UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 Washington,
D.C. 20549
  
 FORM
10-Q
 
 x
              QUARTERLY
      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934:For
      the quarterly period ended March 31,
2009
 
 o
              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934:For
      the transition period from
____to____
  Commission File Number: 000-52512
  BLS
Media, Inc.
 (Exact
name of small business issuer as specified in its charter)
 
 Nevada
                  20-5874196(State
      or other jurisdiction of
                    incorporation
      or organization)
                  (I.R.S.
      Employer
                    Identification
      No.)
 
 1683 Duarte Drive, Henderson, Nevada
      89014(Address
      of principal executive
offices)
 
 702-450-2163(Issuer’s
      Telephone Number)
 
 Indicate
by check mark whether the issuer (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. xYes No
  Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).
Yes No
 
 Indicate
by check mark whether the registrant is a large accelerated file, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the
definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
  Large
      accelerated filer
              o
              
              Accelerated
      filer
              oNon-accelerated
      filer
              o
              (Do
      not check if a smaller reporting company)
              Smaller
      reporting company
              x
  Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). xYes oNo
  As of May 13, 2008, there were
4,515,500 shares of the issuer's $.001 par value common stock issued and
outstanding.
  1
  PART
I - FINANCIAL INFORMATION
   Item 1.  Financial
Statements
   BLS
MEDIA, INC
 (A
Development Stage Company)
 BALANCE
SHEETS
   ASSETSMarch
      31,
                                    2009
                                    (Unaudited)
                                  
                                  
                                  December
      31, 2008Current
      assetsCash
                                  
                                  $
                                  1,206
                                  
                                  
                                  $
                                  9,407Prepaid
      expenses
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -Total
      current assets
                                  
                                  
                                  1,206
                                  
                                  
                                  
                                  9,407Property
      and equipment, net of $1,042 and $889accumulated depreciation, respectively
                                  
                                  
                                  2,014
                                  
                                  
                                  
                                  2,167Total
      assets
                                  
                                  $
                                  3,220
                                  
                                  
                                  $
                                  11,574
 LIABILITIES AND STOCKHOLDERS’
      DEFICITCurrent
      liabilitiesAccounts
      payable and accrued expenses
                                        
                                        $
                                        66,874
                                        
                                        
                                        $
                                        57,209Loan
      from stockholder
                                        
                                        
                                        22,000
                                        
                                        
                                        
                                        22,000Total
      current liabilities
                                        
                                        
                                        88,874
                                        
                                        
                                        
                                        79,209Stockholders’
      deficitCommon
      stock, $.001 par value; 100,000,000 shares authorized,4,515,500
      shares issued and outstanding
                                        
                                        
                                        4,516
                                        
                                        
                                        
                                        4,516Additional
      paid-in capital
                                        
                                        
                                        56,834
                                        
                                        
                                        
                                        56,234Deficit
      accumulated during the development stage
                                        
                                        
                                        (147,004
                                        )
                                        
                                        
                                        (128,385
                                        )Total
      stockholders’ deficit
                                        
                                        
                                        (85,654
                                        )
                                        
                                        
                                        (67,635
                                        )Total
      liabilities and stockholders’deficit
                                        
                                        $
                                        3,220
                                        
                                        
                                        $
                                        11,574
   See accompanying notes to
financial statements.
  2
  BLS
MEDIA, INC.
 (A
Development Stage Company)
 STATEMENTS
OF OPERATIONS
 For
      the Three Months Ended March 31,2009
                  
                  
                  For
      the Three Months Ended March 31,2008
                  
                  
                  For
      the Period from Inception
                    (October
      31, 2006) through
                    March
      31, 2009Net
      revenue
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  403Operating
      expensesLegal
      and professional
                  
                  
                  17,036
                  
                  
                  
                  15,611
                  
                  
                  
                  133,008General
      and Administrative
                  
                  
                  1,143
                  
                  
                  
                  1,187
                  
                  
                  
                  10,420Total
      operating expenses
                  
                  
                  18,179
                  
                  
                  
                  16,798
                  
                  
                  
                  143,428Operating
      loss
                  
                  
                  (18,179
                  )
                  
                  
                  (16,798
                  )
                  
                  
                  (143,025
                  )Interest
      expense
                  
                  
                  (440
                  )
                  
                  
                  (440
                  )
                  
                  
                  (3,979
                  )Loss
      before income taxes
                  
                  
                  (18,619
                  )
                  
                  
                  (17,238
                  )
                  
                  
                  (147,004
                  )Provision
      for income taxes
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -Net
      loss
                  
                  $
                  (18,619
                  )
                  
                  $
                  (17,238
                  )
                  
                  $
                  (147,004
                  )Net
      loss per common share – basic and diluted
                  
                  $
                  (0.01
                  )
                  
                  $
                  -
                  
                  
                  $
                  (0.03
                  )Weighted
      average of commonshares – basic and diluted
                  
