SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-KSB

 

[X] ANNUAL REPORTUNDER SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGEACT OF 1934

 

For the fiscal yearended: December 31, 2004

 

[ ] TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGEACT OF 1934

 

Commission file number000-29399

 

NOTHING CORP.

(Exact name ofregistrant as specified in its charter)

 

| **Nevada**88-0448194
(State or		other jurisdiction of
(I.R.S.		Employer
incorporation		or organization)
Identification		No.)
  **770 E. Warm Springs Rd.,		Suite 250 **Las Vegas, NV**89119
(Address of principal		executive offices)
(zip code)
 

Issuer's TelephoneNumber: **(702) 866-5839**
 

Securities registeredunder Section 12(b) of the Exchange Act:

None

 

Securities registeredunder Section 12(g) of the Exchange Act:

Common Stock, $.001par value

(Title if Class)

 

Indicate by checkmark whether the registrant (a) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past90 days. Yes X No 
 

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-Kis not contained herein, and will not be contained, to the best of registrant'sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB.[ ]

 

The number of sharesof Common Stock, $0.001 par value, outstanding on December 31, 2004, was8,876,370 shares, held by 1 stockholder.

 
** 

PART I

 ****ITEM 1. DESCRIPTIONOF BUSINESS

 **
Nothing Corp. wasincorporated as Titanic Music, Inc. on April 1, 1999 in the State of Nevada. Thecorporation was initially formed in anticipation for being utilized for thecorporate entity which would own all the music rights of a "themed" hotel andcasino on the Las Vegas Strip. However, the principals of the themed resort wereunable to obtain zoning approval from the city counsel for the project, and thusthe already formed entity was not utilized for its initial purpose. Since itsformation, and subsequent to the Company not being utilized for its initialpurpose, the Company has been in the development stage with no active businessand at this time the Company is considered a "Blank check" company.

 

We registered ourcommon stock on a Form 10-SB registration statement filed pursuant to theSecurities Exchange Act of 1934 (the "Exchange Act") and Rule 12(g) thereof. Wefile with the Securities and Exchange Commission periodic and episodic reportsunder Rule 13(a) of the Exchange Act, including quarterly reports on Form 10-QSBand annual reports on Form 10-KSB.

 

We will attempt tolocate and negotiate with a business entity for the merger of a target businessinto the Company. In certain instances, a target business may wish to become asubsidiary of the Company or may wish to contribute assets to the Company ratherthan merge. No assurances can be given that we will be successful in locating ornegotiating with any target business.

 

Management believesthat there are perceived benefits to being a reporting company with a class ofpublicly-registered securities. These are commonly thought to include (1) theability to use registered securities to make acquisition of assets orbusinesses; (2) increased visibility in the financial community; (3) thefacilitation of borrowing from financial institutions; (4) improved tradingefficiency; (5) stockholder liquidity; (6) greater ease in subsequently raisingcapital; (7) compensation of key employees through stock options; (8) enhancedcorporate image; and (9) a presence in the United States capital market.

 

A business entity, ifany, which may be interested in a business combination with us may include (1) acompany for which a primary purpose of becoming public is the use of itssecurities for the acquisition of assets or businesses; (2) a company which isunable to find an underwriter of its securities or is unable to find anunderwriter of securities on terms acceptable to it; (3) a company which wishesto become public with less dilution of its common stock than would occurnormally upon an underwriting; (4) a company which believes that it will be ableto obtain investment capital on more favorable terms after it has become public;(5) a foreign company which may wish to gain an initial entry into the UnitedStates securities market; (6) a special situation company, such as a companyseeking a public market to satisfy redemption requirements under a qualifiedEmployee Stock Option Plan; or (7) a company seeking one or more of the otherperceived benefits of becoming a public company.

 

Management isactively engaged in seeking a qualified company as a candidate for a businesscombination. We are authorized to enter into a definitive agreement with a widevariety of businesses without limitation as to their industry or revenues. It isnot possible at this time to predict with which company, if any, we will enterinto a definitive agreement or what will be the industry, operating history,revenues, future prospects or other characteristics of that company.

 

1

 

We may seek abusiness opportunity with entities which have recently commenced operations, orwhich wish to utilize the public marketplace in order to raise additionalcapital in order to expand into new products or markets, to develop a newproduct or service, or for other corporate purposes. We may acquire assets andestablish wholly-owned subsidiaries in various businesses or acquire existingbusinesses as subsidiaries.

 

Our management, whichin all likelihood will not be experienced in matters relating to the business ofa target business, will rely upon its own efforts in accomplishing our businesspurposes. Outside consultants or advisors may be utilized by us to assist in thesearch for qualified target companies. If we do retain such an outsideconsultant or advisor, any cash fee earned by such person will need to beassumed by the target business, as we have no cash assets with which to pay suchobligation.

 

The analysis of newbusiness opportunities will be undertaken by, or under the supervision of ourofficer and director, who is not a professional business analyst. In analyzingprospective business opportunities, management may consider such matters as:
the available	technical, financial and managerial resources;working capital	and other financial requirements; history of operations, if any;prospects for the	future;nature of present	and expected competition;the quality and	experience of management services which may be available and the depth of	that management;the potential for	further research, development, or exploration;specific risk	factors not now foreseeable but which then may be anticipated to impact our	proposed activities;the potential for	growth or expansion;the potential for	profit;the perceived	public recognition or acceptance of products, services, or trades; name	identification; andother relevant	factors.
Management does nothave the capacity to conduct as extensive an investigation of a target businessas might be undertaken by a venture capital fund or similar institution. As aresult, management may elect to merge with a target business which has one ormore undiscovered shortcomings and may, if given the choice to select amongtarget businesses, fail to enter into an agreement with the mostinvestment-worthy target business.

 

Following a businesscombination we may benefit from the services of others in regard to accounting,legal services, underwritings and corporate public relations. If requested by atarget business, management may recommend one or more underwriters, financialadvisors, accountants, public relations firms or other consultants to providesuch services.

 

2

 

A potential targetbusiness may have an agreement with a consultant or advisor, providing thatservices of the consultant or advisor be continued after any businesscombination. Additionally, a target business may be presented to us only on thecondition that the services of a consultant or advisor be continued after amerger or acquisition. Such preexisting agreements of target businesses for thecontinuation of the services of attorneys, accountants, advisors or consultantscould be a factor in the selection of a target business.

 

In implementing astructure for a particular business acquisition, we may become a party to amerger, consolidation, reorganization, joint venture, or licensing agreementwith another corporation or entity. We may also acquire stock or assets of anexisting business. On the consummation of a transaction, it is likely that ourpresent management and stockholder will no longer be in our control. Inaddition, it is likely that our officer and director will, as part of the termsof the acquisition transaction, resign and be replaced by one or more newofficers and directors.

