XOTC:MDNT Quarterly Report 10-Q Filing - 3/31/2012

Effective Date 3/31/2012

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ----------------- FORM 10Q ----------------- (Mark One) [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2012 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to ___________ Commission file number: 000-53835 FAIRWAY PROPERTIES, INC. -------------------------------- (Exact name of registrant as specified in its charter) Nevada 41-2251802 ------ ---------- (State of Incorporation) (IRS Employer ID Number) 340 S Lemon Ave #5353, Los Angeles, CA 91789 -------------------------------------------- (Address of principal executive offices) 866-532-4792 (Registrant's Telephone number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes [X] 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 for Regulation S-T (ss.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 file, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] (Do not check if a smaller reporting company) <PAGE> Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] Indicate the number of share outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of May 11, 2012, there were 1,404,000 shares of the registrant's common stock issued and outstanding. <PAGE> Page PART I - FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Balance Sheets - March 31, 2012 and December 31, 2011 (Audited) 1 Statements of Operations - Three months ended March 31, 2012 and 2011 and From September 10, 2007(Inception) to March 31, 2012 2 Statements of Changes in Shareholders' Deficit - From September 10, 2007 (Inception) to March 31, 2012 3 Statements of Cash Flows - Three months ended March 31, 2012 and From September 10, 2007 (Inception) to March 31, 2012 4 Notes to the Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Item 3. Quantitative and Qualitative Disclosures About Market Risk - Not Applicable 10 Item 4. Controls and Procedures 11 PART II - OTHER INFORMATION Item 1. Legal Proceedings - Not Applicable 11 Item 1A. Risk Factors - Not Applicable 11 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 11 -Not Applicable Item 3. Defaults Upon Senior Securities - Not Applicable 11 Item 4. Mine Safety Disclosure - Not Applicable 11 Item 5. Other Information - Not Applicable 11 Item 6. Exhibits 12 SIGNATURES 13 <PAGE> PART I ITEM 1. FINANCIAL STATEMENTS FAIRWAY PROPERTIES, INC. (A Development Stage Company) BALANCE SHEETS March 31, December 31, 2012 2011 ----------------- ----------------- (Unaudited) (Audited) <S> <C> <C> Assets Current Assets: Cash $ 892 $ 814 ----------------- ----------------- Total Current Assets 892 814 ----------------- ----------------- Total Assets $ 892 $ 814 ================= ================= Liabilities and Stockholders' Equity (Deficit) Current liabilities Accounts payable $ 50,844 $ 48,312 Credit Line 1,000 1,000 ----------------- ----------------- Total Current Liabilities 51,844 49,312 ----------------- ----------------- Stockholders' Equity Common stock, $0.001 par value; 140,000,000 shares authorized, 1,404,000 and 1,404,000 shares issued and outstanding, respectively 1,404 1,404 Additional paid-in capital 75,181 75,181 Deficit accumulated during the development stage (127,537) (125,083) ----------------- ----------------- Total Stockholders' Equity (50,952) (48,498) ----------------- ----------------- Total Liabilities and Stockholders' Equity $ 892 $ 814 ================= ================= See the notes to these financial statements. 1 <PAGE> FAIRWAY PROPERTIES, INC. (A Development Stage Company) STATEMENTS OF OPERATIONS (Unaudited) September 10, 2007 Three Months Ended Three Months Ended (Inception) Through March 31, March 31, March 31, 2012 2011 2012 ------------------------ ---------------------- -------------------- <S> <C> <C> <C> Revenue: $ 120 $ 230 $ 1,756 ------------------------ ---------------------- -------------------- Operational expenses: General and administrative expenses 42 35 12,728 Licensing fees 1,500 1,500 12,700 Professional fees 1,032 7,414 102,164 ------------------------ ---------------------- -------------------- Total operational expenses (2,574) (8,949) (127,592) ------------------------ ---------------------- -------------------- Other income (expense): Interest expense - - (1,701) ------------------------ ---------------------- -------------------- Net loss $ (2,454) $ (8,719) $ (127,537) ======================== ====================== ==================== Per share information Net loss per common share Basic and fully diluted $ (0.00) $ (0.01) ======================== ====================== Weighted average number of common stock outstanding 1,404,000 1,404,000 ======================== ====================== See the notes to these financial statements. 