[X]
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Quarterly
Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934
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For
the quarterly period ended September
30, 2006
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[
]
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Transition
Report pursuant to 13 or 15(d) of the Securities Exchange Act of
1934
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For
the transition period __________
to __________
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Commission
File Number: 333-130084
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Nevada
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E.I.N.
Number Pending
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(State
or other jurisdiction of incorporation or
organization)
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(IRS
Employer Identification No.)
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353
West 7th Avenue , Vancouver, British Columbia, Canada V5Y
1M2
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(Address
of principal executive offices)
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604-723-6877
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(Issuer’s
telephone number)
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_______________________________________________________________
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(Former
name, former address and former fiscal year, if changed since last
report)
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Our
unaudited financial statements included in this Form 10-QSB are as
follows:
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|
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|
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September
30,
2006
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March
31,
2006
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||||
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(unaudited)
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||||
ASSETS
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|||||
Current
assets
|
|||||
Cash
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$
|
35,828
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$
|
67,460
|
|
Accounts
receivable, net
|
3,656
|
-
|
|||
Expense
advances-related party
|
2,771
|
2,771
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|||
Prepaid
expenses and deposits
|
-
|
35,000
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|||
Total
current assets
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42,255
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105,231
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|||
Rental
assets, net
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44,121
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19,415
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|||
TOTAL
ASSETS
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$
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86,376
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$
|
124,646
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LIABILITIES
AND STOCKHOLDERS’ DEFICIT
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|||||
Current
liabilities
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|||||
Accounts
payable and accrued expenses
|
$
|
6,773
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$
|
8,751
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|
Stockholder
advances
|
117,400
|
117,400
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|||
Total
current liabilities
|
124,173
|
126,151
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|||
STOCKHOLDERS’
DEFICIT:
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|||||
Common
stock, $.001 par value, 50,000,000 shares
authorized,
9,000,000 shares issued and outstanding
|
9,000
|
9,000
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|||
Additional
paid in capital
|
169,753
|
165,057
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|||
Deficit
accumulated during the development stage
|
(216,550)
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(175,562)
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||
Total
Stockholders’ Deficit
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(37,797)
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|
(1,505)
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||
TOTAL
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$
|
86,376
|
$
|
124,646
|
Three
months
ended
September
30, 2006
|
Three
months ended
September
30, 2005
|
Six
months ended
September
30, 2006
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Six
months ended
September
30, 2005
|
Inception
through
September
30, 2006
|
||||||||||
Rental
revenue
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$
|
---
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$
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---
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$
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7,773
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$
|
7,548
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$
|
15,321
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||||
Gown
rental expense
|
-
|
-
|
(4,118)
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|
(8,416)
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(12,534)
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|||||||
Depreciation
|
(5,147)
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|
(2,229)
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(10,294)
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(2,972)
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(17,645)
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|||||
Gross
margin
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(5,147)
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(2,229)
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(6,639)
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(3,840)
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(14,858)
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|||||
General
and administrative expenses:
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||||||||||||||
Professional
fees
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7,440
|
3,200
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27,643
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14,200
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68,363
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|||||||||
Compensation
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-
|
-
|
-
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67,600
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92,600
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|||||||||
Other
general and administrative
|
1,029
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-
|
2,010
|
5,286
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24,576
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|||||||||
Total
General and Administrative
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8,469
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3,200
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29,653
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87,086
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185,539
