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. ONLINE INTERNET NETWORK, INC. (1520586) 10-Q published on Feb 19, 2013 at 4:16 pm
Reporting Period: Dec 27, 2012
During the three months ended September 30, 2012, a shareholder of the Company forgave $8,300 of accounts payable which is recorded to additional paid in capital.
During the three months ended December 31, 2012, the Secretary of the Company donated $3,000 in services to the Company which is recorded to additional paid in capital.
During the three months ended December 31, 2012, we generated $17,174 in revenue as a result of retaining previous clients and obtaining new clients. In comparison, during the three months ended December 31, 2011 we did not generate revenues.
Operating expenses during the nine months ended December 31, 2012 were $135,059, $53,475 of which was salaries and wages. In comparison, operating expenses for the nine months ended December 31, 2011 were $112,882, of which $49,134 was in salaries and wages. The increase in wagers is due to a slight increase in personnel.
Net cash used in operating activities was $91,056 for the period ended December 31, 2012, as compared to $91,824 used in operating activities from for the period ended December 31, 2011. The slight increase in net cash used in operating activities was primarily due to an increase accounts payable – related party.
We believe that the issuance of the above shares will be exempt from the registration and prospectus delivery requirements of the Securities Act of 1933 by virtue of Section 4(2) and Regulation D Rule 506 The shares will be issued directly by the Company and will not involve a public offering or general solicitation. The recipient of the shares was afforded an opportunity for effective access to files and records of the Company that contained the relevant information needed to make their investment decision, including the financial statements and 34 Act reports. We reasonably believed that the recipients, immediately prior to the sale of the shares, were accredited investors and had such knowledge and experience in our financial and business matters that they were capable of evaluating the merits and risks of their investment. The recipients had the opportunity to speak with our management on several occasions prior to their investment decision. There will be no commissions paid on the issuance and sale of the shares.