UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549


_______________





x
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For
the quarterly period ended September 30, 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 its 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
      Filer  o
            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 xNo o





State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of November 12, 2009: 136,897,306 shares of common stock.


1





FORMULAWON,
INC.


(a
development stage company)


FORM
10-Q


September
30, 2009


INDEX





PART
I-- FINANCIAL INFORMATION





Item
      1.
            Financial
      Statements
            3Item
      2.
            Management’s
      Discussion and Analysis of Financial Condition
            5Item
      3.
            Quantitative
      and Qualitative Disclosures About Market Risk
            8Item
      4T.
            Control
      and Procedures
            8





PART
II-- OTHER INFORMATION





Item
      1
            Legal
      Proceedings
            10Item
      1A
            Risk
      Factors
            10Item
      2.
            Unregistered
      Sales of Equity Securities and Use of Proceeds
            10Item
      3.
            Defaults
      Upon Senior Securities
            10Item
      4.
            Submission
      of Matters to a Vote of Security Holders
            10Item
      5.
            Other
      Information
            10Item
      6.
            Exhibits
      and Reports on Form 8-K
            10





SIGNATURE


2





ITEM
1. Financial Information





FORMULAWON,
INC.


(a
development stage company)


September
30, 2009 and 2008




Index
to Financial Statements





Contents
            Page
      #Balance
      Sheets as of September 30, 2009 (Unaudited) and December 31,
      2008
            F-1Statements
      of Operations for the Three Months Ended September 30, 2009 and 2008
      (Unaudited)
            F-2Statements
      of Operations for the Nine Months Ended September 30, 2009 and 2008, and
      the Period from  July 19, 2007 (Inception) through September 30,
      2009 (Unaudited)
            F-3Statement
      of Stockholders’ Equity (Deficit) from  July 19, 2007
      (Inception) through September 30, 2009 (Unaudited)
            F-4Statements
      of Cash Flows for the Nine Months Ended September 30, 2009 and 2008 and
      the Period from July 19, 2007 (Inception) through September 30, 2009
      (Unaudited)
            F-5Notes
      to the Financial Statements (Unaudited)
            F-6








FORMULAWON, INC.


(a
development stage company)




Balance
Sheets





September
      30,
              2009
              (Unaudited)
            
            
            December 31,
              2008ASSETSCurrent
      Assets:Cash
            
            $
            1,117
            
            
            $
            11,892Prepaid
      expenses
            
            
            -
            
            
            
            10,937Total
      current assets
            
            
            1,117
            
            
            
            22,829TOTAL
      ASSETS
            
            $
            1,117
            
            
            $
            22,829LIABILITIES
      AND STOCKHOLDERS' EQUITY (DEFICIT)Current
      Liabilities:Accrued
      expenses
            
            $
            16,770
            
            
            $
            11,695Total
      Current Liabilities
            
            
            16,770
            
            
            
            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; 136,897,306 shares
      issued and outstanding
            
            
            136,897
            
            
            
            136,897Additional
      paid-in capital
            
            
            (56,684
            )
            
            
            (56,684
            )Deficit
      accumulated  during the development stage
            
            
            (95,866
            )
            
            
            (69,079
            )Total
      Stockholders’ Equity (Deficit)
            
            
            (15,653
            )
            
            
            11,134TOTAL
      LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
            
            $
            1,117
            
            
            $
            22,829





See
accompanying notes to the financial statements.


F-1





FORMULAWON, INC.


(a
development stage company)




Statements
of Operations


(Unaudited)





For
      the Three Months
              Ended
      September 30,
              2009
            
            
            For
      the Three Months
              Ended
      September 30,
              2008Revenue
            
            $
            -
            
            
            $
            6,700Operating
      expenses:Lease
      payments
            
            
            -
            
            
            
            16,266Professional
      fees
            
            
            (1,191
            )
            
            
            1,425Compensation
            
            
            1,500
            
            
            
            1,500General
      and administrative
            
            
            475
            
            
            
            -Total
      Operating Expenses
            
            
            784
            
            
            
            2,925Loss
      before income taxes
            
            
            (784
            )
            
            
            (12,491
            )Income
      tax provision
            
            
            -
            
            
            
            -Net
      loss
            
            $
            (784
            )
            
            $
            (12,491
            )Net
      loss per common share - basic and diluted
            
            $
            (0.00
            )
            
            $
            (0.00
            )Weighted
      average number of common shares outstanding- basic and
    diluted
            
            
            136,897,306
            
            
            
            136,897,306




See
accompanying notes to financial statements.





