Nevada
|
65-0782227
|
|
(State
or other jurisdiction
of
incorporation)
|
(IRS
Employer File Number)
|
5910
South University Boulevard, C-18, Unit 165
Littleton,
Colorado
|
80121-2800
|
|
(Address
of principal executive offices)
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(zip
code)
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Large
accelerated filer
[]
|
Accelerated
filer []
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Non-accelerated
filer [] (Do not check if a smaller reporting
company)
|
Smaller
reporting company [X]
|
PART
I
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|
Item
1. Business
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3
|
Item
1A. Risk Factors
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6
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Item
2. Property
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9
|
Item
3. Legal Proceedings
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9
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Item
4. Submission of Matters to a Vote of Security Holders
|
9
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PART
II
|
|
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
|
10
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Item
6. Selected Financial Data
|
12
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Item
7. Management's Discussion and Analysis of Financial Condition and Results
of Operations
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12
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Item
7A. Quantitative and Qualitative Disclosures About Market
Risk
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13
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Item
8. Financial Statements and Supplementary Data
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13
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Item
9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosures
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27
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Item
9A(T). Controls and Procedures
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27
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Item
9B. Other Information
|
28
|
|
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PART
III
|
|
Item
10. Directors, Executive Officers and Corporate Governance
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28
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Item
11. Executive Compensation
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29
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Item
12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters
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30
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Item
13. Certain Relationships and Related Transactions, and Director
Independence
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30
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Item
14. Principal Accountant Fees and Services
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30
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Item
15. Exhibits Financial Statement Schedules
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31
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Financial
Statements pages
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13
- 26
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Signatures
|
32
|
l
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Lack
of capital for operations,
|
|
l
|
Substantial
delays and expenses related to testing and development of new
products,
|
|
l
|
Development
and marketing problems encountered in connection with our new and existing
products,
|
|
l
|
Competition
from larger and more established companies, and
|
|
l
|
Lack
of market acceptance of our
products.
|
l
|
Actual
or anticipated fluctuations in our operating results;
|
|
l
|
changes
in financial estimates by securities analysts or our failure to perform in
line with such estimates;
|
|
l
|
changes
in market valuations of other mortgage brokerage companies, particularly
those that sell products similar to as ours;
|
|
l
|
announcements
by us or our competitors of significant innovations, acquisitions,
strategic partnerships, joint ventures or capital
commitments;
|
|
l
|
introduction
of technologies or product enhancements that reduce the need for our
products; and
|
|
l
|
departures
of key personnel.
|
♦
|
contains
a description of the nature and level of risk in the market for penny
stocks in both public offerings and secondary trading;
|
♦
|
contains
a description of the broker's or dealer's duties to the customer and of
the rights and remedies available to the customer with respect to a
violation to such duties or other requirements of the Securities Act of
1934, as amended;
|
♦
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contains
a brief, clear, narrative description of a dealer market, including "bid"
and "ask" prices for penny stocks and the significance of the spread
between the bid and ask price;
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♦
|
contains
a toll-free telephone number for inquiries on disciplinary
actions;
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♦
|
defines
significant terms in the disclosure document or in the conduct of trading
penny stocks; and
|
♦
|
contains
such other information and is in such form (including language, type, size
and format) as the Securities and Exchange Commission shall require by
rule or regulation;
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♦
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the
bid and offer quotations for the penny
stock;
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♦
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the
compensation of the broker-dealer and its salesperson in the
transaction;
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♦
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the
number of shares to which such bid and ask prices apply, or other
comparable information relating to the depth and liquidity of the market
for such stock; and
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♦
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monthly
account statements showing the market value of each penny stock held in
the customer's account.
