[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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[
]
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
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Florida
(State
or other jurisdiction of
incorporation
or organization)
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33-0961490
(I.R.S.
Employer
Identification
No.)
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22342
Avenida Empresa
Suite
220
Rancho
Santa Margarita, CA
(Address
of principal executive offices)
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92688
(Zip
Code)
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PART
I
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||
ITEM
1
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FINANCIAL
STATEMENTS
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1
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ITEM
2
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MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
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10
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ITEM 3 | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 15 |
ITEM
4
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CONTROLS
AND PROCEDURES
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15
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PART
II
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||
ITEM
I
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LEGAL
PROCEEDINGS
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16
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ITEM
2
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UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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16
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ITEM
3
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DEFAULTS
UPON SENIOR SECURITIES
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16
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ITEM
4
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SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
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16
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ITEM
5
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OTHER
INFORMATION
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16
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ITEM
6
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EXHIBITS
AND REPORTS ON FORM 8-K
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16
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|
September 30, |
December
31,
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|||||
2004
|
2003
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||||||
|
(unaudited) | ||||||
ASSETS
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|||||||
Current
assets
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|||||||
Cash
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$
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18,653
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$
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-
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|||
Total
assets
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$
|
18,653
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$
|
-
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|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
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|||||||
Current
liabilities
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|||||||
Accounts
payable and accrued liabilities
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$
|
5,900
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$
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93,105
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|||
Payable
to stockholder
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-
|
10,000
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|||||
Total
current liabilities
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5,900
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103,105
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|||||
Commitments
and contingencies
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-
|
-
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|||||
Stockholders'
equity:
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|||||||
Preferred
stock, $0.001 par value;
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|||||||
5,000,000
shares authorized; No shares
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|||||||
issued
or outstanding
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-
|
-
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|||||
Common
stock, $0.001 par value; 100,000,000
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|||||||
shares
authorized; 6,383,845 and 6,023,000
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|||||||
shares
issued and outstanding
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6,384
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6,023
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|||||
Additional
paid in capital
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64,840
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11,076
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|||||
Deficit
accumulated during the development stage
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(58,471
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)
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(120,204
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)
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Total
stockholders' equity
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12,753
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(103,105
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)
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||||
Total
liabilities and stockholders' equity
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$
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18,653
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$
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-
|
|||
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Cumulative
from Inception (March 27, 2001) through September
30, 2004
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Three
Months Ended September 30, 2004
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Three
Months Ended September 30, 2003
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Nine
Months Ended September 30, 2004
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Nine
Months Ended September 30, 2003
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|||||||||||
Revenue
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$
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-
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$
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-
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$
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-
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$
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-
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$
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-
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||||||
General
and administrative expenses
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141,826
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6,618
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15,433
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21,622
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48,279
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|||||||||||
Other
income
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83,355
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-
|
-
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83,355
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-
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|||||||||||
Net
income (loss)
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$
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(58,471
|
)
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$
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(6,618
|
)
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$
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(15,433
|
)
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$
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61,733
|
$
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(48,279
|
)
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||
Basic
and diluted net income (loss) per share
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$
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(0.00
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)
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$
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(0.00
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)
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$
|
0.01
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$
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(0.01
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)
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|||||
Weighted
average shares outstanding
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6,383,845
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6,023,000
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6,302,194
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6,023,000
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|
Cumulative
from Inception (March 27, 2001) to September
30,2004
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Nine
Months Ended September 30, 2004
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Nine
Months Ended September 30, 2003
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|||||||
Cash
flows from operating activities:
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||||||||||
Net
income (loss)
|
$
|
(58,471
|
)
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$
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61,733
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$
|
(48,279
|
)
|
||
Adjustments
to reconcile net loss to cash used in
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||||||||||
operating
activities:
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||||||||||
Contributed
capital for services rendered
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14,199
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-
|
||||||||
Increase
(decrease) in accounts payable
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||||||||||
and
accrued liabilities
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5,900
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(87,205
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)
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43,342
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||||||
Net
cash used in operating activities
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(38,372
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)
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(25,472
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)
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(4,937
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)
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||||
Cash
flows from financing activities:
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||||||||||
Proceeds
from the issuance of stock
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57,025
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54,125
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-
|
|||||||
Advance
from shareholder
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-
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(10,000
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)
|
-
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||||||
Net
cash provided by financing activities
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57,025
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44,125
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-
|
|||||||
Net
increase (decrease) in cash
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18,653
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18,653
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(4,937
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)
|
||||||
Cash
and cash equivalents, beginning of period
|
-
|
-
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6,437
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|||||||
Cash
and cash equivalents, end of period
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$
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18,653
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$
|
18,653
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$
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1,500
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||||
Supplemental
Schedule of Noncash Operating Activities:
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||||||||||
Forgiveness
of accounts payable and payable
|
||||||||||
to
stockholder
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$
|
83,355
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$
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83,355
|
$
|
-
|
||||
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Three
months ended
September
30
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Nine
months ended
September
30
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|||||||||||
2004
|
2003
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2004
|
2003
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||||||||||
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(Unaudited)
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(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
||||||
Net
Income (loss) from continuing
|
|||||||||||||
operations
available to common
|
|||||||||||||
shareholders
|
$
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(6,618
|
)
|
$
|
(15,433
|
)
|
$
|
61,733
|
$
|
(48,279
|
)
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||
Weighted
average number of
|
|||||||||||||
common
shares used in loss per
|
|||||||||||||
share
during the period
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6,383,845
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6,023,000
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6,302,194
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6,023,000
|
|
As
of
September
30, 2004
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As
of
December
31, 2003
|
Change
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|||||||
Cash
|
$
|
18,653
|
$
|
-
|
$
|
18,653
|
||||
Accounts
payable and accrued liabilities
|
5,900
|
93,105
|
(87,205
|
)
|
||||||
Total
current liabilities
|
5,900
|
103,105
|
(97,205
|
)
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3.1
(1)
|
Articles
of Incorporation of M-GAB Development Corporation
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|
3.2
(1)
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Bylaws
of M-GAB Development Corporation
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31.1
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Rule
13a-14(a)/15d-14(a) Certification of Chief Executive
Officer
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31.2
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Rule
13a-14(a)/15d-14(a) Certification of Chief Financial
Officer
|
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32.1
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Chief
Executive Officer Certification Pursuant to 18 USC, Section 1350,
as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
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32.2
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Chief
Financial Officer Certification Pursuant to 18 USC, Section 1350,
as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
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M-GAB
Development Corporation
|
||
Dated:
July 22, 2005
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/s/
Carl M. Berg
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|
By:
|
Carl
M. Berg
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President,
Director,
|
||
Chief
Executive Officer,
|
||
Chief
Financial Officer
|