Cash and Cash Equivalents
Authorized:
with a par value of $.001
with a par value of $.001
STATEMENT OF OPERATIONS
For The Three ( 3 ) Months Ended March 31 2010
Office Supplies/Expenses
per Common Share.
financial statements is unaudited, it includes all adjustments, which are,
in the opinion of management, necessary to present fairly the financial position
results of operations and cash flows for the interim period presented
in accordance with accounting principles generally accepted in the United States
of America.
necessarily indicative of results that can be expected for the
forthcoming year ending December 31 2010.
is in the Business of Marketing Companies.
accepted accounting principles applicable to a going concern, which assumes
that the Company will be able to meet its obligations and continue its operations
for its next fiscal year.At March 31 2010 the Company had not yet achieved
profitable operations, has accumulated losses of $ 681,730 since its inception.
The Company expects to incur further losses in the development of its business,
all of which casts substantial doubt about the Company's ability to continue
as a going concern. The Company's ability to continue as a going concern is
dependent upon its ability to generate future profitable operations and/or
to obtain the necessary financing to meet its obligations and repay its
liabilities arising from normal business operations when they come due.
Management anticipates that additional funding will be in the form of equity
financing from the sale of common stock. Management may also seek to obtain
shortterm loans from the directors of the Company. There are no current
arrangements in place for equity funding or short term loans.
products to the consumer through multiple channels of media distribution.
EyeCity.com, Inc. also will be producing training videos, multilevel marketing
and seminar based productions and product promotions for infomercial
television broadcasts and Internet.
media business, we will continually push the envelope with leading edge
technology reaching more consumers each year after the next.
Eyecity.com,Inc. Is geared for launch of its newest acquisition.
liabilities and due to/from related parties approximate fair value because of the
shortterm nature of these instruments.Management is of the opinion that the
Company is not exposed to significant interest, currency or credit risks arising
from these financial instruments.
"Earnings Per Share" SFAS 128 requires presentation of both basic and diluted
earnings per share ("EPS")on the face of the income statement. Basic loss per
share is computed by dividing net loss available to common shareholders by
the weighted average number of common shares outstanding during the year.
Diluted EPS gives effect to all dilutive potential common shares outstanding
during the year including stock options, using the treasury stock method, and
convertible preferred stock, using the ifconverted method. In computing
diluted EPS , the average stock price for the year is used in determining the
number of shares assumed to be purchased from the exercise of stock options
or warrants. Diluted EPS excludes all dilutive potential common shares if
their effect is anti dilutive.
some assets and liabilities are exposed to Canadian dollar foreign currency
fluctuations.As at August 31 2009 there were no amounts denominated in
Canadian dollars included in the financial statements. Balances in U.S. Dollars
at Canadian institutions are not protected by insurance and are therefore subject
to deposit risk. As at August 31 2009 all cash and equivalents represented cash
at Canadian financial instititions.
translated into US dollars as follows.
Nonmonetary assets are translated at the rate of exchange in effect at their
acquisition, unless such assets are carried at market or nominal value, in which
case they are translated at the periodend exchange rate. Revenue and expense
items are translated at the average exchange rate for the period. Foreign
exchange gains and losses in the period are included in operations.
requires the use of asset and liability method of accounting for Income Taxes.
Under the asset and liability method of SFAS 109, deferred tax assets and
liabilities are recognized for future tax consequences attributable to temporary
differences between the financial statements carrying amounts of existing
assets and liabilities and loss carry forwards and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the year in which those temporary differences
are expected to be recovered or settled.
accounting principles applicable to the Company as they are issued, which may
be in advance of their effective date. Management does not believe that any
recently issued, but not yet effective, accounting standards if currently adopted
would have a material effect on the accompanying financial statements.
Company will be able to meet its obligations and continue its operations for its
next fiscal year .
these financial statements do not give effect to adjustments that would be
necessary to the carrying values and classification of assets and liabilities should
the Company be unable to continue as a going concern.
present efforts to establish its business and its planned principal operations.
