UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2012
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from to
Commission File Number 000-53625
PLANTATION LIFECARE DEVELOPERS INC.
(Exact name of small business issuer as specified in its charter)
DELAWARE | | 16-1614060 |
(State of other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
7325 OSWEGO ROAD
LIVERPOOL, NY 13090
(Address of principal executive offices)
(315) 451-4889
(Issuer's telephone number)
Check 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 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 [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 of Regulation S-T (§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 [X] No [ ]
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]
Indicate by check mark whether the registrant is a large accelerated filer, 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. (Check one)
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
(Do not check if a smaller reporting company)
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:
35,300,000 shares of Common Stock, par value $0.0004 per share, as of March 31, 2012, period covered in this report.
35,300,000 shares of Common Stock, par value $0.0004 per share, as of May 23, 2012, date of filing this report.
PLANTATION LIFECARE DEVELOPERS INC. (A Development Stage Company) |
MARCH 31, 2012 |
| |
| PART I – FINANCIAL INFORMATION | Page |
Item 1. | Financial Statements | |
| (Unaudited) Balance Sheets as of March 31, 2012 and December 31, 2011 | 3 |
| (Unaudited) Statements of Operations For the three months ended March 31, 2012 and March 31, 2011 For the period from (inception) January 1, 2001 (Inception) to March 31, 2012 | 4 |
| (Unaudited) Statements of Cash Flows For the three months ended March 31, 2012 and March 31, 2011 For the cumulative period from January 1, 2001 (Inception) to March 31, 2012 | 5 |
| Notes to Financial Statements (Unaudited) | 6-7 |
Item 2. | Management’s Discussion and Analysis or Plan of Operation | 8 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 15 |
Item 4. | Controls and Procedures | 16 |
| | |
| PART II – OTHER INFORMATION | |
Item 1. | Legal Proceedings | 18 |
Item1A | Risk Factors | 18 |
Item 2. | Unregistered Sale of Equity Securities and Use of Proceeds | 23 |
Item 3. | Defaults Upon Senior Securities | 23 |
Item 4. | Mine Safety Disclosure | 23 |
Item 5. | Other Information | 23 |
Item 6. | Exhibits | 24 |
| SIGNATURES | 25 |
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
PLANTATION LIFECARE DEVELOPERS, INC. |
(A DEVELOPMENT STAGE COMPANY) | |
BALANCE SHEETS | |
| | | | | | | |
| | | | (Unaudited) | | | |
| | | | March 31, | | December 31, | |
| | | | 2012 | | 2011 | |
ASSETS | | | | | | | |
Current Assets: | | | | | | |
Cash | | | $ | 294 | $ | 80 | |
Accounts Receivable | | | 591 | | 825 | |
Total Current Assets | | | 885 | | 905 | |
| | | | | | | |
Property and Equipment: | | | | | | |
Payphone equipment | | | 20,000 | | 20,000 | |
Less accumulated depreciation | | | (6,333) | | (5,333) | |
Net Property and Equipment | | | 13,667 | | 14,667 | |
| | | | | | | |
TOTAL ASSETS | | $ | 14,552 | $ | 15,572 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
LIABILITIES & EQUITY | | | | | | |
Current Liabilities: | | | | | | |
Accounts Payable | | $ | 400 | $ | 315 | |
Accounts Payable - Related Party | | | 16,000 | | 8,500 | |
Accrued Liabilities | | | 6,500 | | 14,000 | |
Related Party Notes Payable | | | 45,535 | | 45,085 | |
Interest Payable- Related Party | | | 16,824 | | 14,796 | |
| | | | | | | |
Total Current Liabilities | | | 85,259 | | 82,696 | |
| | | | | | | |
Total Liabilities | | | 85,259 | | 82,696 | |
| | | | | | | |
Stockholder's Deficit | | | | | | |
Preferred Stock, par value $.0004, | | | | | | |
10,000,000 shares Authorized , 0 shares Issued and | | | | | |
Outstanding at March 31, 2012 and December 31, 2011 | | - | | - | |
Common Stock, par value $.0004, | | | | | | |
250,000,000 shares Authorized, 35,300,000 shares Issued and | | | | | |
Outstanding at March 31, 2012 and December 31, 2011 | | 14,120 | | 14,120 | |
Additional Paid-In Capital | | | 1,040,344 | | 1,037,344 | |
Deficit Accumulated During the Development Stage | | (1,125,171) | | (1,118,588) | |
| | | | | | | |
Total Stockholder's Deficit | | | (70,707) | | (67,124) | |
| | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ | 14,552 | $ | 15,572 | |
| | | | | | | |
The accompanying notes are an integral part of these unaudited financial statements | |
PLANTATION LIFECARE DEVELOPERS, INC. |
(A DEVELOPMENT STAGE COMPANY) |
STATEMENTS OF OPERATIONS |
(Unaudited) |
| | | | | | |
| | | | | | Cumulative |
| | Three Months Ended | | Since |
| | March 31, | | January 1, |
| | 2012 | | 2011 | | 2001 (Unaudited) |
| | | | | | |
Revenues: | | | | | | |
Income | $ | 3,468 | $ | 3,941 | $ | 23,411 |
Cost of Services | | (4,278) | | (4,438) | | (27,133) |
Gross Margin | | (810) | | (497) | | (3,722) |
| | | | | | |
Expenses: | | | | | | |
Accounting and bookkeeping | | - | | 300 | | 45,575 |
Amortization expense | | - | | - | | 3,000 |
Other General and administrative expense | | 3,005 | | 3,044 | | 19,805 |
Insurance | | - | | - | | 471,948 |
Legal fee - Merger | | - | | - | | 10,052 |
Offering cost | | - | | - | | 411,286 |
Outside services | | 40 | | 320 | | 9,805 |
Rent expense | | - | | - | | 1,260 |
Travel expense | | - | | - | | 2,641 |
Total Operating Expenses | | 3,045 | | 3,664 | | 975,372 |
| | | | | | |
Operating Loss | | (3,855) | | (4,161) | | (979,094) |
| | | | | | |
Other Expense | | | | | | |
Interest expense | | (2,028) | | (1,987) | | (143,285) |
| | | | | | |
Loss Before Income Taxes | | (5,883) | | (6,148) | | (1,122,379) |
| | | | | | |
Income Tax Provision | | (700) | | (400) | | (2,792) |
| | | | | | |
Net Loss | $ | (6,583) | $ | (6,548) | $ | (1,125,171) |
| | | | | | |
Basic & Diluted Loss per Common Share | $ | (0.00) | $ | (0.00) | | |
| | | | | | |
Weighted Average Common Shares | | | | | | |
Outstanding | | 35,300,000 | | 35,300,000 | | |
| | | | | | |
The accompanying notes are an integral part of these unaudited financial statements |
PLANTATION LIFECARE DEVELOPERS, INC. |
(A DEVELOPMENT STAGE COMPANY) |
STATEMENT OF CASH FLOWS |
(Unaudited) |
| | | | | | Cumulative |
| | Three Months Ended | | Since |
| | March 31, | | January 1, 2001 |
| | 2012 | | |