
from
the date of this prospectus. If the Minimum Offering is not achieved
within 90 days of the date of this prospectus, all subscription funds will
be
returned to investors promptly without interest or deduction of fees. The
Company will deliver stock certificates attributable to shares of common stock
purchased directly to the purchasers within ninety (90) days of the close of
the
offering.
The
offering price of the common stock has been arbitrarily determined and bears
no
relationship to any objective criterion of value. The price does not bear any
relationship to our assets, book value, historical earnings or net
worth.
Marvin’s
Place, Inc. will apply the proceeds from the offering to pay for accounting
fees, legal and professional fees, office equipment and furniture, office
supplies, rent and utilities, salaries, sales and marketing, inventory and
general working capital.
Marvin’s
Place, Inc. has not presently secured a transfer agent but will identify one
prior to the filing of a 15c2-11 in order to facilitate the processing of stock
certificates.
The
purchase of the common stock in this offering involves a high degree of risk.
The common stock offered in this prospectus is for investment purposes
only and currently no market for our common stock exists. Please refer to
the sections herein titled "Risk Factors" and "Dilution" before making an
investment in this stock.
SUMMARY
FINANACAL INFORMATION
The
following table sets forth summary financial data derived from our financial
statements. The data should be read in conjunction with the financial
statements, related notes and other financial information included in this
prospectus.
Statements
of operations data
|
|
|
Inception
April 11, 2007
thru
April 30, 2007
|
|
Revenue
|
|
$
|
-
|
|
|
|
|
|
|
|
|
Cost
of Sales
|
|
|
-
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
-
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Depreciation
|
|
|
-
|
|
|
General
and administrative expenses
|
|
|
3,000
|
|
|
Total
Expenses
|
|
|
3,000
|
|
|
Net
Income (Loss)
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
|
Inception
April 11, 2007
thru
April 30, 2007
|
|
Revenue
|
|
$
|
-
|
|
|
|
|
|
|
|
|
Cost
of Sales
|
|
|
-
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
-
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Depreciation
|
|
|
-
|
|
|
General
and administrative expenses
|
|
|
3,000
|
|
|
Total
Expenses
|
|
|
3,000
|
|
|
Net
Income (Loss)
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
Inception
April 11, 2007
thru
April 30, 2007
Revenue
$
-
Cost
of
Sales
-
Gross
Margin
-
Expenses:
Depreciation
-
General
and administrative expenses
3,000
Total
Expenses
3,000
Net
Income (Loss)
$
3,000
|
|
Inception
April 11, 2007
thru
April 30, 2007
|
|
Revenue
|
|
$
|
-
|
|
|
|
|
|
|
|
|
Cost
of Sales
|
|
|
-
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
-
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Depreciation
|
|
|
-
|
|
|
General
and administrative expenses
|
|
|
3,000
|
|
|
Total
Expenses
|
|
|
3,000
|
|
|
Net
Income (Loss)
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
|
Inception
April 11, 2007
thru
April 30, 2007
|
|
Revenue
|
|
$
|
-
|
|
|
|
|
|
|
|
|
Cost
of Sales
|
|
|
-
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
-
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Depreciation
|
|
|
-
|
|
|
General
and administrative expenses
|
|
|
3,000
|
|
|
Total
Expenses
|
|
|
3,000
|
|
|
Net
Income (Loss)
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
Balance
sheets data
|
|
April
30, 2007
AUDITED
|
ASSETS
|
|
Current
Assets
|
|
Cash
|
$
|
2,000
|
Total
current assets
|
|
2,000
|
|
|
|
Other
Assets
|
|
|
Investments
|
$
|
-
|
Total
Other Assets
|
|
-
|
|
|
|
Total
assets
|
$
|
-
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current
Liabilities
|
$
|
-
|
Non-Current
Liabilities
|
|
-
|
|
|
|
Total
Liabilities
|
$
|
-
|
|
|
|
Stockholders’
Equity
|
|
|
|
|
|
Preferred
stock
|
|
-
|
Common
stock
|
|
2,000
|
Additional
paid-in capital
|
|
3,000
|
(Deficit)
accumulated during development stage
|
|
(3,000)
|
|
|
|
Total
stockholder's equity
|
|
2,000
|
|
|
|
Total
liabilities and stockholder's equity
|
$
|
2,000
|
|
April
30, 2007
AUDITED
|
ASSETS
|
|
Current
Assets
|
|
Cash
|
$
|
2,000
|
Total
current assets
|
|
2,000
|
|
|
|
Other
Assets
|
|
|
Investments
|
$
|
-
|
Total
Other Assets
|
|
-
|
|
|
|
Total
assets
|
$
|
-
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current
Liabilities
|
$
|
-
|
Non-Current
Liabilities
|
|
-
|
|
|
|
Total
Liabilities
|
$
|
-
|
|
|
|
Stockholders’
Equity
|
|
|
|
|
|
Preferred
stock
|
|
-
|
Common
stock
|
|
2,000
|
Additional
paid-in capital
|
|
3,000
|
(Deficit)
accumulated during development stage
|
|
(3,000)
|
|
|
|
Total
stockholder's equity
|
|
2,000
|
|
|
|
Total
liabilities and stockholder's equity
|
$
|
2,000
|
RISK
FACTORS
Investment
in the securities offered hereby involves certain risks and is suitable only
for
investors of substantial financial means. Prospective investors should carefully
consider the following risk factors in addition to the other information
contained in this prospectus, before making an investment decision concerning
the common stock.
Marvin’s
Place, Inc.’s operations depend solely on the efforts of Chong Kim, the sole
officer and director of the Company. Mr. Kim has no experience
related to public company management, nor as a principal accounting officer.
Because of this, Mr. Kim may be unable to offer and sell the shares in this
offering, develop our business or manage our public reporting requirements.
The
Company cannot guarantee that it will be able overcome any such
obstacles.
Mr.
Kim
is involved in other employment opportunities and may periodically face a
conflict in selecting between Marvin’s Place, Inc. and other personal and
professional interests. The Company has not formulated a policy for
the resolution of such conflicts should they occur. If the Company loses
Mr. Kim to other pursuits without a sufficient warning, we may, consequently,
go
out of business.
PURCHASERS
IN THIS OFFERING WILL HAVE LIMITED CONTROL OVER DE
CISION MAKING BECAUSE
THE
COMPANY’S
SOLE OFFICER
AND DIRECTOR
CONTROLS
A MAJORITY
OF
THE
ISSUED
AND
OUTSTANDING COMMON STOCK
.
Chong
Kim, our sole director and executive officer beneficially owns 100% of the
outstanding common stock at the present time. As a result of such
ownership, investors in this offering will have limited control over matters
requiring approval by our security holders, including the election of directors.
Assuming the minimum amount of shares of this offering is sold Mr. Kim
would retain 83.33% ownership in our common stock. In the event the
maximum offering is attained, Mr. Kim will own 57.14% of our outstanding common
stock. Such concentrated control may also make it difficult for our
stockholders to receive a premium for their shares of our common stock in the
event the Company enters into transactions which require stockholder approval.
In addition, certain provisions of Nevada law could have the effect of
making it more difficult or more expensive for a third party to acquire, or
of
discouraging a third party from attempting to acquire, control of the Company.
For example, Nevada law provides that not less than two-thirds vote of the
stockholders is required to remove a director for cause, which could make it
more difficult for a third party to gain control of the Board of Directors.
This
concentration of ownership limits the power to exercise control by the minority
shareholders.
INVESTORS
MAY LOSE THEIR ENTIRE INVESTMENT IF
THE COMPANY
FAILS TO IMPLEMENT
ITS BUSINESS PLAN
.
As
a
development stage company, we expect to face substantial risks, uncertainties,
expenses and difficulties. Since inception,
we
have
no demonstrable operations record of substance upon which you can evaluate
our
business and prospects. Our prospects must be considered in light of the
risks, uncertainties, expenses and difficulties frequently encountered by
companies in their early stages of development. These risks include,
without limitation, competition, the absence of ongoing revenue streams,
inexperienced management and lack of brand recognition. We cannot
guarantee that it will be successful in accomplishing its
objectives.
As
of the
date of this prospectus, we have had only limited start-up operations and have
not generated any revenues. Taking these facts into account, independent
auditors have expressed substantial doubt about our ability to continue as
a
going concern. See the independent auditors' report to the financial statements
which is included in this registration statement, of which this prospectus
is a
part. In addition, our lack of operating capital could negatively impact
the value of its common shares and could result in the loss of your entire
investment.
T
HE
COSTS, EXPENSES AND COMPLEXITY OF SEC REPORTING AND COMPLIANCE MAY INHIBIT
OUR
OPERATIONS
.
After
the
effectiveness of this registration statement, we will be subject to the
reporting requirements of the Securities Exchange Act of 1934, as amended.
The costs of complying with these complex requirements may be substantial and
require extensive consumption of our time and retention of expensive specialists
in this area. In the event we are unable to establish a base of operations
that generates sufficient cash flows or cannot obtain additional equity or
debt
financing, the costs of maintaining our status as a reporting entity may inhibit
our ability to continue our operations.
THE
COMPANY
MAY NOT B
E ABLE TO GENERATE REVENUES
.
We
expect
to earn revenues solely in its chosen business area. In the opinion of
our sole officer and director, we reasonably believe that the Company will
begin to generate significant revenues within approximately twelve months from
the date the minimum offering is achieved. However, failure to generate
sufficient and consistent revenues to fully execute and adequately maintain
our
business plan will result in failure of our business.
COMPETITORS
WITH MORE RESOURCES MAY FORCE US OUT OF BUSINESS
.
The
market for customers is intensely competitive and such competition is expected
to continue to increase. Generally, our actual and potential
competitors are significantly larger, have longer operating histories, greater
financial and marketing resources, greater name recognition and an entrenched
client base. Therefore, many of these competitors may be able to
devote greater resources to attracting customers and be able to grant preferred
pricing. Competition by existing and future competitors could result
in our inability to secure an adequate consumer base sufficient enough to
support our endeavors. We cannot be assured that it will be able to
compete successfully against present or future competitors or that the
competitive pressure it may face will not force it to cease
operations.
WE
MAY NOT BE ABLE TO ATTAIN PROFITABILITY WITHOUT ADDITIONAL FUNDING, WHICH MAY
BE
UNAVAILABLE
.
Marvin’s
Place, Inc. has limited capital resources. To date, we have funded
our operations with limited initial capital and have not generated sufficient
cash from operations to be profitable or to maintain consistent operations.
Unless we begin to generate sufficient revenues to finance operations on a
consistent basis as a going concern, we may experience liquidity and solvency
problems. Such liquidity and solvency problems may force us to cease
operations if additional financing is not available. In the event our cash
resources are insufficient to continue operations, we intend to consider raising
additional capital through offerings and sales of equity or debt
securities. In the event we are unable to raise sufficient funds, we
will be forced to terminate business operations. The possibility of
such outcome presents a risk of complete loss of investment in our common
stock.
YOU
MAY NOT
BE ABLE TO SELL YOUR SHARES
BECAUSE THERE IS NO PUBLIC
MARKET FOR
OUR
STOCK
.
There
is
no public market for our common stock. All of our issued and outstanding
common stock is currently held by Chong Kim, our sole officer and director.
Therefore, the current and potential market for our common stock is
limited. In the absence of being listed, no market is available for
investors in our common stock to sell their shares. We cannot guarantee
that a meaningful trading market will develop.
If
our
stock ever becomes tradable, of which we cannot guarantee success, the trading
price of our common stock could be subject to wide fluctuations in response
to
various events or factors, many of which are or will be beyond our control.
In addition, the stock market may experience extreme price and volume
fluctuations, which, without a direct relationship to the operating performance,
may affect the market price of our stock.
INVESTORS
MAY HAVE DIFFICULTY LIQUIDATING THEIR INVESTMENT BECAUSE
OUR
STOCK
WILL BE SUBJECT TO PENNY STOCK REGULATION
.
The
SEC
has adopted rules that regulate broker/dealer practices in connection with
transactions in penny stocks. Penny stocks generally are equity securities
with a price of less than $5.00 (other than securities registered on certain
national securities exchanges or quoted on the Nasdaq system, provided that
current price and volume information with respect to transactions in such
securities is provided by the exchange system). The rules, in part,
require broker/dealers to provide penny stock investors with increased risk
disclosure documents and make a special written determination that a penny
stock
is a suitable investment for the purchaser and receive the purchaser's written
agreement to the transaction. These heightened disclosure requirements may
have the effect of reducing the number of broker/dealers willing to make a
market in our shares, thereby reducing the level of trading activity in any
secondary market that may develop for our shares. Consequently,
customers in our securities may find it difficult to sell their securities,
if
at all.
INVESTORS
IN THIS OFFERING WILL BEAR A SUBSTANTIAL RISK OF LOSS DUE TO IMMEDIATE AND
SUBSTANTIAL DILUTION
.
Our
sole
shareholder, Chong Kim, who also serves as our sole officer and director,
acquired a total of 2,000,000 restricted shares of our common stock at a price
per share of $0.001. Upon the sale of the common stock offered hereby, the
investors in this offering will experience an immediate and substantial
"dilution." Therefore, the investors in this offering will bear a
substantial portion of the risk of loss. Additional sales of our common
stock in the future could result in further dilution. Please refer to the
section titled "Dilution" herein.
ALL
OF
OUR
ISSUED AND OUTSTANDING COMMON SHARES ARE RESTRICTED UNDER
RULE
144 OF THE SECURITIES ACT, AS AMENDED. WHEN THE RESTRICTION ON
ANY
OR ALL OF
THESE SHARES IS LIFTED, AND THE SHARES ARE SOLD IN THE OPEN
MARKET, THE PRICE OF
OUR
C
OMMON STOCK COULD BE ADVERSELY
AFFECTED
.
All
of
the presently outstanding shares of common stock, aggregating 2,000,000 shares
of common stock, are "restricted securities" as defined under Rule 144
promulgated under the Securities Act and may only be sold pursuant to an
effective registration statement or an exemption from registration, if
available. Rule 144, as amended, is an exemption that generally provides
that a person who has satisfied a one year holding period for such restricted
securities may sell, within any three month period (provided the Company is
current in its reporting obligations under the Exchange Act), subject to certain
manner of resale provisions, an amount of restricted securities which does
not
exceed the greater of 1% of a company's outstanding common stock or the average
weekly trading volume in such securities during the four calendar weeks prior
to
such sale.
THE
COMPANY IS
SELLING THE SHARES OFFERED IN THIS PROSPECTUS WITHOUT AN
UNDERWRITER AND MAY NOT BE ABLE TO SELL ANY OF THE SHARES OFFERED
HEREIN
.
The
common shares are being offered on our behalf by Chong Kim, our sole officer
and
director, on a best-efforts basis. No broker-dealer has been retained as an
underwriter and no broker-dealer is under any obligation to purchase any common
shares. There are no firm commitments to purchase any of the shares in this
offering. Consequently, there is no guarantee that the Company capable of
selling all, or any, of the common shares offered hereby.
THE
COMPANY MAY LOSE ITS TOP MANAGEMENT WITHOUT EMPLOYMENT
AGREEMENTS
.
Our
operations depend substantially on the skills, knowledge and experience of
Chong
Kim, our sole officer and director. The Company has no other full- or
part-time individuals devoted to the development of our
company. Furthermore, the Company does not maintain key man life
insurance. Without employment contracts, we may lose our sole officer
and director to other pursuits without a sufficient warning and, consequently,
be forced to terminate its operations.
Our
sole
officer and director is involved in other opportunities and may face a conflict
in selecting between the Company and other interests and
opportunities. We have not formulated a policy for the solution of
such conflicts and potential losses. If we lose Mr. Kim to other
pursuits without a sufficient warning, we may be forced to terminate our
operations.
OUR
INTERNAL CONTROLS MAY BE INADEQUATE, WHICH COULD CAUSE OUR FINANCIAL REPORTING
TO BE UNRELIABLE AND LEAD TO MISINFORMATION BEING DISSEMINATED TO THE
PUBLIC
.
Our
management is responsible for establishing and maintaining adequate internal
control over financial reporting. As defined in Exchange Act Rule
13a-15(f), internal control over financial reporting is a process designed
by,
or under the supervision of, the principal executive and principal financial
officer and effected by the 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 generally accepted accounting principles and
includes those policies and procedures that: (i) pertain to the maintenance
of
records that in reasonable detail accurately and fairly reflect the transactions
and dispositions of the assets of the Company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and
that
receipts and expenditures of the Company are being made only in accordance
with
authorizations of management and directors of the Company; and (iii) 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. Our internal controls may be
inadequate or ineffective, which could cause our financial reporting to be
unreliable and lead to misinformation being disseminated to the public.
Investors relying upon this misinformation may make an uninformed
investment decision.
IF
WE
ARE UNABLE TO CONTINUE AS A GOING CONCERN, INVESTORS MAY FACE A COMPLETE LOSS
OF
THEIR INVESTMENT
.
The
Company has yet to commence its planned operations. As of the date of this
Prospectus, we have had only limited start-up operations and generated nominal
revenues. Taking these facts into account, our independent registered
public accounting firm has expressed substantial doubt about our ability to
continue as a going concern in the independent registered public accounting
firm's report to the financial statements included in the registration
statement, of which this prospectus is a part. If our business fails, the
investors in this offering may face a complete loss of their
investment.
OUR
SOLE OFFICER AND DIRECTOR WORKS ON A PART-TIME BASIS. AS A RESULT, WE
MAY BE UNABLE TO DEVELOP OUR BUSINESS AND MANAGE OUR PUBLIC REPORTING
REQUIREMENTS
.
Our
operations depend on the efforts of Chong Kim, our sole officer and director.
Mr. Kim does not have any experience related to public company management,
nor as a principal accounting officer. Because of this, we may be unable
to offer and sell the shares in this offering and develop and manage our
business. The Company cannot guarantee you that it will overcome any such
obstacle.
Mr.
Kim
is involved in other opportunities and may face a conflict in selecting between
the Company and other business interests or opportunities. We have not
formulated a policy for the resolution of such conflicts. If we lose Mr.
Kim to other pursuits without a sufficient warning, the Company may,
consequently, be forced to terminate operations and go out of
business.
WE
MAY
BE UNABLE TO GENERATE SUSTAINABLE SALES WITHOUT SUBSTANTIAL SALES, MARKETING
OR
DISTRIBUTION CAPABILITIES
.
The
Company has not substantially commenced its planned business strategy and does
not have any significant sales, marketing or distribution capabilities in place
yet. We cannot guarantee that we will be able to develop a sales and
marketing plan or to develop an effective operations center. In the event
we are unable to successfully implement these objectives, we may be unable
to
generate sales and consequently be forced to cease operations.