F-2





FORMULAWON, INC.


(a
development stage company)




Statements
of Operations


(Unaudited)





For
      the Nine Months
              Ended
      September 30, 2009
            
            
            For
      the Nine Months
              Ended
      September 30, 2008
            
            
            For
      the period from
              July
      19, 2007 (Inception) through
              September
      30, 2009Revenue
            
            $
            -
            
            
            $
            6,700
            
            
            $
            6,700Operating
      ExpensesLease
      payments
            
            
            10,937
            
            
            
            16,266
            
            
            
            43,750Professional
      fees
            
            
            10,575
            
            
            
            8,738
            
            
            
            40,888Compensation
            
            
            4,500
            
            
            
            3,000
            
            
            
            9,000General
      and administrative
            
            
            775
            
            
            
            1,342
            
            
            
            8,928Total
      Operating Expenses
            
            
            26,787
            
            
            
            29,346
            
            
            
            102,566Net
      loss
            
            $
            (26,787
            )
            
            $
            (22,646
            )
            
            $
            (95,866
            )Net
      loss per common share - basic and diluted
            
            $
            (0.00
            )
            
            $
            (0.00
            )
            
            $
            (0.01
            )Weighted
      average number of common shares outstanding – basic and
      diluted
            
            
            136,897,306
            
            
            
            122,987,448
            
            
            
            119,209,589





See
accompanying notes to financial statements.


F-3





FORMULAWON, INC.


(a
development stage company)




Statement
of Stockholders’ Equity (Deficit)


For
the Period from July 19, 2007 (Inception) through September 30,
2009


(Unaudited)





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
            
            
            76,860,000
            
            
            
            76,860
            
            
            
            (74,860
            )
            
            
            
            
            
            
            2,000Contribution
      to capital
            
            
            
            
            
            
            
            
            
            
            100
            
            
            
            
            
            
            
            100Net
      loss
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (8,000
            )
            
            
            (8,000
            )Balance,
      December 31, 2007
            
            
            76,860,000
            
            
            
            76,860
            
            
            
            (74,760
            )
            
            
            (8,000
            )
            
            
            (5,900
            )Shares
      issued for cash from February 12, 2008 through March 31, 2008 at $0.0013
      per share
            
            
            59,280,965
            
            
            
            59,281
            
            
            
            17,848
            
            
            
            
            
            
            
            77,129Shares
      issued for cash from April 3, 2008 through April 6, 2008 at $0.
      0013  per share
            
            
            756,418
            
            
            
            756
            
            
            
            228
            
            
            
            
            
            
            
            984Net
      loss
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (61,079
            )
            
            
            (61,079
            )Balance,
      December 31, 2008
            
            
            136,897,383
            
            
            
            136,897
            
            
            
            (56,684
            )
            
            
            (69,079
            )
            
            
            11,134Net
      loss
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (26,787
            )
            
            
            (26,787
            )Balance,
      September 30, 2009
            
            
            136,897,383
            
            
            $
            136,897
            
            
            $
            (56,684
            )
            
            $
            (95,866
            )
            
            $
            (15,653
            )




See
accompanying notes to financial statements.


F-4





FORMULAWON, INC.


(a
development stage company)




Statements
of Cash Flows


(Unaudited)





For
      Nine Months Ended September 30, 2009
            
            
            For
      Nine Months Ended September 30, 2008
            
            
            For
      the period from
              July
      19, 2007 (Inception) through
              September
      30, 2009CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
            
            $
            (26,787
            )
            
            $
            (22,646
            )
            
            $
            (95,866
            )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Shares
      issued for compensation
            
            
            -
            
            
            
            -
            
            
            
            2,000Changes
      in operating assets and liabilities:Decrease
      (increase) in prepaid expenses
            
            
            10,937
            
            
            
            (8,734
            )
            
            
            -Increase
      in accrued expenses
            
            
            5,075
            
            
            
