UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q/A
(Mark One)
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarter ended September 30, 2008
o
|
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: 000-51159
(Exact name of issuer as specified in charter)
Nevada
|
98-0427526
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer I.D. No.)
|
7731 S. Woodridge Drive
Parkland, FL
(Address of principal executive offices)
(954) 575-9177
(Issuer's telephone number, including area code)
SMITTEN PRESS: LOCAL LORE & LEGENDS, INC.
2503 W. Gardner Ct.
Tampa FL 33611
(Former name or former address, if changed since last report)
Check whether the Issuer (1) has filed all reports required to be filed by section 13 or 15(d) of the Exchange Act 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 such filing requirements for the past 90 days. Yes
o
No
x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
x
No
o
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 10,325,000 shares at September 24, 2010
Transitional Small Business Disclosure Format (Check one): Yes
o
No
x
DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
FORM 10-Q
QUARTERLY PERIOD ENDED SEPTEMBER 30, 2008
INDEX
|
Page
|
PART I - FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements
|
|
|
Balance Sheets as of September 30, 2008 (Unaudited) and December 31, 2007
|
F-2
|
|
Statements of Operations for the Three and Nine Months Ended September 30, 2008 and 2007, and for the
Period from June 1, 2003 (Inception) to September 30, 2008 (Unaudited)
|
F-3
|
|
Statement of Changes in Stockholder’s Deficit for the Period from June 1, 2003 (Inception)
to September 30, 2008 (Unaudited)
|
F-4
|
|
Statements of Cash Flows for the Nine Months Ended September 30, 2008 and 2007, and for the
Period from June 1, 2003 (Inception) to September 30, 2008 (Unaudited)
|
F-5
|
|
Notes to Financial Statements as of September 30, 2008 (Unaudited)
|
F-6
|
Item 2.
|
Management's Discussion and Analysis or Plan of Operation
|
9
|
Item 3.
|
Controls and Procedures
|
11
|
|
|
|
PART II - OTHER INFORMATION
|
|
Item 1.
|
Legal Proceedings
|
11
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
11
|
Item 3.
|
Default Upon Senior Securities
|
11
|
Item 4.
|
Submission of Matters to a Vote of Security Holders
|
11
|
Item 5.
|
Other Information
|
11
|
Item 6.
|
Exhibits
|
11
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this quarterly report contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to increase our revenues, develop our brands, implement our strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, U.S. and global competition, and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control.
You should consider the areas of risk described in connection with any forward-looking statements that may be made in our annual report as filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements and readers should carefully review this quarterly report in its entirety, except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. These forward-looking statements speak only as of the date of this quarterly report, and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business. When used in this quarterly report, the terms the "Company," "we," and "us" refers to Smitten Press: Local Lore and Legends, Inc.
EXPLANATORY NOTE
This Report on Form 10-Q/A amends the Form 10-Q filed on July 17, 2010. The report is being amended to restate certain misclassifications in the balance sheets, statements of operations, statement of changes in stockholders' deficit and statements of cash flow and to correct certain footnote disclosures including a correction to the effective date of a reverse stock-split, increase in authorized common stock and name change.
DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
|
(A DEVELOPMENT STAGE COMPANY)
|
BALANCE SHEETS
(As Restated, see Note 6)
|
|
|
|
|
|
|
|
|
|
September 30, 2008
|
|
|
December 31, 2007
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
Cash
|
|
$
|
-
|
|
|
$
|
-
|
|
Prepaid expense
|
|
|
36,315
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total Current Assets
|
|
|
36,315
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
36,315
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
14,186
|
|
|
$
|
6,197
|
|
Due to related party
|
|
|
78,676
|
|
|
|
17,199
|
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities
|
|
|
92,862
|
|
|
|
23,396
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
92,862
|
|
|
|
23,396
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Deficit
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized,
|
|
|
|
|
|
|
|
|
none issued and outstanding
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.001 par value, 150,000,000 shares authorized,
|
|
|
|
|
|
|
|
|
325,000 and 322,500 issued and outstanding
at September 30, 2008 and December 31, 2007, respectively
|
|
|
325
|
|
|
|
323
|
|
Additional paid-in capital
|
|
|
1,078,341
|
|
|
|
1,063,343
|
|
Accumulated deficit
|
|
|
(102,520
|
)
|
|
|
(102,520
|
)
|
Deficit accumulated during development stage
|
|
|
(1,032,693
|
)
|
|
|
(984,542
|
)
|
|
|
|
|
|
|
|
|
|
Total Stockholders' Deficit
|
|
|
(56,547
|
)
|
|
|
(23,396
|
)
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Deficit
|
|
$
|
36,315
|
|
|
$
|
-
|
|
See unaudited notes to financial statements
DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
|
(A DEVELOPMENT STAGE COMPANY)
|
STATEMENTS OF OPERATIONS
(As Restated, see Note 6)
(Unaudited)
|
|
|
For the Three Months Ended September 30,
|
|
|
For the Nine Months Ended September 30,
|
|
|
For the Period from
June 1, 2003 (Inception)
to September 30,
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional fees
|
|
|
-
|
|
|
|
4,643
|
|
|
|
30,414
|
|
|
|
38,077
|
|
|
|
122,922
|
|
General and administrative
|
|
|
-
|
|
|
|
7,424
|
|
|
|
2,737
|
|
|
|
10,332
|
|
|
|
75,597
|
|
Compensation - officer
|
|
|
-
|
|
|
|
394,177
|
|
|
|
15,000
|
|
|
|
397,927
|
|
|
|
830,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
-
|
|
|
|
406,244
|
|
|
|
48,151
|
|
|
|
446,336
|
|
|
|
1,029,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from Operations
|
|
|
-
|
|
|
|
(406,244
|
)
|
|
|
(48,151
|
)
|
|
|
(446,336
|
)
|
|
|
(1,029,016
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on foreign currency exchange
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,677
|
)
|
|
|
(3,677
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
$
|
-
|
|
|
$
|
(406,244
|
)
|
|
$
|
(48,151
|
)
|
|
$
|
(450,013
|
)
|
|
$
|
(1,032,693
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss per share - Basic and diluted
|
|
$
|
-
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(4.08
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted
|
|
|
325,000
|
|
|
|
225,000
|
|
|
|
323,910
|
|
|
|
225,000
|
|
|
|
253,007
|
|
See unaudited notes to financial statements
DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
|
(A DEVELOPMENT STAGE COMPANY)
|
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
For the Period from June 1, 2003 (Inception) to September 30, 2008
|
(As Restated, see Note 6)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
During
|
|
|
Total
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Accumulated
|
|
|
Development
|
|
|
Stockholders'
|
|
|
|
Shares
|
|
|
Par Value
|
|
|
Capital
|
|
|
Deficit
|
|
|
Stage
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 1, 2003 (Inception of development stage)
|
|
|
120,000
|
|
|
$
|
120
|
|
|
$
|
120,400
|
|
|
$
|
(102,520
|
)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for book rights
|
|
|
102,500
|
|
|
|
103
|
|
|
|
(103
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2003
|
|
|
222,500
|
|
|
|
223
|
|
|
|
102,297
|
|
|
|
(102,520
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed officer services
|
|
|
-
|
|
|
|
-
|
|
|
|
100,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed legal services
|
|
|
-
|
|
|
|
-
|
|
|
|
2,500
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(106,211
|
)
|
|
|
(106,211
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2004
|
|
|
222,500
|
|
|
|
223
|
|
|
|
204,797
|
|
|
|
(102,520
|
)
|
|
|
(106,211
|
)
|
|
|
(3,711
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed legal services
|
|
|
-
|
|
|
|
-
|
|
|
|
7,500
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(245,365
|
)
|
|
|
(245,365
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2005
|
|
|
222,500
|
|
|
|
223
|
|
|
|
212,297
|
|
|
|
(102,520
|
)
|
|
|
(351,576
|
)
|
|
|
(241,576
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed legal services
|
|
|
-
|
|
|
|
-
|
|
|
|
7,500
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(162,106
|
)
|
|
|
(162,106
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2006
|
|
|
222,500
|
|
|
|
223
|
|
|
|
219,797
|
|
|
|
(102,520
|
)
|
|
|
(513,682
|
)
|
|
|
(396,182
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services
