MainStreetChamber Holdings, Inc. - Quarter Report: 2009 October (Form 10-Q)

[X]	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the quarterly period ended October 31, 2009
[  ]	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period   to __________
	Commission File Number:  333-146442

Nevada	26-3342907
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

6260 Rainbow Blvd. Suite 110, Las Vegas, Nevada 89118

(Address of principal executive offices)

818-340-4600

(Issuer’s telephone number)

_______________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

[ ] Large accelerated filer [ ] Non-accelerated filer	[ ] Accelerated filer [X] Smaller reporting company

	TABLE OF CONTENTS	Page
PART I – FINANCIAL INFORMATION
Item 1:	Financial Statements	3
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	7
Item 4T:	Controls and Procedures	8
PART II – OTHER INFORMATION
Item 1:	Legal Proceedings	9
Item 1A:	Risk Factors	9
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	9
Item 3:	Defaults Upon Senior Securities	9
Item 4:	Submission of Matters to a Vote of Security Holders	9
Item 5:	Other Information	9
Item 6:	Exhibits	9

 

 

Our financial statements included in this Form 10-Q are as follows:
F-1	Balance Sheets as of October 31, 2009, (unaudited) and July 31, 2009 (audited);
F-2   F-3	Statements of Operations for the three months ended October 31, 2009 and October 31, 2008 and from Inception on March 2, 2007 through October 31, 2009 (unaudited);   Statement of Stockholders’ Deficit from inception on March 2, 2007 through October 31, 2009 (unaudited);
F-4	Statements of Cash Flows for the three months ended October 31, 2009 and October 31, 2008 and from Inception on March 2, 2007 through October 31, 2009 (unaudited);
F-5	Notes to Financial Statements;

 

GOLDSPAN RESOURCES, INC.
(An Exploration Stage Company)
Balance Sheets
ASSETS
	October 31,				July 31,
	2009				2009
	(unaudited)				(audited)
CURRENT ASSETS
Cash		$	335			$	221
Total Current Assets			335				221
TOTAL ASSETS		$	335			$	221
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable		$	64,083			$	61,769
Loan from shareholder			4,000				-
Total Current Liabilities			68,083				61,769
STOCKHOLDERS' DEFICIT
Common stock: $0.001 par value;
75,000,000 shares authorized; 6,294,000
shares issued and outstanding			6,294				6,294
Additional paid-in capital			35,219				35,219
Deficit accumulated during the exploration stage			(109,261	)			(103,061	)
Total Stockholders' Deficit			(67,748	)			(61,548	)
TOTAL LIABILITIES AND
STOCKHOLDERS' DEFICIT		$	335			$	221

 

GOLDSPAN RESOURCES, INC.
(An Exploration Stage Company)
Statements of Operations
(unaudited)
									From Inception
	For the Three				For the Three				on March 2,
	Months Ended				Months Ended				2007 Through
	October 31,				October 31,				October 31,
	2009				2008				2009
REVENUES		$	-			$	-			$	-
COST OF REVENUES			-				-				-
GROSS PROFIT			-				-				-
OPERATING EXPENSES
General and administrative			6,200				2,301				109,261
Total Operating Expenses			6,200				2,301				109,261
LOSS FROM OPERATIONS			(6,200	)			(2,301	)			(109,261	)
INCOME TAX EXPENSE			-				-				-
NET LOSS		$	(6,200	)		$	(2,301	)		$	(109,261	)
BASIC AND DILUTED LOSS PER SHARE		$	(0.00	)		$	(0.00	)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING			6,294,000				7,169,000

 

 

GOLDSPAN RESOURCES, INC.
(An Exploration Stage Company)
Statements of Cash Flows
(unaudited)
										From Inception
		For the Three				For the Three				on March 2,
		Months Ended				Months Ended				2007 Through
		October 31,				October 31,				October 31,
		2009				2008				2009
OPERATING ACTIVITIES
Net loss		$	(6,200	)		$	(2,301	)		$	(109,261	)
Adjustments to reconcile net income to
net cash provided by operating activities:
Changes in operating assets
and liabilities:
Increase (decrease) in
accounts payable			2,314				2,143				64,083
Net Cash Used in
Operating Activities			(3,886	)			(158	)			(45,178	)
INVESTING ACTIVITIES
			-				-				-
FINANCING ACTIVITIES
Proceeds from issuance of common stock			-				7,500				41,513
Proceeds of loan from shareholder			4,000				-				4,000
Net Cash Provided by
Financing Activities			4,000				7,500				45,513
NET DECREASE IN CASH			114				7,342				335
CASH AT BEGINNING OF PERIOD			221				23,748				-
CASH AT END OF PERIOD		$	335			$	31,090			$	335
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION
CASH PAID FOR:
Interest		$	-			$	-			$	-
Income Taxes		$	-			$	-			$	-
The accompanying notes are an integral part of these financial statements.

 

 
 

 

 

Exhibit Number	Description of Exhibit
3.1	Articles of Incorporation (1)
3.2	Bylaws (1)
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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

1	Incorporated by reference to Registration Statement on Form SB-2 filed October 2, 2007.

	Goldspan Resources, Inc.
Date:	December 11, 2009
	By:       /s/John Baird                                                                               John C. Baird Title:    Chief Executive Officer and Chairman of the Board