10-Q
2012-06-30
false
PRESTIGE CAPITAL CORP
0000790179
--12-31
Smaller Reporting Company
Yes
No
No
2012
Q2
<!--egx--><p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>NOTE 1 – CONDENSED FINANCIAL STATEMENTS</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>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 as of and for the period ended June 30, 2012 and for all periods presented have been made.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>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 December 31, 2011 audited financial statements as reported in its Form 10-K.  The results of operations for the six-month period ended June 30, 2012 are not necessarily indicative of the operating results for the full year ended December 31, 2012.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>NOTE 2 – GOING CONCERN</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern.  The Company has realized net losses since reactivation on June 21, 2006 totaling $316,607.  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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>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 consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p>
<!--egx--> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The accompanying consolidated financial statements are prepared on the basis of accounting principles generally accepted in the United States of America.  The Company is currently in the development stage and has not realized significant sales through June 30, 2012. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant.</p>
<!--egx--><p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'> </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>NOTE 1 – CONDENSED FINANCIAL STATEMENTS</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>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 as of and for the period ended June 30, 2012 and for all periods presented have been made.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>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 December 31, 2011 audited financial statements as reported in its Form 10-K.  The results of operations for the six-month period ended June 30, 2012 are not necessarily indicative of the operating results for the full year ended December 31, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>NOTE 2 – GOING CONCERN</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern.  The Company has realized net losses since reactivation on June 21, 2006 totaling $316,607.  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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>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 consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The accompanying consolidated financial statements are prepared on the basis of accounting principles generally accepted in the United States of America.  The Company is currently in the development stage and has not realized significant sales through June 30, 2012. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'><u>Subsequent Events</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The Company’s management reviewed all material events through the date of this filing.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>NOTE 4 – RELATED PARTY TRANSACTIONS</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>During the six months ended June 30, 2012, the Company incurred expenses of $4,800 to a shareholder for services provided to the Company. These expenses have been accrued Accounts payable – related party.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-autospace:ideograph-numeric ideograph-other'>At December 31, 2010, multiple related parties had covered corporate expenses and loaned cash to the Company for a balance of $88,442.  During the year ended December 31, 2011, related parties loaned an additional $19,000 for operating expenses that have been accrued in Loans payable – related parties in the amount of $112,962 at December 31, 2011.  During the six months ended June 30, 2012, a related party advanced an additional $8,500 to the Company for operating expenses that have been accrued in Loans payable – related parties in the amount of $121,462 at June 30, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-autospace:ideograph-numeric ideograph-other'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>These advances and expenses paid for on behalf of the Company are due on demand and accrue interest at an annual rate of 8%.  Interest expense during the six months ended June 30, 2012 and the year ended December 31, 2011 was $4,629 and $20,118, respectively which have been accrued in Accrued interest – related party in the amount of $25,246 and $20,617, respectively.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'><u>Subsequent Events</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The Company’s management reviewed all material events through the date of this filing.</p>
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