Hosting
Site Network Inc.
|
(Exact
name of small business issuer as specified in its
charter)
|
Delaware
|
13-4122844
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
Identification
No.)
|
32
Poplar Place
|
||
Fanwood,
New Jersey
|
07023
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(973)
652-6333
|
(Registrant’s
telephone number, including area
code)
|
PAGE
|
||
Special
Note Regarding Forward Looking Information
|
3
|
|
PART
I - FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements
|
4
|
Item
2.
|
Plan
of Operation
|
9
|
Item
3.
|
Controls
and Procedures
|
9
|
PART
II - OTHER INFORMATION
|
||
Item
2.
|
Changes
in Securities and Use of Proceeds
|
10
|
Item
5.
|
Other
Information
|
10
|
Item
6.
|
Exhibits
|
10
|
PAGE
|
|
Consolidated
Balance Sheet as at December 31, 2007
|
5
|
Consolidated
Statements of Operations for the three months ended December 31,
2007 and
2006
|
6
|
Consolidated
Statements of Cash Flows for the three months ended December 31,
2007 and
2006
|
7
|
Notes
to Consolidated Financial Statements
|
8
|
Assets
|
||||
Current
Assets
|
||||
Cash
|
$
|
193,032
|
||
Other
assets
|
600
|
|||
Total
Assets
|
$
|
193,632
|
||
Liabilities
and Shareholders' Equity
|
||||
Current
Liabilities
|
||||
Accounts
payable and accrued expenses
|
$
|
19,996
|
||
Shareholders'
Equity
|
||||
Preferred
stock, $.0001 par value, 5,000,000 shares authorized; none
outstanding
|
||||
Common
stock, $.001 par value; 100,000,000 shares authorized; 7,273,500
shares
issued and outstanding
|
7,273
|
|||
Additional
paid-in capital
|
758,259
|
|||
Accumulated
deficit
|
(591,896
|
)
|
||
Total
Shareholders' Equity
|
173,636
|
|||
Total
Liabilities and Shareholders' Equity
|
$
|
193,632
|
Three
Months Ended
|
|||||||
December
31,
|
|||||||
2007
|
2006
|
||||||
General
and administrative expenses
|
$
|
(13,040
|
)
|
$
|
(15,091
|
)
|
|
Write-off
of deferred compensation
|
(8,934
|
)
|
|||||
Interest
income, net
|
741
|
950
|
|||||
Net
loss
|
$
|
(13,781
|
)
|
$
|
(23,075
|
)
|
|
Basic
and dilutive net loss per share
|
*
|
*
|
|||||
Basic
and dilutive weighted average shares outstanding
|
$
|
7,273,500
|
$
|
7,273,500
|
*
|
Less
than $0.01, per share.
|
Three
Months Ended
|
|||||||
December
31,
|
|||||||
2007
|
2006
|
||||||
Cash
flow from operating activities
|
|||||||
Net
loss
|
$
|
(12,299
|
)
|
$
|
(23,075
|
)
|
|
Adjustments
to reconcile net loss to net cash used in operating activities
Write-off
of deferred compensation
|
-
|
8,934
|
|
||||
Changes
in assets and liabilities
|
|||||||
Other
current assets
|
-
|
(250
|
)
|
||||
Accounts
payable and accrued expenses
|
2,836
|
2,109
|
|||||
Net
cash used in operating activities
|
(9,463
|
)
|
(12,282
|
)
|
|||
Decrease
in cash
|
(9,463
|
)
|
(12,282
|
)
|
|||
Cash,
beginning of period
|
202,495
|
259,520
|
|||||
Cash,
end of period
|
$
|
193,032
|
$
|
247,238
|
1. |
OPERATIONS
|
2. |
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
|
3. |
INCOME
TAXES
|
4. |
WRITE-OFF
OF DEFERRED COMPENSATION
|
5. |
SUBSEQUENT
EVENT
|
ITEM2. |
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
(a) |
Exhibits.
|
31.1/31.2
|
Rule
13(a)-14(a)/15(d)-14(a) Certification of Principal Executive and
Financial
Officer
|
32.1/32.2
|
Rule
1350 Certification of Chief Executive and Financial
Officer
|
HOSTING
SITE NETWORK INC.
|
||
By:
|
/s/
Scott Vicari
|
|
Scott
Vicari
President,
Chief Executive and
Accounting
Officer
|