UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 WASHINGTON,
D.C. 20549
 
  AMENDMENT
NO. 1 TO FORM 10-Q
  x
                QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
  For
the quarterly period ended March 31, 2009
  o
                TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
 
 For the transition period from
______ to  ______.
  FormulaWon,
Inc.
 (Exact
name of registrant as specified in Charter
  Delaware
                
                333-150424(State
      or other jurisdiction of
                  incorporation
      or organization)
                
                (Commission
      File No.)
                
                (IRS
      Employee Identification No.)
 
 2800
Neilson Way #910
 Santa
Monica, CA 90405
 (Address
of Principal Executive Offices)
 _______________
  (310)
403-4319
 (Issuer
Telephone number)
 _______________
  (Former
Name or Former Address if Changed Since Last Report)
  Check
whether the issuer (1) has filed all reports required to be filed by Section 13
or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the issuer was required to file such reports), and (2)has been
subject to such filing requirements for the past 90 days. Yes x No o
  Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting company
filer.  See definition of “accelerated filer” and “large accelerated
filer” in Rule 12b-2 of the Exchange Act (Check one):
 
 Large
Accelerated Filer o   Accelerated
Filer o       Non-Accelerated
Filero       Smaller
Reporting Companyx
  Indicate
by check mark whether the registrant is a shell company as defined in Rule 12b-2
of the Exchange Act. Yes xNo o
  State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of May 11, 2009: 10,686,759 shares of common stock.
   
   FORMULAWON,
INC.
 (a
development stage company)
 FORM
10-Q
 March
31, 2009
 INDEX
   PART
I-- FINANCIAL INFORMATION
  Item
      1.
              Financial
      StatementsItem
      2.
              Management’s
      Discussion and Analysis of Financial ConditionItem
      3.
              Quantitative
      and Qualitative Disclosures About Market RiskItem
      4T.
              Control
      and Procedures
  PART
II-- OTHER INFORMATION
  Item
      1
              Legal
      ProceedingsItem
      1A
              Risk
      FactorsItem
      2.
              Unregistered
      Sales of Equity Securities and Use of ProceedsItem
      3.
              Defaults
      Upon Senior SecuritiesItem
      4.
              Submission
      of Matters to a Vote of Security HoldersItem
      5.
              Other
      InformationItem
      6.
              Exhibits
      and Reports on Form 8-K
  SIGNATURE
   
   ITEM
1. Financial Information
  FORMULAWON,
INC.
 (a
development stage company)
 March 31,
2009 and 2008
 
  FINANCIAL
      STATEMENTS
                Page
      #Balance
      Sheets as of March 31, 2009 (Unaudited) and December 31,
    2008
                F-1Statements
      of Operations for the Three Months Ended March 31, 2009 and 2008, and the
      Period from  July 19, 2007 (Inception) through March 31, 2009
      (Unaudited)
                F-2Statement
      of Stockholders Equity (Deficit) for the period from  July 19,
      2007 (Inception) through March 31, 2009 (Unaudited)
                F-3Statements
      of cash flows for the Three Months Ended March 31, 2009 and 2008 and the
      Period from  July 19, 2007 (Inception) through March 31, 2009
      (Unaudited)
                F-4Notes
      to the Financial Statements (Unaudited)
                F-5
 
  
  FORMULAWON, INC.
 (a
development stage company)
  Balance
Sheets
 
 March
      31,
                                  2009
                                  (Unaudited)
                                
                                
                                December 31,
                                  2008ASSETSCurrent
      Assets:Cash
                                
                                $
                                7,242
                                
                                
                                $
                                11,892Prepaid
      expenses
                                
                                
                                -
                                
                                
                                
                                10,937Total
      current assets
                                
                                
                                7,242
                                
                                
                                
                                22,829TOTAL
      ASSETS
                                
                                $
                                7,242
                                
                                
                                $
                                22,829LIABILITIES
      AND STOCKHOLDERS' EQUITY (DEFICIT)Current
      Liabilities:Accrued
      expenses
                                
                                $
                                19,186
                                
                                
                                $
                                11,695Total
      Current Liabilities
                                
                                
                                19,186
                                
                                
                                