            2,275
            
            
            
            16,770Net
      Cash Used in Operating Activities
            
            
            (10,775
            )
            
            
            (29,105
            )
            
            
            (77,096
            )CASH
      FLOWS FROM FINANCING ACTIVITIESSale
      of common stock
            
            
            -
            
            
            
            78,113
            
            
            
            78,113Capital
      contribution
            
            
            -
            
            
            
            -
            
            
            
            100Net
      Cash Provided By Financing Activities
            
            
            -
            
            
            
            78,113
            
            
            
            78,213NET
      CHANGE IN CASH
            
            
            (10,775
            )
            
            
            49,008
            
            
            
            1,117CASH
      AT BEGINNING OF PERIOD
            
            
            11,892
            
            
            
            100
            
            
            
            -CASH
      AT END OF PERIOD
            
            $
            1,117
            
            
            $
            49,108
            
            
            $
            1,117





See
accompanying notes to financial statements.


F-5





FORMULAWON,
INC.


(a
development stage company)


September
30, 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 2 –
SUMMARY OF ACCONTING POLICIES





Basis of
Presentation





The
accompanying interim financial statements for the three and nine months ended
September 30, 2009 and 2008, and the period from July 19, 2007 (Inception)
through September 30, 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.  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 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 maturities of three months
or less at the time of purchase to be cash equivalents.




F-6




Fair Value of Financial
Instruments





The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards
Codification for disclosures about fair value of its financial instruments and
paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph
820-10-35-37”) to measure the fair value of its financial instruments. Paragraph
820-10-35-37 establishes a framework for measuring fair value in accounting
principles generally accepted in the United States of America (U.S. GAAP), and
expands disclosures about fair value measurements.  To increase
consistency and comparability in fair value measurements and related
disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three (3) broad levels.  The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities and the lowest priority to unobservable inputs.  The three
(3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are
described below:





Level
      1
            
            Quoted
      market prices available in active markets for identical assets or
      liabilities as of the reporting date.Level
      2
            
            Pricing
      inputs other than quoted prices in active markets included in Level 1,
      which are either directly or indirectly observable as of the reporting
      date.Level
      3
            
            Pricing
      inputs that are generally observable inputs and not corroborated by market
      data.





The
carrying amounts of the Company’s financial assets and liabilities, such as cash
and accrued expenses, approximate their fair values because of the short
maturity of these instruments.





The
Company does not have any assets or liabilities measured at fair value on a
recurring or a non-recurring basis, consequently, the Company did not have any
fair value adjustments for assets and liabilities measured at fair value at
September 30, 2009 or 2008, nor gains or losses are reported in the statement of
operations that are attributable to the change in unrealized gains or losses
relating to those assets and liabilities still held at the reporting date for
the interim period ended September 30, 2009, 2008 or for the period from July
19, 2007 (inception) through September 30, 2009.





Revenue
Recognition





The
Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards
Codification for revenue recognition.  The Company recognizes revenue
when it is realized or realizable and earned less estimated future doubtful
accounts.  The Company considers revenue realized or realizable and
earned when all of the following criteria are met: (i) persuasive evidence of an
arrangement exists, (ii) the product has been shipped or the services have been
rendered to the customer, (iii) the sales price is fixed or determinable, and
(iv) collectability is reasonably assured.





Income
taxes





The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting
Standards Codification.  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.





The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification
(“Section 740-10-25”). Section 740-10-25 addresses the determination of
whether tax benefits claimed or expected to be claimed on a tax return should be
recorded in the financial statements.  Under Section 740-10-25, the
Company may recognize the tax benefit from an uncertain tax position only if it
is more likely than





F-7





not that
the tax position will be sustained on examination by the taxing authorities,
based on the technical merits of the position.  The tax benefits
recognized in the financial statements from such a position should be measured
based on the largest benefit that has a greater than fifty percent (50%)
likelihood of being realized upon ultimate settlement.  Section
740-10-25 also provides guidance on de-recognition, classification, interest and
penalties on income taxes, accounting in interim periods and requires increased
disclosures.  The Company had no material adjustments to its
liabilities for unrecognized income tax benefits according to the provisions of
Section 740-10-25.