2 <PAGE> FAIRWAY PROPERTIES, INC. (A Development Stage Company) STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended Three Months Ended September 30, 2007 March 31, March 31, (Inception) Through 2012 2011 March 31, 2012 ------------------ ------------------- ------------------- <S> <C> <C> <C> Cash Flows from Operating Activities: Net Loss $ (2,454) $ (8,719) $ (127,537) Adjustments to reconcile net loss to net cash used in operating activities: Common stock issued for services - - 6,835 Increase in assets and liabilities: Increase (decrease) in accounts payable and accrued liabilities 2,532 2,532 51,844 ------------------ ------------------- ------------------- Net Cash Used by Operating Activities 78 (6,187) (68,858) ------------------ ------------------- ------------------- Cash Flows from Financing Activities: Proceeds from sale of common stock - - 69,750 Proceeds from note payable, related party - - 25,000 Payment of note payable, related party - - (25,000) ------------------ ------------------- ------------------- Net Cash Provided by Financing Activities - - 69,750 ------------------ ------------------- ------------------- Net Increase in Cash 78 (6,187) 892 Cash and Cash Equivalents - Beginning of Period 814 11,322 - ------------------ ------------------- ------------------- Cash and Cash Equivalents - End of Period $ 892 $ 5,135 $ 892 ================== =================== =================== Supplemental Disclosure Cash paid for interest $ - $ - $ - ================== =================== =================== Cash paid for income taxes $ - $ - $ - ================== =================== =================== See the notes to these financial statements. 3 <PAGE> FAIRWAY PROPERTIES, INC. (A Development Stage Company) STATEMENT OF STOCKHOLDER'S EQUITY (DEFICIT) FOR THE PERIOD OF SEPTEMBER 10, 2007 (INCEPTION) THROUGH MARCH 31, 2012 (Unuadited) Deficit Accum Additional During Common Stock Amount Paid-in Development Number of shares $.001 Par Capital Stage Totals ----------------- ------------ ------------ -------------- -------------- <S> <C> <C> <C> <C> <C> Beginning Balance - September 10, 2007 - $ - $ - $ - $ - Common stock issued to directors for services 485,802 486 - - 486 Common stock issued for services 608,000 608 792 - 1,400 Net loss - - - (19,250) (19,250) ----------------- ------------ ------------ -------------- -------------- Balance - December 31, 2007 1,093,802 1,094 792 (19,250) (17,364) Common stock issued to directors 11,448 11 - 11 Common stock issued for services 19,750 20 4,918 - 4,938 Common stock issued for cash 279,000 279 69,471 - 69,750 Net loss - - - (16,640) (16,640) ----------------- ------------ ------------ -------------- -------------- Balance - December 31, 2008 1,404,000 1,404 75,181 (35,890) 40,695 Net loss - - - (2,633) (2,633) ----------------- ------------ ------------ -------------- -------------- Balance - December 31, 2009 1,404,000 1,404 75,181 (38,523) 38,062 Net loss - - - (52,054) (52,054) ----------------- ------------ ------------ -------------- -------------- Balance - December 31, 2010 1,404,000 1,404 75,181 (90,577) (13,992) Net loss - - - (34,506) (34,506) ----------------- ------------ ------------ -------------- -------------- Balance - December 31, 2011 1,404,000 $ 1,404 $ 75,181 $ (125,083) $ (48,498) Net loss - - - (2,454) (2,454) ----------------- ------------ ------------ -------------- -------------- Balance - March 31, 2012 1,404,000 $ 1,404 $ 75,181 $ (127,537) $ (50,952) ================= ============ ============ ============== ============== See the notes to these financial statements. 4 <PAGE> FAIRWAY PROPERTIES, INC. (A Development Stage Company) Notes to the Financial Statements For the March 31, 2012 (Unaudited) NOTE 1 - BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Business Fairway Properties, Inc. ("the Company") was incorporated on September 10, 2007 in the state of Nevada. The Company's fiscal year end is December 31st. The Company offers real estate professionals and advertisers a niche marketing tool, FairwayProperties.com (the "Website"), which enables professionals and advertisers to deliver information about golf properties and related real estate matters to prospective buyers. Basis of Presentation Development Stage Company The Company has not earned significant revenues from planned operations. Accordingly, the Company's activities have been accounted for as those of a "Development Stage Company." Among the disclosures required, are that the Company's financial statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception. Interim Presentation In the opinion of the management of the Company, the accompanying unaudited financial statements include all material adjustments, including all normal and recurring adjustments, considered necessary to present fairly the financial position and operating results of the Company for the periods presented. The financial statements and notes do not contain certain information included in the Company's financial statements for the year ended December 31, 2011. It is the Company's opinion that when the interim financial statements are read in