                  $
                  4,515,000
                  
                  
                  $
                  4,515,500
                  
                  
                  $
                  4,369,262
   See accompanying notes to
financial statements.
  3
  BLS
MEDIA, INC.
 (A
Development Stage Company)
 STATEMENTS
OF CHANGES IN STOCKHOLDERS’ DEFICIT
 FOR
THE PERIOD FROM INCEPTION (OCTOBER 31, 2006)
 THROUGH
MARCH 31, 2009
 (Unaudited)
 DeficitAccumulated
                      
                      TotalCommon
      Stock
                      
                      
                      Additional
                      
                      
                      During
                      
                      Stockholders’Number
      of Shares
                      
                      
                      Amount
                      
                      
                      Paid-In
                        Capital
                      
                      
                      Development
                        Stage
                      
                      Equity
                        (Deficit)Balance,
      October 31, 2006
                      
                      
                      -
                      
                      
                      $
                      -
                      
                      
                      $
                      -
                      
                      
                      $
                      -
                      
                      
                      $
                      -Issuance
      of common stock, November 1, 2006
                      
                      
                      4,000,000
                      
                      
                      
                      4,000
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      4,000Additional
      paid-in capital in exchange for facilitiesprovided
      by related party
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      400
                      
                      
                      
                      -
                      
                      
                      
                      400Net
      loss
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      (11,014
                      )
                      
                      
                      (11,014
                      )Balance,
      December 31, 2006 (Audited)
                      
                      
                      4,000,000
                      
                      
                      
                      4,000
                      
                      
                      
                      400
                      
                      
                      
                      (11,014
                      )
                      
                      
                      (6,614
                      )Issuance
      of common stock for cash,June
      30, 2007
                      
                      
                      315,500
                      
                      
                      
                      316
                      
                      
                      
                      31,234
                      
                      
                      
                      -
                      
                      
                      
                      31,550Issuance
      of common stock for cash,July  23,
      2007
                      
                      
                      200,000
                      
                      
                      
                      200
                      
                      
                      
                      19,800
                      
                      
                      
                      -
                      
                      
                      
                      20,000Additional
      paid-in capital in exchange for facilitiesprovided
      by related party
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      2,400
                      
                      
                      
                      -
                      
                      
                      
                      2,400Net
      loss
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      (69,026
                      )
                      
                      
                      (69,026
                      )Balance,
      December 31, 2007
                      
                      
                      4,515,500
                      
                      
                      
                      4,516
                      
                      
                      
                      53,834
                      
                      
                      
                      (80,040
                      )
                      
                      
                      (21,690
                      )Additional
      paid-in capital in exchange for facilitiesprovided
      by related party
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      2,400
                      
                      
                      
                      -
                      
                      
                      
                      2,400Net
      loss
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      (48,345
                      )
                      
                      
                      (48,345
                      )Balance,
      December 31, 2008
                      
                      
                      4,515,500
                      
                      
                      
                      4,516
                      
                      
                      
                      56,234
                      
                      
                      
                      (128,385
                      )
                      
                      
                      (67,635
                      )Additional
      paid-in capital in exchange for facilitiesprovided
      by related party
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      600
                      
                      
                      
                      -
                      
                      
                      
                      600Net
      loss
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      (18,619
                      )
                      
                      
                      (18,619
                      )Balance,
      March 31, 2009
                      
                      
                      4,515,500
                      
                      
                      $
                      4,516
                      
                      
                      $
                      56,834
                      
                      
                      $
                      (147,004
                      )
                      
                      $
                      (85,654
                      )
   See accompanying notes to
financial statements.
  4
  BLS
MEDIA, INC.
 (A
Development Stage Company)
 STATEMENTS
OF CASH FLOWS
 For
      the Three Months Ended
                    March
      31, 2009
                  
                  
                  For
      the Three Months Ended
                    March
      31, 2008
                  
                  
                  For
      the Period from Inception
                    (October
      31, 2006) through
                    March
      31, 2009Cash
      flows from operating activitiesNet
      loss
                  
                  $
                  (18,619
                  )
                  
                  $
                  (17,238
                  )
                  
                  $
                  (147,004
                  )Adjustments
      to reconcile net loss to net cash used in operating
    activitiesAdditional
      paid-in capital in exchange for facilities provided by related
      party
                  
                  
                  600
                  
                  
                  
                  600
                  
                  
                  
                  5,800Depreciation
                  
                  
                  153
                  
                  
                  
                  105
                  
                  
                  
                  1,042Changes
      in operating assets and liabilities(Increase)
      in prepaid expenses
                  
                  
                  -
                  
                  
                  
                  2,500
                  
                  
                  
                  -Increase
      in accounts payable and accrued  expenses
                  
                  
                  9,665
                  
                  
                  
                  1,840
                  
                  
                  
                  66,874Net
      cash used in operating activities
                  
                  
                  (8,201
                  )
                  
                  
                  (12,193
                  )
                  