The
Company may also be unable to obtain sufficient quantities of quality clientele
on acceptable commercial terms because it does not have any long term agreements
or commitments in place. Our business would be seriously harmed if we
were unable to develop and maintain relationships with repeat customers on
acceptable terms or acquire favorable long term leases of commercial
property.
OUR
REVENUE AND GROSS MARGIN COULD SUFFER IF WE FAIL TO MANAGE OUR BUSINESS PLAN
AND/OR ACCOUNTS
.
Our
business depends on our ability to acquire a steady cadre of clientele and
to be
able to anticipate the needs of that clientele on a timely basis or acquire
favorable long term commercial leases. Given that we are in the
development stage, we may be unable to accurately anticipate the timely
acquisition of a client base nor to be able to predict the extent of their
requirements. If we fail to anticipate customer demand properly or have a
delay in the establishment of a substantial, reliable customer base, our
business may be seriously, adversely affected to the extent that we terminate
operations.
If
the
Company does not successfully launch and subsequently expand its proposed
internet site, it may not be able to attract consumers or process their
orders. Consequently, our success will depend on our ability to
develop, test and publish our proposed website. This site is intended to
play a vital role in our marketing, advertising and operational activities,
without which our ability to generate brand awareness will be limited. If
we fail to publish and subsequently upgrade our web site in a timely manner,
we
may lose potential customers thus having a potentially severe, adverse effect
on
our operations. Furthermore, if we fail to expand the computer systems
that we will use to process customer orders and payments, we may not be able
to
successfully service customers.
IF
OUR
COMPUTER SYSTEMS AND INTERNATE INFRASTRUCTURE FAIL, WE WILL BE UNABLE TO CONDUCT
OUR BUSINESS
.
The
performance of our computer hardware and the internet infrastructure created
thereunder is critical to attract web viewers, new customers and commerce
partners. Any system failure that causes an interruption in service or a
decrease in responsiveness of our web site could result in an impairment of
traffic on our web site and, if sustained or repeated, could materially harm
our
reputation and the attractiveness of our brand name. Our servers will be
vulnerable to computer viruses, break-ins and similar disruptions from
unauthorized tampering, as well as normal, yet equally unpredictable equipment
failures. The occurrence of any of these events could result in interruptions,
delays or cessation in services, which could have a material adverse effect
on
our business, resulting adversely on our operations and financial condition.
Any damage or failure that interrupts or delays our operations could have
a material adverse effect on our business, result of operations and financial
condition. To the extent that we do not effectively address any capacity
constraints, such constraints would have a material adverse effect on its
business, result of operations and financial condition.
FAILURE
BY THE COMPANY TO ANTICIPATE AND RESPOND TO CHANGES IN CONSUMER PREFERENCES
MAY
ADVERSELY AFFECT REVENUES
.
Any
change in the preferences of our potential customers or developments in the
industry that the Company fails to anticipate and adapt to could reduce customer
base and the demand for our services. Failure to anticipate and respond to
changes in consumer preferences and demands could lead to, among other things,
customer dissatisfaction, failure to attract demand for our proposed services
and lower profit margins.
Special
Note Regarding Forward-Looking Statements.
This
prospectus contains forward-looking statements about our business, financial
condition and prospects that reflect our management's assumptions and beliefs
based on information currently available. We can give no assurance that
the expectations indicated by such forward-looking statements will be realized.
If any of our assumptions should prove incorrect, or if any of the risks
and uncertainties underlying such expectations should materialize, the actual
results may differ materially from those indicated by the forward-looking
statements.
The
key
factors that are not within our control and that may have a direct bearing
on
operating results include, but are not limited to, acceptance of the proposed
services that we expect to market, our ability to establish a substantial
customer base, managements' ability to raise capital in the future, the
retention of key employees and changes in the regulation of the industry in
which we function.
There
may
be other risks and circumstances that management may be unable to predict.
When used in this prospectus, words such as, "believes," "expects,"
"intends," "plans," "anticipates," "estimates" and similar expressions are
intended to identify and qualify forward-looking statements, although there
may
be certain forward-looking statements not accompanied by such
expressions.
USE
OF PROCEEDS
Without
realizing the minimum offering proceeds, we will not be able to commence planned
operations and implement its business plan. Please refer to the section,
herein, titled "Management's Discussion and Plan of Operation" for further
information. In the case that the Offering does not reach the maximum
and the total proceeds are less than those indicated in the table, we will
have
the discretion to apply the available net proceeds to various indicated uses
within the dollar limits established in the table above.
The
Company intends to use the proceeds from this offering as follows:
|
|
|
Minimum
|
50%
of Maximum
|
Maximum
|
Application
Of Proceeds
|
$
|
%
of total
|
$
|
%
of total
|
$
|
%
of total
|
|
|
|
|
|
|
|
Total
Offering Proceeds
|
20,000
|
100.00
|
37,500
|
100.00
|
75,000
|
100.00
|
|
|
|
|
|
|
|
Offering
Expenses
|
|
|
|
|
|
|
Legal
and professional fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Accounting
fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Transfer
agent fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Total
Offering Expenses
|
6,000
|
30.0
|
6,000
|
16.00
|
6,000
|
8.00
|
|
|
|
|
|
|
|
Net
Proceeds from Offering
|
14,000
|
70.00
|
31,500
|
84.00
|
69,000
|
92.00
|
|
|
|
|
|
|
|
Use
of Net Proceeds
|
|
|
|
|
|
|
Accounting
fees
|
3,000
|
21.43
|
3,000
|
9.52
|
3,000
|
4.35
|
Legal
and professional fees
|
5,000
|
35.71
|
5,000
|
15.87
|
5,000
|
7.25
|
Office
equipment and furniture
|
1,000
|
7.14
|
2,000
|
6.35
|
2,000
|
2.90
|
Office
supplies
|
1,000
|
7.14
|
1,000
|
3.18
|
1,000
|
1.45
|
Inventory
|
-
|
-
|
5,000
|
15.87
|
5,000
|
7.25
|
Sales
and marketing
|
2,000
|
14.29
|
5,500
|
17.46
|
10,000
|
14.50
|
Working
capital
(1)
|
2,000
|
14.29
|
10,000
|
31.75
|
43,000
|
62.30
|
|
|
|
|
|
|
|
Total
Use of Net Proceeds
|
14,000
|
70.00
|
31,500
|
84.00
|
69,000
|
92.00
|
|
|
|
|
|
|
|
Total
Use of Proceeds
|
20,000
|
100.00
|
37,500
|
100.00
|
75,000
|
100.00
|
|
Minimum
|
50%
of Maximum
|
Maximum
|
Application
Of Proceeds
|
$
|
%
of total
|
$
|
%
of total
|
$
|
%
of total
|
|
|
|
|
|
|
|
Total
Offering Proceeds
|
20,000
|
100.00
|
37,500
|
100.00
|
75,000
|
100.00
|
|
|
|
|
|
|
|
Offering
Expenses
|
|
|
|
|
|
|
Legal
and professional fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Accounting
fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Transfer
agent fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Total
Offering Expenses
|
6,000
|
30.0
|
6,000
|
16.00
|
6,000
|
8.00
|
|
|
|
|
|
|
|
Net
Proceeds from Offering
|
14,000
|
70.00
|
31,500
|
84.00
|
69,000
|
92.00
|
|
|
|
|
|
|
|
Use
of Net Proceeds
|
|
|
|
|
|
|
Accounting
fees
|
3,000
|
21.43
|
3,000
|
9.52
|
3,000
|
4.35
|
Legal
and professional fees
|
5,000
|
35.71
|
5,000
|
15.87
|
5,000
|
7.25
|
Office
equipment and furniture
|
1,000
|
7.14
|
2,000
|
6.35
|
2,000
|
2.90
|
Office
supplies
|
1,000
|
7.14
|
1,000
|
3.18
|
1,000
|
1.45
|
Inventory
|
-
|
-
|
5,000
|
15.87
|
5,000
|
7.25
|
Sales
and marketing
|
2,000
|
14.29
|
5,500
|
17.46
|
10,000
|
14.50
|
Working
capital
(1)
|
2,000
|
14.29
|
10,000
|
31.75
|
43,000
|
62.30
|
|
|
|
|
|
|
|
Total
Use of Net Proceeds
|
14,000
|
70.00
|
31,500
|
84.00
|
69,000
|
92.00
|
|
|
|
|
|
|
|
Total
Use of Proceeds
|
20,000
|
100.00
|
37,500
|
100.00
|
75,000
|
100.00
|
Minimum
50%
of Maximum
Maximum
Application
Of Proceeds
$
%
of total
$
%
of total
$
%
of total
Total
Offering Proceeds
20,000
100.00
37,500
100.00
75,000
100.00
Offering
Expenses
Legal
and
professional fees
2,000
10.00
2,000
5.33
2,000
2.67
Accounting
fees
2,000
10.00
2,000
5.33
2,000
2.67
Transfer
agent fees
2,000
10.00
2,000
5.33
2,000
2.67
Total
Offering Expenses
6,000
30.0
6,000
16.00
6,000
8.00
Net
Proceeds from Offering
14,000
70.00
31,500
84.00
69,000
92.00
Use
of Net Proceeds
Accounting
fees
3,000
21.43
3,000
9.52
3,000
4.35
Legal
and
professional fees
5,000
35.71
5,000
15.87
5,000
7.25
Office
equipment and furniture
1,000
7.14
2,000
6.35
2,000
2.90
Office
supplies
1,000
7.14
1,000
3.18
1,000
1.45
Inventory
-
-
5,000
15.87
5,000
7.25
Sales
and
marketing
2,000
14.29
5,500
17.46
10,000
14.50
Working
capital
(1)
2,000
14.29
10,000
31.75
43,000
62.30
Total
Use of Net Proceeds
14,000
70.00
31,500
84.00
69,000
92.00
Total
Use of Proceeds
20,000
100.00
37,500
100.00
75,000
100.00
|
|
Minimum
|
50%
of Maximum
|
Maximum
|
Application
Of Proceeds
|
$
|
%
of total
|
$
|
%
of total
|
$
|
%
of total
|
|
|
|
|
|
|
|
Total
Offering Proceeds
|
20,000
|
100.00
|
37,500
|
100.00
|
75,000
|
100.00
|
|
|
|
|
|
|
|
Offering
Expenses
|
|
|
|
|
|
|
Legal
and professional fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Accounting
fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Transfer
agent fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Total
Offering Expenses
|
6,000
|
30.0
|
6,000
|
16.00
|
6,000
|
8.00
|
|
|
|
|
|
|
|
Net
Proceeds from Offering
|
14,000
|
70.00
|
31,500
|
84.00
|
69,000
|
92.00
|
|
|
|
|
|
|
|
Use
of Net Proceeds
|
|
|
|
|
|
|
Accounting
fees
|
3,000
|
21.43
|
3,000
|
9.52
|
3,000
|
4.35
|
Legal
and professional fees
|
5,000
|
35.71
|
5,000
|
15.87
|
5,000
|
7.25
|
Office
equipment and furniture
|
1,000
|
7.14
|
2,000
|
6.35
|
2,000
|
2.90
|
Office
supplies
|
1,000
|
7.14
|
1,000
|
3.18
|
1,000
|
1.45
|
Inventory
|
-
|
-
|
5,000
|
15.87
|
5,000
|
7.25
|
Sales
and marketing
|
2,000
|
14.29
|
5,500
|
17.46
|
10,000
|
14.50
|
Working
capital
(1)
|
2,000
|
14.29
|
10,000
|
31.75
|
43,000
|
62.30
|
|
|
|
|
|
|
|
Total
Use of Net Proceeds
|
14,000
|
70.00
|
31,500
|
84.00
|
69,000
|
92.00
|
|
|
|
|
|
|
|
Total
Use of Proceeds
|
20,000
|
100.00
|
37,500
|
100.00
|
75,000
|
100.00
|
|
Minimum
|
50%
of Maximum
|
Maximum
|
Application
Of Proceeds
|
$
|
%
of total
|
$
|
%
of total
|
$
|
%
of total
|
|
|
|
|
|
|
|
Total
Offering Proceeds
|
20,000
|
100.00
|
37,500
|
100.00
|
75,000
|
100.00
|
|
|
|
|
|
|
|
Offering
Expenses
|
|
|
|
|
|
|
Legal
and professional fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Accounting
fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Transfer
agent fees
|
2,000
|
10.00
|
2,000
|
5.33
|
2,000
|
2.67
|
Total
Offering Expenses
|
6,000
|
30.0
|
6,000
|
16.00
|
6,000
|
8.00
|
|
|
|
|
|
|
|
Net
Proceeds from Offering
|
14,000
|
70.00
|
31,500
|
84.00
|
69,000
|
92.00
|
|
|
|
|
|
|
|
Use
of Net Proceeds
|
|
|
|
|
|
|
Accounting
fees
|
3,000
|
21.43
|
3,000
|
9.52
|
3,000
|
4.35
|
Legal
and professional fees
|
5,000
|
35.71
|
5,000
|
15.87
|
5,000
|
7.25
|
Office
equipment and furniture
|
1,000
|
7.14
|
2,000
|
6.35
|
2,000
|
2.90
|
Office
supplies
|
1,000
|
7.14
|
1,000
|
3.18
|
1,000
|
1.45
|
Inventory
|
-
|
-
|
5,000
|
15.87
|
5,000
|
7.25
|
Sales
and marketing
|
2,000
|
14.29
|
5,500
|
17.46
|
10,000
|
14.50
|
Working
capital
(1)
|
2,000
|
14.29
|
10,000
|
31.75
|
43,000
|
62.30
|
|
|
|
|
|
|
|
Total
Use of Net Proceeds
|
14,000
|
70.00
|
31,500
|
84.00
|
69,000
|
92.00
|
|
|
|
|
|
|
|
Total
Use of Proceeds
|
20,000
|
100.00
|
37,500
|
100.00
|
75,000
|
100.00
|
Notes
:
(
1
)
The
category
of General Working Capital may include, but not be limited to, printing costs,
postage, telephone services, overnight delivery services, additional
professional fees and other general operating expenses.
DETERMINATION
OF OFFERING PRICE
The
offering price of the common stock has been arbitrarily determined and bears
no
relationship to any objective criterion of value. The price does not bear any
relationship to our assets, book value, historical earnings or net worth.
In determining the offering price, management considered such factors as
the prospects, if any, for similar companies, anticipated results of operations,
present financial resources and the likelihood of acceptance of this
offering. No valuation or appraisal has been prepared for our
business. We cannot assure you that a public market for our
securities will develop or continue or that the securities will ever trade
at a
price higher than the offering price.
DILUTION
"Dilution"
represents the difference between the offering price of the shares of common
stock and the net book value per share of common stock immediately after
completion of the offering. "Net book value" is the amount that results
from subtracting total liabilities from total assets. In this offering,
the level of dilution is increased as a result of the relatively low book value
of our issued and outstanding stock. Assuming all shares offered
herein are sold, and given effect to the receipt of the maximum estimated
proceeds of this offering from shareholders net of the offering expenses, our
net book value will be $80,000 or $0.023 per share. Therefore, the purchasers
of
the common stock in this offering will incur an immediate and substantial
dilution of approximately $0.027 per share while our present stockholders will
receive an increase of $0.020 per share in the net tangible book value of the
shares they hold. This will result in a 54.29% dilution for purchasers of
stock in this offering.
The
following table illustrates the dilution to the purchasers of the common stock
in this offering:
|
|
|
Minimum
|
Maximum
|
|
Offering
|
Offering
|
|
|
|
Offering
Price Per Share
|
$0.05
|
$0.05
|
|
|
|
Book
Value Per Share Before the Offering
|
$0.0025
|
$0.0025
|
|
|
|
Book
Value Per Share After the Offering
|
$0.01042
|
$0.02286
|
|
|
|
Net
Increase to Original Shareholders
|
$0.00792
|
$0.02036
|
|
|
|
Decrease
in Investment to New Shareholders
|
$0.03958
|
$0.02714
|
|
|
|
Dilution
to New Shareholders (%)
|
79.17%
|
54.29%
|
|
|
|
|
Minimum
|
Maximum
|
|
Offering
|
Offering
|
|
|
|
Offering
Price Per Share
|
$0.05
|
$0.05
|
|
|
|
Book
Value Per Share Before the Offering
|
$0.0025
|
$0.0025
|
|
|
|
Book
Value Per Share After the Offering
|
$0.01042
|
$0.02286
|
|
|
|
Net
Increase to Original Shareholders
|
$0.00792
|
$0.02036
|
|
|
|
Decrease
in Investment to New Shareholders
|
$0.03958
|
$0.02714
|
|
|
|
Dilution
to New Shareholders (%)
|
79.17%
|
54.29%
|
|
|
|
Minimum
Maximum
Offering
Offering
Offering
Price Per Share
$0.05
$0.05
Book
Value Per Share Before the Offering
$0.0025
$0.0025
Book
Value Per Share After the Offering
$0.01042
$0.02286
Net
Increase to Original Shareholders
$0.00792
$0.02036
Decrease
in Investment to New Shareholders
$0.03958
$0.02714
Dilution
to New Shareholders (%)
79.17%
54.29%
|
|
Minimum
|
Maximum
|
|
Offering
|
Offering
|
|
|
|
Offering
Price Per Share
|
$0.05
|
$0.05
|
|
|
|
Book
Value Per Share Before the Offering
|
$0.0025
|
$0.0025
|
|
|
|
Book
Value Per Share After the Offering
|
$0.01042
|
$0.02286
|
|
|
|
Net
Increase to Original Shareholders
|
$0.00792
|
$0.02036
|
|
|
|
Decrease
in Investment to New Shareholders
|
$0.03958
|
$0.02714
|
|
|
|
Dilution
to New Shareholders (%)
|
79.17%
|
54.29%
|
|
|
|
|
Minimum
|
Maximum
|
|
Offering
|
Offering
|
|
|
|
Offering
Price Per Share
|
$0.05
|
$0.05
|
|
|
|
Book
Value Per Share Before the Offering
|
$0.0025
|
$0.0025
|
|
|
|
Book
Value Per Share After the Offering
|
$0.01042
|
$0.02286
|
|
|
|
Net
Increase to Original Shareholders
|
$0.00792
|
$0.02036
|
|
|
|
Decrease
in Investment to New Shareholders
|
$0.03958
|
$0.02714
|
|
|
|
Dilution
to New Shareholders (%)
|
79.17%
|
54.29%
|
|
|
|
PLAN
OF DISTRIBUTION
There
is
no public market for our common stock. Our common stock is currently
held by one shareholder. Therefore, the current and potential market
for our common stock is limited and the liquidity of our shares may be severely
limited. To date,
we
have
made no effort to obtain listing or quotation of our securities on a national
stock exchange or association. We have not identified or approached
any broker/dealers with regard to assisting us to apply for such
listing. We are unable to estimate when we expect to undertake this
endeavor. In the absence of being listed, no market is available for
investors in our common stock to sell their shares. We cannot
guarantee that a meaningful trading market will develop.