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Page
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|
REPORT
OF INDEPENDENT REGISTERED
|
|
PUBLIC
ACCOUNTING FIRM
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17
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FINANCIAL
STATEMENTS
|
|
Balance sheets
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18
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Statements of
operations
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19
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Statements of stockholders’
equity
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20
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Statements of cash
flows
|
21
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Notes to financial
statements
|
23
|
Aurora,
Colorado
|
/s/
Ronald R. Chadwick, P.C.
|
January
30,
2009
|
RONALD
R. CHADWICK, P.C.
|
FRANCHISE
HOLDINGS INTERNATIONAL, INC.
|
||||||||
(A
Development Stage Company)
|
||||||||
BALANCE
SHEETS
|
||||||||
Sept.
30, 2007
|
Sept.
30, 2008
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|||||||
ASSETS
|
||||||||
Total
Assets
|
$ | - | $ | - | ||||
LIABILITIES
& STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities
|
||||||||
Accounts
payable
|
$ | 71,034 | $ | 71,184 | ||||
Related
party payables
|
13,610 | 26,775 | ||||||
Notes
payable
|
271,759 | 271,759 | ||||||
Accrued
interest payable
|
208,054 | 238,580 | ||||||
Stock
subscription payable
|
18,000 | 18,000 | ||||||
Other
payables
|
5,084 | 5,084 | ||||||
Total current
liabilties
|
587,541 | 631,382 | ||||||
Total
Liabilities
|
587,541 | 631,382 | ||||||
Stockholders'
Equity
|
||||||||
Common
stock, $.0001 par value;
|
||||||||
20,000,000
shares authorized;
|
||||||||
2,840,864
shares issued and outstanding
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284 | 284 | ||||||
Stock
subscription receivable
|
||||||||
Additional
paid in capital
|
3,579,806 | 3,579,806 | ||||||
Accumulated
deficit (including $257,266 (2007)
|
||||||||
and
$301,107 (2008) ) accumulated during
|
||||||||
the
development stage)
|
(4,167,631 | ) | (4,211,472 | ) | ||||
Total
Stockholders' Equity
|
(587,541 | ) | (631,382 | ) | ||||
Total
Liabilities and Stockholders' Equity
|
$ | - | $ | - |
FRANCHISE
HOLDINGS INTERNATIONAL, INC.
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
STATEMENTS
OF OPERATIONS
|
||||||||||||
Period
From
|
||||||||||||
Mar.
12, 2001
|
||||||||||||
(Inception
|
||||||||||||
of
Dev. Stage)
|
||||||||||||
Year
Ended
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Year
Ended
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To
|
||||||||||
Sept.
30, 2007
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Sept.
30, 2008
|
Sept.
30, 2008
|
||||||||||
Revenues
|
$ | - | $ | - | $ | - | ||||||
- | - | - | ||||||||||
Operating
expenses:
|
||||||||||||
General
and administrative
|
1,620 | 13,315 | 65,881 | |||||||||
1,620 | 13,315 | 65,881 | ||||||||||
Gain
(loss) from operations
|
(1,620 | ) | (13,315 | ) | (65,881 | ) | ||||||
Other
income (expense):
|
||||||||||||
Interest
expense
|
(30,526 | ) | (30,526 | ) | (235,226 | ) | ||||||
(30,526 | ) | (30,526 | ) | (235,226 | ) | |||||||
Income
(loss) before
|
||||||||||||
provision
for income taxes
|
(32,146 | ) | (43,841 | ) | (301,107 | ) | ||||||
Provision
for income tax
|
- | - | - | |||||||||
Net
income (loss)
|
$ | (32,146 | ) | $ | (43,841 | ) | $ | (301,107 | ) | |||
Net
income (loss) per share
|
||||||||||||
(Basic
and fully diluted)
|
$ | (0.01 | ) | $ | (0.02 | ) | ||||||
Weighted
average number of
|
||||||||||||
common
shares outstanding
|
2,840,864 | 2,840,864 |
FRANCHISE
HOLDINGS INTERNATIONAL, INC.