                                11,695Stockholders'
      Equity (Deficit):Preferred
      stock: $0.001 par value; authorized, 10,000,000 shares; no shares issued
      or outstanding
                                
                                
                                -
                                
                                
                                
                                -Common
      stock: $0.001 par value; authorized 500,000,000 shares; 10,686,759 shares
      issued and outstanding
                                
                                
                                10,687
                                
                                
                                
                                10,687Additional
      paid-in capital
                                
                                
                                69,526
                                
                                
                                
                                69,526Deficit
      accumulated  during the development stage
                                
                                
                                (92,157
                                )
                                
                                
                                (69,079
                                )Total
      Stockholders’ Equity (Deficit)
                                
                                
                                (11,944
                                )
                                
                                
                                11,134TOTAL
      LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
                                
                                $
                                7,242
                                
                                
                                $
                                22,829
  See
accompanying notes to the financial statements.
  F-1
   FORMULAWON, INC.
 (a
development stage company)
 
 Statements
of Operations
 
 
 For
      the Three Months Ended
                  March
      31,2009
                
                
                For
      the Three Months Ended
                  March
      31,2008
                
                
                For
      the period from
                  July
      19, 2007 (Inception) through
                  March
      31,2009Revenue
                
                $
                -
                
                
                $
                -
                
                
                $
                6,700Operating
      ExpensesLease
      payments
                
                
                10,937
                
                
                
                -
                
                
                
                43,750Professional
      fees
                
                
                10,491
                
                
                
                1,000
                
                
                
                40,804Compensation
                
                
                1,500
                
                
                
                -
                
                
                
                6,000General
      and administrative
                
                
                150
                
                
                
                532
                
                
                
                8,303Total
      Operating Expenses
                
                
                23,078
                
                
                
                1,532
                
                
                
                98,857Net
      loss
                
                $
                (23,078
                )
                
                $
                (1,532
                )
                
                $
                (92,157
                )Net
      loss per common share - basic and diluted
                
                $
                (0.00
                )
                
                $
                (0.00
                )
                
                $
                (0.01
                )Weighted
      average number of common shares outstanding - basic and
      diluted
                
                
                10,686,759
                
                
                
                7,421,167
                
                
                
                8,899,736
 
 See
accompanying notes to financial statements.
 
 F-2
   FORMULAWON, INC.
 (a
development stage company)
 
 Statement
of Stockholders’ Equity (Deficit)
 For the
Period from July 19, 2007 (Inception) through March 31, 2009
 
 
 Common
                    Shares
                  
                  
                  Amount
                  
                  
                  Additional
                    Paid-in
                    Capital
                  
                  
                  Deficit
      Accumulated During the Development Stage
                  
                  
                  Total
      Stockholders’ Equity (Deficit)July
      19, 2007 (Inception)
                  
                  
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -Shares
      issued for corporate expenses at $.001 par value on July 24,
      2007
                  
                  
                  6,000,000
                  
                  
                  
                  6,000
                  
                  
                  
                  (4,000
                  )
                  
                  
                  
                  
                  
                  
                  2,000Contribution
      to capital
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  100
                  
                  
                  
                  
                  
                  
                  
                  100Net
      loss
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (8,000
                  )
                  
                  
                  (8,000
                  )Balance,
      December 31, 2007
                  
                  
                  6,000,000
                  
                  
                  
                  6,000
                  
                  
                  
                  (3,900
                  )
                  
                  
                  (8,000
                  )
                  
                  
                  (5,900
                  )Shares
      issued for cash from February 12, 2008 through March 31, 2008 at $0.0167
      per share
                  
                  
                  4,627,710
                  
                  
                  
                  4,628
                  
                  
                  
                  72,501
                  
                  
                  
                  
                  
                  
                  
                  77,129Shares
      issued for cash from April 3, 2008 through April 6, 2008 at $0.0167 per
      share
                  
                  
                  59,049
                  
                  
                  
                  59
                  
                  
                  
                  925
                  
                  
                  
                  
                  
                  
                  
                  984Net
      loss
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (61,079
                  )
                  
                  
                  (61,079
                  )Balance,
      December 31, 2008
                  
                  
                  10,686,759
                  
                  
                  
                  10,687
                  
                  
                  
