(Mark
One)
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x
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QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR
THE QUARTERLY PERIOD ENDED MARCH 31, 2008
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o
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TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
FOR
THE TRANSITION PERIOD FROM __________ TO __________
COMMISSION
FILE NUMBER ________________
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Nevada
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26-0287664
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification No.)
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Large
accelerated filer o
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Accelerated
filer o
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Non-accelerated
filer o
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Smaller
reporting company x
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Page
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PART
I - FINANCIAL INFORMATION
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Item
1. Financial Statements
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3
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Item
2. Management’s Discussion and Analysis or
Plan of Operation
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10
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Item
3. Quantitative and Qualitative Disclosures
About Market Risk
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12
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Item
4. Controls and
Procedures
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12
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PART
II - OTHER INFORMATION
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Item
1. Legal Proceedings
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12
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Item
2. Unregistered Sales of Equity Securities
and Use of Proceeds
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12
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Item
3. Defaults Upon Senior
Securities
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12 |
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Item
4. Submission of Matters to a Vote of
Security Holders
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12
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Item
5. Other Information
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12
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Item
6. Exhibits
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13
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SIGNATURES
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14
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March
31, 2008
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December
31, 2007
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(Unaudited)
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ASSETS | |||||||
CURRENT
ASSETS
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|||||||
Cash
& cash equivalents
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$
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1,056,246
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$
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1,267,670
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Prepaid
expenses
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17,500
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-
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Total
Current Assets
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1,073,746
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1,267,670
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PROPERTY
& EQUIPMENT, at cost
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Computer
equipment
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2,585
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-
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Less
accumulated depreciation
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(517
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)
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-
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Net
property and equipment
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2,068
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-
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OTHER
ASSETS
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|||||||
Patent
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3,561
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3,561
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Trademark
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4,467
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4,467
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Security
deposit
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650
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650
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Total
Other Assets
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8,678
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8,678
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TOTAL
ASSETS
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$
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1,084,492
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$
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1,276,348
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LIABILITIES
AND SHAREHOLDERS' EQUITY
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CURRENT
LIABILITIES
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Accrued
expenses
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$
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19,484
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$
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14,762
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Credit
card payable
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378
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159
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Payroll
taxes payable
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13,142
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15,120
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TOTAL
LIABILITIES
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33,004
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30,041
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SHAREHOLDERS'
EQUITY
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Preferred
stock, $0.0001 par value; 50,000 authorized preferred shares
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-
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-
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Common
stock, $0.0001 par value; 500,000,000 authorized common
shares 143,430,050 shares issued and
outstanding
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14,343
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14,343
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Additional
Paid in Capital
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1,678,054
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1,678,054
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Deficit
accumulated during the development stage
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(640,909
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)
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(446,090
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)
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TOTAL
SHAREHOLDERS' EQUITY
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1,051,488
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1,246,307
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TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
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$
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1,084,492
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$
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1,276,348
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From Inception
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June 1, 2007
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Three Month Ended
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through
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March 31, 2008
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March 31, 2008
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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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OPERATING
EXPENSES
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General
and administrative expenses
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167,131
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613,025
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Research
& development
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38,423
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49,854
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Depreciation
& amortization expense
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517
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517
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TOTAL
OPERATING EXPENSES
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206,071
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663,396
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LOSS
FROM OPERATIONS BEFORE OTHER INCOME/(EXPENSE)
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(206,071
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)
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(663,396
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)
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OTHER
INCOME/(EXPENSES)
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Interest
income
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1,738
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11,436
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Dividend
income
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7,531
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9,336
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Capital
gains
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-
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107
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Tax
exempt interest
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1,983
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1,983
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Interest
expense
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-
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(375
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)
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TOTAL
OTHER INCOME/(EXPENSE)
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11,252
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22,487
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NET
LOSS
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$
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(194,819
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)
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$
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(640,909
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BASIC
AND DILUTED LOSS PER SHARE
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$
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(0.00
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)
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WEIGHTED-AVERAGE
COMMON SHARES OUTSTANDING
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BASIC
AND DILUTED
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143,430,050
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Deficit
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Accumulated
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Additional
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during the
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Common stock
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Paid-in
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Development
