mainbody.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
[X]
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Quarterly
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
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For
the quarterly period ended April 30,
2009
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[ ]
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Transition
Report pursuant to 13 or 15(d) of the Securities Exchange Act of
1934
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For
the transition period to __________
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Commission
File Number: 333-148922
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Jumpkicks,
Inc.
(Exact
name of small business issuer as specified in its charter)
Delaware
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26-0690857
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(State
or other jurisdiction of incorporation or organization)
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(IRS
Employer Identification No.)
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632 Marsh Creek Court,
Henderson, NV 89002
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(Address
of principal executive offices)
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888-283-1426
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(Issuer’s
telephone number)
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______________________________________________________
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(Former
name, former address and former fiscal year, if changed since last
report)
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Check
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 issuer was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days [X]
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 (§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 large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.
[ ]
Large accelerated filer Accelerated filer
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[ ]
Non-accelerated filer
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[X]
Smaller reporting company
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Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). [X ] Yes [ ]
No
State the
number of shares outstanding of each of the issuer’s classes of common stock, as
of the latest practicable date: 10,860,000 common shares as of April
30, 2009.
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Page
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PART I – FINANCIAL
INFORMATION
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PART II – OTHER
INFORMATION
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PART
I - FINANCIAL INFORMATION
Our
unaudited financial statements included in this Form 10-Q are as
follows:
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These
unaudited financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America for interim
financial information and the SEC instructions to Form 10-Q. In the
opinion of management, all adjustments considered necessary for a fair
presentation have been included. Operating results for the interim
period ended April 30, 2009 are not necessarily indicative of the results that
can be expected for the full year.
JUMPKICKS,
INC.
(A Development Stage Company)
ASSETS
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(unaudited)
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CURRENT
ASSETS
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Cash
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$ |
309 |
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$ |
3,370 |
Inventory
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- |
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- |
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Total
Current Assets
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309 |
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3,370 |
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FIXED
ASSETS, net
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4,127 |
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4,733 |
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TOTAL
ASSETS
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$ |
4,436 |
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$ |
8,103 |
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LIABILITIES AND
STOCKHOLDERS' EQUITY
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CURRENT
LIABILITIES
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Accounts
payable
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$ |
5,906 |
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$ |
6,546 |
Due
to Shareholder
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4,500 |
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Bank
Overdraft
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- |
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- |
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Total
Current Liabilities
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10,406 |
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6,546 |
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STOCKHOLDERS'
EQUITY
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Preferred
stock - $0.001 par value, 10,000,000 shares authorized; no
shares issued and outstanding
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- |
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- |
Common
stock - $0.001 par value; 90,000,000 shares authorized;
10,860,000 shares issued and outstanding
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10,860 |
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10,860 |
Additional
paid in capital
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16,340 |
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16,340 |
Deficit
accumulated during the development stage
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(33,170) |
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(25,643) |
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Total
Stockholders' Equity
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(5,970) |
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1,557 |
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TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
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$ |
4,436 |
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$ |
8,103 |
The
accompanying notes are an integral part of these financial
statements.
JUMPKICKS,
INC.
(A Development Stage Company)
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For
the Three Months
Ended April
30, 2009
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For
the Three Months
Ended April
30, 2008
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From
Inception on August
3, 2007
Through April
30, 2009
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REVENUES
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$ |
140 |
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$ |
21 |
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$ |
190 |
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$ |
119 |
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$ |
401 |
COST
OF GOODS SOLD
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77 |
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- |
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77 |
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121 |
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526 |
GROSS
MARGIN
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63 |
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21 |
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113 |
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(2) |
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(125) |
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OPERATING
EXPENSES
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Depreciation
expense
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303 |
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303 |
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606 |
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302 |
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1,919 |
Professional
fees
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5,760 |
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6,113 |
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6,860 |
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1,013 |
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23,315 |
General
and administrative
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150 |
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773 |
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174 |
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161 |
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7,929 |
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Total
Operating Expenses
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6,213 |
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7,189 |
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7,640 |
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1,476 |
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33,163 |
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LOSS
FROM OPERATIONS
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(6,150) |
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(7,168) |
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(7,527) |
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(1,478) |
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(33,288) |
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OTHER
INCOME
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Interest
income
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- |
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- |
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- |
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- |
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118 |
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Total
Other Income
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- |
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- |
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- |
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- |
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118 |
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LOSS
BEFORE INCOME TAXES
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(6,150) |
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(7,168) |
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(7,527) |
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(1,478) |
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(33,170) |
INCOME
TAX EXPENSE
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- |
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- |
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- |
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- |
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- |
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NET
LOSS
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$ |
(6,150) |
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$ |
(7,168) |
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$ |
(7,527) |
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$ |
(1,478) |
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$ |
(33,170) |
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BASIC
LOSS PER SHARE
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(0.00) |
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(0.00) |
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(0.00) |
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(0.00) |
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WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING
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10,860,000 |
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10,860,000 |
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10,860,000 |
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10,860,000 |
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The
accompanying notes are an integral part of these financial
statements.
