Cuentas Inc. - Quarter Report: 2008 September (Form 10-Q)

LEAGUE NOW HOLDINGS CORPORATION
BALANCE SHEETS
ASSETS
		September 30,				December 31,
		2008				2007
CURRENT ASSETS		(Unaudited)
Cash		$	3,787			$	14,812
TOTAL ASSETS		$	3,787			$	14,812
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
CURRENT LIABILITIES
Accounts payable		$	46,065			$	16,855
Accrued payroll			19,750				10,750
Accrued payroll taxes			2,754				2,066
TOTAL CURRENT LIABILITIES			68,569				29,671
COMMITMENTS AND CONTINGENCIES			-				-
STOCKHOLDERS’ DEFICIENCY
Preferred  stock, $0.001 par value, 10,000,000 shares authorized,  none issued and outstanding		$	-			$	-
Common stock, $0.001 par value, 100,000,000 shares authorized,  25,733,125 and 25,733,125 shares issued and outstanding, respectively			25,733				25,733
Additional paid in capital			96,017				96,017
Accumulated deficit			(186,532	)			(136,609	)
Total Stockholders’ Deficiency			(64,782	)			(14,859	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY		$	3,787			$	14,812

 

See accompanying notes to financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(UNAUDITED)

NOTE 1     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

(A) Basis of Presentation

 

The accompanying unaudited financial statements are presented in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and rules and regulations of the Securities and Exchange Commission. 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 only of normal occurring accruals) considered necessary in order to make the financial statements not misleading, have been included. Operating results for the three and nine months ended September 30, 2008 are not necessarily indicative of results that may be expected for the year ending December 31, 2008. The financial statements are presented on the accrual basis.

 

 (B) Organization

 

League Now Holdings Corporation was incorporated under the laws of the State of Florida on September 21, 2005. The Company operates under the domain name,  www.leaguenow.com  as an application service provider offering web-based services for online video game users. The Company’s strategy is directed toward the satisfaction of our registered members by offering integrated internet technology for the online video game industry that quickly and easily allows individuals to enter and play in  peer organized leagues in the United States and worldwide, 24 hours a day, 7 days a week.

 

(C) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates.

 

(D) Cash and Cash Equivalents

 

For purposes of the cash flow statements, the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

 

(E) Website Costs

 

The Company has adopted the provisions of Emerging Issues Task Force 00-2, “Accounting for Web Site Development Costs.” Costs incurred in the planning stage of a website are expensed as research and development while costs incurred in the development stage are capitalized and amortized over the life of the asset, estimated to be three years.

(F) Revenue Recognition

 

The Company recognizes revenue from membership fees over the membership period.  Fees billed in advance are recorded as deferred revenue and recognized over the service period.  The company recognizes revenue on banner  advertising at the time the advertising is displayed in accordance with the criteria in Staff Accounting Bulletin 104,   Revenue Recognition   (SAB 104).  The criteria in SAB 104 requires that revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product or performance of the service has occurred, no significant company obligations with regard to implementation or integration exist, the fee is fixed or determinable and collectibility is reasonably assured.

 

(G) Long-Lived Assets

 

The Company accounts for long-lived assets under the Statements of Financial Accounting Standards Nos. 142 and 144 “Accounting for Goodwill and Other Intangible Assets” and “Accounting for Impairment or Disposal of Long-Lived Assets” (“SFAS No. 142 and 144”). In accordance with SFAS No. 142 and 144, long-lived assets, goodwill and certain identifiable intangible assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, goodwill and intangible assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets.

 

 

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(H) Loss Per Share

 

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by Financial Accounting Standards No. 128, “Earnings Per Share.” As of September 30, 2008 and 2007, there were no common share equivalents outstanding.

 

(I) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

 

(J) Stock Based Compensation