MainStreetChamber Holdings, Inc. - Quarter Report: 2009 January (Form 10-Q)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
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 January 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
|
Goldspan Resources,
Inc.
(Exact
name of small business issuer as specified in its charter)
Nevada
|
N/A
|
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer Identification No.)
|
10300 W. Charleston
Blvd. 13-56, Las Vegas, Nevada 89135
|
(Address
of principal executive offices)
|
702-480-5082
|
(Issuer’s
telephone number)
|
_______________________________________________________________
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Check
whether the issuer (1) 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 issuer was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days [X]
Yes [ ] 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
|
[ ]
Accelerated filer
|
[ ]
Non-accelerated filer
|
[X]
Smaller reporting company
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). [X] Yes [ ] No
State the
number of shares outstanding of each of the issuer’s classes of common stock, as
of the latest practicable date: 6,294,000 common shares as of March
10, 2009.
|
Page
|
|
PART I – FINANCIAL
INFORMATION
|
||
PART II – OTHER
INFORMATION
|
||
Item 2: | ||
PART
I - FINANCIAL INFORMATION
Our
unaudited financial statements included in this Form 10-Q are as
follows:
|
|
F-3 | |
These
unaudited financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America for interim
financial information and the SEC instructions to Form 10-Q. In the
opinion of management, all adjustments considered necessary for a fair
presentation have been included. Operating results for the interim
period ended January 31, 2009 are not necessarily indicative of the results that
can be expected for the full year.
GOLDSPAN
RESOURCES, INC.
(A Development Stage Company)
ASSETS
|
|||||
Janurary
31 2009 |
July
31, 2008 |
||||
(unaudited)
|
|||||
CURRENT
ASSETS
|
|||||
Cash
|
$ | 7,843 | $ | 23,748 | |
Total
Current Assets
|
7,843 | 23,748 | |||
OTHER
ASSETS
|
|||||
Shareholder
loan
|
22,947 | - | |||
Total
Other Assets
|
22,947 | - | |||
TOTAL
ASSETS
|
$ | 30,790 | $ | 23,748 | |
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|||||
CURRENT
LIABILITIES
|
|||||
Accounts
payable
|
$ | 5,075 | $ | 2,050 | |
Total
Current Liabilities
|
5,075 | 2,050 | |||
STOCKHOLDERS'
EQUITY
|
|||||
Preferred
stock - $0.001 par value; 10,000,000 shares authorized; no
shares issued and outstanding
|
- | - | |||
Common
stock - $0.001 par value; 75,000,000 shares authorized;
6,294,00
and 8,044,000 shares issued and outstanding,
respectively
|
6,294 | 8,044 | |||
Additional
paid-in capital
|
35,219 | 25,969 | |||
Deficit
accumulated during the development stage
|
(15,798) | (12,315) | |||
Total
Stockholders' Equity
|
25,715 | 21,698 | |||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 30,790 | $ | 23,748 |
The
accompanying notes are an integral part of these financial
statements.
GOLDSPAN
RESOURCES, INC.
(A Development Stage Company)
For
the Three Months
Ended |
For
the Three Months
Ended |
For
the Six Months
Ended |
For
the Six Months
Ended |
From
Inception on March
2, |
||||||||||
REVENUES
|
$ | - | $ | - | $ | - | $ | - | $ | |||||
COST
OF GOODS SOLD
|
- | - | - | |||||||||||
GROSS
PROFIT
|
- | - | - | - | - | |||||||||
OPERATING
EXPENSES
|
||||||||||||||
General
and administrative
|
1,182 | 3,085 | 3,483 | 7,685 | 15,798 | |||||||||
Total
Operating Expenses
|
1,182 | 3,085 | 3,483 | 7,685 | 15,798 | |||||||||
LOSS
FROM OPERATIONS
|
- | (3,085) | (3,483) | (7,685) | (15,798) | |||||||||
INCOME
TAX EXPESNSE
|
- | - | - | - | - | |||||||||
NET
LOSS
|
$ | (1,182) | $ | (3,085) | $ | (3,483) | $ | (7,685) | $ | (15,798) | ||||
BASIC
LOSS PER SHARE
|
$ | - | $ | (0.00) | $ | (0.00) | $ | (0.00) | ||||||
WEIGHTED
AVERAGE NUMBER OF SHARES
OUTSTANDING
|
6,294,000 | 8,044,000 | 6,970,027 | 8,044,000 |
The
accompanying notes are a integral part of these financials
statements.