                  
                  (73,288
                  )Cash
      flows from investing activitiesPurchase
      of property and equipment
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (3,056
                  )Net
      cash used by investing activities
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (3,056
                  )Cash
      flows from financing activitiesProceeds
      from issuance of stockholder loan
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  22,000Proceeds
      from issuance of common stock
                  
                  
                  -
                  
                  
                  
                  
                  
                  
                  
                  55,550Net
      cash provided by financing activities
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  77,550Net
      increase in cash
                  
                  
                  (8,201
                  )
                  
                  
                  (12,193
                  )
                  
                  
                  1,206Cash,
      beginning of period
                  
                  
                  9,407
                  
                  
                  
                  38,253
                  
                  
                  
                  -Cash,
      end of period
                  
                  $
                  1,206
                  
                  
                  $
                  26,060
                  
                  
                  $
                  1,206Supplemental
      disclosure of cash flowinformationIncome
      taxes paid
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -Interest
      paid
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
   See accompanying notes to
financial statements.
 5
 
  BLS
MEDIA, INC.
 (A
Development Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 MARCH
31, 2009
 (Unaudited)
 1. NATURE OF OPERATIONS AND
BASIS OF PRESENTATION
 
 Nature of
Operations
 
 BLS
Media, Inc. (the Company) is currently a development stage company under the
provisions of Statement of Financial Accounting Standards (SFAS) No. 7 and was
incorporated under the laws of the State of Nevada on October 31,
2006.  Since inception, the Company has produced minimal revenues and
will continue to report as a development stage company until significant
revenues are produced.
 
 The
Company is a full service video production and media relations company that
specializes in providing customized video production services, public relations
services and copy editing services to businesses.
 
 Basis of
Presentation
  The
unaudited financial statements included herein have been prepared in accordance
with accounting principles generally accepted in the United States of America
for interim financial information and with the instructions to Form 10-Q and
Article 8 of Regulation S-X pursuant to the rules and regulations of the
Securities and Exchange Commission.  They do not include all
information and notes required by generally accepted accounting principles for
complete financial statements.  However, except as disclosed herein,
there have been no material changes in the information disclosed in the notes to
the audited consolidated financial statements included on Form 10-K of BLS
Media, Inc. for the year ended December 31, 2008.In the
opinion of management, all adjustments (including normal recurring accruals)
considered necessary for a fair presentation have been
included.  Operating results for the three months ended March 31,
2009, are not necessarily indicative of the results that may be expected for any
other interim period or the entire year.  For further information,
these unaudited financial statements and the related notes should be read in
conjunction with the Company’s audited financial statements for the year ended
December 31, 2008, included in the Company’s annual report on Form
10-K.
  Use
of Estimates
 
 The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America 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 reported periods.  Actual results could materially differ
from those estimates.
  6
 BLS
MEDIA, INC.
 (A
Development Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 MARCH
31, 2009
 (Unaudited)
 1. NATURE OF
OPERATIONS AND BASIS OF PRESENTATION (Continued)
 
 Recent Accounting
Pronouncements
 
 In
April 2009, the Financial Accounting Standards Board (FASB) issued FASB
Staff Position (FSP) Financial Accounting Standard (FAS) 157-4, Determining Fair Value When the
Volume and Level of Activity for the Asset or Liability Have Significantly
Decreased and Identifying Transactions That Are Not
Orderly.  Based on the guidance, if an entity determines that
the level of activity for an asset or liability has significantly decreased and
that a transaction is not orderly, further analysis of transactions or quoted
prices is needed, and a significant adjustment to the transaction or quoted
prices may be necessary to estimate fair value in accordance with Statement of
Financial Accounting Standards (SFAS) No. 157 Fair Value Measurements. This
FSP is to be applied prospectively and is effective for interim and annual
periods ending after June 15, 2009 with early adoption permitted for
periods ending after March 15, 2009. The company will adopt this FSP for
its quarter ending June 30, 2009. There is no expected impact on the
Company’s financial statements.
  In
April 2009, the FASB issued FSP FAS 115-2 and FAS 124-2, Recognition and Presentation of
Other-Than-Temporary Impairments. The guidance applies to investments in
debt securities for which other-than-temporary impairments may be recorded. If
an entity’s management asserts that it does not have the intent to sell a debt
security and it is more likely than not that it will not have to sell the
security before recovery of its cost basis, then an entity may separate
other-than-temporary impairments into two components: 1) the amount related to
credit losses (recorded in earnings), and 2) all other amounts (recorded in
other comprehensive income). This FSP is to be applied prospectively and is
effective for interim and annual periods ending after June 15, 2009 with
early adoption permitted for periods ending after March 15, 2009. The
company will adopt this FSP for its quarter ending June 30, 2009. There is
no expected impact on the Company’s financial statements.
  In
April 2009, the FASB issued FSP FAS 107-1 and Accounting Principles Board
(APB) 28-1, Interim
Disclosures about Fair Value of Financial Instruments. The FSP amends
SFAS No. 107 “Disclosures about Fair Value of Financial Instruments” to
require an entity to provide disclosures about fair value of financial
instruments in interim financial information. This FSP is to be applied
prospectively and is effective for interim and annual periods ending after
June 15, 2009 with early adoption permitted for periods ending after
March 15, 2009. The company will include the required disclosures in its
quarter ending June 30, 2009.
  7
  BLS
MEDIA, INC.
 (A
Development Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 MARCH
31, 2009
 (Unaudited)
 1.            
NATURE OF
OPERATIONS AND BASIS OF PRESENTATION (Continued)
 