|
|
|
100,000
|
|
|
|
100
|
|
|
|
392,827
|
|
|
|
-
|
|
|
|
-
|
|
|
|
392,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed legal services
|
|
|
-
|
|
|
|
-
|
|
|
|
5,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed capital
|
|
|
-
|
|
|
|
-
|
|
|
|
445,719
|
|
|
|
-
|
|
|
|
-
|
|
|
|
445,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(470,860
|
)
|
|
|
(470,860
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2007
|
|
|
322,500
|
|
|
|
323
|
|
|
|
1,063,343
|
|
|
|
(102,520
|
)
|
|
|
(984,542
|
)
|
|
|
(23,396
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed officer services
|
|
|
-
|
|
|
|
-
|
|
|
|
15,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock for services
|
|
|
2500
|
|
|
|
2
|
|
|
|
(2
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the nine months ended September 30, 2008
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(48,151
|
)
|
|
|
(48,151
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2008
|
|
|
325,000
|
|
|
$
|
325
|
|
|
$
|
1,078,341
|
|
|
$
|
(102,520
|
)
|
|
$
|
(1,032,693
|
)
|
|
$
|
(56,547
|
)
|
See unaudited notes to financial statements
DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
|
(A DEVELOPMENT STAGE COMPANY)
|
STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period from
|
|
|
|
|
|
|
|
|
|
June 1, 2003
|
|
|
|
|
|
|
(Inception)
|
|
|
|
For the Nine Months Ended September 30,
|
|
|
to September 30,
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
|
(As Restated,
|
|
|
|
|
|
(As Restated,
|
|
|
|
see Note 6)
|
|
|
|
|
|
see Note 6)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(48,151
|
)
|
|
$
|
(450,013
|
)
|
|
$
|
(1,032,693
|
)
|
Adjustments to reconcile net loss from operations to net cash
used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed officer services
|
|
|
15,000
|
|
|
|
-
|
|
|
|
115,000
|
|
Contributed legal services
|
|
|
-
|
|
|
|
5,000
|
|
|
|
22,500
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
392,927
|
|
|
|
392,927
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expense
|
|
|
(36,315
|
)
|
|
|
(15,000
|
)
|
|
|
(36,315
|
)
|
Accounts payable
|
|
|
7,989
|
|
|
|
35,869
|
|
|
|
14,186
|
|
Due to related party
|
|
|
-
|
|
|
|
-
|
|
|
|
75,884
|
|
Accrued compensation - officer
|
|
|
-
|
|
|
|
5,000
|
|
|
|
319,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH USED IN OPERATING ACTIVITIES
|
|
|
(61,477
|
)
|
|
|
(26,217
|
)
|
|
|
(122,930
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from related party loans and advances
|
|
|
61,477
|
|
|
|
23,585
|
|
|
|
122,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
61,477
|
|
|
|
23,585
|
|
|
|
122,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH
|
|
|
-
|
|
|
|
(2,632
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH - beginning of period
|
|
|
-
|
|
|
|
2,632
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH - end of period
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Income taxes
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash investing and financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction of liabilities reflected as contributed capital
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
445,719
|
|
See unaudited notes to financial statements
DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
September 30, 2008
(Unaudited)
Note 1 - Nature of Business and Summary of Significant Accounting Policies
(A)
|
Description of Business
|
Smitten Press: Local Lore and Legends, Inc. (the “Company”) was incorporated under the laws of Canada in January 15, 1990 under the name Creemore Star Printing, Inc. The name was changed to Smitten Press: Local Lore and Legends, Inc. on July 15, 2003. The Company was inactive until June 1, 2003 when it entered the development stage. The Company had planned to offer magazines and books for sale. Given the continued delay in recovery in New Orleans due to Hurricane Katrina and the death of the Company’s founder and president Mr. Richard Smitten in September 2006, the Company has determined that proceeding with its initial business plan will not be viable. It began seeking other alternatives to preserve stockholder value, including selling a controlling interest to a third party who would subsequently merge an operating business into the company. On August 30, 2007 a change in control occurred (see below). Activities during the development stage include development of a business plan, obtaining and developing necessary rights to sell our products, developing a website, and seeking a merger candidate.
On August 30, 2007, the Company’s controlling shareholder, the Estate of Richard Smitten, through its executor, Kelley Smitten, sold 152,700 restricted shares of the Company’s common stock held by the estate, which represented 68% of the then outstanding common stock, in a private transaction, to Robert L. Cox in exchange for cash consideration of $600,000 (the “Transaction”). As a result, Robert L. Cox became the Company’s controlling shareholder and new CEO. Robert L. Cox did not engage in any loan transaction in connection with the Transaction, and utilized his personal funds.