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Shares
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Amount
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Capital
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Stage
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Total
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Balance
at December 31, 2007
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143,430,050
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$
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14,343
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$
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1,678,054
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$
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(446,090
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)
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$
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1,246,307
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Net
Loss (unaudited)
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(194,819
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)
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(194,819
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Balance
at March 31, 2008 (unaudited)
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143,430,050
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$
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14,343
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$
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1,678,054
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$
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(640,909
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)
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$
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1,051,488
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From Inception
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June 1, 2007
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Three Months Ended
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through
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March 31, 2008
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March 31, 2008
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CASH FLOWS
FROM OPERATING ACTIVITIES:
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Net
loss
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$
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(194,819
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$
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(640,909
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Adjustment
to reconcile net loss to net cash used in operating
activities
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Depreciation
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517
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517
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Contributed
capital by investor
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-
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375
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Common
stock issued for services
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-
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5,000
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(Increase)
Decrease in:
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Prepaid
expenses
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(17,500
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(17,500
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Other
assets
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-
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(8,678
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Increase
(Decrease) in:
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Accrued
expense
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4,722
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19,484
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Credit
card payable
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219
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378
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Payroll
taxes payable
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(1,978
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)
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13,142
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NET
CASH USED IN OPERATING ACTIVITIES
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(208,839
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)
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(628,191
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CASH
FLOWS USED IN INVESTING ACTIVITIES:
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Purchase
of equipment
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(2,585
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(2,585
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NET
CASH USED BY INVESTING ACTIVITIES
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(2,585
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)
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(2,585
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CASH
FLOWS FROM FINANCING ACTIVITIES:
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Proceeds
for issuance of common stock, net
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-
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1,687,022
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NET
CASH PROVIDED BY FINANCING ACTIVITIES
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-
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1,687,022
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NET
INCREASE (DECREASE) IN CASH
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(211,424
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)
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1,056,246
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CASH,
BEGINNING OF PERIOD
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1,267,670
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-
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CASH,
END OF PERIOD
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$
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1,056,246
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$
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1,056,246
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SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
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Interest
paid
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$
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-
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$
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-
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Taxes
paid
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$
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-
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$
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-
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SUPPLEMENTAL
SCHEDULE OF NON-CASH TRANSACTIONS
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Stock
issued for marketing services
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$
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-
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$
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105,705
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1. |
Basis
of Presentation
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2. |
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
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2. |
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
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3.
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CAPITAL
STOCK
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4. |
INCOME
TAXES
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The
Company files income tax returns in the U.S. Federal jurisdiction,
and the
state of California. With few exceptions, the Company is no longer
subject
to U.S. federal, state and local, or non-U.S. income tax examinations
by
tax authorities for years before
2004.
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The
Company adopted the provisions of FASB Interpretation No. 48, Accounting
for Uncertainty in Income Taxes, on January 1, 2007. Deferred income
taxes
have been provided by temporary differences between the carrying
amounts
of assets and liabilities for financial reporting purposes and
the amounts
used for tax purposes. To the extent allowed by GAAP, we provide
valuation
allowances against the deferred tax assets for amounts when the
realization is uncertain.
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Included
in the balance at March 31, 2008, are no tax positions for which
the
ultimate deductibility is highly certain but for which there is
uncertainty about the timing of such deductibility.
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The
Company's policy is to recognize interest accrued related to unrecognized
tax benefits in interest expense and penalties in operating
expenses.
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Title
of Document
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Location
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3.1
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Articles
of Incorporation
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(1)
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3.3
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By-laws
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(2)
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10.1
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Form
of Subscription Agreement, dated July 11, 2007
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(2)
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10.2
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Form
of Subscription Agreement, dated August 2007
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(2)
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10.3
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Form
of Subscription Agreement, dated November 2007
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(3)
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31.1
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Certification
by Chief Executive Officer and Chief Financial Officer, required
by Rule
13a-14(a) or Rule 15d-14(a) of the
Exchange
Act.
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Attached
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32.1
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Certification
by Chief Executive Officer and Chief Financial Officer, required
by Rule
13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350
of
Chapter 63 of Title 18 of the United States Code.
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Attached
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(1)
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Incorporated
by reference to the Company’s Registration Statement on Form SB-2 filed
with the Securities and Exchange Commission on March 24,
2008
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(2)
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Incorporated
by reference to the Company’s Registration Statement on Form SB-2 filed
with the Securities and Exchange Commission on December 11,
2007.
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(3)
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Incorporated
by reference to the Company’s Registration Statement on Form SB-2/A filed
with the Securities and Exchange Commission on February 5,
2008.
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ORIGINOIL, INC. | ||
By:
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/s/
T Riggs Eckelberry
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Date:
May 14, 2008
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T
Riggs Eckelberry
Chief
Executive Officer (Principal Executive Officer)
and
Acting Chief Financial Officer
(Principal
Accounting and Financial Officer)
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