If
the
stock ever becomes tradable, the trading price of our common stock could be
subject to wide fluctuations in response to various events or factors, many
of
which are beyond our control. As a result, investors may be unable to
sell their shares at or greater than the price at which they are being
offered.
This
offering will be conducted on a best-efforts basis utilizing the efforts of
Chong Kim, the sole officer and director of the Company. Potential
investors include, but are not limited to, family, friends and acquaintances
of
Mr. Kim. The intended methods of communication include, without
limitation, telephone and personal contact. In his endeavors to sell this
offering, Mr. Kim does not intend to use any mass advertising methods such
as
the internet or print media.
Funds
received by the sales agent in connection with sales of our securities will
be
transmitted immediately into a trust account until the minimum sales threshold
is reached. There can be no assurance that all, or any, of the shares will
be sold.
Mr.
Kim
will not receive commissions for any sales originated on our behalf. We
believe that Mr. Kim is exempt from registration as a broker under the
provisions of Rule 3a4-1 promulgated under the Securities Exchange Act of 1934.
In particular, Mr. Kim:
1. Is
not subject to a
statutory disqualification, as that term is defined in Section 3(a)39 of the
Act, at the time of his
participation;
and
2. Is
not to be compensated
in connection with his participation by the payment of commissions or other
remuneration
based
either directly or indirectly on transactions in securities; and
3. Is
not an associated
person of a broker or dealer; and
4. Meets
the conditions of
the following:
|
a.
|
Primarily
performs, or is intended primarily to perform at the end of the offering,
substantial duties for or
|
on
behalf of the issuer otherwise
than in connection with transactions in securities; and
b. Was
not a broker or
dealer, or associated persons of a broker or dealer, within the preceding 12
months;
and
c. Did
not participate in
selling an offering of securities for any issuer more than once every 12 months
other
than
in reliance on paragraphs
within this section, except that for securities issued pursuant to
rule 415
under
the Securities Act of 1933, the 12 months shall begin with the last sale of
any
security includedwithin one rule 415 registration.
No
officers or directors of the Company may purchase any securities in this
offering.
There
can
be no assurance that all, or any, of the shares will be sold. As of the
date of this prospectus, we have not entered into any agreements or arrangements
for the sale of the shares with any broker/dealer or sales agent. However,
if we were to enter into such arrangements, we will file a post effective
amendment to disclose those arrangements because any broker/dealer participating
in the offering would be acting as an underwriter and would have to be so named
in the prospectus.
In
order
to comply with the applicable securities laws of certain states, the securities
may not be offered or sold unless they have been registered or qualified for
sale in such states or an exemption from such registration or qualification
requirement is available and with which we have complied. The purchasers
in this offering and in any subsequent trading market must be residents of
such
states where the shares have been registered or qualified for sale or an
exemption from such registration or qualification requirement is available.
As
of the date of this prospectus, we have not identified the specific states
where
the offering will be sold. We will file a pre-effective amendment
indicating which state(s) the securities are to be sold pursuant to this
registration statement.
The
proceeds from the sale of the shares in this offering will be payable to Randall
Henderson, Esq. Trust Account fbo Marvin’s Place, Inc. ("Trust Account") and
will be deposited in a non-interest or minimum interest bearing bank account
until the minimum offering proceeds are raised. No interest will be paid
to any shareholder. All subscription agreements and checks are
irrevocable. Failure to do so will result in checks being returned to
the investor, who submitted the check. All subscription funds will be held
in the Trust Account pending achievement of the Minimum Offering and no funds
shall be released to Marvin’s Place, Inc. until such a time as the minimum
proceeds are raised. The trust agent will continue to receive funds
and
perform
additional disbursements until either the Maximum Offering is achieved or a
period of 180 days from the effective date of this offering expires, whichever
event first occurs. Thereafter this agreement shall terminate. If
the Minimum Offering is not achieved within 180 days of the date of this
prospectus, all subscription funds will be returned to investors promptly
without interest or deduction of fees. The fee of the Trust Agent is $1,000.00.
[See Exhibit 99(a)].
Investors
can purchase common stock in this offering by completing a Subscription
Agreement [attached hereto as Exhibit 99(b)] and sending it together with
payment in full. All payments must be made in United States currency
either by personal check, bank draft, or cashiers check. There is no
minimum subscription requirement. All subscription agreements and
checks are irrevocable. We reserve the right to either accept or reject
any subscription. Any subscription rejected within this 30 day period will
be returned to the subscriber within 5 business days of the rejection date.
Furthermore, once a subscription agreement is accepted, it will be
executed without reconfirmation to or from the subscriber. Once we accept
a subscription, the subscriber cannot withdraw it.
LEGAL
PROCEEDINGS
To
the
best of our knowledge, Chong Kim, our sole officer and director, has not been
convicted in a criminal proceeding.
To
the
best of our knowledge, Chong Kim, our sole officer and director, has not been
permanently or temporarily enjoined, barred, suspended or otherwise limited
from
involvement in any type of business, securities or banking
activities.
To
the
best of our knowledge, Chong Kim, our sole officer and director, has not been
convicted of violating any federal or state securities or commodities
law.
There
are
no known pending legal or administrative proceedings against the
Company.
To
the
best of our knowledge, no officer, director, significant employee or consultant
has had any bankruptcy petition filed by or against any business of which such
person was a general partner or executive officer either at the time of the
bankruptcy filing or within two years prior to that time.
DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS
DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS
Directors
are elected by the stockholders to a term of one year and serve until a
successor is elected and qualified. Officers are appointed by the Board of
Directors to a term of one year and serve until a successor is duly elected
and
qualified, or until removed from office. The Board of Directors have
no nominating, auditing or compensation committees.
The
following table sets forth certain information regarding our executive officers
and directors as of the date of this prospectus:
|
|
Name
|
Age
|
Position
|
Period
of Service
(1)
|
|
|
|
|
Chong
Kim
(2)
|
39
|
President,
Secretary,
Treasurer
and Director
|
Inception
– Present
|
Name
|
Age
|
Position
|
Period
of Service
(1)
|
|
|
|
|
Chong
Kim
(2)
|
39
|
President,
Secretary,
Treasurer
and Director
|
Inception
– Present
|
Name
Age
Position
Period
of Service
(1)
Chong
Kim
(2)
39
President,
Secretary,
Treasurer
and Director
Inception
– Present
|
Name
|
Age
|
Position
|
Period
of Service
(1)
|
|
|
|
|
Chong
Kim
(2)
|
39
|
President,
Secretary,
Treasurer
and Director
|
Inception
– Present
|
Name
|
Age
|
Position
|
Period
of Service
(1)
|
|
|
|
|
Chong
Kim
(2)
|
39
|
President,
Secretary,
Treasurer
and Director
|
Inception
– Present
|
Notes
:
(
1
)
Our sole
director will hold office until the next annual meeting of the stockholders,
typically held on or near the anniversary date of inception, and until
successors have been elected and qualified. At the present time, our sole
officer was appointed by our sole director and will hold office until
resignation or removal from office.
(
2
)
Chong
Kim
has outside interests and obligations other than Marvin’s Place, Inc. We
expect Mr. Kim to spend approximately 10-15 hours per week on our business
affairs. At the date of this prospectus, Marvin’s Place, Inc. is not engaged in
any transactions, either directly or indirectly, with any persons or
organizations considered promoters.
BACKGROUND
OF DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
PERSONS
Chong
Kim – President, Treasurer, Secretary, and Director
– Chong Kim is
an industrious, experienced individual who has supervised and managed several
retail businesses and has been the owner of a Mail Boxes, Etc. location for
the
past eight years.
Board
Committees
Marvin’s
Place, Inc. has not yet implemented any board committees as of the date of
this
prospectus.
Directors
The
maximum number of directors Marvin’s Place, Inc. is authorized to have is seven
(7). However, in no event may the
Company
have less than one director. Although we anticipate appointing additional
directors, the Company has not identified any such person or any time frame
within which this may occur.
SECURITY
OWNERSHIP OF CERTAIN BENEFIACAL OWNERS AND MANAGEMENT
The
following table sets forth certain information as of the date of this offering
with respect to the beneficial ownership of our common stock by all persons
known by us to be beneficial owners of more than 5% of any such outstanding
classes, and by each director and executive officer, and by all officers and
directors as a group. Unless otherwise specified, the named beneficial
owner has, to our knowledge, either sole or majority voting and investment
power.
|
|
Title
Of Class
|
Name,
Title and Address of
Beneficial Owner of Shares
(1)
|
Amount
of Beneficial
Ownership
(2)
|
Percent
of Class
|
Before
Offering
|
After
Offering
(3)
|
|
|
|
|
|
Common
|
Chong
Kim, President and Director
|
2,000,000
|
100%
|
57.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
Directors and Officers as a group (1 person)
|
2,000,000
|
100%
|
57.14%
|
Title
Of Class
|
Name,
Title and Address of
Beneficial Owner of Shares
(1)
|
Amount
of Beneficial
Ownership
(2)
|
Percent
of Class
|
Before
Offering
|
After
Offering
(3)
|
|
|
|
|
|
Common
|
Chong
Kim, President and Director
|
2,000,000
|
100%
|
57.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
Directors and Officers as a group (1 person)
|
2,000,000
|
100%
|
57.14%
|
Title
Of
Class
Name,
Title and Address of Beneficial
Owner of Shares
(1)
Amount
of Beneficial
Ownership
(2)
Percent
of Class
Before
Offering
After
Offering
(3)
Common
Chong
Kim, President and Director
2,000,000
100%
57.14%
All
Directors and Officers as a group (1 person)
2,000,000
100%
57.14%
|
Title
Of Class
|
Name,
Title and Address of
Beneficial Owner of Shares
(1)
|
Amount
of Beneficial
Ownership
(2)
|
Percent
of Class
|
Before
Offering
|
After
Offering
(3)
|
|
|
|
|
|
Common
|
Chong
Kim, President and Director
|
2,000,000
|
100%
|
57.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
Directors and Officers as a group (1 person)
|
2,000,000
|
100%
|
57.14%
|
Title
Of Class
|
Name,
Title and Address of
Beneficial Owner of Shares
(1)
|
Amount
of Beneficial
Ownership
(2)
|
Percent
of Class
|
Before
Offering
|
After
Offering
(3)
|
|
|
|
|
|
Common
|
Chong
Kim, President and Director
|
2,000,000
|
100%
|
57.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
Directors and Officers as a group (1 person)
|
2,000,000
|
100%
|
57.14%
|
Footnotes
(
1
)
The
address of
each executive officer and director is c/o Marvin’s Place, Inc., 13245
Sunnyslope Dr., Chino Hills, CA 91709
(
2
)
As
used in
this table, "beneficial ownership" means the sole or shared power to vote,
or to
direct the voting of, a security, or the sole or share investment power with
respect to a security (i.e., the power to dispose of, or to direct the
disposition of a security).
(
3
)
Assumes the
sale of the maximum amount of this offering (1,500,000 shares of common stock).
The aggregate amount of shares to be issued and outstanding after the
offering is 3,500,000.
DESCRIPTION
OF SECURITIES
Marvin’s
Place, Inc.’s authorized capital stock consists of 70,000,000 shares of common
stock, with a par value of $0.001 per share, and 5,000,000 shares of preferred
stock, par value $0.001.
The
holders of Marvin’s Place, Inc.’s common stock:
1. Have
equal ratable rights
to dividends from funds legally available therefore, when, as and if declared
by
the Board
of
Directors;
2. Are
entitled to share
ratably in all of assets available for distribution to holders of common stock
upon liquidation,
dissolution
or winding up of corporate affairs;
3. Do
not have preemptive,
subscription or conversion rights and there are no redemption or sinking fund
provisions or
rights;
and
4. Are
entitled to one vote
per share on all matters on which stockholders may vote.
All
shares of common stock now outstanding are fully paid for and non assessable
and
all shares of common stock which are the subject of this offering, when issued,
will be fully paid for and non assessable.
The
SEC
has adopted rules that regulate broker/dealer practices in connection with
transactions in penny stocks. Penny stocks generally are equity securities
with a price of less than $5.00 (other than securities registered on certain
national securities exchanges or quoted on the NASDAQ system, provided that
current price and volume information with respect to transactions in such
securities is provided by the exchange system). The penny stock rules
require a broker/dealer, prior to a transaction in a penny stock not otherwise
exempt from the rules, to deliver a standardized risk disclosure document
prepared by the SEC that provides information about penny stocks and the nature
and level of risks in the penny stock market. The broker/dealer also must
provide the customer with bid and offer quotations for the penny stock, the
compensation of the broker/dealer, and its salesperson in the transaction,
and
monthly account statements showing the market value of each penny stock held
in
the customer's account. In addition, the penny stock rules require that
prior to a transaction in a penny stock not otherwise exempt from such rules,
the broker/dealer must make a special written determination that a penny stock
is a suitable investment for the purchaser and receive the purchaser's written
agreement to the transaction. These heightened disclosure requirements may
have the effect of reducing the number of broker/dealers willing to make a
market in our shares, reducing the level of trading activity in any secondary
market that may develop for our shares, and accordingly, customers in our
securities may find it difficult to sell their securities, if at
all.
The
Company has no current plans to neither issue any preferred stock nor adopt
any
series, preferences or other classification of preferred stock. The Board of
Directors is authorized to (i) provide for the issuance of shares of the
authorized preferred stock
in
series
and (ii) by filing a certificate pursuant to the laws of Nevada, to establish
from time to time the number of shares to be included in each such series and
to
fix the designation, powers, preferences and rights of the shares of each such
series and the qualifications, limitations or restrictions thereof, all without
any further vote or action by the stockholders. Any shares of issued
preferred stock would have priority over the common stock with respect to
dividend or liquidation rights. Any future issuance of preferred stock may
have the effect of delaying, deferring or preventing a change in control of
the
company without further action by the stockholders and may adversely effect
the
voting and other rights of the holders of common stock.
The
issuance of shares of preferred stock, or the issuance of rights to purchase
such shares, could be used to discourage an unsolicited acquisition proposal.
For instance, the issuance of a series of preferred stock might impede a
business combination by including class voting rights that would enable the
holder to block such a transaction, or facilitate a business combination by
including voting rights that would provide a required percentage vote of the
stockholders. In addition, under certain circumstances, the issuance of
preferred stock could adversely affect the voting power of the holders of the
common stock. Although the Board of Directors is required to make any
determination to issue such stock based on its judgment as to the best interests
of stockholders, the Board of Directors could act in a manner that would
discourage an acquisition attempt or other transaction that potentially some,
or
a majority, of the stockholders might believe to be in their best interests
or
in which stockholders might receive a premium for their stock over the then
market price of such stock. The Board of Directors does not at present
intend to seek stockholder approval prior to any issuance of currently
authorized stock, unless otherwise required by law or stock exchange
rules.
PREFERRED
STOCK
Marvin’s
Place, Inc. is authorized to issue 5,000,000 shares of preferred stock, $0.001
par value. However, the Company has not issued any preferred stock to
date.
PREEMPTIVE
RIGHTS
No
holder
of any shares of Marvin’s Place, Inc. stock has preemptive or preferential
rights to acquire or subscribe for any unissued shares of any class of stock
or
any unauthorized securities convertible into or carrying any right, option
or
warrant to subscribe for or acquire shares of any class of stock not disclosed
herein.
NON-CUMULATIVE
VOTING
Holders
of Marvin’s Place, Inc. common stock do not have cumulative voting rights, which
means that the holders of more than 50% of the outstanding shares, voting for
the election of directors, can elect all of the directors to be elected, if
they
so choose, and, in such event, the holders of the remaining shares will not
be
able to elect any directors.
CASH
DIVIDENDS
As
of the
date of this prospectus, Marvin’s Place, Inc. has not paid any cash dividends to
stockholders. The declaration of any future cash dividend will be at the
discretion of the Board of Directors and will depend upon earnings, if any,
capital requirements and financial position, general economic conditions, and
other pertinent conditions. The Company does not intend to pay any cash
dividends in the foreseeable future, but rather to reinvest earnings, if any,
in
business operations.
REPORTS
After
this offering, Marvin’s Place, Inc. will furnish its shareholders with annual
financial reports certified by independent accountants, and may, at its
discretion, furnish unaudited quarterly financial reports.
INTEREST
OF NAMED EXPERTS AND COUNSEL
None.
DISCLOSURE
OF COMMISSION POSITION OF
INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES
INDEMNIFICATION
OF DIRECTORS AND OFFICERS
Bylaws
and certain statutes provide for the indemnification of a present or former
director or officer. Please refer to the section herein titled
"Indemnification of Directors and Officers.”
THE
SECURITIES AND EXCHANGE COMMISSION'S POLICY ON
INDEMNIFICATION
Insofar
as indemnification for liabilities arising under the Securities Act of 1933
may
be permitted to directors, officers, and controlling persons of the company
pursuant to any provisions contained in its Articles of Incorporation, Bylaws,
or otherwise, Marvin’s Place, Inc. has been advised that, in the opinion of the
Securities and Exchange Commission, such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than
the
payment by the Company of expenses incurred or paid by a director, officer
or
controlling person in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with
the securities being registered, the Company will, unless in the opinion of
our
legal counsel the matter has been settled by controlling precedent, submit
to a
court of appropriate jurisdiction the question whether indemnification is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
ORGANIZATION
WITHIN LAST FIVE YEARS
Marvin’s
Place, Inc. was incorporated in the State of Nevada on April 11, 2007.
Please
see the section, herein, titled "Recent Sales of Unregistered Securities" for
capitalization history.
DESCRIPTION
OF BUSINESS
BUSINESS
DEVELOPMENT AND SUMMARY
Marvin’s
Place, Inc. (the “Company” or “Marvins”) was incorporated in the State of Nevada
on April 11, 2007 under the same name. Since inception, Marvins has not
generated any significant revenues. Marvins has never been party to any
bankruptcy, receivership or similar proceeding, nor has it undergone any
reclassification, merger, consolidation, purchase or sale of a significant
amount of assets not in the ordinary course of business.
