**UNITED STATES**

** SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

(Mark One) 

T   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the fiscal year ended **December 31, 2009**

£  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the transition period from [   ] to [   ]

Commission file number **333-152290**

**NORTHSIGHT CAPITAL, INC.**

(Name of small business issuer in its charter) 

| **Nevada**

**26-2727362**

(State or other jurisdiction of incorporation or organization) 

(I.R.S. Employer Identification No.) 

  

  

  

  

**14301 North 87th Street, Suite 301, Scottsdale, AZ**

**85260**

(Address of principal executive offices) 

(Zip Code) 

 

Issuer’s telephone number **(480) 272-7290**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days. Yes T  No £

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this 

Form 10-K.    £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer.        £

Accelerated filer.                       £

Non-accelerated filer.          £

(Do not check if a smaller reporting company)

Smaller reporting company.      T

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  

Yes  T  No  £

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed fiscal year 2009: was $55,000 based on a share value of $0.10 per share.

Number of the issuer’s Common Stock outstanding as of April 12, 2010:  1,400,000

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**TABLE OF CONTENTS**

  

 

 

 

Page

**Forward Looking Statements**

**3**

**Available Information**

**4**

**Part I**

 

**4**

  Item 1

Business

4

  Item 1A

Risk Factors

9

  Item 1B

Unresolved Staff Comments

13

  Item 2

Properties

13

  Item 3

Legal Proceedings

13

  Item 4

Submission of Matters to a Vote of Security Holders

13

**Part II**

 

**13**

  Item 5

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

13

  Item 6

Selected Financial Data.

14

  Item 7

Management’s Discussion and Analysis of Financial Condition and Results of Operation

14

  Item 7A

Quantitative and Qualitative Disclosures about Market Risk

20

  Item 8

Financial Statements and Supplementary Data

20

  Item 9

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

20

  Item 9A

Controls and Procedures

22

  Item 9B

Other Information

23

**Part III**

 

**23**

  Item 10

Directors and Executive Officers and Corporate Governance.

23

  Item 11

Executive Compensation

26

  Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

27

  Item 13

Certain Relationships and Related Transactions, and Director Independence.

27

  Item 14

Principal Accounting Fees and Services

28

**Part IV**

 

**29**

  Item 15

Exhibits, Financial Statement Schedules

29

**Signatures **

**  **

**30**

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**FORWARD LOOKING STATEMENTS**

 

This document contains forward-looking statements.  All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objections of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words.  These forward-looking statements present our estimates and assumptions only as of the date of this report.  Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made.  Except for our ongoing securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement.  Additionally, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 most likely do not apply to our forward-looking statements as a result of being a penny stock issuer.  You should, however, consult further disclosures we make in future filings of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Although we believe the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements.  Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties.  The factors impacting these risks and uncertainties include, but are not limited to: 

·

our ability to diversify our operations; 

·

our ability to implement our business plan of producing unique, proprietary water products; 

·

inability to raise additional financing for working capital; 

·

the fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and they may require management to make estimates about matters that are inherently uncertain;

·

 our ability to attract key personnel; 

·

our ability to operate profitably; 

·

deterioration in general or regional economic conditions; 

·

changes in U.S. GAAP or in the legal, regulatory and legislative environments in the markets in which we operate; 

·

adverse state or federal legislation or regulation that increases the costs of compliance, or adverse findings by a regulator with respect to existing operations;

·

 inability to achieve future sales levels or other operating results;

·

 the inability of management to effectively implement our strategies and business plans; 

·

the unavailability of funds for capital expenditures; and 

·

other risks and uncertainties detailed in this report.

For a detailed description of these and other factors that could cause actual results to differ materially from those expressed in any forward-looking statement, please see Item 1A. Risk Factors in this document.

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Throughout this Annual Report references to “we”, “our”, “us”, “Northsight”, “the Company”, and similar terms refer to Northsight Capital, Inc.

**AVAILABLE INFORMATION**

We file annual, quarterly and special reports and other information with the SEC that can be inspected and copied at the public reference facility maintained by the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549-0405. Information regarding the public reference facilities may be obtained from the SEC by telephoning 1-800-SEC-0330 The Company’s filings are also available through the SEC’s Electronic Data Gathering Analysis and Retrieval System which is publicly available through the SEC’s website (www.sec.gov). Copies of such materials may also be obtained by mail from the public reference section of the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549-0405 at prescribed rates.

**PART I**

**ITEM 1.**

** BUSINESS**

**General Business Development**

Northsight is a development stage company incorporated in the State of Nevada on May 21, 2008. We were formed to engage in the business of marketing, developing, and producing unique, proprietary water products, each of which will have a health benefit to the consumer.  Northsight’s intended line of enhanced bottled waters is based upon the experience and expertise of our founder, designed to make everyday hydration and nutrition a more enjoyable experience.  In May of 2008 we commenced our development stage operations, and therefore have no significant assets.

Since our inception on May 21, 2008 through December 31, 2009, we have not generated any revenues and have incurred net losses of $280,829. In May of 2008 our only business activity was the formation of our corporate entity and the development of our business model.  On July 11, 2008 we filed an S-1 Registration Statement with the SEC and the registration statement became effective on July 21, 2008. We anticipate the commencement of generating revenues in the next twelve months, of which we can provide no assurance. The capital we raised in the filed registration statement has been budgeted to cover the costs associated with the offering, travel expenses, product development, working capital, and covering various filing fees and transfer agent fees.

**Current Business Operations**

On November 7, 2008, we closed our direct public offering and were able to raise $55,000 as proposed.  The proceeds of the offering enabled us to maintain our operations and working capital requirements for approximately 12 months. During that time, we investigated various financing options and opportunities. No business operations have occurred nor has any revenue been generated.

**Principal Products and Services**

We intend to introduce a new line of enhanced bottled water products to the grocery and retail markets. We are continuing to develop a line of enhanced bottled waters using a cold fill process. Using the cold fill process, Northsight is intending to transform the bottled water industry by offering proprietary enhanced bottled water.  With an appropriate level of capital resources from outside investors, our primary business focus will be on establishing our initial products.

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According to Mr. Nickolas, our sole officer and director, Northsight’s first product formulations are intended to be as follows:

**·**

**Lean Water for Weight Management**-Weight Management Water is a product being formulated to build lean muscle mass, suppress appetite and promote optimum intestinal health.  It will combine Super Citrimax appetite suppressor, increased calcium and magnesium absorption and support to a healthy digestive system.  Each bottle is intended to deliver 750mgs of active ingredients.****

**·**

**Joint Health Water**-Joint Health Water is being formulated to contain Regenasure, a proprietary form of Glucosamine Hydrochloride.  Glucosamine Hydrochloride is a unique fermentation derived glucosamine.  It is produced from a vegetable source and is the only non-animal, non-shellfish derived glucosamine hydrochloride.  Glucosamine alleviates joint pain by re-building the collagen in sour elbows and knees.  Each 500 ml bottle is being formulated to contain 750mgs of glucosamine.  Two bottles would deliver the 100% daily dosage of glucosamine recommended by health professionals.****

**·**

**Immune Water**-Immune Booster Water is being formulated to contain a combination of Calcium Lactate Gluconate, Ascorbic Acid, Maca Extract, Zinc Aspartate, Selenium Chelated Amino Acid, Sun-Active Iron, Ortho Silicilic Acid (extracted from bamboo) and Germanium.  These ingredients are ideal in promoting a healthy immune system over a period of time.

**·**

**Calcium w/Minerals Water-**Calcium with Minerals Water contains Aquamin, a natural calcified mineral source.  Harvested off the west coast of Ireland, Aquamin is a product of vegetable origin that provides bioactive calcium, magnesium and trace minerals for bone health and overall wellness.  We intend to formulate a product that ensures that the calcium is completely dissolved and bio-available.  Each 500 ml bottle contains 350mgs of Aquamin****

**·**

**Digestive Health w/Fiber Water-**Digestive Health (w/Fiber) Water is being formulated to contain Frutafit, a fructo-oligosacchride from Chicory Root.  Frutafit is a soluble, pre-biotic complex carbohydrate that promotes digestive health by selectively increasing beneficial bacteria (bifidous) while decreasing harmful bacteria (E. coli, salmonella, etc.).  This in turn regulates gut health and helps to prevent both constipation and diarrhea.  Each 500 ml bottle is being formulated to contain 2500mgs of dietary fiber.  Two bottles, when available, will contain a fiber content of 5g that will represent 20% of the 25g daily intake of fiber recommended by health professionals.****

**·**

**Fresh o2 Breath Freshening Water-**Fresh o2 Breath Freshening Water is being formulated to contain a sensate needed for strong teeth and good oral care with a unique ability to create tasteless water that actually refreshes the palette without incorporating a flavor.  The refreshing taste of menthol without the taste.

**·**

**Glucose Regulator Water-**Glucose Regulator Water is being formulated to contain Chromium.  Chromium is an essential trace mineral that aids in the glucose metabolism, regulation of insulin’s action and the healthy blood glucose and triglyceride levels.  This product can be used by both diabetics and athletes as chromium is vital for the transportation of glucose into cells (energy), regulating blood sugar levels, increasing insulin sensitivity, reducing body fat and increasing lean muscle mass.  Each 500 ml bottle contains 100mcgs of active ingredient.

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**Distribution Methods and Marketing**

Northsight’s future products are intended to bring news and excitement to the categories in which it competes. Consumers are seeking new products that offer convenience and added health benefits.  Northsight intends to introduce new product entries as research and funds permit.  They will all leverage the unique access to cold–fill, enhanced bottled water, which has been formulated by Mr. Nickolas.  Northsight’s product strategy is to deliver enhanced bottled water* *which leverages prevailing industry trends, which are conveniently* *incorporated into the average American lifestyle.  Northsight is focused on finding ways to bring more health conscious products into the market.  The proposed*** ***product line will establish a solid base from which the Company will extend its*** ***brand and build a franchise with line extensions and new products.

Once the initial products are established, Northsight plans on obtaining shelving space for our products in major grocery centers in Arizona and California. Secondary focus will be on other areas, to help build necessary distribution by year 5.

**Sources and Availability of Raw Materials and Principal Suppliers**

Once Northsight has raised enough capital to begin production of its intended products, we will need to purchase beverage flavors and raw materials for our packaging and labeling, which will most likely be supplied by independent suppliers.  It is Northsight’s intention to locate two or more sources for the manufacture and packaging of our products.

Northsight intends to produce its products by utilizing a cold fill process.  One of the primary benefits of the organic cold fill process is the ability to utilize a cold fill beverage plant as opposed to a hot fill or aseptic manufacturing facility to make the Northsight line of products.  Northsight will be contracting with an appropriate facility.   We are looking for a facility which is equipped to handle capacity of 120 bottles per minute, or the equivalent of 1.3 million cases per year, on a two shift, five days per week basis.

  **Intellectual Property**

Upon completion of our brand development, we will regard substantial elements of our brands and underlying intellectual property as proprietary and attempt to protect them by relying on trademark, service mark and trade secret laws, restrictions on disclosure and transferring title and other methods. We currently do not have any intellectual property we consider proprietary, as we are currently in our development stage.