 Recent
Accounting Pronouncements (continued)
 
 In
December 2007, the FASB issued SFAS No. 141(R), Business Combinations, which
became effective January 1, 2009 via prospective application to business
combinations. This Statement requires that the acquisition method of accounting
be applied to a broader set of business combinations, amends the definition of a
business combination, provides a definition of a business, requires an acquirer
to recognize an acquired business at its fair value at the acquisition date and
requires the assets and liabilities assumed in a business combination to be
measured and recognized at their fair values as of the acquisition date (with
limited exceptions). The company adopted this Statement on January 1, 2009.
There was no impact upon adoption, and its effects on future periods will depend
on the nature and significance of business combinations subject to this
statement.
  In
April 2009, the FASB issued FSP FAS 141(R)-1, Accounting for Assets Acquired and
Liabilities Assumed in a Business Combination That Arise from
Contingencies. This FSP requires that assets acquired and liabilities
assumed in a business combination that arise from contingencies be recognized at
fair value if fair value can be reasonably estimated. If fair value cannot be
reasonably estimated, the asset or liability would generally be recognized in
accordance with SFAS No. 5, “Accounting for Contingencies” and FASB
Interpretation No. 14, “Reasonable Estimation of the Amount of a Loss”.
Further, the FASB removed the subsequent accounting guidance for assets and
liabilities arising from contingencies from SFAS No. 141(R). The
requirements of this FSP carry forward without significant revision the guidance
on contingencies of SFAS No. 141, “Business Combinations”, which was
superseded by SFAS No. 141(R) (see previous paragraph). The FSP also
eliminates the requirement to disclose an estimate of the range of possible
outcomes of recognized contingencies at the acquisition date. For unrecognized
contingencies, the FASB requires that entities include only the disclosures
required by SFAS No. 5. This FSP was adopted effective January 1,
2009. There was no impact upon adoption, and its effects on future periods will
depend on the nature and significance of business combinations subject to this
statement.
  In
April 2008, the FASB issued FSP FAS 142-3, Determination of the Useful Life of
Intangible Assets. The FSP states that in developing assumptions about
renewal or extension options used to determine the useful life of an intangible
asset, an entity needs to consider its own historical experience adjusted for
entity-specific factors. In the absence of that experience, an entity shall
consider the assumptions that market participants would use about renewal or
extension options. This FSP is to be applied to intangible assets acquired after
January 1, 2009. The adoption of this FSP did not have an impact on the
Company’s financial statements.
  8
  BLS
MEDIA, INC.
 (A
Development Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 MARCH
31, 2009
 (Unaudited)
 1.            
NATURE OF
OPERATIONS AND BASIS OF PRESENTATION (Continued)
 
 Recent
Accounting Pronouncements (continued)
 
 In
November 2008, the FASB ratified EITF Issue 08-7, Accounting for Defensive Intangible
Assets. A defensive intangible asset is an asset acquired in a business
combination or in an asset acquisition that an entity does not intend to
actively use. According to the guidance, defensive intangible assets are
considered to be a separate unit of account and valued based on their highest
and best use from the perspective of an external market participant. The company
adopted EITF 08-7 on January 1, 2009. There was no impact upon adoption,
and its effects on future periods will depend on the nature and significance of
the business combinations subject to this statement.
 
 2.            
GOING
CONCERN
 
 As shown
in the accompanying financial statements, the Company has incurred a net
operating loss of ($147,004) from inception (October 31, 2006) through March 31,
2009. The Company is subject to those risks associated with development stage
companies.  The Company has sustained losses since inception and
additional debt and equity financing will be required by the Company to fund its
development activities and to support operations.  However, there is
no assurance that the Company will be able to obtain additional
financing.  Furthermore, there is no assurance that rapid
technological changes, changing customer needs and evolving industry standards
will enable the Company to introduce new products on a continual and timely
basis so that profitable operations can be attained.
 
 3.           
 FAIR VALUE OF
FINANCIAL INSTRUMENTS
 
 Fair Value
Measurements
 
 On
January 1, 2008, the Company adopted SFAS No. 157 (SFAS 157), Fair Value
Measurements.  SFAS 157 relates to financial assets and
financial liabilities. In February 2008, the FASB issued FASB Staff Position
(FSP) No. FAS 157-2, Effective
Date of FASB Statement No. 157, which delayed the effective date of
SFAS 157 for all nonfinancial assets and nonfinancial liabilities, except those
that are recognized or disclosed at fair value in the financial statements on at
least an annual basis, until January 1, 2009 for calendar year-end
entities.
 
