UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-Q


(Mark
      One)[X]
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934For
      the quarterly period ended: March 31,
      2010Or[ 
       ]
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934For
      the transition period from ____________ to
_____________Commission
      File Number: 333-153826logoMIMVI, INC.(Exact
      name of registrant as specified in its charter)FASHION
      NET, INC.
              (Former
      Name If Applicable)Nevada
            26-0685980(State
      or other jurisdiction of incorporation or organization)
            (I.R.S.
      Employer Identification No.)222
      Columbus Ave, Suite 410,
              San Francisco, CA
            94133(Address
      of principal executive offices)
            (Zip
      Code)510-552-2811(Registrant's
      telephone number, including area code)(Former
      name, former address and former fiscal year, if changed since last
      report)


Indicate
by check mark whether the issuer (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 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  [X]





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


Yes
[]   No [ X  ]





Indicate
the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date:





Common
      Stock, $0.001 par value
            35,100,000* shares(Class)
            (Outstanding
      as of May 17, 2010)


* Thisnumber
reflects the post 30 for 1 forward split which was effectuated on April 12,
2010
















MIMVI,
INC.


(Formerly
known as Fashion Net, Inc.)


Table
of Contents





PagePART I – FINANCIAL
    INFORMATIONItem 1. Financial Statements
                Unaudited
      Financial StatementsBalance
      Sheets
              3Statements
      of Operations
              4Statements
      of Cash Flows
              5Notes
      to Financial Statements
              6-9Item
      2. Management's Discussion and Analysis and Results of
      Operation
              10-11Item
      3. Quantitative and Qualitative Disclosures About Market Risk
                Item
      4T. Controls and Procedures
              11PART II – OTHER INFORMATIONItem
      1. Legal Proceedings
              12Item
      1A. Risk Factors
              12-14Item
      2. Unregistered Sales of Equity Securities
              14Item
      3. Defaults Upon Senior Securities
              14Item
      5. Other Information
              14SIGNATURES
              14































-
2 -


PART I – FINANCIAL INFORMATION





MIMVI,
INC.


(Formerly
known as Fashion Net, Inc.)


(A
Development Stage Company)


Balance
Sheets








March
      31,
            
            
            December
      31,2010
            
            
            2009(unaudited)
            
            
            (audited)AssetsCurrent
      assets:Cash
            
            $
            100
            
            
            $
            129Total
      assets
            
            $
            100
            
            
            $
            129Liabilities
      and Stockholders’ DeficitCurrent
      liabilities:Accounts
      payable
            
            $
            8,900
            
            
            $
            989Total
      current liabilities
            
            
            8,900
            
            
            
            989Total
      liabilities
            
            
            8,900
            
            
            
            989Stockholders’
      deficitPreferred
      stock, $0.001 par value, 50,000,000 shares authorized, 0 outstanding at
      March 31, 2010
              and
      December 31, 2009Common
      stock, $0.001 par value, 300,000,000 sharesauthorized,
      35,100,000 and 305,100,000 shares issued and outstanding at March 31, 2010
      and December 31, 2009, respectively
            
            
            1,170
            
            
            
            10,170Additional
      paid-in capital
            
            
            31,209
            
            
            
            22,209Stock
      payable
            
            
            553
            
            
            
            -Deficit
      accumulated during development stage
            
            
            (41,732)
            
            
            
            (33,239)Total
      stockholders’ deficit
            
            
            (8,800)
            
            
            
            (860)Total
      liabilities and stockholders’ deficit
            
            $
            100
            
            
            $
            129











The
accompanying notes are an integral part of these financial
statements.











-
3 -








MIMVI,
INC.


(Formerly
known as Fashion Net, Inc.)


(A
Development Stage Company)


Statements
of Operations


Unaudited





InceptionThree
      Months Ended
              March
      31,
            
            
            (August
      7, 2007) to2010
            
            
            2009
            
            
            March
      31, 2010Revenue
            
            $
            -
            
            
            $
            -
            
            
            $
            -Expenses:Executive
      compensation
            
            
            -
            
            
            
            -
            
            
            
            10,000General
      and administrative expenses
            
            
            8,493
            
            
            
            500
            
            
            
            31,732Total
      expenses
            
            
            8,493
            
            
            
            500
            
            
            
            41,732Net
      loss
            
            $
            (8,493
            )
            
            $
            (500
            )
            
            $
            (41,732
            )Weighted
      average number ofcommon
      shares outstanding – basic
            
            
            305,100,000
            
            
            
            305,100,000Net
      loss per share – basic
            
            $
            (0.00
            )
            
            $
            (0.00
            )














The
accompanying notes are an integral part of these financial
statements.

