**Personnel**

We are a development stage company and currently have only one part-time employee, Steve Nickolas, who is also our sole officer and director. We look to Mr. Nickolas for his entrepreneurial skills and talents. Initially Mr. Nickolas will coordinate all of our business operation and has provided the working capital to cover our initial expense.

We plan to use consultants, attorneys, accountants, and technology personnel, as necessary and do not plan to engage any additional full-time employees in the near future. We believe the use of non-salaried personnel allows us to expend our capital resources as a variable cost as opposed to a fixed cost of operations. In other words, if we have insufficient revenues or cash available, we are in a better position to only utilize those services required to generate revenues as opposed to having salaried employees. We may hire marketing employees based on the projected size of the market and the 

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compensation necessary to retain qualified sales employees; however, we do not intend to hire these individuals within the next 12 months. A portion of any employee compensation likely would include the right to acquire our stock, which would dilute the ownership interest of holders of existing shares of our common stock.

**Competition and Market Overview**

The beverage industry is highly competitive, although it may be undergoing a substantial change with regards to consumers and U.S. regulatory bodies that are increasingly recommending health conscious diets. Our intended beverage products will compete not only with other similar beverages, but also with other types of beverages, including soft drinks, coffee, beer, wine, and fruit juices. The principal areas of competition are pricing, packaging, development of new products and flavors, and marketing campaigns. Our products compete with a wide range of drinks produced by a relatively large number of manufacturers, most of which have substantially greater financial, marketing, and distribution resources than we do.

Unlike the typical consumer who thinks of bottled water as a commodity product strictly for hydration purposes, Northsight’s products will be packaged and marketed for individuals who take an active role in their own or their family’s wellness and health.  This customer base has become more widely targeted over the past few years as large consumer companies have created products specifically for this audience.  These efforts have generated a much broader awareness of enhanced waters, laying the groundwork for a superior product, such as the line Northsight intends to offer.

**Government Regulation**

We anticipate that our products will be required to comply with applicable laws in the United States. Flavored or enhanced waters are subject to a number of strict federal, state and industry regulations. These serve to ensure that the product is consistent in public safety and quality. The United States Food and Drug Administration (FDA) regulate flavored and enhanced waters as a packaged food product. Flavored and enhanced waters also must meet state regulations that, in some cases, are more stringent than the prevailing FDA and EPA standards. We also anticipate that the FDA will regulate the labeling of our products.

*Government Regulation of Bottled Water*

Prior to 1996, bottled water was regulated in the same fashion as municipal water. Municipal water is regulated not as a food by the FDA, but as a commodity by the Environmental Protection Agency (EPA) pursuant to the Safe Drinking Water Act which only provided for certain mineral/chemical content requirements so as to ensure water safety, not product definition.

In 1996, the United States enacted statutes and regulations to regulate bottled water as a food. Accordingly, bottled water must meet FDA standards for manufacturing practices and chemical and biological purity. Furthermore, these standards undergo a continuous process of revision. The labels affixed to bottles and other packaging of the water is subject to FDA restrictions on health and nutritional claims for foods.

As of 1996, bottled water is fully regulated as a food by the FDA under the Federal Food, Drug, and Cosmetic Act (“FFDCA”) 21 U.S.C. 301. The FFDCA defines food as "articles used for food or drink for man or other animals." This includes bottled water sold in containers at retail outlets as well as containers distributed to the home and office market. This legislation was designed to ensure that bottled water companies clearly and accurately define the type of water that was being bottled and sold to the 

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public. The FDA adopted the basic mineral/chemical guidelines employed by the EPA, while making some aspects more stringent.

Bottled water is also subject to state and local regulation. Bottled water must originate from an “approved source” in accordance with standards prescribed by the state health department in each of the states in which the Company’s products will be sold. The source must be inspected and the water sampled, analyzed and found to be of safe and wholesome quality. There are annual compliance monitoring tests of both the source and the bottled water. The health departments of the individual states also govern water purity and safety, labeling of bottled water products and manufacturing practices of producers.

*Government Regulation of Enhanced Beverages*

Enhanced beverages are regulated in similar fashion to bottled water, with the primary exception being the wording on the label as the determinant factor as to the type of product the beverage is perceived to be. In the event structure or function claims are made on the packaging or advertising (i.e. “helps to lose weight” or “helps to prevent cancer”), the product must then be treated and packaged as a nutritional supplement, which is regulated under the Dietary Supplement Health and Education Act (DSHEA).

For decades, the Food and Drug Administration regulated dietary supplements as foods, in most circumstances, to ensure that they were safe and wholesome, and that their labeling was truthful and not misleading. An important facet of ensuring safety was FDA’s evaluation of the safety of all new ingredients, including those used in dietary supplements, under the 1958 Food Additive Amendments to the Federal Food, Drug, and Cosmetic Act (FD&C Act). However, with passage of the Dietary Supplements Health and Education Act of 1994 (DSHEA), Congress amended the FD&C Act to include several provisions that apply only to dietary supplements and dietary ingredients of dietary supplements. As a result of these provisions, dietary ingredients used in dietary supplements are no longer subject to the premarket safety evaluations required of other new food ingredients or for new uses of old food ingredients. They must, however, meet the requirements of other safety provisions.

The provisions of DSHEA define dietary supplements and dietary ingredients; establish a new framework for assuring safety; outline guidelines for literature displayed where supplements are sold; provide for use of claims and nutritional support statements; require ingredient and nutrition labeling; and grant FDA the authority to establish good manufacturing practice regulations. The law also requires formation of an executive level Commission on Dietary Supplement Labels and an Office of Dietary Supplements within the National Institutes of Health.

In such case, the packaging on the product must denote the product as a “Dietary Supplement,” and the ingredient and nutritional information must be disclosed in a portion of the packaging known as a “Supplement Facts” box. In the event there are no structure or function claims, the product can then be sold as a beverage, with all appropriate information detailed on the label in a “Nutrition Facts” box. Other details, such as whether a product is an enhanced water is a true “water” or a “water drink” are vague. Enhanced waters are also subject to certain bottled water classifications, depending upon the claims and disclosures of the types of water used in the product (i.e. spring water, purified water, etc.).

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**ITEM 1A.**

** RISK FACTORS**

Risks Relating with Our Business and Marketplace

***We are a development stage company organized in May 2008 and have recently commenced operations, which makes an evaluation of us extremely difficult. At this stage of our business operations, even with our good faith efforts, we may never become profitable or generate any significant amount of revenues, thus potential investors have a high probability of losing their investment.***

We were incorporated in May of 2008 as a Nevada corporation. As a result of our start-up operations we have generated no revenues and we have incurred a net loss $151,952 for the year ended December 31, 2009.  We have been focused on organizational and start-up activities, business plan development, and development of our products since we incorporated. Although we have commenced the development of our enhanced bottle water product lines, there is nothing at this time on which to base an assumption that our business operations will prove to be successful or that we will ever be able to operate profitably. Our future operating results will depend on many factors, including our ability to raise adequate working capital, demand for our products, the level of our competition and our ability to attract and maintain key management and employees.

***We will require additional financing in order to implement our business plan. In the event we are unable to acquire additional financing, we may not be able to implement our business plan resulting in a loss of revenues and ultimately the loss of your investment.***

Due to our status as a development stage company, we will have to incur the costs of product development, production expenses, advertising, all which are intended to generate revenues from our products, in addition to hiring new employees and commencing additional marketing activities for product sales and distribution. To fully implement our business plan we will require substantial additional funding. The direct public offering of $55,000, only enabled us to commence our product development however, it was not sufficient to allow us to further develop our initial business operations, including the enhancement of product lines, and was not sufficient to allow us to expand our business meaningfully. Additionally, since the net offering proceeds were earmarked for travel, accounting, legal, product development, and minimal working capital, we were not capitalized sufficiently to hire or pay employees.

We are seeking to raise additional funds to expand our operations. We plan to raise additional funds through private placements, registered offerings, debt financing or other sources to maintain and expand our operations. Adequate funds for this purpose on terms favorable to us may not be available, and if available, on terms significantly more adverse to us than are manageable. Without new funding, we may be only partially successful or completely unsuccessful in implementing our business plan, and our stockholders will lose part or all of their investment.

***Our auditor’s have substantial doubt about our ability to continue as a going concern.  Additionally, our auditor’s report reflects that the ability of Northsight to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues.***

Our 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. Our auditor’s report reflects that the ability of Northsight to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. If we are unable to continue as a going concern, investors will lose their 

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investment.  We will be required to seek additional capital to fund future growth and expansion. No assurance can be given that such financing will be available or, if available, that it will be on commercially favorable terms. Moreover, favorable financing may be dilutive to investors.

***We are significantly dependent on our sole officer and director, Mr. Steve Nickolas. The loss or unavailability to Northsight of Mr. Nickolas’ services would have an adverse effect on our business, operations and prospects in that we may not be able to obtain new management under the same financial arrangements.***

Our business plan is significantly dependent upon the abilities and continued participation of Steve Nickolas, our president. It would be difficult to replace Mr. Nickolas at such an early stage of development of Northsight. The loss by or unavailability to Northsight of Mr. Nickolas’ services would have an adverse effect on our business, operations and prospects, in that our inability to replace Mr. Nickolas could result in the loss of one’s investment.  Additionally, our business plan is significantly dependent upon the abilities and continued participation of Mr. Nickolas, which the loss or unavailability of Mr. Nickolas could materially impact our business operations.

There can be no assurance that we would be able to locate or employ personnel to replace Mr. Nickolas, should his services be discontinued. In the event that we are unable to locate or employ personnel to replace Mr. Nickolas, then we may be required to cease pursuing our business opportunity.

***Mr. Nickolas has no experience in running a public company. The lack of experience in operating a public company could impact our return on investment, if any.***

As a result of our reliance on Mr. Nickolas, and his lack of experience in operating a public company, our investors are at risk in losing their entire investment. Mr. Nickolas intends to hire personnel in the future, when sufficiently capitalized, who may have the experience required to manage our company; however, such management is not anticipated until the occurrence of future financing. Since the offering of $55,000 did not sufficiently capitalized our company, future offerings will be necessary to satisfy capital needs. Until such future offering occurs, and until such management is in place, we are reliant upon Mr. Nickolas to make the appropriate management decisions.

***Mr. Nickolas may become involved with other businesses and there can be no assurance that he will continue to provide services to us. Mr. Nickolas’ limited time devotion to Northsight could have the effect on our operations of preventing us from being a successful business operation, which ultimately could cause a loss of your investment.***

As compared to many other public companies, we do not have the depth of managerial or technical personnel. Mr. Nickolas is currently involved in other businesses, which have not, and are not expected in the future to interfere with Mr. Nickolas’ ability to work on behalf of our company. Mr. Nickolas may in the future be involved with other businesses and there can be no assurance that he will continue to provide services to us. Mr. Nickolas will devote only a portion of his time to our activities.

***As a result of Mr. Nickolas’ majority ownership of our outstanding common shares even after the offering of $55,000, Mr. Nickolas will control our issuance of securities.***

Mr. Nickolas owns approximately 54% of our outstanding common shares after the completion of the $55,000 direct public offering.  As a consequence of Mr. Nickolas’ controlling stock ownership position, acting alone he will be able to authorize the issuance of securities that may dilute and otherwise adversely affect the rights of purchasers of stock in the offering, including preferred stock. Additionally, 

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he may authorize the issuance of securities to anyone he wishes, including himself and his affiliates at prices significantly less than the offering price.

