Document and Entity Information

v2.4.0.6
Document and Entity Information
 6 Months Ended
Dec. 31, 2012
Jan. 23, 2013
Document and Entity Information:    
Entity Registrant Name Mascot Properties, Inc.  
Document Type 10-Q  
Document Period End Date Dec. 31, 2012  
Amendment Flag false  
Entity Central Index Key 0001520358  
Current Fiscal Year End Date --06-30  
Entity Common Stock, Shares Outstanding   104,208,000
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers Yes  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2013  
Document Fiscal Period Focus Q2  

Mascot Properties, Inc. (A Development Stage Company) - Balance Sheets - (Unaudited)

v2.4.0.6
Mascot Properties, Inc. (A Development Stage Company) - Balance Sheets - (Unaudited) (USD $)
Dec. 31, 2012
Jun. 30, 2012
Current Assets    
Cash $ 2 $ 81
Total Current Assets 2 81
TOTAL ASSETS 2 81
Current Liabilities    
Accounts payable and accrued expenses 8,006 7,753
Note payable - Related Parties 47,428 42,425
Total Current Liabilities 55,434 50,178
Stockholders' Equity    
Preferred stock, $0.00001 par value, 20,000,000 shares authorized, 0 shares issued and outstanding 0 0
Common stock, $0.00001 par value, 250,000,000 shares authorized, 104,208,000 and 104,208,000 shares issued and outstanding at December 31, 2012 and June 30, 2012, respectively 1,042 1,042
Additional paid-in capital 59,678 59,678
Deficit accumulated during the development stage (116,152) (110,817)
Total Stockholders' Equity (55,432) (50,097)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2 $ 81

Mascot Properties, Inc. (A Development Stage Company) - Statements of Operations - (Unaudited)

v2.4.0.6
Mascot Properties, Inc. (A Development Stage Company) - Statements of Operations - (Unaudited) (USD $)
 3 Months Ended 6 Months Ended 41 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Revenues $ 0 $ 0 $ 0 $ 0 $ 0
Operating Expenses:          
Consulting Fees - Related Party 0 0 0 0 38,600
Professional Fees 4,025 1,875 5,535 9,600 60,570
General and administrative 3,023 904 3,800 5,340 20,982
Refund of General and administrative 0 0 (4,000) 0 (4,000)
Total operating expenses 7,048 2,779 5,335 14,940 116,152
Income (loss) from operations (7,048) (2,779) (5,335) (14,940) (116,152)
Income (loss) before income taxes (7,048) (2,779) (5,335) (14,940) (116,152)
Income tax expense 0 0 0 0 0
Net Income (loss) $ (7,048) $ (2,779) $ (5,335) $ (14,940) $ (116,152)
Basic Income (loss) per Common Share $ 0 $ 0 $ 0 $ 0  
Weighted Average Number of Common Shares Outstanding 104,208,000 104,208,000 104,208,000 104,208,000  

Mascot Properties, Inc. (A Development Stage Company) - Statements of Cash Flows - (Unaudited)

v2.4.0.6
Mascot Properties, Inc. (A Development Stage Company) - Statements of Cash Flows - (Unaudited) (USD $)
 6 Months Ended 41 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
OPERATING ACTIVITIES      
Net Loss $ (5,335) $ (14,940) $ (116,152)
Adjustment to reconcile net loss to net cash used by operating activities: 0 0 0
Increase (decrease) in Accounts Payable and Accrued Expenses 253 (1,209) 8,006
Net cash used in operating activities (5,082) (16,149) (108,146)
Net cash used in investing activities 0 0 0
FINANCING ACTIVITIES      
Proceeds from Notes Payable - Related Parties 5,003 16,225 47,428
Common stock issued for cash 0 0 60,720
Net Cash Provided by Financing Activities 5,003 16,225 108,148
Net Increase (Decrease) in Cash (79) 76 2
Cash Balance at beginning of period 81 13 0
Cash Balance at end of period 2 89 2
Supplemental Disclosures of Cash Flow Information - Cash Paid For:      
Interest 0 0 0
Income Taxes $ 0 $ 0 $ 0