                  69,526
                  
                  
                  
                  (69,079
                  )
                  
                  
                  11,134Net
      loss
                  
                  `
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (23,078
                  )
                  
                  
                  (23,078
                  )Balance,
      March 31, 2009
                  
                  
                  10,686,759
                  
                  
                  $
                  10,687
                  
                  
                  $
                  69,526
                  
                  
                  $
                  (92,157
                  )
                  
                  $
                  (11,944
                  )
  See
accompanying notes to financial statements.
  F-3
   FORMULAWON, INC.
 (a
development stage company)
 
 Statements
of Cash Flows
 
 For
      Three Months Ended March 31, 2009
                
                
                For
      Three Months Ended March 31, 2008
                
                
                For
      the period from
                  July
      19, 2007 (Inception) through
                  March
      31, 2009CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
                
                $
                (23,078
                )
                
                $
                (1,532
                )
                
                $
                (92,157
                )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Shares
      issued for compensation
                
                
                -
                
                
                
                2,000
                
                
                
                2,000Changes
      in assets and liabilities:Decrease
      in prepaid expenses
                
                
                10,937
                
                
                
                -
                
                
                
                -Increase
      in accrued expenses
                
                
                7,491
                
                
                
                1,375
                
                
                
                19,186Net
      Cash Used in Operating Activities
                
                
                (4,650
                )
                
                
                (157
                )
                
                
                (70,971
                )CASH
      FLOWS FROM FINANCING ACTIVITIESSale
      of common stock
                
                
                -
                
                
                
                70,736
                
                
                
                78,113Capital
      contribution
                
                
                -
                
                
                
                -
                
                
                
                100Net
      Cash Provided By Financing Activities
                
                
                -
                
                
                
                70,736
                
                
                
                78,213NET
      CHANGE IN CASH
                
                
                (4,650
                )
                
                
                70,579
                
                
                
                7,242CASH
      AT BEGINNING OF PERIOD
                
                
                11,892
                
                
                
                100
                
                
                
                -CASH
      AT END OF PERIOD
                
                $
                7,242
                
                
                $
                70,679
                
                
                $
                7,242
  See
accompanying notes to financial statements.
 
 F-4
  FORMULAWON,
INC.
 (a
development stage company)
 March 31,
2009 and 2008
 NOTES TO
THE FINANCIAL STATEMENTS
 (UNAUDITED)
 
 NOTE 1 -
ORGANIZATION
 
 FormulaWon,
Inc.  (“FormulaWon” or the “Company”), a development stage company,
was incorporated on July 19, 2007 under the laws of the State of Delaware.
Although the Company has recognized some nominal amount of revenue since
inception, the Company is still devoting substantially all of its efforts
on developing a business plan and establishing contacts and visibility in
the marketplace. The Company plans to own Formula 1 and other high-performance
racecars and make them available with adequate instruction, training and
virtual-reality simulated experiences to qualified individuals to drive on real
racetracks.
 
 NOTE 1 –
SUMMARY OF ACCONTING POLICIES
 
 Basis of
Presentation
 
 The
accompanying interim financial statements for the three months ended March 31,
2009, the three months ended March 31, 2008, and the period from July 19, 2007
(Inception) through March 31, 2009 are unaudited and have been prepared in
accordance with accounting principles generally accepted in the United States of
America (“U.S. GAAP”) for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do
not include all of the information and footnotes required by U.S. GAAP for
complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. The results of operations realized during an
interim period are not necessarily indicative of results to be expected for a
full year. These financial statements should be read in conjunction with the
information filed on Form 10-K which was filed with the SEC on March 18,
2009.
 
 Development Stage
Company
 
 The
Company is a development stage company as defined by Statement of Financial
Accounting Standards No. 7“Accountingand Reporting by
Development Stage Enterprises”(“SFAS No. 7”).  Although
the Company has recognized some nominal amount of revenue since inception,
the Company is still devoting substantially all of its efforts on establishing
the business and its planned principal operations have not commenced. All losses
accumulated since inception, have been considered as part of the Company’s
development stage activities.
  Use of
Estimates
 
 The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States 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 as well as the reported amount of revenues and expenses during the
reporting period. Actual results could differ from these estimates.
 