As a consequence of his stock ownership position, Mr. Nickolas retains the ability to elect a majority of our board of directors, and thereby control our management. These individuals will also initially have the ability to control the outcome of corporate actions requiring stockholder approval, including mergers and other changes of corporate control, going private transactions, and other extraordinary transactions. The concentration of ownership by these individuals could discourage investments in our company, or prevent a potential takeover of our company which will have a negative impact on the value of our securities.

***Because of competitive pressures from competitors with more resources, Northsight may fail to implement its business model profitably.***

The business of developing bottled water product lines is highly fragmented and extremely competitive. There are numerous competitors offering similar products. The market for customers is intensely competitive and such competition is expected to continue to increase. There are no substantial barriers to entry in this market and we believe that our ability to compete depends upon many factors within and beyond our control, including the timing and market acceptance of enhanced water products developed by us, our competitors, and their advisors.

Many of our existing and potential competitors have longer operating histories in the beverage markets, greater name recognition, larger customer bases, established product lines, and significantly greater financial, technical and marketing resources than we do. As a result, they will be able to respond more quickly to new or emerging advertising techniques, and changes in customer demands, or to devote greater resources to the development, promotion and marketing of their products than we can. Such competitors are able to undertake more extensive marketing campaigns for their products, adopt more aggressive pricing policies and make more attractive offers to potential store outlets, and strategic distribution partners.

***We anticipate that our sales, if and when they begin, will be affected by seasonality.***

The beverage industry generally experiences its highest sales by volume during the spring and summer months and its lowest sales by volume during winter months.  As a result, our working capital requirements and cash flow may vary substantially throughout the year.  Consumer demand for our products may be affected by weather conditions. Cool, wet spring or summer weather could result in decreased sales of our products and could have an adverse effect on our financial position.  Additionally, due to the seasonality of the industry, results from any one or more quarters may not necessarily indicative of annual results of continuing trends.

Risks Relating to our Common Stock

***There is no current public market for our common stock; therefore you may be unable to sell your securities at any time, for any reason, and at any price, resulting in a loss of your investment.***

Even though our securities are quoted on the OTC Bulletin Board, there can be no assurance that a market will develop for the common stock or that a market in the common stock will be maintained. As a result of the foregoing, investors may be unable to liquidate their investment for any reason.

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***Our common stock could be deemed a low-priced “Penny” stock, an investment in our common stock should be considered high risk and subject to marketability restrictions.***

In the event when our securities are accepted for trading in the over-the-counter market, trading of our common stock may be subject to certain provisions of the Securities Exchange act of 1934, commonly referred to as the “penny stock” as defined in Rule 3a51-1.  It therefore will be more difficult for investors to liquidate their investment even if and when a market develops for the common stock.   A penny stock is generally defined to be any equity security that has a market price less than $5.00 per share, subject to certain exceptions.  Until the trading price of the common stock rises above $5.00 per share, if ever, trading in the common stock is subject to the penny stock rules of the Securities Exchange Act specified in rules 15g-1 through 15g-10. Those rules require broker-dealers, before effecting transactions in any penny stock, to: 

·

Deliver to the customer, and obtain a written receipt for, a disclosure document; 

·

Disclose certain price information about the stock; 

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Disclose the amount of compensation received by the broker-dealer or any associated person of the broker-dealer; 

·

Send monthly statements to customers with market and price information about the penny stock; and 

·

In some circumstances, approve the purchaser’s account under certain standards and deliver written statements to the customer with information specified in the rules.

Consequently, the penny stock rules may restrict the ability or willingness of broker-dealers to sell the common stock and may affect the ability of holders to sell their common stock in the secondary market and the price at which such holders can sell any such securities. These additional procedures could also limit our ability to raise additional capital in the future.

***Our internal controls may be inadequate, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public.***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Exchange Act Rule 13a-15(f), internal control over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial officer and effected by the board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Northsight; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of Northsight are being made only in accordance with authorizations of management and directors of Northsight, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Northsight’s assets that could have a material effect on the financial statements.

We have one individual performing the functions of all officers and directors. This individual developed our internal control procedures and is responsible for monitoring and ensuring compliance with those procedures. As a result, our internal controls may be inadequate or ineffective, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public. Investors relying upon this misinformation may make an uninformed investment decision.

12

**ITEM 1B.**

** UNRESOLVED STAFF COMMENTS**

None.

**ITEM 2.**

** PROPERTIES**

We currently maintain an office at 14301 North 87th Street, Suite 301, Scottsdale, Arizona.  This office is also shared with another entity owned and controlled by our officer and director, Steve Nickolas.  During the quarter ended September 30, 2008, we agreed to pay a pro rata amount of administrative expenses to the related entity.  During the year ended December 31, 2009, we paid approximately $22,000 in rent to the related entity, which covered a portion of rent, utilities, telephone and general services provided to Northsight. We do not believe that we will need to obtain additional office space at any time in the foreseeable future, approximately 12 months, until our business plan is more fully implemented.

In the future we anticipate requiring additional office space and additional personnel; however, it is unknown at this time how much space or how many individuals will be required.

  

**ITEM 3. **

** LEGAL PROCEEDINGS**

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are not presently a party to any material litigation, nor to the knowledge of management is any litigation threatened against us, which may materially affect us.

**ITEM 4. **

**SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

We did not submit any matters to a vote of our security holders during the fiscal year ended December 31, 2009.

**PART II**

**ITEM 5.**

** MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASE OF EQUITY SECURITIES**

 

**Market Information**

Our common shares were approved for quotation on the OTC Bulletin Board on May 12, 2009, and are currently quoted for trading under the symbol “NCAP”. Because the Company was not approved for quotation until May 12, 2009, the Company does not have a history of high and low bids for our common stock for the periods required under Item 201 of Regulation S-K. High and low bids on the OTC Bulletin Board quotations reflect inter-dealer prices without retail mark-up, mark-down or commission, and may not represent actual transactions. Our common shares are issued in registered form. The transfer agent and registrar for our common stock is Pacific Stock Transfer Company (Telephone: (702) 361-3003; Facsimile: (702) 433-1979).  Our common shares were approved for quotation on the OTC Bulletin Board on May 12, 2009. The first trade of our stock on the OTC Bulletin Board as indicated on Yahoo Finance occurred on November 23, 2009.

13

**Holders of Common Stock**

As of April 12, 2010, we had approximately 29 stockholders of record of the 1,400,000 shares outstanding.

**Dividends**

No cash dividends have been paid by our company on our common stock. We anticipate that our company’s future earnings will be retained to finance the continuing development of our business. The payment of any future dividends will be at the discretion of our company’s board of directors and will depend upon, among other things, future earnings, any contractual restrictions, the success of business activity, regulatory and corporate law requirements and the general financial condition of our company.  Therefore, there can be no assurance that any dividends on the common stock will ever be paid.

**Securities Authorized for Issuance under Equity Compensation Plans**

We currently do not maintain any equity compensation plans.

**Recent Sales of Unregistered Securities**

None.

**Issuer Purchases of Equity Securities**

We did not repurchase any of our securities during the year ended December 31, 2009.

**ITEM 6. **

**SELECTED FINANCIAL DATA**

Not applicable.

 

**ITEM 7.**

** PLAN OF OPERATION**

 

As mentioned above, Northsight is developing a line of enhanced bottled waters. Made with a cold-fill, proprietary filling process, our waters are exceptional means of hydration. Our product*** ***line has been designed and developed for the North American lifestyle, and is targeted to enter the mainstream beverage market. The line is intended to add sales for retailers, through the introduction of a newer grocery category (enhanced bottled waters), to established beverage categories.

***Satisfaction of our cash obligations for the next 12 months.***Our plan of operation has provided for us to: (i) develop a business plan, and (ii) establish a line of products which can be produced in Phoenix, Arizona, as soon as practical. We have accomplished the goal of developing our business plan; however, we continue in the early stages of setting up an operational company capable of providing products available for sale to the general public. We do not have sufficient cash to enable us to development significant inventory, which is an integral part of our operations.

Our officer and director, Mr. Nickolas has agreed to continue his part time work until such time as there are either sufficient funds from operations, or alternatively, that funds are available through private placements or another offering in the future. We have not allocated any pay for Mr. Nickolas out of the funds being raised in the offering; however we did pay $100 to Mr. Nickolas as compensation for his services to the Company. If we were to not receive any additional funds, including the funds from the offering, we could continue in business for the next 12 months. However, we would not be in a position 

14

to complete the inventory as set forth in our business plan, or provide any significant advertisement for our customers, thus we would not anticipate any significant revenues.

***Summary of any product research and development that we will perform for the term of the plan.***We do not anticipate performing any significant product research and development under our plan of operation in the near future. In lieu of product research and development we anticipate maintaining control over our current line of products, to assist us in determining the allocation of our limited inventory dollars.

***Expected purchase or sale of plant and significant equipment.***We do not anticipate the purchase or sale of any plant or significant equipment; as such items are not required by us at this time or in the next 12 months.

***Significant changes in number of employees.***The number of employees required to operate our business is currently one part time individual. We anticipate requiring additional capital within the next 12 months to hire at least one full time person.  Additionally, we anticipate the need for additional personnel upon certain events occurring such as:  commencement of our product development program and the establishment of an advertising campaign, which we anticipate to occur during the next 12 months.

***Capital needs***.   Following our receipt of the net funds from our offering of $50,000, we intended to continue expansion of our business plan and prepare for the production of our product lines and creation of inventory. We have been unable to prepare for the production of our product lines and creation of inventory with the resources available to us. 

Further development of our business operations will require additional equity and/or debt financing in the approximate sum of $100,000 to $200,000. If, and when we raise the $100,000, we intend to pay our President a salary of $25,000 per year. There are no accruals for past salary, and the commencement date of such salary would not occur until such time as the additional funds are acquired. An additional $20,000 would be allocated toward salaries, and the balance of $55,000 would be utilized for legal, accounting, website enhancements, inventory development and general office expenses. In the event an additional $100,000 were raised (in addition to the $100,000 referenced above), we would allocate the 2nd $100,000 primarily to additional inventory, office space and additional staff. We anticipate that it will take us approximately 90 days after the funding referenced to expand our inventory, hire personnel, and obtain office space.

Our Plan of Operation is premised upon having inventory dollars available and we believe that the inventory dollars allocated in the offering will assist us in generating revenues. We have suffered start up losses and have a working capital deficiency which raises substantial concern regarding our ability to continue as a going concern.

If we are successful in raising funds through equity financing, debt financing, or other sources, such financing(s) may result in further dilution in the equity ownership of the outstanding shares of the Company. At this time we have no earmarked source for these funds. Additionally, there is no guarantee that we will be able to locate additional funds. In the event we are unable to locate additional funds, we will be unable to generate revenues sufficient to operate our business as planned. For example, if we receive less than $100,000 of the funds, we would be unable to significantly expand our inventory levels. Alternatively, we may be required to reduce the payments of salary to our President and cover legal and accounting fees required to continue our operations. There is still no assurance that, even with the funds from the offering, we will be able to maintain operations at a level sufficient for an investor to obtain a return on their investment in our common stock. Further, we may continue to be unprofitable.