JUMPKICKS,
INC.
(A Development Stage Company)
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Common
Stock
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Accumulated
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Shares
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Amount
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Capital
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Deficit
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Equity
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Balance
August 3, 2007
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- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Common
stock issued for cash at $0.001 per
share
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10,000,000 |
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10,000 |
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- |
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- |
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10,000 |
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Common
stock issued for cash at $0.02 per share
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860,000 |
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860 |
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16,340 |
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- |
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17,200 |
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Net
loss from inception through October 31,
2008
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- |
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- |
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- |
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(25,643) |
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(25,643) |
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Balance,
October 31, 2008
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10,860,000 |
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10,860 |
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16,340 |
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(25,643) |
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1,557 |
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Net
loss for the six months ended April 30,
2009
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- |
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- |
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- |
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(7,527) |
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(7,527) |
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Balance,
April 30, 2009
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10,860,000 |
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$ |
10,860 |
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$ |
16,340 |
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$ |
(33,170) |
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$ |
(5,970) |
The
accompanying notes are an integral part of these financial
statements.
JUMPKICKS,
INC.
(A Development Stage Company)
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From
Inception on August
3, 2007
Through April
30, 2009
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OPERATING
ACTIVITIES
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Net
loss
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$ |
(7,527) |
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$ |
(8,646) |
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$ |
(33,170) |
Adjustments
to reconcile net loss to
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net
cash used by operating activities:
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Depreciation
expense
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606 |
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605 |
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1,919 |
Changes
in operating assets and liabilities:
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Changes
in inventory
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- |
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- |
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- |
Changes
in accounts payable
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(640) |
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243 |
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5,906 |
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Net
Cash Used by
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Operating
Activities
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(7,561) |
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(7,798) |
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(25,345) |
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INVESTING
ACTIVITIES
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Increase
in fixed assets and other assets
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- |
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- |
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(6,046) |
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Net
Cash Used by
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Operating
Activities
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- |
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- |
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(6,046) |
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FINANCING
ACTIVITIES
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Proceeds
from common stock issued
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- |
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- |
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27,200 |
Proceeds
from loans
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4,500 |
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- |
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4,500 |
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Net
Cash Provided by
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Financing
Activities
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4,500 |
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- |
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31,700 |
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NET
DECREASE IN CASH
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(3,061) |
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(7,798) |
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309 |
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CASH
AT BEGINNING OF PERIOD
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3,370 |
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17,732 |
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- |
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CASH
AT END OF PERIOD
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$ |
309 |
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$ |
9,934 |
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$ |
309 |
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SUPPLIMENTAL
DISCLOSURES OF
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CASH
FLOW INFORMATION
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CASH
PAID FOR:
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Interest
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$ |
- |
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$ |
- |
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$ |
- |
Income
Taxes
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$ |
- |
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$ |
- |
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$ |
- |
The
accompanying notes are an integral part of these financial
statements.
JUMPKICKS,
INC.
(A
Development Stage Company)
April 30,
2009 and October 31, 2008
NOTE 1
- CONDENSED FINANCIAL STATEMENTS
The
accompanying financial statements have been prepared by the Company without
audit. In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the financial
position, results of operations, and cash flows at April 30, 2009, and for all
periods presented herein, have been made.
Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted. It is
suggested that these condensed financial statements be read in conjunction with
the financial statements and notes thereto included in the Company’s October 31,
2008 audited financial statements. The results of operations for the
periods ended April 30, 2009 are not necessarily indicative of the operating
results for the full years.
NOTE 2
- GOING CONCERN
The
Company’s financial statements are prepared using generally accepted accounting
principles in the United States of America applicable to a going concern which
contemplates the realization of assets and liquidation of liabilities in the
normal course of business. The Company has not yet established an ongoing source
of revenues sufficient to cover its operating costs and allow it to continue as
a going concern. The ability of the Company to continue as a going concern is
dependent on the Company obtaining adequate capital to fund operating losses
until it becomes profitable. If the Company is unable to obtain adequate
capital, it could be forced to cease operations.
In order
to continue as a going concern, the Company will need, among other things,
additional capital resources. Management’s plan is to obtain such resources for
the Company by obtaining capital from management and significant shareholders
sufficient to meet its minimal operating expenses and seeking equity and/or debt
financing. However management cannot provide any assurances that the Company
will be successful in accomplishing any of its plans.
The
ability of the Company to continue as a going concern is dependent upon its
ability to successfully accomplish the plans described in the preceding
paragraph and eventually secure other sources of financing and attain profitable
operations. The accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going
concern.
Forward-Looking
Statements
Certain
statements, other than purely historical information, including estimates,
projections, statements relating to our business plans, objectives, and expected
operating results, and the assumptions upon which those statements are based,
are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of
1934. These forward-looking statements generally are identified
by the words “believes,” “project,” “expects,” “anticipates,” “estimates,”
“intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions. We intend
such forward-looking statements to be covered by the safe-harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995, and are including this statement for purposes of complying with
those safe-harbor provisions. Forward-looking statements are based on
current expectations and assumptions that are subject to risks and uncertainties
which may cause actual results to differ materially from the forward-looking
statements. Our ability to predict results or the actual effect of future plans
or strategies is inherently uncertain. Factors which could have a
material adverse affect on our operations and future prospects on a consolidated
basis include, but are not limited to: changes in economic conditions,
legislative/regulatory changes, availability of capital, interest rates,
competition, and generally accepted accounting principles. These risks and
uncertainties should also be considered in evaluating forward-looking statements
and undue reliance should not be placed on such statements. We
undertake no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise. Further information concerning our business, including
additional factors that could materially affect our financial results, is
included herein and in our other filings with the SEC.
Company
Overview
We were
incorporated as Jumpkicks, Inc. (“Jumpkicks”) in the State of Delaware on August
3, 2007 to engage in the business of online retailing. Specifically, we
purchased and further developed a martial arts website (the “Site”). Through the
Site, we provide content of interest to martial artists and sell products, such
as uniforms, t-shirts, protective equipment, mats, and other equipment and
accessories of interest to martial arts practitioners and
instructors.
We sought
to draw martial arts students and practitioners to our site by positioning
ourselves as a source of martial arts knowledge. We anticipated that a certain
percentage of visitors to our Site will become retail customers, purchasing the
equipment we display in our online catalog. Although we offered discounted
retail pricing to individual martial arts practitioners and students, demand for
these products has been very limited.
During
May of 2008, an unknown third party changed the registration of our domain name,
www.jumpkicks.com, so that our Site became inaccessible. We have investigated
this change in registration, and we contracted with a third party to negotiate
the return of our domain name. However, we have been unable to re-acquire the
domain name www.jumpkicks.com.
We have
purchased additional domain names, www.jumpkicks.net, www.jumpkicks.org,
www.jumpkicks.us, and www.jumpkicks.info. We have uploaded our Site to these
domain names, and have pursued our business plan with these alternate
sites.
Unfortunately,
the domain name www.jumpkicks.com lent significant value to our company. The
long history of the Site drew regular repeat traffic. We attempted to draw
traffic to the new domain names, but were unable to do so successfully. Because
we have not been able to generate significant traffic, we have not been able to
generate significant revenue from sales to support our operations.
