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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Internet Infinity Inc (PK) | USOTC:ITNF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01228 | 0.0092 | 0.0169 | 0.00 | 13:03:58 |
Page
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PART
I - FINANCIAL INFORMATION
|
3
|
|
Item
1.
|
Financial
Statements
|
3
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and
|
|
Results
of Operations
|
14
|
|
Item
4.
|
Controls
and Procedures
|
15
|
PART
II - OTHER INFORMATION
|
15
|
|
Item
1.
|
Legal
Proceedings
|
15
|
Item
6.
|
Exhibits
|
16
|
SIGNATURES
|
17
|
INTERNET
INFINITY INC.
|
||||||||
Balance
Sheet
|
||||||||
as
at September 30, 2010 (unaudited) and March 31, 2010
|
||||||||
September
30,
|
Maerch
31,
|
|||||||
2010
|
2010
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 403 | $ | - | ||||
Accounts
Receivable
|
$ | 4,850 | $ | - | ||||
5,253 | - | |||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
Liabilities
|
||||||||
Current
Liabilities
|
||||||||
Accounts
Payable and Accrued Expenses
|
$ | 250,439 | $ | 256,892 | ||||
Note
Payable
|
27,000 | 27,000 | ||||||
Note
Payable - Related Parties
|
411,400 | 411,400 | ||||||
Due
to Officer
|
339,199 | 305,239 | ||||||
Due
to related party
|
7,209 | 7,209 | ||||||
Total
Liabilities
|
1,035,247 | 1,007,740 | ||||||
Stockholders'
Equity (Deficit)
|
||||||||
Preferred
Stock, $0.001 par value, 30,000,000 shares authorized,
|
||||||||
none
issued and outstanding at March 31, 2010 and 2009
|
||||||||
Common
Stock, $0.001 par value, 100,000,000 shares authorized,
|
||||||||
28,718,780
shares issued and outstanding as at September 30, 2010
|
||||||||
and
March 31, 2010
|
28,719 | 28,719 | ||||||
Additional
Paid-in Capital
|
1,075,043 | 1,075,043 | ||||||
Accumulated
Deficit
|
(2,133,756 | ) | (2,111,502 | ) | ||||
Total
Stockholders' Equity (Deficit)
|
(1,029,994 | ) | (1,007,740 | ) | ||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$ | 5,253 | $ | - |
INTERNET
INFINITY INC.
|
|||||||||||||||||
Statement
of Operations
|
|||||||||||||||||
for
the Three and Six months Periods Ended September 30, 2010 and
2009
|
|||||||||||||||||
T
|
|||||||||||||||||
For
the the 3 months ended
|
For
the the 6 months ended
|
||||||||||||||||
September
30,
|
September
30,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Revenue
|
$ | - | $ | 9,000 | $ | - | $ | 9,000 | |||||||||
Cost
of Revenue
|
- | 1,800 | - | 1,800 | |||||||||||||
Gross
Profit
|
- | 7,200 | - | 7,200 | |||||||||||||
Operating
Expenses:
|
|||||||||||||||||
Professional
Fees
|
2,680 | 23,935 | 5,937 | 30,009 | |||||||||||||
Consulting
|
- | - | 1,100 | 900 | |||||||||||||
Other
|
1,174 | 3,920 | 664 | 5,120 | |||||||||||||
Total Operating Expenses
|
3,854 | 27,855 | 7,701 | 36,029 | |||||||||||||
Loss
from operations
|
(3,854 | ) | (20,655 | ) | (7,701 | ) | (28,829 | ) | |||||||||
Non-operating
income (expense)
|
|||||||||||||||||
Interest
expense
|
- | (13,173 | ) | (14,553 | ) | (26,161 | ) | ||||||||||
Total
other expense
|
- | (13,173 | ) | (14,553 | ) | (26,161 | ) | ||||||||||
Loss
before income taxes
|
(3,854 | ) | (33,828 | ) | (22,254 | ) | (54,990 | ) | |||||||||
Provision
for income taxes
|
- | 800 | |||||||||||||||
Net
Loss
|
$ | (3,854 | ) | $ | (33,828 | ) | $ | (22,254 | ) | $ | (55,790 | ) | |||||
Basic
and diluted net loss per common share
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |||||
Basic
and diluted weighted average number of
|
|||||||||||||||||
common
shares outstanding
|
28,718,780 | 28,718,780 | 28,718,780 | 28,718,780 |
INTERNET
INFINITY INC.
