UNITED
STATES
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SECURITIES AND EXCHANGE
COMMISSION
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Washington, D.C.
20549
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FORM
10-Q
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x QUARTERLY REPORT UNDER TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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FOR
THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2009
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OR
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o TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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Large
Accelerated Filer
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¨
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Accelerated
Filer
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¨
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Non-accelerated
Filer
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¨
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Smaller
Reporting Company
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x
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PART
I— FINANCIAL INFORMATION
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Item
1.
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Financial
Statements
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Item
2.
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Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
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Item
3.
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Quantitative
and Qualitative Disclosures About Market Risk
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Item
4T.
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Controls
and Procedures
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PART
II— OTHER INFORMATION
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Item
1.
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Legal
Proceedings
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Item
1A.
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Risk
Factors
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Item
2.
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Unregistered
Sales of Equity Securities and Use of Proceeds
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Item
3.
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Defaults
Upon Senior Securities
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Item
4.
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Submission
of Matters to a Vote of Security Holders
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Item
5.
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Other
Information
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Item
6.
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Exhibits
and Reports on Form 8-K
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SIGNATURES
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PAGE
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1
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CONDENSED
BALANCE SHEETS AS OF FEBRUARY 28, 2009 (UNAUDITED) AND NOVEMBER 30, 2007
(AUDITED).
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PAGE
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2
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CONDENSED
STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED FROM FEBRUARY 28, 2009
AND FEBRUARY 29, 2008 AND FOR THE PERIOD FROM OCTOBER 21, 2005 (INCEPTION)
TO FEBRUARY 28, 2009 (UNAUDITED).
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PAGE
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3
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CONDENSED
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIENCY) FOR THE PERIOD
FROM OCTOBER 21, 2005 (INCEPTION) TO FEBRUARY 28, 2009
(UNAUDITED).
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PAGE
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4
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CONDENSED
STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED FEBRUARY 28, 2009 AND
FEBRUARY 29, 2008 AND FOR THE PERIOD FROM OCTOBER 21, 2005 (INCEPTION) TO
FEBRURAY 28, 2009 (UNADITED).
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PAGES
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5 -
11
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NOTES
TO CONDESED UNAUDITED FINANCIAL STATEMENTS
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Paw
Spa, Inc.
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(A
Development Stage Company)
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Balance
Sheets
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ASSETS
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February
28, 2009
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November
30, 2008
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(Unaudited)
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Current
Assets
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Cash
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$ | 77 | $ | 77 | ||||
Prepaid
expenses
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- | 833 | ||||||
Total
Assets
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$ | 77 | $ | 910 | ||||
LIABILITIES AND STOCKHOLDERS'
DEFICIENCY
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Current
Liabilities
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Accounts
payable
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$ | 30,698 | $ | 22,365 | ||||
Payroll
taxes payable
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2,049 | 0 | ||||||
Loan
payable
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4,035 | 6,905 | ||||||
Stockholder
loans
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- | 12,634 | ||||||
Total
Current Liabilities
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36,782 | 41,904 | ||||||
Commitments
and Contingencies
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- | - | ||||||
Stockholders'
Deficiency
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Preferred
stock, $0.00001 par value; 100,000,000 shares authorized,
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none issued and outstanding
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- | - | ||||||
Common
stock, $0.00001 par value; 100,000,000 shares
authorized,
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5,757,900 and 5,757,900 shares issued and outstanding,
respectively
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58 | 58 | ||||||
Additional
paid-in capital
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96,017 | 93,632 | ||||||
Deficit
accumulated during the development stage
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(132,780 | ) | (134,684 | ) | ||||
Total
Stockholders' Deficiency
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(36,705 | ) | (40,994 | ) | ||||
Total
Liabilities and Stockholders' Deficiency
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$ | 77 | $ | 910 |
(A
Development Stage Company)
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Condensed
Statements of Operations
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(Unaudited)
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For
the Three Months Ended,
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For
the Period from October 21, 2005 (inception)
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February
28, 2009
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February
29, 2008
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February
28, 2009
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Operating
Expenses
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Professional
fees
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$ | 23,739 | $ | 10,000 | $ | 96,112 | ||||||
General
and administrative
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18,581 | 18,687 | 72,554 | |||||||||
Impairment
Loss
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- | - | 3,000 | |||||||||
Total
Operating Expenses
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42,320 | 28,687 | 171,666 | |||||||||
Loss
from Operations
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(42,320 | ) | (28,687 | ) | (171,666 | ) | ||||||
Other
Income/(Expense)
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Other
Income
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45,000 | - | 45,000 | |||||||||
Interest
Expense
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(774 | ) | (440 | ) | (6,114 | ) | ||||||
Income
(Loss) from Operation before Provision for Income Taxes
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1,904 | (29,127 | ) | (132,780 | ) | |||||||
Provision
for Income Taxes
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- | - | - | |||||||||
Net
Income (Loss)
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$ | 1,904 | $ | (29,127 | ) | $ | (132,780 | ) | ||||
Net
Income (Loss) Per Share - Basic and Diluted
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$ | 0.00 | $ | (0.01 | ) | |||||||
Weighted
average number of shares outstanding
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during
the period - Basic and Diluted
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5,757,900 | 5,757,900 | ||||||||||
Paw
Spa, Inc.