15

**Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan, setting up its internet website, and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from May 21, 2008 (Inception) through the period ended December 31, 2009 of ($280,829). In addition, the Company’s development activities since inception have been financially sustained through equity financing.

 

The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues.

**Liquidity and Capital Resources**

During the fourth quarter of 2008, we closed our direct public offering which gave us cash of approximately $50,000.   

Additionally, we received $55,000 from a third party loan in October 2008. The third party note was due 90 days from the date of execution.  The Company has not repaid the third party note and the lender has the option of (i) demanding payment of $65,000 in cash which represents the repayment of the principal amount plus $10,000 of interest, (ii) demanding payment of $60,000 in cash plus 50,000 shares of common stock, which represents repayment of principal plus interest of $5,000 in cash plus stock valued at $5,000, (iii) converting the entire amount of the note plus any accrued interest into 165,000 shares of common stock, which is valued at $16,500, or (iv) converting 50% of the note into 82,500 shares of common stock and demanding that the remaining amount will be repaid in cash.  As of December 31, 2009, the Company had not repaid the note and the lender had not notified the Company of their repayment option.

Additionally, we received a total of $31,653 and $1,440 from a related party loan during the year ended December 31, 2009 and May 21, 2008 (Inception) to December 31, 2008, respectively.  The loans are all due upon demand, but have interest rates varying from 0% to 12% per annum.  During the year ended December 31, 2009 and May 21, 2008 (Inception) to December 31, 2008, the Company repaid $4,700 and $53, respectively, for the related party loans.    

 Since inception, we have financed our cash flow requirements through issuance of common stock. As we expand our activities, we may, and most likely will, continue to experience net negative cash flows from operations, pending receipt of product sales. Additionally, we anticipate obtaining additional financing to fund operations through common stock offerings, to the extent available, or to obtain additional financing to the extent necessary to augment our working capital.

We anticipate that we will incur operating losses in the next twelve months. Our lack of operating history makes predictions of future operating results difficult to ascertain.  Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development, particularly companies in new and rapidly evolving markets. Such risks for us include, but are not limited to, an evolving and unpredictable business model and the management of growth. To address these risks, we must, among other things, obtain a customer base, implement and successfully execute our business and marketing strategy, continually develop our line of enhanced bottle 

16

waters, respond to competitive developments, and attract, retain and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect on our business prospects, financial condition and results of operations.

***Off-Balance Sheet Arrangements***

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

**Critical Accounting Policies and Estimates**

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect our reported assets, liabilities, revenues, and expenses, and the disclosure of contingent assets and liabilities. We base our estimates and judgments on historical experience and on various other assumptions we believe to be reasonable under the circumstances. Future events, however, may differ markedly from our current expectations and assumptions.

Recent Accounting Pronouncements

In February 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-08 (ASU 2010-08), Technical Corrections to Various Topics.  This amendment eliminated inconsistencies and outdated provisions and provided the needed clarifications to various topics within Topic 815.  The amendments are effective for the first reporting period (including interim periods) beginning after issuance (February 2, 2010), except for certain amendments.  The amendments to the guidance on accounting for income taxes in a reorganization (Subtopic 852-740) should be applied to reorganizations for which the date of the reorganization is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.  For those reorganizations reflected in interim financial statements issued before the amendments in this Update are effective, retrospective application is required.  The clarifications of the guidance on the embedded derivates and hedging (Subtopic 815-15) are effective for fiscal years beginning after December 15, 2009, and should be applied to existing contracts (hybrid instruments) containing embedded derivative features at the date of adoption.  The Company does not expect the provisions of ASU 2010-08 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-07 (ASU 2010-07), Not-for-Profit Entities (Topic 958): Not-for-Profit Entities: Mergers and Acquisitions.  This amendment to Topic 958 has occurred as a result of the issuance of FAS 164.  The Company does not expect the provisions of ASU 2010-07 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-06 (ASU 2010-06), Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements.  This amendment to Topic 820 has improved disclosures about fair value measurements on the basis of input received from the users of financial statements.  This is effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements.  Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years.  Early adoption is permitted.  The Company does not 

17

expect the provisions of ASU 2010-06 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-05 (ASU 2010-05), Compensation – Stock Compensation (Topic 718).  This standard codifies EITF Topic D-110 Escrowed Share Arrangements and the Presumption of Compensation.  The Company does not expect the provisions of this update to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-04 (ASU 2010-04), Accounting for Various Topics—Technical Corrections to SEC Paragraphs.  The Company does not expect the provisions of this update to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-03 (ASU 2010-03), Extractive Activities—Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures.  This amendment to Topic 932 has improved the reserve estimation and disclosure requirements by (1) updating the reserve estimation requirements for changes in practice and technology that have occurred over the last several decades and (2) expanding the disclosure requirements for equity method investments.  This is effective for annual reporting periods ending on or after December 31, 2009.  However, an entity that becomes subject to the disclosures because of the change to the definition oil- and gas- producing activities may elect to provide those disclosures in annual periods beginning after December 31, 2009.  Early adoption is not permitted.  The Company does not expect the provisions of ASU 2010-03 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB issued Accounting Standards Update 2010-02, Consolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary.  This amendment to Topic 810 clarifies, but does not change, the scope of current US GAAP.  It clarifies the decrease in ownership provisions of Subtopic 810-10 and removes the potential conflict between guidance in that Subtopic and asset derecognition and gain or loss recognition guidance that may exist in other US GAAP.  An entity will be required to follow the amended guidance beginning in the period that it first adopts FAS 160 (now included in Subtopic 810-10).  For those entities that have already adopted FAS 160, the amendments are effective at the beginning of the first interim or annual reporting period ending on or after December 15, 2009. The amendments should be applied retrospectively to the first period that an entity adopted FAS 160.  The Company does not expect the provisions of ASU 2010-02 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB issued Accounting Standards Update 2010-01, Equity (Topic 505): Accounting for Distributions to Shareholders with Components of Stock and Cash (A Consensus of the FASB Emerging Issues Task Force).  This amendment to Topic 505 clarifies the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in EPS prospectively and is not a stock dividend for purposes of applying Topics 505 and 260. Effective for interim and annual periods ending on or after December 15, 2009, and would be applied on a retrospective basis.  The Company does not expect the provisions of ASU 2010-01 to have a material effect on the financial position, results of operations or cash flows of the Company.

In December 2009, the FASB issued Accounting Standards Update 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest 

18

Entities.  This Accounting Standards Update amends the FASB Accounting Standards Codification for Statement 167. (See FAS 167 effective date below)

In December 2009, the FASB issued Accounting Standards Update 2009-16, Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.  This Accounting Standards Update amends the FASB Accounting Standards Codification for Statement 166. (See FAS 166 effective date below)

In October 2009, the FASB issued Accounting Standards Update 2009-15, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing.  This Accounting Standards Update amends the FASB Accounting Standard Codification for EITF 09-1.  (See EITF 09-1 effective date below) 

In October 2009, the FASB issued Accounting Standards Update 2009-14, Software (Topic 985): Certain Revenue Arrangements That Include Software Elements.  This update changed the accounting model for revenue arrangements that include both tangible products and software elements.  Effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010.  Early adoption is permitted.  The Company does not expect the provisions of ASU 2009-14 to have a material effect on the financial position, results of operations or cash flows of the Company.

In October 2009, the FASB issued Accounting Standards Update 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements.  This update addressed the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than a combined unit and will be separated in more circumstances under existing US GAAP.  This amendment has eliminated that residual method of allocation.  Effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010.  Early adoption is permitted. The Company does not expect the provisions of ASU 2009-13 to have a material effect on the financial position, results of operations or cash flows of the Company.

In September 2009, the FASB issued Accounting Standards Update 2009-12, Fair Value Measurements and Disclosures (Topic 820): Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).  This update provides amendments to Topic 820 for the fair value measurement of investments in certain entities that calculate net asset value per share (or its equivalent).  It is effective for interim and annual periods ending after December 15, 2009.  Early application is permitted in financial statements for earlier interim and annual periods that have not been issued. The Company does not expect the provisions of ASU 2009-12 to have a material effect on the financial position, results of operations or cash flows of the Company.

In July 2009, the FASB ratified the consensus reached by EITF (Emerging Issues Task Force) issued EITF No. 09-1, (ASC Topic 470) “Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance” (“EITF 09-1”).  The provisions of EITF 09-1, clarifies the accounting treatment and disclosure of share-lending arrangements that are classified as equity in the financial statements of the share lender.  An example of a share-lending arrangement is an agreement between the Company (share lender) and an investment bank (share borrower) which allows the investment bank to use the loaned shares to enter into equity derivative contracts with investors.  EITF 09-1 is effective for fiscal years that beginning on or after December 15, 2009 and requires retrospective application for all arrangements outstanding as of the beginning of fiscal years beginning on or after December 15, 2009.   Share-lending arrangements that have been terminated as a result of counterparty default prior to December 15, 2009, but for which the entity has not reached a final settlement as of December 15, 2009 are within the scope.  Effective for share-lending arrangements entered into on or 

19

after the beginning of the first reporting period that begins on or after June 15, 2009.  The Company does not expect the provisions of EITF 09-1 to have a material effect on the financial position, results of operations or cash flows of the Company.

In June 2009, the FASB issued SFAS No. 167 (ASC Topic 810), “Amendments to FASB Interpretation No. 46(R) (“SFAS 167”).   SFAS 167 amends the consolidation guidance applicable to variable interest entities. The provisions of SFAS 167 significantly affect the overall consolidation analysis under FASB Interpretation No. 46(R).  SFAS 167 is effective as of the beginning of the first fiscal year that begins after November 15, 2009. SFAS 167 will be effective for the Company beginning in 2010. The Company does not expect the provisions of SFAS 167 to have a material effect on the financial position, results of operations or cash flows of the Company.

In June 2009, the FASB issued SFAS No. 166, (ASC Topic 860) “Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140” (“SFAS 166”). The provisions of SFAS 166, in part, amend the derecognition guidance in FASB Statement No. 140, eliminate the exemption from consolidation for qualifying special-purpose entities and require additional disclosures. SFAS 166 is effective for financial asset transfers occurring after the beginning of an entity’s first fiscal year that begins after November 15, 2009. The Company does not expect the provisions of SFAS 166 to have a material effect on the financial position, results of operations or cash flows of the Company.

**ITEM 7A. **

**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not applicable.

**ITEM 8. **

** FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

See Index to Financial Statements and Financial Statement Schedules appearing on page F-1 through F-15 of this Form 10-K.

 

**ITEM 9.**

** CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

 

On March 8, 2010, the Company dismissed Seale and Beers, CPAs (“Seale and Beers”) as the Registrant’s independent registered public accounting firm. On March 3, 2010, the accounting firm of Mantyla McReynolds, LLC (“Mantyla”) was engaged as the Registrant’s new independent registered public accounting firm.

Seale and Beers was the Registrant’s independent registered public accountant as of August 6, 2009 through March 8, 2010 (approximately six months), and therefore did not issue auditors’ reports on the financial statements for the year ended December 31, 2009 and for the period May 21, 2008 (Inception) to December 31, 2008.