Marvin’s
Place, Inc. has yet to commence any significant planned strategic operations.
As of this date, Marvins has had only limited start-up operations and has
not generated any significant revenues. Marvins believes that if it
obtains the minimum proceeds from this offering it will be able to initiate
implementation of the business plan and conduct at least minimal business
pursuant to the business plan for the next 12 months.
Marvin’s
Place, Inc.’s administrative office is located at 13245 Sunnyslope Dr., Chino
Hills, CA 91709.
Marvin’s
Place, Inc.’s fiscal year end is December 31.
BUSINESS
OF ISSUER
Principal
Products, Services and Markets
Marvin’s
Place, Inc. ("Marvins" or the "Company") was incorporated in the State of Nevada
on April 11, 2007.
Marvin’s
Place, Inc., a Nevada Corporation, is a development stage company with the
principal business objective of becoming a premier franchisor of retail
shipping, postal, courier and business service centers by providing a wide
range
of convenient, value-added business services to consumers, mobile and traveling
professionals and the small office/home office market.
The
Company was founded based on the need of individuals and companies to have
dependable, consistent and professional business service centers where they
can
obtain a wide variety of benefits such as packaging, shipping, copy and print
assistance, mailbox locations, email retrieval, delivery and messenger couriers
and convenient office supplies. It is our goal to become the most
dependable, consistent and professional business service center available to
the
public. We will recognize that each customer we will serve has
different needs, requirements and concerns pertinent to their
business. Our primary customer service goal is to tailor specific
solutions to suit each particular customer’s needs and concerns.
Company’s
Products and Services
Marvin’s
Place, Inc. has the principal business objective of becoming a premier
franchisor of retail shipping, postal, courier and business service centers,
with the intent of first creating a strong local and regional financial and
business model as a basis from which to expand the company into national service
centers located in major business centers, hotels and airports, where travelers
can avoid long delays by shipping their baggage ahead.
|
v
|
Packaging
. We
expertly pack your items directly in the center and can custom crate
your
large or precious items. We will also offer packaging supplies,
moving supplies and local pick-ups for shipments of any
size. Some of the items we offer
are:
|
|
3.
|
Plastic
air-bubble cushioning
|
|
v
|
Shipping
. We
ship everything from letters to pianos. We will offer a full
range of shipping through local, national or international
carriers.
|
|
v
|
Copy
and Print Services
. We offer a wide range of copy and print
services, including color, black and white copies and digital printing;
offset printing for business cards and brochures; binding laminating
and
other finishing services, as well as paper and office
supplies. We provide:
|
|
1.
|
Color
and black and white copies
|
|
4.
|
Document
finishing, including binding, laminating, folding, padding, collating,
cutting and drilling
|
|
v
|
Mailbox
Services
. We offer mailboxes with real street addresses and
24-hour access to mail and package deliveries. Additional
services include mail forwarding, fax receiving and sending, and
the
ability to call in and check for your mail and
packages.
|
|
v
|
Notary
Services
. We offer a one-stop shop for notarizing important
legal documents and can copy and send them wherever they need to
go in a
timely manner.
|
|
v
|
Passport/ID
Photos
. For traveling outside the United States, a customer
can come into our location to have a passport photo taken. Our
photos meet all requirements for U.S. passports and most other photo
identification cards.
|
|
v
|
Rubber
Stamps
. We offer high-quality standard and custom stamps in
a variety of sizes and styles, including self-inking
models.
|
|
v
|
Office
and Mailing Supplies
. We offer a variety of standard
office, mailing and shipping supplies from the one-time small need
to bulk
supplies.
|
Company’s
Future Products and Services
Once
a
strong business foundation has been built on a local and regional level, it
is
our intent to not only expand our service centers nationally, but also develop
the breadth of services we will offer. Some areas we will look into
expanding our business services are:
|
1.
|
Promotional
Products
. We intend to offer to customers a broad range of
promotional and trade show products they can order to promote greater
business awareness.
|
|
2.
|
Photo
Prints and Gifts
. The customer can create personalized
gifts for his family and friends using his own digital photos to
customize
one of an assortment of unique gift
items.
|
|
3.
|
Personalized
Photo Calendars
. The customer can create a personalized
photo calendar, noting special event days, for family, friends, clients
or
employees, featuring his own photos, company logos and
highlights.
|
|
4.
|
Signs
and Graphics
. We intend to provide a wide range of
affordable, expedient, custom-made signs, banners and posters to
attract
attention or communicate an idea or logo effectively. Some
forms include:
|
|
4.
|
Magnetic
automobile signs
|
|
v
|
Moving
Supplies
. We intend to offer an assortment of general
household moving supplies,
including:
|
|
1.
|
Cardboard
boxes of various sizes
|
|
3.
|
Plastic
air-bubble cushioning for general purposes and specialized priceless
items
like antique china
|
|
5.
|
Rolls
of tape and tape applicators
|
|
7.
|
Portable
storage containers
|
|
v
|
Money
Transfers
. We intend to offer customers the ability to
transfer and wire money world wide.
|
|
v
|
E
Mail Retrieval
. We will offer to our customers and ability
to log in, perform internet research and send/receive
email.
|
|
v
|
Air
Cargo and Freight Forwarding
. We intend to have the
capability to take heavy weight cargo from the customer’s door to
virtually any market in the world. It is our goal to arrange
all the details, including customs clearance and final
delivery.
|
|
v
|
Publications
Distribution
. It is our goal to be the primary logistics
outsource resource for many of the world’s premier publishers,
distributors and printers, moving all types of publications to national
and international subscribers on all
continents.
|
|
v
|
Customs
Brokerage
. Our courier and freight services will include
standard customs clearance at the overseas port of entry. This
package will include the advancement of any duties or taxes to be
paid
overseas as long as pre-arranged.
|
|
v
|
Mail
Order Catalog Distribution
. We foresee taking mail order
catalogs from the printers and distributing them on behalf of the
catalog
company.
|
|
v
|
Merchandise
Delivery
. Going hand-in-hand with our catalog distribution
system, we will offer to the catalog company and others in need of
such
services, an expedited merchandise delivery system thereby eliminating
the
substantial costs they incur for maintaining in-house employees,
warehousing space, packing expenses and distribution
costs.
|
|
v
|
Special
Courier Service
. Occasionally there is a need for a secure,
low-profile, extremely precautionary delivery means for trade secrets,
trade information and other highly classified documents, prototypes,
materials, etc. It is our intent to provide this exclusive
service on a limited basis to selective
clients.
|
|
v
|
Medical
Transport
. Once we establish specific rules, regulations
and guidelines for handling medical material, our intent is to create
a
special medical transport unit specializing in standard and time-sensitive
transportation of medical materials, whether they are frozen, refrigerated
or room temperature.
|
Product
Availability
Marvin’s
Place, Inc. does not foresee the need to have any products
manufactured.
Intellectual
Properties
Marvin’s
Place, Inc. does not foresee the need to protect any intellectual
properties.
Marketing
Activities
The
business service center industry is abound with competition, mainly on the
local
level. However, few offer the complete service we intend to provide
once our strategic business plan is implemented. Our intent is to not
only emphasize our competitors similarities, but to stress our
differences—namely our intent to provide a broader range of products and
services for our clientele. We first intend to develop a
comprehensive, multi-layered internet presence followed by an extensive media
campaign in our initial area of operations. We also plan to attend
trade shows and conventions to further expand our presence. As we
form a strong local foundation, we intend to expand into other geographical
areas by means of direct competition, strategic mergers and beneficial
acquisitions.
Some
businesses we intend to initially target for marketing purposes are architects,
engineers, escrow companies, financial institutions, legal firms, mortgage
companies, title companies.
Distribution
Methods of the Products and/or Services
We
are
currently working to identify an experienced internet service provider to
develop a comprehensive internet presence. Additionally, we plan on
identifying key-individuals and/or companies that may be instrumental in
assisting us in making our services known to potential clients.
As
resources become available, direct mailings and local advertising offering
discounts will be utilized to increase consumer contacts and augment the
individual customer base.
Industry
Background and Competitive Business Conditions
This
service industry is replete with competition at all levels of size, experience
and expertise, from the Mom-and-Pop sole proprietorship to the sophisticated
entrenched corporations like Kinkos. By maintaining strong community
ties and mandating the highest level of courtesy, personal service and ethical
standards, Marvin’s Place, Inc. can gain and maintain a stellar reputation for
honesty and customer loyalty, thereby insuring repeat
business. Additionally, Marvins will spend considerable efforts to
develop business, corporate and government relationships with potential
customers that have need of the type of services offered by Marvin’s Place,
Inc.
The
Company has not obtained nor commissioned any market research by independent
and
qualified professionals indicating that demand exists for the type of services
contemplated by the Company, although the extent to which similar
companies
advertise
speaks for the need of such basic services. We, of course, intend to
provide and promote an array of services not provided, nor to our knowledge,
contemplated by our potential competitors. The Company has no access to
information as to the number of businesses providing products similar to those
contemplated by the Company.
Regulatory
Framework for the Industry
The
Company is not aware of any regulatory obstacles to our business
plan. That is not to say that we are not generally aware of the
multitude of rules, statutes and administrative regulations (locally, nationally
and internationally) that may apply, including, but not limited to local
business licenses and customs regulations. However, we do not foresee
these as prohibiting the implementation of our business plan, but merely as
temporary administrative obstacles that will be addressed and overcome as they
arise or as best we can forecast their arrival.
Number
of Total Employees and Number of Full Time Employees
Marvin’s
Place, Inc. is currently in the development stage. During this development
period, we plan to rely exclusively on the services of our sole officer and
director to establish business operations, protocols and perform or supervise
the minimal services required at this time. Marvins believes that its
operations are currently on a small scale that is manageable by one individual.
There are no full or part-time employees. Mr. Chong's responsibilities are
mainly administrative at this time, as Marvin’s operations are
minimal.
REPORTS
TO SECURITY HOLDERS
1.
After
this offering, the Company will furnish shareholders with audited annual
financial reports certified by independent accountants, and may, in its
discretion, furnish unaudited quarterly financial reports.
2. After
this offering, the Company will file periodic and current reports with the
Securities and Exchange Commission as required to maintain the fully reporting
status.
3.
The
public may read and copy any materials we file with the SEC at the SEC's Public
Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549. The
public may obtain information on the operation of the Public Reference Room
by
calling the SEC at 1-800-SEC-0330. Our SEC filings will also be available
on the SEC's Internet site. The address of that site
is: http://www.sec.gov
MANAGEMENT'S
DISCUSSION AND PLAN OF OPERATION
This
section must be read in conjunction with the Audited Financial Statements
included in this prospectus.
PLAN
OF OPERATION
Marvin’s
Place, Inc. was incorporated on April 11, 2007. As of the date of this
document, we have generated minimal revenues and substantial expenses.
This resulted in a net loss of since inception, which is attributable to
general and administrative expenses.
Since
incorporation, we have financed our operations through minimal initial
capitalization and nominal business activity.
To
date
we have not implemented fully planned principal operations. Our ability to
commence operations is entirely dependent upon the proceeds to be raised in
this
offering. If we do not raise at least the minimum offering amount, we will
be unable to establish a base of operations, without which it will be unable
to
begin to generate any revenues. The realization of sales revenues in the
next 12 months is important in the execution of the plan of
operations. However, we cannot guarantee that it will generate such
growth. If we do not produce sufficient cash flow to support our
operations over the next 12 months, we may need to raise additional capital
by
issuing capital stock in exchange for cash in order to continue as a going
concern. There are no formal or informal agreements to attain such
financing. We can not assure any investor that, if needed, sufficient
financing can be obtained or, if obtained, that it will be on reasonable terms.
Without realization of additional capital, it would be unlikely for
operations to continue.
Marvin’s
Place, Inc.’s management does not expect to conduct any research and
development.
Marvin’s
Place, Inc. currently does not own any significant plant or equipment that
it
would seek to purchase or sell in the near future.
Our
management does not anticipate any significant changes in the number of
employees in the next 12 months. Currently, we
believe
the services provided by our sole officer and director appears sufficient at
this time.
We
have
not paid for expenses on behalf of any director. Additionally, we believe
that this practice will not materially change.
We
have
no current plans to seek a business combination with another
entity.
OFF-BALANCE
SHEET ARRANGEMENTS
We
do not
have any off-balance sheet arrangements.
DESCRIPTION
OF PROPERTY
We
use a
corporate office located at 13245 Sunnyslope Dr., Chino Hills, CA. Office
space, utilities and storage are currently being provided free of charge at
the
present time. There are currently no proposed programs for the
renovation, improvement or development of the facilities currently in
use.
Our
management does not currently have policies regarding the acquisition or sale
of
real estate assets primarily for possible capital gain or primarily for income.
We do not presently hold any investments or interests in real estate,
investments in real estate mortgages or securities of or interests in persons
primarily engaged in real estate activities.
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS
On
or
about April 11, 2007, Chong Kim, the sole officer, director and employee, paid
for expenses involved with the incorporation of Marvin’s Place, Inc. with
personal funds and performed services on behalf of Marvin’s Place, Inc., in
exchange for 2,000,000 shares of common stock, par value $0.001 per share,
which
issuance was exempt from the registration provisions of Section 5 of the
Securities Act under Section 4(2) of such same said act.
The
price
of the common stock issued to Chong Kim was arbitrarily determined and bore
no
relationship to any objective criterion of value. At the time of issuance,
the Company was recently formed or in the process of being formed and possessed
no assets.
MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
MARKET
INFORMATION
As
of the
date of this prospectus, there is no public market in Marvin’s Place, Inc.
common stock. This prospectus is a step toward creating a public market
for our stock, which may enhance the liquidity of our shares. However,
there can be no assurance that a meaningful trading market will develop.
Marvin’s Place, Inc. and its management make no representation about the
present or future value of our common stock.
As
of the
date of this prospectus,
1.
There are no outstanding options or
warrants to purchase, or other instruments convertible into, common equity
of
Marvin’s Place, Inc.;
2.
There are currently 2,000,000 shares
of our common stock held by its sole officer and director and an affiliated
entity that are not eligible to be sold pursuant to Rule 144 under the
Securities Act;
3.
Other than the stock registered
under this Registration Statement, there is no stock that has been proposed
to
be publicly offered resulting in dilution to current shareholders.
In
general, under Rule 144 as amended, a person who has beneficially owned and
held
"restricted" securities for at least one year, including "affiliates," may
sell
publicly without registration under the Securities Act, within any three-month
period, assuming compliance with other provisions of the Rule, a number of
shares that do not exceed the greater of (i) one percent of the common stock
then outstanding or, (ii) the average weekly trading volume in the common stock
during the four calendar weeks preceding such sale. A person who is not
deemed an "affiliate" and who has beneficially owned shares for at least two
years would be entitled to unlimited resale of such restricted securities under
Rule 144 without regard to the volume and other limitations described above.
HOLDERS
As
of the
date of this prospectus, Marvin’s Place, Inc. has 2,000,000 shares of $0.001 par
value common stock issued and outstanding held by 1 shareholder of
record.
DIVIDENDS
We
have
neither declared nor paid any cash dividends. For the foreseeable future,
we intend to retain any earnings to finance the development and expansion of
our
business, and do not anticipate paying any cash dividends on our preferred
or
common stock. Any future determination to pay dividends will be at the
discretion of the Board of Directors and will be dependent upon then existing
conditions, including its financial condition, results of operations, capital
requirements, contractual restrictions, business prospects, and other factors
that the Board of Directors considers relevant.
EXECUTIVE
COMPENSATION
|
|
Summary
Compensation Table
|
|
|
Annual
Compensation
|
|
Long-Term
Compensation
|
Name
and
Principal
Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Other
Annual Compensation ($)
|
Restricted
Stock Awards ($)
|
Securities
Underlying Options (#)
|
LTIP
Payouts ($)
|
All
Other Compensation ($)
|
|
|
|
|
|
|
|
|
|
Chong
Kim
|
2007
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
sole
Officer and Director
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary
Compensation Table
|
|
|
Annual
Compensation
|
|
Long-Term
Compensation
|
Name
and
Principal
Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Other
Annual Compensation ($)
|
Restricted
Stock Awards ($)
|
Securities
Underlying Options (#)
|
LTIP
Payouts ($)
|
All
Other Compensation ($)
|
|
|
|
|
|
|
|
|
|
Chong
Kim
|
2007
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
sole
Officer and Director
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary
Compensation Table
Annual
Compensation
Long-Term
Compensation
Name
and
Principal
Position
Year
Salary
($)
Bonus
($)
Other
Annual Compensation ($)
Restricted
Stock Awards ($)
Securities
Underlying Options (#)
LTIP
Payouts ($)
All
Other
Compensation ($)
Chong
Kim
2007
-
-
-
-
-
-
-
sole
Officer and Director
|
Summary
Compensation Table
|
|
|
Annual
Compensation
|
|
Long-Term
Compensation
|
Name
and
Principal
Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Other
Annual Compensation ($)
|
Restricted
Stock Awards ($)
|
Securities
Underlying Options (#)
|
LTIP
Payouts ($)
|
All
Other Compensation ($)
|
|
|
|
|
|
|
|
|
|
Chong
Kim
|
2007
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
sole
Officer and Director
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary
Compensation Table
|
|
|
Annual
Compensation
|
|
Long-Term
Compensation
|
Name
and
Principal
Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Other
Annual Compensation ($)
|
Restricted
Stock Awards ($)
|
Securities
Underlying Options (#)
|
LTIP
Payouts ($)
|
All
Other Compensation ($)
|
|
|
|
|
|
|
|
|
|
Chong
Kim
|
2007
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
sole
Officer and Director
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTORS'
COMPENSATION
Directors
are not entitled to receive compensation for services rendered to Marvin’s
Place, Inc., or for each meeting attended except for reimbursement of
out-of-pocket expenses. There are no formal or informal arrangements or
agreements to compensate directors for services provided as a
director.
EMPLOYMENT
CONTRACTS AND OFFICERS' COMPENSATION
Since
Marvin’s Place, Inc.’s incorporation on April 11, 2007, we have not paid any
compensation to any officer, director or employee. We do not have
employment agreements. Any future compensation to be paid will be
determined by the Board of Directors, and, as appropriate, an employment
agreement will be executed. We do not currently have plans to pay any
compensation until such time as it maintains a positive cash flow.
STOCK
OPTION PLAN AND OTHER LONG-TERM INCENTIVE PLAN
Marvin’s
Place, Inc. currently does not have existing or proposed option or SAR
grants.
|
a)
|
Audited
Financial Statements for the period ended April 30,
2007
|
MARVIN’S
PLACE, INC.