GOLDSPAN
RESOURCES, INC.
(A Development Stage Company)
Common
Stock
|
Additional Paid-In |
Deficit Accumulated |
|||||||||||
Shares
|
Amount
|
Capital
|
Stage
|
Total
|
|||||||||
Balance,
March 2, 2007
|
- | $ | - | $ | - | $ | - | $ | - | ||||
Shares
issued for cash at $0.001 per share
|
5,500,000 | 5,500 | - | - | 5,500 | ||||||||
Shares
issued for cash at $0.0075 per share
|
2,495,000 | 2,495 | 16,218 | - | 18,713 | ||||||||
Shares
issued for cash at $0.20 per share
|
49,000 | 49 | 9,751 | - | 9,800 | ||||||||
Net
loss for the year ended July 31, 2007
|
- | - | - | (3,585) | (3,585) | ||||||||
Balance,
July 31, 2007
|
8,044,000 | 8,044 | 25,969 | (3,585) | 30,428 | ||||||||
Net
loss for the year ended July 31, 2008
|
- | - | - | (8,730) | (8,730) | ||||||||
Balance,
July 31, 2008
|
8,044,000 | 8,044 | 25,969 | (12,315) | 21,698 | ||||||||
Shares
issued for cash at $0.01 per share
|
750,000 | 750 | 6,750 | - | 7,500 | ||||||||
Shares
cancelled in spin off on August 26, 2008
|
(2,500,000 | (2,500) | 2,500 | - | - | ||||||||
Net
loss for six months ended January 31, 2009
|
- | - | - | (3,483) | (3,483) | ||||||||
Balance,
January 31, 2009
|
6,294,000 | $ | 6,294 | $ | 35,219 | $ | (15,798) | $ | 25,715 |
The
accompanying notes are an integral part of these financial
statements.
GOLDSPAN
RESOURCES, INC.
(A Development Stage Company)
For
the Six Months
Ended |
For
the Six Months
Ended |
From
Inception on March
2, |
||||||
OPERATING
ACTIVITIES
|
||||||||
Net loss
|
$ | (3,483) | $ | (7,685) | $ | (15,798) | ||
Adjustments
to reconcile net loss to
|
||||||||
net
cash used by operating activities:
|
||||||||
Contributed
expenses
|
- | - | - | |||||
Changes
in operating assets and liabilities:
|
||||||||
Increase
(decrease) in accounts payable
|
3,025 | 481 | 5,075 | |||||
Net
Cash Used in
|
||||||||
Operating
Activities
|
(458) | (7,204) | (10,723) | |||||
INVESTING
ACTIVITIES
|
- | - | - | |||||
FINANCING
ACTIVITIES
|
||||||||
Proceeds
from common stock issued
|
7,500 | - | 41,513 | |||||
Increase
in loans to related parties
|
(22,947) | - | (22,947) | |||||
Net
Cash Provided by
|
||||||||
Financing
Activities
|
(15,447) | - | 18,566 | |||||
NET
INCREASE (DECREASE) IN CASH
|
(15,905) | (7,204) | 7,843 | |||||
CASH
AT BEGINNING OF PERIOD
|
23,748 | 30,947 | - | |||||
CASH
AT END OF PERIOD
|
$ | 7,843 | $ | 23,743 | $ | 7,843 | ||
SUPPLEMENTAL
DISCLOSURES OF
|
||||||||
CASH
FLOW INFORMATION
|
||||||||
CASH
PAID FOR:
|
||||||||
Interest
|
$ | - | $ | - | $ | - | ||
Income
Taxes
|
$ | - | $ | - | $ | - |
The
accompanying notes are an integral part of these financial
statements.
GOLDSPAN
RESOURCES, INC.
