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x
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ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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o
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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Nevada
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02-0811868
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(State
or other jurisdiction of incorporation)
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(I.R.S.
Employer Identification No.)
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Large
Accelerated Filer ¨
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Accelerated
Filer ¨
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Non-Accelerated
Filer ¨
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Smaller
reporting company x
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(Do
not check if a smaller reporting company)
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Item
Number and Caption
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Page
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||
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Forward-Looking
Statements
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3
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||
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PART
I
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4
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||
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1.
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Business
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4
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|
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1A.
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Risk
Factors
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4
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1B.
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Unresolved
Staff Comments
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5
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2.
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Properties
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5
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3.
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Legal
Proceedings
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5
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4.
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[Removed
and Reserved]
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||
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PART
II
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5
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||
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5.
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Market
For Registrant’s Common Equity, Related Stockholder Matters And Issuer
Purchases
Of Equity Securities
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5
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6.
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Selected
Financial Data
|
6
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|
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7
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Management's Discission and Analysis of Financial Condition and Results of Operations |
6
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7A.
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Quantitative
and Qualitative Disclosures About Market Risk
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10
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8.
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Financial
Statements and Supplemental Data
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10
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9.
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Changes In And
Disagreements With Accountants On Accounting And Financial Disclosure
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10
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9A.
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Controls
And Procedures
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10
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9B.
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Other
Information
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11
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PART
III
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12
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||
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10.
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Directors,
Executive Officers, and Corporate Governance
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12
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11.
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Executive
Compensation
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14
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|
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12.
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Security Ownership
Of Certain Beneficial Owners And Management And Related Stockholder
Matters
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15
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13.
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Certain
Relationships And Related Transactions, and Director
Independence
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16
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14.
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Principal
Accountant Fees And Services
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17
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PART
IV
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18
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||
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15.
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Exhibits
And Financial Statement Schedules
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18
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ITEM
1.
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BUSINESS
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|
ITEM
1A.
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RISK
FACTORS
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|
ITEM
1B.
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UNRESOLVED
STAFF COMMENTS
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|
ITEM
2.
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PROPERTIES
|
|
ITEM
3.
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LEGAL
PROCEEDINGS
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ITEM
5.
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MARKET
FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
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ITEM
6.
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SELECTED
FINANCIAL DATA
|
|
ITEM 7.
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MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
|
Fiscal Year
Ended
September 30,
2010
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Fiscal Year
Ended
September 30,
2009
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For the Period
from
July 9, 2007
(inception)
through
September 30,
2010
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||||||||||
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Professional
fees
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$ | 70,093 | $ | 29,326 | $ | 225,927 | ||||||
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General
and administrative expenses
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$ | 13,707 | $ | 10,615 | $ | 43,172 | ||||||
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ITEM 7A.
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QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET
RISK
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ITEM
8.
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FINANCIAL
STATEMENTS AND SUPPLEMENTAL DATA
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ITEM
9.
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CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
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ITEM
9A.
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CONTROLS
AND PROCEDURES
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|
ITEM
9B.
|
OTHER
INFORMATION
|
|
ITEM
10.
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DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE
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Name
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Positions Held
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Age
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Date of Election
or Appointment
as Director
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|||
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Noah
Levinson
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Chief
Executive and Financial Officer,
President,
Treasurer and Director
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38
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July
9, 2007
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|||
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Irv
Pyun
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Secretary
and Director
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54
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July
9,
2007
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ITEM
11.
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EXECUTIVE
COMPENSATION
|
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Name and Principal
Position
|
Year
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Salary
($)
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Bonus
($)
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Stock
Awards
($)
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Option
Awards
($)
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Non-
Equity
Incentive
Plan
Compen-
sation ($)
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Change in
Pension
Value
and
Non-
qualified
Deferred
Compen-
sation
Earnings
($)
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All
Other
Compen-
sation ($)
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Total
($)
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|||||||||||||||||||||||||
|
(a)
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(b)
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(c)
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(d)
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(e)
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(f)
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(g)
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(h)
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(i)
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(j)
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|||||||||||||||||||||||||
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Noah
Levinson,
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2010
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0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
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Chief
Executive Officer & Director
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2009
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0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
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Irv
Pyun,
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2010
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0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
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Secretary
& Director
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2009
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0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
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ITEM 12.
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SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS
|
|
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·
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each
person or entity known by us to be the beneficial owner of more than 5% of
our common stock;
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·
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each
of our directors;
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·
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each
of our executive officers; and
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·
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all
of our directors and executive officers as a
group.
