---

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  ______.
  NEW IMAGE CONCEPTS, Inc.
 (Exact name of registrant as specified in Charter
  Nevada

33-1155965(State or other jurisdiction of
incorporation or organization)

(Commission File No.)

(IRS Employee Identification No.)
 
 2019 Delaware Avenue
 Santa Monica, CA 90404
 (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 x No o
  State the number of shares outstanding of each of the issuer’s classes of common equity, as of May 12, 2009: 44,993,565 shares of common stock.
    
  NEW IMAGE CONCEPTS, INC.
 FORM 10-Q
 March 31, 2009
 INDEX
  PART I-- FINANCIAL INFORMATION
  Item 1.
Financial Statements
F-1Item 2.
Management’s Discussion and Analysis of Financial Condition
1Item 3.
Quantitative and Qualitative Disclosures About Market Risk
4Item 4T.
Control and Procedures
4
  PART II-- OTHER INFORMATION
  Item 1
Legal Proceedings
5Item 1A
Risk Factors
5Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
5Item 3.
Defaults Upon Senior Securities
5Item 4.
Submission of Matters to a Vote of Security Holders
5Item 5.
Other Information
5Item 6.
Exhibits and Reports on Form 8-K
5
  SIGNATURE
   i
   ITEM 1. Financial Information
  NEW IMAGE CONCEPTS, 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 October 3, 2006 (Inception) through March 31, 2009 (Unaudited)
F-2Statement of Stockholders’ Equity (Deficit) for the period from October 3, 2006 (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 October 3, 2006 (Inception) through March 31, 2009 (Unaudited)
F-5Notes to the Financial Statements (Unaudited)
F-6
 
  ii
  NEW IMAGE CONCEPTS, INC.
 (A development stage company)
 Balance Sheets
 
 ASSETSMarch 31,
2009
(Unaudited)


December 31,
2008Current Assets:Cash

$
18,675


$
22,775Total Current Assets


18,675



22,775TOTAL ASSETS

$
18,675


$
22,775LIABILITIES AND STOCKHOLDERS' EQUITYCurrent Liabilities:Accrued expenses

$
12,200


$
12,075Total Current Liabilities


12,200



12,075Stockholders' Equity :Common stock: $0.001 par value; 500,000,000 shares authorized; 44,993,565 shares issued and outstanding


44,994



44,994Additional paid-in capital


19,024



19,024Deficit accumulated during the development stage


(57,543
)


(53,318
)Total Stockholders’ Equity


6,475



10,700TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$
18,675


$
22,775
 
  See accompanying notes to the financial statements.
   F-1
  NEW IMAGE CONCEPTS, 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 October 3, 2006 (Inception) through March 31,
2009Revenue

$
-


$
1,249


$
1,630Operating expensesProfessional fees


1,850



1,000



26,383Compensation


1,500



500



6,500General and administrative


875



540



26,290Total operating expenses


(4,225
)


(2,040
)


(59,173
)Net loss


(4,225
)


(791
)


(59,173
)Net loss per common share - basic and diluted

$
(0.00
)

$
(0.00
)

$
(0.00
)Weighted average number of common shares outstanding – basic and diluted


44,993,568



44,530,196



32,621,145
 
 See accompanying notes to financial statements.
 
  
  F-2
  NEW IMAGE CONCEPTS, INC.
 (a development stage company)
 
 Statement of Stockholders’ Equity (Deficit)
 For the Period from October 3, 2006 (Inception) through March 31, 2009
 
 
 Common
Shares


Amount


Additional
Paid-in
Capital


Deficit Accumulated During the Development Stage


Total Stockholders’ Equity (Deficit)October 3, 2006 (Inception)


3,000,000


$
3,000


$
(2,000
)

$
-


$
1,000Net loss














(1,750
)


(1,750
)Balance, December 31, 2006


3,000,000



3,000



(2,000
)


(1,750
)


(750
)Contribution to capital










125







125Shares issued for compensation  in April 2007 at $0.00033 per share


39,000,000



39,000



(26,000
)






13,000Shares issued for cash from September 12 through November 13, 2007 at $0.00167 per share


1,629,000



1,629



25,521







27,150Net loss














(20,875
)


(20,875
)Balance, December 31, 2007


43,629,000



43,629



(2,354
)


(22,625
)


18,650Shares issued for cash from January 10, 2008 through March 19, 2008 at $0.00167 per   share


1,364,568



1,365



21,378







22,743Net loss














(30,693
)


(30,693
)Balance, December 31, 2008


44,993,568



44,994



19,024



(53,318
)


10,700Net loss














(4,225
)


(4,225
)Balance, March 31, 2009


44,993,568


$
44,994


$
19,024


$
(57,543
)

$
6,475
 
 
 See accompanying notes to financial statements.
 