conjunction with the December 31, 2011 Audited Financial Statements, the disclosures are adequate to make the information presented not misleading. Interim results are not necessarily indicative of results for a full year or any future period. Going Concern The Company's financial statements for the year ended December 31, 2011 and the three months ended December 31, 2012 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported an accumulated deficit of $127,537 as of December 31, 2011. Prior to January 1, 2010, the Company did not recognize revenues from its activities. During the three months ended March 31, 2012, the Company recognized $120 in revenues from its operational activities. These factors raise substantial doubt about the Company's ability to continue as a going concern. 5 <PAGE> Significant Accounting Policies Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the 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 periods. 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 and money market instruments to be cash equivalents. Revenue Recognition The Company recognizes revenue when it is earned and expenses are recognized when they occur. Loss Per Share Earnings per Share, requires dual presentation of basic and diluted earnings or loss per share (EPS) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Income Taxes Provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets, and for operating loss and tax credit carry forwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustment to the tax provision or benefit in the period of enactment. Recent Accounting Pronouncements There were various accounting standards and interpretations issued during the three months ended September 30, 2012, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. NOTE 2 - CREDIT LINE The Company has a credit line with a $5,000 limit. The credit line has an interest rate of 10% on principal and a due date of December 31, 2012. At March 31, 2012, the Company owes $1,000 on the credit line. 6 <PAGE> NOTE 3 - STOCKHOLDERS' EQUITY (DEFICIT) The authorized capital stock of the Company is 140,000,000 shares with a $0.001 par value. At March 31, 2012, the Company had 1,404,000 shares of its common stock issued and outstanding. The Company does not have any preferred shares issued or authorized. During the nine months ended September 30, 2011 and 2010, the Company did not issue any shares of its common stock. NOTE 4 - INCOME TAXES Under the asset and liability method, deferred income taxes are recognized for the tax consequences of "temporary differences" by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. 2012 2011 ---- ----- <S> <C> <C> Deferred tax assets Net operating loss carryforwards $ 27,471 $ 25,017 Valuation allowance ( 27,471) ( 25,017) --------------- ------------- Net deferred tax assets $ 0 $ 0 =============== ============= At March 31, 2012 and at December 31, 2011, the Company had net operating loss carryforwards of approximately $127,537 and $125,083, respectively, for federal income tax purposes. These carryforwards, if not utilized to offset taxable income, will begin to expire in 2028. NOTE 5 - SUBSEQUENT EVENTS The Company has evaluated it activities subsequent to the three months ended March 31, 2012 through May 11, 2012 and found no reportable subsequent events. 7 <PAGE> ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our unaudited financial statements and notes thereto included herein. In connection with, and because we desire to take advantage of, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on our behalf. We disclaim any obligation to update forward-looking statements. The independent registered public accounting firm's report on the Company's financial statements as of December 31, 2010, and for each of the years in the two-year period then ended, includes a "going concern" explanatory paragraph, that describes substantial doubt about the Company's ability to continue as a going concern. Plan of Operations ------------------ Fairway is a development stage company and has minimal revenue producing activities. Niche Technologies delivered a website with the necessary functionality for us to generate revenue in late July 2009. We worked with Niche Technologies throughout 2009 to refine the website and prepare it for operations. Since the website launched, our business plan has been to earn revenue from the sale of property and agent listings on our web site, as well as reselling services offered through the Niche Properties Network, such as property and agent listings on other niche websites and Luxury Property Blog advertising. With the completion of our website, we have only generated minimal revenues of the last two years, which is not enough to support the ongoing operations of the Company or to support growth activities. Given the current state of the real estate industry, management believes that the Company's ability to generate revenue solely through