Nevada
|
95-4786792
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
15452 Cabrito Road, Suite 204, Van Nuys,
CA 91406
|
(Address
of principal executive offices)
|
(818) 326-6018
|
(Issuer’s
Telephone Number)
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-accelerated
filer o (Do
not check if a smaller reporting company)
|
Smaller
reporting company x
|
STEREO
VISION ENTERTAINMENT, INC.
|
||||||||
(A
Development Stage Company)
|
||||||||
BALANCE
SHEETS
|
||||||||
(Unaudited)
|
||||||||
ASSETS:
|
December
31,
|
June
30,
|
||||||
2008
|
2008
|
|||||||
Current
Assets:
|
||||||||
Cash
|
$ | - | $ | 4,341 | ||||
Prepaid
expenses
|
6,750 | 6,750 | ||||||
Total
Current Assets
|
6,750 | 11,091 | ||||||
Fixed
Assets:
|
||||||||
Office
Equipment
|
16,745 | 16,745 | ||||||
Less
Accumulated Depreciation
|
(14,855 | ) | (14,375 | ) | ||||
Net
Fixed Assets
|
1,890 | 2,370 | ||||||
Intangible
and Other Non- Current Assets:
|
||||||||
Films,
Manuscripts, Recordings and Similar Property
|
430,078 | 406,750 | ||||||
Investment
in Mad Dogs&Oakies
|
11,893 | 11,893 | ||||||
Total
Intangible and Other Non-Current Assets:
|
441,971 | 418,643 | ||||||
Total
Assets
|
$ | 450,611 | $ | 432,104 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY:
|
||||||||
Liabilities:
|
||||||||
Accounts
Payable
|
$ | 189,253 | $ | 188,510 | ||||
Accrued
Expenses
|
295,824 | 613,790 | ||||||
Bank
Overdraft
|
1,536 | - | ||||||
Lawsuit
Payable
|
32,411 | 32,411 | ||||||
Loans
from Shareholders
|
908,407 | 795,079 | ||||||
Total
Current Liabilities
|
1,427,431 | 1,629,790 | ||||||
Stockholders'
Equity:
|
||||||||
Common
Stock, $.001 Par value
|
||||||||
Authorized
100,000,000 shares,
|
||||||||
Issued
24,460,138 at December 31, 2008
|
||||||||
and
22,720,138 at June 30, 2008
|
24,460 | 22,720 | ||||||
Common
Stock to be Issued, 96,000 shares at
|
||||||||
December
31, 2008 and June 30, 2008
|
96 | 96 | ||||||
Additional
Paid in Capital
|
15,721,225 | 15,334,465 | ||||||
Deficit
Accumulated During the Development Stage
|
(16,722,601 | ) | (16,554,967 | ) | ||||
Total
Stockholders' Equity
|
(976,820 | ) | (1,197,686 | ) | ||||
Total
Liabilities and Stockholders' Equity
|
$ | 450,611 | $ | 432,104 | ||||
The
accompanying notes are an integral part of these financial
statements.
|
STEREO
VISION ENTERTAINMENT, INC.