-
4 -





MIMVI,
INC.


(Formerly
known as Fashion Net, Inc.)


(A
Development Stage Company)


Statements
of Cash Flows


Unaudited





InceptionFor
      the three months ended March 31,
            
            
            (August
      7, 2007) to March 31,2010
            
            
            2009
            
            
            2010Operating
      activitiesNet
      loss
            
            $
            (8,493)
            
            
            $
            (500)
            
            
            $
            (41,732)Adjustments
      to reconcile net loss tonet
      cash used by operating activities:Shares
      issued for executive compensation
            
            
            -
            
            
            
            -
            
            
            
            10,000Stock
      based compensation for services
            
            
            553
            
            
            
            -
            
            
            
            553Changes
      in operating assets and liabilities:Increase
      in accounts payable
            
            
            7,911
            
            
            
            -
            
            
            
            8,900Net
      cash used by operating activities
            
            
            (29)
            
            
            
            (500)
            
            
            
            (22,279)Financing
      activitiesDonated
      capital
            
            
            -
            
            
            
            -
            
            
            
            13,879Issuances
      of common stock
            
            
            -
            
            
            
            -
            
            
            
            8,500Net
      cash provided by financing activities
            
            
            -
            
            
            
            -
            
            
            
            22,379Net
      increase (decrease) in cash
            
            
            (29)
            
            
            
            (500)
            
            
            
            100Cash
      – beginning
            
            
            129
            
            
            
            2,854
            
            
            
            -Cash
      – ending
            
            $
            100
            
            
            $
            2,354
            
            
            $
            100Supplemental
      disclosures:Interest
      paid
            
            $
            -
            
            
            $
            -
            
            
            $
            -Income
      taxes paid
            
            $
            -
            
            
            $
            -
            
            
            $
            -Non-cash
      transactions:Retirement
      of 270,000,000 shares of common stock
            
            $
            9,000
            
            
            
            -
            
            
            
            9,000Shares
      issued for executive compensation
            
            $
            -
            
            
            $
            -
            
            
            $
            10,000Number
      of shares issued for executive compensation
            
            
            -
            
            
            
            -
            
            
            
            300,000,000











The
accompanying notes are an integral part of these financial
statements.





-
5 -








MIMVI,
INC.


(Formerly
known as Fashion Net, Inc.)


(A
Development Stage Company)


Notes to Financial
Statements


Unaudited





Note
1 – Basis of presentation





The
interim financial statements included herein, presented in accordance with
United States generally accepted accounting principles and stated in US dollars,
have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission (SEC).  Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes that the disclosures are adequate to make the information
presented not misleading.





These
statements reflect all adjustments, consisting of normal recurring adjustments,
which, in the opinion of management, are necessary for fair presentation of the
information contained therein.  It is suggested that these interim
financial statements be read in conjunction with the audited financial
statements of the Company for the period ended December 31, 2009 and notes
thereto included in the Company's annual report on Form 10-K.  The
Company follows the same accounting policies in the preparation of interim
reports.





Results
of operations for the interim periods are not indicative of annual
results.





Note
2 – History and organization of the company





The
Company was organized August 7, 2007 (Date of Inception) under the laws of the
State of Nevada, as Fashion Net, Inc.  On April 12, 2010 the Company
changed its name to Mimi, Inc. (“Mimvi”, the “Company,” “we” “us” or “our”) The
Company was authorized to issue up to 75,000,000 shares of its common stock with
a par value of $0.001 per share. On April 12, 2010, the Company had a 30 for 1
forward stock split. Additionally, the Company increased its
authorized common stock to 300,000,000 and its authorized
preferred stock to 50,000,000. All references in these financial statements
to number of common shares, price per share and weighted average number of
common shares outstanding have been adjusted to reflect the stock split on a
retroactive basis, unless otherwise noted.