|
||||||||||||||||||||
Statement
of Stockholders' Equity (Deficit)
|
||||||||||||||||||||
For
the period from April 1, 2006 to September 30, 2010
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Common
Stock
|
Additional
|
|
Total
|
|||||||||||||||||
Number
of
|
Paid-In
|
Accum
ulated
|
Stockholders'
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||
Balances
as of April 1, 2006
|
18,718,780 | $ | 18,719 | $ | 825,877 | $ | (1,677,595 | ) | $ | (832,999 | ) | |||||||||
Shares
issued part for debt
|
||||||||||||||||||||
settlement,
part for cash
|
10,000,000 | 10,000 | 240,000 | 250,000 | ||||||||||||||||
Net
loss for the year
|
(130,344 | ) | (130,344 | ) | ||||||||||||||||
Balances,
March 31, 2007
|
28,718,780 | $ | 28,719 | $ | 1,065,877 | $ | (1,807,939 | ) | $ | (713,343 | ) | |||||||||
Capital
contribution
|
3,667 | 3,667 | ||||||||||||||||||
Net
loss for the year
|
(119,527 | ) | (119,527 | ) | ||||||||||||||||
Balances,
March 31, 2008
|
28,718,780 | $ | 28,719 | $ | 1,069,544 | $ | (1,927,466 | ) | $ | (829,203 | ) | |||||||||
Capital
contribution
|
5,499 | 5,499 | ||||||||||||||||||
Net
loss for the year
|
(107,528 | ) | (107,528 | ) | ||||||||||||||||
Balances,
March 31, 2009
|
28,718,780 | $ | 28,719 | $ | 1,075,043 | $ | (2,034,994 | ) | $ | (931,232 | ) | |||||||||
Net
loss for the year
|
(76,508 | ) | (76,508 | ) | ||||||||||||||||
Balances,
March 31, 2010
|
28,718,780 | $ | 28,719 | $ | 1,075,043 | $ | (2,111,502 | ) | $ | (1,007,740 | ) | |||||||||
Net
loss for the period
|
(22,254 | ) | (22,254 | ) | ||||||||||||||||
Balances,
Sep. 30, 2010
|
28,718,780 | 28,719 | 1,075,043 | (2,133,756 | ) | (1,029,994 | ) |
INERNET
INFINITY INC.
|
||||||||
Statement
of Cash Flows
|
||||||||
for
the six months ended September 30, 2010 and 2009
|
||||||||
(Unaudited)
|
||||||||
2010
|
2009
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
loss
|
$ | (22,254 | ) | $ | (55,790 | ) | ||
Adjustments
to reconcile net loss to
|
||||||||
net
cash used by operating activities:
|
||||||||
Capital
contribution via services provided
|
||||||||
Change
in operating assets and liabilities:
|
||||||||
Accounts
Receivable
|
(6,000 | ) | ||||||
Accounts
payable
|
(6,453 | ) | 97,949 | |||||
Net
cash (used by) operating activities
|
(28,707 | ) | 36,159 | |||||
Cash
flows from investing activities
|
||||||||
Net
cash (used by) investing activities
|
- | - | ||||||
Cash
flows from financing activities:
|
||||||||
Increase
(decrease) in due to related party
|
2,400 | |||||||
Increase
(decrease) in due to officer
|
33,960 | (38,509 | ) | |||||
Net
cash provided by financing
|
||||||||
activities
|
33,960 | (36,109 | ) | |||||
Net
increase (decrease) in cash
|
5,253 | 50 | ||||||
Cash,
beginning of the period
|
- | - | ||||||
Cash,
end of the period
|
$ | 5,253 | $ | 50 | ||||
Supplemental
cash flow disclosure:
|
||||||||
Interest
paid during the year
|
$ | - | $ | - | ||||
Taxes
paid during the year
|
$ | - | $ | - |
-
|
Level
1: Quoted prices in active markets for identical assets or
liabilities.
|
-
|
Level
2: Observable inputs other than Level 1 prices, such as quoted
prices for similar assets or liabilities; quoted prices in
markets that are not active, or other inputs that are observable or can be
corroborated by observable market data for substantially the full term of
the related assets or liabilities.
|
-
|
Level
3: Unobservable inputs that are supported by little or no
market activity and that are significant to the fair value of the assets
or liabilities.
|
-
|
Cash: Level
One measurement based on bank
reporting.
|
-
|
Notes
payable to Officers and related parties: Level 2 based on promissory
notes.
|
September 30, | March 31, | ||||||
2010 | 2010 | ||||||
$ | 27,000 | $ | 27,000 |
Internet
Infinity, Inc. (The Company)
|
85.06
|
%
|
||
Morris
& Associates, Inc.
|
71.30
|
%
|
||
Electronic
Media Central, Corp.
|
82.87
|
%
|
||
Apple
Realty, Inc.
|
100.00
|
%
|
||
L&M
Media, Inc.
|
100.00
|
%
|
Anna Moras
(mother of George Morris), with interest at 6% per annum, unsecured and
due upon 90 days written notice. Interest expense for the years
ended March 31, 2010 and 2009 on this note are $2,100 and $1,934,
respectively.
|
$
|
14,652
|
||
Apple Realty,
Inc.
(related through a common controlling shareholder), secured by
assets of the Company, past due and payable upon
demand. Interest accrues at 6% per annum. This note is in
connection with consulting fees and office expenses
owed. Interest expense on this note for the years ended March
31, 2010 and 2009 are $30,218 and $21,264, respectively.
|
$
|
360,215
|
||
L&M Media,
Inc.