(A
Development Stage Company)
January
31, 2009 and July 31, 2008
NOTE 1
- CONDENSED FINANCIAL STATEMENTS
The
accompanying financial statements have been prepared by the Company without
audit. In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the financial
position, results of operations, and cash flows at January 31, 2009, and for all
periods presented herein, have been made.
Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted. It is
suggested that these condensed financial statements be read in conjunction with
the financial statements and notes thereto included in the Company’s July 31,
2008 audited financial statements. The results of operations for the
period ended January 31, 2009 are not necessarily indicative of the operating
results for a full year.
NOTE
2 - GOING CONCER
The
Company’s financial statements are prepared using generally accepted accounting
principles in the United States of America applicable to a going concern which
contemplates the realization of assets and liquidation of liabilities in the
normal course of business. The Company has not yet established an ongoing source
of revenues sufficient to cover its operating costs and allow it to continue as
a going concern. The ability of the Company to continue as a going concern is
dependent on the Company obtaining adequate capital to fund operating losses
until it becomes profitable. If the Company is unable to obtain adequate
capital, it could be forced to cease operations.
In
order to continue as a going concern, the Company will need, among other things,
additional capital resources. Management’s plan is to obtain such resources for
the Company by obtaining capital from management and significant shareholders
sufficient to meet its minimal operating expenses and seeking equity and/or debt
financing. However management cannot provide any assurances that the Company
will be successful in accomplishing any of its plans.
The
ability of the Company to continue as a going concern is dependent upon its
ability to successfully accomplish the plans described in the preceding
paragraph and eventually secure other sources of financing and attain profitable
operations. The accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going
concern.
GOLDSPAN
RESOURCES, INC.
(A
Development Stage Company)
Notes
to Financial Statements
January
31, 2009 and July 31, 2008
NOTE
3 – SIGNIFICANT ACCOUNTING POLICIES
Use of
Estimates
|
The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from
those estimates.
|
Recent
Accounting Pronouncements
In
June 2008, the FASB issued FASB Staff Position EITF 03-6-1, Determining
Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities, (“FSP EITF 03-6-1”). FSP EITF 03-6-1 addresses
whether instruments granted in share-based payment transactions are
participating securities prior to vesting, and therefore need to be included in
the computation of earnings per share under the two-class method as described in
FASB Statement of Financial Accounting Standards No. 128, “Earnings per
Share.” FSP EITF 03-6-1 is effective for financial statements issued for fiscal
years beginning on or after December 15, 2008 and earlier adoption is
prohibited. We are not required to adopt FSP EITF 03-6-1; neither do we believe
that FSP EITF 03-6-1 would have material effect on our consolidated financial
position and
results of operations if adopted.
In
May 2008, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 163,
“Accounting for
Financial Guarantee Insurance Contracts-and interpretation of FASB Statement No.
60”. SFAS
No. 163 clarifies how Statement 60 applies to financial guarantee insurance
contracts, including the recognition and measurement of premium revenue and
claims liabilities. This statement also requires expanded disclosures about
financial guarantee insurance contracts. SFAS No. 163 is effective for fiscal
years beginning on or after December 15, 2008, and interim periods within those
years. SFAS No. 163 has no effect on the Company’s financial position,
statements of operations, or cash flows at this time.
In
May 2008, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 162,
“The
Hierarchy of Generally Accepted Accounting Principles”. SFAS No. 162 sets
forth the level of authority to a given accounting pronouncement or document by
category. Where there might be conflicting guidance between two categories, the
more authoritative category will prevail. SFAS No. 162 will become effective 60
days after the SEC approves the PCAOB’s amendments to AU Section 411 of the
AICPA Professional Standards. SFAS No. 162 has no effect on the Company’s
financial position, statements of operations, or cash flows at this
time.
GOLDSPAN
RESOURCES, INC.
(A
Development Stage Company)
Notes
to Financial Statements
January
31, 2009 and July 31, 2008
NOTE
4 – SIGNIFICANT TRANSACTIONS
Pursuant
to a Purchase Agreement, the Company transferred its Pepper Hope mineral claim
located in British Columbia to Mr. Jeff Wiegel, its former officer and director.