 Cash
Equivalents
  The
Company considers all highly liquid investments with maturities of three months
or less at the time of purchase to be cash equivalents.
   F-5
   Fair Value of Financial
Instruments
 
 The fair
value of a financial instrument is the amount at which the instrument could be
exchanged in a current transaction between willing parties.  The carrying
amounts of financial assets and liabilities, such as cash, and accrued
expenses, approximate their fair values because of the short maturity of these
instruments.
  Revenue
Recognition
 
 The
Company’s future revenues will be derived principally from classroom instruction
in driving a Formula One vehicle and other ancillary services to the general
public. The Company follows the guidance of the Securities and Exchange
Commission’s Staff Accounting Bulletin 104 (“SAB No. 104”) for revenue
recognition. The Company will recognize revenue when it is realized or
realizable and earned less estimated future doubtful accounts. The Company
considers revenue realized or realizable and earned when it has persuasive
evidence of an arrangement that the services have been rendered to the customer,
the sales price is fixed or determinable, and collectability is reasonably
assured.
 
 Income
taxes
 
 The
Company accounts for income taxes under Statement of Financial Accounting
Standards No. 109 “Accounting for Income
Taxes” (“SFAS No. 109”). Deferred income tax assets and liabilities
are determined based upon differences between the financial reporting and tax
bases of assets and liabilities and are measured using the enacted tax rates and
laws that will be in effect when the differences are expected to reverse.
Deferred tax assets are reduced by a valuation allowance to the extent
management concludes it is more likely than not that the assets will not be
realized. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in the statements
of operations in the period that includes the enactment date.
  Net loss per common
share
 
 Net loss
per common share is computed pursuant to Statement of Financial Accounting
Standards No. 128.  "Earnings per Share" ("SFAS No. 128").  Basic net
loss per common share is computed by dividing net loss by the weighted average
number of shares of common stock outstanding during the period. Diluted net loss
per common share is computed by dividing net loss by the weighted average number
of shares of common stock and potentially outstanding shares of common stock
during each period. There were no potentially dilutive shares outstanding as of
March 31, 2009 or 2008.
 
 Recently Issued Accounting
Pronouncements
 
 In June
2003, the Securities and Exchange Commission (“SEC”) adopted final rules under
Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”), as amended by SEC
Release No. 33-8934 on June 26, 2008. Commencing with the Company’s Annual
Report for the fiscal year ended December 31, 2010, the Company is required to
include a report of management on the Company’s internal control over financial
reporting. The internal control report must include a statement of management’s
responsibility for establishing and maintaining adequate internal control over
financial reporting for the Company; of management’s assessment of the
effectiveness of the Company’s internal control over financial reporting as of
year end; of the framework used by management to evaluate the effectiveness of
the Company’s internal control over financial reporting; and that the Company’s
independent accounting firm has issued an attestation report on management’s
assessment of the Company’s internal control over financial reporting, which
report is also required to be filed as part of the Annual Report on Form
10-K.
  In May
2008, the FASB issued Statement of Financial Accounting Standard No. 162 “The
Hierarchy of Generally Accepted Accounting Principles” (“SFAS
162”).  The purpose of this standard is to provide a consistent
framework for determining what accounting principles should be used when
preparing U.S. GAAP financial statements.  SFAS 162 categorizes
accounting pronouncements in a descending order of authority.  In the
instance of potentially conflicting accounting principles, the standard in the
highest category must be used.  This statement will be effective 60
days after the SEC approves the Public Company Accounting and Oversight Board’s
related amendments.  The Company believes that SFAS 162 will have
no impact on their existing accounting methods.
   F-6
 
 In
April 2009, the Financial Accounting Standards Board (FASB) issued FASB
Staff Position (FSP) Financial Accounting Standard (FAS) 157-4 “Determining Fair
Value When the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions That Are Not Orderly”.
Based on the guidance, if an entity determines that the level of activity for an
asset or liability has significantly decreased and that a transaction is not
orderly, further analysis of transactions or quoted prices is needed, and a
significant adjustment to the transaction or quoted prices may be necessary to
estimate fair value in accordance with Statement of Financial Accounting
Standards (SFAS) No. 157 “Fair Value Measurements”. This FSP is to be
applied prospectively and is effective for interim and annual periods ending
after June 15, 2009 with early adoption permitted for periods ending after
March 15, 2009. The company will adopt this FSP for its quarter ending
June 30, 2009. There is no expected impact on the financial
statements.
 