 SFAS 157
defines fair value, establishes a framework for measuring fair value in
accounting principles generally accepted in the United States of America (GAAP),
and expands disclosures about fair value measurements. The provisions of this
standard apply to other accounting pronouncements that require or permit fair
value measurements and are to be applied prospectively with limited
exceptions.
  9
 BLS
MEDIA, INC.
 (A
Development Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 MARCH
31, 2009
 (Unaudited)
 3.FAIR
VALUE OF FINANCIAL INSTRUMENTS (Continued)
 
 Fair
Value Measurements (continued)
 
 SFAS 157
defines fair value as the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at
the measurement date. This standard is now the single source in GAAP for the
definition of fair value, except for the fair value of leased property as
defined in SFAS 13. SFAS 157 establishes a fair value hierarchy that
distinguishes between (1) market participant assumptions developed based on
market data obtained from independent sources (observable inputs) and
(2) an entity’s own assumptions, about market participant assumptions, that
are developed based on the best information available in the circumstances
(unobservable inputs). The fair value hierarchy consists of three broad levels,
which gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (Level 1) and the lowest priority to
unobservable inputs (Level 3). The three levels of the fair value hierarchy
under SFAS 157 are described below:
  •
                Level
      1 - Unadjusted quoted prices in active markets that are accessible at the
      measurement date for identical, unrestricted assets or
      liabilities.
  •
                Level
      2 - Inputs other than quoted prices included within Level 1 that are
      observable for the asset or liability, either directly or indirectly,
      including quoted prices for similar assets or liabilities in active
      markets; quoted prices for identical or similar assets or liabilities in
      markets that are not active; inputs other than quoted prices that are
      observable for the asset or liability (e.g., interest rates); and inputs
      that are derived principally from or corroborated by observable market
      data by correlation or other means.
 
 •
                  Level
      3 - Inputs that are both significant to the fair value measurement and
      unobservable. These inputs rely on management's own assumptions about the
      assumptions that market participants would use in pricing the asset or
      liability. (The unobservable inputs are developed based on the best
      information available in the circumstances and may include the Company's
      own data.)
 
 The
following table presents the Company's fair value hierarchy for those assets and
liabilities measured at fair value on a recurring basis as of March 31, 2009 and
December 31, 2008:
  10
  BLS
MEDIA, INC.
 (A
Development Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 MARCH
31, 2009
 (Unaudited)
 3.FAIR
VALUE OF FINANCIAL INSTRUMENTS (Continued)
 
 Fair
Value Measurements (continued)
  March 31,
      2009Level
      1
                      
                      
                      Level
      2
                      
                      
                      Level
      3
                      
                      
                      TotalAssetsCash
                      
                      $
                      -
                      
                      
                      $
                      1,206
                      
                      
                      $
                      -
                      
                      
                      $
                      1,206LiabilitiesAccounts
      payable
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      66,874
                      
                      
                      
                      66,874Loan
      from stockholder
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      22,000
                      
                      
                      
                      22,000$
                      
                      
                      
                      $
                      1,206
                      
                      
                      $
                      88,874
                      
                      
                      $
                      90,080
  December 31,
    2008Level
      1
                      
                      
                      Level
      2
                      
                      
                      Level
      3
                      
                      
                      TotalAssetsCash
                      
                      $
                      -
                      
                      
                      $
                      9,407
                      
                      
                      $
                      -
                      
                      
                      $
                      9,407LiabilitiesAccounts
      payable
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      57,209
                      
                      
                      
                      57,209Loan
      from stockholder
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      22,000
                      
                      
                      
                      22,000$
                      -
                      
                      
                      $
                      9,407
                      
                      
                      $
                      79,209
                      
                      
                      $
                      88,616
 
 Fair Value
Option
 
 On
January 1, 2008, the Company adopted SFAS No. 159 (SFAS 159), The Fair Value Option for Financial
Assets and Financial Liabilities.  SFAS 159 provides a fair
value option election that allows entities to irrevocably elect fair value as
the initial and subsequent measurement attribute for certain financial assets
and liabilities. Changes in fair value are recognized in earnings as they occur
for those assets and liabilities for which the election is made. The election is
made on an instrument by instrument basis at initial recognition of an asset or
liability or upon an event that gives rise to a new basis of accounting for that
instrument. The adoption of SFAS 159 did not have a material impact on the
Company’s financial statements as the Company did not elect the fair value
option for any of its financial assets or liabilities.
 