Net loss per common
share





Net loss
per common share is computed pursuant to section 260-10-45 of the FASB
Accounting Standards Codification.  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
September 30, 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. 33-9072 on October 13, 2009.  Commencing with its annual
report for the year ending December 31, 2010, the Company will be required to
include a report of management on its 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 its financial
reporting;





·
            of
      management’s assessment of the effectiveness of its internal control over
      financial reporting as of year end;
and





·
            of
      the framework used by management to evaluate the effectiveness of the
      Company’s internal control over financial
  reporting.





Furthermore,
it is required to file the auditor’s attestation report separately on the
Company’s internal control over financial reporting on whether it believes that
the Company has maintained, in all material respects, effective internal control
over financial reporting.





In
June 2009, the FASB approved the “FASB Accounting Standards Codification”
(the “Codification”) as the single source of authoritative nongovernmental U.S.
GAAP to be launched on July 1, 2009.  The Codification does not
change current U.S. GAAP, but is intended to simplify user access to all
authoritative U.S. GAAP by providing all the authoritative literature related to
a particular topic in one place.  All existing accounting standard
documents will be superseded and all other accounting literature not included in
the Codification will be considered non-authoritative. The Codification is
effective for interim and annual periods ending after September 15,
2009.  The Company does not expect the adoption to have a material
impact on its consolidated financial position, results of operations or cash
flows.





In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-04 “Accounting for
Redeemable Equity Instruments - Amendment to Section 480-10-S99” which
represents an update to section 480-10-S99, distinguishing liabilities from
equity, per EITF Topic D-98, Classification and Measurement of
Redeemable Securities.  The Company does not expect the
adoption of this update to have a material impact on its consolidated financial
position, results of operations or cash flows.




F-8




In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-05 “Fair Value
Measurement and Disclosures Topic 820 – Measuring Liabilities at Fair
Value”, which provides amendments to subtopic 820-10, Fair Value
Measurements and Disclosures – Overall, for the fair value measurement of
liabilities.  This Update provides clarification that in circumstances
in which a quoted price in an active market for the identical liability is not
available, a reporting entity is required to measure fair value using one or
more of the following techniques: 1. A valuation technique that uses: a. The
quoted price of the identical liability when traded as an asset b. Quoted prices
for similar liabilities or similar liabilities when traded as assets. 2. Another
valuation technique that is consistent with the principles of topic 820; two
examples would be an income approach, such as a present value technique, or a
market approach, such as a technique that is based on the amount at the
measurement date that the reporting entity would pay to transfer the identical
liability or would receive to enter into the identical liability. The amendments
in this Update also clarify that when estimating the fair value of a liability,
a reporting entity is not required to include a separate input or adjustment to
other inputs relating to the existence of a restriction that prevents the
transfer of the liability. The amendments in this Update also clarify that both
a quoted price in an active market for the identical liability when traded as an
asset in an active market when no adjustments to the quoted price of the asset
are required are Level 1 fair value measurements.  The Company does
not expect the adoption of this update to have a material impact on its
consolidated financial position, results of operations or cash
flows.





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-08 “Earnings Per Share –
Amendments to Section 260-10-S99”,which represents technical corrections
to topic 260-10-S99, Earnings per share, based on EITF Topic D-53, Computation of Earnings Per Share
for a Period that includes a Redemption or an Induced Conversion of a Portion of
a Class of Preferred Stock and EITF Topic D-42, The Effect of the Calculation of
Earnings per Share for the Redemption or Induced Conversion of Preferred
Stock. The Company does not expect the adoption of this update to have a
material impact on its consolidated financial position, results of operations or
cash flows.





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-09 “Accounting for
Investments-Equity Method and Joint Ventures and Accounting for Equity-Based
Payments to Non-Employees”.  This Update represents a
correction to Section 323-10-S99-4, Accounting by an Investor for
Stock-Based Compensation Granted to Employees of an Equity Method
Investee. Additionally, it adds observer commentAccounting Recognition for Certain
Transactions Involving Equity Instruments Granted to Other Than Employees
to the Codification. The Company does not expect the adoption to have a material
impact on its consolidated financial position, results of operations or cash
flows.