1. Summary of Significant Accounting Policies

v2.4.0.6
1. Summary of Significant Accounting Policies
 6 Months Ended
Dec. 31, 2012
Notes  
1. Summary of Significant Accounting Policies

1.         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Business

The financial statements presented are those of Mascot Properties, Inc.  The Company was originally incorporated under the laws of the state of Nevada on July 22, 2009.  The Company has not commenced significant operations and, in accordance with ASC Topic 915, is considered a development stage company.    Mascot Properties, Inc. operates in the management of real estate properties, primarily related to student housing and services near universities.

 

The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, the accompanying balance sheets and related statements of income and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses.  Actual results and outcomes may differ from management’s estimates and assumptions.

 

Interim results are not necessarily indicative of results for a full year.  Our interim condensed financial statements should be read in conjunction with the financial statements from our June 30, 2012 audited financial statements.

 

Accounting Basis

The basis is accounting principles generally accepted in the United States of America.  The Company has adopted a June 30th year end.

 

Recent Accounting Pronouncements

 

The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statements.

2. Going Concern

v2.4.0.6
2. Going Concern
 6 Months Ended
Dec. 31, 2012
Notes  
2. Going Concern

2.         GOING CONCERN

 

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. For the six months ending December 31, 2012, the Company recognized no sales revenue and reported net loss of $5,335. As of December 31, 2012, the Company had an accumulated deficit of $116,152.  The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. Additionally the Company is actively seeking merger partners and strategic alliances in order to accelerate its growth in the industry. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

3 Stockholders' Equity

v2.4.0.6
3 Stockholders' Equity
 6 Months Ended
Dec. 31, 2012
Notes  
3 Stockholders' Equity

3          STOCKHOLDERS’ EQUITY

 

The stockholders' equity section of the Company contains the following classes of Capital stock as of December 31, 2012, respectively:

·         Preferred stock, $0.00001 par value, 20,000,000 shares authorized 0 shares issued and outstanding.

·         Common Stock, $0.00001 par value, 250,000,000 shares authorized 104,208,000 shares issued and outstanding.

 

COMMON STOCK

 

·         On July 22, 2009, the Company entered into an agreement with its founder, Mr. David Dreslin, for the sale of 80,000,000 shares of common stock at a price of $0.0000025 per share.  The Company realized $200 from this subscription.

·         On August 27, 2009, the Company entered into an agreement with two different investors for the sale of 24,000,000 shares of common stock at a price of $0.0025 per share.  The Company realized $60,000 from these subscriptions.

·         On June 30, 2010, the Company entered into an agreement for the sale of 208,000 shares at a price of $0.0025 per share to 38 different investors.  The Company realized $520 from these subscriptions.

·         The company's board of directors authorized a four-for-one stock split effective on June 30, 2010.  Each shareholder of record on June 30, 2010 received three additional shares of common stock for each share held on that date.  All share and related information presented in these financial statements and accompanying footnotes reflect the increased number of shares resulting from this action.

4 Related Party Transactions

v2.4.0.6
4 Related Party Transactions
 6 Months Ended
Dec. 31, 2012
Notes  
4 Related Party Transactions

4          RELATED PARTY TRANSACTIONS

 

Consulting Services – Related Party

The Company’s founder and majority shareholders provide various consulting services to the Company for which they are compensated.  For the six months ending December 31, 2012, and the period from inception on July 22, 2009 through December 31, 2012 consultant fees paid were $0 and $38,600.

 

Note Payable – Related Party

At December 31, 2012 and June 30, 2012, the Company owed $47,428 and $42,425, respectively, as loans from officers.  The notes have no definitive payment terms and bear no interest.  The Company will pay the balance off when it has the available funds.