 

It is anticipatedthat any securities issued in any such reorganization would be issued inreliance upon exemption from registration under applicable federal and statesecurities laws. In some circumstances however, as a negotiated element of itstransaction, we may agree to register all or a part of such securitiesimmediately after the transaction is consummated or at specified timesthereafter. If such registration occurs, of which there can be no assurance, itwill be undertaken by the surviving entity after we have entered into anagreement for a business combination or have consummated a business combinationand we are no longer considered a blank check company. The issuance ofadditional securities and their potential sale into any trading market which maydevelop in our securities may depress the market value of our securities in thefuture if such a market develops, of which there is no assurance.

 

While the terms of abusiness transaction to which we may be a party cannot be predicted, it isexpected that the parties to the business transaction will desire to avoid thecreation of a taxable event and thereby structure the acquisition in a tax-freereorganization under Sections 351 or 368 of the Internal Revenue Code of 1986,as amended.

 

With respect to anymerger or acquisition negotiations with a target business, management expects tofocus on the percentage of the Company which target business stockholder wouldacquire in exchange for their shareholdings in the target business. Dependingupon, among other things, the target business's assets and liabilities, ourstockholder will in all likelihood hold a substantially lesser percentageownership interest in the Company following any merger or acquisition. Anymerger or acquisition effected by us can be expected to have a significantdilutive effect on the percentage of shares held by our stockholder at suchtime.

 

No assurances can begiven that we will be able to enter into a business combination, as to the termsof a business combination, or as to the nature of the target business.

 

As of the datehereof, management has not made any final decision concerning or entered intoany written agreements for a business combination. When any such agreement isreached or other material fact occurs, we will file notice of such agreement orfact with the Securities and Exchange Commission on Form 8-K. Persons readingthis Form 10-KSB are advised to determine if we have subsequently filed a Form8-K.

 

3

 

We anticipate thatthe selection of a business opportunity in which to participate will be complexand without certainty of success. Management believes (but has not conducted anyresearch to confirm) that there are numerous firms seeking the perceivedbenefits of a publicly registered corporation. Such perceived benefits mayinclude facilitating or improving the terms on which additional equity financingmay be sought, providing liquidity for incentive stock options or similarbenefits to key employees, increasing the opportunity to use securities foracquisitions, and providing liquidity for our stockholder and other factors.Business opportunities may be available in many different industries and atvarious stages of development, all of which will make the task of comparativeinvestigation and analysis of such business opportunities extremely difficultand complex.
** 

ITEM 2. DESCRIPTIONOF PROPERTY

 **
We have no propertiesand at this time have no agreements to acquire any properties. We currently usethe office of management at no cost to us. Management has agreed to continuethis arrangement until we complete an acquisition or merger.
** 

ITEM 3. LEGALPROCEEDINGS

 **
There is nolitigation pending or threatened by or against us.
** 

ITEM 4. SUBMISSION OFMATTERS TO A VOTE OF SECURITY HOLDERS

 **
No matter wassubmitted to a vote of security holders, through the solicitation of proxies orotherwise, during the fourth quarter of the fiscal year covered by this report.
** 

PART II

 

ITEM 5. MARKET FORCOMMON EQUITY AND RELATED STOCKHOLDER MATTERS

 **
There is currently nopublic market for our securities. We do not intend to trade our securities inthe secondary market until completion of a business combination or acquisition.It is anticipated that following such occurrence we will request that our commonstock be quoted on the NASD OTC Bulletin Board or, if we then meet the financialand other requirements thereof, on the Nasdaq SmallCap Market, National MarketSystem or regional or national exchange.

 

The proposed businessactivities described herein classify us as a "blank check" company. TheSecurities and Exchange Commission and many states have enacted statutes, rulesand regulations limiting the sale of securities of blank check companies intheir respective jurisdictions. Management does not intend to undertake anyefforts to cause a market to develop in our securities until such time as wehave successfully implemented our business plan described herein. Accordingly,our stockholder has agreed that he will not sell or otherwise transfer hisshares of our common stock except in connection with or following completion ofa merger or acquisition and we are no longer classified as a blank checkcompany.

 

4

 

There is currentlyone stockholder of our outstanding common stock. 

 

During the past threeyears, we have issued securities which were not registered as follows:

 

DATE
NAME
NUMBER OF		SHARES
CONSIDERATION
April 1, 2002
Anthony N.		DeMint
21,880
$22 (1)
September 30,		2002
Anthony N.		DeMint
28,130
$28 (1)
December, 31,		2002
Anthony N.		DeMint
100,000
$100 (1)
April 28,		2003
Anthony N.		DeMint
500,000
$500 (1)
June 17, 2003
Anthony N.		DeMint
100,000
$100 (1)
September 29,		2003
Anthony N.		DeMint
100,000
$100 (1)
December 31,		2003
Anthony N.		DeMint
100,000
$100 (1)
June 15, 2004
Anthony N.		DeMint
1,000,000
$1,000 (1)
September 29,		2004
Anthony N.		DeMint
250,000
$250 (1)
January 14,		2005
Anthony N.		DeMint
250,000
$250 (2)
________

(1) Shares issued toMr. DeMint were conversions of debt to equity for monies advanced by Mr. DeMint.With respect to the stock issued to Mr. DeMint, we relied upon Section 4(2) ofthe Securities Act of 1933.

 

(2) Shares issued toMr. DeMint were conversions of debt to equity for monies advanced by Mr. DeMintsubsequent to year end. With respect to the stock issued to Mr. DeMint, werelied upon Section 4(2) of the Securities Act of 1933.
** 

ITEM 6. PLAN OFOPERATION

 **
The Company hasregistered its common stock on a Form 10-SB registration statement filedpursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act")and Rule 12(g) thereof. The Company files with the Securities and ExchangeCommission periodic and episodic reports under Rule 13(a) of the Exchange Act,including quarterly reports on Form 10-QSB and annual reports on Form 10-KSB.

 

We are currentlyseeking to engage in a merger with or acquisition of an unidentified foreign ordomestic company which desires to become a reporting ("public") company whosesecurities are qualified for trading in the United States secondary market. Wemeet the definition of a "blank check" company contained in Section (7)(b)(3) ofthe Securities Act of 1933, as amended. We have been in the developmental stagesince inception and have no operations to date. Other than issuing shares to oursole stockholder, we have not commenced any operational activities.

 

5

 

We will not acquireor merge with any entity which does not intend to provide audited financialstatements at or within a reasonable period of time after closing of theproposed transaction. We are subject to all the reporting requirements includedin the Exchange Act. Included in these requirements is our duty to file auditedfinancial statements as part of our Form 8-K to be filed with the Securities andExchange Commission upon consummation of a merger or acquisition, as well as ouraudited financial statements included in our annual report on 10-KSB. If suchaudited financial statements are not available at closing, or within timeparameters necessary to insure our compliance with the requirements of theExchange Act, or if the audited financial statements provided do not conform tothe representations made by the target business, the closing documents mayprovide that the proposed transaction will be voidable at the discretion of ourpresent management.

 

We will not restrictour search for any specific kind of businesses, but may acquire a business whichis in its preliminary or development stage, which is already in operation, or inessentially any stage of its business life. It is impossible to predict at thistime the status of any business in which we may become engaged, in that suchbusiness may need to seek additional capital, may desire to have its sharespublicly traded, or may seek other perceived advantages which we may offer.