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-12 “Fair Value
Measurements and Disclosures Topic 820 – Investment in Certain Entities That
Calculate Net Assets Value Per Share (or Its Equivalent)”, which provides
amendments to Subtopic 820-10, Fair Value Measurements and Disclosures-Overall,
for the fair value measurement of investments in certain entities that calculate
net asset value per share (or its equivalent). The amendments in this Update
permit, as a practical expedient, a reporting entity to measure the fair value
of an investment that is within the scope of the amendments in this Update on
the basis of the net asset value per share of the investment (or its equivalent)
if the net asset value of the investment (or its equivalent) is calculated in a
manner consistent with the measurement principles of Topic 946 as of the
reporting entity’s measurement date, including measurement of all or
substantially all of the underlying investments of the investee in accordance
with Topic 820. The amendments in this Update also require disclosures by major
category of investment about the attributes of investments within the scope of
the amendments in this Update, such as the nature of any restrictions on the
investor’s ability to redeem its investments a the measurement date, any
unfunded commitments (for example, a contractual commitment by the investor to
invest a specified amount of additional capital at a future date to fund
investments that will be make by the investee), and the investment strategies of
the investees. The major category of investment is required to be determined on
the basis of the nature and risks of the investment in a manner consistent with
the guidance for major security types in U.S. GAAP on investments in debt and
equity securities in paragraph 320-10-50-1B. The disclosures are required for
all investments within the





F-9





scope of
the amendments in this Update regardless of whether the fair value of the
investment is measured using the practical expedient. The Company does not
expect the adoption to have a material impact on its consolidated financial
position, results of operations or cash flows.




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 $95,866, a net
loss and net cash used in operations of $26,787 and $10,775 for the nine months
ended September 30, 2009, respectively. These conditions raise substantial doubt
about its ability to continue as a going concern.





While the
Company is attempting to produce sufficient sales, the Company’s cash position
may not be sufficient to support the Company’s daily operations. 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.
Management believes that the actions presently being taken to further implement
its business plan and generate revenues provide the opportunity for the Company
to continue as a going concern.





The
financial statements do not include any adjustments related to the
recoverability and classification of recorded asset amounts or the amounts and
classification of liabilities that might be necessary should the Company be
unable to continue in existence.





NOTE 4
– SUBSEQUENT EVENTS





The
Company has evaluated all events that occur after the balance sheet date through
November 6, 2009, the date when the financial statements were issued to
determine if they must be reported.  The Management of the Company
determined that there was a reportable subsequent event to be
disclosed.





On
October 21, 2009 the Company effectuated a 1 for 12.81 forward split of shares
of its common stock with a record date of October 28, 2009. All share and per
share amounts in the accompanying financial statements give retroactive effect
to the forward split.


F-10




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.





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 may
begin to explore our options regarding the development of a new business plan
and direction.





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 September 30, 2009 we’ve had $6,700 in
revenues.   Expenses for such period totaled $102,566. Expenses
for the period consisted of $43,750 for lease payments, $9,000 for compensation,
$40,888 for professional fees, and $8,928 for general and administrative
expenses.





Capital
Resources and Liquidity





As of
September 30, 2009 we had $1,117 in cash.





SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES





Development stage
company





The
Company is a development stage company.  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 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.




4




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.





Fair Value of Financial
Instruments





The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards
Codification for disclosures about fair value of its financial instruments and
paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph
820-10-35-37”) to measure the fair value of its financial instruments. Paragraph
820-10-35-37 establishes a framework for measuring fair value in accounting
principles generally accepted in the United States of America (U.S. GAAP), and
expands disclosures about fair value measurements.  To increase
consistency and comparability in fair value measurements and related
disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three (3) broad levels.  The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities and the lowest priority to unobservable inputs.  The three
(3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are
described below:





Level
      1
            
            Quoted
      market prices available in active markets for identical assets or
      liabilities as of the reporting date.Level
      2
            
            Pricing
      inputs other than quoted prices in active markets included in Level 1,
      which are either directly or indirectly observable as of the reporting
      date.Level
      3
            
            Pricing
      inputs that are generally observable inputs and not corroborated by market
      data.





