UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
[X]
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2008
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number: 000-30529
WINGS & THINGS, INC.
(Exact name of registrant as specified in its charter)
Nevada (State or other jurisdiction of incorporation or organization) | 87-0464667 (I.R.S. Employer Identification No.) |
#313, 455 East 400 South, Salt Lake City, Utah (Address of principal executive offices) | 84111 (Zip Code) |
(801) 323-2395
(Registrant’s telephone number, including area code)
The registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company:
Large accelerated filer [ ] Non-accelerated filer [ ] | Accelerated filed [ ] Smaller reporting company [X] |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [X] No [ ]
The number of shares outstanding of the registrant’s common stock as of August 6, 2008 was 18,000,000.
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EXPLANATORY NOTE
This quarterly report has been amended to include the correct notes to the financial statements.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
2
Balance Sheets
3
Statements of Operations
4
Statements of Cash Flows
5
Notes to the Financial Statements
6
PART II – OTHER INFORMATION
Exhibits
7
Signatures
7
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The financial information set forth below with respect to our statements of operations for the three month periods ended March 31, 2008 and 2007 is unaudited. This financial information, in the opinion of management, includes all adjustments consisting of normal recurring entries necessary for the fair presentation of such data. The results of operations for the three month period ended March 31, 2008, are not necessarily indicative of results to be expected for any subsequent period.
Wings & Things, Inc.
(A Development Stage Company)
Financial Statements
March 31, 2008
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Wings & Things, Inc. | ||||||||
(A Development Stage Company) | ||||||||
Consolidated Balance Sheets | ||||||||
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| ASSETS |
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| March 31 |
| December 31 |
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| 2008 |
| 2007 |
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CURRENT ASSETS |
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Cash |
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| $ 2,038 |
| $ 2,688 |
Total Current Assets |
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| 2,308 |
| 2,688 |
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TOTAL ASSETS |
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| $ 2,038 |
| $ 2,688 | |
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| LIABILITIES AND STOCKHOLDERS' DEFICIT |
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CURRENT LIABILITIES |
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Accounts Payable - Related party |
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| $ 54,900 |
| $ 54,900 | ||
Accounts Payable |
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| 23,300 |
| 22,600 | |
Total Current Liabilities |
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| 78,200 |
| 77,500 | ||
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Total Liabilities |
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| 78,200 |
| 77,500 | |
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STOCKHOLDERS' DEFICIT |
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Common Stock, $.001 par value; 20,000,000 shares |
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authorized; 18,000,000 shares issued and outstanding |
| 18,000 |
| 18,000 | ||||
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Additional paid-in Capital |
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| 9,000 |
| 9,000 | ||
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Deficit Accumulated During the Development Stage |
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| (103,162) |
| (101,812) | |||
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Total Stockholders' Deficit |
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| (76,162) |
| (74,812) | ||
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
| $ 2,038 |
| $ 2,688 | ||||
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The accompanying notes are an integral part of these financial statements
3
Wings & Things, Inc. | ||||||||||||
(A Development Stage Company) | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
(Unaudited) | ||||||||||||
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| From |
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| For the |
| For the |
| Inception on |
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| three months |
| three months |
| March 11, 1986 |
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| ended March 31, |
| ended March 31, |
| to March 31, |
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| 2008 |
| 2007 |
| 2008 |
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REVENUES |
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| $ - |
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| $ - | |
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EXPENSES |
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General & Administrative |
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| 1,350 |
| - |
| 103,162 | ||
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TOTAL EXPENSES |
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| 1,350 |
| - |
| 103,162 | ||
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Net Operating Loss |
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| (1,350) |
| - |
| (103,162) | ||
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LOSS BEFORE TAXES |
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| (1,350) |
| - |
| (103,162) | ||
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TAXES |
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| - |
| - |
| - |
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NET LOSS |
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| $ (1,350) |
| $ - |
| $ (103,162) | |
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NET LOSS PER SHARE |
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| $ 0.00 |
| $ 0.00 |
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WEIGHTED AVERAGE SHARES |
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OUTSTANDING |
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| 18,000,000 |
| 18,000,000 |
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The accompanying notes are an integral part of these financial statements
4
Wings & Things, Inc. | ||||||||||
(A Development Stage Company) | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||
(Unaudited) | ||||||||||
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| From | |
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| Inception on | |
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| March 11, 1986 | |
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| For the three months ended |
| Through | |||
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| March 31, |
| March 31, | |||
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| 2008 |
| 2007 |
| 2008 | |
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Cash Flows from Operating Activities |
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Net Loss |
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| $ (1,350) |
| $ - |
| $ (103,162) | |
Adjustments to reconcile net (loss) to cash provided |
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(used) by operating activities: |
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Depreciation & Amortization |
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| 17,000 | |||
Stock issued for services |
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| - |
| 10,000 | |||
Changes in assets and liabilities: |
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Increase in Accounts Payable and Accrued Liabilities | 700 |
| - |
| 78,200 | |||||
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Net Cash Provided (Used) by Operating Activities |
| (650) |
| - |
| 2,038 | ||||
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Cash Flows from Investing Activities |
| - |
| - |
| - | ||||
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Net Cash Provided (Used) by Investing Activities |
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| - |
| - | ||||
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Cash Flows from Financing Activities |
| - |
| - |
| - | ||||
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Net Cash Provided (Used) by Financing Activities |
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| - |
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Increase (Decrease) in Cash |
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| (650) |
| - |
| 2,038 | |||
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Cash and Cash Equivalents at Beginning of Period |
| 2,688 |
| 450 |
| - | ||||
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Cash and Cash Equivalents at End of Period |
| $ 2,038 |
| $ 450 |
| $ 2,038 | ||||
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Supplemental Cash Flow Information: |
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Stock issued for marketing rights |
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| $ - |
| $ - |
| $ 17,000 | |||
Stock issued for services |
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| $ - |
| $ - |
| $ 10,000 | |||
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Cash Paid For: |
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Interest |
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| $ - |
| $ - |
| $ - | ||
Income Taxes |
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| $ - |
| $ - |
| $ - | ||
The accompanying notes are an integral part of these financial statements
5
Wings & Things, Inc.
Notes to the Financial Statements
March 31, 2008
GENERAL
Wings & Things, Inc. (the Company) has elected to omit substantially all footnotes to the financial statements for the three months ended March 31, 2008 since there have been no material changes (other than indicated in other footnotes) to the information previously reported by the Company in their Annual Report filed on the Form 10-K for the twelve months ended December 31, 2007.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the Company without audit. However, such information reflects all adjustments which are, in the opinion of management, necessary to properly reflect the results of the interim period presented. The information presented is not necessarily indicative of the results from operations expected for the full fiscal year.
6
PART II – OTHER INFORMATION
ITEM 6. EXHIBITS
Part I Exhibits
No.
Description
31.1
Principal Executive Officer Certification
31.2
Principal Financial Officer Certification
32.1
Section 1350 Certification
Part II Exhibits
No.
Description
3.1
Articles of Incorporation, dated March 11, 1986 (Incorporated by reference to exhibit 2.1 of the Form 10-SB, File No. 000-30529, filed November 1, 2000)
3.2
Bylaws of Wings & Things, Inc. (Incorporated by reference to exhibit 2.3 of the Form 10-SB, File No. 000-30529, filed November 1, 2000)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
WINGS & THINGS, INC. By: /s/ Greg Popp Greg Popp President and Director Principal Financial Officer | Date: August 6, 2008 |
7