Seale and Beers reviewed the Registrant’s financial statements and notes to financial statements included in its Form 10-Q for the period ended September 30, 2009.  Seale and Beers have not audited nor reviewed the Registrant’s financial statements for the year ended December 31, 2009 because Mantyla has audited the Registrant’s financial statements for the year ended December 31, 2009.

20

Lawrence Scharfman CPA PA (“Scharfman”) was the Registrant’s independent registered public accountant for the period May 21, 2008 (Inception) to December 31, 2008. Scharfman issued its auditor report on the financial statements for the period May 21, 2008 (Inception) to December 31, 2008.

On August 11, 2009, the PCAOB revoked the registration of Scharfman because of deficiencies in the conduct of certain of its audits and its procedures. As Scharfman is no longer registered with the PCAOB, the Registrant may not include Scharfman’s audit reports or consents in its future filings with the Commission.  The Registrant had Mantyla re-audit the period May 21, 2008 (Inception) to December 31, 2008 when the year ending December 31, 2009 was audited.

On August 6, 2009, the Board of Directors of the Registrant dismissed Moore & Associates, Chartered (“Moore & Associates”) as the Registrant’s independent registered public accountants and approved the engagement of Seale and Beers, CPAs to serve as the Registrant’s independent registered public accountants for the fiscal year 2009. Moore & Associates was the Registrant’s independent registered public accountants as of May 2009 and through August 6, 2009 (approximately 3 months), therefore did not issue auditors’ reports on the financial statements for the years ended December 31, 2008 and December 31, 2007.  Moore & Associates reviewed the Registrant’s financial statements and notes to financial statements included in its Form 10-Q for the period ended March 31, 2009.  Seale and Beers reviewed the financial statements included in the Registrant’s Form 10-Q for the period ended June 30, 2009.

During the period of and Seale and Beers’ engagement there were been no disagreements with Seale and Beers (as defined in Item 304(a)(1)(iv) of Regulation S-K) on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Seale and Beers would have caused them to make reference thereto in their report on financial statements for such years.

During the year ended December 31, 2009 and the period May 21, 2008 (Inception) to December 31, 2008 there were no reportable events as defined in Item 304(a)(1)(iv) of Regulation S-K.

During the year ended December 31, 2009 and the period May 21, 2008 (Inception) to December 31, 2008 and through the date of the commencement of their engagement, neither the Registrant nor anyone on its behalf has consulted with the Mantyla regarding either:

1.  

The application of accounting principles to specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Registrant’s financial statements, and neither was a written report provided to the Registrant nor was oral advice provided that the New Accountant concluded was an important factor considered by the Registrant in reaching a decision as to an accounting, auditing, or financial reporting issue; or

2.  

Any matter that was either the subject of a disagreement or a reportable event, as each term is defined in Items 304(a)(1)(iv) or (v) of Regulation S-K, respectively.

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**ITEM 9A(T).**

**CONTROLS AND PROCEDURES**

Our Chief Executive Officer and Principal Financial Officer, Steve Nickolas, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Report.  Based on that evaluation, Mr. Nickolas concluded that our disclosure controls and procedures are effective in timely alerting him to material information relating to us required to be included in our periodic SEC filings and in ensuring that information required to be disclosed by us in the reports that we file or submit under the Act is accumulated and communicated to our management, including our principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or reasonably likely to materially affect, our internal control over financial reporting.

**Management’s Report on Internal Control Over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control, as is defined in the Securities Exchange Act of 1934.  These internal controls are designed to provide reasonable assurance that the reported financial information is presented fairly, that disclosures are adequate and that the judgments inherent in the preparation of financial statements are reasonable.  There are inherent limitations in the effectiveness of any system of internal controls, including the possibility of human error and overriding of controls.  Consequently, an effective internal control system can only provide reasonable, not absolute, assurance with respect to reporting financial information.

Our internal control over financial reporting includes policies and procedures that: (i) pertain to maintaining records that in reasonable detail accurately and fairly reflect our transactions; (ii) provide reasonable assurance that transactions are recorded as necessary for preparation of our financial statements in accordance with generally accepted accounting principles and the receipts and expenditures of company assets are made and in accordance with our management and directors authorization; and (iii) provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our financial statements.

Management has assessed the effectiveness of our internal control over financial reporting based on the framework and criteria established in the Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).  Based upon this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2009.

22

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by our registered public accounting firm pursuant to the temporary rules of the Securities and Exchange Commission that permit the company to provide only management’s report in this annual report.

**ITEM 9B.                   OTHER INFORMATION**

None.

**PART III**

 

**ITEM 10.**

** DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

 

The members of the Board of Directors of the Company will serve until the next annual meeting of stockholders, or until their successors have been elected.  The officers serve at the pleasure of the Board of Directors.  Officers are elected by the Board and their terms of office are, except to the extent governed by employment contract, at the discretion of the Board.  Information as to the directors and executive officers of the Company is as follows:

**NAME**

**AGE**

**POSITION**

Steve Nickolas

54

President and Director

**Duties, Responsibilities and Experience**

***Steve Nickolas,*** is the President, Director and founder of Northsight, which was incorporated May 21, 2008 and has served to present day.  From February 2002 to the present, Mr. Nickolas has served as the Managing Member of Enhanced Beverages, LLC d/b/a Beverage Science Laboratories.  He is also the President and CEO of XND Technologies, Inc, which he has served in that capacity since its inception in February 2006.  Mr. Nickolas brings more than 30 years of experience in the beverage and bottled water business.  His resume includes bottled water businesses with manufacturing and distribution in the U.S. and seven foreign countries.  Mr. Nickolas’ experiences also include large company (Anhueser Busch) and small company positions; distribution, marketing and manufacturing responsibilities; and a lifelong interest in people and the environment.

He earned his B.S. degree in Political Philosophy and Economics as well as a Degree of Government from the Claremont Colleges in California.  In his capacity of President, Mr. Nickolas will be responsible for setting the company’s vision and direction, and will work with the senior management and the board to insure that the business plan is executed and milestones are met.  In his capacity as Director, Mr. Nickolas will be responsible for the day to day operation of the Company including its relationships with its contract manufacturers, its brokers and distributors.

Election of Directors and Officers. 

Directors are elected to serve until the next annual meeting of stockholders and until their successors have been elected and qualified. Officers are appointed to serve until the meeting of the Board of Directors following the next annual meeting of stockholders and until their successors have been elected and qualified.

23

**Involvement in Certain Legal Proceedings**

No Executive Officer or Director of the Corporation has been the subject of any Order, Judgment, or Decree of any Court of competent jurisdiction, or any regulatory agency permanently or temporarily enjoining, barring suspending or otherwise limiting him from acting as an investment advisor, underwriter, broker or dealer in the securities industry, or as an affiliated person, director or employee of an investment company, bank, savings and loan association, or insurance company or from engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any securities.

No Executive Officer or Director of the Corporation has been convicted in any criminal proceeding (excluding traffic violations) or is the subject of a criminal proceeding which is currently pending.

No Executive Officer or Director of the Corporation is the subject of any pending legal proceedings.

*Section 16(a) Beneficial Ownership Reporting Compliance*

Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), requires executive officers and directors, and persons who beneficially own more than ten percent of an issuer's common stock, which has been registered under Section 12 of the Exchange Act, to file initial reports of ownership and reports of changes in ownership with the SEC.

As a company with securities registered under Section 15(d) of the Exchange Act, our executive officers and directors, and persons who beneficially own more than ten percent of our common stock are not required to file Section 16(a) reports.

**Code of Ethics**

A code of ethics relates to written standards that are reasonably designed to deter wrongdoing and to promote:

(1)  

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2)  

Full, fair, accurate, timely and understandable disclosure in reports and documents that are filed with, or submitted to, the Commission and in other public communications made by an issuer;

(3)  

Compliance with applicable governmental laws, rules and regulations;

(4)  

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5)  

Accountability for adherence to the code.

We have not adopted a corporate code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Our decision to not adopt such a code of ethics is a result of having only one officer and director operating as the management for the Company.  We believe that the limited interaction which occurs having such a small management structure for the Company eliminates the current need for such a code, in that violations of such a code would be reported to the party generating the violation.

24

**Corporate Governance**

Director Independence

The Board of Directors has concluded that Director, Steve Nickolas, is not independent in accordance with the director independence standards of the American Stock Exchange.

Nominating Committee

We do not have a Nominating Committee or Nominating Committee Charter.  Our Board of Directors performs some of the functions associated with a Nominating Committee.  We have elected not to have a Nominating Committee in that we are an initial-stages operating company with limited operations and resources.

Director Nomination Procedures

Generally, nominees for Directors are identified and suggested by the members of the Board or management using their business networks.  The Board has not retained any executive search firms or other third parties to identify or evaluate director candidates in the past and does not intend to in the near future.  In selecting a nominee for director, the Board or management considers the following criteria:

 

1.  

whether the nominee has the personal attributes for successful service on the Board, such as demonstrated character and integrity; experience at a strategy/policy setting level; managerial experience dealing with complex problems; an ability to work effectively with others; and sufficient time to devote to the affairs of the Company;

2.  

whether the nominee has been the chief executive officer or senior executive of a public company or a leader of a similar organization, including industry groups, universities or governmental organizations;

3.  

whether the nominee, by virtue of particular experience, technical expertise or specialized skills or contacts relevant to the Company’s current or future business, will add specific value as a Board member; and

4.  

whether there are any other factors related to the ability and willingness of a new nominee to serve, or an existing Board member to continue his service.

The Board or management has not established any specific minimum qualifications that a candidate for director must meet in order to be recommended for Board membership.  Rather, the Board or management will evaluate the mix of skills and experience that the candidate offers, consider how a given candidate meets the Board’s current expectations with respect to each such criterion and make a determination regarding whether a candidate should be recommended to the stockholders for election as a Director.  During 2009, the Company received no recommendation for Directors from its stockholders.

Audit Committee

Currently, we do not have an Audit Committee.  At this time, the board of directors will perform the necessary functions of an Audit Committee, such as: recommending an independent registered public accounting firm to audit the annual financial statements; reviewing the independence of the independent registered public accounting firm; review of the financial statements and other required regulatory 

25

financial reporting; and reviewing management’s policies and procedures in connection with its internal control over financial reporting.

Additionally, we do not have a financial expert. We believe the cost related to retaining a financial expert at this time is prohibitive and is not warranted at this point in time.  However, at such time the Company has the financial resources a financial expert will be hired.

Compensation Committee

We currently do not have a compensation committee of the board of directors.  Until a formal committee is established our board of directors will review all forms of compensation provided to our executive officers, directors, consultants and employees, including stock compensation.  The Board makes all compensation decisions for the Executives and approves recommendation regarding equity awards to all elected officers of Northsight. Decisions regarding the non-equity compensation of other executive officers are made by the Board.

Stockholder Communications

Any stockholder communications to the Board should be forwarded to the attention of the Company’s Secretary at our offices at 14301 North 87th Street, Suite 301, Scottsdale, AZ 85260.  Our secretary will review any communication received from a stockholder, and all material communications from stockholders will be forwarded to the Chairman of the Board, the Board of Directors, or other individual directors as appropriate.

**ITEM 11.                    EXECUTIVE COMPENSATION**

The following table sets forth the compensation of our Principal Executive Officer for the year ended December 31, 2009.