Our
offices are located at 632 Marsh Creek Court, Henderson, Nevada 89002, and our
telephone number is (888) 283-1426. Our Internet Site can be found at
www.Jumpkicks.net. Information contained on our Web Site is not part of this
periodic report.
Richard
Douglas is our President, Secretary, Chief Executive Officer, Chief Financial
Officer, and sole director.
Results
of Operations for the three and six month periods ended April 30, 2009 and 2008,
and from for the period from August 3, 2007 (date of inception) through April
30, 2009.
For the
three months ended April 30, 2009 and 2008, we generated gross revenue from
sales of $140 and $21, respectively. Our Cost of Goods Sold during the three
month period ended April 30, 2009 was $77 and our Operating Expenses equalled
$6,213, consisting of $303 in Depreciation expense, $5,760 in professional fees,
and $150 in General and Administrative Expenses. We therefore recorded a net
loss of $6,150 for the three months ended April 30, 2009. Our Cost of Goods Sold
during the three month period ended April 30, 2008 was $0 and our Operating
Expenses equalled $7,189, consisting of $303 in Depreciation expense, $6,113 in
professional fees, and $773 in General and Administrative Expenses. We
therefore, recorded a net loss of $7,168 for the three months ended April 30,
2008.
For the
six months ended April 30, 2009 and 2008, we generated gross revenue from sales
of $190 and $119, respectively. Our Cost of Goods Sold during the six month
period ended April 30, 2009 was $77 and our Operating Expenses equalled $7,640,
consisting of $606 in Depreciation expense, $6,860 in professional fees, and
$174 in General and Administrative Expenses. We therefore, recorded a net loss
of $7,527 for the six months ended April 30, 2009. Our Cost of Goods Sold during
the six month period ended April 30, 2008 was $121 and our Operating Expenses
equalled $1,476, consisting of $302 in Depreciation expense, $1,013 in
professional fees, and $161 in General and Administrative Expenses. We
therefore, recorded a net loss of $1,478 for the six months ended April 30,
2008.
For the
period from August 3, 2007 (Date of Inception) until April 30, 2009, we
generated gross revenue from sales of $401. Our Cost of Goods Sold during this
period was $526 and our Operating Expenses equalled $33,163, consisting of
$1,919 in Depreciation expense, $23,315 in professional fees, and $7,929 in
General and Administrative Expenses. We also recorded interest income of $118
during the period. We therefore, recorded a net loss of $33,170 for the period
from August 3, 2007 (Date of Inception) until April 30, 2009.
Liquidity
and Capital Resources
As of
April 30, 2009, we had total current assets of $309, consisting entirely of
Cash. Our total current liabilities as of April 30, 2009 were $10,406,
consisting of $5,906 in Accounts Payable and $4,500 Due to
Shareholder. Thus, we have a working capital deficit of $10,097 as of
April 30, 2009.
Operating
activities used $7,561 in cash for the six months ended April 30, 2009, $7,798
in cash for the six months ended April 30, 2008, and $25,345 in cash for the
period from August 3, 2007 (Date of Inception) until April 30, 2009. Our net
losses of $7,527, $8,646, and $33,170 were the primary components of our
negative operating cash flow for the periods, respectively.
Investing
Activities used $6,046 in cash during the period from August 3, 2007 (Date of
Inception) until April 30, 2009, as a result of an increase in fixed assets and
other assets. Investing activities did not use or generate cash for the six
months ended April 30, 2009, or for the six months ended April 30,
2008.
Financing
Activities generated $4,500 in cash for the six months ended April 30, 2009,
consisting entirely of proceeds from loans. Financing Activities neither
generated nor used cash for the six months ended April 30, 2008. Financing
activities generated $31,700 in cash during the period from August 3, 2007 (Date
of Inception) until April 30, 2009, due to proceeds of $27,200 from common stock
issued, and proceeds from loans of $4,500.
