A
Delaware Corporation
|
I.R.S.
Employer No. 98-0531496
|
Large
accelerated filer o
|
Accelerated
filer o
|
|
|
Non-accelerated
filer o
|
Smaller
reporting company x
|
Item
|
Description
|
|
Page
|
PART
I - FINANCIAL INFORMATION
|
|
||
Item
1.
|
Financial
Statements
|
|
F-1
|
Item
2.
|
Management's
Discussion and Analysis or Plan of Operation
|
|
2
|
Item
4T.
|
Controls
and Procedures
|
4
|
|
PART
II - OTHER INFORMATION
|
|
||
Item
1.
|
Legal
Proceedings
|
|
5
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
|
5
|
Item
3.
|
Defaults
Upon Senior Securities
|
|
5
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
|
5
|
Item
5.
|
Other
Information
|
|
5
|
Item
6.
|
Exhibits
|
|
5
|
Signatures
|
|
5
|
|
Exhibit
Index
|
|
|
Consolidated
Balance Sheets as of September 30, 2008, and December 31,
2007
|
F-2
|
|
|
||
Consolidated
Statements of Operations for the Three Months Ended September 30,
2008,
and 2007, Nine Months Ended September 30, 2008, Period Ended September
30,
2007, and Cumulative from Inception
|
F-3
|
|
|
||
Consolidated
Statements of Cash Flows for the Nine Months Ended September 30,
2008,
Period Ended September 30, 2007, and Cumulative from
Inception
|
F-4
|
|
|
||
Notes
to Consolidated Financial Statements September 30, 2008, and
2007
|
F-5
|
2008
|
2007
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
in bank
|
$
|
6,694
|
$
|
244,109
|
|||
Total
current assets
|
6,694
|
244,109
|
|||||
Total
Assets
|
$
|
6,694
|
$
|
244,109
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY (DEFICIT)
|
|||||||
Current
Liabilities:
|
|||||||
Accounts
payable - Trade
|
$
|
2,778
|
$
|
4,789
|
|||
Accrued
liabilities
|
4,500
|
33,240
|
|||||
Total
current liabilities
|
7,278
|
38,029
|
|||||
Total
liabilities
|
7,278
|
38,029
|
|||||
Commitments
and Contingencies
|
|||||||
Stockholders'
Equity (Deficit):
|
|||||||
Common
stock, par value $0.0001 per share, 100,000,000 shares authorized;
13,705,000 shares issued and outstanding
|
1,370
|
1,370
|
|||||
Additional
paid-in capital
|
274,688
|
274,688
|
|||||
(Deficit)
accumulated during the development stage
|
(276,642
|
)
|
(69,978
|
)
|
|||
Total
stockholders' equity (deficit)
|
(584
|
)
|
206,080
|
||||
Total
Liabilities and Stockholders' Equity (Deficit)
|
$
|
6,694
|
$
|
244,109
|
Nine Months
|
Period
|
|||||||||||||||
Three Months Ended
|
Ended
|
Ended
|
||||||||||||||
September 30,
|
September 30,
|
September 30,
|
Cumulative
|
|||||||||||||
2008
|
2007
|
2008
|
2007
|
Inception
|
||||||||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Expenses:
|
||||||||||||||||
General
and administrative-
|
||||||||||||||||
Consulting
services
|
67,770
|
-
|
133,534
|
-
|
155,134
|
|||||||||||
Accounting
and audit fees
|
9,500
|
-
|
23,627
|
-
|
39,627
|
|||||||||||
Legal
fees
|
1,700
|
-
|
11,674
|
5,000
|
34,996
|
|||||||||||
Transfer
agent fees
|
300
|
-
|
17,908
|
-
|
17,908
|
|||||||||||
Travel
expense
|
-
|
-
|
6,438
|
-
|
11,674
|
|||||||||||
Other
professional fees
|
1,428
|
-
|
9,569
|
-
|
11,592
|
|||||||||||
Other
|
321
|
98
|
3,914
|
98
|
5,218
|
|||||||||||
Legal
- Incorporation fees
|
-
|
-
|
-
|
493
|
493
|
|||||||||||
Total
general and administrative expenses
|
81,019
|
98
|
206,664
|
5,591
|
276,642
|
|||||||||||
(Loss)
from Operations
|
(81,019
|
)
|
(98
|
)
|
(206,664
|
)
|
(5,591
|
)
|
(276,642
|
)
|
||||||
Other
Income (Expense)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Provision
for Income Taxes
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Net
(Loss)
|
$
|
(81,019
|
)
|
$
|
(98
|
)
|
$
|
(206,664
|
)
|
$
|
(5,591
|
)
|
$
|
(276,642
|
)
|
|
(Loss)
Per Common Share:
|
||||||||||||||||
(Loss)
per common share - Basic and Diluted
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
$
|
(0.02
|
)
|
$
|
(0.00
|
)
|
||||
Weighted
Average Number of Common Shares Outstanding - Basic and
Diluted
|
13,705,000
|
11,034,348
|
13,705,000
|
8,194,746
|
Nine Months
|
||||||||||
Ended
|
Period Ended
|
Cumulative
|
||||||||
September 30,
|
September 30,
|
From
|
||||||||
2008
|
2007
|
Inception
|
||||||||
Operating
Activities:
|
||||||||||
Net
(loss)
|
$
|
(206,664
|
)
|
$
|
(5,591
|
)
|
$
|
(276,642
|
)
|
|
Adjustments
