NOTE 1 CONDENSED FINANCIAL STATEMENTS
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The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2014, and for all periods presented herein, have been made.
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Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2013 audited financial statements. The results of operations for the periods ended March 31, 2014 and the same period last year are not necessarily indicative of the operating results for the full years.
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NOTE 2 GOING CONCERN
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The Companys financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $87,329, an accumulated deficit of $1,092,649 and net loss from operations since inception of $1,101,889. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founders shares.
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In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
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The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable 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.
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NOTE 3 - IMPAIRMENT OF FIXED ASSET
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On January 8, 2014, the Company, completed the acquisition of, and exclusive rights in and to, computer source code related to software applications for the management of Internet cloud storage services in exchange for 4,000,000 shares of Common Restricted Stock at a value of $0.25 per share for the source and object code forms of the software applications.
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Within the guidelines of the ASC, it was deemed that this acquisition of an intangible fixed asset of $1,000,000 did not pass the quantitative test of impairment and it has accordingly been written down to a zero balance.
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NOTE 4 CAPITAL STOCK
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The Companys capitalization is 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued.
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On September 30, 2009, the President was issued 2,280,000,000 common shares for $9,500 cash, which was received on October 8, 2009.
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In March, 2012 the Company issued 40,560,000 common shares for cash of $5,070.
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On February 5, 2013 the Company approved that the 75,000,000 authorized common shares be increased to 200,000,000 authorized common shares
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On February 5, 2013 the company approved a 240:1 forward stock split, which has been retroactively stated throughout.
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On February 6, 2013 the Company redeemed 2,220,000,000 common shares (9,250,000 pre-split) for $10 cash. This resulted in a reduction in the Accumulated Deficit of $9,240. The stock was cancelled.
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On January 8, 2014, the Company issued 4,000,000 common shares in exchange for a capital acquisition, at $0.25 per share.
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As of March 31, 2014, the Company has not granted any stock options and has not recorded any stock-based compensation.
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As of March 31, 2014, 104,560,000 (100,560,000 as of December 31, 2013) common shares were issued and outstanding.
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NOTE 5 LOAN PAYABLE RELATED PARTY LOANS
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At March 31, 2014 the Company received a loan from related parties totaling $100,001 ($47,951 at December 31, 2013) of which $17,200 ($15,700 at December 31, 2013) were for expenses paid on behalf of the company by a vendor and $82,801 ($32,251 at December 31, 2013) were for expenses paid on behalf of a shareholder. These amounts are payable on demand and without interest.
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NOTE 6 CONSULTING AGREEMENT
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On March 19, 2014 the Company entered into a consulting agreement to develop software development. The terms of agreement are for 9 months at $25,000 per month with effect from April 1, 2014.
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NOTE 7 - RECENT ACCOUNTING PRONOUNCEMENTS
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The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the companys financial statement.
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NOTE 8 - SUBSEQUENT EVENTS
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The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and has determined that there are no further events to disclose.
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