AUDIT
REPORT &
FINANCIAL
STATEMENTS
April
30, 2007
CONTENTS
Independent
Registered Public Accounting Firm
Report……………..... 3
Balance
Sheet…………………………………………………………... 4
Statement
of Operations………………………………………………... 5
Statement
of Stockholder’s
Equity……………………………………... 6
Statement
of Cash Flows……………………………………………….. 7
Notes
to the Financial
Statements…………………………………….... 8
OFFICES
OF
ARSHAD
M. FAROOQ, JD, CPA
201
N. Palomares St.
Pomona,
CA 91767
(909)
238-5361
(909)
972-1672 Fax
amfarooq@gmail.com
______________________________________________________________________________________
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the
Board of Directors
Marvin’s
Place, Inc.
Las
Vegas, Nevada
We
have
audited the accompanying balance sheet of Marvin’s Place, Inc. (A development
Stage Company) as of April 30, 2007, and the related statements of operations,
stockholders’ equity, and cash flows from inception April 4, 2007 through April
30, 2007, and the period then ended. These financial statements are the
responsibility of the Company’s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We
conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan
and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a best basis, evidence supporting the amounts and disclosures
in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made the management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In
our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Marvin’s Place, Inc. (A Development
State Company) as of April 10, 2007 and the results of its operations, and
its
cash flows from inception April 4, 2007 through April 30, 2007, and the period
then ended, in conformity with accounting principles generally accepted in
the
United States of America.
The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern. As discussed in Note 2 to the financial
statements, the Company’s lack of revenue and significant losses as of April 30,
2007 raises substantial doubt about its ability to continue as a going concern.
The financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
[Missing
Graphic Reference]
Arshad
M.
Farooq
Pomona,
CA
May
22
nd
,
2007
|
|
|
|
|
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
|
As
of 4/30/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
ASSETS
|
|
|
|
Decrease
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
$2,000
|
|
|
|
$2,000
|
|
|
|
|
|
|
Total
Current Assets
|
$2,000
|
|
$0
|
|
2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
$2,000
|
|
$0
|
|
$2,000
|
|
|
|
|
|
|
LIABILITIES
& STOCKHOLDER'S EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
-
|
Other
accrued liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current Liabilities
|
$0
|
|
$0
|
|
$0
|
|
|
|
|
|
|
STOCKHOLDERS
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock: $0.001 par value, 5,000,000 shares
|
|
|
|
|
|
authorized:
no shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock: $0.001 par value, 70,000,000 shares
|
2,000
|
|
|
|
2,000
|
authorized;
2,000,000 shares issued and outstanding
|
|
|
|
|
-
|
|
|
|
|
|
|
Additional
paid-in capital
|
3,000
|
|
|
|
3,000
|
|
|
|
|
|
|
Accumulated
deficit:
|
(3,000)
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS EQUITY
|
2,000
|
|
-
|
|
5,000
|
|
|
|
|
|
|
TOTAL
LIABILITIES & STOCKHOLDER'S EQUITY
|
$2,000
|
|
$0
|
|
$5,000
|
|
|
|
|
|
|
Difference
|
-
|
|
|
|
|
|
|
|
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
|
As
of 4/30/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
ASSETS
|
|
|
|
Decrease
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
$2,000
|
|
|
|
$2,000
|
|
|
|
|
|
|
Total
Current Assets
|
$2,000
|
|
$0
|
|
2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
$2,000
|
|
$0
|
|
$2,000
|
|
|
|
|
|
|
LIABILITIES
& STOCKHOLDER'S EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
-
|
Other
accrued liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current Liabilities
|
$0
|
|
$0
|
|
$0
|
|
|
|
|
|
|
STOCKHOLDERS
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock: $0.001 par value, 5,000,000 shares
|
|
|
|
|
|
authorized:
no shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock: $0.001 par value, 70,000,000 shares
|
2,000
|
|
|
|
2,000
|
authorized;
2,000,000 shares issued and outstanding
|
|
|
|
|
-
|
|
|
|
|
|
|
Additional
paid-in capital
|
3,000
|
|
|
|
3,000
|
|
|
|
|
|
|
Accumulated
deficit:
|
(3,000)
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS EQUITY
|
2,000
|
|
-
|
|
5,000
|
|
|
|
|
|
|
TOTAL
LIABILITIES & STOCKHOLDER'S EQUITY
|
$2,000
|
|
$0
|
|
$5,000
|
|
|
|
|
|
|
Difference
|
-
|
|
|
|
|
(A
DEVELOPMENT STAGE COMPANY)
BALANCE
SHEET
As
of 4/30/2007
Increase
ASSETS
Decrease
Current
Assets
Cash
$2,000
$2,000
Total
Current Assets
$2,000
$0
2,000
TOTAL
ASSETS
$2,000
$0
$2,000
LIABILITIES
& STOCKHOLDER'S EQUITY
Current
Liabilities
Accounts
payable
-
Other
accrued liabilities
Total
Current Liabilities
$0
$0
$0
STOCKHOLDERS
EQUITY
Preferred
stock: $0.001 par value, 5,000,000 shares
authorized:
no shares issued and outstanding
Common
stock: $0.001 par value, 70,000,000 shares
2,000
2,000
authorized;
2,000,000 shares issued and outstanding
-
Additional
paid-in capital
3,000
3,000
Accumulated
deficit:
(3,000)
TOTAL
STOCKHOLDERS EQUITY
2,000
-
5,000
TOTAL
LIABILITIES & STOCKHOLDER'S EQUITY
$2,000
$0
$5,000
Difference
-
|
|
|
|
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
|
As
of 4/30/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
ASSETS
|
|
|
|
Decrease
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
$2,000
|
|
|
|
$2,000
|
|
|
|
|
|
|
Total
Current Assets
|
$2,000
|
|
$0
|
|
2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
$2,000
|
|
$0
|
|
$2,000
|
|
|
|
|
|
|
LIABILITIES
& STOCKHOLDER'S EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
-
|
Other
accrued liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current Liabilities
|
$0
|
|
$0
|
|
$0
|
|
|
|
|
|
|
STOCKHOLDERS
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock: $0.001 par value, 5,000,000 shares
|
|
|
|
|
|
authorized:
no shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock: $0.001 par value, 70,000,000 shares
|
2,000
|
|
|
|
2,000
|
authorized;
2,000,000 shares issued and outstanding
|
|
|
|
|
-
|
|
|
|
|
|
|
Additional
paid-in capital
|
3,000
|
|
|
|
3,000
|
|
|
|
|
|
|
Accumulated
deficit:
|
(3,000)
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS EQUITY
|
2,000
|
|
-
|
|
5,000
|
|
|
|
|
|
|
TOTAL
LIABILITIES & STOCKHOLDER'S EQUITY
|
$2,000
|
|
$0
|
|
$5,000
|
|
|
|
|
|
|
Difference
|
-
|
|
|
|
|
|
|
|
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
|
As
of 4/30/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
ASSETS
|
|
|
|
Decrease
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
$2,000
|
|
|
|
$2,000
|
|
|
|
|
|
|
Total
Current Assets
|
$2,000
|
|
$0
|
|
2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
$2,000
|
|
$0
|
|
$2,000
|
|
|
|
|
|
|
LIABILITIES
& STOCKHOLDER'S EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
-
|
Other
accrued liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current Liabilities
|
$0
|
|
$0
|
|
$0
|
|
|
|
|
|
|
STOCKHOLDERS
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock: $0.001 par value, 5,000,000 shares
|
|
|
|
|
|
authorized:
no shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock: $0.001 par value, 70,000,000 shares
|
2,000
|
|
|
|
2,000
|
authorized;
2,000,000 shares issued and outstanding
|
|
|
|
|
-
|
|
|
|
|
|
|
Additional
paid-in capital
|
3,000
|
|
|
|
3,000
|
|
|
|
|
|
|
Accumulated
deficit:
|
(3,000)
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS EQUITY
|
2,000
|
|
-
|
|
5,000
|
|
|
|
|
|
|
TOTAL
LIABILITIES & STOCKHOLDER'S EQUITY
|
$2,000
|
|
$0
|
|
$5,000
|
|
|
|
|
|
|
Difference
|
-
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
STATEMENTS
OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inception
|
|
|
Period
Ended
|
|
11-Apr-07
|
|
|
April
30,
|
|
through
|
|
|
2007
|
|
30-Apr-07
|
|
|
|
|
|
|
REVENUES:
|
|
|
$-
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
General
& Administrative
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
TOTAL
EXPENSES
|
($3,000)
|
|
($3,000)
|
|
|
|
|
|
|
Income
(Loss) before income taxes
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
Provision
for income taxes
|
-
|
|
-
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
($3,000)
|
|
($3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per share
|
($0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common
|
|
|
|
|
shares
outstanding
|
2,000,000
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
STATEMENTS
OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inception
|
|
|
Period
Ended
|
|
11-Apr-07
|
|
|
April
30,
|
|
through
|
|
|
2007
|
|
30-Apr-07
|
|
|
|
|
|
|
REVENUES:
|
|
|
$-
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
General
& Administrative
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
TOTAL
EXPENSES
|
($3,000)
|
|
($3,000)
|
|
|
|
|
|
|
Income
(Loss) before income taxes
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
Provision
for income taxes
|
-
|
|
-
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
($3,000)
|
|
($3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per share
|
($0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common
|
|
|
|
|
shares
outstanding
|
2,000,000
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
(A
DEVELOPMENT STAGE COMPANY)
STATEMENTS
OF OPERATIONS
Inception
Period
Ended
11-Apr-07
April
30,
through
2007
30-Apr-07
REVENUES:
$-
EXPENSES:
General
& Administrative
(3,000)
(3,000)
TOTAL
EXPENSES
($3,000)
($3,000)
Income
(Loss) before income taxes
(3,000)
(3,000)
Provision
for income taxes
-
-
NET
INCOME (LOSS)
($3,000)
($3,000)
Basic
and
diluted loss per share
($0.00)
Weighted
average common
shares
outstanding
2,000,000
|
MARVIN’S
PLACE, INC.
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
STATEMENTS
OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inception
|
|
|
Period
Ended
|
|
11-Apr-07
|
|
|
April
30,
|
|
through
|
|
|
2007
|
|
30-Apr-07
|
|
|
|
|
|
|
REVENUES:
|
|
|
$-
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
General
& Administrative
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
TOTAL
EXPENSES
|
($3,000)
|
|
($3,000)
|
|
|
|
|
|
|
Income
(Loss) before income taxes
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
Provision
for income taxes
|
-
|
|
-
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
($3,000)
|
|
($3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per share
|
($0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common
|
|
|
|
|
shares
outstanding
|
2,000,000
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
STATEMENTS
OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inception
|
|
|
Period
Ended
|
|
11-Apr-07
|
|
|
April
30,
|
|
through
|
|
|
2007
|
|
30-Apr-07
|
|
|
|
|
|
|
REVENUES:
|
|
|
$-
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
General
& Administrative
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
TOTAL
EXPENSES
|
($3,000)
|
|
($3,000)
|
|
|
|
|
|
|
Income
(Loss) before income taxes
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
Provision
for income taxes
|
-
|
|
-
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
($3,000)
|
|
($3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per share
|
($0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common
|
|
|
|
|
shares
outstanding
|
2,000,000
|
|
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
(A
development Stage Company)
|
Statements
of Stockholder's Equity
|
April
30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
Common
Stock
|
|
Paid-In
|
|
Accumulated
|
|
|
|
|
Shares
|
|
Par
Value
|
|
Capital
|
|
Deficit
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
April
11, 2007
|
|
$ -
|
|
$0
|
|
$ -
|
|
$ -
|
|
$0
|
|
|
|
|
|
|
|
|
|
|
|
Sale
of common stock
|
|
2,000,000
|
|
2,000
|
|
3,000
|
|
-
|
|
5,000
|
Net
(loss) for the Period
|
|
|
|
|
|
|
|
|
|
|
ended
April 30, 2007
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
April
30, 2007
|
|
2,000,000
|
|
$2,000
|
|
$3,000
|
|
($3,000)
|
|
$2,000
|
|
|
|
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
(A
development Stage Company)
|
Statements
of Stockholder's Equity
|
April
30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
Common
Stock
|
|
Paid-In
|
|
Accumulated
|
|
|
|
|
Shares
|
|
Par
Value
|
|
Capital
|
|
Deficit
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
April
11, 2007
|
|
$ -
|
|
$0
|
|
$ -
|
|
$ -
|
|
$0
|
|
|
|
|
|
|
|
|
|
|
|
Sale
of common stock
|
|
2,000,000
|
|
2,000
|
|
3,000
|
|
-
|
|
5,000
|
Net
(loss) for the Period
|
|
|
|
|
|
|
|
|
|
|
ended
April 30, 2007
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
April
30, 2007
|
|
2,000,000
|
|
$2,000
|
|
$3,000
|
|
($3,000)
|
|
$2,000
|
|
|
|
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
(A
development Stage Company)
Statements
of Stockholder's Equity
April
30, 2007
Additional
Common
Stock
Paid-In
Accumulated
Shares
Par
Value
Capital
Deficit
Total
BALANCE
April
11, 2007
$ -
$0
$ -
$ -
$0
Sale
of common stock
2,000,000
2,000
3,000
-
5,000
Net
(loss) for the Period
ended
April 30, 2007
-
-
-
(3,000)
(3,000)
BALANCE
April
30, 2007
2,000,000
$2,000
$3,000
($3,000)
$2,000
|
MARVIN’S
PLACE, INC.
|
(A
development Stage Company)
|
Statements
of Stockholder's Equity
|
April
30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
Common
Stock
|
|
Paid-In
|
|
Accumulated
|
|
|
|
|
Shares
|
|
Par
Value
|
|
Capital
|
|
Deficit
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
April
11, 2007
|
|
$ -
|
|
$0
|
|
$ -
|
|
$ -
|
|
$0
|
|
|
|
|
|
|
|
|
|
|
|
Sale
of common stock
|
|
2,000,000
|
|
2,000
|
|
3,000
|
|
-
|
|
5,000
|
Net
(loss) for the Period
|
|
|
|
|
|
|
|
|
|
|
ended
April 30, 2007
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
April
30, 2007
|
|
2,000,000
|
|
$2,000
|
|
$3,000
|
|
($3,000)
|
|
$2,000
|
|
|
|
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
(A
development Stage Company)
|
Statements
of Stockholder's Equity
|
April
30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
Common
Stock
|
|
Paid-In
|
|
Accumulated
|
|
|
|
|
Shares
|
|
Par
Value
|
|
Capital
|
|
Deficit
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
April
11, 2007
|
|
$ -
|
|
$0
|
|
$ -
|
|
$ -
|
|
$0
|
|
|
|
|
|
|
|
|
|
|
|
Sale
of common stock
|
|
2,000,000
|
|
2,000
|
|
3,000
|
|
-
|
|
5,000
|
Net
(loss) for the Period
|
|
|
|
|
|
|
|
|
|
|
ended
April 30, 2007
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
April
30, 2007
|
|
2,000,000
|
|
$2,000
|
|
$3,000
|
|
($3,000)
|
|
$2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
(A
DEVELOPMENT STAGE COMPANY)
|
CASH
FLOW STATEMENT
|
|
|
Inception
|
|
|
Period
Ended
|
|
11-Apr-07
|
|
|
April
30,
|
|
through
|
|
|
2007
|
|
30-Apr-07
|
|
|
|
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
Net
loss
|
($3,000)
|
|
|
($3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
to reconcile net loss to net
|
|
|
|
|
|
cash
used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Changes
in current assets and liabilities:
|
|
|
|
|
|
Receivables
|
|
|
|
-
|
|
Payables
|
-
|
|
|
-
|
|
Other
|
|
|
|
-
|
|
|
|
|
|
|
|
Net
cash (used in) operating activities
|
(3,000)
|
|
|
(3,000)
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by investing activities
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
Sale
of common stock
|
2,000
|
|
|
2,000
|
|
Additional
Paid In Capital
|
3,000
|
|
|
3,000
|
|
|
|
|
|
|
|
Net
cash provided by financing activities
|
5,000
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and equivalents
|
2,000
|
|
|
2,000
|
|
Cash
and equivalents at beginning of period
|
-
|
|
|
|
|
|
|
|
|
|
|
Cash
and equivalents at end of period
|
$2,000
|
|
|
$2,000
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
(A
DEVELOPMENT STAGE COMPANY)
|
CASH
FLOW STATEMENT
|
|
|
Inception
|
|
|
Period
Ended
|
|
11-Apr-07
|
|
|
April
30,
|
|
through
|
|
|
2007
|
|
30-Apr-07
|
|
|
|
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
Net
loss
|
($3,000)
|
|
|
($3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
to reconcile net loss to net
|
|
|
|
|
|
cash
used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Changes
in current assets and liabilities:
|
|
|
|
|
|
Receivables
|
|
|
|
-
|
|
Payables
|
-
|
|
|
-
|
|
Other
|
|
|
|
-
|
|
|
|
|
|
|
|
Net
cash (used in) operating activities
|
(3,000)
|
|
|
(3,000)
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by investing activities
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
Sale
of common stock
|
2,000
|
|
|
2,000
|
|
Additional
Paid In Capital
|
3,000
|
|
|
3,000
|
|
|
|
|
|
|
|
Net
cash provided by financing activities
|
5,000
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and equivalents
|
2,000
|
|
|
2,000
|
|
Cash
and equivalents at beginning of period
|
-
|
|
|
|
|
|
|
|
|
|
|
Cash
and equivalents at end of period
|
$2,000
|
|
|
$2,000
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
(A
DEVELOPMENT STAGE COMPANY)
CASH
FLOW STATEMENT
Inception
Period
Ended
11-Apr-07
April
30,
through
2007
30-Apr-07
Cash
flows from operating activities:
Net
loss
($3,000)
($3,000)
Adjustments
to reconcile net loss to net
cash
used
in operating activities:
Changes
in current assets and liabilities:
Receivables
-
Payables
-
-
Other
-
Net
cash
(used in) operating activities
(3,000)
(3,000)
Cash
flows from investing activities:
Net
cash
provided by investing activities
-
-
Cash
flows from financing activities:
Sale
of
common stock
2,000
2,000
Additional
Paid In Capital
3,000
3,000
Net
cash
provided by financing activities
5,000
5,000
Net
increase (decrease) in cash and equivalents
2,000
2,000
Cash
and
equivalents at beginning of period
-
Cash
and
equivalents at end of period
$2,000
$2,000
|
MARVIN’S
PLACE, INC.
|
(A
DEVELOPMENT STAGE COMPANY)
|
CASH
FLOW STATEMENT
|
|
|
Inception
|
|
|
Period
Ended
|
|
11-Apr-07
|
|
|
April
30,
|
|
through
|
|
|
2007
|
|
30-Apr-07
|
|
|
|
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
Net
loss
|
($3,000)
|
|
|
($3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
to reconcile net loss to net
|
|
|
|
|
|
cash
used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Changes
in current assets and liabilities:
|
|
|
|
|
|
Receivables
|
|
|
|
-
|
|
Payables
|
-
|
|
|
-
|
|
Other
|
|
|
|
-
|
|
|
|
|
|
|
|
Net
cash (used in) operating activities
|
(3,000)
|
|
|
(3,000)
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by investing activities
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
Sale
of common stock
|
2,000
|
|
|
2,000
|
|
Additional
Paid In Capital
|
3,000
|
|
|
3,000
|
|
|
|
|
|
|
|
Net
cash provided by financing activities
|
5,000
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and equivalents
|
2,000
|
|
|
2,000
|
|
Cash
and equivalents at beginning of period
|
-
|
|
|
|
|
|
|
|
|
|
|
Cash
and equivalents at end of period
|
$2,000
|
|
|
$2,000
|
|
|
|
|
|
|
MARVIN’S
PLACE, INC.
|
(A
DEVELOPMENT STAGE COMPANY)
|
CASH
FLOW STATEMENT
|
|
|
Inception
|
|
|
Period
Ended
|
|
11-Apr-07
|
|
|
April
30,
|
|
through
|
|
|
2007
|
|
30-Apr-07
|
|
|
|
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
Net
loss
|
($3,000)
|
|
|
($3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
to reconcile net loss to net
|
|
|
|
|
|
cash
used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Changes
in current assets and liabilities:
|
|
|
|
|
|
Receivables
|
|
|
|
-
|
|
Payables
|
-
|
|
|
-
|
|
Other
|
|
|
|
-
|
|
|
|
|
|
|
|
Net
cash (used in) operating activities
|
(3,000)
|
|
|
(3,000)
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by investing activities
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
Sale
of common stock
|
2,000
|
|
|
2,000
|
|
Additional
Paid In Capital
|
3,000
|
|
|
3,000
|
|
|
|
|
|
|
|
Net
cash provided by financing activities
|
5,000
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and equivalents
|
2,000
|
|
|
2,000
|
|
Cash
and equivalents at beginning of period
|
-
|
|
|
|
|
|
|
|
|
|
|
Cash
and equivalents at end of period
|
$2,000
|
|
|
$2,000
|
|
|
|
|
|
|
Marvin’s
Place, Inc.
