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EX-31 - CERTIFICATION - JETPADS, INC.exhibit31jetpads123109.htm
EX-32 - CERTIFICATION - JETPADS, INC.exhibit32jetpads123109.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

[ x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2009

OR

[ ] 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 333-151867

JETPADS, INC.

(Exact name of Registrant as specified in its charter)


 

 

NEVADA

26-2347451

(State or other jurisdiction of incorporation or

(IRS Employer Identification Number)

organization)

  


650 S. HILL ST. #J-4, LOS ANGELES, CA 90014

(Address of principal executive offices)

(310) 728-6579
(Registrant's telephone number)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ x ] No [ ]

Indicate by checkmark 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[  ]  Yes

[X]

No (Not Required)

Indicate by check mark whether the Registrant is a larger accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “larger accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [   ]

Accelerated filer  [   ]

Non-accelerated filer  [   ] (Do not check if a smaller reporting company)              Smaller reporting company [X]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.  As at February 19, 2010, there were 10,000,000 common shares issued and outstanding.




PART I – FINANCIAL INFORMATION


ITEM 1.  INTERIM FINANCIAL STATEMENTS


The accompanying interim unaudited financial statements of jetPADS, Inc. (a Nevada corporation) (a development stage company) (the “Company”) are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the Company's most recent audited financial statements for the year ended March 31, 2009 included in a Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on July 31, 2009. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements for the periods ended December 31, 2009, are not necessarily indicative of the operating results that may be expected for the full year ending March 31, 2010.









jetPADS, Inc.

(A Development Stage Company)

Balance Sheets

 

 

 

 

 

 

 

 

 

December 31, 2009

 

March 31, 2009

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

ASSETS

Current assets

 

 

 

 

 

 

Cash

$

-

 

$

35

 

Restricted cash (Note 3)

 

48,432

 

 

-

 

Accounts receivable (Note 3)

 

80,876

 

 

-

Total current assets

 

129,308

 

 

35

 

 

 

 

 

 

 

Total assets

$

129,308

 

$

35

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

$

22,167

 

$

31,996

 

Security deposit liability (Note 3)

 

50,186

 

 

 

 

Property owner payable (Note 3)

 

131,548

 

 

 

 

Related party payable

 

30,965

 

 

393

 

Deferred revenue (Note 3)

 

43,315

 

 

 

Total current deficit

 

278,181

 

 

32,389

 

 

 

 

 

 

 

Stockholders' Deficit

 

 

 

 

 

 

Common stock, $.001 par value; 100,000,000 shares authorized, 10,000,000 issued and outstanding

10,000

 

 

10,000

 

Additional paid-in capital

 

432

 

 

-

 

Deficit accumulated during the development stage

 

(159,305)

 

 

(42,354)

Total stockholders' deficit

 

(148,873)

 

 

(32,354)

 

 

 

 

 

 

 

Total liabilities and stockholders' deficit

$

129,308

 

$

35

 

 

 

 

 

 

 

See accompanying notes to unaudited financial statements




1






jetPADS, Inc.

(A Development Stage Company)

Statements of Operations (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period from March 26, 2008 (inception) to December 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31,

 

Nine months ended December 31,

 

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

13,695

 

$

-

 

$

33,671

 

$

-

 

$

33,671

Discounts given

 

(874)

 

 

-

 

 

(3,247)

 

 

-

 

 

(3,247)

Net revenue

 

12,821

 

 

-

 

 

30,424

 

 

-

 

 

30,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

21,991

 

 

6,567

 

 

63,087

 

 

13,655

 

 

101,993

 

Advertising

 

15,971

 

 

-

 

 

28,329

 

 

-

 

 

28,329

 

Other general & administrative

 

30,283

 

 

39

 

 

54,868

 

 

2,865

 

 

57,746

Total operating expenses

 

68,245

 

 

6,606

 

 

146,284

 

 

16,520

 

 

188,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(185)

 

 

-

 

 

(1,093)

 

 

-

 

 

(1,663)

 

Other income

 

-

 

 

-

 

 

2

 

 

-

 

 

2

Total other income (expense)

 

(185)

 

 

-

 

 

(1,091)

 

 

-

 

 

(1,661)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss available to common stockholders

$

(55,609)

 

$

(6,606)

 

$

(116,951)

 

$

(16,520)

 

$

(159,305)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per common share

$

(0.01)

 

$

(0.00)

 

$

(0.01)

 

$

(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

10,000,000

 

 

10,000,000

 

 

10,000,000

 

 

8,176,095

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited financial statements


2






jetPADS, Inc.