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(A
Development Stage Company)
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Condensed
Statement of Changes in Stockholders' Equity/(Deficiency)
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For
the period from October 21, 2005 (inception) to February 28,
2009
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(Unaudited)
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Preferred
stock
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Common
stock
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Deficit
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$.00001
Par Value
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$.00001
Par Value
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Additional
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accumulated
during
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Total
Stockholder's
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paid-in
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development
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Subscription
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Equity
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Shares
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Amount
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Shares
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Amount
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capital
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stage
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Receivable
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(Deficiency)
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Balance
October 21, 2005 (Inception)
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- | $ | - | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Common
stock issued to founders for cash ($0.00001 per share)
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- | - | 5,000,000 | 50 | - | - | - | 50 | ||||||||||||||||||||||||
Net
loss for the period October 21, 2005 (inception ) to November 30,
2005
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- | - | - | - | - | (15,434 | ) | - | (15,434 | ) | ||||||||||||||||||||||
Balance
November 30, 2005
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- | - | 5,000,000 | 50 | - | (15,434 | ) | - | (15,384 | ) | ||||||||||||||||||||||
Common
stock issued for cash ($0.00001 per share)
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- | - | 394,900 | 4 | 39,486 | - | (12,490 | ) | 27,000 | |||||||||||||||||||||||
Net
loss
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- | - | - | - | - | (4,811 | ) | - | (4,811 | ) | ||||||||||||||||||||||
Balance
November 30, 2006 (Restated)
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- | - | 5,394,900 | 54 | 39,486 | (20,245 | ) | (12,490 | ) | 6,805 | ||||||||||||||||||||||
In
kind contribution of services
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- | - | - | - | 2,800 | - | - | 2,800 | ||||||||||||||||||||||||
In
kind contribution of interest
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- | - | - | - | 3,382 | - | - | 3,382 | ||||||||||||||||||||||||
Common
stock issued for cash ($0.00001 per share)
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- | - | 363,000 | 4 | 36,296 | - | 12,490 | 48,790 | ||||||||||||||||||||||||
Net
loss
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- | - | - | - | - | (33,802 | ) | - | (33,802 | ) | ||||||||||||||||||||||
Balance
November 30, 2007
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- | - | 5,757,900 | 58 | 81,964 | (54,047 | ) | - | 27,975 | |||||||||||||||||||||||
In
kind contribution of services
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- | - | - | - | 7,800 | - | - | 7,800 | ||||||||||||||||||||||||
In
kind contribution of automobile lease
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- | - | - | - | 2,100 | - | 2,100 | |||||||||||||||||||||||||
In
kind contribution of interest
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- | - | - | - | 1,768 | - | - | 1,768 | ||||||||||||||||||||||||
Net
loss
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- | - | - | - | - | (80,637 | ) | - | (80,637 | ) | ||||||||||||||||||||||
Balance,
November 30, 2008
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- | - | 5,757,900 | 58 | 93,632 | (134,684 | ) | - | (40,994 | ) | ||||||||||||||||||||||
In
kind contribution of services
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- | - | - | - | 1,950 | - | - | 1,950 | ||||||||||||||||||||||||
In
kind contribution of interest
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- | - | - | - | 435 | - | - | 435 | ||||||||||||||||||||||||
Net
income for the three months ended February 28, 2009
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- | - | - | - | - | 1,904 | - | 1,904 | ||||||||||||||||||||||||
Balance
February 28, 2009 (Unaudited)
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- | $ | - | 5,757,900 | $ | 58 | $ | 96,017 | $ | (132,780 | ) | $ | - | $ | (36,705 | ) |
Paw
Spa, Inc.