(related through a common controlling shareholder) – Accounts
payable for purchases, converted into a note during the three month period
ended September 30, 2004. The note is due on demand, unsecured and
interest accrues at 6% per annum. Interest expense on this note for the
years ended March 31, 2010 and 2009 are $3,159 and $2,908,
respectively.
|
$
|
36,533
|
||
Total
notes payable – related parties
|
$
|
411,400
|
2010
|
|||||
The
Company has a payable to officer as follows:
Unsecured
miscellaneous payable upon demand to George Morris, with interest at 6%
per annum, with monthly installments of $3,000 beginning June 30, 2000 and
paid as available. George Morris is the chairman of the Company. The
Company has not made any principal payments to George Morris and is in
default of this note.
|
Current
|
$
|
214,707
|
||
Note
payable – Officer
Unsecured
note payable upon demand to George Morris, with interest at 6% per annum.
The Company has not made any principle payments to George Morris and is in
default of this note
|
Current
|
63,433
|
|||
Interest
payable – Officer
|
Current
|
61,059
|
|||
|
$
|
339,199
|
09/30/2010
|
||||
Deferred
tax asset – net operating loss
|
$
|
574,672
|
||
Less
valuation allowance
|
(574,672
|
)
|
||
Net
deferred tax asset
|
$
|
-
|
March
31, 2010
|
March
31, 2009
|
|||||||
Tax
expense (credit) at statutory rate-federal
|
-34
|
%
|
-34
|
%
|
||||
State
tax expense net of federal tax
|
-6
|
%
|
-6
|
%
|
||||
Changes
in valuation allowance
|
40
|
%
|
40
|
%
|
||||
Tax
expense at actual rate
|
-
|
-
|
9/30/2010
|
||||
Current
tax expense:
|
||||
Federal
|
$
|
-
|
||
State
|
800
|
|||
Total
current
|
$
|
800
|
||
Deferred
tax credit:
|
||||
Federal
|
$
|
23,905
|
||
State
|
4,218
|
|||
Total
deferred
|
$
|
28,123
|
||
Less:
valuation allowance
|
(28,123
|
)
|
||
Net
deferred tax credit
|
-
|
|||
Tax
expense
|
$
|
800
|
Item
2.
|
Management’s
Discussion and Analysis or Plan of
Operation
|
·
|
an
obligation under a guarantee contract,
|
·
|
a
retained or contingent interest in assets transferred to the
unconsolidated entity or similar arrangement that serves as credit,
liquidity or market risk support to such entity for such
assets,
|
·
|
any
obligation, including a contingent obligation, under a contract that would
be accounted for as a derivative instrument, or
|
·
|
any
obligation, including a contingent obligation, arising out of a variable
interest in an unconsolidated entity that is held by us and material to us
where such entity provides financing, liquidity, market risk or credit
risk support to, or engages in leasing, hedging or research and
development services with us.
|
Item 4. | Controls and Procedures |
PART
II - OTHER INFORMATION
|
Item
1.
|
Legal
Proceedings
|
Item 6. | Exhibits |
2
|
Certificate
of Ownership and Merger of Morris & Associates, Inc., a
California corporation, into Internet Infinity, Inc., a Delaware
corporation*
|
2.1
|
Plan
of Merger (Internet Infinity - Delaware into Internet Infinity -
Nevada)***
|
2.2
|
State
of Delaware Certificate of Merger of Domestic Corporation into Foreign
Corporation which merges Internet Infinity, Inc., a Delaware corporation,
with and into Internet Infinity, Inc., a Nevada
corporation***
|
2.3
|
Articles
of Merger (Pursuant to NRS 92A.200) which merges Internet Infinity, Inc.,
a Delaware corporation, with Internet Infinity, Inc., a Nevada
corporation, with the Nevada corporation being the surviving
entity***
|
3
|
Articles
of Incorporation of Internet Infinity,
Inc.*
|
3.1
|
Amended
Certificate of Incorporation of Internet Infinity,
Inc.*
|
|
3.2
|
Bylaws
of Internet Infinity, Inc.*
|
3.3
|
Corporate
Charter and Articles of Incorporation of Internet Infinity, Inc., a Nevada
corporation***
|
3.4
|
Certificate
of Amendment to Articles of Incorporation of Internet Infinity, Inc., a
Nevada corporation++
|
10.1
|
Master
License and non-exclusive Distribution Agreement between Internet
Infinity, Inc. and Lord & Morris Productions,
Inc.*
|
10.2
|
Master
License and Exclusive Distribution Agreement between L&M Media, Inc.
and Internet Infinity, Inc.*
|
10.3
|
Master
License and Exclusive Distribution Agreement between
Hollywood Riviera Studios and Internet Infinity,
Inc.*
|
10.4
|
Fulfillment
Supply Agreement between Internet Infinity, Inc. and Ingram Book
Company**
|
|
14
|
Code
of Ethics for CEO and Senior Financial
Officers+
|
31.1
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
31.2
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
32.1
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
INTERNET
INFINITY, INC.
|
|||
Dated: November
15, 2010
|
By:
|
/s/
George
Morris
|
|
George
Morris, Chief Executive Officer
|
|||
1 Year Internet Infinity (PK) Chart |
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