(A Development Stage Company)

Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

For the period from March 26, 2008 (inception) to December 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31,

 

 

 

 

2009

 

2008

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Net loss

$

(116,951)

 

$

(16,520)

 

$

(159,305)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Imputed interest on related party payable

 

432

 

 

-

 

 

432

 

 

Increase in prepaid expenses

 

-

 

 

(30)

 

 

-

 

 

Increase in accounts receivable

 

(80,876)

 

 

-

 

 

(80,876)

 

 

Increase (decrease) in accounts payable

 

(9,829)

 

 

6,370

 

 

22,167

 

 

Increase in property owner payable

 

131,548

 

 

-

 

 

131,548

 

 

Increase in security deposit liability

 

50,186

 

 

-

 

 

50,186

 

 

Increase in deferred revenue

 

43,315

 

 

-

 

 

43,315

Net cash provided by (used in) operating activities

17,825

 

 

(10,180)

 

 

7,467

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Increase in restricted cash

 

(48,432)

 

 

-

 

 

(48,432)

Net cash used in investing activities

 

(48,432)

 

 

-

 

 

(48,432)

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

Proceeds from bank overdraft

 

-

 

 

27

 

 

-

 

 

Proceeds from related party payable

 

30,965

 

 

153

 

 

31,358

 

 

Repayments of related party payable

 

(393)

 

 

-

 

 

(393)

 

 

Proceeds from sale of common stock

 

-

 

 

10,000

 

 

10,000

Net cash provided by financing activities

 

30,572

 

 

10,180

 

 

40,965

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in cash

 

(35)

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash at beginning of period

 

35

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash at end of period

$

-

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid for interest

$

-

 

$

-

 

$

-

 

Cash paid for income taxes

$

-

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited financial statements



3




jetPADS, Inc.

(A Development Stage Company)

Notes to the Unaudited Financial Statements

For the Three and Nine Months Ended December 31, 2009 and 2008 and the

Period of March 26, 2008 (Inception) to December 31, 2009


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 as of and for the periods ended December 31, 2009 and for all periods presented 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 March 31, 2009 audited financial statements as reported in Form 10-K.  The results of operations for the period ended December 31, 2009 are not necessarily indicative of the operating results for the full year ended March 31, 2010.


NOTE 2 - GOING CONCERN


The Company's financial statements are prepared using accounting principles generally accepted 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 plans to obtain such resources for the Company include (1) obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses, and (2) as a last resort, seeking out and completing a merger with an existing operating company. 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.




4






jetPADS, Inc.

(A Development Stage Company)

Notes to the Unaudited Financial Statements

For the Three and Nine Months Ended December 31, 2009 and 2008 and the

Period of March 26, 2008 (Inception) to December 31, 2009


NOTE 3 – RENTAL AGENT CONTRACTS

During the nine months ended December 31, 2009, the Company entered into various agreements with vacation property owners to act as a short-term rental agent on behalf of the owners. The agreements allow for the Company to retain a commission of 10% - 60% of the gross rental booking.  Since rental contracts between the owners and renters are cancellable up to the point of use of the owners’ properties by the renters, commissions are deferred and recognized as revenue once the renters complete their use of the owners’ properties.  The remaining 40%-90% of gross rental bookings, plus applicable taxes paid by the renters, are remitted to the owners upon the renters’ use of the owners’ properties.  At the time of booking, renters are required to pay a security deposit that is refundable to them after ensuring no damage was done to the owners’ properties subsequent to use by the renters.

As of December 31, 2009, the Company had booked a total of $292,759 in gross rental charges, plus booking fees, cleaning fees, and taxes totaling $43,398, resulting in revenue and deferred revenue of $33,671 and $43,315, respectively.  At December 31, 2009, the Company had received total cash of $326,605, including $74,417 in refundable security deposits.  Of this amount, $132,164 has been remitted to the property owners, with $131,548 remaining payable to property owners upon renters’ use of the properties. At December 31, 2009, the Company had a balance of $48,432 in restricted cash which represents a restricted cash deficit of $52,426. The restricted cash deficit is calculated by adding the refundable security deposits and cash payable to property owners, less a receivable due from renters of $80,876 payable prior to the renters’ use of the owners’ properties less the restricted cash on hand.  

During the nine months ended December 31, 2009, the Company booked six reservations for a property owned by our President totaling $12,279. This resulted in cleaning fee and commission revenue of $726 and $815, respectively. As of December 31, 2009, there is no balance due to the property owner as a result of these bookings and $500 due to one customer representing a refundable security deposit.  These amounts are included in the account totals in the previous paragraph


NOTE 4 – SUBSEQUENT EVENTS


The Company has evaluated subsequent events from the balance sheet date through February 20, 2010 and determined there are no items to disclose.


