UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Second quarter ended Commission file number
March 31, 2007 33-27042-NY
- ---------------------------- -----------------------
BARRINGTON SCIENCES CORPORATION
-------------------------------
(Formerly known as: Financial Express Corporation)
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation or organization)
Nevada 93-0996537
(State of Incorporation) (I.R.S. Employer Identification No.)
1107 Bennet Drive
Port Coquitlam, British Columbia, Canada V3C 6H2
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (604) 868-7400
Securities registered pursuant to Section 12(b) of the Act:
NONE NONE
(Title of Each Class) (Name of Each Exchange
on which Registered)
Securities registered pursuant to Section 12 (g) of the Act:
Common
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
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.
(1) Yes [X] No [ ] (2) Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):
Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [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 of the Common Stock of the registrant outstanding as of
March 31, 2007 was 24,381,767. The aggregate common stock held by
non-affiliates on March 31, 2007 was 8,712,825.
2
BARRINGTON SCIENCES INTERNATIONAL CORPORATION
(A development stage enterprise)
-----------------------------
INDEX
Page No.
Part I. Financial Information
Item 1. Financial Statements
Independent Registered Auditors Report 4
Balance Sheet - at March 31, 2007 5
Statements of Operations - for the
Six Months Ended March 31, 2007 and
March 31, 2006 6-7
Statement of Cash Flows - for the
Six Months Ended March 31, 2007
and 2006 8
Notes to Financial Statements 9
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 10
Item 4. Controls and Procedures 10
Part II. Other Information
Item 1. Submission of Matters to a
Vote of Security Holders 10
Item 2. Changes in Securities 10
Item 3. Defaults Upon Senior Securities 10
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
3
MOORE & ASSOCIATES, CHARTERED
ACCOUNTANTS AND ADVISORS
PCAOB REGISTERED
Report of Independent Registered Public Accounting Firm
-------------------------------------------------------
To the Board of Directors
Barrington Sciences Corporation
We have reviewed the accompanying balance sheet of Barrington Sciences
Corporation as of March 31, 2007, and the related statements of operations,
retained earnings, and cash flows for the six months then ended, in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). All information included in these financial statements is the
representation of the management of Barrington Sciences Corporation
A review consists principally of inquiries of company personnel and analytical
procedures applied to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the financial statements in order for them to be in conformity with
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
company will continue as a going concern. The financial statements do not
include any adjustments that might result from any uncertainty.
/s/ Moore & Associates, Chartered
Moore & Associates, Chartered
Las Vegas, Nevada
May 1, 2007
2675 S. JONES BLVD. SUITE 109, LAS VEGAS, NEVADA 89146
(702) 253-7511 o Fax: (702)253-7501
4
BARRINGTON SCIENCES CORPORATION
(A development stage enterprise)
Balance Sheet
As at March 31, 2007
Current assets:
Cash 21,863
Funds in Trust Account 170,955
----------
Total current assets 192,818
----------
----------
Total assets 192,818
==========
Liabilities and Stockholders' Equity
- ------------------------------------
Current liabilities:
Accounts payable and accrued liabilities 96,160
----------
Stockholders' equity:
Common stock $.001 par value;
100,000,000 authorized; 24,381,767 issued
and outstanding 24,381
Additional paid in Capital 4,271,652
----------
Losses accumulated during the 4,296,033
----------
development stage (4,199,375)
Total stockholders' equity 96,658
----------
Total liabilities and stockholders' equity 192,818
==========
See accompanying notes
The Financial Statements have been prepared by Management
5
BARRINGTON SCIENCES CORPORATION
(A development stage enterprise)
STATEMENTS OF OPERATIONS
For the six months ended March 31, 2007 and 2006
For the period ended Inception To
31-Mar-07 31-Mar-06 To Sept 30, 2006 31-Mar-07
------------ ------------ ---------------- ------------
Sales $ -- $ 10,736 $ 10,736
Costs and Expenses
Cost of sales -- 17,437 17,437
Selling, general and administrative 14,490 1,323 2,180,903 2,195,393
Write-down of goodwill 910,248 910,248
Write-down of intangibles and inventory -- 812,546 812,546
Write-down of other assets -- -- 233,794 233,794
------------ ------------ ------------ ------------
14,490 1,323 4,154,928 4,169,418
------------ ------------ ------------ ------------
(Loss) from operations (14,490) (1,323) (4,144,192) (4,158,682)
Other income (expense)
Interest expense -- -- (40,693) (40,693)
------------ ------------ ------------ ------------
-- (40,692) (40,692)
Net (loss) $ (14,490) $ (1,323) $ (4,184,884) $ (4,199,375)
============ ============ ============ ============
Per share information:
Basic and diluted (loss)
per common share $ (0.000) $ (0.010) $ (0.18)
============ ============ ============
Weighted average shares outstanding 24,381,767 24,381,767 24,381,767
============ ============ ============
See accompanying notes
6
BARRINGTON SCIENCES CORPORATION
(A development stage enterprise)
STATEMENTS OF OPERATIONS
For the three months ended March 31, 2007 and 2006
Quarter Quarter