In exchange for receiving ownership of the Pepper Hope claim, Mr. Wiegel has
delivered all of his 2,500,000 shares of common stock back to us for
cancellation. As part of the Split-off, Mr. Wiegel agreed to assume any and all
liabilities which may be related to the Pepper Hope mineral claim. As a
result of the Split-Off, the Company is no longer pursuing our business plan of
exploring mineral properties in British Columbia. The Company’s business plan
was to explore the Pepper Hope claim for any commercially exploitable base or
precious metal deposits. Since the inception of this plan of operations,
however, the Company has experienced continual delays in locating and retaining
proper geologists to perform the planned field work at reasonable cost and have
suffered mounting financial losses. As a result, the Company has not been able
to continue with its planned exploration work and has been unable to obtain any
additional financing. Because of the difficulties in completing the initial
phases of our exploration program and the resulting need for additional funding,
the Company has determined that its plan of operations is no longer commercially
viable. Following the Split-off, the Company’s new management has been
evaluating alternative business opportunities with which it can go forward as an
operating business. The Company has not identified any business opportunities
thus far, but it is actively looking. There can be no assurance, however, that
the Company will be able to continue as a going concern.
Accordingly,
on August 26, 2008, Mr. Jeff Wiegel, the Company’s former President, Chief
Executive Officer, Chief Financial Officer and director, returned all of his
2,500,000 shares of the Company’s issued and outstanding common stock to the
company for Cancellation under the Split-off as discussed above.
On
August 27, 2008, Mr. Alan Shinderman purchased 750,000 shares of the Company’s
common stock at a price of $0.01 per share, resulting in total proceeds to the
Company of $7,500. The sale of these shares to Mr. Shinderman was exempt from
registration under Section 4(2) of the Securities Act.
NOTE
5-RELATED PARTY TRANSACTION
In
January 2009, the Company loaned one of its principal shareholders $22,947. The
loan is non interest bearing, unsecured and due upon demand.
Forward-Looking
Statements
Certain
statements, other than purely historical information, including estimates,
projections, statements relating to our business plans, objectives, and expected
operating results, and the assumptions upon which those statements are based,
are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of
1934. These forward-looking statements generally are identified
by the words “believes,” “project,” “expects,” “anticipates,” “estimates,”
“intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions. We intend
such forward-looking statements to be covered by the safe-harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995, and are including this statement for purposes of complying with
those safe-harbor provisions. Forward-looking statements are based on
current expectations and assumptions that are subject to risks and uncertainties
which may cause actual results to differ materially from the forward-looking
statements. Our ability to predict results or the actual effect of future plans
or strategies is inherently uncertain. Factors which could have a material
adverse affect on our operations and future prospects on a consolidated basis
include, but are not limited to: changes in economic conditions,
legislative/regulatory changes, availability of capital, interest rates,
competition, and generally accepted accounting principles. These risks and
uncertainties should also be considered in evaluating forward-looking statements
and undue reliance should not be placed on such statements. We undertake no
obligation to update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise. Further
information concerning our business, including additional factors that could
materially affect our financial results, is included herein and in our other
filings with the SEC.
Business
Overview and Plan of Operations
We were
incorporated on March 2, 2007, under the laws of the state of
Nevada.
We were
originally in the business of mineral exploration and, until recently, we owned
a mineral claim located within the Nelson Mining Division of British Columbia
known as the Pepper Hope mineral claim. Our original plan of operations was to
conduct mineral exploration activities on the Pepper Hope mineral claim in order
to assess whether this claim possess commercially exploitable mineral deposits.
Our exploration program was designed to explore for commercially viable deposits
of copper, lead, zinc, silver, gold, and other metallic minerals.
Since the
inception of this plan of operations, however, we experienced continual delays
in locating and retaining proper geologists to perform the planned field work at
reasonable cost and we suffered mounting financial losses. As a
result, we were not able to continue with our planned exploration work and were
unable to obtain any additional financing. Because of the
difficulties in completing the initial phases of our exploration program and the
resulting need for additional funding, we determined that our plan of operations
was no longer commercially viable.