**Summary Compensation Table**

Name and Principal Position

Salary

Total

Steve Nickolas, Principal Executive Officer and Principal Accounting Officer

$100

$100

**Director Compensation**

Additionally, as a result of having limited resources we do not currently have an established compensation package for board members.

**Board Committees**

We do not currently have any committees of the Board of Directors, as our Board consisted of one member during the year ended December 31, 2009. Additionally, due to the nature of our intended business, the Board of Directors does not foresee a need for any committees in the foreseeable future.

 

26

**ITEM 12.                    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

 

The following table presents information, to the best of our knowledge, about the beneficial ownership of our common stock on March 30, 2010, held by those persons known to beneficially own more than 5% of our capital stock and by our directors and executive officers.  The percentage of beneficial ownership for the following table is based on 1,400,000 shares of common stock outstanding as of March 30, 2010.

Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and does not necessarily indicate beneficial ownership for any other purpose. Under these rules, beneficial ownership includes those shares of common stock over which the stockholder has sole or shared voting or investment power. It also includes (unless footnoted) shares of common stock that the stockholder has a right to acquire within 60 days after March 30, 2010 through the exercise of any option, warrant or other right. The percentage ownership of the outstanding common stock, however, is based on the assumption, expressly required by the rules of the Securities and Exchange Commission, that only the person or entity whose ownership is being reported has converted options or warrants into shares of our common stock.

 

 

Name of Beneficial Owner, Officer or Director (1)

  

 

Number

of Shares

  

 

Percent Beneficially

 Owned (2)

  

Steve  Nickolas

  

750,000

  

54%

  

Stoecklein Law Group

  

100,000

  

7%

  

All Directors, Officers and Beneficial Owners

  

850,000

  

61%

  

 (1)

As used in this table, “beneficial ownership” means the sole or shared power to vote, or to direct the voting of, a security, or the sole or shared investment power with respect to a security (i.e., the** **power to dispose of, or to direct the disposition of, a security).  The address of each person is care of the Company.

(2)

 Figures are rounded to the nearest percent.

**ITEM 13.                    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

During the year ended December 31, 2009, we paid approximately $92,400 to an entity owned and controlled by Mr. Nickolas.  The entity provided services in developing Northsight’s business plan, consulting and administrative services and product development of our intended enhanced water products.  Additionally, as of December 31, 2008, Northsight had prepaid expenses to an entity controlled by Mr. Nickolas.

As of December 31, 2009, we owed approximately $20,580 to Stoecklein Law Group, who is also a stockholder of the Company.  This entity provides legal services to the Company and during the year ended December 31, 2009, Stoecklein Law Group provided legal services totaling $25,970.

27

**ITEM 14.                    PRINCIPAL ACCOUNTING FEES AND SERVICES**

(1) AUDIT FEES

The aggregate fees billed for professional services rendered by Lawrence Scharfman & Co., CPA P.C., for the audit of our annual financial statements and review of the financial statements included in our Form 10-Q or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for fiscal year 2009 was $3,000.

The aggregate fees billed for professional services rendered by Moore and Associates, for the review of the financial statements included in our Form 10-Q or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for fiscal year 2009 was $1,000.

The aggregate fees billed for professional services rendered by Seale and Beers, CPAs, for the review of the financial statements included in our Form 10-Q or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for fiscal year 2009 was $2,000.

(2) AUDIT-RELATED FEES

The aggregate fees billed by Lawrence Scharfman & Co., CPA P.C. and Seale and Beers, CPAs, for assurance and related services by the principal accountant that are reasonably related to the performance of the audit or review of the registrant’s financial statements for the fiscal year 2009 was $-0-.

(3) TAX FEES

The aggregate fees billed by Lawrence Scharfman & Co., CPA P.C. and Seale and Beers, CPAs for professional services rendered by the principal accountant for the fiscal year 2009 was $-0-.

(4) ALL OTHER FEES

There were no other fees to be billed by Lawrence Scharfman & Co., CPA P.C. and Seale and Beers, CPAs for the fiscal year 2009 other than the fees described above.

(5) AUDIT COMMITTEE POLICIES AND PROCEDURES

We do not have an audit committee.

(6) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

Not applicable.

28

**PART IV**

**ITEM 15.                    EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

(a)

1.  

The financial statements listed in the "Index to Financial Statements" at page F-1 are filed as part of this report.

2.  

Financial statement schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.

3.  

Exhibits included or incorporated herein: See index to Exhibits.

(b)           Exhibits

  

  

  

**Incorporated by reference**

**Exhibit**

**Number**

**Exhibit Description**

**Filed**

**herewith**

**Form**

**Period**

**ending**

**Exhibit**

**Filing date**

3(i)(a)

Articles of Incorporation of Northsight

  

S-1

  

3(i)(a)

07/11/08

3(ii)(a)

Bylaws of the Northsight

  

S-1

  

3(ii)(a)

07/11/08

4

Instrument defining the rights of security holders:

(a) Articles of Incorporation

(b) Bylaws

(c) Stock Certificate Specimen

  

S-1

  

4

07/11/08

10.1

Subscription Agreement

  

S-1

  

10.1

07/11/08

31

Certification pursuant to Section 302 of the Sarbanes-Oxley Act

X

  

  

  

  

32

Certification pursuant to Section 906 of the Sarbanes-Oxley Act

X

  

  

  

  

29

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused the report to be signed on its behalf by the undersigned, thereunto duly authorized.

**NORTHSIGHT CAPITAL, INC.**

By: /s/ Steve Nickolas                                                                

       Steve Nickolas, President

Date: April 15, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Title

Date

  

  

  

/s/ Steve Nickolas

President, Director

April 15, 2010

Steve Nickolas

  

  

  

  

  

/s/ Steve Nickolas

Principal Executive Officer

April 15, 2010

Steve Nickolas

  

  

  

  

  

/s/ Steve Nickolas

Principal Financial Officer

April 15, 2010

Steve Nickolas

  

  

  

  

30

**NORTHSIGHT CAPITAL, INC**

INDEX TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2009, FOR THE PERIOD MAY 21, 2008 TO DECEMBER 31, 2008 AND FOR THE PERIOD MAY 21, 2008 TO DECEMBER 31, 2009

  

Pages

Report of Independent Registered Public Accounting Firm

F-2

  

  

Balance Sheets

F-3

  

  

Statements of Operations

F-4

  

  

Statement of Stockholders' Deficit

F-5

  

  

Statements of Cash Flows

F-6

  

  

Notes to Financial Statements

F-7 – F-16

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Stockholders 

Northsight Capital, Inc.

We have audited the accompanying balance sheets of Northsight Capital, Inc. [a development stage company] as of December 31, 2009 and 2008, and the related statements of operations, cash flows, and stockholders' deficit for the year ended December 31, 2009, and for the periods from inception [May 21, 2008] through December 31, 2009 and 2008. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

  We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Northsight Capital, Inc. as of December 31, 2009 and 2008, and the results of operations and cash flows for the year ended December 31, 2009, and for the periods from inception [May 21, 2008] through December 31, 2009 and 2008, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that Northsight Capital, Inc. will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has incurred losses since its inception and has no revenue-generating activities. These issues raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustment that might result from the outcome of this uncertainty. 

/s/ *Mantyla McReynolds, LLC*

Mantyla McReynolds, LLC Salt Lake City, Utah April 15, 2010

F-2

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**BALANCE SHEETS**

 

 

 

 

 

 

 

December 31,

 

 

2009

 

2008

**ASSETS**

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash

 

$

516 

 

$

1,576 

Prepaid expenses - related party

 

 

 

2,000 

Total current assets

 

516 

 

3,576 

 

 

 

 

 

Total assets

 

$

516 

 

$

3,576 

 

 

 

 

 

**LIABILITIES AND STOCKHOLDERS' DEFICIT**

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

41,671 

 

3,345 

Accounts payable - related party

 

86,350 

 

4,699 

Accrued payroll taxes

 

422 

 

422 

Accrued interest payable - related party

 

1,962 

 

- 

Notes payable

 

55,000 

 

55,000 

Notes payable - related party

 

28,340 

 

1,387 

Total current liabilities

 

213,745 

 

64,853 

 

 

 

 

 

Total liabilities

 

213,745 

 

64,853 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

Preferred stock, $0.001 par value, 10,000,000 shares

 

 

 

 

authorized, no shares issued and outstanding

 

- 

 

- 

Common stock, $0.001 par value, 100,000,000 shares

 

 

 

 

authorized, 1,400,000 shares issued and outstanding

 

1,400 

 

1,400 

Additional paid-in capital

 

66,200 

 

66,200 

Deficit accumulated during development stage

 

(280,829)

 

(128,877)

Total stockholders' deficit

 

(213,229)

 

(61,277)

 

 

 

 

 

Total liabilities and stockholders' deficit

 

$

516 

 

$

3,576 

See Accompanying Notes to Financial Statements

F-3

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**STATEMENTS OF OPERATIONS**

 

 

 

 

 

 

 

 

 

For the year

 

Inception

 

Inception

 

 

ended

 

(May 21, 2008) to

 

(May 21, 2008) to

 

 

December 31,

 

December 31,

 

December 31,

 

 

2009 

 

2008

 

2009

 

 

 

 

 

 

 

Revenue

 

$

- 

 

$

- 

 

$

- 

 

 

 

 

 

 

 

Cost of goods sold

 

- 

 

- 

 

- 

 

 

 

 

 

 

 

Gross profit

 

- 

 

- 

 

- 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

General and administrative

 

28,569 

 

15,098 

 

43,667 

Business plan development - related party

 

- 

 

10,000 

 

10,000 

Consulting expense - related party

 

49,500 

 

17,350 

 

66,850 

Executive compensation - related party

 

100 

 

5,000 

 

5,100 

Professional fees

 

46,381 

 

52,707 

 

99,088 

Rent

 

22,000 

 

10,200 

 

32,200 

Research and development - related party

 

3,000 

 

7,850 

 

10,850 

Travel

 

440 

 

10,672 

 

11,112 

 

 

 

 

 

 

 

Total operating expenses

 

149,990 

 

128,877 

 

278,867 

 

 

 

 

 

 

 

Other expenses:

 

 

 

 

 

 

Interest expense

 

(1,962)

 

- 

 

(1,962)

Total other expenses

 

(1,962)

 

- 

 

(1,962)

 

 

 

 

 

 

 

Loss before provision for income taxes

 

(151,952)

 

(128,877)

 

(280,829)

 

 

 

 

 

 

 

Provision for income taxes

 

- 

 

- 

 

- 

 

 

 

 

 

 

 

Net loss

 

$

(151,952)

 

$

(128,877)

 

$

(280,829)

 

 

 

 

 

 

 

Weighted average number of common shares

 

 

 

 

 

 

outstanding - basic and diluted

 

1,400,000 

 

956,667 

 

 

 

 

 

 

 

 

 

Net loss per share - basic and diluted

 

$

(0.11)

 

$

(0.13)

 

 

See Accompanying Notes to Financial Statements

F-4

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**STATEMENT OF STOCKHOLDERS' DEFICIT**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

During

 

Total

 

Preferred Shares

 

Common Shares

 

Paid-In

 

Development

 

Stockholders'

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Stage

 

Deficit

May 21, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for cash on

 

 

 