 

A businesscombination with a target business will normally involve the transfer to thetarget business of the majority of our common stock, and the substitution by thetarget business of its own management and board of directors.

 

We have, and willcontinue to have, no capital with which to provide the owners of businessopportunities with any cash or other assets. However, management believes wewill be able to offer owners of acquisition candidates the opportunity toacquire a controlling ownership interest in a company with securities registeredpursuant to Rule 12(g) of the Exchange Act. Our officer and director has notconducted market research and is not aware of statistical data to support theperceived benefits of a merger or acquisition transaction for the owners of abusiness opportunity.

 

Our audit reflectsthe fact that we have no current source of income. Further, that withoutrealization of additional capital, it would be unlikely for the Company tocontinue as a going concern.

 

Our sole officer anddirector has agreed that he will advance any additional funds which we need foroperating capital and for costs in connection with searching for or completingan acquisition or merger. Such advances have historically been converted toequity. There is no minimum or maximum amount the Officer and Director willadvance to us. We will not borrow any funds for the purpose of repaying advancesmade by such Officer and Director, and we will not borrow any funds to make anypayments to our promoters, management or their affiliates or associates.

 

The Board ofDirectors has passed a resolution which contains a policy that we will not seekan acquisition or merger with any entity in which our officer, director,stockholder or his affiliates or associates serve as officer or director or holdmore than a 10% ownership interest.

 

6

 
**ITEM 7. FINANCIALSTATEMENTS**
 

See Index to Financial Statements andFinancial Statement Schedules appearing on page F-1 through F-11 of this Form10-KSB.
** 

ITEM 8. CHANGES INAND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**
 

There were no changesin or disagreements with accountants on accounting and financial disclosure forthe period covered by this report.
** 

ITEM 8A. CONTROLS ANDPROCEDURES**
 

The Company maintainsdisclosure controls and procedures designed to ensure that information requiredto be disclosed in reports filed under the Securities Exchange Act of 1934, asamended, is recorded, processed, summarized and reported within the specifiedtime periods. As of the end of the period covered by this report, the Company'ssole officer evaluated the effectiveness of the Company's disclosure controlsand procedures. Based on the evaluation, which disclosed no significantdeficiencies or material weaknesses, the Company's sole officer concluded thatthe Company's disclosure controls and procedures are effective. There were nochanges in the Company's internal control over financial reporting that occurredduring the Company's most recent fiscal quarter that have materially affected,or are reasonably likely to materially affect, the Company's internal controlover financial reporting.
** 

ITEM 8B. OTHERINFORMATION

 

NONE
** 

PART III

 

ITEM 9. DIRECTORS,EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A)OF THE EXCHANGE ACT**
 

Our Director andOfficer is as follows:

 

Name
Age
Positions and		Offices Held
Anthony N.		DeMint
31
President,		Secretary, Treasurer, Director
 

There are noagreements or understandings for the officer or director to resign at therequest of another person and the above-named officer and director is not actingon behalf of nor will act at the direction of any other person.

 

Set forth below isthe name of our director and officer, all positions and offices held with us,the period during which he has served as such, and the business experienceduring at least the last five years.

 

7

 

Anthony N. DeMintacts as President, Secretary, Treasurer and Director for the Company. Mr. DeMinthas served as an officer and Director of the Company since inception. Mr. DeMintis also sole officer and Director of Tac Asset Corp., Take A Ride, Inc., YourDomain.com, Rub Investments Limited, Accessory Specialists Incorporated,Tell-A-Tale Incorporated, Fun For You, Inc., Calif Acquisitions, Inc., Too LateFinancial Corporation, Vanity Enterprises, Inc., Interbank Capital Corp. and YFC355 Corp which are also blank check companies. Since 1997, Mr. DeMint has beenpresident and managing director of the Securities Law Institute, a federalsecurities consulting firm. As the managing director of Securities LawInstitute, Mr. DeMint has assisted numerous companies in strategic corporatestructuring, merger and acquisition planning, and early round pre-financingguidance. Mr. DeMint also serves as CEO/President and a Director ofDaVinci-Franklin Fund I, LLC and DaVinci-Franklin Capital, private venturecapital companies. In addition, Mr. DeMint has served as an officer and directorfor several public and private corporations. Mr. DeMint holds a B.A. Degree inEconomics from the University of Nevada Las Vegas. Further, Mr. DeMint currentlyholds a North American Securities Administrators Association (NASAA) Series 63license.

 

CURRENT BLANK CHECKCOMPANIES

 

The SEC reportingblank check companies that Anthony DeMint serves or has served as President andDirector are listed in the following table:

 

Incorporation Name 
Form Type
File #
Date of Filing
Status (l)
Intercontinental Capital		Fund, Inc.
10SB12G
000-27931
04 Nov 99
Merger (2a)     
Tele Special.Com 
10SB12G
000-28207
19 Nov 99
Merger (2b)     
Navitec Group Inc.
10SB12G
000-28225
22 Nov 99
Merger (2c)     
Royal Acquisitions, Inc.
10SB12G
000-28713
30 Dec 99
Merger (2d)     
LifePlan
10SB12G
000-29033
08 Jan 00
Merger (2e)     
Central America Fuel		Technology, Inc.
10SB12G
000-28697
29 Dec 99
Merger (2f)     
Scientific Fuel Technology,		Inc.
10SB12G
000-28685
28 Dec 99
Merger (2g)     
TourPro Golf, Inc.
10SB12G
000-28569
20 Dec 99
Merger (2h)     
J.S.J. Capital Corp,
10SB12G
000-29165
26 Jan 00
Merger (2i)     
Euro Technology Outfitters
10SB12G
000-30009
20 Mar 00
Merger (2j)     
SAVEYOUTIME.COM, INC.
10SB12G
000-30085
23 Mar 00
Merger (2k)     
J.S.J. Capital II, Inc.
10SB12G
000-29189
27 Jan 00
Sold (3)
 

8

 
     
Tac Asset Corp.
10SB12G
000-29355
07 Feb 00
No     
Take A Ride, Inc.
10SB12G
000-30113
27 Mar 00
No     
Your Domain.com
10SB12G
000-29317
03 Feb 00
No     
Rub Investments Limited
10SB12G
000-29315
03 Feb 00
No     
Accessory Specialists		Incorporated
10SB12G
000-29353
07 Feb 00
No     
Tell-A-Tale Incorporated
10SB12G
000-30131
28 Mar 00
No     
Calif Acquisitions, Inc.
10SB12G
000-29345
04 Feb 00
No     
Fun For You, Inc.
10SB12G
000-30055
22 Mar 00
No     
Too Late Financial		Corporation
10SB12G
000-30149
29 Mar 00
No     
Vanity Enterprises, Inc.
10SB12G
000-30169
31 Mar 00
No     
Interbank Capital Corp.
10SB12G
000-30167
23 Mar 00
No     
YFC 355 Corp
10SB12G
000-30201
03 Apr 00
No
 

(1) Under MergerStatus "Merger" represents either a merger or an acquisition has occurred or thecompany ceased to be a blank check company by operating specific business a "No"represents that the company is currently seeking merger or acquisitioncandidate. More detailed information for each merger is disclosed in followingparagraphs.

