UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





FORM 10-Q





[ X ]QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





For the quarterly period ended December 31, 2010





[     ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT





For the transition period from ______ to _______




COMMISSION FILE NUMBER
000-52766EMPIRICAL VENTURES, INC.(Exact name of registrant as specified in its charter)




Nevada

27-0143340(State of incorporation)

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





40 Lake Bellevue Drive, Suite 100 Bellevue WA.
98005(Address of principal executive offices)
(Zip Code)800-123-4567(Registrant’s telephone number)




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 of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.





Yes [X]

No [ ]




Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).





Yes [ ]

No[X]








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
[ ]
Smaller reporting company
[X](Do not check if a smaller reporting company)





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




Yes [X]

No [ ]




As of March 3, 2014, there were 9,586,662 shares of the Registrant’s $0.001 par value common stock issued and outstanding.


EMPIRICAL VENTURES, INC.
 
 TABLE OF CONTENTS
  PAGEPART I

FINANCIAL INFORMATIONITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

3ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

4ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

10ITEM 4.

CONTROLS AND PROCEDURES

10PART II

OTHER INFORMATIONITEM 1.

LEGAL PROCEEDINGS

11ITEM 1A.

RISK FACTORS

11ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

11ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

11ITEM 4.

MINE SAFEY DISCLOSURE – Not Applicable

11ITEM 5.

OTHER INFORMATION

11ITEM 6.

EXHIBITS

12SIGNATURES

13
 
 Special Note Regarding Forward-Looking Statements
 
 Information included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Empirical Ventures, Inc. (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. 
 *Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "Empirical refers to Empirical Ventures, Inc.
  2
 PART I - FINANCIAL INFORMATION
 
 ITEM1.        FINANCIAL STATEMENTS (UNAUDITED)
 
 Index
 
 PagesBalance Sheets
F-1Statements of Operations
F-2Statements of Cash Flows
F-3Notes to the Financial Statements
F-4 to F-9
  3
 EMPIRICAL VENTURES, INC.
 (A Development Stage Company)
 BALANCESHEETS
 
 December 31,


June 30,2010


2010(Unaudited)


(Audited)ASSETSCurrent AssetsCash

$
1,218


$
4,961Total Assets

$
1,218


$
4,961LIABILITIES AND STOCKHOLDERS' DEFICITCurrent LiabilitiesAccounts payable and accrued expenses


23,087



31,587Related party loan payable


15,000



5,000Loans Payable


61,529



61,529Total Current Liabilities


99,616



98,116Stockholders' DeficitPreferred stock, $.001 par value 10,000,000 shares authorizedno shares issued and outstanding


-



-Common stock, $.001 par value 50,000,000 shares authorized9,586,662 shares issued and outstanding


9,587



9,587Additional paid-in capital


63,713



63,713Deficit accumulated during the development stage


(171,698
)


(166,455
)Total Stockholders' Deficit


(98,398
)


(93,155
)Total Liabilities and Stockholders' Deficit

$
1,218


$
4,961




F-1
 EMPIRICAL VENTURES,INC.
 (A Development Stage Company)
 STATEMENTSOF OPERATIONS
 (unaudited)
 
 For the PeriodFor the Three


For the Three


For the Six


For the Six


from April 14,Months Ended


Months Ended


Months Ended


Months Ended


2004 (inception)December 31,

2010


December 31,

2009


December 31,

2010


December 31,

2009


to December 31,

2010REVENUES

$
-


$
-


$
-


$
-


$
-OPERATING EXPENSESGeneral and administrative expenses


121



2,518



5,243



5,036



165,198Impairment of intangible asset


-



-



-



-



6,500Total operating expenses


121



2,518



5,243



5,036



171,698Net loss before provision for income taxes


(121
)


(2,518
)


(5,243
)


(5,036
)


(171,698
)Provision for income taxes


-



-



-



-



-Net loss


(121
)


(2,518
)


(5,243
)


(5,036
)


