Modular Medical, Inc. - Quarter Report: 2009 March (Form 10-Q)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-looking Statements

Statements made in this Quarterly Report which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and our business, including, without limitation, (i) our ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may,” “would,” “could,” “should,” “expects,” “projects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “targets” or similar expressions.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which we may conduct business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our current or potential business and related matters.

Accordingly, results actually achieved may differ materially from expected results in these statements. Forward-looking statements speak only as of the date they are made. We do not undertake, and specifically disclaim, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

Plan of Operations

Our Company’s plan of operation for the next 12 months is to: (i) consider guidelines of industries in which our Company may have an interest; (ii) adopt a business plan regarding engaging in business in any selected industry; and (iii) to commence such operations through funding and/or the acquisition of a going concern engaged in any industry selected.

During the next 12 months, our only foreseeable cash requirements will relate to maintaining our good standing; the payment of our Securities and Exchange Commission and the Exchange Act reporting filing expenses, including associated legal and accounting fees; costs incident to reviewing or investigating any potential business venture; and maintaining our good standing as a corporation in our state of organization. Because a principal shareholder has been paying all of the operating expenses, management does not anticipate that we will have to raise additional funds during the next 12 months.

Our common stock currently trades on the Over-the-Counter Bulletin Board (OTCBB) under the symbol BLKE.OB.

Results of Operations

Three Months Ended March 31, 2009 Compared to Three Months Ended March 31, 2008

We had no operations during the quarterly period ended March 31, 2009, nor do we have operations as of the date of this filing. In the quarterly period ended March 31, 2009, we had sales of $0, compared to the quarterly period ended March 31, 2008, with sales of $0. General and administrative expenses were $1,200 for the March 31, 2009, period compared to $858 for the March 31, 2008, period. General and administrative expenses for the three months ended March 31, 2009, were comprised mainly of accounting and transfer fees, and the increased general and administrative expenses for the 2009 quarterly period over the 2008 quarterly period was limited to increased accounting costs. We had a net loss of $1,200 for the March 31, 2009, period compared to a net loss of $858 for the March 31, 2008, period.

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Nine Months Ended March 31, 2009 Compared to Nine Months Ended March 31, 2008

 

We had no operations during the nine month period ended March 31, 2009, nor do we have operations as of the date of this filing. General and administrative expenses were $8,825 for the March 31, 2009, period compared to $5,709 for the March 31, 2008, period. General and administrative expenses for the nine months ended March 31, 2009, were comprised mainly of accounting, legal and operating fees. We had a net loss of $8,825 for the March 31, 2009, period compared to a net loss of $5,709 for the March 31, 2008, period.

 

Liquidity and Capital Requirements

 

We had no cash or cash equivalents on hand. If additional funds are required, such funds may be advanced by management or shareholders as loans to us. During the quarterly period ended March 31, 2009, expenses were paid by a principal shareholder in the amount of $1,870, and during the quarterly period ended March 31, 2008, additional expenses paid by a principal shareholder totaled $858. The aggregate amount of $53,192 is outstanding as of March 31, 2009, is non-interest bearing, unsecured and due on demand. Because we have not identified any acquisition or venture, it is impossible to predict the amount of any such loan.

 

Off-balance Sheet Arrangements

 

None; not applicable

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not required.

 

Item 4(T). Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in rules and forms adopted by the Securities and Exchange Commission, and that such information is accumulated and communicated to management, including the President and Secretary, to allow timely decisions regarding required disclosures.

 

Under the supervision and with the participation of our management, including our President and Secretary, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act).  Based upon that evaluation, our President and Secretary concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective.

 

Changes in Internal Control Over Financial Reporting

 

During the most recent fiscal quarter covered by this Quarterly Report, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None; not applicable.

 

Item 1A. Risk Factors

 

Not required.

 

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None; not applicable.

 

Item 3. Defaults Upon Senior Securities

 

None; not applicable.

 

Item 4. Submission of Matters to a Vote of Security Holders

 

None; not applicable.

 

Item 5. Other Information

 

None; not applicable.

 

Item 6. Exhibits

 

(a) Exhibits

 

All Sarbanes-Oxley Certifications follow the signature line at the end of this Quarterly Report.

 

(b) Reports on Form 8-K

 

None.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Issuer has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

BEAR LAKE RECREATION, INC.

(Issuer)

 

Date:	05/06/09		By:	/s/Wayne Bassham
				Wayne Bassham, President and Director

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Quarterly Report has also been signed below by the following person on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

Date:	05/06/09		By:	/s/Todd Albiston
				Todd Albiston, Secretary and Director

 

 

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