Nevada
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87-0479286
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(State
or other jurisdiction
of
incorporation or organization)
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(I.R.S.
Employer Identification Number)
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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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(Do
not check if a smaller reporting company)
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Page
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PART
I – FINANCIAL INFORMATION:
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Item
1.
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Financial
Statements:
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F-1
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Unaudited
Condensed Balance Sheets, December 31, 2008 and September 30,
2008
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F-2
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Unaudited
Condensed Statements of Operations for the Three Months Ended December 31,
2008 and 2007 and for the Period from May 27, 2004 (Date of Inception of
the Development Stage) through December 31, 2008
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F-3
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Unaudited
Condensed Statements of Cash Flows for the Three Months Ended December 31,
2008 and 2007 and for the Period from May 27, 2004 (Date of Inception of
the Development Stage) through December 31, 2008
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F-4
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Notes
to Unaudited Condensed Financial Statements
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F-5
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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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1
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Item
3.
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Quantitative
and Qualitative Disclosures About Market Risk
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3
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Item
4T.
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Controls
and Procedures
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3
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PART II – OTHER
INFORMATION:
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Item
1.
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Legal
Proceedings
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3
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Item
1A.
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Risk
Factors
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3
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Item
2.
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Unregistered
Sales of Equity Securities and Use of Proceeds
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4
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Item
3.
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Defaults
Upon Senior Securities
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4
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Item
4.
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Submission
of Matters to a Vote of Security Holders
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4
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Item
5.
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Other
Information
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4
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Item
6.
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Exhibits
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4
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Signatures
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5
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ACQUIRED
SALES CORP.
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||||||||
(a
development stage enterprise)
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||||||||
Unaudited
Condensed Balance Sheets
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||||||||
December
31,
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September
30,
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|||||||
2008
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2008
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|||||||
ASSETS
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||||||||
Current
Assets:
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||||||||
Cash
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$ | 109 | $ | 670 | ||||
TOTAL
ASSETS
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$ | 109 | $ | 670 | ||||
LIABILITIES
AND STOCKHOLDERS' DEFICIT
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Current
Liabilities:
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Accounts payable
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$ | 6,025 | $ | 750 | ||||
Total
Current Liabilities
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6,025 | 750 | ||||||
Stockholders'
Deficit:
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||||||||
Preferred
stock, $0.001 par value, 10,000,000 shares
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||||||||
authorized, no shares issued and outstanding
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- | - | ||||||
Common
stock, $0.001 par value, 50,000,000 shares
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authorized, 5,832,482 shares issued and outstanding
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5,833 | 5,833 | ||||||
Additional
paid-in capital
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145,967 | 145,967 | ||||||
Deficit
accumulated prior to the development stage
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(69,151 | ) | (69,151 | ) | ||||
Deficit
accumulated during the development stage
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(88,565 | ) | (82,729 | ) | ||||
Total
Stockholders' Deficit
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(5,916 | ) | (80 | ) | ||||
TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT
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$ | 109 | $ | 670 | ||||
See
accompanying notes to the financial
statements.
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ACQUIRED
SALES CORP.
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||||||||||||
(a
development stage enterprise)
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Unaudited
Condensed Statements of Operations
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For
the period
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May
27, 2004
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(Date
of Inception
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For
the Three Months Ended
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of
the Development
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December
31,
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Stage)
through
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2008
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2007
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December
31, 2008
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Expenses:
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General and administrative
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$ | (5,836 | ) | $ | (20,460 | ) | $ | (142,778 | ) | |||
Waiver of tax liability penalty
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- | - | 60,364 | |||||||||
Interest
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- | - | (6,151 | ) | ||||||||
Net
Loss
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$ | (5,836 | ) | $ | (20,460 | ) | $ | (88,565 | ) | |||
Basic
and diluted loss per share
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$ | (0.00 | ) | $ | (0.00 | ) | ||||||
Basic
and diluted weighted average
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common shares outstanding
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5,832,482 | 5,832,482 | ||||||||||
See
accompanying notes to the financial statements.
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ACQUIRED
SALES CORP.
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(a
development stage enterprise)
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Unaudited
Condensed Statements of Cash Flows
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For
the period
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May
27, 2004
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(Date
of Inception
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For
the Three Months Ended
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of
the Development
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December
31,
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Stage)
through
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2008
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2007
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December
31, 2008
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Cash
Flows from Operating Activities:
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Net
loss
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$ | (5,836 | ) | $ | (20,460 | ) | $ | (88,565 | ) | |||
Adjustments
to reconcile net loss to net cash
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used in operating activities:
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Expenses paid by capital contributed by officer
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- | - | 20 | |||||||||
Waiver of tax liability penalty
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- | - | (60,364 | ) | ||||||||
Issuance of warrants for services
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- | - | 11,970 | |||||||||
Changes
in assets and liabilities:
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Prepaid expense
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- | 14,249 | - | |||||||||
Accounts payable
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5,275 | 1,108 | 6,025 | |||||||||
Payroll tax penalties and accrued interest
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- | - | (8,787 | ) | ||||||||
Net
Cash Used by Operating Activities
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(561 | ) | (5,103 | ) | (139,701 | ) | ||||||
Cash
Flows from Financing Activities:
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Proceeds from issuance of note payable to
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related party
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- | - | 195,000 | |||||||||
Payment
of principal on note payable to
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related party
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- | - | (95,000 | ) | ||||||||
Proceeds
from issuance of common stock
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- | - | 40,000 | |||||||||
Redemption
of common stock
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- | - | (190 | ) | ||||||||
Net
Cash Provided by Financing Activities:
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- | - | 139,810 | |||||||||
Net
Increase (Decrease) in Cash
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(561 | ) | (5,103 | ) | 109 | |||||||
Cash
at beginning of period
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670 | 23,932 | - | |||||||||
Cash
at End of Period
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$ | 109 | $ | 18,829 | $ | 109 | ||||||
See
accompanying notes to the financial
statements.
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Three Months
Ended
December
31, 2008
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Cumulative Period
From May
27, 2004
(Inception
of Developmental Stage) to
December
31, 2008
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Net
cash (used) in operating activities
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$ | (561 | ) | $ | (139,701 | ) | ||
Net
cash (used) in investing activities
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$ | 0 | $ | 0 | ||||
Net
cash (used) provided by financing activities
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$ | 0 | $ | 139,810 | ||||
Net
increase (decrease) in cash and cash equivalents
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$ | (561 | ) | $ | 109 |
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Item
6. Exhibits required by Item 601 of Regulation
S-K.
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(a)
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Exhibits (filed
with this report unless indicated
below)
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Exhibit 31.1
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Certification
of principal executive officer pursuant to Rule 13a-14(a) of the
Securities Exchange Act of 1934, as amended, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of
2002
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Exhibit 31.2
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Certification
of principal financial officer pursuant to Rule 13a-14(a) of the
Securities Exchange Act of 1934, as amended, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of
2002
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Exhibit 32.1
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Certification
of principal executive officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
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Exhibit 32.2
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Certification
of principal financial officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
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*
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Filed
as an exhibit to the Company's Registration Statement on Form 10-SB, as
filed with the SEC on March 23, 2007, and incorporated herein by this
reference.
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(b)
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Reports
on Form 8-K.
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