 In
April 2009, the FASB issued FSP FAS 107-1 and Accounting Principles Board
(APB) 28-1 “Interim Disclosures about Fair Value of Financial Instruments”. The
FSP amends SFAS No. 107 “Disclosures about Fair Value of Financial
Instruments” to require an entity to provide disclosures about fair value of
financial instruments in interim financial information. This FSP is to be
applied prospectively and is effective for interim and annual periods ending
after June 15, 2009 with early adoption permitted for periods ending after
March 15, 2009. The company will include the required disclosures in its
quarter ending June 30, 2009.
 
 In April
2008, the FASB issued FSP FAS 142-3, “Determination of the Useful Life of
Intangible Assets”. The FSP states that in developing assumptions about renewal
or extension options used to determine the useful life of an intangible asset,
an entity needs to consider its own historical experience adjusted for
entity-specific factors. In the absence of that experience, an entity shall
consider the assumptions that market participants would use about renewal or
extension options. This FSP is to be applied to intangible assets acquired after
January 1, 2009. The adoption of this FSP did not have an impact on the
financial statements.
 
 Management
does not believe that any other recently issued, but not yet effective
accounting pronouncements, if adopted, would have a material effect on the
accompanying consolidated financial statements.
 
 NOTE 3 –
GOING CONCERN
 
 The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern, which contemplates continuity of operations,
realization of assets, and liquidation of liabilities in the normal course of
business.  As reflected in the accompanying financial statements, the
Company had a deficit accumulated during the development stage of $92,157, a net
loss and net cash used in operations of $23,078 and $4,650 for the quarter ended
March 31, 2009, respectively. These conditions raise substantial doubt about its
ability to continue as a going concern.
  While the
Company is attempting to generate sufficient sales, the Company’s cash position
may not be sufficient to support the Company’s daily operations. Management
intends to raise additional funds by way of a public or private offering.
Management believes that the actions presently being taken to further implement
its business plan and generate sufficient revenues provide the opportunity for
the Company to continue as a going concern. While the Company believes in the
viability of its strategy to produce sales volume and in its ability to raise
additional funds, there can be no assurances to that effect. The ability of the
Company to continue as a going concern is dependent upon the Company’s ability
to further implement its business plan and generate sufficient revenues. The
financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.
 
  F-7
   NOTE 4 -
STOCKHOLDERS’ EQUITY
 
 Common
stock
 
 For the
period from February 12, 2008 through March 31, 2008, the Company sold 4,627,710
shares of its common stock in a private placement at $0.0167 per share to
thirty-nine (39) individuals for a total of $77,128.
 
 For the
period from April 3, 2008 through April 6, 2008, the Company sold 59,049 shares
of its common stock in a private placement at $0.0167 per share to two (2)
individuals for a total of $984.
 
 On August
21, 2008, the sole director of the Company authorized a 3-for-1 forward stock
split. All share and per share data in the financial statements and related
notes have been restated to give retroactive effect to the forward stock
split.
 
 NOTE 5 –
COMMITMENTS AND CONTINGENCIES
 
 Employment
agreement
 
 On March
11, 2008, the Company entered into an employment agreement (“Employment
Agreement”) with its majority stockholder and sole director and officer
(“Employee”) for a term of three years from the date of signing.  The
Employee should be paid a minimum of $500 per month and should be paid
periodically not less than monthly.  Either the Company or the
Employee can terminate the Employment Agreement without cause upon thirty (30)
days’ notice to the other party.
 
 Formula One Vehicle
Lease
 
 On July
1, 2008, the Company entered into a lease for an A14 F1 race car that terminated
on February 28, 2009. The lease required the company to install a new motor and
have the car tuned-up in lieu of paying a monthly lease charge. The total cost
of the motor and the tune-up was $43,375 with the motor being purchased for
$25,000 on August 4, 2008 and the tune-up, costing $18,375, was performed on
October 1, 2008. The total charge of $43,375 has been completely amortized on a
straight line basis over the life of the lease of eight (8) months.
   F-8
    ITEM
2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
  Plan
of Operation
  We have
yet to begin operations, and we require outside capital to implement our
business model.
 