5 Commitments and Contingencies

v2.4.0.6
5 Commitments and Contingencies
 6 Months Ended
Dec. 31, 2012
Notes  
5 Commitments and Contingencies

5          COMMITMENTS AND CONTINGENCIES

 

Commitments

On April 1, 2011, the Company and its majority shareholder and President entered into an employment agreement. The agreement calls for an annual salary of $85,000 as well as benefits including vacation and health insurance.  The agreement includes a revenue milestone of $300,000 that must be reached before the payment or accrual of any salaries or benefits.  As this milestone has not been reached no payment or accrual has been made.  The agreement is not expected to have a material adverse effect on the Company’s financial condition.

6 Refund of General and Administrative Expense

v2.4.0.6
6 Refund of General and Administrative Expense
 6 Months Ended
Dec. 31, 2012
Notes  
6 Refund of General and Administrative Expense

6          REFUND OF GENERAL AND ADMINISTRATIVE EXPENSE

 

In August 2012, the Company received a refund of fees it had paid to its prior transfer agent for services to be performed in the prior calendar year.  The Company switched its transfer agent services in March 2012 resulting in the refund of the fees.

7 Subsequent Events

v2.4.0.6
7 Subsequent Events
 6 Months Ended
Dec. 31, 2012
Notes  
7 Subsequent Events

7          SUBSEQUENT EVENTS

 

Management has evaluated all activity since December 31, 2012, through the date the financial statements were issued and has concluded that no subsequent events have occurred that would require recognition in the Financial Statements or disclosure in the Notes to the Financial Statements.

1. Summary of Significant Accounting Policies: Nature of Business (Policies)

v2.4.0.6
1. Summary of Significant Accounting Policies: Nature of Business (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Nature of Business

Nature of Business

The financial statements presented are those of Mascot Properties, Inc.  The Company was originally incorporated under the laws of the state of Nevada on July 22, 2009.  The Company has not commenced significant operations and, in accordance with ASC Topic 915, is considered a development stage company.    Mascot Properties, Inc. operates in the management of real estate properties, primarily related to student housing and services near universities.

 

The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, the accompanying balance sheets and related statements of income and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses.  Actual results and outcomes may differ from management’s estimates and assumptions.

 

Interim results are not necessarily indicative of results for a full year.  Our interim condensed financial statements should be read in conjunction with the financial statements from our June 30, 2012 audited financial statements.

1. Summary of Significant Accounting Policies: Accounting Basis (Policies)

v2.4.0.6
1. Summary of Significant Accounting Policies: Accounting Basis (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Accounting Basis

Accounting Basis

The basis is accounting principles generally accepted in the United States of America.  The Company has adopted a June 30th year end.

1. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)

v2.4.0.6
1. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statements.

2. Going Concern: Going Concern Note (Policies)

v2.4.0.6
2. Going Concern: Going Concern Note (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Going Concern Note

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. For the six months ending December 31, 2012, the Company recognized no sales revenue and reported net loss of $5,335. As of December 31, 2012, the Company had an accumulated deficit of $116,152.  The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. Additionally the Company is actively seeking merger partners and strategic alliances in order to accelerate its growth in the industry. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

3 Stockholders' Equity: Stockholders' Equity (Policies)

v2.4.0.6
3 Stockholders' Equity: Stockholders' Equity (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Stockholders' Equity 
The stockholders' equity section of the Company contains the following classes of Capital stock as of December 31, 2012, respectively:

·         Preferred stock, $0.00001 par value, 20,000,000 shares authorized 0 shares issued and outstanding.

·         Common Stock, $0.00001 par value, 250,000,000 shares authorized 104,208,000 shares issued and outstanding.

 

COMMON STOCK

 

·         On July 22, 2009, the Company entered into an agreement with its founder, Mr. David Dreslin, for the sale of 80,000,000 shares of common stock at a price of $0.0000025 per share.  The Company realized $200 from this subscription.

·         On August 27, 2009, the Company entered into an agreement with two different investors for the sale of 24,000,000 shares of common stock at a price of $0.0025 per share.  The Company realized $60,000 from these subscriptions.

·         On June 30, 2010, the Company entered into an agreement for the sale of 208,000 shares at a price of $0.0025 per share to 38 different investors.  The Company realized $520 from these subscriptions.

