PINX:SDNT Quarterly Report 10-Q Filing - 8/7/2012

Effective Date 8/7/2012

 

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-Q


  ☑ Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended April 30, 2012


-OR-


☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transaction period from _________ to________


Commission File Number:    333-172110


Strategic Dental Management Corp.

(Exact name of Registrant in its charter)

 


Colorado   27-1340346
(State or Other Jurisdiction of Incorporation or Organization)   (I.R.S. Employer Identification Number)

 

     
     
1496 N. Higley Rd. Ste. 104 Gilbert AZ   85234
(Address of Principal Executive Offices   (Zip Code)

 

     
     
Registrant's Telephone Number, Including Area Code:   (480) 654-9400




Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes ☐   No ☐


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):



 
 


     
Large accelerated filer ☐   Non-accelerated filer ☐
Accelerated filer ☐   Smaller reporting company ☑

 


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  

Yes ☐ No ☑


The number of outstanding shares of the registrant's common stock, May 15, 2012:  Common Stock – 4,988,500

 

 


 

 
 

 

 

STRATEGIC DENTAL MANAGEMENT CORP

(A Development Stage Company)

 

FINANCIAL STATEMENTS

(Unaudited)

 

Quarter Ended June 30, 2012

 

 

 

 

STRATEGIC DENTAL MANAGEMENT CORP
(A Development Stage Company)
BALANCE SHEET
                         
                         
                      June 30, 2012  
                  Dec. 31, 2011   (Unaudited)  
  ASSETS          
                         
    Current assets                  
          Cash            $               12,455    $                 14,427  
    Total current assets                        12,455                       14,427  
                         
    Total Assets            $               12,455    $                 14,427  
                         
  LIABILITIES &           
  STOCKHOLDERS' EQUITY              
                         
    Current liabilities                
          Accrued payables          $                   332    $                     515  
          Convertible notes payable - related party                      6,000                         6,000  
    Total current liabilities                            6,332                         6,515  
                         
    Total Liabilities                            6,332                         6,515  
                         
    Stockholders' Equity                
          Preferred stock, $.001 par value;            
              5,000,000 shares authorized;             
              no shares issued and outstanding                               -                               -  
          Common stock, $.001 par value;            
              45,000,000 shares authorized;             
               4,988,500 shares issued and outstanding                    4,989                         4,989  
          Additional paid in capital                        13,661                       13,661  
          Deficit accumulated during the dev. stage                 (12,527)                     (10,738)  
                         
    Total Stockholders' Equity                          6,123                         7,912  
                         
    Total Liabilities and Stockholders' Equity  $               12,455    $                 14,427  
                         

 

 The accompanying notes are an integral part of the financial statements.

 

 
 

 

STRATEGIC DENTAL MANAGEMENT CORP
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
                
          
                        Period From 
                        Jan. 08, 2010 
    Three Months    Three Months    Six Months    Six Months    (Inception) 
    Ended    Ended    Ended    Ended    Through 
    June 30, 2011    June 30, 2012    June 30, 2011    June 30, 2012    June 30, 2012 
                          
                          
Revenue - related party  $—     $4,000   $2,000   $5,500   $19,204 
                          
Operating expenses:                         
    General and administrative   —      199    3,200    3,528    29,777 
    —      199    3,200    3,528    29,777 
                          
Gain (loss) from operations   —      3,801    (1,200)   1,972    (10,573)
                          
Other income (expense):                         
    Miscellaneous income   —      —      —      —      200 
    Interest expense   —      (90)   —      (183)   (365)
    —      (90)   —      (183)   (165)
                          
Income (loss) before                         
    provision for income taxes   —      3,711    (1,200)   1,789    (10,738)
                          
Provision for income tax   —      —      —      —      —   
                          
Net income (loss)  $—     $3,711   $(1,200)  $1,789   $(10,738)
                          
Net income (loss) per share                         
(Basic and fully diluted)  $—     $0.00   $(0.00)  $0.00      
                          
Weighted average number of                         
common shares outstanding   4,900,000    4,988,500    4,900,000    4,988,500      
                          
                          

 The accompanying notes are an integral part of the financial statements.

