Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Avatar Ventures Corp. (1416299) 10-Q published on Jun 19, 2012 at 3:09 pm
Reporting Period: Apr 29, 2012
The Company uses the assets and liability method of accounting for income taxes in accordance with FASB Topic 740 "Accounting for Income Taxes". Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The Company has loaned the amount of $132,100 to a related party called App Marketing Solutions of which $70,000 is short term (see below). The loan is unsecured, bears no interest and repayment is due as follows:
Avatar has generated nil revenues for the three months ended January 31, 2012. From Inception through April 30, 2012, the Company has generated nil revenues.
For the three months ended April 30, 2012, the Company experienced Professional Fees of $($20,499) as compared to Professional Fees of $4,200 for the three month period ended April 30, 2011. The decrease in professional fees experienced by the Company is largely attributed to write-offs of accounting fees accrued.