(171,698
)Weighted average common shares outstanding -Basic and diluted


9,586,662



9,586,662



9,586,662



9,586,662Net loss per share – basic and diluted

$
(0.00
)

$
(0.00
)

$
(0.00
)

$
(0.00
)




F-2
 EMPIRICAL VENTURES,INC.
 (A Development Stage Company)
 STATEMENTSOF CASH FLOWS
 (unaudited)
 
 For the PeriodSix Months


Six Months


from April 14,Ended


Ended


2004 (inception)December 31,


December 31,


to December 31,2010


2009


2010Operating ActivitiesNet loss

$
(5,243
)

$
(5,036
)


(171,698
)Adjustments to reconcile net loss to net cash used in operating activities:Impairment of intangible asset


-



-



6,500Changes in operating assets and current liabilities:Accounts payable and accrued expenses


(8,500
)


5,000



33,087Net Cash Used In Operating Activities


(13,743
)


(36
)


(132,111
)Investing ActivitiesPayment for technology rights


-



-



(15,000
)Bank overdraft


-



3



-Net Cash Used In Investing Activities


-



3



(15,000
)Financing Activities:Proceeds from Related Party Loan Payable


10,000







51,529Proceeds from the issuance of common stock


-



-



96,800Net Cash Provided By Financing Activities


10,000



-



148,329Increase (Decrease) in Cash


(3,743
)


(33
)


1,218Cash, Beginning of Period


4,961



33



-Cash, End of Period

$
1,218


$
-


$
1,218Supplemental Disclosure of Cash Flow Information:Cash paid for interest

$
-


$
-


$
-Cash paid for income taxes

$
-


$
-


$
-




F-3
 EMPIRICAL VENTURES, INC.
 (A Development Stage Company)
 NOTES TO THE FINANCIAL STATEMENTS
 December 31, 2010
 (Unaudited)
 NOTE1 - NATURE OF OPERATIONS
 
 Empirical Ventures, Inc. (the “Company”) was incorporated in Nevada on April 14, 2004.  The Company is adevelopment stage company. The Company’s plan is to commercialize an enterprise and related software applications. The Company is in the early stages of the software application and infrastructure build out, and has not as yet engaged in revenue producing activities.  The Company will provide products and services to enable the travel and tourism industries to more effectively manage all travel and tourism related services. The Company’s objective was to complete development and pre-marketing activities and to actively market and support a commercial product and to earn revenues from the travel and tourism industries or other related organizations worldwide via the Internet from the Company’s website. The Darrwin software development has since been abandoned due to the obsolescence of the program. The company is currently seeking new business opportunities.
 
 NOTE 2 – GOING CONCERN
 
 These financial statements are presented on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business over a reasonable length of time. As of December 31, 2010 the Company had $1,218 in cash, and accumulated net losses of $171,698since inception. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Its continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and to obtain additional financing or refinancing as may be required. The Company will attempt to locate and negotiate with a business entity for the combination of a target company. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934.
 
 Management's plans for the continuation of the Company as a going concern include financing the Company's operations through issuance of its common stock. If the Company is unable to complete its financing requirements or achieve revenue as projected, it will then modify its expenditures and plan of operations to coincide with the actual financing completed and actual operating revenues. There are no assurances, however, with respect to the future success of these plans.  Unless otherwise indicated, amounts provided in these notes to the financial statements pertain to continuing operations. The Company is not currently earning any revenues.
 
 NOTE 3 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
 Development Stage Company
 
 All of our operating results and cash flows reported in the accompanying financial statements from April 14, 2004 through December 31, 2010 are considered to be those related to development stage activities and represent the 'cumulative from inception' amounts from our development stage activities required to be reported pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 915, Development Stage Entities.
 
 Basis of Presentation
  These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in United States (US) dollars. The Company has not produced any revenue from its principal business and is a development stage company.
  The unaudited interim financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission.
 F-4
 EMPIRICAL VENTURES, INC.
 (A Development Stage Company)
 NOTES TO THE FINANCIAL STATEMENTS
 December 31, 2010
 (Unaudited)
    The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and notes for the year ended June 30, 2010 included in our Annual Report on Form 10-K. The results of the three and six month periods ended December 31, 2010 are not necessarily indicative of the results to be expected for the full year ending June 30, 2011.
  Reclassifications
 
 Certain prior year amounts have been reclassified to conform to the current period presentation.  These reclassifications had no impact on net earnings, financial position or cash flows.
 