|
||||||||||||||||||||||||
(A
Development Stage Company)
|
||||||||||||||||||||||||
STATEMENTS
OF STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Common
Stock
|
Stock
|
Stock-
|
||||||||||||||||||||||
Amount
|
Additional
|
Subscription
|
Accumulated
|
holders'
|
||||||||||||||||||||
Shares
(1)
|
($.0001
Par)
|
Paid
in Capital
|
Receivable
|
Deficit
|
Equity
|
|||||||||||||||||||
Balances
at March 12, 2001
|
90,861 | $ | 9 | $ | 3,562,331 | $ | (15,000 | ) | $ | (3,910,365 | ) | $ | (363,025 | ) | ||||||||||
(Inception
of development stage)
|
||||||||||||||||||||||||
Net
income (loss) for the period
|
(27,487 | ) | (27,487 | ) | ||||||||||||||||||||
Balances
at September 30, 2001
|
90,861 | $ | 9 | $ | 3,562,331 | $ | (15,000 | ) | $ | (3,937,852 | ) | $ | (390,512 | ) | ||||||||||
Net
income (loss) for the year
|
(60,100 | ) | (60,100 | ) | ||||||||||||||||||||
Balances
at September 30, 2002
|
90,861 | $ | 9 | $ | 3,562,331 | $ | (15,000 | ) | $ | (3,997,952 | ) | $ | (450,612 | ) | ||||||||||
Fractional
shares - reverse stock split
|
3 | - | ||||||||||||||||||||||
Debt
relief - repurchase obligation
|
15,000 | 15,000 | 30,000 | |||||||||||||||||||||
Compensatory
stock issuances
|
2,750,000 | 275 | 2,475 | 2,750 | ||||||||||||||||||||
Net
income (loss) for the year
|
(41,245 | ) | (41,245 | ) | ||||||||||||||||||||
Balances
at September 30, 2003
|
2,840,864 | $ | 284 | $ | 3,579,806 | $ | - | $ | (4,039,197 | ) | $ | (459,107 | ) | |||||||||||
Net
income (loss) for the year
|
(31,996 | ) | (31,996 | ) | ||||||||||||||||||||
Balances
at September 30, 2004
|
2,840,864 | $ | 284 | $ | 3,579,806 | $ | - | $ | (4,071,193 | ) | $ | (491,103 | ) | |||||||||||
Net
income (loss) for the year
|
(32,146 | ) | (32,146 | ) | ||||||||||||||||||||
Balances
at September 30, 2005
|
2,840,864 | $ | 284 | $ | 3,579,806 | $ | - | $ | (4,103,339 | ) | $ | (523,249 | ) | |||||||||||
Net
income (loss) for the year
|
(32,146 | ) | (32,146 | ) | ||||||||||||||||||||
Balances
at September 30, 2006
|
2,840,864 | $ | 284 | $ | 3,579,806 | $ | - | $ | (4,135,485 | ) | $ | (555,395 | ) | |||||||||||
Net
income (loss) for the year
|
(32,146 | ) | (32,146 | ) | ||||||||||||||||||||
Balances
at September 30, 2007
|
2,840,864 | $ | 284 | $ | 3,579,806 | $ | - | $ | (4,167,631 | ) | $ | (587,541 | ) | |||||||||||
Net
income (loss) for the year
|
(43,841 | ) | (43,841 | ) | ||||||||||||||||||||
Balances
at September 30, 2008
|
2,840,864 | $ | 284 | $ | 3,579,806 | $ | - | $ | (4,211,472 | ) | $ | (631,382 | ) | |||||||||||
___________
|
||||||||||||||||||||||||
(1)
As adjusted for a 1 for 100 reverse stock split effective May 9,
2003.
|
FRANCHISE
HOLDINGS INTERNATIONAL, INC.
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
STATEMENTS
OF CASH FLOWS
|
||||||||||||
Period
From
|
||||||||||||
Mar.
12, 2001
|
||||||||||||
(Inception
|
||||||||||||
of
Dev. Stage)
|
||||||||||||
Year
Ended
|
Year
Ended
|
To
|
||||||||||
Sept.
30, 2007
|
Sept.
30, 2008
|
Sept.