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Name and Address of
Beneficial Owner
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Title of Class
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Amount and
Nature
of Beneficial
Ownership(1)
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Percentage
of
Class(2)
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|||||
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Noah
Levinson (3)
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Common
Stock, par value $0.001 per share
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5,000,000
shares (Direct)
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78.5 | % | ||||
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(1)
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As
used herein, the term beneficial ownership with respect to a security is
defined by Rule 13d-3 under the Exchange Act as consisting of sole or
shared voting power (including the power to vote or direct the vote)
and/or sole or shared investment power (including the power to dispose or
direct the disposition of) with respect to the security through any
contract, arrangement, understanding, relationship or otherwise, including
a right to acquire such power(s) during the next 60
days. Unless otherwise noted, beneficial ownership consists of
sole ownership, voting and investment
rights.
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(2)
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There
were 6,370,000 shares of common stock issued and outstanding on December
10, 2010.
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(3)
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The
address for Mr. Levinson is 50 Brompton Road, Apt. 1X, Great Neck, NY
11021.
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ITEM 13.
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CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE
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|
ITEM
14.
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PRINCIPAL
ACCOUNTANT FEES AND SERVICES
|
|
Fee Category
|
Fiscal year ended
September 30, 2010
|
Fiscal year ended
September 30, 2009
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||||||
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Audit
fees (1)
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$ | 13,088 | $ | 9,079 | ||||
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Audit-related
fees (2)
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0 | 0 | ||||||
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Tax
fees (3)
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0 | 0 | ||||||
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All
other fees (4)
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0 | 0 | ||||||
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Total
fees
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$ | 13,088 | $ | 9,079 | ||||
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ITEM
15.
|
EXHIBITS
AND FINANCIAL STATEMENT SCHEDULES
|
|
Financial Statements
|
Page
|
||
|
Report
of Independent Registered Public Accounting Firm
|
F-2 | ||
|
Balance
Sheets as of September 30, 2010 and 2009
|
F-3 | ||
|
Statements
of Operations for the years ended September 30, 2010 and 2009, and for the
period from July 9, 2007 (Inception) to September 30, 2010
|
F-4 | ||
|
|
|||
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Statements
of Changes in Stockholders’ Equity/(Deficiency) for the period from July
9, 2007 (Inception) to September 30, 2010
|
F-5 | ||
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Statements
of Cash Flows for the years ended September 30, 2010 and 2009, and for the
period from July 9, 2007 (Inception) to September 30, 2010
|
F-6 | ||
|
Notes
to Financial Statements
|
F-7 – F-11 |
|
|
•
|
should
not in all instances be treated as categorical statements of fact, but
rather as a way of allocating the risk to one of the parties if those
statements prove to be inaccurate;
|
|
|
•
|
have
been qualified by disclosures that were made to the other party in
connection with the negotiation of the applicable agreement, which
disclosures are not necessarily reflected in the
agreement;
|
|
|
•
|
may
apply standards of materiality in a way that is different from what may be
viewed as material to you or other investors;
and
|
|
|
•
|
were
made only as of the date of the applicable agreement or such other date or
dates as may be specified in the agreement and are subject to more recent
developments.
|
|
Exhibit
No.
|
SEC Report
Reference No.
|
Description
|
||
|
3.1
|
3.1
|
Articles
of Incorporation of Registrant (1)
|
||
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3.2
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3.2
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By-Laws
of Registrant (2)
|
||
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4.1
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4.1
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9%
Convertible Promissory Note dated July 29, 2009 (4)
|
||
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4.2
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*
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10%
Promissory Note dated May 10, 2010
|
||
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10.1
|
10.1
|
Securities
Purchase Agreement, dated July 28, 2009, between Registrant and Paramount
Strategy Corporation (4)
|
||
|
14
|
14
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Code
of Ethics (3)
|
||
|
21
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*
|
List
of Subsidiaries
|
||
|
31.1
|
*
|
Certification
of Principal Executive Officer and Financial Officer pursuant to Section
302 of the Sarbanes Oxley Act of 2002
|
||
|
32.1
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*
|
Certification
of Chief Executive Officer and Financial Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of
2002
|
|
(1)
|
Filed
with the Securities and Exchange Commission on January 17, 2008 as an
exhibit, numbered as indicated above, to the Registrant’s Registration
Statement on Form SB-2 (file no. 333-148722) (the “Form SB-2”), which
exhibit is incorporated herein by
reference.
