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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF
1934
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF
1934
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Delaware
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13-4122844
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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32
Poplar Place
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07023
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(Address
of principal executive offices)
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(Zip
Code)
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PAGE
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Special
Note Regarding Forward Looking Information
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3
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PART
I - FINANCIAL INFORMATION
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Item
1.
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Financial
Statements
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4
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Item
2.
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Plan
of Operation
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9
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Item
3.
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Controls
and Procedures
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9
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PART
II - OTHER INFORMATION
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Item
2.
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Unregistered
Sales of Equity Securities and Use of Proceeds
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10
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Item
6.
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Exhibits
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10
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PAGE
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Consolidated
Balance Sheet as at June 30, 2007
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5
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Consolidated
Statements of Operations for the three and nine months ended June
30, 2007
and 2006
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6
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Consolidated
Statements of Cash Flows for the nine months ended June 30, 2007
and
2006
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7
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Notes
to Consolidated Financial Statements
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8
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HOSTING
SITE NETWORK, INC. AND SUBSIDIARY
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CONSOLIDATED
BALANCE SHEET
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JUNE
30, 2007
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(UNAUDITED)
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Assets
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||||
Current
Assets
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||||
Cash
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$
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216,401
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Other
current assets
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600
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Total
Assets
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$
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217,001
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Liabilities
and Shareholders' Equity
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||||
Current
Liabilities
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||||
Accounts
payable and accrued expenses
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$
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14,532
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Shareholders'
Equity
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Preferred
stock, $.0001 par value, 5,000,000
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shares
authorized; none outstanding
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Common
stock, $.001 par value; 100,000,000 shares
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authorized;
7,273,500 shares issued and outstanding
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7,273
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Additional
paid-in capital
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758,259
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Accumulated
deficit
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(563,063
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)
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Total
Shareholders' Equity
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202,469
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Total
Liabilities and Shareholders' Equity
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$
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217,001
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HOSTING
SITE NETWORK, INC. AND SUBSIDIARY
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CONSOLIDATED
STATEMENT OF OPERATIONS
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(UNAUDITED)
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Three
Months Ended
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Nine
Months Ended
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||||||||||||
June
30,
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June
30,
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||||||||||||
2007
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2006
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2007
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2006
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General
and administrative expenses
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$
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(13,586
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)
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$
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(15,120
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)
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$
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(45,869
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)
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$
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(44,439
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)
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Write-off
of deferred compensation
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-
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-
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(8,934
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)
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-
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||||||||
Interest
income, net
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824
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1,023
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2,644
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3,220
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|||||||||
Net
loss
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$
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(12,762
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)
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$
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(14,097
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)
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$
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(52,159
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)
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$
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(41,219
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)
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Basic
and fully diluted net loss per common share
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*
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*
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*
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*
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|||||||||
Basic
and fully diluted weighted average shares outstanding
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7,273,500
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7,273,500
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7,273,500
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7,273,500
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HOSTING
SITE NETWORK, INC. AND SUBSIDIARY
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CONSOLIDATED
STATEMENT OF CASH FLOWS
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(UNAUDITED)
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NINE
MONTHS ENDED JUNE 30,
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2007
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2006
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Cash
flow from operating activities
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|||||||
Net
loss
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$
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(52,159
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)
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$
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(41,219
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)
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Adjustments
to reconcile net loss to net
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|||||||
cash
used in operating activities
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Write-off
amortization of deferred compensation
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8,934
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5,360
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|||||
Changes
in assets and liabilities
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|||||||
Other
current assets
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(250
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)
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(100
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)
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Accounts
payable and accrued expenses
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356
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(5,292
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)
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Net
cash used in operating activities
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(43,119
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)
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(41,251
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)
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Decrease
in cash
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(43,119
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)
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(41,251
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)
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Cash,
beginning of period
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259,520
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309,106
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Cash,
end of period
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$
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216,401
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$
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267,855
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1.
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OPERATIONS
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2. |
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
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3. |
WRITE-OFF
OF DEFERRED COMPENSATION
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31.1/31.2
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Rule
13(a)-14(a)/15(d)-14(a) Certification of Principal Executive and
Financial
Officer
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32.1/32.2
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Rule
1350 Certification of Chief Executive and Financial
Officer
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HOSTING SITE NETWORK INC. | ||
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Dated: August 13, 2007 | By: | /s/ Scott Vicari |
Scott
Vicari
President,
Chief Executive and
Accounting
Officer
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