(A
development State Company)
NOTES
TO
FINANCIAL STATEMENTS
APRIL
30,
2007
Note
1 –
Nature of Organization
|
a.
|
Organization
& Business Activities
|
The
Company was incorporated under the laws of the State of Nevada on April 11,
2007
to provide massage and aromatic therapy. The Company has not realized
significant revenues to date and therefore is classified as a development state
company.
The
cost
of property and equipment will be depreciated over the estimated useful life
of
4 to 7 years.
Depreciated
is computed using the straight-line method when assets are placed in
service.
The
Company’s financial statements are prepared using the accrual method of
accounting. The Company has elected December 31
st
year-end.
|
d.
|
Cash
& Cash Equivalents
|
For
the
purpose of the statements of cash flows, the Company considers all highly liquid
investments purchased with a maturity of three months or less to be a cash
equivalent.
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 disclosures of
contingent assets and liabilities at the date of the financial statement and
the
reported amounts of revenues & expenses during the reporting
period.
The
Company recognizes revenue when products are fully delivered or services have
been provided, and collection is reasonably assured.
The
Company has expensed the costs of its incorporation.
The
Company follows the policy of charging the costs of advertising to expense
as
incurred.
|
i.
|
Concentrations
of Risk
|
The
Company’s bank accounts are deposited in insured institutions. The funds are
insured up to $100,000. At April 30, 2007, the Company’s bank deposits did not
exceed the insured amounts.
The
computation of the basic loss per share of common stock is based on the weighted
average number of shares outstanding during the period.
From
inception on April 11,
2007
Through
April 30, 2007 .
Loss
(Numerator)
$ 3,000 .
Shares
(Denominator)
2,000,000 .
Per
share
amount
$ 00.00 .
Deferred
taxes are provided on a liability method whereby deferred tax assets are
recognized for deductible temporary differences and operating loss and tax
credit carry forwards and deferred tax liabilities are recognized for taxable
temporary differences. Temporary differences are the differences between the
reported amounts of assets, and liabilities, and their tax bases. Deferred
tax
assets are reduced by a valuation allowance when, in the opinion of the
management, it is more likely than not that some portion, or all of the deferred
tax assets will be realized. Deferred tax assets, and liabilities are adjusted
for the effects of changes in tax laws and rates.
Net
deferred tax assets consist of the
following components as of April 30, 2007:
2007 .
Deferred
tax assets
NOL
Carryover $450.00
Deferred
tax
liabilities -0-
Valuation
allowance
(450.00)
Net
deferred tax
assets
-0- .
The
income tax provision differs from
the amount of income tax determined by applying the U.S. federal, and state
income tax rates of 15% to pretax income from continuing operations for the
period ended April 30, 2007.
At
April
30, 2007, the Company had net operating loss carry forwards of approximately
$3,000.00. That may be offset against future taxable income through 2027. No
tax
benefit has been reported in the April 30, 2007 financial statements since
the
potential tax benefit is offset by a valuation allowance of the same
amount.
Due
to
the change in ownership provisions of the Tax Reform Act of 1986, net operating
carry forwards for Federal Income tax reporting purposes are subject
to annual limitations. Should a change in ownership occur, net operating loss
carry forwards may be limited as to use in future years.
Note
2 –
Going Concern
The
Company’s financial statements are
prepared using generally accepted accounting principles applicable to a going
concern which contemplates the realization of assets, and liquidation of
liabilities in the normal course of business. The Company has had no income,
and
generated significant losses from operations. The accompanying financial
statements do not include any adjustments that might be necessary if the Company
is unable to continue as a going concern.
Note
3 –
Stock Offering
The
Company concluded an initial public offering in the near future.
Note
4 –
New Accounting Pronouncements
During
the period ending April 30, 2007, the Company adopted the following accounting
pronouncements which had no impact on the financial statements or results of
operations:
SFAS
No. 150, Accounting for Certain
Financial Instruments with Characteristics of both Liabilities &
Equity.
SFAS
No. 151, Inventory
Costs
SFAS
No. 152, Accounting for Real
Estate
SFAS
No. 153, Exchange of Non-monetary
Assets
SFAS
No. 154, Accounting Changes and
Error Correction
SFAS
No. 123(R), Share Based
Payments
In
addition, during the period ending April 30, 2007, FASB Interpretations No.
45
and No. 46, along with various Emerging Issues Task Force Consensuses (EITF)
were issued, and adopted by the Company, and had no impact on its financial
statements. These newly issued accounting pronouncements had no effect on the
Company’s current financial statements, and did not impact the
Company.
OFFICES
OF
ARSHAD
M. FAROOQ, JD, CPA
201
N. Palomares St.
Pomona,
CA 91767
(909)
238-5361
(909)
972-1672 Fax
amfarooq@gmail.com
______________________________________________________________________________________
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
I
consent
to the use, in registration statement on Form SB-2 of Marvin’s Place, Inc., of
my report dated May 21
st
2007 on
my audit
of the financial statements of Marvin’s Place, Inc., as of April 30, 2007, and
the related statements of operations, stockholders’ equity, and cash flows for
the year then ended, and the reference to me under the caption
“Experts”.
[Missing
Graphic Reference]
Arshad
M.
Farooq
Pomona,
CA
May
22
nd
.,
2007
PART
II: INFORMATION NOT REQUIRED IN PROSPECTUS
INDEMNIFICATION
OF DIRECTORS AND OFFICERS
Marvin’s
Place, Inc.’s Articles of Incorporation and Bylaws provide for the
indemnification of a present or former director or officer. Marvins indemnifies
any director, officer, employee or agent who is successful on the merits or
otherwise in defense on any action or suit. Such indemnification shall
include, but not necessarily be limited to, expenses, including attorney's
fees
actually or reasonably incurred by him. Nevada law also provides for
discretionary indemnification for each person who serves as or at our request
as
an officer or director. We may indemnify such individual against all
costs, expenses and liabilities incurred in a threatened, pending or completed
action, suit or proceeding brought because such individual is a director or
officer. Such individual must have conducted himself in good faith and
reasonably believed that his conduct was in, or not opposed to, our best
interests. In a criminal action, he must not have had a reasonable cause
to believe his conduct was unlawful.
NEVADA
LAW
Pursuant
to the provisions of Nevada Revised Statutes 78.751, AC shall indemnify any
director, officer and employee as follows: Every director, officer, or employee
of Marvin’s Place, Inc. shall be indemnified by us against all expenses and
liabilities, including counsel fees, reasonably incurred by or imposed upon
him/her in connection with any proceeding to which he/she may be made a party,
or in which he/she may become involved, by reason of being or having been a
director, officer, employee or agent of Marvin’s Place, Inc. or is or was
serving at the request of Marvin’s Place, Inc. as a director, officer, employee
or agent of Marvin’s Place, Inc., partnership, joint venture, trust or
enterprise, or any settlement thereof, whether or not he/she is a director,
officer, employee or agent at the time such expenses are incurred, except in
such cases wherein the director, officer, employee or agent is adjudged guilty
of willful misfeasance or malfeasance in the performance of his/her duties;
provided that in the event of a settlement the indemnification herein shall
apply only when the Board of Directors approves such settlement and
reimbursement as being for the best interests of Marvin’s Place, Inc.. Marvin’s
Place, Inc. shall provide to any person who is or was a director, officer,
employee or agent of the Corporation or is or was serving at the request of
Marvin’s Place, Inc. as a director, officer, employee or agent of the
corporation, partnership, joint venture, trust or enterprise, the indemnity
against expenses of a suit, litigation or other proceedings which is
specifically permissible under applicable law.
OTHER
EXPENSES OF ISSUANCE AND DISTRIBUTION
The
following table sets forth the costs and expenses payable by us in connection
with the sale of the common stock being registered. We have agreed to pay all
costs and expenses in connection with this offering of common stock. The
estimated expenses of issuance and distribution, assuming the maximum proceeds
are raised, are set forth below.
|
|
Legal
and Professional Fees
|
$
|
2,000
|
Accounting
Fees
|
$
|
2,000
|
Transfer
agent fees
|
$
|
2,000
|
|
|
|
Total
|
$
|
6,000
|
|
|
|
Legal
and Professional Fees
|
$
|
2,000
|
Accounting
Fees
|
$
|
2,000
|
Transfer
agent fees
|
$
|
2,000
|
|
|
|
Total
|
$
|
6,000
|
|
|
|
Legal
and
Professional Fees
$
2,000
Accounting
Fees
$
2,000
Transfer
agent fees
$
2,000
Total
$
6,000
|
Legal
and Professional Fees
|
$
|
2,000
|
Accounting
Fees
|
$
|
2,000
|
Transfer
agent fees
|
$
|
2,000
|
|
|
|
Total
|
$
|
6,000
|
|
|
|
Legal
and Professional Fees
|
$
|
2,000
|
Accounting
Fees
|
$
|
2,000
|
Transfer
agent fees
|
$
|
2,000
|
|
|
|
Total
|
$
|
6,000
|
|
|
|
RECENT
SALES OF UNREGISTERED SECURITIES
During
the past three years, Marvin’s Place, Inc. issued the following unregistered
securities in private transactions without registering the securities under
the
Securities Act:
1.
On
April 11, 2007, Chong Kim, our sole officer and director, paid for expenses
involved with the incorporation of the Company with personal funds on behalf
of
the Company in the amount of $5,000, in exchange for 2,000,000 shares of common
stock of the Company, par value $0.001 per share.
At
the
time of the issuance, Mr. Kim was in possession of all available material
information about us, as he is the sole AC officer and director. On the
basis of these facts, Marvin’s Place, Inc. claims that the issuance of stock to
its founding shareholder qualifies for the exemption from registration contained
in Section 4(2) of the Securities Act of 1933. Marvins believes that the
exemption from registration for these sales under Section 4(2) was available
because:
|
·
|
Mr.
Kim is an executive officer of Marvins and thus had fair access to
all
material information about Marvins before
investing;
|
|
·
|
There
was no general advertising or solicitation;
and
|
|
·
|
The
shares bear a restrictive transfer
legend.
|
All
shares issued to Mr. Kim were at a par price per share of $0.001. The
price of the common shares issued to Mr. Kim were arbitrarily determined and
bore no relationship to any objective criterion of value. At the time of
issuance, Marvins was recently formed or in the process of being formed and
possessed no assets.
INDEX
OF EXHIBITS
Exhibit
No. Name/Identification
of
Exhibit
3 Articles
of Incorporation & Bylaws
|
a)
|
Articles
of Incorporation filed on April 11,
2007
|
|
b)
|
Bylaws
adopted on April 11, 2007
|
5 Opinion
on Legality
a) Opinion
of
Randall Henderson, Esq.
23 Consent
of Experts
|
a)
|
Consent
of Randall Henderson, Esq.
|
99 Additional
Exhibits
|
b)
|
Subscription
Agreement
|
UNDERTAKINGS
In
this
Registration Statement, we are including undertakings required pursuant to
Rule
415 of the Securities Act and Rule 430A under the Securities Act.
Under
Rule 415 of the Securities Act, we are registering securities for an offering
to
be made on a continuous or delayed basis in the future. The registration
statement pertains only to securities (a) the offering of which will be
commenced promptly, will be made on a continuous basis and may continue for
a
period in excess of 30 days from the date of initial effectiveness and (b)
are
registered in an amount which, at the time the registration statement becomes
effective, is reasonably expected to be offered and sold within two years from
the initial effective date of the registration.
Based
on
the above-referenced facts and in compliance with the above-referenced rules,
we
are including the following undertakings in this Registration
Statement:
A.
The undersigned Registrant hereby undertakes:
(1)
To
file, during any period, in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)
To
include any prospectus required by section 10(a)(3) of the Securities Act of
1933, as amended;
(ii)
To
reflect in the prospectus any facts or events arising after the effective date
of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the Registration Statement.
Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end
of
the estimated maximum offering range may be reflected in the form of prospectus
filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes
in
the volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the "Calculation of the Registration
Fee"
table in the effective Registration Statement; and
(iii)
To
include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to
such information in the Registration Statement.
(1)
That,
for the purpose of determining any liability under the Securities Act of 1933,
as amended, each such post-effective amendment shall be deemed to be a new
Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona
fide offering thereof.
(2)
To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
B.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons
of
the Registrant pursuant to the provisions described in Item 14 above, or
otherwise, the Registrant has been
advised
that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act
and
is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Act
and
will be governed by the final adjudication of such issue.
SIGNATURES
In
accordance with the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements of filing on Form SB-2 and authorized this Registration Statement
to be signed on its behalf by the undersigned, in the City of Chino Hills,
State
of California on June 28, 2007.
|
|
Marvin’s
Place, Inc.
|
(Registrant)
|
|
By:
/s/ Chong Kim
|
Chong
Kim
|
President
|
|
Marvin’s
Place, Inc.
|
(Registrant)
|
|
By:
/s/ Chong Kim
|
Chong
Kim
|
President
|
|
Marvin’s
Place, Inc.
(Registrant)
By:
/s/
Chong Kim
Chong
Kim
President
|
Marvin’s
Place, Inc.
|
(Registrant)
|
|
By:
/s/ Chong Kim
|
Chong
Kim
|
President
|
|
Marvin’s
Place, Inc.
|
(Registrant)
|
|
By:
/s/ Chong Kim
|
Chong
Kim
|
President
|
|
In
accordance with the requirements of the Securities Act of 1933, this
Registration Statement was signed by the following persons in the capacities
and
on the dates stated:
|
|
|
|
|
Signature
|
Title
|
Date
|
|
|
|
/s/
Chong Kim
|
President,
CEO and Sole Director
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
/s/
Chong Kim
|
Chief
Financial Officer
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
/s/
Chong Kim
|
Chief
Accounting Officer
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
Signature
|
Title
|
Date
|
|
|
|
/s/
Chong Kim
|
President,
CEO and Sole Director
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
/s/
Chong Kim
|
Chief
Financial Officer
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
/s/
Chong Kim
|
Chief
Accounting Officer
|
June
28, 2007
|
Chong
Kim
|
|
|
Signature
Title
Date
/s/
Chong
Kim
President,
CEO and Sole Director
June
28,
2007
Chong
Kim
/s/
Chong
Kim
Chief
Financial Officer
June
28,
2007
Chong
Kim
/s/
Chong
Kim
Chief
Accounting Officer
June
28,
2007
Chong
Kim
|
|
|
|
Signature
|
Title
|
Date
|
|
|
|
/s/
Chong Kim
|
President,
CEO and Sole Director
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
/s/
Chong Kim
|
Chief
Financial Officer
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
/s/
Chong Kim
|
Chief
Accounting Officer
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
Signature
|
Title
|
Date
|
|
|
|
/s/
Chong Kim
|
President,
CEO and Sole Director
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
/s/
Chong Kim
|
Chief
Financial Officer
|
June
28, 2007
|
Chong
Kim
|
|
|
|
|
|
/s/
Chong Kim
|
Chief
Accounting Officer
|
June
28, 2007
|
Chong
Kim
|
|
|
Dealer
Prospectus Delivery Obligation
Prior
to
the expiration of 90 days after the effective date of this registration
statement or prior to the expiration of 90 days after the first date upon which
the security was bona fide offered to the public after such effective date,
whichever is later, all dealers that effect transactions in these securities,
whether or not participating in this offering, may be required to deliver a
prospectus. This is in addition to the dealers' obligation to deliver a
prospectus when acting as underwriters and with respect to their unsold
allotments or subscriptions.
Exhibit
3(b)
<?xml:namespace
prefix = o
ns = "urn:schemas-microsoft-com:office:office" />
By-Laws
of
MARVIN’S
PLACE,
INC.
ARTICLE
I
STOCKHOLDERS
Section
1.01
Annual Meeting
.
The
annual meeting of the
stockholders of the corporation shall be held on such date and at such time
as
designated from time to time for the purpose or electing directors of the
corporation and to transact all business as may properly come before the
meeting. If the election of the
directors is not held on the day designated herein for any annual meeting of
the
stockholders, or at any adjournment thereof, the president shall cause the
election to be held at a special meeting of the stockholders as soon thereafter
as is convenient.
