all information copied from EDGAR online SEC document filings. Anyone considering investing should take the time to read these documents.
ESPECIALLY THIS ONE.
(A Development Stage Company)
Notes to Financial Statements
Note 1 – Organization and Nature of Business
Mimvi, inc. (“The Company”) was organized on August 7, 2007 (date of inception) under the laws of the State of Nevada. The Company is a technology company that develops advanced algorithms and technology for mobile applications and mobile Internet related technology and personalized search, recommendation and discovery services to consumers and business enterprise. The Company’s personalization technology automates the organization of mobile content.
As of March 31, 2012, the Company is a development stage company. A development stage enterprise is a company that is devoting substantially all of its efforts to establishing a new business and either planned principal operations have not commenced or planned principal operations have commenced but there has been no significant revenue. From August 7, 2007 (date of inception) through March 31, 2012, the Company realized revenues of $89,175 primarily from enterprise consulting services.
Note 2 – Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The interim unaudited financial statements should be read in conjunction with the financial statements included in the Form 10-K for the year ended December 31, 2011. In the opinion of management, all adjustments considered necessary for the fair presentation consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012.
Use of Estimates
The preparation of financial information in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial information and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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.
As of March 31, 2012, the Company had an accumulated deficit during its development stage of $8,073,269. 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.
The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully secure other sources of financing and attain profitable operations.
These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
Cash and cash equivalents
For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with an original maturity of three months or less to be cash equivalents. As of March 31, 2012, the Company had no cash equivalents.
Note 3 – Correction of the Financial Statements – March 31, 2011
On March 15, 2012, the Company filed Form 10-Q/A Amendment No. 1 because on March 8, 2011, the Company issued 1,400,000 shares of its restricted common stock for services – stock compensation, however, these transactions were not recorded in the Company’s financial statements for the three months ended March 31, 2011 included with the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 23, 2011. Instead, these equity based transactions were incorrectly recorded in the Company’s financial statements for the three months ended June 30, 2011 included with the Company’s Quarterly Report on Form 10-Q filed with the SEC on September 6, 2011.
The 1,400,000 shares of restricted common stock were valued at $1,260,000 of $.90 per share based on the closing price of the stock on the date of issuance.
The effect of this restatement on the Company’s financial statements for the three months ended March 31, 2011 are as follows:
· Capital stock increased by $1,400. (1,400,000 shares * $.001 par value).
· Additional paid in capital increased by $1,258,600. [(1,400,000 * $.90) - $1,400].
· The deficit accumulated during the development stage (increased) by $1,260,000.
Statement of Operations
· Services – stock compensation increased by $1,260,000.
· Loss from operations (increased) by $1,260,000.
· Net loss (increased) by $1,260,000.
· The weighted average number of shares increased from 33,751,573 to 34,113,371.
· The net loss per share (increased) from $(0.01) to $(0.05).
Statement of Cash Flows
· Net loss (increased) by $1,260,000.
· Stock based compensation for services increased by $1,260,000.
· These restatements had no effect on the net cash flows used in operating activities .
Sentiment: Strong Sell
Hey sjsnamaste are you kidding me? This news is almost over 1 year old. Let's get some current information on MIMVI in here. Yo??? When are earnings coming out. No one seems to want to answer my question about earnings. How about more business with other companies. People, bring in some facts and tell us longs what to look for. I don't want to hear about stupid CHAG or any other comments about other companies. Just the facts about MIMVI please.
I am astounded and perplexed at these set of posts.
That is old news, in regards to an outdated Mimv.
Question, hasen't Mimv made noticable progress
and steady growth since it's Partnership with Microsoft?
Mimv is an easy target for shorts because they are in transition.
From a struggling start-up Company.
To a Top of their Class, Mobile Search Technology Company.
I am not investing in Mimv based off their last Financial Filing.
I am investing in Mimv because of how aggressive Mimv is to
I like what I currently see.
High Profile Partnerships, Closed Aquisition of Lone Wolf,
Over 2.3 Million in Capital Raise, completion of it.s
Patent Pending Search App Engine, Pushing to have it.s
Search App broadly released, it's new Countdown App,
New Developer Contracts and a Revenue Flow.
That is current.
Everything else is typical short tactics to instill
fear and uncertainty in the mind of the novice trader!
Honestly, why else post on a board with a stock you have no
Position in nor intend to do so!
It's called short and distort.
Fear may be a factor for some.
But it's not a factor for me!
Sentiment: Strong Buy