30, 2008
|
||||||||||
Cash
Flows From Operating Activities:
|
||||||||||||
Net
income (loss)
|
$ | (32,146 | ) | $ | (43,841 | ) | $ | (301,107 | ) | |||
Adjustments
to reconcile net loss to
|
||||||||||||
net
cash provided by (used for)
|
||||||||||||
operating
activities:
|
||||||||||||
Amortization
& depreciation
|
475 | |||||||||||
Loss
on fixed asset disposal
|
1,408 | |||||||||||
Accounts
payable
|
150 | 150 | 19,302 | |||||||||
Related
party payables
|
1,470 | 13,165 | 31,946 | |||||||||
Accrued
expenses
|
30,526 | 30,526 | 235,226 | |||||||||
Compensatory
stock issuances
|
2,750 | |||||||||||
Net cash provided by (used
for)
|
||||||||||||
operating
activities
|
- | - | (10,000 | ) | ||||||||
Cash
Flows From Investing Activities:
|
||||||||||||
Net
cash provided by (used for)
|
||||||||||||
investing
activities
|
- | - | - | |||||||||
(Continued
On Following Page)
|
FRANCHISE
HOLDINGS INTERNATIONAL, INC.
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
STATEMENTS
OF CASH FLOWS
|
||||||||||||
(Continued
From Previous Page)
|
||||||||||||
Period
From
|
||||||||||||
Mar.
12, 2001
|
||||||||||||
(Inception
|
||||||||||||
of
Dev. Stage)
|
||||||||||||
Year
Ended
|
Year
Ended
|
To
|
||||||||||
Sept.
30, 2007
|
Sept.
30, 2008
|
Sept.
30, 2008
|
||||||||||
Cash
Flows From Financing Activities:
|
||||||||||||
Notes
payable - borrowings
|
10,000 | |||||||||||
Net cash provided by (used
for)
|
||||||||||||
financing
activities
|
- | - | 10,000 | |||||||||
Net
Increase (Decrease) In Cash
|
- | - | - | |||||||||
Cash
At The Beginning Of The Period
|
- | - | - | |||||||||
Cash
At The End Of The Period
|
$ | - | $ | - | $ | - | ||||||
Schedule
Of Non-Cash Investing And Financing Activities
|
||||||||||||
None | ||||||||||||
Supplemental
Disclosure
|
||||||||||||
Cash
paid for interest
|
$ | - | $ | - | ||||||||
Cash
paid for income taxes
|
$ | - | $ | - |
NAME
|
AGE
|
POSITION HELD
|
A.
J. Boisdrenghien
|
61
|
President,
Secretary and Director
|
Name
and Address
|
No.
of
|
|
Beneficial
|
Shares
|
Percentage
|
Owner(1)
|
Owned
|
of Ownership
|
A.
J. Boisdrenghien
|
974,000
|
34.29%
|
5910
South University Boulevard, C-18, Unit 165
|
||
Littleton,
Colorado 80121-2800
|
||
All
Officers and
|
||
Directors
as a Group
|
974,000
|
34.29%
|
(one
person)
|
||
(1)
|
All
shares of owned of record.
|
Exhibit
|
|
Number
|
Description
|
3.1*
|
Articles
of Incorporation
|
3.2
*
|
Bylaws
|
3.3
*
|
Articles
of Merger of TMAN Global.com, Inc. and FRANCHISE HOLDINGS INTERNATIONAL,
INC.
|
31.1
|
Certification
of CEO/CFO pursuant to Sec. 302
|
32.1
|
Certification
of CEO/CFO pursuant to Sec.
906
|
FRANCHISE
HOLDINGS INTERNATIONAL, INC.
|
|||
By:
|
/s/
A. J. Boisdrenghien
|
||
A.
J. Boisdrenghien
|
|||
Chief
Executive Officer and President
(principal
executive officer and principal financial and accounting
officer)
|
Date:
May 1, 2009
|
By:
|
/s/
A. J. Boisdrenghien
|
|
A.
J. Boisdrenghien
|
|||
Director
|