 
 F-3
  NEW IMAGE CONCEPTS, 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

$
(4,225
)

$
(791
)

$
(57,543
)Adjustments to reconcile net loss to net cash used in operating activities:Shares issued for compensation


-



-



14,000Changes in accounts receivable


-



(1,249
)


-Increase in accrued expenses


125



1,450



12,200Net Cash Used in Operating Activities


(4,100
)


(590
)


(31,343
)CASH FLOWS FROM FINANCING ACTIVITIESSale of common stock


-



22,743



49,893Capital contribution


-



-



125Net Cash Provided By Financing Activities


-



22,743



50,018NET CHANGE IN CASH


(4,100
)


22,153



18,675CASH AT BEGINNING OF PERIOD


22,775



27,275



-CASH AT END OF PERIOD

$
18,675


$
49,428


$
18,675
 
 
 
 See accompanying notes to financial statements.
 
 F-4
  NEW IMAGE CONCEPTS, INC.
 (a development stage company)
 March 31, 2009 and 2008
 NOTES TO THE FINANCIAL STATEMENTS
 (UNAUDITED)
 
 NOTE 1 - ORGANIZATION
  New Image Concepts, Inc.  (“NIC” or the “Company”), a development stage company, was incorporated on October 3, 2006 under the laws of the State of Nevada. 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 provide personal consultation services to the general public.
 
 NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF ACCONTING POLICIES
 
 Basis of Presentation
 
 The accompanying interim financial statements for the three months ended March 31, 2009, 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 declared effective on March 23, 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 revenues are derived principally from personal consultation 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, 2009, 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.
 
 F-6
  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.
  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 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 $57,543, a net loss and net cash used in operations of $4,225 and $4,100 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. 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
 
 On May 13, 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.
 
 For the period from January 2008 through September 30, 2008, the Company sold 1,364,568 shares of its common stock in a private placement at $0.00167 per share to fifteen (15) individuals for a total of $22,743.
 
 NOTE 5 – COMMITMENTS AND CONTINGENCIES
 
 Employment agreement
 
 On March 13, 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 is to be paid a minimum of $500 per month and 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
     F-8
  ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  Plan of Operation
  Business Overview
 
 We were incorporated in October 2006 in Nevada with the intention of providing personal consultation services to the general public. The company intends to commence business activity in the state of California with the hope of extending its business throughout the United States.
  We intend to appeal to the individuals wanting to engage the services of hip stylish experts who offer a “make better” approach to grooming, wardrobe, and choices of entertainment venues, food, wine and décor. We will cater to both male and female clients. Services will be priced from $2,000 to $20,000.
Clients will have a broad range of choices by deciding which area or areas to emphasize and to what degree. Our client will complete a brief informational questionnaire and decide on a budget, we will then enter into a formal agreement and schedule an initial appointment. Our team of consultants will begin working with the client sorting through likes and dislikes to develop the perfect solution for a better and more stylish life.
 
 Plan of Operation
  We have begun operations very limited operations, and we require outside capital to implement our business model.
 
 1.         We believe we can begin to implement our plan to provide image consulting services to our clients.
 
 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.
 
 If we are unable to market effectively our services cigars, we may have to suspend or cease our efforts.  If we cease our previously stated efforts, we do not have plans to pursue other business opportunities.
 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 October 3, 2006 (inception), to March 31, 2009 we’ve had $1,630 in revenues.   Expenses for such period totaled $59,173. Expenses for the period consisted of $6,500 for compensation, $26,383 for professional fees, and $26,290 for general and administrative expenses.
  Capital Resources and Liquidity
  As of March 31, 2009 we had $18,675 in cash.
 
 We believe we can not satisfy our cash requirements for the next twelve months with our current cash. If we are unable to satisfy our cash requirements we may be unable to proceed with our plan of operations. We do not anticipate the purchase or sale of any significant equipment. We also do not expect any significant
additions to the number of employees. The foregoing represents our best estimate of our cash needs based on current planning and business conditions. In the event we are not successful in reaching our initial revenue targets, additional funds may be required, and we may not be able to proceed with our business plan for the development and marketing of our core services. Should this occur, we will suspend or cease operations.
  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.
  We are still pursuing this plan but to date we have not been able to raise additional funds through either debt or equity offerings. Without this additional cash we have been unable to pursue our plan of operations and commence generating revenue. We believe that we may not be able to raise the necessary funds to continue
to pursue our business operations. As a result of the foregoing, we have recently begun to explore our options regarding the development of a new business plan and direction.
   -1-
 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.
  -2-
   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 revenues are derived principally from personal consultation 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 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 31, 2009 and 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.
 
  -3-
  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.
 
 Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
   -4-
  
 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.
  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 hat 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.
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   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.
  
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   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.
  NEW IMAGE CONCEPTS, INC.Date: September 29, 2009
By:
/s/Belen FloresBelen FloresChairman of the Board of Directors,
Chief Executive Officer,
Chief Financial Officer,
Controller, Principal Accounting Officer
 
  
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