The
carrying amounts of the Company’s financial assets and liabilities, such as cash
and accrued expenses, approximate their fair values because of the short
maturity of these instruments.





The
Company does not have any assets or liabilities measured at fair value on a
recurring or a non-recurring basis, consequently, the Company did not have any
fair value adjustments for assets and liabilities measured at fair value at
September 30, 2009 or 2008, nor gains or losses are reported in the statement of
operations that are attributable to the change in unrealized gains or losses
relating to those assets and liabilities still held at the reporting date for
the interim period ended September 30, 2009, 2008 or for the period from July
19, 2007 (inception) through September 30, 2009.





Revenue
Recognition





The
Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards
Codification for revenue recognition.  The Company recognizes revenue
when it is realized or realizable and earned less estimated future doubtful
accounts.  The Company considers revenue realized or realizable and
earned when all of the following criteria are met: (i) persuasive evidence of an
arrangement exists, (ii) the product has been shipped or the services have been
rendered to the customer, (iii) the sales price is fixed or determinable, and
(iv) collectability is reasonably assured.





Income
taxes





The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting
Standards Codification.  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





5





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.





The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification
(“Section 740-10-25”). Section 740-10-25 addresses the determination of
whether tax benefits claimed or expected to be claimed on a tax return should be
recorded in the financial statements.  Under Section 740-10-25, the
Company may recognize the tax benefit from an uncertain tax position only if it
is more likely than not that the tax position will be sustained on examination
by the taxing authorities, based on the technical merits of the
position.  The tax benefits recognized in the financial statements
from such a position should be measured based on the largest benefit that has a
greater than fifty percent (50%) likelihood of being realized upon ultimate
settlement.  Section 740-10-25 also provides guidance on
de-recognition, classification, interest and penalties on income taxes,
accounting in interim periods and requires increased disclosures.  The
Company had no material adjustments to its liabilities for unrecognized income
tax benefits according to the provisions of Section 740-10-25.





Net loss per common
share





Net loss
per common share is computed pursuant to section 260-10-45 of the FASB
Accounting Standards Codification.  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
September 30, 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. 33-9072 on October 19, 2009.  Commencing with its annual
report for the year ending December 31, 2010, the Company will be required to
include a report of management on its 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 its financial
reporting;





·
            of
      management’s assessment of the effectiveness of its internal control over
      financial reporting as of year end;
and





·
            of
      the framework used by management to evaluate the effectiveness of the
      Company’s internal control over financial
  reporting.





Furthermore,
it is required to file the auditor’s attestation report separately on the
Company’s internal control over financial reporting on whether it believes that
the Company has maintained, in all material respects, effective internal control
over financial reporting.





In
June 2009, the FASB approved the “FASB Accounting Standards Codification”
(the “Codification”) as the single source of authoritative nongovernmental U.S.
GAAP to be launched on July 1, 2009.  The Codification does not
change current U.S. GAAP, but is intended to simplify user access to all
authoritative U.S. GAAP by providing all the authoritative literature related to
a particular topic in one place.  All existing accounting standard
documents will be superseded and all other accounting literature not included in
the Codification will be considered non-authoritative. The Codification is
effective for interim and annual periods ending after September 15,
2009.  The Company does not expect the adoption to have a material
impact on its consolidated financial position, results of operations or cash
flows.





6





In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-04 “Accounting for
Redeemable Equity Instruments - Amendment to Section 480-10-S99” which
represents an update to section 480-10-S99, distinguishing liabilities from
equity, per EITF Topic D-98, Classification and Measurement of
Redeemable Securities.  The Company does not expect the
adoption of this update to have a material impact on its consolidated financial
position, results of operations or cash flows.





