Reven Housing REIT, Inc. - FORM 10-Q

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - Reven Housing REIT, Inc.	Financial_Report.xls
EX-31 - Reven Housing REIT, Inc.	q1100480_ex31.htm
EX-32 - Reven Housing REIT, Inc.	q1100480_ex32.htm

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended March 31, 2012

-OR-

o Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transaction period from _________ to ________

Commission File Number 000-54165

Bureau of Fugitive Recovery, Inc.

(Exact name of Registrant in its charter)

Colorado		84-1306078
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

132 W. 11th Avenue

Denver, Colorado 80204

(Address of principal executive offices)

Registrant's Telephone Number, Including Area Code:

(720) 266-6996

Indicate by check mark 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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

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 (section 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 o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):

Large accelerated filer	o		Non-accelerated filer	o
Accelerated filer	o		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 o No x

The number of outstanding shares of the registrant's common stock, May 2, 2012: Common Stock – 10,000,000

BUREAU OF FUGITIVE RECOVERY, INC.

FORM 10-Q

INDEX

PART 1 – FINANCIAL INFORMATION

		Page
Item 1. Financial Statements (Unaudited)		3
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		8
Item 3. Quantitative and Qualitative Disclosure About Market Risk		9
Item 4. Controls and Procedures		9

PART II - OTHER INFORMATION

Item 1. Legal Proceedings		11
Item 1A. Risk Factors		11
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		11
Item 3. Defaults Upon Senior Securities		11
Item 4. Mine Safety Disclosures		11
Item 5. Other Information		11
Item 6. Exhibits		11

SIGNATURES		12

BUREAU OF FUGITIVE RECOVERY, INC.

BALANCE SHEETS

				Mar. 31, 2012
	Dec. 31, 2011			(Unaudited)


ASSETS

Current assets
Cash	$	599		$	400
Total current assets		599			400

Total Assets	$	599		$	400


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Notes payable	$	15,000		$	15,000
Accrued interest payable		2,790			3,090
Related party payable		-			3,500
Total current liabilties		17,790			21,590

Total Liabilities		17,790			21,590

Stockholders' Equity
Preferred stock, $.001 par value;
25,000,000 shares authorized;
No shares issued & outstanding		-			-
Common stock, $.001 par value;
100,000,000 shares authorized;
10,000,000 shares issued & outstanding		10,000			10,000
Additional paid in capital		20,000			20,000
Accumulated deficit		(47,191	)		(51,190	)
Total Stockholders' Equity		(17,191	)		(21,190	)

Total Liabilities and Stockholders' Equity	$	599		$	400

The accompanying notes are an integral part of the financial statements.

BUREAU OF FUGITIVE RECOVERY, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months			Three Months
	Ended			Ended
	Mar. 31, 2011			Mar. 31, 2012


Revenues	$	29,100		$	-
Cost of revenues		2,285			-

Gross profit		26,815			-

Operating expenses:
General and administrative		17,149			3,699
		17,149			3,699

Income (loss) from operations		9,666			(3,699	)

Other income (expense):
Interest expense		(300	)		(300	)
		(300	)		(300	)

Income (loss) before
provision for income taxes		9,366			(3,999	)

Provision for income tax		-			-

Net income (loss)	$	9,366		$	(3,999	)

Net income (loss) per share
(Basic and fully diluted)	$	0.00		$	(0.00	)

Weighted average number of
common shares outstanding		10,000,000			10,000,000

The accompanying notes are an integral part of the financial statements.

BUREAU OF FUGITIVE RECOVERY, INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months		Three Months
	Ended		Ended
	Mar. 31, 2011		Mar. 31, 2011


Cash Flows From Operating Activities:
Net income (loss)	$	9,366	$	(3,999	)

Adjustments to reconcile net income to
net cash provided by (used for)
operating activities:
Accrued payables		300		300
Related party payables		-		3,500
Net cash provided by (used for)
operating activities		9,666		(199	)

Cash Flows From Investing Activities:

Net cash provided by (used for)
investing activities		-		-
Cash Flows From Financing Activities:

Net cash provided by (used for)
financing activities		-		-

Net Increase (Decrease) In Cash		9,666		(199	)
Cash At The Beginning Of The Period		1,489		599

Cash At The End Of The Period	$	11,155	$	400

Schedule of Non-Cash Investing and Financing Activities

None

Supplemental Disclosure

Cash paid for interest	$	-	$	-
Cash paid for income taxes	$	-	$	-

The accompanying notes are an integral part of the financial statements.

