Business Context and Reporting Period
Company: Scoop Media, Inc. (Note: Request metadata listed "Chiron Real Estate Inc.", but the filing text identifies the registrant as Scoop Media, Inc.)
Reporting Period: Quarterly period ended February 29, 2012.
Status: Development stage company incorporated in Nevada on March 18, 2011. The company has not commenced business operations.
Business Plan: Developing a website (www.thedatescoop.com) to provide reviews and information on online dating sites, with planned revenue generation through advertising (Google AdSense) and referral commissions.
Key Financial Metrics
| Metric | Value |
|---|---|
| Revenue | $0 (No revenue generated from inception through Feb 29, 2012) |
| Net Loss (6 months ended Feb 29, 2012) | $(7,732) |
| Net Loss (Inception to Feb 29, 2012) | $(8,191) |
| Cash and Cash Equivalents | $47,189 (as of Feb 29, 2012) |
| Total Current Assets | $47,189 |
| Total Current Liabilities | $380 (Due to related parties) |
| Stockholders' Equity | $46,809 |
| Shares Outstanding | 5,500,000 |
Material Changes vs. Prior Period
- Cash Position: Cash decreased slightly from $47,421 (August 31, 2011) to $47,189 (February 29, 2012), a reduction of $232.
- Prepaid Expenses: Prepaid expenses decreased from $7,500 to $0, reflecting the amortization or expiration of these costs.
- Accumulated Deficit: The accumulated deficit increased from $(459) to $(8,191) due to ongoing general and administrative expenses.
- Operating Expenses: Expenses for the three months ended February 29, 2012, were $97, compared to $7,732 for the six-month period.
Guidance, Outlook, Risks, and Contingencies
- Going Concern: The filing includes a "going concern" opinion. There is substantial doubt about the company's ability to continue as an ongoing business for the next twelve months without additional capital.
- Financing Needs: The company is highly dependent on the success of a public offering (10,000,000 shares at $0.01/share) declared effective on February 22, 2012. No shares have been sold in this offering to date.
- Management Commentary: Management expects to hire a developer within 90 days of completing the offering, with a website launch anticipated 4-6 months later. Revenue is not expected until 60-90 days post-launch.
- Contingencies: If the offering fails and debt financing is unavailable, the company may be required to cease operations. Officers have indicated a willingness to provide non-secured loans to maintain reporting status, but no written agreement exists.
- Risks: Risks include failure to raise capital, inability to secure referral agreements, and dependence on Google AdSense criteria which may change.
Investor Verification Checklist
- Capital Sufficiency: Verify if the company has secured the additional funding required to survive the next 12 months, given the "going concern" warning.
- Offering Status: Confirm the status of the public offering declared effective on February 22, 2012, and whether any shares have been sold since the filing date.
- Operational Progress: Check for updates on the hiring of a developer and the launch of the website (www.thedatescoop.com).
- Related Party Debt: Review the terms of the $380 owed to related parties and any potential new loans from officers.
- Revenue Model Viability: Assess the feasibility of generating revenue solely through Google AdSense and referral commissions in the competitive online dating review market.