 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 these financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
 Start-up Expenses
 
 The Company has adopted an accounting policy which requires that costs associated with start-up activities be expensed as incurred. Accordingly, start-up costs associated with the Company's formation have been included in the Company's general and administrative expenses for the period from inception on April 14, 2004 to December 31, 2010
 
 Cash and Cash Equivalents
 
 The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
 
 Loss per Share
 
 The Company computed basic and diluted loss per share amounts using generally accepted accounting principles  There are no potentially dilutive shares outstanding and, accordingly, dilutive per share amounts have not been presented in the accompanying statements of operations.
 F-5
 EMPIRICAL VENTURES, INC.
 (A Development Stage Company)
 NOTES TO THE FINANCIAL STATEMENTS
 December 31, 2010
 (Unaudited)
  
 Fair Value of Financial Instruments
 
 Fair Value of Financial Instruments -On July 1, 2008, the Company adopted Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("Topic 820"). Topic 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:
 
 Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement.
 
 The Company’s adoption of fair value measurements and disclosures did not have a material impact on the financial statements and financial statement disclosures.
 
 Income Taxes
 
 The Company records income taxes in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes.” The standard requires, among other provisions, an asset and liability approach to recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the financial statement carrying amounts and tax basis of assets and liabilities. Valuation allowances are provided if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
 
 Recent Accounting Pronouncements
 
 Adopted
 
 In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.
  The amendments in ASU 2013-04 provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendment in this standard is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our financial statements.
 
 In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements.
 F-6
 EMPIRICAL VENTURES, INC.
 (A Development Stage Company)
 NOTES TO THE FINANCIAL STATEMENTS
 December 31, 2010
 (Unaudited)
    Not Adopted
 
 In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendment in this standard is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our financial statements.
 
 In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements.
 
 Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.
 
 NOTE 4 – STOCKHOLDERS’ DEFICIT
 
 On May 7, 2004, the Company issued 5,000,000 of its common shares to its founder for cash of $5,000.
 
 On June 30, 2004, the Company issued 3,820,000 of its common shares for cash of $57,300.
 
 On June 30, 2004, the Company issued 100,000 of its common stock in conjunction with a Technology Purchase Agreement.  Per the agreement, these shares were issued at $.015.  In accordance with an amendment to the original agreement, these shares were subsequently cancelled during the year ended June 30, 2005.
 
 On July 23, 2004, the Company issued 766,662 of its common shares for cash of $11,000.
 
 On December 30, 2008, a total of 500,000 common shares were subscribed for by one individual at $0.05 per share the net proceeds received by the company were $25,000.
 
 During May 2010, the subscriber of the 500,000 shares at $0.05 revoked his subscription agreement converting the subscription agreement of $25,000 to a loan.
 
 On November 6, 2009 an unrelated third party agreed to convert $10,000 of debt owed to him by the Company in exchange for 1,000,000 Common restricted shares at $0.01 per share. These shares were never issued and the amount of $10,000 was credited back as part of the original loan.
 
 Common stockholders are entitled to 1 vote per common share held. There are no special rights or privileges afforded to common share holders.
 F-7
 EMPIRICAL VENTURES, INC.
 (A Development Stage Company)
 NOTES TO THE FINANCIAL STATEMENTS
 December 31, 2010
 (Unaudited)
 
 NOTE 5–RECLASSIFICATION
 
 On December 30, 2008, a total of 500,000 common shares were subscribed for by one individual at $0.05 per share. The net proceeds received by the Company was $25,000.
 
 During May 2010, the subscriber of the 500,000 shares at $0.05 revoked his subscription agreement reclassifying the subscription agreement of $25,000 to a loan. The loan is non-interest bearing and has no fixed term of repayment.
 