to reconcile net (loss) to net cash (used in) operating
activities:
|
||||||||||
Changes
in assets and liabilities-
|
||||||||||
Accounts
payable - Trade
|
(2,011
|
)
|
493
|
2,778
|
||||||
Accrued
liabilities
|
(28,740
|
)
|
5,000
|
4,500
|
||||||
Net
Cash (Used in) Operating Activities
|
(237,415
|
)
|
(98
|
)
|
(269,364
|
)
|
||||
Investing
Activities:
|
||||||||||
Investing
activities
|
-
|
-
|
-
|
|||||||
Net
Cash (Used in) Investing Activities
|
-
|
-
|
-
|
|||||||
Financing
Activities:
|
||||||||||
Loan
from stockholder
|
-
|
-
|
450
|
|||||||
Repayment
of loan from stockholder
|
-
|
-
|
(450
|
)
|
||||||
Issuance
of common stock for cash
|
-
|
41,454
|
276,058
|
|||||||
Net
Cash Provided by Financing Activities
|
-
|
41,454
|
276,058
|
|||||||
Net
(Decrease) Increase in Cash
|
(237,415
|
)
|
41,356
|
6,694
|
||||||
Cash
- Beginning of Period
|
244,109
|
-
|
-
|
|||||||
Cash
- End of Period
|
$
|
6,694
|
$
|
41,356
|
$
|
6,694
|
||||
Supplemental
Disclosure of Cash Flow Information:
|
||||||||||
Cash
paid during the period for:
|
||||||||||
Interest
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
Income
taxes
|
$
|
-
|
$
|
-
|
$
|
-
|
2008
|
2007
|
||||||
Current
Tax Provision:
|
|||||||
Federal
and state-
|
|||||||
Taxable
income
|
$
|
-
|
$
|
-
|
|||
Total
current tax provision
|
$
|
-
|
$
|
-
|
|||
Deferred
Tax Provision:
|
|||||||
Federal
and state-
|
|||||||
Loss
carryforwards
|
$
|
47,533
|
$
|
1,286
|
|||
Change
in valuation allowance
|
(47,533
|
)
|
(1,286
|
)
|
|||
Total
deferred tax provision
|
$
|
-
|
$
|
-
|
2008
|
||||
Loss
carryforwards
|
$
|
63,628
|
||
Less
- Valuation allowance
|
(63,628
|
)
|
||
Total
net deferred tax assets
|
$
|
-
|
Installment
#1 July 15, 2008
|
$
|
20,000
|
||
Installment
#2 September 15, 2008
|
50,000
|
|||
Installment
#3 November 15, 2008
|
50,000
|
|||
Installment
#4 February 15, 2009
|
30,000
|
|||
$
|
150,000
|
●
|
Disclosure
of the objectives for using derivative instruments be disclosed in
terms
of underlying risk and accounting
designation;
|
●
|
Disclosure
of the fair values of derivative instruments and their gains and
losses in
a tabular format;
|
●
|
Disclosure
of information about credit-risk-related contingent features;
and
|
●
|
Cross-reference
from the derivative footnote to other footnotes in which
derivative-related information is
disclosed.
|
a)
|
FASB
Statements of Financial Accounting Standards and Interpretations,
FASB
Statement 133 Implementation Issues, FASB Staff Positions, and American
Institute of Certified Public Accountants (AICPA) Accounting Research
Bulletins and Accounting Principles Board Opinions that are not superseded
by actions of the FASB
|
b)
|
FASB
Technical Bulletins and, if cleared by the FASB, AICPA Industry Audit
and
Accounting Guides and Statements of
Position
|
c)
|
AICPA
Accounting Standards Executive Committee Practice Bulletins that
have been
cleared by the FASB, consensus positions of the FASB Emerging Issues
Task
Force (EITF), and the Topics discussed in Appendix D of EITF Abstracts
(EITF D-Topics)
|
d)
|
Implementation
guides (Q&As) published by the FASB staff, AICPA Accounting
Interpretations, AICPA Industry Audit and Accounting Guides and Statements
of Position not cleared by the FASB, and practices that are widely
recognized and prevalent either generally or in the
industry.
|
Category
|
Planned Expenditures Over The Next 12
Months
(US$)
|
|||
Legal
and Accounting Fees
|
$ | 25,000 | ||
Advertising
|
1,000 | |||
Office
Expenses
|
4,000 | |||
Professional
Fees
|
5,000 | |||
TOTAL
|
$ | 35,000 |
Exhibit
|
|
|
Number
|
|
Description
|
31.1
|
|
Certification
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2
|
|
Certification
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.1
|
|
Certification
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
CHERRY
TANKERS, INC.
|
|
Date: October
6, 2008
|
By:
|
/s/ Reuven
Gepstein
|
|
Name:
Reuven Gepstein
Title:
President, Chief Executive Officer and Director
(Principal
Executive Officer)
|
|
Date: October
6, 2008
|
By: /s/
Yael Alush
|
|
|
Name:
Yael Alush
Title:
Secretary, Treasurer and Director (Principal
Financial
and Accounting Officer)
|