(B) Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and in conformity with the instructions to Form 10-Q and Article 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the disclosures included in these financial statements are adequate to make the information presented not misleading.
The unaudited financial statements included in this document have been prepared on the same basis as the annual consolidated financial statements and in management’s opinion, reflect all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The unaudited financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2007 included in the Company’s Annual Report on Form 10-KSB. The results of operations for the three and nine months ended September 30, 2008 are not necessarily indicative of the results that the Company will have for any subsequent quarter or full fiscal year.
As of September 30, 2008, the Company’s significant accounting policies and estimates, which are detailed in the Company’s Annual Report on Form 10-KSB for the year ended December 31, 2007, have not changed materially.
DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
September 30, 2008
(Unaudited)
Note 1 - Nature of Business and Summary of Significant Accounting Policies (continued)
In preparing financial statements, management is required to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods presented. Actual results may differ from these estimates.
Significant estimates in 2008 include an estimate of the deferred tax asset valuation allowance, shares issued for services, and valuation of contributed services.
Note 2 - Going Concern
As reflected in the accompanying financial statements, the Company has a net loss and net cash used in operations of $48,151 and $61,477, respectively, for the nine months ended September 30, 2008, a deficit accumulated during development stage of $1,032,693, stockholders’ deficiency of $56,547 at September 30, 2008 and is a development stage company with no revenues. The ability of the Company to continue as a going concern is dependent on the Company’s ability to further implement its business plan, raise capital, and generate revenues. The Company plans to locate an operating company to merge with or sell a controlling interest to a third party who would subsequently merge an operating business into the Company. Management believes that the actions presently being taken provide the opportunity for the Company to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Note 3 - Related Parties
Office space is provided on a month-to-month basis by our CEO for no charge, however, for all periods presented, the value was not material.
During the nine months ended September 30, 2008, in connection with officer services provided by an officer of the Company, the Company valued these services at their fair market value and recorded compensation expense and contributed capital of $15,000.
During the nine months ended September 30, 2008, a company related to the Company's Chief Executive Officer through common ownership, advanced funds of $78,676 to the Company for working capital purposes. These advances are reflected as due to related party on the accompanying balance sheet, are non-interest bearing and are payable on demand.
DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
September 30, 2008
(Unaudited)
Note 4 - Stockholders’ Deficiency
On May 8, 2007, the Company filed Articles of Domestication and Articles of Incorporation with the State of Nevada. The Company is now a Nevada corporation with 10,000,000 shares of $0.001 par value preferred stock authorized and had 50,000,000 shares of $0.001 par value common stock authorized prior to the below 2010 increase (see Note 5). The effect of the re-domestication was to reclassify $80,270 to additional paid-in capital from common stock for the change in par value. All share and per share amounts have been retroactively reflected for the change.
During the nine months ended September 30, 2008, compensation in the amount of $15,000 was recorded as additional paid-in capital for services provided by an officer of the Company.
In April 2008, the Company issued 2,500 shares of common stock for services. The value of the shares issued was de minimis.
Note 5- Subsequent Events
The Company has performed an evaluation of subsequent events in accordance with ASC Topic 855. Other than the events noted below, the Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements.
On April 30, 2010, the holders of a majority of the shares of Common Stock of the Registrant acting on written consent elected Vincent Beatty as Director and President of the Company, and Robert Kwiecinski as Director and Secretary of the Company, to serve in said positions until the next Meeting of Shareholders.
On April 30, 2010, our Board of Directors approved a change in name of the Registrant to DataMill Media Corp. a reverse-split of our Common Stock on the basis of one new share of Common Stock for each one hundred shares of Common Stock held of record at the close of business on June 30, 2010 and an increase in the number of authorized common stock from 50,000,000 shares to 150,000,000 shares. These corporate actions were ratified on April 30, 2010 by holders of a majority of the shares of Common Stock of the Registrant acting on written consent and the Amendment was filed with the State of Nevada on May 7, 2010. The Registrant was notified by Financial Industry Regulatory Authority ("FINRA") that the name and new symbol change of DATAMILL MEDIA CORP. "SPLID" became effective on August 23, 2010. All share and per share data has been adjusted to reflect the effect of the reverse-split.