|
|
(2)
|
Filed
with the Securities and Exchange Commission on January 17, 2008 as an
exhibit, numbered as indicated above, to the Form SB-2, which exhibit is
incorporated herein by
reference.
|
|
(3)
|
Filed
with the Securities and Exchange Commission on December 31, 2008 as an
exhibit, numbered as indicated above, to the Registrant’s Annual Report on
Form 10-K for the year ended September 30, 2008, which exhibit is
incorporated herein by reference.
|
|
(4)
|
Filed
with the Securities and Exchange Commission on December 29, 2009 as an
exhibit, numbered as indicated above, to the Registrant’s Annual Report on
Form 10-K for the year ended September 30, 2009, which exhibit is
incorporated herein by reference.
|
|
MAX
CASH MEDIA, INC.
|
||
|
Dated: December
10, 2010
|
By:
|
/s/Noah Levinson
|
|
Noah
Levinson
|
||
|
Chief
Executive Officer
|
||
|
/s/Noah
Levinson
|
|
|
Noah
Levinson
|
|
|
Principal
Executive Officer, Principal Financial
|
|
|
Officer
and Director
|
|
|
/s/Irv
Pyun
|
|
|
Irv
Pyun
|
|
|
Director
|
|
Report
of Independent Registered Public Accounting Firm
|
F-2
|
|
|
Balance
Sheets as of September 30, 2010 and 2009
|
F-3
|
|
|
Statements
of Operations for the years ended September 30, 2010 and 2009, and for the
period from July 9, 2007 (Inception) to September 30, 2010
|
F-4
|
|
|
Statements
of Changes in Stockholders’ Equity/(Deficiency) for the period from July
9, 2007 (Inception) to September 30, 2010
|
F-5
|
|
|
Statements
of Cash Flows for the years ended September 30, 2010 and 2009, and for the
period from July 9, 2007 (Inception) to September 30, 2010
|
F-6
|
|
|
Notes
to Financial Statements
|
F-7
- 11
|
|
September 30,
|
September 30,
|
|||||||
|
2010
|
2009
|
|||||||
|
ASSETS
|
||||||||
|
Current
Assets
|
||||||||
|
Cash
|
$ | 11,410 | $ | 22,545 | ||||
|
Total
Assets
|
$ | 11,410 | $ | 22,545 | ||||
|
LIABILITIES
AND STOCKHOLDERS' DEFICIENCY
|
||||||||
|
Current
Liabilities
|
||||||||
|
Accounts
Payable
|
$ | 9,230 | $ | 4,186 | ||||
|
Accrued
Interest Payable
|
7,824 | 777 | ||||||
|
Convertible
Note Payable
|
50,000 | - | ||||||
|
Current Liabilities
|
67,054 | 4,963 | ||||||
|
Long
Term Liabilities
|
||||||||
|
Note
Payable
|
65,000 | 50,000 | ||||||
|
Total
Liabilities
|
132,054 | 54,963 | ||||||
|
Commitments
and Contingencies
|
- | - | ||||||
|
Stockholders'
Deficiency
|
||||||||
|
Preferred
stock, $0.001 par value; 10,000,000 shares authorized, none
issued and outstanding
|
- | - | ||||||
|
Common
stock, $0.001 par value; 100,000,000 shares authorized, 6,370,000 shares
issued and outstanding, respectively
|
6,370 | 6,370 | ||||||
|
Additional
paid-in capital
|
149,023 | 146,423 | ||||||
|
Deficit
accumulated during the development stage
|
(276,037 | ) | (185,211 | ) | ||||
|
Total
Stockholder's Deficiency
|
(120,644 | ) | (32,418 | ) | ||||
|
Total
Liabilities and Stockholders' Deficiency
|
$ | 11,410 | $ | 22,545 | ||||
|
For the Years Ended
|
For the period
from
July 9, 2007
(Inception) to
|
|||||||||||
|
September 30,
2010
|
September 30,
2009
|
September 30,
2010
|
||||||||||
|
Operating
Expenses
|
||||||||||||
|
Professional
fees
|
$ | 70,093 | $ | 29,326 | $ | 225,927 | ||||||
|
General
and administrative
|
13,707 | 10,615 | 43,172 | |||||||||
|
Total
Operating Expenses
|
83,800 | 39,941 | 269,099 | |||||||||
|
Loss
from Operations
|
(83,800 | ) | (39,941 | ) | (269,099 | ) | ||||||
|
Other
Income / (Expense)
|
||||||||||||
|
Interest
Income
|
21 | - | 886 | |||||||||