 On October 16, 2007, the Company received $36,000 cash from an unrelated third party loan to continue its operations. The loan is non-interest bearing and has no fixed term of repayment.
 
 On November 28, 2008, the Company received $79 cash from an unrelated third party loan to continue its operations. The loan is non-interest bearing and have no fixed term of repayment.
 
 On June 4, 2009, the Company received $450 cash from an unrelated third party loan to continue its operations. The loan is non-interest bearing and has no fixed term of repayment.
 
 As of June 30, 2010, the amount of $36,529 has been reclassified from a related party loan to unrelated party loan.
 
 NOTE 6 – RELATED PARTY LOANS
  On February 25, 2010, the Company received $5,000 cash from a related third party to continue its operations. The loan is non-interest bearing and has no fixed term of repayment.
 
 On July 15, 2010, the Company received $10,000 cash from a related third party to continue its operations.  The loan is non-interest bearing and has no fixed term of repayment.
 
 NOTE 7 – LOANS
 
 On October 16, 2007, the Company received $36,000 cash from an unrelated third party loan to continue its operations. The loan is noninterest bearing and has no fixed term of repayment.
 
 On November 28, 2008, the Company received $79 cash from an unrelated third party loan to continue its operations. The loan is non-interest bearing and has no fixed term of repayment.
 
 On June 4, 2009, the Company received $450 cash from an unrelated third party loan to continue its operations. The loan is non-interest bearing and has no fixed term of repayment.
 
 NOTE 8 - SUBSEQUENT EVENTS
 
 On February 11, 2014, the Company entered into a exclusive license agreement with PsiTech Corporation for the use of Psitech's proprietary Mobile Marketing Platform  called Go-Page, in North America.  In consideration of the licenses granted and other undertakings by Licensor hereunder, Licensee shall pay Licensor a License Fee in the amount of two hundred thousand dollars ($200,000) (“License Fee”).  The License Fee shall be due and payable as follows: $50,000 upon signing the Memorandum of Understanding (“MOU”) between the Parties (provided, however, that Licensor hereby acknowledges receipt of this portion of the License Fee);$50,000 upon signing of this Agreement; and $100,000 upon on or before March 28, 2014. As of the date of our report, the Company has paid $100,000.
 F-8
 EMPIRICAL VENTURES, INC.
 (A Development Stage Company)
 NOTES TO THE FINANCIAL STATEMENTS
 December 31, 2010
 (Unaudited)
    The License Fees are non-cancellable and non-refundable. In addition to the License Fee payable in accordance with, Licensee shall pay a royalty (“Royalty”) to Licensor according to the following schedule (“Royalty Schedule”):
 
 Subscribers
Royalty Payable as Percentage of Gross Revenue0 – 5000
6.25%5001 – 7500
6.75%7501 – 10,000
7.00%10,001 – 15,000
8.00%15,001 – 20,000
8.50%20,001 – 25,000
9.25%25,001+
9.75%
 
 Reports and Payment
  Not later than the fifteenth (15th) calendar day of each calendar quarter (or the first business day thereafter), Licensee shall deliver to Licensor (i) a report accurately showing Gross Revenues of the Licensee for the previous quarter, the number of Subscribers on the last day of such previous quarter and the amount of Royalties due thereon, and (ii) payment of the Royalties payable for such previous quarterly based on the Subscriber information as reflected in the report.  All payments under this Agreement shall be made in US dollars.
 