In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-05 “Fair Value
Measurement and Disclosures Topic 820 – Measuring Liabilities at Fair
Value”, which provides amendments to subtopic 820-10, Fair Value
Measurements and Disclosures – Overall, for the fair value measurement of
liabilities.  This Update provides clarification that in circumstances
in which a quoted price in an active market for the identical liability is not
available, a reporting entity is required to measure fair value using one or
more of the following techniques: 1. A valuation technique that uses: a. The
quoted price of the identical liability when traded as an asset b. Quoted prices
for similar liabilities or similar liabilities when traded as assets. 2. Another
valuation technique that is consistent with the principles of topic 820; two
examples would be an income approach, such as a present value technique, or a
market approach, such as a technique that is based on the amount at the
measurement date that the reporting entity would pay to transfer the identical
liability or would receive to enter into the identical liability. The amendments
in this Update also clarify that when estimating the fair value of a liability,
a reporting entity is not required to include a separate input or adjustment to
other inputs relating to the existence of a restriction that prevents the
transfer of the liability. The amendments in this Update also clarify that both
a quoted price in an active market for the identical liability when traded as an
asset in an active market when no adjustments to the quoted price of the asset
are required are Level 1 fair value measurements.  The Company does
not expect the adoption of this update to have a material impact on its
consolidated financial position, results of operations or cash
flows.





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-08 “Earnings Per Share –
Amendments to Section 260-10-S99”,which represents technical corrections
to topic 260-10-S99, Earnings per share, based on EITF Topic D-53, Computation of Earnings Per Share
for a Period that includes a Redemption or an Induced Conversion of a Portion of
a Class of Preferred Stock and EITF Topic D-42, The Effect of the Calculation of
Earnings per Share for the Redemption or Induced Conversion of Preferred
Stock. The Company does not expect the adoption of this update to have a
material impact on its consolidated financial position, results of operations or
cash flows.





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-09 “Accounting for
Investments-Equity Method and Joint Ventures and Accounting for Equity-Based
Payments to Non-Employees”.  This Update represents a
correction to Section 323-10-S99-4, Accounting by an Investor for
Stock-Based Compensation Granted to Employees of an Equity Method
Investee. Additionally, it adds observer commentAccounting Recognition for Certain
Transactions Involving Equity Instruments Granted to Other Than Employees
to the Codification. The Company does not expect the adoption to have a material
impact on its consolidated financial position, results of operations or cash
flows.





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-12 “Fair Value
Measurements and Disclosures Topic 820 – Investment in Certain Entities That
Calculate Net Assets Value Per Share (or Its Equivalent)”, which provides
amendments to Subtopic 820-10, Fair Value Measurements and Disclosures-Overall,
for the fair value measurement of investments in certain entities that calculate
net asset value per share (or its equivalent). The amendments in this Update
permit, as a practical expedient, a reporting entity to measure the fair value
of an investment that is within the scope of the amendments in this Update on
the basis of the net asset value per share of the investment (or its equivalent)
if the net asset value of the investment (or its equivalent) is calculated in a
manner consistent with the measurement principles of Topic 946 as of the
reporting entity’s measurement date, including measurement of all or
substantially all of the underlying investments of the investee in accordance
with Topic 820. The amendments in this Update also require disclosures by major
category of investment about the attributes of investments within the scope of
the amendments in this Update, such as the nature of any restrictions on the
investor’s ability to redeem





7





its
investments a the measurement date, any unfunded commitments (for example, a
contractual commitment by the investor to invest a specified amount of
additional capital at a future date to fund investments that will be make by the
investee), and the investment strategies of the investees. The major category of
investment is required to be determined on the basis of the nature and risks of
the investment in a manner consistent with the guidance for major security types
in U.S. GAAP on investments in debt and equity securities in paragraph
320-10-50-1B. The disclosures are required for all investments within the scope
of the amendments in this Update regardless of whether the fair value of the
investment is measured using the practical expedient. The Company does not
expect the adoption to have a material impact on its consolidated financial
position, results of operations or cash flows.





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.




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.







8




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
September 30, 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
September 30, 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.





9




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





Not
applicable for smaller reporting companies.





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.


On
October 21, 2009, the Company approved a 12.81 for 1 forward stock split
for its common stock. As a result, stockholders of record at the close of
business on October 21, 2009, received a dividend of 11.81 shares of common
stock for every 1 share held. Common stock, additional paid-in
capital, share and per share data for prior periods have been restated to
reflect the stock split as if it had occurred at the beginning of the earliest
period presented.





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.


10





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:
      November 16, 2009
            By:
            /s/ Fitra IrianiFitra
      IrianiChairman
      of the Board of Directors,
              Chief
      Executive Officer, Chief Financial Officer,
              Controller,
      Principal Accounting Officer