 

(2a) In January 2000Intercontinental Capital Fund, Inc. merged with Desert Health Products, Inc.("DHP") whereby DHP was the surviving corporation and Intercontinental CapitalFund ceased to exist. DHP was formed to develop dietary supplement products fromnatural plant extracts. At the time of the merger DHP was focusing itsdevelopment efforts on certain plants and plant extracts that are widely usedthroughout the United States and Europe to treat a variety of diseases andphysical conditions. Pursuant to the Plan of Merger, DHP issued 400,000 sharesof restricted Common Stock to Anthony N. DeMint in exchange for the cancellationof Mr. DeMint's 5,000,000 shares of Intercontinental Capital Fund Common Stock.DHP paid $100,000 in cash to SY&S, of which Anthony N. DeMint is an affiliate,for consulting fees associated with the merger. Mr. DeMint currently is anon-affiliated stockholder of DHP.

 

(2b) In January 2000Tele Special.Com merged with International Brands, Inc. ("INBR") whereby INBRwas the surviving corporation and Tele Special.Com ceased to exist. At the timeof the merger INBR was a holding company for various Internet related companies.Pursuant to the Plan of Merger, INBR issued 25,000 shares of restricted CommonStock to Anthony N. DeMint in exchange for the cancellation of Mr. DeMint's5,000,000 shares of Tele Special.Com Common Stock. INBR paid $150,000 in cash toSY&S, of which Anthony N. DeMint is an affiliate, for consulting fees associatedwith the merger. Mr. DeMint currently is a non-affiliated stockholder of INBR.

 

(2c) In February 2000Navitec Group, Inc. merged with Worldnet Resources Group, Inc. ("WRGI") wherebyWRGI was the surviving corporation and Navitec Group, Inc. ceased to exist. Atthe time of the merger WRGI was a holding company for various Internet relatedcompanies. Pursuant to the Plan of Merger, WRGI issued 2,083 shares ofrestricted Common Stock to Anthony N. DeMint in exchange for the cancellation ofMr. DeMint's 5,000,000 shares of Navitec Group Common Stock. WRGI paid $150,000in cash to SY&S, of which Anthony N. DeMint is an affiliate, for consulting feesassociated with the merger. Mr. DeMint currently is a non-affiliated stockholderof WRGI.

 

9

 

(2d) In March 2000Royal Acquisitions, Inc. merged with zebramart.Com, Inc. ("ZMRT") whereby ZMRTwas the surviving corporation and Royal Acquisitions, Inc. ceased to exist.Pursuant to the Plan of Merger, ZMRT issued 2,000,000 shares of restrictedCommon Stock to Anthony N. DeMint in exchange for the cancellation of Mr.DeMint's 5,000,000 shares of Royal Acquisitions, Inc. Common Stock. ZMRT paid$200,000 in cash to SY&S, of which Anthony N. DeMint is an affiliate, forconsulting fees associated with the merger.

 

(2e) In March 2000LifePlan merged with HIV-VAC, INC. ("HIVC") whereby HIVC was the survivingcorporation and LifePlan ceased to exist. Pursuant to the Plan of Merger, HIVCissued 100,000 shares of restricted Common Stock to Anthony N. DeMint inexchange for the cancellation of Mr. DeMint's 10,000,000 shares of LifePlanCommon Stock. Mr. DeMint currently is a non-affiliated stockholder of HIVC.

 

(2f) In March 2000Central America Fuel Technology, Inc. merged with Presidents Telecom, Inc.("PRTE") whereby PRTE was the surviving corporation and Central America FuelTechnology, Inc. ceased to exist. At the time of the merger PRTE establishedsatellite communications world wide to Costa Rican companies. Pursuant to thePlan of Merger, PRTE issued 5,000 shares of restricted Common Stock to AnthonyN. DeMint in exchange for the cancellation of Mr. DeMint's 10,000,000 shares ofCentral America Fuel Technology, Inc. Common Stock. Mr. DeMint currently is anon-affiliated stockholder of PRTE.

 

(2g) In March 2000Scientific Fuel Technology, Inc. merged with Vertical Computers Systems, Inc.("VCSY") whereby Vertical Computers Systems, Inc. was the surviving successorcorporation and Scientific Fuel Technology, Inc. ceased to exist. At the time ofthe merger VCSY was a multi-lingual portal and Internet solutions provider forforeign countries, developing nations and regions of the world where access andcontent is limited. Pursuant to the Plan of Merger, VCSY issued 2,000,000 sharesof restricted Common Stock to Anthony N. DeMint in exchange for the cancellationof Mr. DeMint's 10,000,000 shares of Scientific Fuel Technology, Inc. CommonStock.

 

(2h) In March 2000TourPro Golf, Inc. merged with Mirage Computers, Inc. whereby Mirage Computers,Inc. n/k/a Mega Micro Technologies Group. ("MMTG") was the surviving successorcorporation and TourPro Golf, Inc. ceased to exist. At the time of the mergerMirage was in the business of acquiring and developing a group of synergistictechnology related companies, which will share customer databases,administration and marketing costs. Pursuant to the Plan of Merger, MMTG issued150,000 shares of restricted Common Stock to Anthony N. DeMint in exchange forthe cancellation of Mr. DeMint's 4,800,000 shares of TourPro Golf, Inc. CommonStock. Mr. DeMint currently is a non-affiliated stockholder of MMTG.

 

10

 

(2i) In April 2000J.S.J. Capital Corp. merged with High Speed Net Solutions, Inc. ("HSNS") wherebyHSNS was the surviving successor corporation and J.S.J. Capital Corp. Inc.ceased to exist. At the time of the merger HSNS was in the business ofdelivering audio, video and graphics content and advertising over the Internet.Pursuant to the Plan of Merger, HSNS issued 50,000 shares of restricted CommonStock to Anthony N. DeMint in exchange for the cancellation of Mr. DeMint's672,000 shares of J.S.J. Capital Corp. Common Stock.

 

(2j) On August 19,2002, Euro Technology Outfitters executed an Asset Purchase Agreement withPetrol Energy, Inc., whereby Euro Technology Outfitters issued 10,918,300 sharesof its restricted common stock in exchange for certain assets and liabilities ofPetrol Energy. The assets that were acquired included approximately 289 oil andgas mineral leases.

 

On August 20, 2002,Euro Technology Outfitters amended its Articles of Incorporation to change itsname from Euro Technology Outfitters to Petrol Oil and Gas, Inc.

 

On August 21, 2002,Anthony N. DeMint, Petrol's sole Officer and Director, appointed Paul Branaganas a director of the Company and subsequently resigned, leaving Mr. Branagan asthe Company's sole director. Following his appointment, Mr. Branagan electedhimself as the sole officer of the Company. Further, concurrent with hisresignation, Mr. DeMint tendered 5,826,240 shares of Petrol Oil and Gas, Inc.stock back to the Company for cancellation.