 

 
 

 

 

STRATEGIC DENTAL MANAGEMENT CORP
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
          
          
              Period From 
              Jan. 08, 2010 
    Six Months    Six Months    (Inception) 
    Ended    Ended    Through 
    June 30, 2011    June 30, 2012    June 30, 2012 
                
Cash Flows From Operating Activities:               
    Net income (loss)  $(1,200)  $1,789   $(10,738)
                
    Adjustments to reconcile net loss to               
    net cash provided by (used for)               
    operating activities:               
        Accounts receivable   —      —      (79)
        Accrued payables   —      183    515 
        Write offs   —      —      79 
        Compenstory stock issuances   —      —      800 
Net cash provided by (used for)               
operating activities   (1,200)   1,972    (9,423)
                
                
Cash Flows From Investing Activities:               
    —      —      —   
              Net cash provided by (used for)               
investing activities   —      —      —   
                
                
                
                
(Continued On Following Page)               

 The accompanying notes are an integral part of the financial statements.

 

 

 
 

 

 

 

 

 

 

STRATEGIC DENTAL MANAGEMENT CORP
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
          
          
(Continued From Previous Page)
          
          
          
              Period From 
              Jan. 08, 2010 
    Six Months    Six Months    (Inception) 
    Ended    Ended    Through 
    June 30, 2011    June 30, 2012    June 30, 2012 
                
Cash Flows From Financing Activities:               
Notes payable - borrowing   —      —      6,000 
        Sales of common stock   —      —      17,850 
Net cash provided by (used for)               
financing activities   —      —      23,850 
                
Net Increase (Decrease) In Cash   (1,200)   1,972    14,427 
                
Cash At The Beginning Of The Period   7,855    12,455    —   
                
Cash At The End Of The Period  $6,655   $14,427   $14,427 
                
                
Schedule Of Non-Cash Investing And Financing Activities          
                
None               
                
Supplemental Disclosure               
                
Cash paid for interest  $—     $—     $—   
Cash paid for income taxes  $—     $—     $—   

 

 The accompanying notes are an integral part of the financial statements.

 

 
 

 

 

 

 

Strategic Dental Management Corp

(A Development Stage Company)

Financial Statements

(Unaudited)

 

 

TABLE OF CONTENTS

 

FINANCIAL STATEMENTS     PAGE  
         
         
Balance sheets     1  
Statements of operation      2  
Statements of cash flows     3  
Notes to consolidated financial statements     5  
         
         
         

 

 
 

 

STRATEGIC DENTAL MANAGEMENT CORP

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Strategic Dental Management Corp (the “Company”) was incorporated in the State of Colorado on January 8, 2010. The Company provides consulting and management services to the dental industry. The Company is currently considered to be in the development stage, and has generated only limited revenues from its consulting activities.

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and cash equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

 

Accounts receivable

 

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.

 

Property and equipment

 

Property and equipment are recorded at cost and depreciated under accelerated or straight line methods over each item's estimated useful life.

 

 

 

5

 
 

STRATEGIC DENTAL MANAGEMENT CORP

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

 

Revenue recognition

 

Revenue is recognized on an accrual basis as earned under contract terms.

 

Advertising costs

 

Advertising costs are expensed as incurred.

 

Income tax

 

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards 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 management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Net income (loss) per share

 

The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.

 

Financial Instruments

 

The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheets, approximates fair value.

 

Long-Lived Assets

 

In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.

 

 

6

 
 

STRATEGIC DENTAL MANAGEMENT CORP

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

 

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

 

 

 

 

 
 

SIGNATURES


Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.


Strategic Dental Management Corp.



By:  /s/ Brian E Ray

Brian E Ray, President

 

Date:  August 7, 2012

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:  /s/ Brian E Ray

Brian E Ray

Principal Executive Officer

Director and President

 

Date:  August 7, 2012

 

 

 

By:  /s/ John C. Lundgreen

John C. Lundgreen

Principal Financial and Accounting Officer

Director and Secretary/Treasurer

 

Date:  August 7, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

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