On
February 1, 2010, Kasian Franks acquired 98.3% of the issued and outstanding
stock of Fashion Net, Inc. from the former Chief Executive Officer of the
Company. Subsequent to the closing of the Stock Purchase Agreement, on March 4,
2010, Mr. Franks voluntarily cancelled 270,000,000 of his shares.  He
remains the majority shareholder of the Company.





As part
of the change in control of the Company, the Board of Directors has determined
that it is in the best interest of the Company to change the direction of its
operating business.  As part of the change of direction, the Company
amended the Articles of Incorporation of the Company to change its name to
“Mimvi, Inc.” This name change has been approved by the shareholders and
the Board of Directors of the Company.





Mimvi,
Inc. is a technology company that develops advanced algorithms and technology
for personalized search, recommendation and discovery services to the consumer
and enterprise. Our personalization technology automates the organization of
content. In detail, not only does it automate the process of search, but
importantly, the process of personalization, recommendation and discovery of
content. Behind our technology is a unique, powerful and proprietary set of
algorithms. These algorithms are optimized for various categories of content
such as mobile apps and online video. Our personalization technology platform
applies to all content. However, we focus our technology in the area of search,
recommendation and discovery results for mobile apps, entertainment and
educational videos of all kinds, including music videos. We focus our technology
on a search, recommendation and discovery consumer destination Internet site for
all of the world’s up and coming mobile apps.





The
Company continues to have limited operations and in accordance with Accounting
Standards Codification (“ASC”) Topic 915 “Development Stage Entities”, the
Company is considered a development stage company.





Note
3 - Going concern





The
Company’s financial statements are prepared using generally accepted accounting
principles in the United States of America applicable to a going concern which
contemplates the realization of assets and liquidation of liabilities in the
normal course of business. The Company has not yet established an ongoing source
of revenues sufficient to cover its operating costs and allow it to continue as
a going concern. The ability of the Company to continue as a going concern is
dependent on the Company obtaining adequate capital to fund operating losses
until it becomes profitable. If the Company is unable to obtain adequate
capital, it could be forced to cease operations.





-
6 -


In order
to continue as a going concern, the Company will need, among other things,
additional capital resources.  The Company is contemplating conducting
an offering of its debt or equity securities to obtain additional operating
capital.  The Company is dependent upon its ability, and will continue
to attempt, to secure equity and/or debt financing.  There are no
assurances that the Company will be successful and without sufficient financing
it would be unlikely for the Company to continue as a going
concern.





The
ability of the Company to continue as a going concern is dependent upon its
ability to successfully accomplish the plans described in the preceding
paragraph and eventually secure other sources of financing and attain profitable
operations. 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
4 – Significant Accounting Policies





Basis of
Presentation


The
financial statements present the balance sheets and statements of operations,
and cash flows of the Company. The financial statements of the Company have been
prepared in accordance with generally accepted accounting principles in the
United States of America.





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 from those
estimates.





Loss per
share


Net loss
per share is provided in accordance with Statement of Financial Accounting
Standards Board (“FASB”) ASC Topic 260 “Earnings Per Share”.  Basic
loss per share is computed by dividing losses available to common stockholders
by the weighted average number of common shares outstanding during the
period.  Diluted income (loss) per share gives effect to all dilutive
potential common shares outstanding during the period. Dilutive loss per share
excludes all potential common shares if their effect is anti-dilutive. The
Company had no dilutive common stock equivalents, such as stock options or
warrants as of March 31, 2010.





Recent Accounting
Pronouncements





In
January 2010, the FASB issued Accounting Standards Update (ASU) 2010-01, “Equity
(Topic 505-10): 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 limit on the amount of cash that will be distributed 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.





InJanuary 2010, the FASB
issued Accounting Standards Update (ASU) 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 (ASU) 2010-6,
“Improving Disclosures about Fair Value Measurements.” This update requires
additional disclosure within the roll forward of activity for assets and
liabilities measured at fair value on a recurring basis, including transfers of
assets and liabilities between Level 1 and Level 2 of the fair value hierarchy
and the separate presentation of purchases, sales, issuances and settlements of
assets and liabilities within Level 3 of the fair value hierarchy. In addition,
the update requires enhanced disclosures of the valuation techniques and inputs
used in the fair value measurements within Levels 2 and 3.