its current operational activities is limited until the real estate industry for such properties begins to improve. In that regard, management has expanded is business plan as discussed below. We intend to obtain debt and, or, equity finance to meet our ongoing operating expenses and attempt to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. There is and can be no assurance that these events can be successfully completed. In particular there is no assurance that any such business will be located or that any stockholder will realize any return on their shares after such a transaction. Any merger or acquisition completed by us can be expected to have a significant dilutive effect on the percentage of shares held by our current stockholders. We believe we are an insignificant participant among the firms which engage in the acquisition of business opportunities. There are many established venture capital and financial concerns that have significantly greater financial and personnel resources and technical expertise than we have. In view of our limited financial resources and limited management availability, we will continue to be at a significant competitive disadvantage compared to our competitors. 8 <PAGE> We intend to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to us by persons or firms which desire to seek the advantages of an issuer who has complied with the Securities Act of 1934 (the "1934 Act"). We will not restrict our search to any specific business, industry or geographical location, and we may participate in business ventures of virtually any nature. This discussion of our proposed business is purposefully general and is not meant to be restrictive of our unlimited discretion to search for and enter into potential business opportunities. We anticipate that we may be able to participate in only one potential business venture because of our lack of financial resources. Based on our current cash reserves of $892 at March 31, 2012, we have an operational budget of less than three months. We have begun generating nominal revenue and expect that our monthly sales will cover our monthly operational costs sometime during late 2012. If we incur unforeseen expenses or do not generate sufficient revenue over the next 3 months to cover our operating costs, it is possible we will deplete our cash reserves and need to raise additional money. However, generating sufficient revenue through our sales activities to cover our operating costs should enable us to continue forward without raising additional money. Currently, we have no committed source for any funds as of the date hereof. No representation is made that any funds will be available when needed. In the event funds cannot be raised if and when needed, we may not be able to carry out our business plan and could fail in business as a result of these uncertainties. The independent registered public accounting firm's report on the Company's financial statements as of December 31, 2011, and for each of the years in the two-year period then ended, includes a "going concern" explanatory paragraph, that describes substantial doubt about the Company's ability to continue as a going concern. RESULTS OF OPERATIONS --------------------- For the Three Months Ended March 31, 2012 Compared to the Three Months Ended March 31, 2011 During the three months ended March 31, 2012, we recognized revenues from our operations of $120. During the three months ended March 31, 2012, we recognized revenues of $230 from our operations. The decrease of $110 was a result of our decreased activities. During the three months ended March 31, 2012, we incurred operational expenses of $2,574 compared to $8,949 during the three months ended March 31, 2011. The decrease of $6,375 was a result of decrease of $6,382 in professional fees offset by an increase of $7 in general and administrative expenses. During the three months ended March 31, 2012, we incurred a net loss of $2,454. During the three months ended March 31, 2012, we incurred a net loss of $8,719. The decrease of $6,265 is a direct result of the $6,375 decrease in operational expenses as explained above. LIQUIDITY --------- At March 31, 2012, we had total current assets of $892, consisting solely of cash. At March 31, 2012, we had current liabilities of $51,844, consisting solely of accounts payable. At March 31, 2012, we had working capital deficit of $50,952. During the three months ended March 31, 2012, we received $78 in our operating activities. During the three months ended March 31, 2012, net losses of $2,454 9 <PAGE> were not adjusted for any non-cash items. During the three months ended March 31, 2012, accounts payable and accrued expenses increased by $2,532. During the three months ended March 31, 2012, we used $6,187 in our operating activities. During the three months ended March 31, 2010, net losses of $8,719 were not adjusted for any non-cash items. During the three months ended March 31, 