|
Interest
Expense
|
(7,047 | ) | (777 | ) | (7,824 | ) | ||||||
|
Total
Other Income / (Expense) - net
|
(7,026 | ) | (777 | ) | (6,938 | ) | ||||||
|
LOSS
FROM OPERATIONS BEFORE INCOME TAXES
|
(90,826 | ) | (40,718 | ) | (276,037 | ) | ||||||
|
Provision
for Income Taxes
|
- | - | - | |||||||||
|
NET
LOSS
|
$ | (90,826 | ) | $ | (40,718 | ) | $ | (276,037 | ) | |||
|
Net
Loss Per Share - Basic and Diluted
|
$ | (0.01 | ) | $ | (0.01 | ) | ||||||
|
Weighted
average number of shares outstanding during the year/period - Basic
and Diluted
|
6,370,000 | 6,370,000 | ||||||||||
|
Deficit
|
||||||||||||||||||||||||||||||||
|
accumulated
|
Total
|
|||||||||||||||||||||||||||||||
|
|
Additional
|
during
the
|
Stockholders'
|
|||||||||||||||||||||||||||||
|
Preferred
Stock
|
Common
stock
|
paid-in
|
development
|
Subscription
|
Equity/
|
|||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
stage
|
Receivable
|
(Deficiency)
|
|||||||||||||||||||||||||
|
Balance
July 9, 2007
|
- | $ | - | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
|
Common
stock issued for services to founder
($0.001)
|
- | - | 5,000,000 | 5,000 | - | - | - | 5,000 | ||||||||||||||||||||||||
|
Common
stock issued for cash ($0.10/ per
share)
|
- | - | 255,000 | 255 | 25,245 | - | (25,500 | ) | - | |||||||||||||||||||||||
|
In
kind contribution of services
|
- | - | - | - | 593 | - | - | 593 | ||||||||||||||||||||||||
|
Net
loss for the period July 9, 2007 (Inception) to September 30,
2007
|
- | - | - | - | - | (16,593 | ) | - | (16,593 | ) | ||||||||||||||||||||||
|
Balance,
September 30, 2007
|
- | - | 5,255,000 | 5,255 | 25,838 | (16,593 | ) | (25,500 | ) | (11,000 | ) | |||||||||||||||||||||
|
Common
stock issued for cash ($0.10/ per
share)
|
- | - | 1,115,000 | 1,115 | 110,385 | - | - | 111,500 | ||||||||||||||||||||||||
|
Cash
received for subscription
receivable
|
- | - | - | - | - | - | 25,500 | 25,500 | ||||||||||||||||||||||||
|
In
kind contribution of services
|
- | - | - | - | 2,600 | - | - | 2,600 | ||||||||||||||||||||||||
|
Net
loss for the year ended September 30,
2008
|
- | - | - | - | - | (127,900 | ) | - | (127,900 | ) | ||||||||||||||||||||||
|
Balance,
September 30, 2008
|
- | - | 6,370,000 | 6,370 | 138,823 | (144,493 | ) | - | 700 | |||||||||||||||||||||||
|
In
kind contribution of services
|
- | - | - | - | 2,600 | - | - | 2,600 | ||||||||||||||||||||||||
|
Forgiveness
of a third party account
payable
|
- | - | - | - | 5,000 | - | - | 5,000 | ||||||||||||||||||||||||
|
Net
loss for the year ended September 30,
2009
|
- | - | - | - | - | (40,718 | ) | - | (40,718 | ) | ||||||||||||||||||||||
|
Balance,
September 30, 2009
|
- | - | 6,370,000 | 6,370 | 146,423 | (185,211 | ) | - | (32,418 | ) | ||||||||||||||||||||||
|
In
kind contribution of services
|
- | - | - | - | 2,600 | - | - | 2,600 | ||||||||||||||||||||||||
|
Net
loss for the year ended September 30,
2010
|
- | - | - | - | - | (90,826 | ) | - | (90,826 | ) | ||||||||||||||||||||||
|
Balance,
September 30, 2010
|
- | $ | - | 6,370,000 | $ | 6,370 | $ | 149,023 | $ | (276,037 | ) | $ | - | $ | (120,644 | ) | ||||||||||||||||
|
For the Years Ended
|
For the Period
from
July 9, 2007
(Inception) to
|
|||||||||||
|
September 30,
2010
|
September 30,
2009
|
September 30,
2010
|
||||||||||
|
Cash
Flows Used in Operating Activities:
|
||||||||||||
|
Net
Loss
|
$ | (90,826 | ) | $ | (40,718 | ) | $ | (276,037 | ) | |||
|
Adjustments