 

(2k) On April 102003, Saveyoutime.com, Inc. ("SCI") completed a Merger with Hesperia HoldingCorp. ("Hesperia") wherein, (i) SCI issued 10,415,845 shares of common stock, ina 1:1 exchange, for 100% of the Hesperia issued and outstanding, and (ii) SCIchanged its name to Hesperia Holdings, Inc. and qualified to do business inCalifornia. Hesperia was formed in July 2002, as a California corporation and isa holding company for its subsidiary, Hesperia Truss, which is in the businessof designing and building prefabricated wood trusses. Additionally, pursuant tothe Agreement and Plan of Merger, Anthony N. DeMint the sole shareholder of SCIcanceled 6,454,370 shares leaving 50,000 shares of SCI issued and outstanding.Post Merger closing, there was a total of 10,465,845 shares issued andoutstanding.

 

(3) In May 2000Anthony DeMint acquired 672,000 shares of J.S.J. Capital II, Inc. for $175,000in cash.

 

In July 2000 AnthonyDeMint resigned as sole Officer and Director of J.S.J. Capital II, Inc. and sold100% of his shares in the Company for $175,000.
** 

CONFLICTS OF INTEREST**
 

Our officer anddirector expects to organize other companies of a similar nature and with asimilar purpose as us. Consequently, there are potential inherent conflicts ofinterest in acting as our officer and director. Insofar as the officer anddirector is engaged in other business activities, management anticipates that hewill devote only a minor amount of time to our affairs. We do not have a rightof first refusal pertaining to opportunities that come to management's attentioninsofar as such opportunities may relate to our proposed business operations.

 

11

 

A conflict may arisein the event that another blank check company with which management isaffiliated is formed and actively seeks a target company. It is anticipated thattarget companies will be located for us and other blank check companies inchronological order of the date of formation of such blank check companies or,in the case of blank check companies formed on the same date, alphabetically.However, any blank check companies with which management is, or may be,affiliated may differ from us in certain items such as place of incorporation,number of shares and stockholder, working capital, types of authorizedsecurities, or other items. It may be that a target company may be more suitablefor or may prefer a certain blank check company formed after us. In such case, abusiness combination might be negotiated on behalf of the more suitable orpreferred blank check company regardless of date of formation.

 

The terms of businesscombination may include such terms as Mr. DeMint remaining a director or officerof the Company and/or the continuing securities work of the Company beinghandled by the consulting firm of which Mr. DeMint is a director. The terms of abusiness combination may provide for a payment by cash or otherwise to Mr.DeMint for the purchase or retirement of all or part of his common stock of theCompany by a target company or for services rendered incident to or following abusiness combination. Mr. DeMint would directly benefit from such employment orpayment. Such benefits may influence Mr. DeMint's choice of a target company.

 

We may agree to payfinder's fees, as appropriate and allowed, to unaffiliated persons who may bringa target company to us where that reference results in a business combination.No finder's fee of any kind will be paid by us to management or our promoters orto their associates or affiliates. No loans of any type have, or will be, madeby us to management or our promoters of or to any of their associates oraffiliates.

 

There are no bindingguidelines or procedures for resolving potential conflicts of interest. Failureby management to resolve conflicts of interest in favor of us could result inliability of management to us. However, any attempt by stockholders or ourstockholder to enforce a liability of management to us would most likely beprohibitively expensive and time consuming.
** 

Section 16(a)Beneficial Ownership Reporting Compliance

 **
Section 16(a) of theSecurities Exchange Act of 1934, as amended (the "Exchange Act"), requiresNothing Corp. officers and directors, and persons who beneficially own more thanten percent of Nothing's common stock, to file initial reports of ownership andreports of changes in ownership with the SEC. Executive officers, directors andgreater than ten percent beneficial owners are required by SEC regulations tofurnish Nothing with copies of all Section 16(a) forms they file. Based upon areview of the copies of such forms furnished to Nothing and writtenrepresentations from Nothing executive officer and director, Nothing believesthat during the year ended 2004 all forms 3 and 4 were filed on a timely basis.

 

12
** 

Audit Committee andFinancial Expert

 **
We do not have anAudit Committee, Anthony N. DeMint, our sole director, performs some of the samefunctions of an Audit Committee, such as: recommending a firm of independentcertified public accountants to audit the annual financial statements; reviewingthe independent auditors independence, the financial statements and their auditreport; and reviewing management's administration of the system of internalaccounting controls. The Company does not currently have a written auditcommittee charter or similar document.

 

We have no financialexpert. We believe the cost related to retaining a financial expert at this timeis prohibitive. Further, because of our start-up operations, we believe theservices of a financial expert are not warranted.
** 

Code of Ethics 

 **
A code of ethicsrelates to written standards that are reasonably designed to deter wrongdoingand to promote:
-  Honest and	ethical conduct, including the ethical handling of actual or apparent	conflicts of interest between personal and professional relationships;Full, fair,	accurate, timely and understandable disclosure in reports and documents that	are filed with, or submitted to, the Commission and in other public	communications made by an issuer;Compliance with	applicable governmental laws, rules and regulations;The prompt	internal reporting of violations of the code to an appropriate person or	persons identified in the code; andAccountability	for adherence to the code.
We have not adopted acorporate code of ethics that applies to our principal executive officer,principal financial officer, principal accounting officer or controller, orpersons performing similar functions in that our sole officer and directorserves in all the above capacities. 

 

Our decision to notadopt such a code of ethics results from our having only one officer anddirector operating as the sole management for the Company. We believe that as aresult of the limited interaction which occurs having a sole officer/directorfor the Company eliminates the current need for such a code, in that violationsof such a code would be reported to the party generating the violation. 
** 

Nominating Committee

 **
We do not have aNominating Committee or Nominating Committee Charter. Anthony N. DeMint, oursole director, performs some of the functions associated with a NominatingCommittee. We have elected not to have a Nominating Committee in that we are adevelopment stage company with limited operations and resources.

 

13

 
**ITEM 10. EXECUTIVECOMPENSATION

 **
Our officer anddirector does not receive any compensation for his services rendered, has notreceived such compensation in the past, and is not accruing any compensationpursuant to any agreement with us. However, our officer and director anticipatesreceiving benefits as a beneficial stockholder and, possibly, in other ways uponconsummation of a merger/acquisition transaction.

 

No retirement,pension, profit sharing, stock option or insurance programs or other similarprograms have been adopted by us for the benefit of our employees.
** 

CompensationCommittee* *
We do not have aformal Compensation Committee. Anthony N. DeMint, our sole director, performssome of the functions of a Compensation Committee. Due to the lack of revenues,our lack of payment of any executive compensation and our development stagestatus, we deemed a Compensation Committee to not be necessary at this time. 
** 

ITEM 11. SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 **
The following tablesets forth, as of December 31, 2004, each person known by us to be thebeneficial owner of five percent or more of our Common Stock and our directorand officer. Except as noted, the holder thereof has sole voting and investmentpower with respect to the shares shown.