|
||||||||||||||||||||
(A
Development Stage Company)
|
||||||||||||||||||||
STATEMENTS
OF OPERATIONS
|
||||||||||||||||||||
Cumulative
|
||||||||||||||||||||
Since
May 5,
|
||||||||||||||||||||
(Unaudited)
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(Unaudited)
|
1999
|
||||||||||||||||||
For
the Three Months Ended
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For
the Six Months Ended
|
Inception
of
|
||||||||||||||||||
December
31,
|
December
31,
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Development
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||||||||||||||||||
2008
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2007
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2008
|
2007
|
Stage
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||||||||||||||||
Revenues
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Expenses
|
||||||||||||||||||||
Research
& Development
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- | - | - | - | 293,000 | |||||||||||||||
General
& Administrative
|
79,851 | 182,578 | 126,104 | 408,274 | 9,044,418 | |||||||||||||||
Salaries
& Consulting
|
20,300 | 90,510 | 125,000 | 200,710 | 6,404,813 | |||||||||||||||
Advertising
& Promotion
|
- | - | - | - | 418,423 | |||||||||||||||
Loss
on Investment
|
- | - | - | - | 558,191 | |||||||||||||||
Lawsuit
Settlement
|
- | - | - | - | 111,511 | |||||||||||||||
Operating
Loss
|
(100,151 | ) | (273,088 | ) | (251,104 | ) | (608,984 | ) | (16,830,356 | ) | ||||||||||
Other
income (expense):
|
||||||||||||||||||||
Interest
income
|
1 | 767 | 1 | 2,060 | 2,562 | |||||||||||||||
Interest
expense
|
(32,023 | ) | (15,020 | ) | (54,031 | ) | (58,429 | ) | (620,283 | ) | ||||||||||
Investment
Fee
|
- | - | - | - | (75,000 | ) | ||||||||||||||
Loss
on Sale of Assets
|
- | - | - | - | (15,883 | ) | ||||||||||||||
Write
off of Note Receivable
|
- | - | - | - | (191,701 | ) | ||||||||||||||
Gain
on Forgiveness of Debt
|
- | - | 137,500 | - | 600,138 | |||||||||||||||
Gain
(Loss) on Available for Sale
|
||||||||||||||||||||
Securities
|
- | - | - | - | 412,772 | |||||||||||||||
Total
Other Income (expense)
|
(32,022 | ) | (14,253 | ) | 83,470 | (56,369 | ) | 112,605 | ||||||||||||
Net
Loss Before Taxes
|
(132,173 | ) | (287,341 | ) | (167,634 | ) | (665,353 | ) | (16,717,751 | ) | ||||||||||
Income
Tax Expense
|
- | - | - | - | (4,850 | ) | ||||||||||||||
Net
Loss
|
$ | (132,173 | ) | $ | (287,341 | ) | $ | (167,634 | ) | $ | (665,353 | ) | $ | (16,722,601 | ) | |||||
Basic
& Diluted loss Per Share
|
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||
Weighted
Average
|
24,460,138 | 21,310,356 | 23,853,400 | 20,525,618 | ||||||||||||||||
The
accompanying notes are an integral part of these financial
statements.
|
STEREO
VISION ENTERTAINMENT, INC.
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
STATEMENTS
OF CASH FLOWS
|
||||||||||||
Cumulative
|
||||||||||||
Since
May 5,
|
||||||||||||
(Unaudited)
|
1999
|
|||||||||||
For
the Six Months Ended
|
Inception
of
|
|||||||||||
December
31,
|
Development
|
|||||||||||
2008
|
2007
|
Stage
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
Loss
|
$ | (167,634 | ) | $ | (665,353 | ) | $ | (16,722,601 | ) | |||
Adjustments
to reconcile net loss to net
|
||||||||||||
cash
used in operating activities:
|
||||||||||||
Depreciation
and Amortization
|
480 | - | 3,537,538 | |||||||||
Issuance
of Common Stock for Expenses
|
28,000 | 287,000 | 6,864,685 | |||||||||
Stock
Issued for Payment of Accounts Payable
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- | - | 50,500 | |||||||||
Stock
Issued for accrued expenses
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- | - | 494,166 | |||||||||
Compensation
Expense from Stock Options
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- | - | 487,500 | |||||||||
Realized
gain on trading investments
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- | - | (412,773 | ) | ||||||||
Loss
on sale of assets
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- | - | 15,883 | |||||||||
Loss
on Investment Written Off
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- | - | 557,008 | |||||||||
Gain
on Forgiveness of Debt
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(137,500 | ) | - | (600,138 | ) | |||||||
Cash
acquired in merger
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- | - | 332 | |||||||||
Change
in operating assets and liabilities:
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||||||||||||
Prepaid
Expense
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- | - | (6,750 | ) | ||||||||
Investment
in films, manuscripts, recordings
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||||||||||||
and
similar property
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(23,328 | ) | (250,000 | ) | (625,086 | ) | ||||||
Accounts
Payable
|
743 | (9,500 | ) | 343,489 | ||||||||
Accrued
Expenses
|
123,564 | 137,916 | 1,286,753 | |||||||||
Lawsuit
Payable
|
- | - | 32,411 | |||||||||
Payable
to SAG for Route 66
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- | - | 71,493 | |||||||||
Net
Cash Used in operating activities
|
(175,675 | ) | (499,937 | ) | (4,625,590 | ) | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase
of investment
|
- | - | (5,892 | ) | ||||||||
Purchase
of equipment
|
- | (3,000 | ) | (16,745 | ) | |||||||
Proceeds
from sale of assets
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- | - | 51,117 | |||||||||
Proceeds
from sale of investments
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- | - | 565,773 | |||||||||
Net
cash provided (used) in investing activities
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$ | - | $ | (3,000 | ) | $ | 594,253 |
STEREO
VISION ENTERTAINMENT, INC.