BUREAU OF FUGITIVE RECOVERY, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Bureau of Fugitive Recovery, Inc. was incorporated in the State of Colorado on April 26, 1995. The Company provides bounty hunting services for bail bond businesses. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company.

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents

The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

Accounts receivable

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.

Property and equipment

Property and equipment are recorded at cost and depreciated under accelerated or straight line methods over each item's estimated useful life.

BUREAU OF FUGITIVE RECOVERY, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue recognition

Revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collectibility is reasonably assured.

Income tax

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Net income (loss) per share

The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.

Financial Instruments

The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheets, approximates fair value.

Long-Lived Assets

In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.

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

We are currently not aware of any trends that are reasonably likely to have a material impact on our liquidity. Our current cash balance is estimated to be insufficient to fund our current operations for two months.

We have not received any significant revenues in 2012. As of March 31, 2012, we had a cash balance of $400. As a result of our limited working capital, we have had to limit our operations. Until we are able to raise additional funds to pursue our business plan and generate material revenues, our activities will be restricted.

As of May 2, 2012, the Company determined that it would explore additional business opportunities that are divergent from its current business line. As a result, the Company’s historical business may be discontinued due to such reevaluation, among other reasons. The Company has entered into informal non-binding confidential discussions with several companies concerning possible business acquisition opportunities. However, there exist no agreements or understandings as to any such opportunities as of the date of this current report.

Liquidity and Capital Resources

For the three months ended March 31, 2011 and 2012, we did not pursue any investing activities.

For the three months ended March 31, 2011 and 2012, we did not pursue any financing activities.

We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources. Our inability to raise funds for the above purposes will have a severe negative impact on our ability to remain a viable company.

Results of Operations

For the three months ended March 31, 2012, we did not have any revenues. We had general and administrative expenses of $3,699 and an interest expense of $300. As a result, we had net loss of $3,999 for the three months ended March 31, 2012.

For the three months ended March 31, 2011, we had revenues of $29,100. The cost of those revenues was $2,285, resulting in a gross profit of $26,815. We had general and administrative expenses of $17,149 and interest expense of $300. As a result, we had net income of $9,366 for the three months ended March 31, 2011.

We did not have any revenues for the three months ended March 31, 2012 due to decreased operations. Our other expenses were kept lower as a result of the decreased operations.

Going Concern

The Company has suffered recurring losses from operations and has a working capital deficit and stockholders' deficit, and in all likelihood will be required to make significant future expenditures in connection with continuing marketing efforts along with general administrative expenses. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions. By doing so, the Company hopes through increased marketing efforts to generate greater revenues from sales of its bounty hunting services. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern.

Off-Balance Sheet Arrangements

The registrant had no material off-balance sheet arrangements as of March 31, 2012.

Critical Accounting Policies and Estimates

Management's discussion and analysis of its financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to the reported amounts of revenues and expenses and the valuation of our assets and contingencies. We believe our estimates and assumptions to be reasonable under the circumstances. However, actual results could differ from those estimates under different assumptions or conditions. Our financial statements are based on the assumption that we will continue as a going concern. If we are unable to continue as a going concern we would experience additional losses from the write-down of assets.

New Accounting Pronouncements

The registrant has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the registrant.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable for smaller reporting companies.

Item 4. Controls and Procedures

During the three months ended March 31, 2012, there were no changes in our internal controls over financial reporting (as defined in Rule 13a- 15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of March 31, 2012. Based on this evaluation, our chief executive officer and principal financial officers have concluded such controls and procedures to be effective as of March 31, 2012 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

Not applicable for smaller reporting companies

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

None

Item 6. Exhibits

Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Exhibit 101.INS** XBRL Instance Document

Exhibit 101.SCH** XBRL Taxonomy Extension Schema Document

Exhibit 101.CAL** XBRL Taxonomy Extension Calculation Linkbase Document

Exhibit 101.DEF** XBRL Taxonomy Extension Definition Linkbase Document

Exhibit 101.LAB** XBRL Taxonomy Extension Label Linkbase Document

Exhibit 101.PRE** XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith

**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

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.

Dated: May 2, 2012

BUREAU OF FUGITIVE RECOVERY, INC.

By: /s/Jay Kelman

Jay Kelman

Chief Executive Officer

Chief Financial Officer

Reven Housing REIT, Inc. - FORM 10-Q - May 7, 2012

Attached files

Reven Housing REIT, Inc. Reports