(Mark
One)
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[X]
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the quarterly period ended: March 31,
2009
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Or
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[ ]
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the transition period from ____________ to
_____________
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Commission
File Number: 333-153826
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FASHION
NET, INC.
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(Exact
name of registrant as specified in its charter)
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Nevada
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26-0685980
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification No.)
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11088 Arcadia Sunrise Drive, Henderson,
Nevada
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89052
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(Address
of principal executive offices)
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(Zip
Code)
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(702) 524-1091
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(Registrant's
telephone number, including area code)
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(Former
name, former address and former fiscal year, if changed since last
report)
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Large
accelerated filer [ ]
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Accelerated
filer [ ]
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Non-accelerated
filer [ ] (Do not check if a
smaller reporting company)
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Smaller
reporting
company [X]
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Common
Stock, $0.001 par value
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10,170,000
shares
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(Class)
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(Outstanding
as at May 14, 2009)
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Page
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3
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3
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4
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5
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6
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7
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9
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12
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13
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13
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13
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14
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March
31,
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December
31,
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|||||||
2009
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2008
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Assets
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||||||||
Current
assets:
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Cash
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$ | 2,354 | $ | 2,854 | ||||
$ | 2,354 | $ | 2,854 | |||||
Liabilities
and Stockholders’ Equity
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Current
liabilities:
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Accounts
payable and accruals
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$ | 449 | $ | 449 | ||||
Total
current liabilities
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449 | 449 | ||||||
Stockholders’
equity
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Common
stock, $0.001 par value, 75,000,000 shares
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||||||||
authorized,
10,170,000 shares issued and outstanding
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10,170 | 10,170 | ||||||
Additional
paid-in capital
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13,209 | 13,209 | ||||||
(Deficit)
accumulated during development stage
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(21,474 | ) | (20,974 | ) | ||||
1,905 | 2,405 | |||||||
$ | 2,354 | $ | 2,854 |
For
the three months ended
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August
7, 2007
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March
31,
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(Inception)
to
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2009
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2008
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March
31, 2009
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Revenue
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$ | - | $ | - | $ | - | ||||||
Expenses:
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Executive
compensation
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- | - | 10,000 | |||||||||
General
and administrative expenses
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500 | 632 | 11,474 | |||||||||
Total
expenses
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500 | 632 | 21,474 | |||||||||
(Loss)
before provision for income taxes
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(500 | ) | (632 | ) | (21,474 | ) | ||||||
Provision
for income taxes
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- | - | - | |||||||||
Net
(loss)
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$ | (500 | ) | $ | (632 | ) | $ | (21,474 | ) | |||
Weighted
average number of
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||||||||||||
common
shares outstanding – basic and fully diluted
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10,170,000 | 10,000,000 | ||||||||||
Net
(loss) per share – basic and fully diluted
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$ | (0.00 | ) | $ | (0.00 | ) |
For
the three months ended
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August
7, 2007
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March
31,
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(Inception)
to
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2009
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2008
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March
31, 2009
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Cash
flows from operating activities
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Net
(loss)
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$ | (500 | ) | $ | (632 | ) | $ | (21,474 | ) | |||
Adjustments
to reconcile net (loss) to
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Net
cash (used) by operating activities:
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Shares
issued for executive compensation
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- | - | 10,000 | |||||||||
Changes
in operating assets and liabilities:
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Increase
in accounts payable
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- | - | 449 | |||||||||
Net
cash (used) by operating activities
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(500 | ) | (632 | ) | (11,025 | ) | ||||||
Cash
flows from financing activities
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Donated
capital
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- | 760 | 4,879 | |||||||||
Issuances
of common stock
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- | - | 8,500 | |||||||||
Net
cash provided by financing activities
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- | 760 | 13,379 | |||||||||
Net
increase (decrease) in cash
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(500 | ) | 128 | 2,354 | ||||||||
Cash
– beginning
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2,854 | 200 | - | |||||||||
Cash
– ending
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$ | 2,354 | $ | 328 | $ | 2,354 | ||||||
Non-cash
transactions:
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Shares
issued for executive compensation
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$ | - | $ | - | $ | 10,000 | ||||||
Number
of shares issued for executive compensation
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- | - | 10,000,000 |
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1.
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In
August 2007, we issued 10,000,000 shares of our common stock to Evelyn
Meadows, our sole officer and director, in exchange for services performed
valued at $10,000.
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2.
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In
April 2008, we sold 170,000 shares of our common stock to twenty-eight
non-affiliated purchasers for cash in the amount of $8,500, in an offering
made under Regulation D, Rule 505, of the Securities Act of 1933, as
amended.
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3.
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Through
March 31, 2009, Ms. Meadows has contributed cash in the amount of $4,879
to us for operating capital. The funds were donated and are not
expected to be repaid.
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1.
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Pertain
to the maintenance of records that in reasonable detail accurately and
fairly reflect the transactions and dispositions of the assets of the
company;
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2.
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Provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America and that
receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company;
and
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3.
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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.
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1.
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Lack
of a functioning audit committee due to a lack of a majority of
independent members and a lack of a majority of outside directors on our
board of directors, resulting in ineffective oversight in the
establishment and monitoring of required internal controls and
procedures;
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2.
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Inadequate
segregation of duties consistent with control objectives;
and
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3.
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Ineffective
controls over period end financial disclosure and reporting
processes.
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Exhibit
Number
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Name
and/or Identification of Exhibit
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3
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Articles
of Incorporation & By-Laws
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(a)
Articles of Incorporation *
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(b)
By-Laws *
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31
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Rule
13a-14(a)/15d-14(a) Certifications
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32
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Certification
under Section 906 of the Sarbanes-Oxley Act (18 U.S.C. Section
1350)
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* Incorporated
by reference herein filed as exhibits to the Company’s Registration
Statement on Form S-1 previously filed with the SEC on October 3,
2008.
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FASHION
NET, INC.
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(Registrant)
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Signature
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Title
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Date
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/s/
Evelyn Meadows
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President,
CEO and Director
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May
14, 2009
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Evelyn
Meadows
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/s/
Evelyn Meadows
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Chief
Financial Officer
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May
14, 2009
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Evelyn
Meadows
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/s/
Evelyn Meadows
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Chief
Accounting Officer
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May
14, 2009
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Evelyn
Meadows
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