NOTE 5 – INCOME TAXES


The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes. Deferred taxes are normally provided in the financial statements under ASC Topic No. 740 to give effect to the resulting temporary differences which may arise from differences in the bases of fixed assets, depreciation methods, allowances, and start-up costs based on the income taxes expected to be payable in future years. Operating loss carry forwards generated during the period from March 26, 2008 (date of inception) through December 31, 2009 of $159,305 will begin to expire in 2028, and may be limited by the provisions of Internal Revenue Code Section 382 and other provisions as to their utilization. Deferred tax assets of approximately $55,757 have been completely offset by a valuation allowance that increased by approximately $40,933 and $5,782 during the nine months ended December 31, 2009 and 2008, respectively.

5




jetPADS, Inc.

(A Development Stage Company)

Notes to the Unaudited Financial Statements

For the Three and Nine Months Ended December 31, 2009 and 2008 and the

Period of March 26, 2008 (Inception) to December 31, 2009


NOTE 5 – INCOME TAXES (CONT’D)


The Company follows the provisions of uncertain tax positions as addressed in FASC 740-10-65-1.  The Company recognized no increase in the liability for unrecognized tax benefits.  The Company has no tax positions at December 31, 2009 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.  The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  No such interest or penalties were recognized during the periods presented.  The Company had no accruals for interest and penalties at December 31, 2009.


NOTE 6 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS


In June 2009 the FASB established the Accounting Standards Codification ("Codification" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). Rules and interpretive releases of the Securities and Exchange Commission ("SEC") issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented.


Statement of Financial Accounting Standards ("SFAS") SFAS No. 165 (ASC Topic 855), "Subsequent Events", SFAS No. 166 (ASC Topic 810), "Accounting for Transfers of Financial Assets-an Amendment of FASB Statement No. 140", SFAS No. 167 (ASC Topic 810), "Amendments to FASB Interpretation No. 46(R)", and SFAS No. 168 (ASC Topic 105), "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a replacement of FASB Statement No. 162" were recently issued. SFAS No. 165, 166, 167, and 168 have no current applicability to the Company or their effect on the financial statements would not have been significant.


Accounting Standards Update ("ASU") ASU No. 2009-05 (ASC Topic 820), which amends Fair Value  Measurements and Disclosures - Overall, ASU No. 2009-13 (ASC Topic 605), Multiple-Deliverable Revenue Arrangements, ASU No. 2009-14 (ASC Topic 985), Certain Revenue Arrangements that include Software Elements, and various other ASU's No. 2009-2 through ASU No. 2010-08 which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.





6





ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following plan of operation should be read in conjunction with our financial statements and the notes thereto included elsewhere in this report. Statements contained herein which are not historical facts are forward-looking statements, as that term is defined by the Private Securities Litigation Reform Act of 1995, including statements relating to our plans, objectives, expectations, and intentions. Although we believe that the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. We caution investors that any forward-looking statements made by us are not guarantees of future performance and that actual results may differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation: established competitors who have substantially greater financial resources and operating histories, regulatory delays or denials, ability to compete as a start-up company in a highly competitive market, and access to sources of capital.


OVERVIEW


The Company began operations in March 2008. The Company plans to secure contracts with prospective homeowners through the contacts and connections of its president and director, Mr. Kanaat.  Mr. Kanaat’s contacts own luxurious homes and condominiums around the world and have agreed to participate in the jetPAD Homes program.


The Company hopes to successfully secure real estate contracts and implement its brand development strategy by placing key advertisements strategically throughout print and web-based media.  While focusing on fostering its brand and continuously securing additional high-end properties worldwide, the Company will simultaneously launch into a sales campaign, utilizing an Enterprise version of the TenantWIZ Vacation Rental Software system to manage and close all sales leads.


The Company’s operating strategies will be primarily based around securing and marketing jetPAD luxury homes and condominiums in its first phase of development.


The Company’s founder, Mr. Kanaat, has utilized his connections to create a base inventory of secured luxury properties worldwide to be used in the marketing & advertising of jetPAD Homes.  Sales associates and concierge staff will be hired as customers begin signing up for memberships for the jetPAD Homes program. At this time, the Company has no specific date established to hire sales associates and concierge staff.