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
STATEMENTS
OF CASH FLOWS
|
||||||||||||
(continued)
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||||||||||||
Cumulative
|
||||||||||||
Since
May 5,
|
||||||||||||
(Unaudited)
|
1999
|
|||||||||||
For
the Six Months Ended
|
Inception
of
|
|||||||||||
December
31,
|
Development
|
|||||||||||
2008
|
2007
|
Stage
|
||||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Net
proceeds from loans from shareholders
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$ | 59,298 | $ | 389,013 | $ | 2,719,090 | ||||||
Proceeds
from issuance of common stock
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110,500 | - | 1,246,711 | |||||||||
Proceeds
from issuance of short-term notes
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- | - | 64,000 | |||||||||
Bank
overdraft
|
1,536 | - | 1,536 | |||||||||
Net
Cash Provided by Financing Activities
|
171,334 | 389,013 | 4,031,337 | |||||||||
Net
(Decrease) Increase in Cash
|
(4,341 | ) | (113,924 | ) | - | |||||||
Cash
at Beginning of Period
|
4,341 | 139,202 | - | |||||||||
Cash
at End of Period
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$ | - | $ | 25,278 | $ | - | ||||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||||
Cash
paid during the year for:
|
||||||||||||
Interest
|
$ | - | $ | 10,000 | $ | 68,676 | ||||||
Income
taxes
|
$ | - | $ | - | $ | 7,670 | ||||||
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||||||
Common
Stock Issued for Investment in
|
||||||||||||
Wilfield
Entertainment
|
$ | - | $ | - | $ | 220,000 | ||||||
Common
Stock Issued for Investment in
|
||||||||||||
Mad
Dogs & Oakies Project
|
$ | - | $ | - | $ | 3,000 | ||||||
Common
Stock Issued for Investment in
|
||||||||||||
In
the Garden of Evil Project
|
$ | - | $ | - | $ | 12,000 | ||||||
Common
Stock Issued for Investment in
|
||||||||||||
Booty
3D
|
$ | - | $ | - | $ | 59,000 | ||||||
Common
Stock Issued for Investment in
|
||||||||||||
Kung
Fu U 3D
|
$ | - | $ | - | $ | 18,000 | ||||||
Notes
Payable Converted to Stock
|
$ | - | $ | - | $ | 1,710,608 | ||||||
The
accompanying notes are an integral part of these financial
statements.
|
2008
|
2007
|
|||||||
Net
Operating Losses
|
$ | 2,483,250 | $ | 2,283,150 | ||||
Valuation
Allowance
|
(2,483,250 | ) | (2,283,150 | ) | ||||
$ | - | $ | - |
2008
|
2007
|
|||||||
Provision
(Benefit) at US Statutory Rate
|
$ | 200,100 | $ | 6,600 | ||||
Increase
(Decrease) in Valuation Allowance
|
(200,100 | ) | (6,600 | ) | ||||
$ | - | $ | - |
Exhibit Number
|
Exhibit
|
3.1
|
Articles
of Incorporation (1)
|
3.2
|
Amended
Articles of Incorporation (1)
|
3.3
|
Bylaws
(1)
|
31
|
Certification
Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
32
|
Certification
Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
Dated: February
23, 2009
|
By /S/ John
Honour
|
C.E.O.,
President, Director
|