Legacy Education Alliance, Inc. - Quarter Report: 2013 March (Form 10-Q)

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x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Nevada		N/A
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
6110 Coxswain Crescent Toronto, ON, Canada		L5V-2Z8
(Address of principal executive offices)		(Zip Code)

Large accelerated filer		¨		Accelerated filer		¨
Non-accelerated filer		¨  (Do not check if a smaller reporting company)		Smaller reporting company		x

Class		Shares outstanding as of May 15, 2013
Common stock, $.001 par value		5,000,000

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited).		1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		2
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		5
Item 4.	Controls and Procedures.		5
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings.		6
Item 1A.	Risk Factors.		6
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		6
Item 3.	Defaults Upon Senior Securities.		6
Item 4.	Mine Safety Disclosures.		6
Item 5.	Other Information.		6
Item 6.	Exhibits.		6
SIGNATURES			7

 

	Index
Balance Sheets	F–1
Statement of Expenses	F–2
Statement of Cash Flows	F–3
Notes to the Financial Statements	F–4

 

ASSETS		March 31, 2013				September 30, 2012
Current Assets
Cash		$	32,473			$	41,078
Total Current Assets		$	32,473			$	41,078
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities		$	8,500			$	1,500
Due to related parties			6				6
Total Current Liabilities			8,506				1,506
Stockholders’ Equity
Common stock Authorized: 75,000,000 shares, par value $0.001 5,000,000 share issued and outstanding			5,000				5,000
Additional paid-in capital			45,000				45,000
Deficit accumulated during the development stage			(26,033	)			(10,428	)
Total Stockholders’ Equity			23,967				39,572
Total Liabilities and Stockholders’ Equity		$	32,473			$	41,078

 

 

		Three Months Ended March 31, 2013				Three Months Ended March 31, 2012				Six Months Ended March 31, 2013				Six Months Ended March 31, 2012				Period from November 23, 2010 (Date of Inception) to March 31, 2013
Expenses
General and administrative		$	13,233			$	47			$	15,605			$	94			$	26,033
																			,
Total Operating Expenses			13,233				47				15,605				94				26,033
Net Loss		$	(13,233	)		$	(47	)		$	(15,605	)		$	(94	)		$	(26,033	)
Net Loss Per Share – Basic and Diluted		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)
Weighted Average Shares Outstanding			5,000,000				4,322,404				5,000,000				3,120,219

 

 

		Six Months Ended March 31, 2013				Six Months Ended March 31, 2012				Period from November 23, 2010 (Date of Inception) to March 31, 2013
Operating Activities
Net loss for the period		$	(15,605	)		$	(94	)		$	(26,033	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts payable and accrued expenses			7,000				-				8,500
Net cash used in operating activities			(8,605	)			(94	)			(17,533	)
Financing Activities
Proceeds from issuance of common stock			-				50,000				50,000
Advances from related parties			-				-				790
Payments on advances to related parties			-				(510	)			(784	)
Net Cash Provided by Financing Activities			-				49,490				50,006
Net Increase in Cash			(8,605	)			49,396				32,473
Cash, Beginning of Period			41,078				-				–
Cash, End of Period			32,473				49,396				32,473
Supplemental Disclosures
Interest paid		$	-			$	-			$	–
Income taxes paid			-				-				–

 

 

 

 

 

a)

As at March 31, 2013, the Company was indebted to the former President of the Company in the amount of $6, which is non-interest bearing, unsecured, and due on demand.

 

a)

On November 24, 2011, the Company issued 4,000,000 common shares at $0.01 per share for proceeds of $40,000.

 

b)

On February 1, 2012, the Company issued 1,000,000 common shares at $0.01 per share for proceeds of $10,000.

 

 

●	have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

●	comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

●	submit certain executive compensation matters to shareholder advisory votes, such as “say-on-pay” and “say-on-frequency;” and

●	disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation.

 

 

	Offered Shares Sold	Offering Proceeds			Principle Use of Proceeds
	5,000,000 Shares (25%)	$	50,000		Legal, Accounting, transfer agent Employees and Operating Expenses Servers and  Website Hosting Website Development and Testing Marketing Administrative Expenses	$ $ $ $ $ $	5,000 0 500 10,000 4,500 1,000
	10,000,000 Shares (50%)	$	100,000		Legal, Accounting, transfer agent Employees and Operating Expenses Servers and  Website Hosting Website Development and Testing Marketing Administrative Expenses	$ $ $ $ $ $	5,000 2,000 3,000 26,000 32,000 3,000
	15,000,000 Shares (75%)	$	150,000		Legal, Accounting, transfer agent Employees and Operating Expenses Servers and  Website Hosting Website Development and Testing Marketing Administrative Expenses	$ $ $ $ $ $	5,000 12,000 4,000 40,000 56,000 4,000
	20,000,000 Shares (maximum)	$	200,000		Legal, Accounting, transfer agent Employees and Operating Expenses Servers and  Website Hosting Website Development and Testing Marketing Administrative Expenses	$ $ $ $ $ $	5,000 22,000 5,000 55,000 79,000 5,000

 

 

 

 

Exhibit No.		Description
31.1		Certification of Chief Executive Officer and Chief Financial Officer Required by Rule 13a-14(a) (17 CFR 240.13a-14(a)) *
32.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 **
101.INS		XBRL Instance Document †
101.SCH		XBRL Taxonomy Extension Schema Document †
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document †
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document †
101.LAB		XBRL Taxonomy Extension Label Linkbase Document †
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document †
*		Filed herewith.
**		In accordance with SEC Release 33-8238, Exhibits 32.1 is furnished and not filed.
†		Furnished herewith. XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

	Priced In Corp.
Date: May 15, 2013	By:	/s/ Ken-Muen Le
		Ken-Muen Le Chief Executive Officer, Chief Financial Officer and Director (Principal Executive Officer and Principal Financial Officer)

 

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