On August 23, 2010, the Company issued 10,000,000 restricted shares of its common stock to its chief executive officer for services rendered. The shares were valued at $0.001 per share or $10,000.
Note 6 - Restatement
Subsequent to the publication of the Company's September 30, 2008 interim financial statements, management became aware that those financial statements misclassified certain line items on the Company's balance sheet and cash flow statements. A summary of the reported and restated amounts are as follows:
|
|
September 30, 2008
|
|
|
|
As Reported
|
|
|
Restated
|
|
Balance Sheet
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
16,978
|
|
|
$
|
14,186
|
|
Due to related party
|
|
$
|
75,884
|
|
|
$
|
78,676
|
|
|
|
|
|
|
|
|
|
|
Statement of Cash Flows
|
|
Nine Months Ended September 30, 2008
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
10,781
|
|
|
$
|
7,989
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from related party loans and advances
|
|
$
|
58,685
|
|
|
$
|
61,477
|
|
In addition, as discussed in Note 5 above, as a result of the name change to
DATAMILL MEDIA CORP, the implementation of a 1 for 100 reverse stock split of the common stock and an increase in the number of authorized common stock from 50,000,000 shares to 150,000,000 shares effective as of August 23, 2010, all share and per share data has been retroactively restated to reflect the reverse split and increase in authorized common stock.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Forward-Looking Statements
The following discussion and analysis is provided to increase the understanding of, and should be read in conjunction with, the Financial Statements of the Company and Notes thereto included elsewhere in this Report. Historical results and percentage relationships among any amounts in these financial statements are not necessarily indicative of trends in operating results for any future period. The statements, which are not historical facts contained in this Report, including this Plan of Operations, and Notes to the Financial Statements, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on currently available operating, financial and competitive information, and are subject to various risks and uncertainties. Future events and the Company's actual results may differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, dependence on existing and future key strategic and strategic end-user customers, limited ability to establish new strategic relationships, ability to sustain and manage growth, variability of operating results, the Company's expansion and development of new service lines, marketing and other business development initiatives, the commencement of new engagements, competition in the industry, general economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the service requirements of its clients, the potential liability with respect to actions taken by its existing and past employees, risks associated with international sales, and other risks described herein and in the Company's other SEC filings.
The safe harbors of forward-looking statements provided by Section 21E of the Exchange Act are unavailable to issuers of penny stock. As we issued securities at a price below $5.00 per share, our shares are considered penny stock and such safe harbors set forth under the Reform Act are unavailable to us.
Overview
We were a Canadian issuer incorporated in Ontario, Canada on January 15, 1990 under the name Creemore Star Printing, Inc. We operated our printing business until 1999, when unfavorable economic conditions caused us to discontinue operations. We changed our name to Smitten Press: Local Lore and Legends, Inc. on July 15, 2003.
On May 8, 2007, we filed Articles of Domestication and Articles of Incorporation with the State of Nevada. We are now a Nevada corporation with 150,000,000 shares of $0.001 par value common stock authorized and 10,000,000 shares of $0.001 par value preferred stock authorized.
Subsequent to our name change, we reactivated our business with the following focus:
o Refining our business plan
o Obtaining and developing necessary rights to sell our products
o Developing our website at www.smittenpress.com
o Preparing to sell products through rack jobbers, or persons who set up and maintain newspaper-style boxes, as well as from our website.
Plan of Operations
We have not yet commenced any active operations and due to the death of our founder and president Mr. Richard Smitten in September 2006, we have determined that proceeding with our initial business plan will not be viable.
We are now seeking other alternatives to preserve stockholder value, including selling a controlling interest to a third party who would subsequently merge an operating business into the company. As of the date of this report, we have no binding agreement, commitment or understanding to do so. We have engaged in preliminary discussions with third parties concerning such a transaction, and we may continue further discussions.
Results of Operations
THREE MONTHS ENDED SEPTEMBER 30, 2008 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2007
The Company has not had any revenue since its inception on June 1, 2003.
There were no expenses for the three months ended September 30, 2008 compared with a loss from operations of $406,244 for the three months ended September 30, 2007. Operating expenses for the three months ended September 30, 2007 consisted primarily of officer compensation.
The Company had no activity for the three months ended September 30, 2008 and a net loss of $406,244 ($0.02 per share) for the three months ended September 30, 2007.