 On December 1, 2013 the Company entered into employment agreements with our President and our COO for a period of three years.
 F-9
 ITEM2.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 FORWARD-LOOKING STATEMENTS
 
 This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains forward-looking statements that involve known and unknown risks, significant uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, or implied, by those forward-looking statements.  You can identify forward-looking statements by the use of the words may, will, should, could, expects, plans, anticipates, believes, estimates, predicts, intends, potential, proposed, or continue or the negative of those terms.  These statements are only predictions. In evaluating these statements, you should consider various factors which may cause our actual results to differ materially from any forward-looking statements.  Although we believe that the exceptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements.  We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
 
 We are a development stage company. Originally our plan was to commercialize a travel and tourism management program and related software applications.  We have since ceased development stages for our software application and infrastructure build out due to the obsolescence and being cost prohibitive of the initial software application and have not as yet engaged in revenue producing activities.  We are currently seeking new business opportunities and have earned no revenues to date.
  Corporate Background
  Empirical Ventures, Inc. is a corporation formed under the laws of the State of Nevada on April 14, 2004, whose principal executive offices are located in Bellevue Washington.  Originally, our principal business was the further development, and future production, marketing and sales via the Internet of a software product called Darrwin. We are currently seeking new business opportunities and have earned no revenues to date.
 
 Recent Corporate Developments Subsequent to December 31, 2010
 
 On November 28, 2013 we entered into a Memorandum of Understanding with Pstech Corporation to obtain an exclusive license for the use of Psitech's proprietary Mobile Marketing Platform called Go-Page, in North America.
 
 On February 11, 2014, we entered into a exclusive license agreement with PsiTech Corporation for the use of Psitech's proprietary Mobile Marketing Platform  called Go-Page, in North America (the “License Agreement”).  In consideration of the licenses granted and other undertakings by Licensor hereunder, Licensee shall pay Licensor a License Fee in the amount of two hundred thousand dollars (US$200,000) (“License Fee”).  The License Fee shall be due and payable as follows:
 
 $50,000 upon signing the Memorandum of Understanding (“MOU”) between the Parties (provided, however, that Licensor hereby acknowledges receipt of this portion of the License Fee);$50,000 upon signing of the  License Agreement; and  $100,000 upon on or before March 28, 2014. To date, we have paid $100,000 of these obligations.
 4
 The License Fees are non-cancellable and non-refundable. In addition to the License Fee payable in accordance with, Licensee shall pay a royalty (“Royalty”) to Licensor according to the following schedule (“Royalty Schedule”):
  Subscribers
Royalty Payable as Percentage of Gross Revenue0 – 5000
6.25%5001 – 7500
6.75%7501 – 10,000
7.00%10,001 – 15,000
8.00%15,001 – 20,000
8.50%20,001 – 25,000
9.25%25,001+
9.75%
  Reports and Payment
 Not later than the fifteenth (15th) calendar day of each calendar quarter (or the first business day thereafter), Licensee shall deliver to Licensor (i) a report accurately showing Gross Revenues of the Licensee for the previous quarter, the number of Subscribers on the last day of such previous quarter and the amount of Royalties due thereon, and (ii) payment of the Royalties payable for such previous quarterly based on the Subscriber information as reflected in the report.  All payments under this Agreement shall be made in US dollars.
 
 The License Agreement contains customary representations and warranties and pre and post-closing covenants of each party and customary closing conditions. Breaches of the representations and warranties will be subject to customary indemnification provisions, subject to specified aggregate limits of liability. The foregoing summary description of the terms of the License Agreement may not contain all information that is of interest to the reader. For further information regarding the terms and conditions of the License Agreement, this reference is made to such agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by this reference.
  About Go-Page
  The following information has been provided by PsiTech Corporation (“PsiTech”).  PsiTech management has extensive experience in developing in cloud computing technologies, and has gained a deep understanding working with a wide range of enterprises and small businesses to understand the technological marketing needs and challenges they face. PsiTech found that that the average small business owner values and budgets for advertising and promotions through direct mail, media, yellow page listings and that most had a personal social listing but not any kind of online business presence because they do not have either the time or the technical skills to build and manage a website.
 
 Go-Page is a mobile device friendly page that displays specifically for small screens. Owners of the website administer their go-page on gopage.com (which website is expressly not incorporated by reference to this filing) to their liking, where they can offer daily deals coupons and incentives.
 
 Go-Page provides business analytics to track and offer statistical and retail data so that the website owner doesn't have to. It is an enhancement offering to their customers, analogous to a Facebook or Twitter link. Facebook feeds them social status, Go-Page will feed them relevant locale-data.
 