The Company will operate its day-to-day business by utilizing an Enterprise version of the TenantWIZ Vacation Rental Software system which will track all leads, sales, properties, digital contracts, and more through one streamlined system.  It will work to foster its brand, while striving to deliver excellent service at competitive prices. The Company will be known for providing high-end luxury homes and condominiums around the world to members based on a quarterly or annual fee as well as varying booking fees per property.


RESULTS OF OPERATIONS


The Company has negotiated some contracts with homeowners for inclusion in the jetPAD Homes worldwide luxury rental inventory.  It will implement its plan for marketing these properties and building the jetPADS brand during 2010.  



9




During the three and nine months ended December 31, 2009, we generated $13,695 and $33,671, respectively, in revenues from the rental of properties.  Since inception, we have incurred $188,068 in operating expenses through December 31, 2009.


As of December 31, 2009, the Company had $0 in cash on hand, restricted cash (see below for additional information) of $48,432, and accounts receivable of $80,876.  We had current liabilities of $278,181 and no long-term liabilities as of December 31, 2009.  


During the nine months ended December 31, 2009, we entered into various agreements with vacation property owners to act as a short-term rental agent on behalf of the owners. The agreements allow for us to retain a commission of 10% - 60% of the gross rental booking.  Since rental contracts between the owners and renters are cancellable up to the point of use of the owners’ properties by the renters, commissions are deferred and recognized as revenue once the renters complete their use of the owners’ properties.  The remaining 40%-90% of gross rental bookings, plus applicable taxes paid by the renters, are remitted to the owners upon the renters’ use of the owners’ properties.  At the time of booking, renters are required to pay a security deposit that is refundable to them after ensuring no damage was done to the owners’ properties subsequent to use by the renters.

As of December 31, 2009, we had booked a total of $292,759 in gross rental charges, plus booking fees, cleaning fees, and taxes totaling $43,398, resulting in revenue and deferred revenue of $33,671 and $43,315 respectively.  At December 31, 2009, we had received total cash of $326,605, including $74,417 in refundable security deposits. Of this amount, $132,164 has been remitted to the property owners, with $131,548 remaining payable to property owners upon renters’ use of the properties.

At December 31, 2009, we had a balance of $48,432 in restricted cash which represents a restricted cash deficit of $52,426. The restricted cash deficit is calculated by adding the refundable security deposits and cash payable to property owners, less a receivable due from renters of $80,876 payable prior to the renters’ use of the owners’ properties less the restricted cash on hand.  

During the nine months ended December 31, 2009, we booked six reservations for a property owned by our President, Robert Kannat, totaling $12,279. This resulted in cleaning fee and commission revenue of $726 and $815, respectively. As of December 31, 2009, there is no balance due to the property owner as a result of these bookings and $500 due to one customer representing a refundable security deposit.  These amounts are included in the account totals in the previous paragraph


The following discussion should be read in conjunction with the Company's financial statements and notes thereto appearing elsewhere in this quarterly report.


Limited Operating History; Need for Additional Capital


There is no historical financial information about us upon which to base an evaluation of our performance. We are a start-up corporation and have generated minimal revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the development of our business plan, and possible cost overruns due to price and cost increases in services.


We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop, or expand our operations. Equity financing could result in additional dilution to existing stockholders.


Off-Balance Sheet Arrangements




10




We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required by smaller reporting companies.


ITEM 4T. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Robert Kanaat, our Chief Executive and Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this quarterly report (the Evaluation Date).  Based on such evaluation, he has concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective in alerting us on a timely basis to material information required to be included in our reports filed or submitted under the Exchange Act.

Changes in Internal Controls

There were no significant changes in our internal controls or, to the Company's knowledge, in other factors that could significantly affect the Company's disclosure controls and procedures subsequent to the date the Company carried out this evaluation.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A.  RISK FACTORS

Not applicable.

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

None.

ITEM 6. EXHIBITS

The following exhibits are included with this filing. Those marked with an asterisk (*) and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our original Form S-1 Registration Statement, filed under SEC File Number 333-151867, at the SEC website at www.sec.gov:


Exhibit

Number

Description


3.1

Articles of Incorporation*


11




3.2

Bylaws*

31

Rule 13a-14(a)/15d-14a(a) Certifications

32

Section 1350 Certifications



12




Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



 

 

 

 

JETPADS, INC.

 

(Registrant)

February 22, 2010

  

  

 Date

BY:

/s/ Robert Kanaat

 

  

  

 

  

Robert Kanaat

 

  

President, Chief Executive Officer, Principal Financial Officer, Principal Accounting Officer,  and member of the Board of Directors




13