Note 5 – Note Payable





On August
21, 2009, the Company issued a note payable in the aggregate amount of $1,000
from one non-affiliated entity.  The note bears no interest, and is
due on demand. As of March 31, 2010, the Company has no outstanding amounts due
for notes payable.


-
7 -





Note
6 – Stockholders’ Deficit





As of
March 31, 2010, the Company was authorized to issue 75,000,000 shares of its
$0.001 par value common stock.  On April 12, 2010, the Company had a
30 for 1 forward stock split. Additionally, the Company increased its
authorized common stock to 300,000,000 with a par value of $0.001and its
authorized preferred stock to 50,000,000 with a par value of
$0.001.





On August
7, 2007, the Company issued 300,000,000 shares of its $0.001 par value common
stock as founders’ shares to an officer and director in exchange for services
rendered valued at $10,000.





On August
13, 2007, an officer and director of the Company donated cash in the amount of
$200.  The entire amount was donated, is not expected to be repaid and
is considered to be additional paid-in capital.





On
September 13, 2007, an officer and director of the Company donated cash in the
amount of $2,500.  The entire amount was donated, is not expected to
be repaid and is considered to be additional paid-in capital.





On
October 19, 2007, an officer and director of the Company donated cash in the
amount of $120.  The entire amount was donated, is not expected to be
repaid and is considered to be additional paid-in capital.





On
November 9, 2007, an officer and director of the Company donated cash in the
amount of $299.  The entire amount was donated, is not expected to be
repaid and is considered to be additional paid-in capital.





On
February 22, 2008, an officer and director of the Company donated cash in the
amount of $600.  The entire amount was donated, is not expected to be
repaid and is considered to be additional paid-in capital.





On March
7, 2008, an officer and director of the Company donated cash in the amount of
$160.  The entire amount was donated, is not expected to be repaid and
is considered to be additional paid-in capital.





On April
16, 2008, an officer and director of the Company donated cash in the amount of
$1,000.  The entire amount was donated, is not expected to be repaid
and is considered to be additional paid-in capital.





On April
17, 2008, the Company issued an aggregate of 5,100,000 shares of its $0.001 par
value common stock for total cash of $8,500 in a private placement pursuant to
Regulation D, Rule 505, of the Securities Act of 1933, as amended.





On
December 31, 2009, a former officer and director agreed to assume $9,000 of
accounts payable and notes payable of the Company. The entire amount is not
expected to be repaid to the officer and director and is considered to be
additional paid -in capital.





For the
three months ended March 31, 2010, there have been no issuances of common
stock.





On March
4, 2010, the majority stockholder of the Company voluntarily cancelled
270,000,000 shares of his common stock.  He remains the majority
shareholder, CEO and Director of the Company.





Note 7 – Warrants and
options





As of
March 31, 2010, there were 5,000,000 warrants outstanding  that were
issued for services rendered for investor relations and investor
recognition.





Note
8 – Related party transactions





The
Company issued 300,000,000 shares of its par value common stock as founders’
shares to a former officer and director in exchange for services rendered in the
amount of $10,000.





Since the
inception of the Company through March 31, 2010, a former shareholder, officer
and director of the Company donated cash to the Company in the amount of
$4,879.  This amount has been donated to the Company, is not expected
to be repaid and is considered additional paid-in capital.





The
Company does not lease or rent any property.  Office services are
provided without charge by an officer and director of the
Company.  Such costs are immaterial to the financial statements and,
accordingly, have not been reflected therein.  The officers and
directors of the Company are involved in other business activities and may, in
the future, become involved in other business opportunities.  If a
specific business opportunity becomes available, such persons may face a
conflict in selecting between the Company and their other business
interests.  The Company has not formulated a policy for the resolution
of such conflicts.


-
8 -








Note
9 – Commitments and Contingencies





On
January 16, 2010, the Company entered into an agreement with Ventana Capital
Partners, Inc (“Ventana”). Under the agreement, Ventana is to provide investor
relation services.  In exchange for these services, Ventana will
receive 50,000 restricted shares of common stock  and 2,500,000 five
year warrants with an exercise price of $0.50.