We expect
to spend approximately $10,000 to further develop and market our Site, and to
pay the professional fees associated with our business over the next twelve (12)
months. As of April 30, 2009, we have insufficient cash to operate our business
at the current level for the next twelve months and insufficient cash to achieve
our business goals. The success of our business plan during the next 12 months
and beyond is contingent upon us obtaining additional financing. We hope to
obtain business capital through the use of private equity fundraising or
shareholders loans. We do not have any formal commitments or arrangements for
the sales of stock or the advancement or loan of funds at this time. There can
be no assurance that such additional financing will be available to us on
acceptable terms, or at all.
Off
Balance Sheet Arrangements
As of
April 30, 2009, there were no off balance sheet arrangements.
Going
Concern
Our
financial statements are prepared using generally accepted accounting principles
in the United States of America applicable to a going concern which contemplates
the realization of assets and liquidation of liabilities in the normal course of
business. We have not yet established an ongoing source of revenues sufficient
to cover our operating costs and allow us to continue as a going concern. Our
auditors have indicated that our ability to continue as a going concern is
dependent on our obtaining adequate capital to fund operating losses until we
become profitable. If we are unable to obtain adequate capital, we could be
forced to cease operations.
In order
to continue as a going concern, we will need, among other things, additional
capital resources. Management’s plan is to obtain such resources for the Company
by obtaining capital from management and significant shareholders sufficient to
meet our minimal operating expenses and seeking equity and/or debt financing.
However management cannot provide any assurances that will be successful in
accomplishing any of our plans.
Our
ability to continue as a going concern is dependent upon our ability to
successfully accomplish the plans described in the preceding paragraph and
eventually secure other sources of financing and attain profitable operations.
The accompanying financial statements do not include any adjustments that might
be necessary if we are unable to continue as a going concern.
A smaller
reporting company is not required to provide the information required by this
Item.
We
carried out an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of April 30, 2009. This evaluation was
carried out under the supervision and with the participation of our Chief
Executive Officer and our Chief Financial Officer, Richard
Douglas. Based upon that evaluation, our Chief Executive Officer and
Chief Financial Officer concluded that, as of April 30, 2009, our disclosure
controls and procedures are effective. There have been no changes in
our internal controls over financial reporting during the quarter ended April
30, 2009.
Disclosure
controls and procedures are controls and other procedures that are designed to
ensure that information required to be disclosed in our reports filed or
submitted under the Exchange Act are recorded, processed, summarized and
reported, within the time periods specified in the SEC's rules and forms.
Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is accumulated and communicated to
management, including our Chief Executive Officer and Chief Financial Officer,
to allow timely decisions regarding required disclosure.
Limitations on the
Effectiveness of Internal Controls
Our
management does not expect that our disclosure controls and procedures or our
internal control over financial reporting will necessarily prevent all fraud and
material error. Our disclosure controls and procedures are designed to provide
reasonable assurance of achieving our objectives and our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and
procedures are effective at that reasonable assurance level. Further,
the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their
costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances
of fraud, if any, within the Company have been detected. These inherent
limitations include the realities that judgments in decision-making can be
faulty, and that breakdowns can occur because of simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some
persons, by collusion of two or more people, or by management override of the
internal control. The design of any system of controls also is based in part
upon certain assumptions about the likelihood of future events, and there can be
no assurance that any design will succeed in achieving its stated goals under
all potential future conditions. Over time, control may become inadequate
because of changes in conditions, or the degree of compliance with the policies
or procedures may deteriorate.
PART
II – OTHER INFORMATION
We are
not a party to any pending legal proceeding. We are not aware of any pending
legal proceeding to which any of our officers, directors, or any beneficial
holders of 5% or more of our voting securities are adverse to us or have a
material interest adverse to us.
A smaller
reporting company is not required to provide the information required by this
Item.
None
None
No
matters have been submitted to our security holders for a vote, through the
solicitation of proxies or otherwise, during the quarterly period ended April
30, 2009.
None.
Exhibit
Number
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Description
of Exhibit
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SIGNATURES
In
accordance with the requirements 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.
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Jumpkicks,
Inc.
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Date:
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June
15, 2009
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By: /s/Richard
Douglas
Richard
Douglas
Title: Chief
Executive Officer and
Director
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