 4.            
LOAN FROM
STOCKHOLDER
 
 The
Company has an outstanding note payable with a stockholder in the amount of
$22,000.  Per the terms of the note, this loan was due in one lump-sum
payment on December 28, 2007, together with interest that accrues at the rate of
8% per annum.  The loan funds are to be used for working capital
purposes.  The loan agreement was amended to extend the due date of
the loan to January 28, 2010.
  11
  BLS
MEDIA, INC.
 (A
Development Stage Company)
 NOTES
TO FINANCIAL STATEMENTS
 MARCH
31, 2009
 (Unaudited)
 5.          
  COMMON
STOCK
 
 On
November 1, 2006, the Company issued 4,000,000 shares of its common stock to its
officers for cash of $4,000 which was considered a reasonable estimate of fair
value.
 
 On June
30, 2007, the Company issued 315,500 shares of its common stock to unrelated
investors for cash of $31,550 pursuant to the Company’s Registration Statement
on Form SB-2.
 
 On July
23, 2007, the Company issued 200,000 shares of its common stock to unrelated
investors for cash of $20,000 pursuant to the Company’s Registration Statement
on Form SB-2.
 
 6.           
 PROVISION FOR
INCOME TAXES
 
 Deferred
income taxes are reported using the liability method.  Deferred tax
assets are recognized for deductible temporary differences and deferred tax
liabilities are recognized for taxable temporary
differences.  Temporary differences are the differences between the
reported amounts of assets and liabilities and their tax
bases.  Deferred tax assets are reduced by a valuation allowance when,
in the opinion of management, it is more likely than not that some portion or
all of the deferred tax assets will not be realized.  Deferred tax
assets and liabilities are adjusted for the effects of changes in tax laws and
rates on the date of enactment.
 
 As of
March 31, 2009, the Company had federal net operating loss carryforwards of
approximately ($147,000), which can be used to offset future federal income
tax.  The federal and state net operating loss carryforwards expire at
various dates through 2029.  Deferred tax assets resulting from the
net operating losses are reduced by a valuation allowance, when, in the opinion
of management, utilization is not reasonably assured.
 
 A summary
of the Company’s deferred tax assets as of March 31, 2009 and December 31, 2008
are as follows:
 
 Mar.
      31, 2009
                            
                            
                            Dec.
      31, 2008Federal
      net operating loss (@ 25%)
                            
                            $
                            36,750
                            
                            
                            $
                            31,000Less:  valuation
      allowance
                            
                            
                            (36,750
                            )
                            
                            
                            (31,000
                            )Net
      deferred tax asset
                            
                            $
                            ---
                            
                            
                            $
                            ---
 
 The
valuation allowance increased $5,750 for the three months ended March 31,
2009.
  7.            
RELATED PARTY
TRANSACTIONS
 
 From the
Company’s inception (October 31, 2006) through March 31, 2009, the Company
utilized office space of an officer and stockholder at no charge.  The
Company treated the usage of the office space as additional paid-in capital and
charged the estimated fair value rent of $200 per month to
operations.  For the three months ended March 31, 2009 and 2008, the
Company recorded rent expense of $600 and $600, respectively.
  12
  Item 2.  Plan of
Operation
 
 This
following information specifies certain forward-looking statements of management
of the company. Forward-looking statements are statements that estimate the
happening of future events and are not based on historical fact. Forward-looking
statements may be identified by the use of forward-looking terminology, such as
“may”, “shall”, “could”, “expect”, “estimate”, “anticipate”, “predict”,
“probable”, “possible”, “should”, “continue”, or similar terms, variations of
those terms or the negative of those terms. The forward-looking statements
specified in the following information have been compiled by our management on
the basis of assumptions made by management and considered by management to be
reasonable. Our future operating results, however, are impossible to predict and
no representation, guaranty, or warranty is to be inferred from those
forward-looking statements.
 
 The
assumptions used for purposes of the forward-looking statements specified in the
following information represent estimates of future events and are subject to
uncertainty as to possible changes in economic, legislative, industry, and other
circumstances. As a result, the identification and interpretation of data and
other information and their use in developing and selecting assumptions from and
among reasonable alternatives require the exercise of judgment. To the extent
that the assumed events do not occur, the outcome may vary substantially from
anticipated or projected results, and, accordingly, no opinion is expressed on
the achievability of those forward-looking statements. We cannot guaranty that
any of the assumptions relating to the forward-looking statements specified in
the following information are accurate, and we assume no obligation to update
any such forward-looking statements.
 
 Critical Accounting Policy and
Estimates.Our Management’s Discussion and Analysis of Financial
Condition and Results of Operations section discusses our financial statements,
which have been prepared in accordance with accounting principles generally
accepted in the United States of America. The preparation of these financial
statements requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. On an on-going basis, management evaluates its estimates and
judgments, including those related to revenue recognition, accrued expenses,
financing operations, and contingencies and litigation. Management bases its
estimates and judgments on historical experience and on various other factors
that are believed to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying value of assets and
liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates under different assumptions or conditions. The most
significant accounting estimates inherent in the preparation of our financial
statements include estimates as to the appropriate carrying value of certain
assets and liabilities which are not readily apparent from other
sources.
 