On
January 16, 2010, the Company entered into an agreement with Capital Group
Communications, Inc (“CGC”). Under the agreement, CGC is to assist the Company
to better develop investor recognition and awareness in the public capital
markets.  In exchange for these services, CGC will receive 50,000
restricted shares of common stock  and 2,500,000 five year warrants
with an exercise price of $0.50.





On
February 24, 2010, the Company entered in to an agreement with Vincent &
Rees law firm to provide securities and business advisory matters and completing
all other legal work associated with these items for 600,000 restricted shares
to be issued upon the completion of the stock split and name change of the
Company.





Note
10 – Subsequent Events





On April
12, 2010, the Company completed at 30 to 1 forward stock
split.  Concurrent with the forward split, the Company has increased
the number of authorized shares to 300,000,000 common shares authorized and
50,000,000 preferred shares authorized.


-
9 -


ITEM 2.  MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS





Forward-Looking
Statements





This
Quarterly Report contains forward-looking statements about the Company’s
business, financial condition and prospects that reflect management’s
assumptions and beliefs based on information currently available.  We can
give no assurance that the expectations indicated by such forward-looking
statements will be realized.  If any of our management’s assumptions should
prove incorrect, or if any of the risks and uncertainties underlying such
expectations should materialize, the Company’s actual results may differ
materially from those indicated by the forward-looking statements.





The key
factors that are not within our control and that may have a direct bearing on
operating results include, but are not limited to, acceptance of our services,
our ability to expand our customer base, managements’ ability to raise capital
in the future, the retention of key employees and changes in the regulation of
our industry.





There may
be other risks and circumstances that management may be unable to predict.
 When used in this Quarterly Report, words such as,   "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar
expressions are intended to identify forward-looking statements, although there
may be certain forward-looking statements not accompanied by such
expressions.





Management’s
Discussion and Analysis and Results of Operation





We were
incorporated in Nevada on August 7, 2007.  We are a development stage
company and have not yet realized any revenues since our
formation.  Mimvi is a technology company that develops advanced
algorithms and technology for personalized search, recommendation and discovery
services to the consumer and enterprise.  Mobile applications are the
new “websites” and mobile devices are the new “browsers”. Our technology excels
at helping people search for and find personalized mobile apps such as iPhone
apps, Google Android apps, Windows Mobile apps, Symbian apps and many
others.





A
multi-billion dollar revenue difference exists that favors leading search
engines over leading social networks. Our business combines the value of search
engines and social networks to provide the world’s largest personalized search
and recommendation engine for mobile applications and videos.





We have
developed cognitive computing technology which is the basis for its personalized
search and recommendation platform. This technology mimics the way humans’
process information. Using this technology to analyze information, searches on
search engines and similar tastes found on social networks around the world, our
business provides powerful personalized search, discovery, recommendation
algorithms and additional technology platforms. This technology is currently
applied to automatically organize the world’s mobile apps and videos for
consumers and enterprises such as Google, Apple, Baidu, NetFlix and
Amazon.





While
standard search algorithms require a lot of active work on the users part, our
cognitive computing algorithms are designed to automate the search, discovery
and recommendation process with personalization technology. This works
especially well when users want to passively, similar to watching TV, interact
with content on the Internet or within the enterprise.





Our
technology platforms enable addictive and exhilarating consumer web experiences.
These consumer web experiences are defined by simplicity and power. The world’s
general social networks and search engines have commoditized information making
it ripe for the application of our technology. The value in this information
comes from it being intelligently organized.





Our
strategists understand that consumers need services that simplify their daily
routines as opposed to making them more complex. This strategy wrapped around a
platinum class of advanced search algorithms and technology provides relevant
search results without having to actively search for apps, entertainment and
product recommendations. Powerful automated discoveries add to a higher quality
of life that can inspire and be shared with family and friends. By achieving
this, the Company’s product becomes a part of the consumer’s daily
lives.