On August
26, 2008, we transferred our Pepper Hope mineral claim to Mr. Jeff Wiegel, our
former officer and director (the “Split-Off”). In exchange for
receiving ownership of the Pepper Hope claim, Mr. Wiegel delivered all of his
2,500,000 shares of common stock back to us for cancellation. As part
of the Split-off, Mr. Wiegel agreed to assume any and all liabilities which may
be related to the Pepper Hope mineral claim. Also on August 26, 2008,
the board of directors accepted the resignation of Jeff Wiegel as our sole
officer and director and appointed Mr. Alan Shinderman to act as a member of our
board of directors and as President, Secretary-Treasurer, Chief Executive
Officer, and Chief Financial Officer.
Following
the Split-off, our new management has been evaluating alternative business
opportunities with which we can go forward as an operating business. We have not
identified any business opportunities thus far, but we are actively
looking. There can be no assurance, however, that we will be able to
continue as a going concern.
Expected
Changes In Number of Employees, Plant, and Equipment
We do not
have plans to purchase any physical plant or any significant equipment or to
change the number of our employees during the next twelve months.
Results
of Operations for the three and six months ended January 31, 2009
We did
not earn any revenues from inception on March 2, 2007 through the period ending
January 31, 2009. We can provide no assurance that we will produce significant
revenues in the future, or, if revenues are earned, that we will be
profitable.
We
incurred operating expenses and net losses in the amount of $15,798 from our
inception on March 2, 2007 through the period ending January 31,
2009. We incurred operating expenses and net losses and in the amount
of $1,182 during the three months ended January 31, 2009, compared to operating
expenses and net losses in the amount of $3,085 during the three months ended
January 31, 2008. We incurred operating expenses and net losses and in the
amount of $3,483 during the six months ended January 31, 2009, compared to
operating expenses and net losses in the amount of $7,685 during the six months
ended January 31, 2008. Our operating expenses from inception through January
31, 2009 consisted of general and administrative expenses. Our losses
are attributable to our operating expenses combined with a lack of any revenues
during our current stage of development.
Liquidity
and Capital Resources
As of
January 31, 2009, we had cash of $7,843 and working capital of $2,768. We
currently do not have any operations and we have no income. We may require
additional financing to sustain any substantial future business operations for
any significant period of time. We currently do not have any arrangements for
financing and we may not be able to obtain financing when required.
We have
not attained profitable operations and may be dependent upon obtaining financing
to pursue a long-term business plan. For these reasons our auditors stated in
their report that they have substantial doubt we will be able to continue as a
going concern.
Off
Balance Sheet Arrangements
As of
January 31, 2009, there were no off balance sheet arrangements.
Going
Concern
Our
financial statements have been prepared on a going concern basis. We have a
working capital of $2,768 as of January 31, 2009 and have accumulated deficit of
$15,798 since inception. Our ability to continue as a going concern is dependent
upon our ability to generate profitable operations in the future and/or to
obtain the necessary financing to meet our obligations and repay our liabilities
arising from normal business operations when they come due. The outcome of these
matters cannot be predicted with any certainty at this time. These factors raise
substantial doubt that we will be able to continue as a going concern.
Management plans to continue to provide for our capital needs by the issuance of
common stock and related party advances.
Critical
Accounting Policies
In
December 2001, the SEC requested that all registrants list their most “critical
accounting polices” in the Management Discussion and Analysis. The SEC indicated
that a “critical accounting policy” is one which is both important to the
portrayal of a company’s financial condition and results, and requires
management’s most difficult, subjective or complex judgments, often as a result
of the need to make estimates about the effect of matters that are inherently
uncertain. We believe that the following accounting policies fit this
definition.
Recently Issued Accounting
Pronouncements
In
June 2008, the FASB issued FASB Staff Position EITF 03-6-1, Determining Whether Instruments
Granted in Share-Based Payment Transactions Are Participating Securities,
(“FSP EITF 03-6-1”). FSP EITF 03-6-1 addresses whether instruments granted in
share-based payment transactions are participating securities prior to vesting,
and therefore need to be included in the computation of earnings per share under
the two-class method as described in FASB Statement of Financial Accounting
Standards No. 128, “Earnings per Share.” FSP EITF 03-6-1 is effective for
financial statements issued for fiscal years beginning on or after
December 15, 2008 and earlier adoption is prohibited. We are not required
to adopt FSP EITF 03-6-1; neither do we believe that FSP EITF 03-6-1 would have
material effect on our consolidated financial position and results of
operations if adopted.
