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Document And Entity Information

v2.4.0.6
Document And Entity Information
6 Months Ended
Nov. 30, 2011
Jan. 17, 2012
Entity Registrant Name ON-AIR IMPACT, INC.  
Entity Central Index Key 0001493174  
Current Fiscal Year End Date --05-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol onair  
Entity Common Stock, Shares Outstanding   10,142,500
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Nov. 30, 2011  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  

Balance Sheets

v2.4.0.6
Balance Sheets (USD $)
Nov. 30, 2011
May 31, 2011
ASSETS    
Cash $ 6,057 $ 2,882
Prepaid expenses 260 0
Total current assets 6,317 2,882
Total assets 6,317 2,882
LIABILITIES AND STOCKHOLDERS' DEFICIT    
Accounts payable 4,675 3,740
Due to related party 6,226 4,196
Total current liabilities 10,901 7,936
Stockholders' deficit    
Preferred stock, $.0001 par value, authorized 10,000,000 shares, none issued 0 0
Common stock, $.0001 par value, authorized 100,000,000 shares; 10,142,500 and $10,005,000 issued and outstanding 1,014 1,000
Additional paid-in capital 23,236 9,500
Deficit accumulated during the development stage (28,834) (15,554)
Total stockholders' deficit (4,584) (5,054)
Total liabilities and stockholders' deficit $ 6,317 $ 2,882

Balance Sheets [Parenthetical]

v2.4.0.6
Balance Sheets [Parenthetical] (USD $)
Nov. 30, 2011
May 31, 2011
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 10,142,500 10,005,000
Common stock, shares outstanding 10,142,500 10,005,000

Statements of Operations

v2.4.0.6
Statements of Operations (USD $)
3 Months Ended 6 Months Ended 18 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Revenue $ 0 $ 0 $ 0 $ 0 $ 0
Cost of goods sold 0 0 0 0 0
Gross profit 0 0 0 0 0
General and administrative expenses 4,705 1,624 13,280 5,828 28,834
Net loss $ (4,705) $ (1,624) $ (13,280) $ (5,828) $ (28,834)
Weighted average number of common shares outstanding (basic and fully diluted) (in shares) 10,142,500 5,824,176 10,125,970 5,409,836 8,321,507
Basic and diluted (loss) per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0 $ 0

Statements of Cash Flows

v2.4.0.6
Statements of Cash Flows (USD $)
6 Months Ended 18 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Cash flows from operating activities      
Net loss $ (13,280) $ (5,828) $ (28,834)
Adjustments to reconcile net (loss) to net cash used in operating activities:      
Stock issued for services 0 0 500
Changes in operating assets and liabilities:      
Prepaid expenses (260) 0 (260)
Accounts payable 935 1,150 4,675
Net cash used in operating activities (12,605) (4,678) (23,919)
Cash flows from financing activities      
Proceeds from issuance of common stock 13,750 5,000 23,750
Proceeds from related party advances 2,030 1,616 6,226
Net cash provided by financing activities 15,780 6,616 29,976
Net increase in cash 3,175 1,938 6,057
Cash - beginning of period 2,882 0 0
Cash - end of period 6,057 1,938 6,057
Supplemental disclosure of cash flow information:      
Taxes paid 0 0 0
Interest paid $ 0 $ 0 $ 0

Nature of Operations and Basis of Presentations

v2.4.0.6
Nature of Operations and Basis of Presentations
6 Months Ended
Nov. 30, 2011
Accounting Policies [Abstract]  
Business Description and Basis of Presentation [Text Block]
Note 1  Nature of Operations and Basis of Presentations
 
Nature of Operations
 
On-Air Impact, Inc. (“the Company”) was incorporated in State of Nevada on May 26, 2010.
 
The Company is a development stage consulting company intending to serve the sports and entertainment industry.
 
The Company’s management has chosen May 31st for its fiscal year end.
 
Basis of Presentation
 
The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.
 
The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended May 31, 2011.
 
Certain information or disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended November 30, 2011, are not necessarily indicative of results for the full fiscal year.

Summary of Significant Accounting Policies

v2.4.0.6
Summary of Significant Accounting Policies
6 Months Ended
Nov. 30, 2011
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
Note 2 Summary of Significant Accounting Policies
 
Development Stage
 
The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include equity based financing and further implementation of the business plan.  The Company has not generated any revenues since inception.
 
 Risks and Uncertainties
 
The Company's operations will be subject to significant risk and uncertainties including financial, operational, regulatory and other risks associated with a development stage company, including the potential risk of business failure.  Also, see Note 4 regarding going concern matters.
 
Use of Estimates
 
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America, or U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
 
Share Based Payments
 
Generally, all forms of share-based payments, including stock option grants, warrants, restricted stock grants and stock appreciation rights, are measured at their fair value on the awards’ grant date, and based on the estimated number of awards that are ultimately expected to vest. Share-based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The expense resulting from share-based payments are recorded as a component of general and administrative expense.
 
Fair Value of Financial Instruments
 
The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.
 
The following are the hierarchical levels of inputs to measure fair value:
 
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
 
Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
 
Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
 
The Company's financial instruments consisted primarily of accounts payable and due to related party. The carrying amounts of the Company's financial instruments generally approximated their fair values as of November 30, 2011 due to the short-term nature of these instruments.
 
Earnings (Loss) per Share
 
Basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive.
 
Recent Accounting Pronouncements
 
There are no recent pronouncements that are expected to affect the Company’s financial reporting.

Related Party Transactions

v2.4.0.6
Related Party Transactions
6 Months Ended
Nov. 30, 2011
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 2 Related Party Transactions
 
Loan payable
 
Six Months ended November 30, 2011
 
The Company received an advance from the Company’s Chief Executive Officer for $2,030. This advance is non-interest bearing, unsecured and due on demand.
 
As of November 30, 2011, the balance of these advances is $6,226.
 
Rent
 
Since the Company’s inception, office space was provided by the Company’s Chief Executive Officer, free of charge. The amount of rent has been nominal and not recorded in the accompanying financial statements.

Common Stock

v2.4.0.6
Common Stock
6 Months Ended
Nov. 30, 2011
Stockholders Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
Note 3 Common Stock
 
Six Months ended November 30, 2011
 
On June 22, 2011, the Company issued 137,500 shares of common stock for $13,750 ($0.10/share).

Going Concern

v2.4.0.6
Going Concern
6 Months Ended
Nov. 30, 2011
Going Concern [Abstract]  
Going Concern [Text Block]
Note 4 Going Concern
 
As reflected in the accompanying financial statements, the Company realized a net loss of $13,280 and net cash used in operations of $12,605 for the six months ended November 30, 2011.  The Company is in the development stage and has not generated any revenues. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
 
The ability of the Company to continue its operations is dependent on Management's plans, which may include the raising of capital through debt and/or equity markets with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements.  The Company may need to incur liabilities with certain related parties to sustain the Company’s existence.
 
The Company will require additional funding to finance the growth of its current and expected future operations as well as to achieve its strategic objectives.  The Company believes its current available cash along with anticipated revenues may be insufficient to meet its cash needs for the near future.  There can be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all.
 
In response to these problems, management has taken the following actions:
 
 
·
seeking additional third party debt and/or equity financing; and
 
 
·
execute the business plan
 
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.