In the
three months ended March 31, 2010, we incurred a net loss in the amount of
$8,493, classified as general and administrative expenses.  During the
comparable period ended March 31, 2009, our net loss totaled $500 in general and
administrative expenses.  Our net loss in the current period ended
March 31, 2010 was higher than in the prior year due primarily to consulting
fees.  Since our inception, aggregate expenses were $41,732,
consisting of $10,000 in executive compensation paid to a former officer of the
Company in the form of 300,000,000 shares of common stock issued for services
rendered and $31,732 in general and administrative expenses.  No
development related expenses have been or will be paid to any of our
affiliates.  We expect to continue to incur general and administrative
expenses for the foreseeable future, although we cannot estimate the extent of
these costs.  We have no customers or any revenue streams, thus, we
anticipate incurring net losses for the foreseeable future.





-
10 -


Through the three months ended March 31,
2010, we experienced a net decrease in cash of $29.  Our cash on hand
as of March 31, 2010, was $100, which we believe is not sufficient to support
our operations for the next twelve months.  As such, we may be unable
to satisfy any of our financial obligations.  Our ability to fund our
operating expenses is in doubt, and we cannot guarantee that we will be able to
satisfy such.  As a result, our independent auditors have expressed
substantial doubt about our ability to continue as a going concern in the
independent auditors’ report to the financial statements included in our
10-K.  If our business fails, our investors may face a complete loss
of their investment.





Generating
sales is important to support our planned ongoing
operations.  However, we cannot guarantee that we will generate any
sales.  Our management believes we will need to raise additional
capital by issuing capital stock or debt securities in exchange for cash in
order to continue as a going concern.  We are currently contemplating
requesting further operating capital from our sole officer and director or
seeking debt financing from third-party sources, neither of which we can be
assured of obtaining.  We cannot assure you that any financing can be
obtained or, if obtained, that it will be on reasonable terms.





Our
management does not anticipate the need to hire additional full- or part-time
employees over the next 12 months, as the services provided by our current
officers and directors appear sufficient at this time.  Our officers
and directors work for us on a part-time basis, and are prepared to devote
additional time, as necessary.  We do not expect to hire any
additional employees over the next 12 months.





Our
management does not expect to incur research and development costs.





We do not
have any off-balance sheet arrangements.





We
currently do not own any significant plant or equipment that we would seek to
sell in the near future.





We have
not paid for expenses on behalf of our directors.  Additionally, we
believe that this fact shall not materially change.





We
currently do not have any material contracts and or affiliations with third
parties.





Item
3                      Quantitative
and Qualitative Disclosures About Market Risk.





As a
"smaller reporting company" as defined by Item 10 of Regulation S-K, the Company
is not required to provide information required by this Item





Item
4T                      Controls
and Procedures.





Evaluation
of Disclosure Controls and Procedures





Our
management, with the participation of our president and our chief financial
officer, carried out an evaluation of the effectiveness of our "disclosure
controls and procedures" (as defined in the Securities Exchange Act of 1934
(the "Exchange Act") Rules 13a-15(e) and 15-d-15(e)) as of the end of the
period covered by this report (the "Evaluation Date"). Based upon that
evaluation, our President and our Chief Financial Officer concluded that,
as of the Evaluation Date, our disclosure controls and procedures are
effective to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act (i) is recorded,
processed, summarized and reported, within the time periods specified in
the SEC's rules and forms and (ii) is accumulated and communicated to our
management, including our President and our Chief Financial Officer, as
appropriate to allow timely decisions regarding required
disclosure.





Changes
in Internal Control over Financial Reporting





There
were no changes in our internal controls over financial reporting that
occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, our internal
control over financial reporting











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PART II – OTHER
INFORMATION





Item
1. Legal Proceedings.





To the
best knowledge of our sole officer and director, the Company is not a party to
any legal proceeding or litigation.





Item
1A. Risk Factors.





Our
sole officer and director work for us on a part-time basis.  As a
result, we may be unable to develop our business and manage our public reporting
requirements.





Our
operations depend entirely on the efforts of Kasian Franks, our sole officer and
a director.  Mr. Franks has no experience related to public company
management, nor as a principal accounting officer.  Because of this,
we may be unable to develop and manage our business.  We cannot
guarantee you that we will overcome any such obstacle.





Investors
may lose their entire investment if we fail to implement our business
plan.