 

 

 

 

 

 

 

 

 

 

organization of the Company

-

 

$

-

 

750,000

 

$

750

 

$

6,750

 

$

- 

 

$

7,500 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 25, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for professional fees

-

 

-

 

100,000

 

100

 

9,900

 

- 

 

10,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 26, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Donated capital

-

 

-

 

-

 

-

 

100

 

- 

 

100 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 12, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for cash,

 

 

 

 

 

 

 

 

 

 

 

 

 

net of offering costs

-

 

-

 

550,000

 

550

 

49,450

 

- 

 

50,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

-

 

-

 

-

 

-

 

-

 

(128,877)

 

(128,877)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2008

-

 

-

 

1,400,000

 

1,400

 

66,200

 

(128,877)

 

(61,277)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

-

 

-

 

-

 

-

 

-

 

(151,952)

 

(151,952)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2009

-

 

$

-

 

1,400,000

 

$

1,400

 

$

66,200

 

$

(280,829)

 

$

(213,229)

See Accompanying Notes to Financial Statements

F-5

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**STATEMENTS OF CASH FLOWS**

 

 

 

 

 

 

 

 

 

For the year

 

Inception

 

Inception

 

 

ended

 

(May 21, 2008) to

 

(May 21, 2008) to

 

 

December 31,

 

December 31,

 

December 31,

 

 

2009

 

2008

 

2009

**CASH FLOWS FROM OPERATING ACTIVITIES**

 

 

 

 

 

 

Net loss

 

$

(151,952)

 

$

(128,877)

 

$

(280,829)

Adjustments to reconcile net loss

 

 

 

 

 

 

to net cash used in operating activities:

 

 

 

 

 

 

Shares issued for services

 

- 

 

10,000 

 

10,000 

Changes in operating assets and liabilities:

 

 

 

 

 

 

(Increase) decrease in prepaid expenses

 

2,000 

 

(2,000)

 

- 

Increase in accounts payable

 

38,326 

 

3,345 

 

41,671 

Increase in accounts payable - related party

 

81,651 

 

4,699 

 

86,350 

Increase in accrued payroll taxes

 

- 

 

422 

 

422 

Increase in accrued interest payable - related party

 

1,962 

 

- 

 

1,962 

 

 

 

 

 

 

 

Net cash used in operating activities

 

(28,013)

 

(112,411)

 

(140,424)

 

 

 

 

 

 

 

**CASH FLOWS FROM FINANCING ACTIVITIES**

 

 

 

 

 

 

Proceeds from sale of common stock, net of offering costs

 

- 

 

57,500 

 

57,500 

Donated capital

 

- 

 

100 

 

100 

Proceeds from notes payable

 

- 

 

55,000 

 

55,000 

Proceeds from notes payable - related party

 

31,653 

 

1,440 

 

33,093 

Payments to notes payable - related party

 

(4,700)

 

(53)

 

(4,753)

 

 

 

 

 

 

 

Net cash provided by financing activities

 

26,953 

 

113,987 

 

140,940 

 

 

 

 

 

 

 

NET CHANGE IN CASH

 

(1,060)

 

1,576 

 

516 

 

 

 

 

 

 

 

CASH AT BEGINNING OF YEAR

 

1,576 

 

- 

 

- 

 

 

 

 

 

 

 

CASH AT END OF YEAR

 

$

516 

 

$

1,576 

 

$

516 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION:

 

 

 

 

 

 

Interest paid

 

$

- 

 

$

- 

 

$

- 

Income taxes paid

 

$

- 

 

$

- 

 

$

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Accompanying Notes to Financial Statements

F-6

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Organization

The Company was incorporated on May 21, 2008 (Date of Inception) under the laws of the State of Nevada, as Northsight Capital, Inc. The Company developed its business plan over the period commencing with May 21, 2008 and ending on December 31, 2008, although Mr. Nickolas, the Company’s sole officer and director, had been working on the concept over a period of years. In May of 2008, the Company created its initial product line.

 

The Company has not commenced significant operations and, in accordance with ASC Topic 915, the Company is considered a development stage company. 

 

Nature of operations

The Company was formed to engage in the business of producing enhanced bottled water designed to make everyday hydration more convenient and beneficial. It intends to generate revenues primarily from product produced in Scottsdale, Arizona.

Cash and cash equivalents

For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value.

Revenue Recognition

The Company's revenues are anticipated to be derived from multiple sources. Primarily revenues will be earned upon delivery of products.

Advertising Costs

Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the period of Inception (May 21, 2008) to December 31, 2008 and for the year ended December 31, 2009.

 

Fair value of financial instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2009 and 2008. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

Stock-based compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

F-7

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

Earnings per share

The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.  The maximum amount of common stock equivalents relating to the convertible promissory note (See Note 3) amounts to 165,000 common shares, which shares are not included in the diluted earnings per share calculations for the years ending December 31, 2009 and 2008, since they are considered to be anti-dilutive.  

Income taxes

The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change.

 

Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.

The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of those tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities. As of December 31, 2009 and 2008, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material affect on the Company. 

 

The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. 

The Company classifies tax-related penalties and net interest as income tax expense. As of December 31, 2009 and 2008, no income tax expense has been incurred.  All tax years are still open for examination.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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 significantly from those estimates.

Reclassifications

Certain reclassifications have been made to the prior years’ financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.

F-8

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

Recent pronouncements

Below is a listing of the most recent accounting standards and their effect on the Company.

In February 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-08 (ASU 2010-08), Technical Corrections to Various Topics.  This amendment eliminated inconsistencies and outdated provisions and provided the needed clarifications to various topics within Topic 815.  The amendments are effective for the first reporting period (including interim periods) beginning after issuance (February 2, 2010), except for certain amendments.  The amendments to the guidance on accounting for income taxes in a reorganization (Subtopic 852-740) should be applied to reorganizations for which the date of the reorganization is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.  For those reorganizations reflected in interim financial statements issued before the amendments in this Update are effective, retrospective application is required.  The clarifications of the guidance on the embedded derivates and hedging (Subtopic 815-15) are effective for fiscal years beginning after December 15, 2009, and should be applied to existing contracts (hybrid instruments) containing embedded derivative features at the date of adoption.  The Company does not expect the provisions of ASU 2010-08 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-07 (ASU 2010-07), Not-for-Profit Entities (Topic 958): Not-for-Profit Entities: Mergers and Acquisitions.  This amendment to Topic 958 has occurred as a result of the issuance of FAS 164.  The Company does not expect the provisions of ASU 2010-07 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-06 (ASU 2010-06), Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements.  This amendment to Topic 820 has improved disclosures about fair value measurements on the basis of input received from the users of financial statements.  This is effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements.  Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years.  Early adoption is permitted.  The Company does not expect the provisions of ASU 2010-06 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-05 (ASU 2010-05), Compensation – Stock Compensation (Topic 718).  This standard codifies EITF Topic D-110 Escrowed Share Arrangements and the Presumption of Compensation.  The Company does not expect the provisions of this update to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-04 (ASU 2010-04), Accounting for Various Topics—Technical Corrections to SEC Paragraphs.  The Company does not expect the provisions of this update to have a material effect on the financial position, results of operations or cash flows of the Company.

F-9

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

Recent pronouncements (continued)

In January 2010, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update 2010-03 (ASU 2010-03), Extractive Activities—Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures.  This amendment to Topic 932 has improved the reserve estimation and disclosure requirements by (1) updating the reserve estimation requirements for changes in practice and technology that have occurred over the last several decades and (2) expanding the disclosure requirements for equity method investments.  This is effective for annual reporting periods ending on or after December 31, 2009.  However, an entity that becomes subject to the disclosures because of the change to the definition oil- and gas- producing activities may elect to provide those disclosures in annual periods beginning after December 31, 2009.  Early adoption is not permitted.  The Company does not expect the provisions of ASU 2010-03 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB issued Accounting Standards Update 2010-02, Consolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary.  This amendment to Topic 810 clarifies, but does not change, the scope of current US GAAP.  It clarifies the decrease in ownership provisions of Subtopic 810-10 and removes the potential conflict between guidance in that Subtopic and asset derecognition and gain or loss recognition guidance that may exist in other US GAAP.  An entity will be required to follow the amended guidance beginning in the period that it first adopts FAS 160 (now included in Subtopic 810-10).  For those entities that have already adopted FAS 160, the amendments are effective at the beginning of the first interim or annual reporting period ending on or after December 15, 2009. The amendments should be applied retrospectively to the first period that an entity adopted FAS 160.  The Company does not expect the provisions of ASU 2010-02 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB issued Accounting Standards Update 2010-01, Equity (Topic 505): Accounting for Distributions to Shareholders with Components of Stock and Cash (A Consensus of the FASB Emerging Issues Task Force).  This amendment to Topic 505 clarifies the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in EPS prospectively and is not a stock dividend for purposes of applying Topics 505 and 260. Effective for interim and annual periods ending on or after December 15, 2009, and would be applied on a retrospective basis.  The Company does not expect the provisions of ASU 2010-01 to have a material effect on the financial position, results of operations or cash flows of the Company.

In December 2009, the FASB issued Accounting Standards Update 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities.  This Accounting Standards Update amends the FASB Accounting Standards Codification for Statement 167. (See FAS 167 effective date below)

In December 2009, the FASB issued Accounting Standards Update 2009-16, Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.  This Accounting Standards Update amends the FASB Accounting Standards Codification for Statement 166. (See FAS 166 effective date below)

F-10

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

Recent pronouncements (continued)

In October 2009, the FASB issued Accounting Standards Update 2009-15, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing.  This Accounting Standards Update amends the FASB Accounting Standard Codification for EITF 09-1.  (See EITF 09-1 effective date below) 

In October 2009, the FASB issued Accounting Standards Update 2009-14, Software (Topic 985): Certain Revenue Arrangements That Include Software Elements.  This update changed the accounting model for revenue arrangements that include both tangible products and software elements.  Effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010.  Early adoption is permitted.  The Company does not expect the provisions of ASU 2009-14 to have a material effect on the financial position, results of operations or cash flows of the Company.

In October 2009, the FASB issued Accounting Standards Update 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements.  This update addressed the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than a combined unit and will be separated in more circumstances under existing US GAAP.  This amendment has eliminated that residual method of allocation.  Effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010.  Early adoption is permitted. The Company does not expect the provisions of ASU 2009-13 to have a material effect on the financial position, results of operations or cash flows of the Company.

In September 2009, the FASB issued Accounting Standards Update 2009-12, Fair Value Measurements and Disclosures (Topic 820): Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).  This update provides amendments to Topic 820 for the fair value measurement of investments in certain entities that calculate net asset value per share (or its equivalent).  It is effective for interim and annual periods ending after December 15, 2009.  Early application is permitted in financial statements for earlier interim and annual periods that have not been issued. The Company does not expect the provisions of ASU 2009-12 to have a material effect on the financial position, results of operations or cash flows of the Company.