 

Name and		Address

Of Beneficial		Owner
 

Amount of		Beneficial Ownership
Percent of

Outstanding		Stock
Anthony N.		DeMint
8,876,370
100%
770 E. Warm		Springs Rd., #250  
Las Vegas, NV		89119     
All Executive		Officers and  
Directors as		a Group  
(1 Person)
8,876,370
100%** 

ITEM 12. CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS

 **
On April 28, 2003,the Company issued Mr. DeMint 500,000 shares of its $.001 par value common stockfor conversion of debt to equity of $500. The shares were deemed to have beenissued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving any publicoffering."

 

On June 17, 2003, theCompany issued Mr. DeMint 100,000 shares of its $.001 par value common stock forconversion of debt to equity of $100. The shares were deemed to have been issuedpursuant to an exemption provided by Section 4(2) of the Act, which exempts fromregistration "transactions by an issuer not involving any public offering."

 

14

 

On September 29,2003, the Company issued Mr. DeMint 100,000 shares of its $.001 par value commonstock for conversion of debt to equity of $100. The shares were deemed to havebeen issued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving any publicoffering."

 

On December 31, 2003,the Company issued Mr. DeMint 100,000 shares of its $.001 par value common stockfor conversion of debt to equity of $100. The shares were deemed to have beenissued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving any publicoffering."

 

On June 15, 2004, theCompany issued Mr. DeMint 1,000,000 shares of its $.001 par value common stockfor conversion of debt to equity of $1,000. The shares were deemed to have beenissued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving any publicoffering."

 

On September 29,2004, the Company issued Mr. DeMint 250,000 shares of its $.001 par value commonstock for conversion of debt to equity of $250. The shares were deemed to havebeen issued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving a publicoffering."
** 

Subsequent events toyear end

 **
On January 14, 2005,the Company issued Mr. DeMint 250,000 shares of its $.001 par value common stockfor conversion of debt to equity of $250. The shares were deemed to have beenissued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving a publicoffering."
** 

Attestation ofPresident and Chief Financial Officer as to our internal controls

 **
Our President/ChiefFinancial Officer, Anthony N. DeMint, has evaluated the effectiveness of ourinternal controls and have found that based on these evaluations and the currentstatus of the Company's operations that our internal controls are adequate atthis time. Further, there have been no significant changes in our internalcontrols or in other factors that could significantly affect internal controlssubsequent to the date of his evaluations.

 

15
** 

ITEM 13. EXHIBITS

 **
3(i)a*
Certificate of Incorporation		filed as an exhibit to the Company's registration statement on Form		10-SB filed on February 8, 2000, and incorporated herein by reference.
3(i)b
Amendment of Articles of		Incorporation filed as an exhibit to the Company's registration		statement on Form 10-SB filed on February 8, 2000, and incorporated		herein by reference.
3(ii)*
By-Laws filed as an exhibit		to the Company's registration statement on Form 10-SB filed on February		8, 2000, and incorporated herein by reference.
4.1*
Article VI of Articles of		Incorporation filed as an exhibit to the Company's registration		statement on Form 10-SB filed on February 8, 2000, and incorporated		herein by reference.
4.2*
Article II and Article VIII,		Sections 3 and 6 of By-Laws filed as an exhibit to the Company's		registration statement on Form 10-SB filed on February 8, 2000, and		incorporated herein by reference.
31**
Certification		Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32**
Certification		Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
_____

* Previously filed

** Filed herewith
** 

ITEM 14. PRINCIPALACCOUNTANT FEES AND SERVICES

 ***AUDIT FEES*
The aggregate feesbilled for professional services rendered by Beckstead and Watts, LLP, for theaudit of the registrant's annual financial statements and review of thefinancial statements included in the registrant's Form 10-QSB,s or services thatare normally provided by the accountant in connection with statutory andregulatory filings or engagements for fiscal years 2004 and 2003 were $1,500 and$1,050, respectively.
* 

(2) AUDIT-RELATEDFEES

 *
None
* 

(3) TAX FEES

 *
None
* 

(4) ALL OTHER FEES

 *
None
* *
16

 
*(5) AUDIT COMMITTEEPOLICIES AND PROCEDURES

 *
The Company does nothave an audit committee.

 
*(6) If greaterthan 50 percent, disclose the percentage of hours expended on the principalaccountant's engagement to audit the registrant's financial statements for themost recent fiscal year that were attributed to work performed by persons otherthan the principal accountant's full-time, permanent employees.

 

Not applicable.

 

17

 

SIGNATURES

 

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned thereunto duly authorized.

 

Nothing Corp.

 

 

By:/s/ Anthony N.DeMint_________

      Anthony N.DeMint, President

 

Dated: February 7,2005

 

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signedbelow by the following persons on behalf of the registrant and in the capacitiesand on the dates indicated.

 

NAME
OFFICE
DATE   
/s/ Anthony		N. DeMint                    
Anthony N.		DeMint
President,		Secretary,
February 7,		2005 
Treasurer,		Chief  
Accounting		Officer,  
And Director 
 

18

 

TABLE OF CONTENTS

PAGE

INDEPENDENT AUDITORS' REPORT
F-1
  
BALANCE SHEET
F-2
  
STATEMENT OF OPERATIONS
F-3
  
STATEMENT OF STOCKHOLDERS'		EQUITY
F-4
  
STATEMENT OF CASH FLOWS
F-5
  
NOTES TO FINANCIAL STATEMENTS
F-6 - F-11** **
19

 
**Beckstead and Watts, LLP
*Certified Public Accountants***
3340 Wynn Road, Ste. B

Las Vegas, NV 89102

702.257.1984

702.362.0540 (fax)

 

REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM

 

We have audited theaccompanying balance sheet of Nothing Corp. (the "Company") (A Development StageCompany), as of December 31, 2004, and the related statement of operations,stockholders' equity, and cash flows for the period ended December 31, 2004 and2003 and from April 1, 1999 (Date of Inception) to December 31, 2004. Thesefinancial statements are the responsibility of the Company's management. Ourresponsibility is to express an opinion on these financial statements based onour audit.

 

We conducted ouraudit in accordance with the standards of Public Company Accounting OversightBoard (United States). Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all material respects,the financial position of Nothing Corp. (A Development Stage Company) as ofDecember 31, 2004, and the results of its operations and cash flows for theperiod ended December 31, 2004 and 2003 and for the period April 1, 1999 (Dateof Inception) to December 31, 2004, in conformity with U.S. generally acceptedaccounting principles.

 

The accompanyingfinancial statements have been prepared assuming the Company will continue as agoing concern. As discussed in Note 2 to the financial statements, the Companyhas had limited operations and have not commenced planned principal operations.This raises substantial doubt about its ability to continue as a going concern.Management's plan in regard to these matters are also described in Note 2. Thefinancial statements do not include any adjustments that might result from theoutcome of this uncertainty.