We were
formed in August 2007.  We have no demonstrable operations record, on
which you can evaluate our business and prospects.  Our prospects must
be considered in light of the risks, uncertainties, expenses and difficulties
frequently encountered by companies in their early stages of
development.  These risks include, without limitation, competition,
the absence of ongoing revenue streams, management that is inexperienced in
managing a public company, a competitive market environment and lack of brand
recognition.  Since our inception, we have not generated any revenues
and may incur losses in the foreseeable future.  If we fail to
implement and create a base of operations for our proposed business, we may be
forced to cease operations, in which case investors may lose their entire
investment.





If
we are unable to continue as a going concern, investors may face a complete loss
of their investment.





We have
yet to commence our planned operations.  As of the date of this annual
report, we have had only limited start-up operations and generated no
revenues.  Taking these facts into account, our independent registered
public accounting firm has expressed substantial doubt about our ability to
continue as a going concern in the independent registered public accounting
firm’s report to the financial statements included in this annual
report.  If our business fails, the investors in this offering may
face a complete loss of their investment.





Investors
will have limited control over decision-making because principal stockholder,
officer and director of Fashion Net control the majority of our issued and
outstanding common stock.





Mr.
Franks, our sole officer and director, beneficially owns approximately 98% of
our outstanding common stock.  As a result, this individual could
exercise control over all matters requiring stockholder approval, including the
election of directors and approval of significant corporate
transactions.  This concentration of ownership limits the power to
exercise control by the minority shareholders that will have purchased their
stock in this offering.





We
may not be able to attain profitability without additional funding, which may be
unavailable.





We have
limited capital resources.  To date, we have not generated cash from
our fashion marketing consultation business.  Unless we begin to
generate sufficient revenues from our proposed consulting services to finance
operations as a going concern, we may experience liquidity and solvency
problems.  Such liquidity and solvency problems may force us to go out
of business if additional financing is not available.  We have no
intention of liquidating.  In the event our cash resources are
insufficient to continue operations, we intend to raise additional capital
through offerings and sales of equity or debt securities.  In the
event we are unable to raise sufficient funds, we will be forced to go out of
business and will be forced to liquidate.  A possibility of such
outcome presents a risk of complete loss of investment in our common
stock.





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





Our sole
officer and director, in his singular and limited research and experience,
believes we compete, in general, with software development companies in the
search engine space. We believe there are a significant number of search engine
firms providing services. All of our competitors are significantly larger
and have substantially greater financial, technical, marketing and other
resources and significantly greater name recognition.   It is possible
that new competitors or alliances among competitors will emerge in the
future.  Our expected competitors may be able to fulfill customer
requests more efficiently than we may be able to.  There can be no
assurance that we will be able to compete successfully against present or future
competitors or that competitive pressures will not force us to cease our
operations.








We
may be unable to generate sales without marketing or distribution
capabilities.





We have
not commenced our planned consulting business and do not have any sales,
marketing or distribution capabilities.  Additionally, we have not yet
established our Internet presence, upon which we expect to place significant
reliance to generate awareness of our company and services.  We cannot
guarantee that we will be able to develop a sales and marketing plan or to
develop a fully operational and functional web site.  In the event we
are unable to successfully implement any one or more of these objectives, we may
be unable to generate sales and operate





If
our computer systems and Internet infrastructure fail, we will be unable to
conduct our business.





We will
depend upon third-party Internet service providers for the design, hosting and
e-commerce capabilities for our proposed website.  The performance of
such providers’ Internet infrastructure is critical to our business and
reputation, as well as out ability to attract web users, new customers and
commerce partners.  Any system failure that causes an interruption in
service or a decrease in responsiveness of our web site could result in an
impairment of traffic on our web site and, if sustained or repeated, could
materially harm our reputation and the attractiveness of our brand
name.  To the extent that we do not effectively address any capacity
constraints, such constraints would have a material adverse effect on its
business, result of operations and financial condition.





Failure
by us to respond to changes in customer preferences could result in lack of
sales revenues and may force us out of business.





Any
change in the preferences of our potential customers or to shifts in the
preferences of the end consumer that we fail to anticipate could reduce the
demand for the services we intend to provide.  Decisions about our
focus and the specific services we plan to offer are to be made in advance and
we may be unable to anticipate and respond to changes in consumer preferences
and demands.  Such a failure could lead to, among other things,
customer dissatisfaction, failure to attract demand for our proposed services
and lower profit margins.