In July 2009, the FASB ratified the consensus reached by EITF (Emerging Issues Task Force) issued EITF No. 09-1, (ASC Topic 470) “Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance” (“EITF 09-1”).  The provisions of EITF 09-1, clarifies the accounting treatment and disclosure of share-lending arrangements that are classified as equity in the financial statements of the share lender.  An example of a share-lending arrangement is an agreement between the Company (share lender) and an investment bank (share borrower) which allows the investment bank to use the loaned shares to enter into equity derivative contracts with investors.  EITF 09-1 is effective for fiscal years that beginning on or after December 15, 2009 and requires retrospective application for all arrangements outstanding as of the beginning of fiscal years beginning on or after December 15, 2009.   Share-lending arrangements that have been terminated as a result of counterparty default prior to December 15, 2009, but for which the entity has not reached a final settlement as of December 15, 2009 are within the scope.  Effective for share-lending arrangements entered into on or after the beginning of the first reporting period that begins on or after June 15, 2009.  The Company does not expect the provisions of EITF 09-1 to have a material effect on the financial position, results of operations or cash flows of the Company.

F-11

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

Recent pronouncements (continued)

 In June 2009, the FASB issued SFAS No. 167 (ASC Topic 810), “Amendments to FASB Interpretation No. 46(R) (“SFAS 167”).   SFAS 167 amends the consolidation guidance applicable to variable interest entities. The provisions of SFAS 167 significantly affect the overall consolidation analysis under FASB Interpretation No. 46(R).  SFAS 167 is effective as of the beginning of the first fiscal year that begins after November 15, 2009. SFAS 167 will be effective for the Company beginning in 2010. The Company does not expect the provisions of SFAS 167 to have a material effect on the financial position, results of operations or cash flows of the Company.

In June 2009, the FASB issued SFAS No. 166, (ASC Topic 860) “Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140” (“SFAS 166”). The provisions of SFAS 166, in part, amend the derecognition guidance in FASB Statement No. 140, eliminate the exemption from consolidation for qualifying special-purpose entities and require additional disclosures. SFAS 166 is effective for financial asset transfers occurring after the beginning of an entity’s first fiscal year that begins after November 15, 2009. The Company does not expect the provisions of SFAS 166 to have a material effect on the financial position, results of operations or cash flows of the Company.

**NOTE 2 – GOING CONCERN**

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from Inception (May 21, 2008) through the period ended December 31, 2009 of ($280,829). In addition, the Company’s development activities since inception have been financially sustained through debt and equity financing.

 

The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

**NOTE 3 – NOTES PAYABLE**

On October 6, 2008, the Company executed a convertible promissory note for $55,000 from an individual.  The note was due in 90 days.  Within a period of 60 days from the execution date of the note, the lender can decide on the form of repayment.  The first option is a payment of $65,000 in cash to include the repayment of the principal amount plus $10,000 of interest.  The second option is a payment of $60,000 in cash plus 50,000 shares of common stock.  The fair value of the shares of common stock is $5,000.  In the second option, the holder will have received a repayment of the principal amount plus $10,000 of interest.  Within a period of 90 days from the execution date of the note, the lender can choose to convert the entire amount of the note plus any accrued interest into 165,000 shares of common stock.  The fair value of the common stock is $16,500.  The lender also has the option to convert 50% of the note into 82,500 shares of common stock and the remaining amount will be repaid in cash.  

As of December 31, 2009 and 2008, the lender had not notified the Company of their repayment option, as such, the option to select an interest payout is no longer  available, and the note is in default.  

Interest expense for the years ended December 31, 2009 and 2008 was $0 and $0, respectively.

F-12

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 4 – NOTES PAYABLE – RELATED PARTY**

Notes payable consists of the following at December 31, 2009 and 2008:

 

 

December 31, 2009

 

December 31, 2008

Note payable to an officer, director and shareholder, unsecured, 10% - 12% interest, due upon demand

 

$

7,443

 

$

1,387

Notes payable to an entity owned and controlled by an officer, director and shareholder of the Company, unsecured, 10% - 12% interest, due upon demand

 

14,300

 

-

Notes payable to an entity owned and controlled by an officer, director and shareholder of the Company, unsecured, 0% -10% interest, due upon demand

 

6,597

 

-

 

 

 

 

 

 

 

$

28,340

 

$

1,387

Interest expense for the years ended December 31, 2009 and 2008 was $1,962 and $0, respectively.  As of December 31, 2009, the balance of accrued interest payable – related party was $1,962.

**NOTE 5 – INCOME TAXES**

At December 31, 2009 and 2008, the Company had federal operating loss carryforwards of $270,829 and $118,877, respectively, which begins to expire in 2028.

The provision for income taxes consisted of the following components for the year ended December 31, 2009 and period Inception (May 21, 2008) to December 31, 2008:

 

2009

 

2008

 Current:

 

 

 

     Federal

$

-

 

$

-

     State

-

 

-

Deferred

-

 

-

 

$

-

 

$

-

Components of net deferred tax assets, including a valuation allowance, are as follows at December 31, 2009 and 2008:

 

2009

 

2008

Deferred tax assets:

 

 

 

     Net operating loss carryforward

$

94,790 

 

$

41,607 

          Total deferred tax assets

94,790 

 

41,607 

Less: Valuation allowance

(94,790)

 

(41,607)

     Net deferred tax assets

$

- 

 

$

- 

The valuation allowance for deferred tax assets as of December 31, 2009 and 2008 was $94,790 and $41,607, respectively, representing an increase of $53,183 for 2009.  In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.  The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible.  

F-13

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 5 – INCOME TAXES (CONTINUED)**

Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment.  As a result, management determined it was more likely than not the deferred tax assets would not be realized as of December 31, 2009 and 2008 and maintained a full valuation allowance.

Reconciliation between the statutory rate and the effective tax rate is as follows at December 31, 2009 and 2008:

 

2009

 

2008

Federal statutory rate

(35.0)%

 

(35.0)%

State taxes, net of federal benefit

(0.00)%

 

(0.00)%

Change in valuation allowance

35.0%

 

35.0%

Effective tax rate

0.0%

 

0.0%

A reconciliation of the unrecognized tax benefits for the years ending December 31, 2009 and 2008 is presented in the table below:

 

2009

 

2008

Beginning Balance

$                       0

 

$                       0

Additions based on tax positions related to the current year

                         0

 

                         0

Reductions for tax positions of prior years

                         0

 

                         0

Reductions due to expiration of statute of limitations

                         0

 

                         0

Settlements with taxing authorities

                         0

 

                         0

Ending Balance

$                       0

 

$                       0

**NOTE 6 – STOCKHOLDERS’ EQUITY**

 

The Company is authorized to issue 10,000,000 shares of it $0.001 par value preferred stock and 100,000,000 shares of its $0.001 par value common stock.

**Common Stock**

 

On May 21, 2008, the Company issued an officer of the Company 750,000 shares of its $0.001 par value common stock at a price of $0.01 per share for cash totaling $7,500.

 

On June 25, 2008, the Company issued 100,000 shares of its common stock toward legal fees at a value of $0.10 per share.

On June 26, 2008, an officer of the Company donated $100 to the Company which was considered donated capital and recorded as additional paid in capital.

 

On November 12, 2008, the Company issued a total of 550,000 shares of its common stock for cash at a price of $0.10 per share for a total amount raised of $55,000, net offering costs totaling $5,000.

 

As of December 31, 2009, there have been no other issuances of common stock.

**NOTE 7 – WARRANTS AND OPTIONS**

As of December 31, 2009, there were no warrants or options outstanding to acquire any additional shares of common stock.

F-14

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 8 – RELATED PARTY TRANSACTIONS**

On May 21, 2008, the Company issued an officer of the Company 750,000 shares of its $0.001 par value common stock at a price of $0.01 per share for cash totaling $7,500.  

On June 26, 2008, an officer of the Company donated $100 to the Company and is considered donated capital and recorded as additional paid in capital.

As of December 31, 2008, the Company had prepaid expenses relating to administrative expenses totaling $2,000 due to an entity that is owned and controlled by the officer, director and shareholder of the Company.

During the period May 21, 2008 to December 31, 2008, the Company had expenses totaling $35,200 due to an entity that is owned and controlled by the officer, director and shareholder of the Company.  The entity provided services to develop the Company business plan, consulting, rent, and administrative services and product development.  During the year ended December 31, 2009, the Company had expenses totaling $92,400 for consulting, administrative services, rent, and research and development.  Total amounts in accounts payable to the related party as of December 31, 2009 and 2008 amounted to $86,350 and $4,699, respectively.  

During the period May 21, 2008 to December 31, 2008, the Company received cash totaling $1,440 from an officer, director and shareholder of the company which was considered a loan.  During the period May 21, 2008 to December 31, 2008 the Company repaid $53.  The balance of the note as of December 31, 2008 was $1,387.  During the year ended December 31, 2009, the Company received $6,056 from an officer, director and shareholder of the company which was considered a loan.  The balance of the note as of December 31, 2009 was $7,443.

During the period May 21, 2008 to December 31, 2008, the Company paid $5,000 to an officer, director and shareholder of the company which was considered executive compensation.  During the year ended December 31, 2009, the Company paid $100 to an officer, director and shareholder of the company which was considered executive compensation.

During the year ended December 31, 2009, the Company received cash totaling $14,800 from an entity that is owned and controlled by an officer, director and shareholder of the company which was considered a loan.  During the year ended December 31, 2009 the Company repaid $500.  The balance of the note as of December 31, 2009 was $14,300.

During the year ended December 31, 2009, the Company received cash totaling $10,597 from an entity that is owned and controlled by an officer, director and shareholder of the company which was considered a loan.  During the year ended December 31, 2009 the Company repaid $4,000.  The balance of the note as of December 31, 2009 was $6,597.

**NOTE 9 – AGREEMENTS**

On April 23, 2009, the Company executed an exclusive license agreement with XND Technologies (“XND”) for a trademark.  XND is a related party and is an entity that is owned and controlled by an officer, director and shareholder of the Company.  The effective date of the agreement will commence upon the receipt of financing totaling $1,000,000 which is needed to complete the manufacturing and distribution of the products.  The term is for a period of 10 year and will renew for an additional period of 10 years.  The Company must pay a royalty of 3% of all gross sales.  The royalty payments shall be made monthly based on the sales for the preceding month.  XND may terminate this agreement upon 30 days written notice to the Company.

F-15

**NORTHSIGHT CAPITAL, INC.**

**(A DEVELOPMENT STAGE COMPANY)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 9 – AGREEMENTS (CONTINUED)**

On April 23, 2009, the Company executed an exclusive license agreement with Steve Nickolos and Enhanced Beverages (“Enhanced”) for a patent.  Steve Nickolas is an officer, director and shareholder of the Company.  Enhanced is a related party and is an entity that is owned and controlled by an officer, director and shareholder of the Company.  The effective date of the agreement will commence upon the receipt of financing totaling $1,000,000 which is needed to complete the manufacturing and distribution of the products.  The term is for a period of 10 year and will renew for an additional period of 10 years.  The Company must pay a royalty of 3% of all gross sales.  The royalty payments shall be made monthly based on the sales for the preceeding month.  XND may terminate this agreement upon 30 days written notice to the Company.

On October, 15, 2009, XND, Enhanced and Steve Nickolas mutually agreed to terminate the license agreements described above.

**NOTE 10 – SUBSEQUENT EVENTS**

The Company has evaluated subsequent events through April 15, 2010, the date which the financial statements were available to be issued.  As of April 15, 2010, there were no material subsequent events.

F-16 |
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