Easy CD Yearbook Inc - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - June 11, 2010

Attached files

file filename
EX-10.4 - EXHIBIT 10.4 - Easy CD Yearbook Incex10_4.htm
EX-10.8 - EXHIBIT 10.8 - Easy CD Yearbook Incex10_8.htm
EX-10.3 - EXHIBIT 10.3 - Easy CD Yearbook Incex10_3.htm
EX-21.1 - EXHIBIT 21.1 - Easy CD Yearbook Incex21_1.htm
EX-10.5 - EXHIBIT 10.5 - Easy CD Yearbook Incex10_5.htm
EX-99.1 - EXHIBIT 99.1 - Easy CD Yearbook Incex99_1.htm
EX-10.1 - EXHIBIT 10.1 - Easy CD Yearbook Incex10_1.htm
EX-10.2 - EXHIBIT 10.2 - Easy CD Yearbook Incex10_2.htm
EX-99.3 - EXHIBIT 99.3 - Easy CD Yearbook Incex99_3.htm
EX-10.7 - EXHIBIT 10.7 - Easy CD Yearbook Incex10_7.htm
EX-10.6 - EXHIBIT 10.6 - Easy CD Yearbook Incex10_6.htm
8-K - FORM 8-K - Easy CD Yearbook Incvizstar_8k.htm
Exhibit 99.2 - Interim financial statements of Celestial Jets, Inc. for the three months ended March 31, 2010
 
Celestial Jets, Inc.
Balance Sheets
March 31, 2010 and December 31, 2009
(Unaudited)
 
   
2010
    
2009
  
ASSETS
            
Current Assets
            
Cash
   $ 197,695     $ 127,569  
Accounts receivable
     —       29,122  
                 
Total Current Assets
     197,695       156,691  
                 
Property, plant and equipment, net
     15,127       11,431  
                 
TOTAL ASSETS
   $ 212,822     $ 168,122  
                 
LIABILITIES & STOCKHOLDERS’ DEFICIT
                
Current Liabilities
                
Accounts payable and accrued expenses
   $ 4,723     $ 51,230  
Convertible note payable to third party
     249,975       —  
Notes payable – related party
     63,862       62,557  
Convertible notes payable – related party
     100,000       100,000  
                 
Total Current Liabilities
     418,559       213,787  
                 
Stockholders’ Deficit
                
Common stock, no par value, 200 shares authorized, issued and outstanding
     —       —  
Accumulated deficit
     (205,737 )     (45,665 )
                 
Total Stockholders’ Deficit
     (205,737 )     (45,665 )
                 
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT
   $ 212,822     $ 168,122  
 
 
 
 
 
Celestial Jets, Inc.
Statements of Operations
Three Months Ended March 31, 2010,
and the period from February 22, 2009 (Inception) Through March 31, 2009
(Unaudited)
 
   
2010
    
2009
  
             
Revenue, net
   $ 53,545     $ —  
                 
Selling, general and administrative expenses
     209,521       —  
                 
Net operating loss
     (155,976 )     —  
                 
Interest expense
     4,097       —  
                 
Net Loss
   $ (160,072 )   $ —  
                 
Basic and diluted loss per share
   $ 800.36       —  
Weighted average shares outstanding – basic and diluted
     200       —  
 
 
2
 
 
Celestial Jets, Inc.
Statements of Cash Flows
Three Months Ended March 31, 2010,
and the period from February 22, 2009 (Inception) Through March 31, 2009
(Unaudited)
 
   
2010
    
2009
  
             
Cash Flows from Operating Activities
            
Net loss
   $ (160,072 )   $ —  
Adjustments to reconcile net loss to net cash used in operating activities
                
Depreciation
     1,279          
Changes in operating assets and liabilities
                
Accounts receivable
     29,122          
Accounts payable
     (46,533 )     —  
                 
Net cash used in operating activities
     (176,204 )     —  
                 
Cash Flows From Investing Activities
                
Purchase of fixed assets
     (4,975 )     (7,000 )
                 
Cash Flows from Financing Activities
                
Proceeds from third party note
     249,975       —  
Proceeds from related party debt
     1,330       7,000  
Net cash provided by financing activities
     251,305       7,000  
                 
Net Increase in Cash
     70,126       —  
                 
Cash at Beginning of Period
     127,569       —  
                 
Cash at End of Period
   $ 197,695     $ —  
 
 
3
 
 
Celestial Jets, Inc.
Notes to Financial Statements
(Unaudited)
 
NOTE 1 – BASIS OF PRESENTATION
 
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC elsewhere in this Form 8-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported elsewhere in the Form 8-K, have been omitted.
 
NOTE 2 – GOING CONCERN
 
As shown in the accompanying financial statements, we have incurred net losses since inception and do not have sufficient resources to continue without additional working capital. These conditions raise substantial doubt as to our ability to continue as a going concern. In response to these conditions, we may raise additional capital through the sale of equity securities, through an offering of debt securities or through borrowings from financial institutions or individuals. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.
 
NOTE 3 – LOAN FROM THIRD PARTY
 
During March 2010, Celestial Jets received $249,975 from a third party, who as consideration accepted a $250,000 promissory note from Vizstar, Inc., a publicly-traded entity with no operations. Concurrently, Celestial agreed to pay Vizstar, Inc. On June 11, 2010, Celestial merged with Vizstar and now owes the third party the $249,975 with interest at 10%. This note matures October 31, 2010 and is convertible into Vizstar shares at $.67 per share.
 
Vizstar acquired 100% of Celestial Jets in exchange for 35,633,584 newly-issued Vizstar shares to represent 54.14% of total post-merger shares, plus 16,000,000 warrants exercisable at $.0001 anytime until June 11, 2011 and only issuable as an anti-dilutive measure if more shares are issued to others later. Upon the merger, the combined entity still owes the third party $249,975 plus 10% interest.
 
4
 
 

Easy CD Yearbook Inc Reports