Section
1.02
Special
Meeting
.
Special
meetings of the stockholders may
be called by the president or the Board of Directors and shall be called by
the
president at the written request of the holders of not less than 50% of the
issued and outstanding voting shares of the capital stock of the
corporation. All business lawfully
to be transacted by the stockholders may be transacted at any special meeting
or
at any adjournment thereof.
However, no business shall be acted
upon at a special meeting except that
referred to in the notice calling the meeting, unless all of the outstanding
capital stock of the corporation is represented either in person or in
proxy. Where all of the capital
stock is represented, any lawful business may be transacted and the meeting
shall be valid for all purposes.
Section
1.03
Place of
Meetings
.
Any
meeting of the stockholders of the
corporation may be held at its principal office in the State of Nevada or at
such other place in or out of the United States as the Board of Directors may
designate. A waiver of notice
signed by the Stockholders entitled to vote may designate any place for the
holding of the meeting.
Section
1.04
Notices of
Meetings
.
(a) The secretary shall
sign and deliver to all stockholders of record written or printed notice of
any
meeting at least ten (10) days, but not more than sixty (60) days, before the
date of such meeting; which notice shall state the place, date, and time of
the
meeting, the general nature of the business to be transacted, and, in the case
of any meeting at which directors are to be elected, the names of the nominees,
if any, to be presented for election.
(b)
In the case of any
meeting, any proper business may be presented for action, except the following
items shall be valid only if the general nature of the proposal is stated in
the
notice or written waiver of notice:
(1)
Action with respect to
any contract or transaction between the corporation and one or more of its
directors or officers or another firm, association, or corporation in which
one
of its directors or officers has a material financial
interest;
(2)
Adoption of amendments
to the Articles of Incorporation;
(3)
Action with respect to
the merger, consolidation, reorganization, partial or complete liquidation,
or
dissolution of the corporation.
(c)
The notice shall be
personally delivered or mailed by first class mail to each stockholder of record
at the last known address thereof, as the same appears on the books of the
corporation, and giving of such notice shall be deemed delivered the date the
same is deposited in the United State mail, postage prepaid. If the address of any stockholders
does
not appear upon the books of the corporation, it will be sufficient to address
such notice to such stockholder at the principal office of the
corporation.
(d)
The written certificate
of the person calling any meeting, duly sworn, setting forth the substance
of
the notice, the time and place the notice was mailed or personally delivered
to
the stockholders, and the addresses to which the notice was mailed shall be
prima face evidence of the manner and the fact of giving such
notice.
Section
1.05
Waiver of
Notice
.
If
all of the stockholders of the
corporation waive notice of a meeting, no notice shall be required, and,
whenever all stockholders shall meet in person or by proxy, such meeting shall
be valid for all purposes without call or notice, and at such meeting any
corporate action may be taken.
Section
1.06
Determination of
Stockholders of Record.
(a)
The Board of Directors
may at any time fix a future date as a record date for the determination of
the
stockholders entitled to notice of any meeting or to vote or entitled to receive
payment of any dividend or other distribution or allotment of any rights or
entitled to exercise any rights in respect of any other lawful action. The record date so fixed shall not
be
more than sixty (60) days nor less than ten (10) days prior to the date of
such
meeting nor more than sixty (60) days nor less than ten (10) days prior to
any
other action. When a record date is
so fixed, only stockholders of record on that date are entitled to notice of
and
to vote at the meeting or to receive the dividend, distribution or allotment
of
rights, or to exercise their rights, as the case may be, notwithstanding any
transfer of any shares on the books of the corporation after the record
date.
(b)
If no record date is
fixed by the Board of Directors, then (I) the record date for determining
stockholders entitled to notice of or to vote at a meeting of stockholders
shall
be at the close of business on the business day next preceding the day on which
notice is given or, if notice is waived at the close of business on the next
day
preceding the day on which the meeting is held; (ii) the record date for action
in writing without a meeting, when no prior action by the Board of Directors
is
necessary, shall be the day on which the written consent is given; and (iii)
the
record date for determining stockholders for any other purpose shall be at
the
close of business on the day in which the Board of Directors adopts the
resolution relating thereto, or the sixtieth (60th) day prior to the date of
such other action, whichever is later.
Section
1.07
Voting
.
(a)
Each stockholder of
record, or such stockholder's duly authorized proxy or attorney-in-fact shall
be
entitled to one (1) vote for each share of voting stock standing registered
in
such stockholder's name on the books of the corporation on the record
date.
(b)
Except as otherwise
provided herein, all votes with respect to shares standing in the name of an
individual on that record date (including pledged shares) shall be cast only
by
that individual or that individual's duly authorized proxy or
attorney-in-fact. With respect to
shares held by a representative of the estate of a deceased stockholder,
guardian, conservator, custodian or trustee, votes may be cast by such holder
upon proof of capacity, even though the shares do not stand in the name of
such
holder. In the case of shares under
the control of a receiver, the receiver may cast in the name of the receiver
provided that the order of the
court
of competent
jurisdiction which appoints the receiver contains the authority to cast votes
carried by such shares. If shares
stand in the name of a minor, votes may be cast only by the duly appointed
guardian of the estate of such minor if such guardian has provided the
corporation with written notice and proof of such
appointment.
(c)
With respect to shares
standing in the name of a corporation on the record date, votes may be cast
by
such officer or agent as the bylaws of such corporation prescribe or, in the
absence of an applicable bylaw provision, by such person as may be appointed
by
resolution of the Board of Directors of such corporation. In the event that no person is
appointed, such votes of the corporation may be cast by any person (including
the officer making the authorization) authorized to do so by the Chairman of
the
Board of Directors, President, or any Vice-President of such
corporation.
(d)
Notwithstanding anything
to the contrary herein contained, no votes may be cast by shares owned by this
corporation or its subsidiaries, if any.
If shares are held by this corporation
or its subsidiaries, if any in a
fiduciary capacity, no votes shall be cast with respect thereto on any matter
except to the extent that the beneficial owner thereof possesses and exercises
either a right to vote or to give the corporation holding the same binding
instructions on how to vote.
(e)
With respect to shares
standing in the name of two or more persons, whether fiduciaries, members of
a
partnership, joint tenants, tenants in common, husband and wife as community
property, tenants by the entirety, voting trustees, persons entitled to vote
under a stockholder voting agreement or otherwise and shares held by two or
more
persons (including proxy holders) having the same fiduciary relationship with
respect to the same shares, votes may be cast in the following
manner:
(1)
If only one person
votes, the vote of such person binds all.
(2)
If more than one person
votes, the act of the majority so voting binds all.
(3)
If more than one person
votes, but the vote is evenly split on a particular matter, the votes shall
be
deemed cast proportionately, as split.
(f)
Any holder of shares
entitled to vote on any matter may cast a portion of the votes in favor of
such
matter and refrain from casting the remaining votes or cast the same against
the
proposal, except in the case in the election of directors. If such holder entitled to vote fails
to
specify the number of affirmative votes, it will be conclusively presumed that
the holder is casting affirmative votes with respect to all shares
held.
(g)
If a quorum is present,
the affirmative vote of the holders of a majority of the voting shares
represented at the meeting and entitled to vote on the matter shall be the
act
of the stockholders, unless a vote of greater number by classes is required
by
the laws of the State of Nevada, the Articles of Incorporation or these
Bylaws.
Section
1.08
Quorum; Adjourned
Meetings
.
(a)
At any meeting of the
stockholders, a majority of the issued and outstanding voting shares of the
corporation represented in person or by proxy, shall constitute a
quorum.
(b)
If less than a majority
of the issued and outstanding voting shares are represented, a majority of
shares so represented may adjourn from time to time at the meeting, until
holders of the amount of stock required to constitute a quorum shall be in
attendance. At such adjourned
meeting at which a quorum shall be present, any business may be transacted
which
might have been transacted as originally called. When a stockholder's meeting is
adjourned to another time or place, notice need not be given of the adjourned
meeting if the time and place thereof are announced to the meeting to which
the
adjournment is taken, unless the
adjournment
is for more than
ten (10) days in which event notice thereof shall be
given.
Section
1.09
Proxies
.
At
any meeting of stockholders, any
holder of shares entitled to vote may authorize another person or persons to
vote by proxy with respect to the shares held by an instrument in writing and
subscribed to by the holder of such shares entitled to vote. No proxy shall be valid after the
expiration of six (6) months from or unless otherwise specified in the
proxy. In no event shall the term
of a proxy exceed seven (7) years from the date of its execution. Every proxy shall continue in full
force
and effect until expiration or revocation.
Revocation may be effected by filing
an instrument revoking the same or a
duly executed proxy bearing a later date with the secretary of the
corporation.
Section
1.10
Order of
Business
.
At
the annual stockholder's meeting, the
regular order of business shall be as follows:
1.
Determination of stockholders present and existence of
quorum;
2.
Reading and approval of the minutes of the previous meeting or
meetings;
3.
Reports
of
the Board of Directors, the president, treasurer and secretary of the
corporation, in the order named;
4.
Reports of committees;
5.
Election of directors;
6.
Unfinished business;
7.
New business; and
8.
Adjournment.
Section
1.11
Absentees' Consent to
Meetings
.
Transactions
of any meetings of the
stockholders are valid as though had at a meeting duly held after regular call
and notice of a quorum is present, either in person or by proxy, and if, either
before or after the meeting, each of the persons entitled to vote, not present
in person or by proxy (and those who, although present, either object at the
beginning of the meeting to the transaction of any business because the meeting
has not been lawfully called or convened or expressly object at the meeting
to
consideration of matters not included in the notice which are legally required
to be included there), signs a written waiver of notice and/or consent to the
holding of the meeting or an approval of the minutes thereof. All such waivers, consents, and
approvals shall be filed with the corporate records and made a part of the
minutes of the meeting. Attendance
of a person at a meeting shall constitute a waiver of notice of such meeting,
except that when the person objects at the beginning of the meeting is not
lawfully called or convened and except that attendance at the meeting is not
a
waiver of any right to object to consideration of matters not included in the
notice is such objection is expressly made at the beginning. Neither the
business to be transacted at nor the purpose of any regular or special meeting
of stockholders need be specified in any written waive of notice, except as
otherwise provided in section 1.04(b) of these bylaws.
Section
1.12
Action Without
Meeting
.
Any
action, except the election of
directors, which may be taken by the vote of the stockholders at a meeting,
may
be taken without a meeting if consented to by the holders of a majority of
the
shares entitled to vote or such greater proportion as may be required by the
laws of the State of Nevada, the Articles of Incorporation, or these
Bylaws. Whenever action is taken by
written consent, a meeting of stockholders need not be called or
noticed.
Section
1.13
Telephonic
Messages
.
Meeting
of the stockholders may be held
through the use of conference telephone or similar communications equipment
as
long as all members participating in such meeting can hear one another at the
time of such meeting. Participation
in such meeting constitutes presence in person at such
meeting.
ARTICLE
II
DIRECTORS
Section
2.01
Number, Tenure, and
Qualification
.
Except
as otherwise provided herein, the
Board of Directors of the corporation shall consist of at least one (1) and
no
more than Seven (7) persons, who shall be elected at the annual meeting of
the
stockholders of the corporation and who shall hold office or one (1) year or
until his or her successor or successors are elected and qualify. If, at any time, the number of the
stockholders of the corporation is less than one hundred (100), the Board of
Directors may consist of one person. A director need not be a stockholder of
the
corporation.
Section
2.02
Resignation
.
Any
director may resign effective upon
giving written notice to the Chairman of the Board of Directors, the president
or the secretary of the corporation, unless the notice specified at a later
time
for effectiveness of such resignation.
If the Board of Directors accepts the
resignation of a director tendered
o take effect at a future date, the Board of Directors or the stockholders
may
elect a successor to take office when the resignation becomes
effective.
Section
2.03
Change in
Number
.
Subject
to the limitations of the laws
of the State of Nevada, the Articles of Incorporation or Section 2.01 of these
Bylaws, the number of directors may be changed from time to time by resolution
adopted by the Board of Directors.
Section
2.04
Reduction in
Number
.
No
reduction of the number of directors
shall have the effect of removing any director prior to the expiration of his
term of office.
Section
2.05
Removal
.
(a)
The Board of Directors
of the corporation, by majority vote, may declare vacant the office of a
director who has been declared incompetent by an order of a court of competent
jurisdiction or convicted of a felony.
(b)
Any director may be
removed from office, with or without cause, by the vote or written consent
of
stockholders representing not less than fifty percent of the issued and
outstanding voting capital stock of the corporation.
Section
2.06
Vacancies
.
(a)
A vacancy in the Board
of Directors because of death, resignation, removal, change in the number of
directors, or otherwise may be filled by the stockholders at any regular or
special meeting or any adjourned meeting thereof (but not by written consent)
or
the remaining director(s) of the affirmative vote of a majority thereof. Each successor so elected shall hold
office until the next annual meeting of stockholders or until a successor shall
have been duly elected and qualified.
(b)
If, after the filling of
any vacancy by the directors, the directors then in office who have been elected
by the stockholders shall constitute less than a majority of the directors
then
in office, any holder or holders of an aggregate of five percent (5%) or more
of
the total number of shares entitled to vote may call a special meeting of the
stockholders to be held to elect the entire Board of Directors. The term of
office of any director shall terminate upon the election of a
successor.
Section
2.07
Regular
Meetings
.
Immediately
following the adjournment
of, and at the same place as, the annual meeting of the stockholders, the Board
of Directors, including directors newly elected, shall hold its annual meeting
without notice other than the provision to elect officers of the corporation
and
to transact such further business as may be necessary or appropriate. The Board of Directors may provide
by
resolution the place, date, and hour for holding additional regular
meetings.
Section
2.08
Special
Meetings
.
Special
meeting of the Board of
Directors may be called by the Chairman and shall be called by the Chairman
upon
request of any two (2) directors or the president of the
corporation.
Section
2.09
Place of Meetings
.
Any
meeting of the directors of the
corporation may be held at the corporation's principal office in the State
of
Nevada or at such other place in or out of the United States as the Board of
Directors may designate. A waiver
of notice signed by the directors may designate any place for holding of such
meeting.
Section
2.10
Notice of
Meetings
.
Except
as otherwise provided
in Section 2.07, the Chairman shall deliver to all directors written or printed
notice of any special meeting, at least 48 hours before the time of such
meeting, by delivery of such notice personally or mailing such notice first
class mail or by telegram. If
mailed, the notice shall be deemed delivered two (2) business days following
the
date the same is deposited in the United States mail, postage prepaid. Any director may waive notice o such
a
meeting, and the attendance of a director at such a meeting shall constitute
a
waiver of notice of such meeting, unless such attendance is for the express
purpose of objecting to the transaction of business thereat because the meeting
is not properly called or convened.
Section
2.11
Quorum; adjourned
Meetings
.
(a)
A majority of the Board
of Directors in office shall constitute a quorum.
(b)
At any meeting of the
Board of Directors where a quorum is present, a majority of those present may
adjourn, from time to time, until a quorum is present, and no notice of such
adjournment shall be required. At
any adjourned meeting where a quorum is present, any business may be transacted
which could have been transacted at the meeting originally
called.
Section
2.12
Action without
Meeting
.
Any
action required or permitted to be
taken at any meeting of the Board of Directors or any committee thereof ma
be
taken without a meeting if a written consent thereto is signed by all of the
members of the Board of Directors or of such committee. Such written consent or consents shall
be filed with the minutes of the proceedings of the Board of Directors or
committee. Such action by written
consent shall have the same force and effect as the unanimous vote of the Board
of Directors or committee.
Section
2.13
Telephonic
Meetings
.
Meetings
of the Board of Directors may
be held through the use of a conference telephone or similar communications
equipment so long as all members participating in such meeting can hear one
another at the time of such meeting. Participation in such a meeting constitutes
presence in person at such meeting.
Each person participating in the meeting
shall sign the minutes thereof,
which may be in counterparts.
Section
2.14
Board
Decisions
.
The
affirmative vote of a majority of
the directors present at a meeting at which a quorum is present shall be the
act
of the Board of Directors.
Section
2.15
Powers and
Duties
.
(a)
Except as otherwise
provided in the Articles of Incorporation or the laws of the State of Nevada,
the Board of Directors is invested with complete and unrestrained authority
to
manage the affairs of the corporation, and is authorized to exercise for such
purpose as the general agent of the corporation, its entire corporate authority
in such a manner as it sees fit.
The Board of Directors may delegate
any of its authority to manage,
control or conduct the current business of the corporation to any standing
or
special committee or to any officer or agent and to appoint any persons to
be
agents of the corporation with such powers including the power to sub-delegate,
and upon such terms as my be deemed fit.
(b)
The Board of Directors
shall present to the stockholders at annual meetings of the stockholders, and
when called for by a majority vote of the stockholders at a special meeting
of
the
stockholders,
a full and
clear statement of the condition of the corporation, and shall, at request,
furnish each of the stockholders with a true copy thereof.
(c)
The Board of Directors,
in its discretion, may submit any contract or act for approval or ratification
at any annual meeting of the stockholders or any special meeting properly called
for the purpose of considering any such contract or act, provide a quorum is
preset. The contract or act shall
be valid and binding upon the corporation and upon all stockholders thereof,
if
approved and ratified by the affirmative vote of a majority of the stockholders
at such meeting.
(d) The Board of Directors may ratify a “Related Transaction” by a
majority vote of the disinterested directors that are voting at any Special
or
Regularly scheduled board meeting. A Related Transaction is defined as a
material agreement, contract, or other transaction between a current officer,
director, or shareholder of the Corporation and the Corporation itself. Additionally, under no circumstances
may
the Related Transaction that is ratified be on less favorable terms to the
Company that it would have it been negotiated with an unrelated third
party.
Section
2.16
Compensation
.
The
directors shall be allowed and paid
all necessary expenses incurred in attending any meetings of the Board of
Directors, and shall be entitle to receive such compensation for their services
as directors as shall be determined form time to time by the Board of Directors
of any committee thereof.
Section
2.17
Board of
Directors
.
(a)
At its annual meeting,
the Board of Directors shall elect, from among its members, a Chairman to
preside at meetings of the Board of Directors. The Board of Directors may also elect
such other board officers as it may, from time to time, determine
advisable.
(b)
Any vacancy in any board
office because of death, resignation, removal or otherwise may be filled be
the
Board of Directors for the unexpired portion of the term of such
office.
Section
2.18
Order of
Business
.
The
order of business at any
meeting of the Board of Directors shall be as follows:
1.
Determination of members present and existence of
quorum;
2.
