Seals Entertainment Corp

CIK:0001436426|SEC Filings

Statements of Operations (USD $)	3 Months Ended		6 Months Ended		61 Months Ended
Statements of Operations (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Operating Expenses:
Compensation	$ 30,000	$ 0	$ 35,000	$ 0	$ 88,500
Professional fees	28,945	0	74,580	0	122,550
General and administrative	10,256	13,876	17,366	36,689	206,570
Total Operating Expenses	69,201	13,876	126,946	36,689	417,620
Loss from operations	(69,201)	(13,876)	(126,946)	(36,689)	(417,620)
Other expense:
Interest expense					(3,566)
Franchise tax expense	0	0	(400)	0	(400)
Net loss	$ (69,201)	$ (13,876)	$ (127,346)	$ (36,689)	$ (421,586)
Basic loss per common share (in dollars per share)	$ 0.00	$ (0.01)	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding (in shares)	17,206,788	3,545,653	14,679,315	3,208,250

Statement of Cash Flows (USD $)	6 Months Ended		61 Months Ended
Statement of Cash Flows (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (127,346)	$ (36,689)	$ (421,586)
Adjustment to reconcile net loss to net cash used in operating activities:
Interest	0	0	3,550
Common stock issued for services	40,000	13,500	132,750
Changes in operating assets and liabilities:
Increase in accounts payable	64,461	15,215	87,200
Decrease in prepaid expenses	0	3,000	0
NET CASH USED IN OPERATING ACTIVITIES	(22,884)	(4,974)	(198,086)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party	22,813	4,450	110,095
Proceeds from share issuance	0	0	30,000
Proceeds from promissory note	0	200,526	200,000
Additional capital contributed		0	(142,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	22,813	204,976	198,095
NET INCREASE IN CASH AND CASH EQUIVALENTS	(71)	200,002	9
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	80	255	0
CASH AND CASH EQUIVALENTS AT END OF PERIOD	9	200,257	9
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	0	0	625
Cash paid for taxes	0	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Shares issued to settle related party payable	0	75,427	105,427
Settlement of related party payables and recorded as additional paid-in capital	$ 0	$ 0	$ 79,114

Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
Assets
Cash and cash equivalents	$ 9	$ 80
Total current assets	9	80
Total assets	9	80
Liabilities and stockholders' deficit
Accounts payable and accrued expenses	69,636	5,175
Related party payable	34,668	11,855
Total current liabilities	104,304	17,030
Total liabilities	104,304	17,030
Stockholders' deficit
Preferred Stock 20,000,000 shares authorized at par value of $ 0.005, no shares isued and outstanding	0	0
Common Stock 100,000,000 shares authorized at par value of $ 0.005, 19,184,410 and 11,184,410 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively	95,922	55,922
Additional paid-in capital	221,369	221,369
Accumulated deficit during development stage	(421,586)	(294,241)
Total stockholders' deficit	(104,295)	(16,950)
Total liabilities & stockholders' deficit	$ 9	$ 80