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(A
Development Stage Company)
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Condensed
Statements of Cash Flows
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(Unaudited)
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For
the Three Months Ended
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For
the Period from October 21, 2005 (inception) to
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February
28, 2009
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February
29, 2008
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February
28, 2009
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Cash
Flows From Operating Activities:
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Net
Income (Loss)
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$ | 1,904 | $ | (29,127 | ) | $ | (132,780 | ) | ||||
Adjustments
to reconcile net income (loss) to net cash provided by (used in)
operations
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In-kind
contribution of services
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1,950 | 2,390 | 12,550 | |||||||||
In-kind
contibution of automobile lease
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- | - | 2,100 | |||||||||
In-kind
contribution of interest
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435 | - | 5,585 | |||||||||
Impairement
Loss
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- | - | 3,000 | |||||||||
Changes
in operating assets and liabilities:
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Increase
in prepaid expenses and deposits
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833 | (10,983 | ) | - | ||||||||
Increase
in payroll taxes payable
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2,049 | 2,049 | ||||||||||
Increase
in accounts payable
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8,333 | (6,919 | ) | 30,698 | ||||||||
Net
Cash Provided by (Used In) Operating Activities
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15,504 | (44,639 | ) | (76,798 | ) | |||||||
Cash
Flows From Investing Activities:
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Purchase
of Fixed Assets
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- | - | (3,000 | ) | ||||||||
Net
Cash Used In Investing Activities
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- | - | (3,000 | ) | ||||||||
Cash
Flows From Financing Activities:
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Proceeds
from stockholder loans
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- | - | 17,634 | |||||||||
Repayment
of stockholder loans
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(12,634 | ) | (5,000 | ) | (17,634 | ) | ||||||
Proceeds
from Loans payable
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6,525 | - | 13,430 | |||||||||
Repayment
of loans payable
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(9,395 | ) | (9,395 | ) | ||||||||
Proceeds
from issuance of common stock
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- | - | 75,840 | |||||||||
Net
Cash Provided by (Used in) Financing Activities
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(15,504 | ) | (5,000 | ) | 79,875 | |||||||
Net
Increase (Decrease) in Cash
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- | (49,639 | ) | 77 | ||||||||
Cash
at Beginning of Period/Year
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77 | 52,186 | - | |||||||||
Cash
at End of Period/Year
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$ | 77 | $ | 2,547 | $ | 77 | ||||||
Supplemental disclosure of cash flow
information:
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Cash
paid for interest
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$ | - | $ | - | $ | - | ||||||
Cash
paid for taxes
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$ | - | $ | - | $ | - |
Exhibit No.
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Document
Description
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31.1
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Certification
of Principal Executive Officer and Principal Financial Officer pursuant to
Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and
Exchange Act of 1934, as amended.
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32.1
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Certification pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial
Officer).
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PAW SPA,
INC.
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By:/s/EDD
COCKERILL
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Edd
Cockerill
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President, Principal Executive
Officer,
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Treasurer,
Principal Financial Officer,
Principal Accounting Officer
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and
sole member of the
Board of
Directors
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Exhibit
No.
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Document
Description
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31.1
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Certification of Principal
Executive Officer and Principal Financial Officer pursuant to Rule
13a-15(e) and 15d-15(e),
promulgated under the Securities and Exchange Act of 1934, as amended.
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32.1
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Certification pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 (Chief
Executive Officer and Chief Financial Officer).
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