 1.        
We believe we can begin to implement our plan to provide the general public the
unique experiences of classroom training, simulated driving instructions, and
real-time driving of Formula 1 and other racecars on actual
racetracks.
 
 2.        
All functions will be coordinated and managed by our founder, including
marketing, finance and operations.
 
 3.        
We intend to support these marketing efforts through advertising and the
development of high-quality printed marketing materials. We expect the total
cost of the marketing program to range from $20,000-$40,000.
 
 4.        
Within 90-120 days of the initiation of our marketing campaign, we believe that
we will begin to generate business.
 
 We
anticipate that depending on market conditions and our plan of operations, we
may incur operating losses in the foreseeable future. Therefore, our auditors
have raised substantial doubt about our ability to continue as a going
concern.
  Limited
Operating History
 
 We have
generated less than two full years of financial information and have not
previously demonstrated that we will be able to expand our business through
increased investment marketing.  Our business is subject to risks
inherent in growing an enterprise with limited capital resources.
 
 Future
financing may not be available to us on acceptable terms.  If
financing is not available on satisfactory terms, we may be unable to continue
expanding our operations.  Equity financing will result in a dilution
to existing shareholders.
 
 Results
of Operations
  For the
period from July 19, 2007 (inception), to March 31, 2009 we had $6,700 in
revenues. Expenses for such period totaled $98,857. Expenses for the period
consisted of $43,750 for lease payments, $6,000 for compensation, $40,804 for
professional fees, and $8,303 for general and administrative
expenses.
  Capital
Resources and Liquidity
  As of
March 31, 2009 we had $7,242 in cash.
 
 SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
 
 Development
stage company
 
 The
Company is a development stage company as defined by Statement of Financial
Accounting Standards No. 7“Accounting and Reporting by
Development Stage Enterprises”(“SFAS No. 7”).  Although
the Company has recognized some nominal amount of revenue, the Company is still
devoting substantially all of its efforts on establishing the
business and its planned principal operations have not commenced. All
losses accumulated since inception have been considered as part of the Company's
development stage activities.
 
 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 revenues and expenses during the reporting
period.  Actual results could differ from those
estimates.
 
 Cash
equivalents
 
 The
Company considers all highly liquid investments with a maturity of three months
or less when purchased to be cash equivalents.
 
  
   Fair
value of financial instruments
 
 The fair
value of a financial instrument is the amount at which the instrument could be
exchanged in a current transaction between willing parties.  The carrying
amounts of financial assets and liabilities, such as cash and accrued
expenses, approximate their fair values because of the short maturity of these
instruments and market rates of interest.
 
 Revenue
recognition
 
 The
Company’s future revenues will be derived principally from classroom instruction
in driving a Formula One vehicle and other ancillary services to the general
public. The Company follows the guidance of the Securities and Exchange
Commission’s Staff Accounting Bulletin 104 (“SAB No. 104”) for revenue
recognition. The Company will recognize revenue when it is realized or
realizable and earned less estimated future doubtful accounts. The Company
considers revenue realized or realizable and earned when it has persuasive
evidence of an arrangement that the services have been rendered to the customer,
the sales price is fixed or determinable, and collectibility is reasonably
assured.
 
 Income
taxes
 
 The
Company accounts for income taxes under Statement of Financial Accounting
Standards No. 109 “Accounting
for Income Taxes” (“SFAS No. 109”). Deferred income tax assets and
liabilities are determined based upon differences between the financial
reporting and tax bases of assets and liabilities and are measured using the
enacted tax rates and laws that will be in effect when the differences are
expected to reverse.
 
 Deferred
tax assets are reduced by a valuation allowance to the extent management
concludes it is more likely than not that the assets will not be realized.
Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in the statements
of operations in the period that includes the enactment date.
 