 The
following discussion of our financial condition and results of operations should
be read in conjunction with our audited financial statements for the year ended
December 31, 2008, together with notes thereto as previously filed with our
Annual Report on Form 10-K.  In addition, these accounting policies
are described at relevant sections in this discussion and analysis and in the
notes to the financial statements included in our Quarterly Report on Form 10-Q
for the period ended March 31, 2009.
 
 We are a
full service video production and media relations company that specializes in
providing customized video production services, public relations services and
copy editing services to businesses.  We believe that, based on our
management’s experience, that we will be able to understand our clients’ needs
and tailor video production services, public relations services and copy editing
services to satisfy our clients’ business requirements. We intend to market our
services in the Las Vegas area by means of personal contacts of our management
as well as targeting businesses that visit Las Vegas for various industry
conventions. As Las Vegas hosts several large conventions throughout the year,
we believe those conventions provide a large population of potential clients who
need that services that we offer.
  13
  Liquidity and Capital
Resources.We had cash of $1,206 as of March 31, 2009, which equals
our total current assets as of that date. Our total assets of $3,220 as of March
31, 2009, included our current assets of $1,206 and property and equipment
of $2,014, net of accumulated depreciation of $1,042.
  Our
current liabilities were $88,874 as of March 31, 2009, which was represented by
accounts payable of $66,874 and a loan of $22,000 from Gary Prager, our officer,
principal shareholder and one of our directors.  The note bears
interest at 8% and is due upon demand, and originally due no later than December
28, 2007, but later amended to extend the due date of the loan to January 28,
2010. Mr. Prager advanced those funds to us for working capital.  We
had no other liabilities and no long term commitments or contingencies as of
September 30, 2008.
  In
November 2006, we sold 2,000,000 shares of our common stock to Brittany Prager
and 2,000,000 shares of our common stock to Gary Prager, who were our founders
and were our officers and directors at inception. These shares were issued in
exchange for cash of $4,000.
 
 We filed
a Registration Statement on Form SB-2 to sell 4,000,000 shares of our common
stock at a purchase price of $0.10 per share in a direct public offering. The
Registration Statement on Form SB-2 became effective in March 2007. On September
30, 2007, we issued 315,500 shares of our common stock to unrelated investors
for cash of $31,550 pursuant to our Registration Statement on Form SB-2. On July
23, 2007, we issued 200,000 shares of our common stock to unrelated investors
for cash of $20,000 pursuant to our Registration Statement on Form SB-2. We have
used those proceeds for working capital.
  During
2009, we expect that the legal and accounting costs of being a public company
will continue to impact our liquidity and we will need to obtain funds to pay
those expenses. Other than the anticipated increases in legal and accounting
costs due to the reporting requirements of being a reporting company, we are not
aware of any other known trends, events or uncertainties, which may affect our
future liquidity.
 
 For the three months ended
March 31, 2009 as compared to the three months ended on March 31,
2008.
 
 Results
of Operations.
 
 Revenues. We had no revenues
for the three months ended March 31, 2009, as compared to no revenues generated
during the three months ended March 31, 2008.  We hope to generate
revenues as we continue operations and implement our business plan.
  Operating Expenses.For the
three months ended March 31, 2009, our total operating expenses were $18,179, as
compared to $16,798 total operating expenses for the three months ended on March
31, 2008. The increase in total operating expenses is primarily due to the
increase in professional fees. For the three months ended March 31, 2009, we had
legal and professional expenses of $17,036, and other general and administrative
expenses of $1,143. In comparison, for the three months ended March 31, 2008, we
had legal and professional expenses of $15,611 and general and administrative
expenses of $1,187.  The greater amount of legal and profession
expenses for the three months ended on March 31, 2009, was due to increased
legal fees incurred from preparing our Annual Report on Form 10-K.
 
 Net Income or
Loss.For the three months ended March 31, 2009, our net
operating loss was $18,619 after interest expense of $440.  This is in
comparison to the three months ended on March 31, 2008, where our net operating
loss was $17,238 after interest expense of $440.  The increase in our
net loss between the two periods was due to the increase in professional fees
incurred for the three months ended on March 31, 2009, as discussed
above.
 
 Our Plan of Operation for the Next
Twelve Months.   During 2007, we raised $51,550 pursuant
to our Registration Statement on Form SB-2. We have used those proceeds for
working capital. We had hoped to use some of the proceeds to begin marketing and
promoting our services as well as conducting market research but we have been
unable to conduct marketing activities.  Over the last twelve months,
our ability to market our services has been significantly hindered due to the
pregnancy of Brittany Prager, our president, secretary and a director, and
subsequent birth of her child. We may need to hire a sales and marketing
representative and, therefore, we may need to spend more funds on marketing and
promotion than we have initially estimated. Our failure to market and promote
our services will hinder our ability to increase the size of our operations and
generate revenues. If we are not able to generate revenues that cover our
estimated operating costs, our business may ultimately fail.
  14
 
 During
the next three to six months, our primary objective is to begin obtaining
clients so that we generate revenues to support our operations. During the next
six to twelve months, we hope to expand our operations and service several
accounts. We will need to raise additional capital to fund all of our proposed
business activities and fully implement our business plan.
 