 

 

Beckstead and Watts, LLP

 

Las Vegas, NV

 

January 28, 2005

 

F-1

 
**Nothing Corp.

(a development stagecompany)

Balance Sheet**
 

 
December 31,
 
2004**Assets 
Current assets: 
     Cash
$ -
          Total current		assets
-
  
 
$ -
 
**Liabilities and Stockholders'		Equity 
Current liabilities - related		party
$ 250
  
Stockholders' Equity 
     Preferred stock, $.001		par value 5,000,000 shares authorized zero issued and outstanding
-
  
     Common stock, $.001 par		value, 20,000,000 shares authorized; 8,876,370 issued and outstanding
8,876
  
     (Deficit) accumulated		during development stage
(9,126)
 
(250)
  
 
$ -
 

The accompanying notesare an integral part of these financial statements

 

F-2

 
**Nothing Corp.

(a development stagecompany)

Statements ofOperations

For the Twelve MonthsEnding December 31, 2004 and 2003

And For the PeriodApril 1, 1999 (Inception) to December 31, 2004

 **
** **
**For the		Years Ended December 31,**
**April 1,		1999 (Inception) to December 31, 2004**
** ****2004**2003
Revenue
$ -
$ -
$ -
    
Expenses:   
General and Administrative
1,500
800
9,126
Total Expenses
1,500
800
9,126
 
 
 
 
Net (loss)
$ (1,500)
$ (800)
$ (9,126)
    
Weighted average number of		common shares outstanding - basic and fully diluted
8,234,293
7,244,827 
    
Net (loss) per share - basic		and fully diluted
$ (0.00)
$ (0.00) 
 

The accompanying notesare an integral part of these financial statements

 

F-3

 
**Nothing Corp.

(a development stagecompany)

Statements of Changesin Stockholders' Equity

 **
 
Common Stock

		Shares                    Amount
Additional		paid-in Capital
(Deficit)		accumulated during development stage
Total		Stockholders' Equity
April 1, 1999 issued for		services
5,000,000
$5,000
$ -
$ -
$ 5,000
      
Net (loss), April 1, 1999		(inception) to December 31, 1999
 
 
 
(5,257)
(5,257)
Balance December 31, 1999
5,000,000
5,000
-
(5,257)
(257)      
Net (loss) December 31, 2000
 
 
 
(1,070)
(1,070)
Balance December 31, 2000
5,000,000
5,000
-
(6,327)
(1,327)      
January 1, 2001 Shares Issued		for Debt
1,627,000
1,627
--
1,627
      
April 1, 2001 Shares Issued		for Debt
22,060
22
--
22
      
July 1, 2001 Shares Issued		for Debt
13,240
13
--
13
      
October 1, 2001 Shares Issued		for Debt
14,060
14
--
14
      
Net (loss) December 31, 2001
 
 
 
(349)
(349)
Balance December 31, 2001
6,676,360
6,676
-
(6,676)
-
      
April 1, 2002 Shares Issued		for Debt
21,880
22
--
22
      
September 30, 2002 Shares		Issued for Debt
28,130
28
--
28
      
December 31, 2002 Shares		Issued for Debt
100,000
100
--
100
      
Net (loss) December 31, 2002
 
 
 
(150)
(150)
Balance December 31, 2002
6,826,370
6,826
-
(6,826)
-
      
April 28, 2003 Shares Issued		for Debt
500,000
500
-
-
500
      
June 17, 2003 Shares Issued		for Debt
100,000
100
-
-
100
      
September 29, 2003 Share		Issued for Debt
100,000
100
-
-
100
      
December 31, 2003 Shares		Issued for Debt
100,000
100
- 
100
      
Net (loss) December 31, 2003
 
 
 
(800)
(800)
Balance December 31, 2003
7,626,370
7,626
-
(7,626)
-
 

June 15, 2004 Shares Issued		for Debt
1,000,000
1,000
-
-
1,000
      
September 29, 2004 Share		Issued for Debt
250,000
250
-
-
250
 

Net (loss) December 31, 2004
 
 
 
(1,500)
(1,500)
Balance December 31, 2004
8,876,370
$ 8,876
$ -
$ (9,126)
$ (250)
 

The accompanying notesare an integral part of these financial statements

 

F-4

 
**Nothing Corp.

(a development stagecompany)

Statements of CashFlows

For the Twelve MonthsEnding December 31, 2004 and 2003

And For the PeriodApril 1, 1999 (Inception) to December 31, 2004

 **
** **
**For the		Years Ended December 31,**
**April 1,		1999 (Inception) to December 31, 2004**
** ****2004**2003 **Cash flows from operating		activities:
 
 
 
     Net (loss)
$ (1,500)
$ (800)
$ (9,126)
Amortization
-
-
-
     Stock issued for		services
-
-
5,000
     Conversion of debt to		equity
1,250
800
3,876
    
Changes in assets and		liabilities
 
 
 
     Note payable - related		party
250
-
250
    
Net cash (used) by operating		activities
-
-
-
    **Cash flows from investing		activities:   
     Organization costs
-
-
-
    
Net Cash (used) in Investing		activities
-
-
-
    
Net (decrease) increase in		cash
-
-
-
Cash -beginning
-
-
-
Cash - ending
$ -
$ -
$ -
    
Supplemental disclosure   
     Interest paid
$ -
$ -
$ -
     Income taxes paid
$ -
$ -
$ -
    
Non-cash transactions:   
Number of shares issued for		services
-
-
5,000,000
Number of shares issued to		convert debt to equity
1,250,000
800,000
3,876,370
 

The accompanying notesare an integral part of these financial statements

 

F-5

 
**Nothing Corp.

(a development stagecompany)

Notes

Note 1 - Significantaccounting policies and procedures

 **
Organization

The Company iscurrently a development stage company under the provisions of the FinancialAccounting Standards Board ("FASB") Statement of Financial Accounting Standards("SFAS") No. 7. The Company was incorporated under the laws of the State ofNevada on April 1, 1999. 

 

Estimates

The preparation offinancial statements in conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts ofrevenue and expenses during the reporting period. Actual results could differfrom those estimates.

 

Reporting on thecosts of start-up activities

Statement of Position98-5 (SOP 98-5), "Reporting on the Costs of Start-Up Activities," which providesguidance on the financial reporting of start-up costs and organizational costs,requires most costs of start-up activities and organizational costs to beexpensed as incurred. SOP 98-5 is effective for fiscal years beginning afterDecember 15, 1998. With the adoption of SOP 98-5, there has been little or noeffect on the Company's financial statements.

 

Loss per share

Net loss per share isprovided in accordance with Statement of Financial Accounting Standards No. 128(SFAS #128) "Earnings Per Share". Basic loss per share is computed by dividingthe net income by the weighted average number of common shares outstandingavailable to common stockholders during the period. The basic weighted averagenumber of common shares outstanding was 8,234,293 and 7,244,827 for the yearsended December 31, 2004 and 2003, respectively. 

 

Advertising Costs

The Company expensesall costs of advertising as incurred. There were no advertising costs includedin selling, general and administrative expenses for the period ended December31, 2004.

 

Research andDevelopment Costs

Research anddevelopment costs are charged to expense when incurred rather than recorded asinventory, component of overhead, or otherwise capitalized. Depreciation expenserelated to such capitalized costs should be considered research and developmentcosts. 