March 2007 March 2006
----------- -----------
Sales $ -- $ --
Cost of sales --
Selling, general and administrative 5,494 1,323
----------- -----------
(Loss) from operations 5,494 9,443
=========== ===========
Net (loss) $ 5,494 $ 9,443
Per share information:
Basic and diluted (loss)
per common share $ 0.000 $ 0.000
----------- -----------
Weighted average shares outstanding 24,381,767 24,381,767
----------- -----------
See accompanying notes
7
BARRINGTON SCIENCES CORPORATION
(A development stage enterprise)
STATEMENTS OF CASH FLOWS
For the Six months ended March 31, 2007 and 2006
(Unaudited)
Inception
Mar 2007 Mar 2006 To Sept 30,2006 to date
---------- ---------- --------------- ----------
OPERATING ACTIVITIES
Net Loss (14,490) (1,323) (4,184,886) (4,199,375)
Items not affecting cash: 0
Services provided for common stock 0 0
Depreciation and amortization 0 0 0 0
Asset imparment loss 0 0
Changes in non-cash working capital: 0
Accounts receivable 0 0 0 0
Subscriptions Recievable 0
Prepaids and other current assets 0 0 0 0
Bank Overdraft 0 0 0
Accounts payable and accrued liabilities (51,700) (3,227) 147,860 96,160
Inventory 0 0
Payable Related Parties /other 0 (34,464) 0 0
---------- ---------- ---------- ----------
Cash flow used by operating activities (66,190) (39,014) (4,037,026) (4,103,215)
---------- ---------- ---------- ----------
INVESTING ACTIVITIES
Purchase of capital assets/Sale 0 0
Additions to Intangible Assets 0 0
Disposal of Fixed Assets 0
Investment in Joint Venture 0 0 0
Purchase of Bank Indebtedness from susiduary 0 0
---------- ---------- ---------- ----------
Cash flow from investing activities 0 0 0 0
---------- ---------- ---------- ----------
FINANCING ACTIVITIES
Increase (decrease) in short term debt
Issuance of common shares 0 0 4,296,033 4,296,033
Loans from related parties 0 0 0 0
---------- ---------- ---------- ----------
Cash flow from financing activities 0 0 4,296,033 4,296,033
---------- ---------- ---------- ----------
INCREASE IN CASH FLOW (66,190) (39,014) 259,007 192,818
CASH - Beginning of period 259,007 42,534 0
---------- ---------- ---------- ----------
CASH - End of period 192,817 3,520 259,007 192,818
---------- ---------- ---------- ----------
See accompanying notes
8
BARRINGTON SCIENCES CORPORATION
NOTES TO FINANCIAL STATEMENTS
March 31, 2007
1. Basis of presentation
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General
-------
On December 30, 2002, Barrington Sciences Corporation ("BSC")
completed the sale of its assets to Financial Express Corporation ("FEC"),
a public Nevada corporation, in a reverse merger. The accompanying
financial statements include the accounts of Barrington Sciences
Corporation and its wholly owned subsidiaries, and the activity of FEC from
the date of acquisition. In connection with the transaction, the fiscal
year of BSC, September 30, was adopted.
The accompanying condensed unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to form 10-Q.
accordingly; they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of
normal recurring adjustments) considered necessary for a fair presentation
have been included.
Stockholders' equity
--------------------
Basic (loss) per share was computed using the weighted average number
of common shares outstanding.
9
Item 2. Management's Discussion and Analysis of Financial Condition and Plan of
Operations
(a) Plan of Operation
The Company has generated no revenues from its operations and has been
a development stage enterprise since inception.
The company has discontinued the joint venture in China and is in the
process of bringing all filings current in order to attract an operation to
vend into it.
(b) Liquidity and capital resources Management has abandoned efforts
to raise equity for future development of its operations Instead it is
seeking a viable alternative to vend into the company
(c) Comparison of 2006 and 2007 for the first quarter. Operating costs
decreased as the company curtailed all activities due to cash constraints.
Total operating costs increased from $1,323 in 2006 to $5,494 in 2007. The
costs consisted of: Professional Fees.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
None. The Company does not hold any material market risk sensitive
instruments.
Item 4. Controls and Procedures
At the present time the company does not have any control procedures in
place.
PART II Other Information.
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities
None this quarter
Item 3. Defaults Upon Senior Securities
(Not applicable)
10
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
(Not applicable)
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None this quarter
(b) Reports on Form 8-K
None
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.
BARRINGTON SCIENCES CORPORATION
By: /s/Lorne Broten Date: May 4, 2007
- ----------------------
Lorne Broten
CFO and Director (Principal Financial Officer)
11
Supplemental Information to be Furnished With Reports Filed Pursuant to Section
15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to
Section 12 of the Act
No annual report or proxy material has been sent to security holders of the
Company. The Company does not anticipate sending out a separate annual report or
proxy material to its security holders subsequent to the filing of the annual
report. In the event that the Company determines that it will send out either a
separate annual report or any proxy materials, the Company will furnish copies
of such material to the Securities and Exchange Commission when it is sent to
security holders.