 To
effectuate our business plan during the next twelve months, we intend to pursue
accounts by researching and contacting small to medium size companies that
participate in the Las Vegas conventions. We are developing sales and marketing
materials including brochures describing the services that we provide so that we
can provide a professional appearance to potential clients.
 
 We have
cash and cash equivalents of $1,206 as of March 31, 2009.  In the
opinion of management, available funds will not satisfy our working capital
requirements to operate at our current level of activity for the next twelve
months. Our forecast for the period for which our financial resources will be
adequate to support our operations involves risks and uncertainties and actual
results could fail as a result of a number of factors. In order to implement our
business plan in the manner we envision, we will need to raise additional
capital in addition to the funds that we recently raised.  We cannot
guaranty that we will be able to raise additional funds. Moreover, in the event
that we can raise additional funds, we cannot guaranty that additional funding
will be available on favorable terms. In the event that we experience a
shortfall in our capital, we hope that our officers, directors and principal
shareholders will contribute funds to pay for our expenses to achieve our
objectives over the next twelve months.
 
 To date,
we have experienced significant difficulties in generating revenues and raising
additional capital.  We believe our inability to raise significant
additional capital through debt or equity financings is due to various factors,
including, but not limited to, a tightening in the equity and credit markets. We
had hoped to expand our operations during the last six months. However, our
ability to commence and expand operations has been negatively affected by our
inability to raise significant capital and our inability to generate significant
revenues. As a result of those difficulties, we intend to explore acquiring
smaller companies with complementary businesses. Accordingly, over the next six
months, we intend to research potential opportunities for us to acquire smaller
companies with complementary businesses to our business and other companies that
may be interested in being acquired by us or entering into a joint venture
agreement with us. As of the date of this report, we have not identified any
potential acquisition or joint venture candidates. We cannot guaranty that we
will acquire or enter into any joint venture with any third party, or that in
the event that we acquire another entity, this acquisition will increase the
value of our common stock. We hope to use our common stock as payment for any
potential acquisitions.
 
 We are
not currently conducting any research and development activities.  We
do not anticipate conducting such activities in the near future. In the event
that we expand our customer base, then we may need to hire additional employees
or independent contractors as well as purchase or lease additional equipment.
Our management believes that we do not require the services of independent
contractors to operate at our current level of activity.  However, if
our level of operations increases beyond the level that our current staff can
provide, then we may need to supplement our staff in this manner.
 
 Because
we have limited operations and assets, we may be considered a shell company as
defined in Rule 12b-2 of the Securities Exchange Act of 1934. Accordingly, we
have checked the box on the cover page of this report that specifies we are a
shell company.
 
 Off-Balance Sheet Arrangements.We have no off-balance sheet arrangements.
 
 Item 3. Quantitative and
Qualitative Disclosures about Market Risk
  Not
applicable.
  Item 4. Controls and
Procedures
 
 Evaluation of disclosure controls and
procedures. We maintain controls and procedures designed to ensure that
information required to be disclosed in the reports that we file or submit under
the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the rules and forms of the
Securities and Exchange Commission. Based upon their evaluation of those
controls and procedures performed as of March 31, 2009, the date of this report,
our chief executive officer and the principal financial officer concluded that
our disclosure controls and procedures were effective.
  15
 
 Item 4(T). Controls and
Procedures.
 
 Changes in internal controls.There were no changes in our internal control over financial reporting
that occurred during the fiscal quarter covered by this report that have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
 
 PART
II — OTHER INFORMATION
 
 Item 1. Legal
Proceedings.
 
 None.
 
 Item 1A. Risk
Factors.
 
 Not
applicable.
 
 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 Vote of Security
Holders
 
 None.
  Item 5.  Other
Information
 
 None.
 
 Item
6.  Exhibits
 
 31.1
              Certification
      of Principal Executive Officer, pursuant to Rule 13a-14 and 15d-14 of
      the Securities Exchange Act of 193431.2
              Certification
      of Principal Financial Officer, pursuant to Rule 13a-14 and 15d-14 of
      the Securities Exchange Act of 193432.1
              Certification
      of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350,
      as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      200232.2
              Certification
      of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350,
      as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002
 
 16
  SIGNATURES
 
 In
accordance with the requirements of the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
  BLS
      Media, Inc.,
                    a
      Nevada corporationMay
      15, 2008
                  By:
                  /s/ Brittany
      PragerBrittany
      Prager
                    President
      and a Director
                    (Principal
      Executive Officer)
  May
      15, 2008
                  By:
                  /s/ Gary
      PragerGary
      Prager
                    Chief
      Financial Officer and a Director
                    (Principal Financial
      and Accounting Officer)






17