Reading and approval of minutes of any previous meeting or
meetings;
3.
Reports of officers and committeemen;
4.
Election of officers (annual meeting);
5.
Unfinished business;
6.
New business; and
7.
Adjournment.
ARTICLE
III
OFFICERS
Section
3.01
Election
.
The
Board of Directors, at its first
meeting following the annual meeting of shareholders, shall elect a President,
a
Secretary and a Treasurer to hold office for a term of one (1) year and until
their successors are elected and qualified. Any person may hold two or more
offices. The Board of Directors
may, from time to time, by resolution, appoint one or more Vice-Presidents,
Assistant Secretaries, Assistant Treasurers and transfer agents of the
corporation, as it may deem advisable; prescribe their duties; and fix their
compensation.
Section
3.02
Removal;
Resignation
.
Any officer or agent
elected or appointed by the Board of
Directors
may be removed by
it with or without cause. Any
office may resign at any time upon written notice to the corporation without
prejudice to the rights, if any, of the corporation under contract to which
the
resigning officer is a party.
Section
3.03
Vacancies
.
Any
vacancy in any office because of
death, resignation, removal or otherwise may be filled by the Board of Directors
for the unexpired term or such office.
Section
3.04
CEO
.
The
CEO shall be deemed the
general manager and executive officer of the corporation, subject to the
supervision and control of the Board of Directors, and shall direct the
corporate affairs, with full power to execute all resolutions and orders of
the
Board of Directors not especially entrusted to some other officer of the
corporation. The CEO shall preside
at all meetings of the stockholders and shall perform such other duties as
shall
be prescribed by the Board of Directors.
Unless
otherwise ordered by
the Board of Directors, the CEO shall have the full power and authority on
behalf of the corporation to attend and to act and to vote at meetings of the
stockholders of any corporation in which the corporation may hold stock and,
at
such meetings, shall possess and may exercise any and all rights and powers
incident to the ownership of such stock.
The Board of Directors, by resolution
from time to time, may confer like
powers on a person or persons in place of the CEO to represent the corporation
for these purposes.
Section
3.05
Vice CEO
.
The
Board of Directors may
elect one or more Vice CEOs who shall be vested with all the powers and perform
all the duties of the CEO whenever the CEO is absent or unable to act, including
the signing of the certificates of stock issued by the corporation, and the
Vice
CEO shall perform such other duties as shall be prescribed by the Board of
Directors.
Section
3.06
Secretary
.
The
Secretary shall keep the
minutes of all meetings of the stockholders and the Board of Directors in books
provide for that purpose. The
secretary shall attend to the giving and service of all notices of the
corporation, may sign with the CEO in the name of the corporation all contracts
authorized by the Board of Directors or appropriate committee, shall have the
custody of the corporate seal, shall affix the corporate seal to all
certificates of stock duly issued by the corporation, shall have charge of
stock
certificate books, transfer books and stock ledgers, and such other books and
papers as the Board of Directors or appropriate committee may direct, and shall,
in general, perform all duties incident to the office of the Secretary. All corporate books kept by the
Secretary shall be open for examination by any director at any reasonable
time.
Section
3.07
Assistant
Secretary
.
The
Board of Directors may
appoint an Assistant Secretary who shall have such powers and perform such
duties as may be prescribed for him by the Secretary of the corporation or
by
the Board of Directors.
Section
3.08
Treasurer
.
The
Treasurer shall be the
chief financial officer of the corporation, subject to the supervision and
control of the Board of Directors, and shall have custody of all the funds
and
securities of the corporation. When
necessary or proper, the Treasurer shall endorse on behalf of the corporation
for collection checks, notes, and other obligations, and shall deposit all
moneys to the credit of the corporation in such bank or banks or other
depository as the Board of Directors may designate, and shall sign all receipts
and vouchers for payments by the corporation. Unless otherwise specified by the Board
of Directors, the Treasurer shall sign with the CEO all bills of exchange and
promissory notes of the corporation, shall also have the care and custody of
the
stocks, bonds, certificates, vouchers, evidence of debts, securities, and such
other property belonging to the corporation as the Board of Directors shall
designate, and shall sign all papers required by law, by these Bylaws, or by
the
Board of Directors to be signed by the Treasurer. The Treasurer shall enter regularly
in
the books of the corporation, to be kept for that purpose, full and accurate
accounts of all moneys received and paid on account of the corporation and,
whenever required by the Board of Directors, the Treasurer shall render a
statement of any or all accounts.
The Treasurer shall at all reasonable
times exhibit the books
of
account
to any directors of
the corporation and shall perform all acts incident to the position of the
Treasurer subject to the control of the Board of
Directors.
The
Treasurer shall, if
required by the Board of Directors, give bond to the corporation in such sum
and
with such security as shall be approved by the Board of Directors for the
faithful performance of all the duties of Treasurer and for restoration to
the
corporation, in the event of the Treasurer's death, resignation, retirement
or
removal from office, of all books, records, papers, vouchers, money and other
property belonging to the corporation.
The expense of such bond shall be borne
by the
corporation.
Section
3.09.
Assistant
Treasurer
.
The
Board of Directors may appoint an
Assistant Treasurer who shall have such powers and perform such duties as may
be
prescribed by the Treasurer of the corporation or by the Board of Directors,
and
the Board of Directors may require the Assistant Treasurer to give a bond to
the
corporation in such sum and with such security as it may approve, for the
faithful performance of the duties of Assistant Treasurer, and for restoration
to the corporation, in the event of the Assistant Treasurer's death,
resignation, retirement or removal from office, of all books, records, papers,
vouchers, money and other property belonging to the corporation. The expense of such bond shall be borne
by the corporation.
ARTICLE
IV
CAPITAL
STOCK
Section
4.01
Issuance
.
Shares
of capital stock of the
corporation shall be issued in such manner and at such times and upon such
conditions as shall be prescribed by the Board of Directors. Additionally,
the
Board of Directors of the corporation may not cause a reverse split of the
outstanding common stock of the corporation without an affirmative vote of
the
holders of 70% of the capital stock of the corporation entitled to vote or
by
the consent of the stockholders in accordance with Section 1.12 of these Bylaws.
The corporation may not issue capital stock of the corporation which exceeds
10%
of the issued and outstanding common stock of the Corporation in a six month
period without an affirmative vote of the holders of 70% of the capital stock
of
the corporation entitled to vote or by the consent of the stockholders in
accordance with Section 1.12 of these Bylaws.
Section
4.02
Certificates
.
Ownership
in the corporation shall be
evidenced by certificates for shares of the stock in such form as shall be
prescribed by the Board of Directors, shall be under the seal of the corporation
and shall be signed by the CEO or a Vice-CEO and also by the Secretary or an
Assistant Secretary. Each
certificate shall contain the then name of the record holder, the number,
designation, if any, class or series of shares represented, a statement of
summary of any applicable rights, preferences, privileges or restrictions
thereon, and a statement that the shares are assessable, if applicable. All certificates shall be consecutively
numbered. The name, address and
federal tax identification number of the stockholder, the number of shares,
and
the date of issue shall be entered on the stock transfer books of the
corporation.
Section
4.03
Surrender; Lost or
Destroyed Certificates
.
All
certificates surrendered to the corporation, except those representing shares
of
treasury stock, shall be canceled and no new certificate shall be issued until
the former certificate for a like number of shares shall have been canceled,
except that in case of a lost, stolen, destroyed or mutilated certificate,
a new
one may be issued therefore.
However, any stockholder applying for
the issuance of a stock certificate
in lieu of one alleged to have been lost, stolen, destroyed or mutilated shall,
prior to the issuance of a replacement, provide the corporation with his, her
or
its affidavit of the facts surrounding the loss, theft, destruction or
mutilation and if required by the Board of Directors, an indemnity bond in
any
amount and upon such terms as the Treasurer, or the Board of Directors, shall
require. In no case shall the bond
be in an amount less than twice the current market value of the stock and it
shall indemnify the corporation against any loss, damage, cost or inconvenience
arising as a consequence of the issuance of a replacement
certificate.
Section
4.04
Replacement
Certificate
.
When
the Articles of
Incorporation are amended in any way
effecting
the statements
contained in the certificates for outstanding shares of capital stock of the
corporation or it becomes desirable for any reason, including, without
limitation, the merger or consolidation of the corporation with another
corporation or the reorganization of the corporation, to cancel any outstanding
certificate for shares and issue a new certificate for shares, the corporation
shall issue an order for stockholders of record, to surrender and exchange
the
same for new certificates within a reasonable time to be fixed by the Board
of
Directors. The order may provide
that a holder of any certificate (s) ordered to be surrendered shall not be
entitled to vote, receive dividends or exercise any other rights of stockholders
until the holder has complied with the order, provided that such order operates
to suspend such rights only after notice and until
compliance.
Section
4.05
Transfer of
Shares
.
No
transfer of stock shall be valid as
against the corporation except on surrender and cancellation of the certificates
therefore accompanied by an assignment or transfer by the registered owner
made
either in person or under assignment.
Whenever any transfer shall be expressly
made for collateral security and
not absolutely, the collateral nature of the transfer shall be reflected in
the
entry of transfer on the books of the corporation.
Section
4.06
Transfer Agent
.
The
Board of Directors may
appoint one or more transfer agents and registrars of transfer and may require
all certificates for shares of stock to bear the signature of such transfer
agent and such registrar of transfer.
Section
4.07
Stock Transfer
Books
.
The
stock transfer books shall be closed
for a period of at least ten (10) days prior to all meetings of the stockholders
and shall be closed for the payment of dividends as provided in Article V hereof
and during such periods as, from time to time, may be fixed by the Board of
Directors, and, during such periods, no stock shall be
transferable.
Section
4.08
Miscellaneous
.
The
Board of Directors shall have the
power and authority to make such rules and regulations not inconsistent herewith
as it may deem expedient concerning the issue, transfer, and registration of
certificates for shares of the capital stock of the
corporation.
ARTICLE
V
DIVIDENDS
Section
5.01
Dividends
.
Dividends
may be declared,
subject to the provisions of the laws of the State of <?xml:namespace prefix =
st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Nevada and the Articles
of Incorporation, by the Board of Directors at any regular or special meeting
and may be paid in cash, property, shares of the corporation stock, or any
other
medium. The Board of Directors may
fix in advance a record date, as provided in Section 1.06 of these Bylaws,
prior
to the dividend payment for purpose of determining stockholders entitled to
receive payment of any dividend.
The Board of Directors may close the
stock transfer books for such
purpose for a period of not more than ten (10) days prior to the payment date
of
such dividend.
ARTICLE
VI
OFFICES;
RECORDS, REPORTS;
SEAL AND FINANACAL MATTERS
Section
6.01
Principal
Office
.
The
Board of Directors may from time to
time, by resolution, change the location of the principal office within the
State of Nevada. The corporation
may also maintain an office or offices at such other place or places, either
within or without the State of Nevada, as may be resolved, from time to time,
by
the Board of Directors.
Section
6.02
Records
.
The
stock transfer books and a certified
copy of the Bylaws, Articles of Incorporation, any amendments thereto, and
the
minutes of the proceedings of stockholders, the Board of Directors, and
Committees of the Board of Directors shall be kept at the principal office
of
the corporation for the inspection of all who have the right to see the same
and
for the transfer of stock. All
other books of the
corporation
shall be kept at
such places as may be prescribed by the Board of
Directors.
Section
6.03
Financial Report on
Request
.
Any
stockholder or
stockholders holding at least five percent (5%) of the outstanding shares of
any
class of stock may make a written request for an income statement of the
corporation for the three (3) month, six (6) month or nine (9) month period
of
the current fiscal year ended more than thirty (30) days prior to the date
of
the request and a balance sheet of the corporation as of the end of such
period. In addition, if no annual
report of the last fiscal year has been sent to stockholders, such stockholder
or stockholders may make a request for a balance sheet as of the end of such
fiscal year and an income statement and statement of changes in financial
position for such fiscal year. The
statements shall be delivered or mailed to the person making the request within
thirty (30) days thereafter. A copy
of the statements shall be kept on file in the principal office of the
corporation for twelve (12) months, and such copies shall be exhibited at all
reasonable times to any stockholder demanding an examination of them or a copy
shall be mailed to each stockholder.
Upon request by any stockholder, there
shall be mailed to the stockholder
a copy of the last annual, semiannual or quarterly income statement which it
has
prepared and a balance sheet as of the end of the period. The financial statements referred to
in
this Section 6.03 shall be accompanied by the report thereon, if any, of any
independent accountants engaged by the corporation or the certificate of an
authorized officer of the corporation that such financial statements were
prepared without audit from the books and records of the
corporation.
Section
6.04
Right of
Inspection
.
(a)
The accounting and
records and minutes of proceedings of the stockholders and the Board of
Directors shall be open to inspection upon the written demand of any stockholder
or holder of a voting trust certificate at any reasonable time during usual
business hours for a purpose reasonably related to such holder's interest as
a
stockholder or as the holder of such voting trust certificate. This right of inspection shall extend
to
the records of the subsidiaries, if any, of the corporation. Such inspection may be made in person
or
by agent or attorney, and the right of inspection includes the right to copy
and
make extracts.
(b)
Every director shall
have the absolute right at any reasonable time to inspect and copy all books,
records, and documents of every kind and to inspect the physical properties
of
the corporation and/or its subsidiary corporations. Such inspection may be made in person
or
by agent or attorney, and the right of inspection includes the right to copy
and
make extracts.
Section
6.05
Corporate Seal
.
The
Board of Directors may, by
resolution, authorize a seal, and the seal may be used by causing it, or a
facsimile, to be impressed or affixed or reproduced or otherwise. Except when otherwise specifically
provided herein, any officer of the corporation shall have the authority to
affix the seal to any document requiring it.
Section
6.06
Fiscal Year-End
.
The
fiscal year-end of the
corporation shall be such date as may be fixed from time to time by resolution
by the Board of Directors.
Section
6.07
Reserves
.
The
Board of Directors may
create, by resolution, out of the earned surplus of the corporation such
reserves as the directors may, from time to time, in their discretion, think
proper to provide for contingencies, or to equalize dividends or to repair
or
maintain any property of the corporation, or for such other purpose as the
Board
of Directors may deem beneficial to the corporation, and the directors may
modify or abolish any such reserves in the manner in which they were
created.
Section
6.08
Payments to Officers or
Directors
.
Any
payments made to an officer or
director of the corporation, such as salary, commission, bonus, interest, rent
or entertainment expense, which shall be disallowed by the Internal Revenue
Service in whole or in part as a deductible expense by the corporation, shall
be
reimbursed by such officer or director to the corporation to the full extent
of
such disallowance. It shall be the
duty of the Board of Directors to enforce repayment of each such amount
disallowed. In lieu of
direct
reimbursement
by such
officer or director, the Board of Directors may withhold future compensation
to
such officer or director until the amount owed to the corporation has been
recovered.
ARTICLE
VII
INDEMNIFICATION
Section
7.01
In General
.
Subject
to Section 7.02, the
corporation shall indemnify any director, officer, employee or agent of the
corporation, or any person serving in any such capacity of any other entity
or
enterprise at the request of the corporation, against any and all legal expenses
(including attorneys' fees), claims and/or liabilities arising out of any
action, suit or proceeding, except an action by or in the right of the
corporation.
Section
7.02
Lack of Good Faith;
Criminal Conduct
.
The
corporation may, by shall not be
required to, indemnify any person where such person acted in good faith and
in a
manner reasonably believed to be in or not opposed to the best interests of
the
corporation and, with respect to any criminal action or proceeding, where there
was not reasonable cause to believe the conduct was unlawful. The termination of any action, suit
or
proceeding by judgment, order or settlement, conviction, or upon a plea of
nolo
contendere or its equivalent, shall not, of itself, create a presumption that
the person did not act in good faith and in a manner reasonably believed to
be
in or not opposed to the best interests of the corporation, and that, with
respect to any criminal action or proceeding, there was reasonable cause to
believe that the conduct was unlawful.
Section
7.03
Successful Defense of
Actions
.
The
corporation shall reimburse or
otherwise indemnify any director, officer, employee, or agent against legal
expenses (including attorneys' fees) actually and reasonably incurred in
connection with defense of any action, suit, or proceeding herein above referred
to, to the extent such person is successful on the merits or
otherwise.
Section
7.04
Authorization
.
Indemnification
shall be
made by the corporation only when authorized in the specific case and upon
a
determination that indemnification is proper by:
(1)
The
stockholders;
(2)
A
majority vote of a quorum of the Board of Directors, consisting of directors
who
were not parties to the action, suit, or proceeding; or
(3)
Independent legal counsel in a written opinion, if a quorum of
disinterested directors so orders or if a quorum of disinterested directors
so
orders or if a quorum of disinterested directors cannot be
obtained.
Section
7.05
Advancing Expenses
.
Expenses
incurred in defending any
action, suit, or proceeding may be paid by the corporation in advance of the
final disposition, when authorized by the Board of Directors, upon receipt
of an
undertaking by or on behalf of the person defending to repay such advances
if
indemnification is not ultimately available under these
provisions.
Section
7.06
Continuing
Indemnification
.
The
indemnification provided by these
Bylaws shall continue as to a person who has ceased to be director, officer,
employee, or agent and shall inure to the benefit of the heirs, executors,
and
administrators of such a person.
Section
7.07
Insurance
.
The
corporation may purchase and
maintain insurance on behalf of any person who is or was a director, officer,
employee, or agent of the corporation or who is or was serving at the request
of
the corporation in any capacity against any liability
asserted.
ARTICLE
VIII
BYLAWS
Section
8.01
Amendment
.
These
Bylaws may be altered,
amended or repealed at any regular meeting of the Board of Directors without
prior notice, or at any special meeting of the Board of Directors if notice
of
such alteration, amendment or repeal be contained in the notice of such
alteration, amendment or repeal be contained in the notice of such special
meeting. These Bylaws may also be
altered, amended, or repealed at a meeting of the stockholders at which a quorum
is present by the affirmative vote of the holders of 70% of the capital stock
of
the corporation entitled to vote or by the consent of the stockholders in
accordance with Section 1.12 of these Bylaws. The stockholders may provide by
resolution that any Bylaw provision repealed, amended, adopted or altered by
them may not be repealed amended, adopted or altered by the Board of
Directors.
CERTIFICATION
I,
the undersigned, being
the duly elected secretary of the corporation, do hereby certify that the
foregoing Bylawswere adopted by the
Board of Directors the 11
th
day of April 2007.
/s/ Chong Kim
Title:
Secretary
Print
Name: Chong Kim
CORPORATE
SEAL