 It appears that today’s consumers are becoming more present-centered, they are very interested in immediate gratification, and are focused on what is going to benefit them right now.
 5
 Mobile applications  require a completely different approach, as it is a completely new format of spatially and contextually driven communications – a new marketing language, serving relevant, congruent information to consumers based on where they are and what they’re doing.
  Consumers are looking for specific information or are making quick-decision purchases.
 Mobile sites and landing pages must provide simple and direct-response functionality — such as click-to-call features and only the most relevant information
 
 Effective mobile optimization of websites and “responsive” design, is more than shrinking a webpage down to the size of a smartphone screen. Consumers have an intimate and personal relationship with their devices. People are on the go, the structure of information needs to be entirely different with new properties for maximum user experience. Contextual relevance: The communication should be relevant to the place and the intended user response has to be appropriate given what the individual is likely doing in that place.
 
 Communications should be simple, elegant and navigable at a glance. The communication should promote immediate consumer action. The goal is to reduce consumer friction to have the consumer do something of value to them right now, up to and including making a purchase...now.
 
 Many of PsiTech's clients have inquired about PsiTech  building a website for them so they could take advantage of online marketing programs like the daily deal offered by companies like Groupon. They were in need of a website but the process discouraged them; they informed PsiTech that they found that building a website through an online companies  was often too complicated, expensive and confusing.
 
 PsiTech has also discovered that the clients that did have websites were frustrated with their sites being outdated, no contact info, no social links, no special deal promotion capability, and  no understanding of mobile optimization. We recognized the need in the market and set out to create a “hub” webpage that had all their essential information in one page for SMB’s to connect with customers and promote their business online. As online purchases and mobile purchases via tablets and smart-phones increase, SMB survival depends on being visible and found.
 
 Empirical management believes that Go-Page is a new way to create a dynamic online web-presence to promote and increase sales for your business. Go-Page is all about making webpage building a simple and enjoyable experience, accessible for everyone. Users don’t need to deal with HTML coding or any of the technical aspects of hooking up the site to a domain and hosting. Go-Page is an affordable, easy-to-use, accessible and secure cloud-based web portal that provides SMBs (Server Message Block) with the power to develop and maintain professionally designed webpages or “Go-Pages”. Go-Pages are search engine optimized (SEO) – visibility; and formatted for computers, smartphones and tablets – mobility. Server Message Blockoperates as anapplication-layer network protocolmainly used for providingshared accesstofiles,printers,serial ports, and miscellaneous communications between nodes on a network. It also provides an authenticatedinter-process communicationmechanism.
 
 The Business Opportunity
 
 How people find, gather and sort information has radically evolved in the last few years and is constantly changing. Almost all consumers now use online media when researching products or services in their local area.
 
 The numbers of media sources consumers are using when shopping for products and services in their local area continue to grow. Yet, despite changes in consumer behavior only half of all small businesses have their own website and less than a quarter of those who do have social media links.  Why?
 
 Management believes that there are two primary reasons for the current state.  First is cost, measured in time and money; many small businesses simply cannot afford the high costs associated with the development and maintenance of their website.  Secondly, many small and medium businesses do not have the internal skill set or aptitude to build and update a basic webpage.  In order to grow, small and medium enterprise has a critical need to market their offerings to existing to current and prospective customers in a cost effective, efficient manner.
  Traditional print advertising is costly and not as effective as it once was. A strong online presence is a must in today’s highly competitive online marketplace. Without a visible, accessible webpage, small business risks losing customers to big business and more business savvy competitors.
 6
 Intellectual Property
 
 To date, we have not been granted any patents, trademarks, franchises, concessions or labor contracts at this time, however, we are preparing applications for trademarks in Canada and the United States and in the future other jurisdictions, and have no assurance of our ability to continue to use such names in association with the sale of our products and services.
 