to reconcile net loss to net cash used in operations
|
||||||||||||
|
In-kind
contribution of services
|
2,600 | 2,600 | 8,393 | |||||||||
|
Shares
issued to founder for services
|
- | - | 5,000 | |||||||||
|
Changes
in operating assets and liabilities:
|
||||||||||||
|
Increase
in prepaid expenses
|
- | 4,167 | - | |||||||||
|
Increase
in accounts payable and accrued expenses
|
5,044 | 2,686 | 14,230 | |||||||||
|
Increase
in accrued interest payable
|
7,047 | 777 | 7,824 | |||||||||
|
Net
Cash Used In Operating Activities
|
(76,135 | ) | (30,488 | ) | (240,590 | ) | ||||||
|
Cash
Flows From Financing Activities:
|
||||||||||||
|
Proceeds
from note payable
|
65,000 | 4,585 | 69,585 | |||||||||
|
Repayment
of loan payable
|
- | (4,585 | ) | (4,585 | ) | |||||||
|
Proceeds
from loan payable- Related party
|
- | - | 1,100 | |||||||||
|
Repayment
of loan payable - Related party
|
- | - | (1,100 | ) | ||||||||
|
Proceeds
from convertible note payable
|
- | 50,000 | 50,000 | |||||||||
|
Proceeds
from issuance of common stock
|
- | - | 137,000 | |||||||||
|
Net
Cash Provided by Financing Activities
|
65,000 | 50,000 | 252,000 | |||||||||
|
Net
Increase/(Decrease) in Cash
|
(11,135 | ) | 19,512 | 11,410 | ||||||||
|
Cash
at Beginning of Period
|
22,545 | 3,033 | - | |||||||||
|
Cash
at End of Period
|
$ | 11,410 | $ | 22,545 | $ | 11,410 | ||||||
|
Supplemental
disclosure of cash flow information:
|
||||||||||||
|
Cash
paid for interest
|
$ | - | $ | - | $ | - | ||||||
|
Cash
paid for taxes
|
$ | - | $ | 120 | $ | 120 | ||||||
|
Supplemental
disclosure of non-cash investing and financing
activities:
|
||||||||||||
|
Forgiveness
of Related Accounts Payable
|
$ | - | $ | 5,000 | $ | 5,000 | ||||||
|
NOTE
1
|
SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES AND
ORGANIZATION
|
|
2010
|
2009
|
|||||||
|
Expected
income tax expense at the statutory rate of 38.55%
|
$ | (35,017 | ) | $ | (15,699 | ) | ||
|
Tax
effect of expenses that are not deductible for income tax purposes (net of
other amounts deductible for tax purposes)
|
1,006 | 2,931 | ||||||
|
Tax
effect of differences in the timing of deductibility of items for income
tax purposes
|
- | - | ||||||
|
Change
in valuation allowance
|
34,011 | 12,768 | ||||||
|
Provision
for income taxes
|
$ | - | $ | - | ||||
|
The
components of deferred income taxes are as follows:
|
||||||||
|
2010
|
2009
|
|||||||
|
Deferred
income tax asset:
|
||||||||
|
Net
operating loss carryforwards
|
$ | 100,755 | $ | 66,744 | ||||
|
Valuation
allowance
|
(100,755 | ) | (66,744 | ) | ||||
|
Deferred
income taxes
|
$ | - | $ | - | ||||
|
NOTE
2
|
STOCKHOLDERS’
EQUITY
|
|
NOTE
3
|
FORGIVENESS OF A
PAYABLE
|
|
NOTE
4
|
LOAN
PAYABLE
|
|
NOTE
5
|
CONVERTIBLE NOTE
PAYABLE
|
|
NOTE
6
|
COMMITMENTS
|
|
NOTE
7
|
RELATED PARTY
TRANSACTIONS
|
|
NOTE
8
|
GOING
CONCERN
|
|
|
As
reflected in the accompanying financial statements, the Company is in the
development stage and has accumulated losses of $276,037 and a negative
cash flow from operations of $240,590 since inception. In
addition, the Company has a stockholders’ deficiency of $120,644 and
working capital deficiency of $55,644 as of September 30,
2010. This raises substantial doubt about its ability 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 raise
additional capital and implement its business plan. The
financial statements do not include any adjustments that might be
necessary if the Company is unable to continue as a going
concern.
|