In May
2008, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 163,
“Accounting for Financial
Guarantee Insurance Contracts-and interpretation of FASB Statement No.
60”. SFAS
No. 163 clarifies how Statement 60 applies to financial guarantee insurance
contracts, including the recognition and measurement of premium revenue and
claims liabilities. This statement also requires expanded disclosures about
financial guarantee insurance contracts. SFAS No. 163 is effective for fiscal
years beginning on or after December 15, 2008, and interim periods within those
years. SFAS No. 163 has no effect on the Company’s financial position,
statements of operations, or cash flows at this time.
In May
2008, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 162,
“The Hierarchy of Generally
Accepted Accounting Principles”. SFAS No. 162 sets forth
the level of authority to a given accounting pronouncement or document by
category. Where there might be conflicting guidance between two categories, the
more authoritative category will prevail. SFAS No. 162 will become effective 60
days after the SEC approves the PCAOB’s amendments to AU Section 411 of the
AICPA Professional Standards. SFAS No. 162 has no effect on the Company’s
financial position, statements of operations, or cash flows at this
time.
A smaller
reporting company is not required to provide the information required by this
Item.
We
carried out an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of January 31, 2009. This evaluation was
carried out under the supervision and with the participation of our Chief
Executive Officer and our Chief Financial Officer, Mr. Alan
Shinderman. Based upon that evaluation, our Chief Executive Officer
and Chief Financial Officer concluded that, as of January 31, 2009, our
disclosure controls and procedures are effective. There have been no
changes in our internal controls over financial reporting during the quarter
ended January 31, 2009.
Disclosure
controls and procedures are controls and other procedures that are designed to
ensure that information required to be disclosed in our reports filed or
submitted under the Exchange Act are recorded, processed, summarized and
reported, within the time periods specified in the SEC's rules and forms.
Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is accumulated and communicated to
management, including our Chief Executive Officer and Chief Financial Officer,
to allow timely decisions regarding required disclosure.
Limitations on the
Effectiveness of Internal Controls
Our
management does not expect that our disclosure controls and procedures or our
internal control over financial reporting will necessarily prevent all fraud and
material error. Our disclosure controls and procedures are designed to provide
reasonable assurance of achieving our objectives and our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and
procedures are effective at that reasonable assurance level. Further,
the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their
costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances
of fraud, if any, within the Company have been detected. These inherent
limitations include the realities that judgments in decision-making can be
faulty, and that breakdowns can occur because of simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some
persons, by collusion of two or more people, or by management override of the
internal control. The design of any system of controls also is based in part
upon certain assumptions about the likelihood of future events, and there can be
no assurance that any design will succeed in achieving its stated goals under
all potential future conditions. Over time, control may become inadequate
because of changes in conditions, or the degree of compliance with the policies
or procedures may deteriorate.
PART
II – OTHER INFORMATION
We are
not a party to any pending legal proceeding. We are not aware of any pending
legal proceeding to which any of our officers, directors, or any beneficial
holders of 5% or more of our voting securities are adverse to us or have a
material interest adverse to us.
A smaller
reporting company is not required to provide the information required by this
Item.
None
None
No
matters have been submitted to our security holders for a vote, through the
solicitation of proxies or otherwise, during the quarterly period ended January
31, 2009.
In
January of 2009, we extended a short-term loan in the amount of $22,947 to our
sole officer and director, Alan Shinderman. The loan was non-interest bearing,
unsecured and due upon demand. Subsequent to the reporting period,
the loan was repaid.
Exhibit
Number
|
Description
of Exhibit
|
3.1
|
Articles
of Incorporation (1)
|
3.2
|
Bylaws
(1)
|
1
|
Incorporated
by reference to Registration Statement on Form SB-2 filed October 2,
2007.
|
SIGNATURES
In
accordance with the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Goldspan
Resources, Inc.
|
|
Date:
|
March
17, 2009
|
By: /s/Alan
Shinderman
Alan
Shinderman
Title: Chief
Executive Officer and
Director
|