 In the future we will enter into confidentiality and proprietary rights agreements with our employees, consultants and other third parties and control access to software, documentation and other proprietary information and intend to apply for other protections in the form of patents and copyrights if applicable. Failure to provide adequate protection our proprietary rights could expose us to infringement of our rights by other parties and could offer similar services, significantly harming our competitive position and decreasing our revenues.
 
 Government Regulation
 
 We currently do not require approval of any government to offer our products and services. We do not expect that there will be any governmental regulations on our business. We will voluntarily refuse to accept orders from the following countries: Afghanistan, Angola, Cuba, Democratic People's Republic of Korea [North Korea], Eritrea, Federal Republic of Yugoslavia [Serbia and Montenegro], Iran, Iraq, Liberia, Libya, Myanmar [Burma], Rwanda, Sierra Leone, Syria, and Sudan. We expect no costs or effects of compliance of federal, state and local environmental laws on our business.
 
 We anticipate that we will incur over the next twelve months the following expenses:
 
 Type
Amount
PercentSalaries
119,030
4%Professional services (Agent Commissions)
434,410
16%(IT development)
85,572
3%Hardware and equipment
29,200
1%Professional services (Public company expenses)
80,000
3%(lawyers and accountants)
35,850
1%Programming IT development
47,632
2%Office, rent and expenses
7,168
0%Travel expenses
40,250
1%Government Fees (Corporate Tax provision)
734,503
27%Business Development fees
168,092
6%Servers and bandwidth
137,387
5%Bank fees and  interest
163,720
6%Administration
476,167
17%Marketing and Advertisement
179,716
7%Total
2,738,696
100%
 
 Our total expenditures over the next twelve months are anticipated to be approximately $2,738,696. Our cash on hand as of December 31, 2010 is $1,218. We do not have sufficient cash on hand to fund our operations for the next twelve months. We also require additional financing.
 7
 RESULTS OF OPERATIONS
 
 Working Capital
 
 December 31,

2010


June 30,

2010Current Assets

$
1,218


$
4,961Current Liabilities

$
99,616


$
98,116Working Capital Deficit

$
(98,398)


$
(93,155
)
 
 Cash Flows
 
 SIX MONTH

Period Ended

December 31,

2010


SIX MONTH

Period Ended

December 31,

2009Cash Flows used in Operating Activities

$
(13,743
)

$
(33
)Cash Flows used in Investing Activities

$
-


$
-Cash Flows provided by Financing Activities

$
10,000


$
-Net  Increase (Decrease) in Cash During Period

$
(3,743)


$
(33
)
 
 As of December 31, 2010, we had cash on hand of $1,218. Since our inception, we have used our common stock and promissory notes to raise money for our operations. We have not attained profitable operations and are dependent upon obtai ning financing to pursue our plan of operation.
 
 Operating Revenues
 
 We have not generated any revenues since inception.
 
 Operating Expenses and Net Loss
 
 Operating expenses for the three month ended December 31, 2010 was $121compared with $2,518 for the three month ended December 31, 2009. The decrease in operating expenditures was a result of the Company's ongoing reporting requirements, accounting, consulting, and general and administrative expenses.
 
 Net loss for the three month period ended December 31, 2010was $121 compared with $2,518 for the period ended December 31, 2009. The overall decrease in net loss of $2,964 was attributed to the Company's ongoing reporting requirements, accounting, consulting, and general and administrative expenses.
 
 Liquidity and Capital Resources
 
 As at December 31, 2010, the Company’s cash balance was $1,218.
 As at December 31, 2010, the Company had total liabilities of $99,616.
 As at December 31, 2010, the Company had a working capital deficit of $(98,398)
 8
 Cashflow from Operating Activities
 During the sixmonth period ended December 31, 2010, the Company used $13,743of cash for operating activities compared with $36 for the six month ended December 31, 2009.
 
 Cashflow from Investing Activities
 
 During the six month period ended December 31, 2010 and 2009, the Company paid $0in investing activities.
 
 Cashflow from Financing Activities
 
 During the six month period ended December 31, 2010, the Company has net cash received of $10,000 from financing activities compared, with $0 in financing activities for the same period in 2009.
 