2012 and 2011, we did not use or receive funds from any investing activities. During the three months ended March 31, 2012 and 2011, we did not use or receive funds from financing activities. Short Term We currently have cash reserves of $892. We have begun generating nominal revenue but we have been unable to generate consistent revenue. This should enable us to continue forward without raising money through additional offering of shares. However, if we are unable to generate enough revenue to cover our operational costs, we will need to seek additional sources of funds. Currently, we have no committed source for any funds as of the date hereof. No representation is made that any funds will be available when needed. In the event funds cannot be raised if and when needed, we may not be able to carry out our business plan and could fail in business as a result of these uncertainties. Going Concern The independent registered public accounting firm's report on the Company's financial statements as of December 31, 2011, and for each of the years in the two-year period then ended, includes a "going concern" explanatory paragraph, that describes substantial doubt about the Company's ability to continue as a going concern. Capital Resources We have only common stock as our capital resource. We have no material commitments for capital expenditures within the next year. Need for Additional Financing We do not have capital sufficient to meet our cash needs on a long-term basis. Based on our current cash reserves of $892, we have an operational budget of less than three months. If sales do not prove to be sufficient to cover our operational needs, we may have to seek loans or equity placements to cover such cash needs. We are dependent on our majority-shareholder Niche Technologies to provide the platform and the technical support for our website. No commitments to provide additional funds have been made by our management or other stockholders. Accordingly, there can be no assurance that any additional funds will be available to us to allow it to cover our expenses as they may be incurred or if needed. ITEM 3. QUANTATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Not Applicable 10 <PAGE> ITEM 4. CONTROLS AND PROCEDURES Disclosures Controls and Procedures We have adopted and maintain disclosure controls and procedures (as such term is defined in Rules 13a 15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized and reported within the time periods required under the SEC's rules and forms and that the information is gathered and communicated to our management, including our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), as appropriate, to allow for timely decisions regarding required disclosure. As required by SEC Rule 15d-15(b), our Chief Executive Officer and Chief Financial Officer, Mr. Michael Murphy, carried out an evaluation under the supervision and with the participation of our management, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 15d-14 as of the quarter ended March 31, 2012. Based on the foregoing evaluation, Mr. Murphy has concluded that our disclosure controls and procedures are effective in timely alerting them to material information required to be included in our periodic SEC filings and to ensure that information required to be disclosed in our periodic SEC filings is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. There was no change in the Company's internal control over financial reporting that occurred during the fiscal quarter ended March 31, 2012, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS NONE. ITEM 1A. RISK FACTORS NOT APPLICABLE TO SMALLER REPORTING COMPANIES. ITEM 2. CHANGES IN SECURITIES NONE. ITEM 3. DEFAULTS UPON SENIOR SECURITIES NONE. ITEM 4. MINE SAFETY DISCLOSURES NOT APPLICABLE. ITEM 5. OTHER INFORMATION NONE. 11 <PAGE> ITEM 6. EXHIBITS Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K. Exhibit 31.1 Certification of Principal Executive/Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act Exhibit 32.1 Certification of Principal Executive and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act 101.INS XBRL Instance Document Filed Herewith 101.SCH XBRL Taxonomy Extension Schema Document Filed Herewith 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document Filed Herewith 101.DEF XBRL Taxonomy Extension Definition Linkbase Document Filed Herewith 101.LAB XBRL Taxonomy Extension Label Linkbase Document Filed Herewith 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document Filed Herewith 12 <PAGE> SIGNATURES Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FAIRWAY PROPERTIES, INC. (Registrant) Dated: May 14, 2012 By: /s/ Michael D. Murphy -------------------------- Michael D. Murphy (Principal Executive Officer and Principal Accounting Officer) 13

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XOTC:MDNT Quarterly Report 10-Q Filing - 3/31/2012
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