·         The company's board of directors authorized a four-for-one stock split effective on June 30, 2010.  Each shareholder of record on June 30, 2010 received three additional shares of common stock for each share held on that date.  All share and related information presented in these financial statements and accompanying footnotes reflect the increased number of shares resulting from this action.

4 Related Party Transactions: Consulting Services - Related Party (Policies)

v2.4.0.6
4 Related Party Transactions: Consulting Services - Related Party (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Consulting Services - Related Party

Consulting Services – Related Party

The Company’s founder and majority shareholders provide various consulting services to the Company for which they are compensated.  For the six months ending December 31, 2012, and the period from inception on July 22, 2009 through December 31, 2012 consultant fees paid were $0 and $38,600.

4 Related Party Transactions: Note Payable - Related Party (Policies)

v2.4.0.6
4 Related Party Transactions: Note Payable - Related Party (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Note Payable - Related Party

Note Payable – Related Party

At December 31, 2012 and June 30, 2012, the Company owed $47,428 and $42,425, respectively, as loans from officers.  The notes have no definitive payment terms and bear no interest.  The Company will pay the balance off when it has the available funds.

5 Commitments and Contingencies: Commitments (Policies)

v2.4.0.6
5 Commitments and Contingencies: Commitments (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Commitments

Commitments

On April 1, 2011, the Company and its majority shareholder and President entered into an employment agreement. The agreement calls for an annual salary of $85,000 as well as benefits including vacation and health insurance.  The agreement includes a revenue milestone of $300,000 that must be reached before the payment or accrual of any salaries or benefits.  As this milestone has not been reached no payment or accrual has been made.  The agreement is not expected to have a material adverse effect on the Company’s financial condition.

6 Refund of General and Administrative Expense: Refund of General and Administrative Expenses (Policies)

v2.4.0.6
6 Refund of General and Administrative Expense: Refund of General and Administrative Expenses (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Refund of General and Administrative Expenses

In August 2012, the Company received a refund of fees it had paid to its prior transfer agent for services to be performed in the prior calendar year.  The Company switched its transfer agent services in March 2012 resulting in the refund of the fees.

7 Subsequent Events: Subsequent Events Policy (Policies)

v2.4.0.6
7 Subsequent Events: Subsequent Events Policy (Policies)
 6 Months Ended
Dec. 31, 2012
Policies  
Subsequent Events Policy

Management has evaluated all activity since December 31, 2012, through the date the financial statements were issued and has concluded that no subsequent events have occurred that would require recognition in the Financial Statements or disclosure in the Notes to the Financial Statements.

2. Going Concern: Going Concern Note (Details)

v2.4.0.6
2. Going Concern: Going Concern Note (Details) (USD $)
 6 Months Ended
Dec. 31, 2012
Net Income Loss $ 5,335
Retained Earnings (Accumulated Deficit) $ 116,152

3 Stockholders' Equity: Stockholders' Equity (Details)

v2.4.0.6
3 Stockholders' Equity: Stockholders' Equity (Details) (USD $)
Jun. 30, 2010
Aug. 27, 2009
Jul. 23, 2009
Common Stock, Shares, Issued 208,000 24,000,000 80,000,000
Common Stock, Par or Stated Value Per Share $ 0.0025 $ 0.0025 $ 0.0000025
Common Stock, Value, Issued $ 520 $ 60,000 $ 200

4 Related Party Transactions: Consulting Services - Related Party (Details)

v2.4.0.6
4 Related Party Transactions: Consulting Services - Related Party (Details) (USD $)
 6 Months Ended 41 Months Ended
Dec. 31, 2012
Dec. 31, 2012
Fees and Commissions $ 0 $ 38,600

4 Related Party Transactions: Note Payable - Related Party (Details)

v2.4.0.6
4 Related Party Transactions: Note Payable - Related Party (Details) (USD $)
Dec. 31, 2012
Jun. 30, 2012
Accounts Payable, Fair Value Disclosure $ 47,428 $ 42,425