 Off-Balance Sheet Arrangements
 
 We have no 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.
 
 Going Concern
 
 We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities. For these reasons, our auditors stated in their report for the year ended June 30, 2010 that they have substantial doubt that we will be able to continue as a going concern without further financing.
 
 Future Financings
 
 We will continue to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund any future business opportunities.
 
 Critical Accounting Policies
 
 We have identified certain accounting policies, described below, that are most important to the portrayal of our current financial condition and results of operations. Our significant accounting policies are disclosed in the notes to the audited financial statements included in this Quarterly Report.
 
 Use of Estimates
 
 The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for the reporting period. Significant areas requiring the use of management estimates relate to the valuation of its business.
 
 Development Stage Enterprise
 
 Our financial statements are prepared using the accrual method of accounting. We are a development stage company as we devote substantially all of our efforts to acquiring and developing businesses. Until such business are acquired and developed, we will continue to prepare our financial statements and related disclosures in accordance with entities in the development stage.
 9
 Recently Issued Accounting Pronouncements
 
 We do not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.
  Contractual Obligations
  We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
  ITEM3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
  ITEM 4.       CONTROLS AND PROCEDURES
 
 Evaluation of Disclosure Controls and Procedures
 
 Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act"). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective as of December 31, 2010, due to the material weaknesses resulting from the Board of Directors not currently having any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K, and controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements.
 
 Changes in Internal Control over Financial Reporting
 
 Our management has also evaluated our internal control over financial reporting, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of our last evaluation.
 
 The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.
 10
 PARTII - OTHER INFORMATION
 
 ITEM 1.        LEGAL PROCEEDINGS
  We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
 
 ITEM 1A.     RISK FACTORS
 
 We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
  ITEM 2.        UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
 1.           Quarterly Issuances:
 During the three months ended December 31, 2010, the Company did not issue any shares of common stock.
  2.           Subsequent Issuances:
 Subsequent to the quarter, we did not issue any shares of common stock.
  ITEM 3.        DEFAULTS UPON SENIOR SECURITIES
 
 None.
 
 ITEM 4.        MINE SAFETY DISCLOSURE
 
 Not Applicable.
 
 ITEM 5.        OTHER INFORMATION
 
 None.
 11
 ITEM6.        EXHIBITS
 
 ExhibitNumber
Description of Exhibits3.1
Articles of Incorporation*3.4
Bylaws*10.1
License Agreement with PsiTech Corporation**10.2
Employment Agreement Peter Schulhof**10.3
Employment Agreement Stewart Irvine**14.1
Code of Ethics**31.1
Certification of Chief Executive Officer and as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
Certification of Chief Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
Certification of Chief Executive Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
Certification of Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 * Incorporated by reference to our Registration Statement on Form SB-2, as filed with the Securities and Exchange Commission on November 15, 2004.
  ** Incorporated by reference to our Annual Report on Form 10K, as filed with the Securities and Exchange Commission on February 21, 2014.
  12
 SIGNATURES
  In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
  EMPIRICAL VENTURES, INC.Date:
March 5, 2014
By:
/s/ Derek WardName:
Derek WardTitle:
Chief Executive Officer and DirectorDate:
March 5, 2014
By:
/s/Anthony JacksonName:
Anthony JacksonTitle:
Chief Financial Officer (Principal Accounting Officer) and Director
 
 
 In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
  Date:
March 5, 2014
By:
/s/ Derek WardName:
Derek WardTitle:
Chief Executive Officer and DirectorDate:
March 5, 2014
By:
/s/ Peter SchulhofName:
Peter SchulhofTitle:
President, Secretary, Treasurer and DirectorDate:
March 5, 2014
By:
/s/ Stewart IrvineName:
Stewart IrvineTitle:
Chief Operating Officer and DirectorDate:
March 5, 2014
By:
/s/Anthony JacksonName:
Anthony JacksonTitle:
Chief Financial Officer (Principal Accounting Officer) and Director
 13