NINE MONTHS ENDED SEPTEMBER 30, 2008 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2007
Operating expenses resulted in a loss from operations for the nine months ended September 30, 2008 of $48,151 compared with a loss of $450,013 for the nine months ended September 30, 2007. This decrease in operating expenses is primarily due to the approximate $398,000 of officer compensation during the nine months ended September 30, 2007.
During the nine months ended September 30, 2007, the Company recorded a loss of $3,677 on foreign currency exchange and there was no foreign currency gain or loss for the nine months ended September 30, 2008.
The Company reported a net loss of $48,151 ($0.15 per share) for the nine months ended September 30, 2008 and a net loss of $450,013 ($0.02 per share) for the nine months ended September 30, 2007.
Liquidity and Capital Resources
As reflected in the accompanying financial statements, the Company has a net loss and net cash used in operations of $48,151 and $61,477, respectively, for the nine months ended September 30, 2008, a deficit accumulated during development stage of $1,032,693, stockholders’ deficiency of $56,547 at September 30, 2008 and is a development stage company with no revenues. The ability of the Company to continue as a going concern is dependent on the Company’s ability to further implement its business plan, raise capital, and generate revenues. The Company plans to locate an operating company to merge with or sell a controlling interest to a third party who would subsequently merge an operating business into the Company. Management believes that the actions presently being taken provide the opportunity for the Company to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
The ability of the Company to continue as a going concern is dependent on the Company's ability to further implement its business plan. In addition, as of September 30, 2008, we had no available cash and are unable to meet our needs as described below. All our costs, which we will incur irrespective of our activities to implement our current business plan, including bank service fees and those costs associated with on-going SEC reporting requirements, estimated to be less than $3,000 per quarter for 10-Q quarterly filings and $7,500 per 10-K annual filing. If we fail to meet these obligations and as a consequence we fail to satisfy our SEC reporting obligations, investors will now own stock in a company that does not provide the disclosure available in quarterly and annual reports filed with the SEC and investors may have increased difficulty in selling their stock as we will be non-reporting.
Accordingly, our accountants have indicated in their Report of Independent Registered Public Accounting Firm for the year ended December 31, 2007 that there is substantial doubt about our ability to continue as a going concern over the next twelve months from December 31, 2007. Our poor financial condition could inhibit our ability to achieve our business plan.
ITEM 3. CONTROLS AND PROCEDURES
We maintain controls and other procedures that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a
et seq.
) is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. There were no changes in the Corporation's internal control over financial reporting that occurred during the Corporation's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation's internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
Item 5. Other Information.
On May 8, 2007, we filed Articles of Domestication and Articles of Incorporation with the State of Nevada. Prior to our reverse stock split, we were a Nevada corporation with 10,000,000 shares of $0.001 par value preferred stock authorized and 50,000,000 shares of $0.001 par value common stock authorized.
On April 30, 2010, the holders of a majority of the shares of Common Stock of the Registrant acting on written consent elected Vincent Beatty as Director and President of the Company, and Robert Kwiecinski as Director and Secretary of the Company, to serve in said positions until the next Meeting of Shareholders.
On April 30, 2010, our Board of Directors approved a change in name of the Registrant to DataMill Media Corp., a reverse-split of our Common Stock on the basis of one new share of Common Stock for each one hundred shares of Common Stock held of record at the close of business on June 30, 2010 and an increase in the number of authorized common stock from 50,000,000 shares to 150,000,000 shares. These corporate actions were ratified on April 30, 2010 by holders of a majority of the shares of Common Stock of the Registrant acting on written consent and the Amendment was filed with the State of Nevada on May 7, 2010. The Registrant was notified by Financial Industry Regulatory Authority ("FINRA") that the name and new symbol change of DATAMILL MEDIA CORP. "SPLID" became effective on August 23, 2010.
Item 6. Exhibits
Exhibit Number, Name and/or Identification of Exhibit.
31.1
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Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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32.2
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Certification of the Chief Executive Officer and Chief Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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SIGNATURES
In accordance with the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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DATAMILL MEDIA CORP.
(f/k/a SMITTEN PRESS: LOCAL LORE AND LEGENDS, INC.)
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Date: September 27, 2010
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/s/ VINCENT BEATTY
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Vincent Beatty
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Director, Chief Executive Officer
and Chief Financial Officer
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Vapor (CE) (USOTC:VPOR)
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