MIMVI
may lose its top management without employment agreements or due to conflicts of
interest.





Our
operations depend substantially on the skills and experience of Kasian Franks,
our sole director and a officer.  We have no other full- or part-time
employees besides this individual.  Mr. Franks is currently involved
in other business activities and may, in the future engage in further business
opportunities.  Mr. Franks may face a conflict in selecting between
MIMVI and other business interests.  We have not formulated a policy
for the resolution of such conflicts.  Furthermore, we do not maintain
key man life insurance on Mr. Franks.  Without employment contracts,
we may lose our sole officer and director to other pursuits without a sufficient
warning and, consequently, go out of business.





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





Since our
common stock is a penny stock, as defined in Rule 3a51-1 under the Securities
Exchange Act, it will be more difficult for investors to liquidate their
investment even if and when a market develops for the common stock. 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:





1.
            Deliver
      to the customer, and obtain a written receipt for, a disclosure
      document;





2.
            Disclose
      certain price information about the
stock;





3.
            Disclose
      the amount of compensation received by the broker-dealer or any associated
      person of the broker-dealer;





4.
            Send
      monthly statements to customers with market and price information about
      the penny stock; and





5.
            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.





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12 -


FINRA
sales practice requirements may also limit a stockholder's ability to buy and
sell our stock.





In
addition to the “penny stock” rules described above, the Financial Industry
Regulatory Authority (FINRA) has adopted rules that require that in recommending
an investment to a customer, a broker-dealer must have reasonable grounds for
believing that the investment is suitable for that customer. Prior to
recommending speculative low priced securities to their non-institutional
customers, broker-dealers must make reasonable efforts to obtain information
about the customer's financial status, tax status, investment objectives and
other information. Under interpretations of these rules, the FINRA believes that
there is a high probability that speculative low priced securities will not be
suitable for at least some customers. The FINRA requirements make it more
difficult for broker-dealers to recommend that their customers buy our common
stock, which may limit your ability to buy and sell our stock and have an
adverse effect on the market for our shares.





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 our
assets; (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 our receipts and expenditures
are being made only in accordance with authorizations of our management and
directors, and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of our assets that
could have a material effect on the financial statements.





You
may not be able to sell your shares in our company because there is no public
market for our stock.





There is
no public market for our common stock.  The majority of our issued and
outstanding common stock, 98%, is currently held by Mr. Franks, our sole
officer, a director and an employee.  Therefore, the current and
potential market for our common stock is limited.  In the absence of
being listed, no market is available for investors in our common stock to sell
their shares.  We cannot guarantee that a meaningful trading market
will develop.





If our
stock ever becomes tradable, of which we cannot guarantee success, the trading
price of our common stock could be subject to wide fluctuations in response to
various events or factors, many of which are beyond our control.  In
addition, the stock market may experience extreme price and volume fluctuations,
which, without a direct relationship to the operating performance, may affect
the market price of our stock.





Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.





None.





Item 3. Defaults Upon Senior
Securities.





None.





Item 5. Other
Information.








ITEM
      6.
            
            Exhibits31
            Certification
      of President and Chief Financial Officer pursuant to Exchange Act Rule
      13a-14 and 15d-14 as adopted pursuant to section 302 of the Sarbanes-Oxley
      Act of 2002.32
            Certification
      of the Company’s Chief Executive Officer and Chief Financial Officer,
      pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of
      the Sarbanes-Oxley Act of 2002.








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13 -





SIGNATURES





Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.





MIMVI,
      INC.Date:
      May 17, 2010
            /s/ 
      KASIAN FRANKSName:
      Kasian FranksTitle: Chief
      Executive Officer and Chief Financial Officer














-
14 -


EXHIBIT
INDEX








Exhibit
            
            Description31
            
            Certification
      of President and Chief Financial Officer pursuant to Exchange Act Rule
      13a-14 and 15d-14 as adopted pursuant to section 302 of the Sarbanes-Oxley
      Act of 2002.32
            
            Certification
      of the Company’s Chief Executive Officer and Chief Financial Officer,
      pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of
      the Sarbanes-Oxley Act of 2002.


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