 

F-6

 
**Nothing Corp.

(a development stagecompany)

Notes

 **
Fair value offinancial instruments

Fair value estimatesdiscussed herein are based upon certain market assumptions and pertinentinformation available to management as of December 31, 2004. The respectivecarrying value of certain on-balance-sheet financial instruments approximatedtheir fair values. These financial instruments include cash and accountspayable. Fair values were assumed to approximate carrying values for cash andpayables because they are short term in nature and their carrying amountsapproximate fair values or they are payable on demand.

 

Segment reporting

The Company followsStatement of Financial Accounting Standards No. 130, "Disclosures About Segmentsof an Enterprise and Related Information". The Company operates as a singlesegment and will evaluate additional segment disclosure requirements as itexpands its operations.

 

Dividends

The Company has notyet adopted any policy regarding payment of dividends. No dividends have beenpaid or declared since inception.

 

Income taxes

The Company followsStatement of Financial Accounting Standard No. 109, "Accounting for IncomeTaxes" ("SFAS No. 109") for recording the provision for income taxes. Deferredtax assets and liabilities are computed based upon the difference between thefinancial statement and income tax basis of assets and liabilities using theenacted marginal tax rate applicable when the related asset or liability isexpected to be realized or settled. Deferred income tax expenses or benefits arebased on the changes in the asset or liability each period. If availableevidence suggests that it is more likely than not that some portion or all ofthe deferred tax assets will not be realized, a valuation allowance is requiredto reduce the deferred tax assets to the amount that is more likely than not tobe realized. Future changes in such valuation allowance are included in theprovision for deferred income taxes in the period of change.

 

Deferred income taxesmay arise from temporary differences resulting from income and expense itemsreported for financial accounting and tax purposes in different periods.Deferred taxes are classified as current or non-current, depending on theclassification of assets and liabilities to which they relate. Deferred taxesarising from temporary differences that are not related to an asset or liabilityare classified as current or non-current depending on the periods in which thetemporary differences are expected to reverse.

 

F-7

 
**Nothing Corp.

(a development stagecompany)

Notes

 **
Recent pronouncements

In July 2002, theFASB issued SFAS No. 146, "Accounting for Costs Associated with Exit or DisposalActivities", which addresses financial accounting and reporting for costsassociated with exit or disposal activities and supersedes EITF No. 94-3,"Liability Recognition for Certain Employee Termination Benefits and Other Coststo Exit an Activity (including Certain Costs Incurred in a Restructuring)." SFASNo. 146 requires that a liability for a cost associated with an exit or disposalactivity be recognized when the liability is incurred. Under EITF No. 94-3, aliability for an exit cost was recognized at the date of an entity's commitmentto an exit plan. SFAS No. 146 also establishes that the liability shouldinitially be measured and recorded at fair value. The provisions of SFAS No. 146will be adopted for exit or disposal activities that are initiated afterDecember 31, 2002.

 

In November 2002, theFASB issued FASB Interpretation ("FIN") No. 45, "Guarantors Accounting andDisclosure Requirements for Guarantees, Including Indirect Guarantees andIndebtedness of Others"*,* an interpretation of FIN No. 5, 57 and 107, andrescission of FIN No. 34,*"*Disclosure of Indirect Guarantees ofIndebtedness of Others"*.*FIN 45 elaborates on the disclosures to be madeby the guarantor in its interim and annual financial statements about itsobligations under certain guarantees that it has issued. It also requires that aguarantor recognize, at the inception of a guarantee, a liability for the fairvalue of the obligation undertaken in issuing the guarantee. The initialrecognition and measurement provisions of this interpretation are applicable ona prospective basis to guarantees issued or modified after December 31, 2002;while, the provisions of the disclosure requirements are effective for financialstatements of interim or annual periods ending after December 15, 2002. Thecompany believes that the adoption of such interpretation will not have amaterial impact on its financial position or results of operations and willadopt such interpretation during fiscal year 2003, as required.

 

In January 2003, theFASB issued FIN No. 46, "Consolidation of Variable Interest Entities"*,* aninterpretation of Accounting Research Bulletin No. 51. FIN No. 46 requires thatvariable interest entities be consolidated by a company if that company issubject to a majority of the risk of loss from the variable interest entity'sactivities or is entitled to receive a majority of the entity's residual returnsor both. FIN No. 46 also requires disclosures about variable interest entitiesthat companies are not required to consolidate but in which a company has asignificant variable interest. The consolidation requirements of FIN No. 46 willapply immediately to variable interest entities created after January 31, 2003.The consolidation requirements will apply to entities established prior toJanuary 31, 2003 in the first fiscal year or interim period beginning after June15, 2003. The disclosure requirements will apply in all financial statementsissued after January 31, 2003. The company will begin to adopt the provisions ofFIN No. 46 during the first quarter of fiscal 2003.

 

F-8

 
**Nothing Corp.

(a development stagecompany)

Notes

 **
In December 2004, theFASB issued SFAS No. 123 (revised 2004). Share-Based Payment, which is arevision of SFAS No. 123, Accounting for Stock-Based Compensation. SFAS No.123(R) supersedes APB Opinion No. 25, Accounting for Stock Issued to Employeesand amends SFAS No. 95, Statement of Cash Flows. Generally, the approach in SFASNo. 123(R) is similar to the approach described in SFAS No. 123. However, SFASNo. 123(R) requires all share-based payments to employees, including grants ofemployee stock options, to be recognized in the income statement based on theirfair values. Pro forma disclosure is no longer an alternative. The new standardwill be effective for the Company in the first interim or annual reportingperiod beginning after December 15, 2005. The Company expects the adoption ofthis standard will have a material impact on its financial statements assumingemployee stock options are granted in the future.

 

Year end

The Company hasadopted December 31 as its fiscal year end.
** 

Note 2 - Goingconcern

 **
The accompanyingfinancial statements have been prepared assuming the Company will continue as agoing concern. As shown in the accompanying financial statements, the Companyhas incurred a net loss of $9,126 for the period from inception to December 31,2004, and has no sales. The future of the Company is dependent upon its abilityto obtain financing and upon future profitable operations from the developmentof its new business opportunities. Management has plans to seek additionalcapital through private placements and public offerings of its common stock. Thefinancial statements do not include any adjustments relating to therecoverability and classification of recorded assets, or the amounts of andclassification of liabilities that might be necessary in the event the Companycannot continue in existence.

 

These conditionsraise substantial doubt about the Company's ability to continue as a goingconcern. These financial statements do not include any adjustments that mightarise from this uncertainty.
** 

Note 3 - Income taxes

 **
For the period endedDecember 31, 2004 the Company incurred net operating losses and accordingly, noprovision for income taxes has been recorded. In addition, no benefit for incometaxes has been recorded due to the uncertainty of the realization of any taxassets. At December 31, 2004, the Company had approximately $9,126 of federaland state net operating losses. The net operating loss carry-forwards, if notutilized will begin to expire in 2015.

 

The components of theCompany's deferred tax asset are as follows:

 

F-9

 
**Nothing Corp.

(a development stagecompany)

Notes**
 

 
As of December		31,
As of December		31,
 
2004
2003
Deferred tax		assets:  
     Net		operating loss carry-forwards
$ 9,126
$ 7,626******************************* |
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