 Net
loss per common share
 
 Net loss
per common share is computed pursuant to Statement of Financial Accounting
Standards No. 128 “Earnings
Per Share” (“SFAS No. 128”).  Basic net loss per share is
computed by dividing net loss by the weighted average number of shares of common
stock outstanding during the period. Diluted net loss per share is computed by
dividing net loss by the weighted average number of shares of common stock and
potentially outstanding shares of common stock during each period. There were no
potentially dilutive shares outstanding as of March 30, 2009.
  Recently
Issued Accounting Pronouncements
 
 In June
2003, the Securities and Exchange Commission (“SEC”) adopted final rules under
Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”), as amended by SEC
Release No. 33-8934 on June 26, 2008. Commencing with the Company’s Annual
Report for the fiscal year ended December 31, 2010, the Company is required
to include a report of management on the Company’s internal control over
financial reporting. The internal control report must include a statement of
management’s responsibility for establishing and maintaining adequate internal
control over financial reporting for the Company; of management’s assessment of
the effectiveness of the Company’s internal control over financial reporting as
of year end; of the framework used by management to evaluate the effectiveness
of the Company’s internal control over financial reporting; and that the
Company’s independent accounting firm has issued an attestation report on
management’s assessment of the Company’s internal control over financial
reporting, which report is also required to be filed as part of the Annual
Report on Form 10-K.
 
 In May
2008, the FASB issued Statement of Financial Accounting Standard No. 162 “The
Hierarchy of Generally Accepted Accounting Principles” (“SFAS
162”).  The purpose of this standard is to provide a consistent
framework for determining what accounting principles should be used when
preparing U.S. GAAP financial statements.  SFAS 162 categorizes
accounting pronouncements in a descending order of authority.  In the
instance of potentially conflicting accounting principles, the standard in the
highest category must be used.  This statement will be effective 60
days after the SEC approves the Public Company Accounting and Oversight Board’s
related amendments.  The Company believes that SFAS 162 will have
no impact on their existing accounting methods.
   
 
 In
April 2009, the Financial Accounting Standards Board (FASB) issued FASB
Staff Position (FSP) Financial Accounting Standard (FAS) 157-4 “Determining Fair
Value When the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions That Are Not Orderly”.
Based on the guidance, if an entity determines that the level of activity for an
asset or liability has significantly decreased and that a transaction is not
orderly, further analysis of transactions or quoted prices is needed, and a
significant adjustment to the transaction or quoted prices may be necessary to
estimate fair value in accordance with Statement of Financial Accounting
Standards (SFAS) No. 157 “Fair Value Measurements”. This FSP is to be
applied prospectively and is effective for interim and annual periods ending
after June 15, 2009 with early adoption permitted for periods ending after
March 15, 2009. The company will adopt this FSP for its quarter ending
June 30, 2009. There is no expected impact on the financial
statements.
 
 In
April 2009, the FASB issued FSP FAS 107-1 and Accounting Principles Board
(APB) 28-1 “Interim Disclosures about Fair Value of Financial Instruments”. The
FSP amends SFAS No. 107 “Disclosures about Fair Value of Financial
Instruments” to require an entity to provide disclosures about fair value of
financial instruments in interim financial information. This FSP is to be
applied prospectively and is effective for interim and annual periods ending
after June 15, 2009 with early adoption permitted for periods ending after
March 15, 2009. The company will include the required disclosures in its
quarter ending June 30, 2009.
 
 In
April 2008, the FASB issued FSP FAS 142-3, “Determination of the Useful
Life of Intangible Assets”. The FSP states that in developing assumptions about
renewal or extension options used to determine the useful life of an intangible
asset, an entity needs to consider its own historical experience adjusted for
entity-specific factors. In the absence of that experience, an entity shall
consider the assumptions that market participants would use about renewal or
extension options. This FSP is to be applied to intangible assets acquired after
January 1, 2009. The adoption of this FSP did not have an impact on the
financial statements.
 
 Management
does not believe that any other recently issued, but not yet effective
accounting pronouncements, if adopted, would have a material effect on the
accompanying consolidated financial statements.
   
  
 Off Balance Sheet
Arrangements
  We have
no off-balance sheet arrangements.
  Item
3.  Quantitative and Qualitative Disclosures About Market Risk
  The
Company is subject to certain market risks, including changes in interest rates
and currency exchange rates.  The Company does not undertake any specific
actions to limit those exposures.
 
