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BEMG > SEC Filings for BEMG > Form 10-K on 5-Apr-2013All Recent SEC Filings

Show all filings for BETA MUSIC GROUP, INC. | Request a Trial to NEW EDGAR Online Pro

Form 10-K for BETA MUSIC GROUP, INC.


5-Apr-2013

Annual Report


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

FORWARD LOOKING STATEMENTS

The statements contained in this report that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are made based upon management's current expectations and beliefs concerning future developments and their potential effects upon the Company. There can be no assurance that future developments affecting the Company will be those anticipated by management. Actual results may differ materially from those included in the forward-looking statements.

Readers are also directed to other risks and uncertainties discussed in other documents filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future developments or otherwise.

The following discussion and analysis should be read in conjunction with our audited financial statements for the fiscal year ended December 31, 2012.

We are a development stage company and have limited continuing operations. Our business objectives are to operate as a wholesale automobile dealer and/or to effect a merger, exchange of capital stock, asset acquisition or other similar business combination with an operating or development stage business which desires to utilize our status as a reporting corporation under the Exchange Act.

RESULTS OF OPERATIONS FOR FISCAL YEAR ENDED DECEMBER 31, 2012 AS COMPARED TO
DECEMBER 31, 2011

REVENUES:

We are a development stage company with no significant revenues. We recognized revenue of $4,700 during the year ended December 31, 2012. We had no revenues in 2011. Our revenues since Inception (July 5, 2006) totaled $7,460.

OPERATING UPDATE:

General and administrative expenses for the years ended 2012 and 2011 totaled $58,674 and $32,376 respectively. Total general and administrative expenses since Inception totaled $299,555. Our Net loss from continuing operations for the year ended December 31, 2012 and 2011 totaled $(64,545) and $(35,725) and $(308,416) since Inception. We also recorded a net loss from discontinued operations of $(149,500) for the period from inception through December 31, 2012. Our Net Losses for the years ended December 31, 2012 and 2011 and from Inception totaled $(64,545), $(35,725), and $(457,916).

LIQUIDITY AND CAPITAL RESOURCES:

ASSETS AND LIABILITIES

At December 31, 2012, we had cash totaling $6,123 and prepaid expenses of $991 which represented our only assets. At December 31, 2011 we had cash totaling $938. Our total assets were $7,114 at December 31, 2012.

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Our liabilities at December 31, 2012 totaled $139,886 of which $125,500 is attributable to notes payable. At December 31, 2011 our liabilities totaled $69,165 of which $63,500 is attributable to notes payable. We have a working capital deficit at December 31, 2012 of $132,772 as compared to a working capital deficit at December 31, 2011 of $68,277. The increase in our liabilities and our deficit in working capital is due to the lack of revenues and our use of debt to fund our operations.

We do not have sufficient revenues to satisfy our ongoing liabilities. Unless we secure equity or debt financing, of which there can be no assurance, or identify an acquisition candidate, we will not be able to continue any operations.

PLAN OF OPERATION FOR FISCAL YEAR 2013

We will attempt to identify an acquisition candidate. We have had discussions with several companies in different industries. However, we have not come to terms with any company and there can be no assurance that we will enter an agreement at any time in the near future.

OFF-BALANCE SHEET ARRANGEMENTS

None.

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