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|||||||||
Operating
loss
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(13,616)
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(5,429)
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(36,292)
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(90,926)
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(200,397)
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|||||
Interest
expense
|
(2,348)
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(2,348)
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(4,696)
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(4,696)
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(16,153)
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|||||
Net
loss
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$
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(15,964)
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|
$
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(7,7770)
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|
$
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(40,988)
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|
$
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(95,622)
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|
$
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(216,550)
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Net
loss per share:
|
||||||||||||||
Basic
and diluted
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$
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(0.00)
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|
$
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(0.01)
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$
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(0.01)
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|
$
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(0.01)
|
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||
Weighted
average shares outstanding:
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||||||||||||||
Basic
and diluted
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9,000,000
|
9,000,000
|
9,000,000
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6,866,666
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Six
months ended
September
30, 2006
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Six
months ended
September
30, 2005
|
Inception
through
September
30, 2006
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net
loss
|
$
|
(40,988)
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|
$
|
(95,622)
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|
$
|
(216,550)
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Adjustments
to reconcile net loss to
cash
used in operating activities:
|
||||||||
Depreciation
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10,294
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2,972
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17,645
|
|||||
Non-cash
management compensation
|
-
|
57
,600
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57,600
|
|||||
Imputed
interest on stockholder advances
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4,696
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4,696
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16,153
|
|||||
Change
in non-cash working capital items
|
||||||||
Accounts
receivable
|
(3,656)
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|
-
|
(3,656)
|
||||
Expense
advances-related party
|
-
|
(2,771)
|
||||||
Prepaid
expenses and deposits
|
-
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(10,000)
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|
-
|
||||
Accounts
payable
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(1,978)
|
|
(636)
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|
9,173
|
|||
CASH
FLOWS USED IN OPERATING ACTIVITIES
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(31,632)
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|
(40,990)
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(122,406)
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|||
CASH
FLOWS FROM INVESTING ACTIVIES
|
||||||||
Purchase
of rental assets
|
-
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(3,500)
|
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(61,766)
|
||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds
from sale of common stock
|
-
|
100,000
|
102,600
|
|||||
Stockholder
advances
|
-
|
-
|
117,400
|
|||||
CASH
FLOWS PROVIDED BY FINANCING ACTIVITIES
|
-
|
100,000
|
220,000
|
|||||
NET
INCREASE (DECREASE) IN CASH
|
(31,632)
|
|
55,510
|
35,828
|
||||
Cash,
beginning of period
|
67,460
|
60,062
|
-
|
|||||
Cash,
end of period
|
$
|
35,828
|
$
|
115,572
|
$
|
35,828
|
||
SUPPLEMENTAL
CASH FLOW INFORMATION
|
||||||||
Interest
paid
|
$
|
-
|
$
|
-
|
$
|
-
|
||
Income
taxes paid
|
$
|
-
|
$
|
-
|
$
|
-
|
||
NON
CASH TRANSACTIONS:
|
||||||||
Issuance
of stock for debt
|
$
|
-
|
$
|
2,400
|
$
|
2,400
|
||
Issuance
of stock for compensation
|
$
|
-
|
$
|
57,600
|
$
|
57,600
|
||
Application
of deposit to fixed assets
|
$
|
35,000
|
$
|
-
|
$
|
-
|
|
September,
2006
|
March
31
2006
|
|||
Rental assets | $ | 61,766 | $ | 26,766 | |
Accumulated depreciation | (17,645) | (7,351) | |||
$ | 44,121 | $ | 19,415 |
· |
Water,
Oil and Liquid Repellency
|
· |
Wrinkle
Resistance
|
· |
Anti-Bacteria
|
· |
Anti-static
|
· |
Odor
Reduction
|
· |
Maintain
Air Permeability
|
· |
Tom
Wensel, Huntington Photography, Huntington,
Texas
|
· |
Stan
Fejnas, Josephs Photography, New Jersey and
Missouri
|
· |
Hal
Wagner, Wagner Photography, St. Louis,
Missouri
|
· |
Elizabeth
Hockmeyer, Hockmeyer Studios, Boston,
Massachusetts
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· |
Lance
Kimura, House of Photography, Honolulu,
Hawaii
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· |
Brad
Kramer, Grads Photography, Phoenix,
Arizona
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· |
Donnie
Rubenack, Donette Studios, Bellingham,
Washington
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· |
John
Stickney, Boyd Anderson Studios, Santee,
California
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· |
Branding
of product to directly identify and build loyalty among distributors
and
end users of the product;
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· |
Marketing
collateral development for use by customers and other parties acting
as
distributors of regalia;
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· |
Affiliation
with Canadian and US professional photography and digital associations
to
provide a medium for identifying potential
distributors;
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· |
Participation
in trade shows related to the regalia, photography and digital imaging
industries to provide a venue for identifying potential distributors.
Research will be conducted to identify trade shows where the target
markets participate directly; and
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· |
Anticipated
creation of a website that will promote regalia products, solicit
e-commerce, supervise supply chain management and manage distributor
relations.
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Exhibit
Number
|
Description
of Exhibit
|
Amerasia
Khan Enterprises Ltd.
|
|
Date:
|
November
14, 2006
|
By: /s/
Johnny Lee
Johnny
Lee
Title: Chief
Executive Officer and
Director
|