 Foreign
Currency Exchange Rate Risk
 
 The
Company procures products from domestic sources with operations located
overseas.  As such, its financial results could be indirectly affected by
the weakening of the dollar.  If that were to occur, and if it were
material enough in movement, the financial results of the Company could be
affected, but not immediately because the Company has entered into contracts
with these vendors which establish product pricing levels for up to one year.
 Management believes these contracts provide a sufficient amount of time to
mitigate the risk of changes in exchange rates.
  Item
4T.  Controls and Procedures
  Pursuant
to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”),
the Company carried out an evaluation, with the participation of the Company’s
management, including the Company’s Chief Executive Officer (“CEO”) and Chief
Accounting Officer (“CAO”) (the Company’s principal financial and accounting
officer), of the effectiveness of the Company’s disclosure controls and
procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the
end of the period covered by this report. Based upon that evaluation, the
Company’s CEO and CAO concluded that the Company’s disclosure controls and
procedures are effective to ensure that information required to be disclosed by
the Company in the reports that the Company files or submits under the Exchange
Act, is recorded, processed, summarized and reported, within the time
periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to the Company’s management, including the
Company’s CEO and CAO, as appropriate, to allow timely decisions regarding
required disclosure.
  Management’s Report on
Internal Controls over Financial Reporting
  Internal
control over financial reporting is a process to provide reasonable assurance
regarding the reliability of consolidated financial reporting and the
preparation of financial statements for external purposes in accordance with
U.S. generally accepted accounting principles. There has been no change in the
Company’s internal control over financial reporting during the quarter ended
March 31, 2009 that has materially affected, or is reasonably likely to
materially affect, the Company’s internal control over financial
reporting.
  The
Company’s management, including the Company’s CEO and CAO, does not expect that
the Company’s disclosure controls and procedures or the Company’s internal
controls will prevent all errors and all fraud. A control system, no matter how
well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Further, the design
of a control system must reflect the fact that there are resource constraints,
and the benefits of controls must be considered relative to their costs. Because
of the inherent limitations in all control systems, no evaluation of the
controls can provide absolute assurance that all control issues and instances of
fraud, if any, within the Company have been detected.
  Management
conducted an evaluation of the effectiveness of our internal control over
financial reporting based on the framework in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission. Based on this evaluation, management concluded that the
company’s internal control over financial reporting was effective as of March
31, 2009.
  This
quarterly report does not include an attestation report of the Company's
registered public accounting firm regarding internal control over financial
reporting. Management's report was not subject to attestation by the Company's
registered public accounting firm pursuant to temporary rules of the Securities
and Exchange Commission that permit the Company to provide only management's
report in this quarterly report.
   
   PART
II - OTHER INFORMATION
   Item
1. Legal Proceedings.
  We are
currently not involved in any litigation that we believe could have a material
adverse effect on our financial condition or results of operations. There is no
action, suit, proceeding, inquiry or investigation before or by any court,
public board, government agency, self-regulatory organization or body pending
or, to the knowledge of the executive officers of our company or any of our
subsidiaries, threatened against or affecting our company, our common stock, any
of our subsidiaries or of our companies or our subsidiaries’ officers or
directors in their capacities as such, in which an adverse decision could have a
material adverse effect.
  Item
1A. Risk Factors
 
 None
 
 Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
  None.
  Item
3. Defaults Upon Senior Securities.
  None
  Item
4. Submission of Matters to a Vote of Security Holders.
  None.
  Item
5. Other Information.
  None
  Item
6. Exhibits and Reports of Form 8-K.
  (a)        
Exhibits
  31.1 Certifications pursuant to Section 302 of Sarbanes Oxley Act of
2002
  32.1 Certifications pursuant to Section 906 of Sarbanes Oxley Act of
2002
  (b)         Reports
of Form 8-K
  None.
  
 
   SIGNATURES
  Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
  FORMULAWON,
      INC.Date:
      October 2, 2009
                By:
                /s/ Fitra IrianiFitra
      IrianiChairman
      of the Board of Directors,
                  Chief
      Executive Officer,
                  Chief
      Financial Officer,
                  Controller,
      Principal Accounting Officer