Saveene Group, Inc. - FORM 10-Q/A - XML - IDEA: XBRL DOCUMENT - November 16, 2012

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The Company is currently a shell company and has limited operations. The Company

intends to locate and combine  with an existing  company that is  profitable  or

which, in management's view, has growth potential,  irrespective of the industry

in  which  it  is  engaged.  A  combination  may  be  structured  as  a  merger,

consolidation, exchange of the Company's common stock for stock or assets or any

other form.

Pending  negotiation and  consummation of a combination the Company  anticipates

that it will have, aside from carrying on its search for a combination  partner,

no business  activities,  and, thus, will have no source of revenue. The Company

does not currently have cash on hand sufficient to fund its operations until the

earlier of a combination  or a period of one year,  and will be required to seek

additional  funding to consummate a transaction.  The Company  intends to either

seek additional  equity or debt financing.  No assurances can be given that such

equity or debt financing will be available,  nor can there be any assurance that

a combination transaction will be consummated. Should the Company be required to

incur any significant liabilities prior to a combination transaction,  including

those  associated with the current  minimal level of general and  administrative

expenses,  it may not be able to satisfy those  liabilities  in the event it was

unable to obtain additional equity or debt financing.

The  Company  has not  earned  any  revenue  from  operations  since  inception.

Accordingly,  the  Company's  activities  have been  accounted for as those of a

"DEVELOPMENT  STAGE  COMPANY"  as set forth in  Financial  Accounting  Standards

("FAS")  Accounting   Standards   Codification  (`ASC")  Topic  915.  Among  the

disclosures   required  by  are  that  the  Company's  financial  statements  be

identified as those of a development  stage company,  and that the statements of

operations, stockholders' equity and cash flows disclose activity since the date

of the  Company's  inception.  The  Company  has elected a fiscal year ending on

December 31.

USE OF ESTIMATES

The preparation of financial  statements in conformity  with generally  accepted

accounting  principles  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 reporting  period.  Actual  results could differ from those

estimates.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company's financial instruments,  as defined by FASB ASC 825-10-50,  include

cash,  accounts payable and accrued expenses.  All instruments are accounted for

on a historical cost basis,  which, due to the short maturity of these financial

instruments, approximates fair value at September 30, 2012.

FASB ASC 820 defines fair value,  establishes  a framework  for  measuring  fair

value in accordance with generally accepted accounting  principles,  and expands

disclosures about fair value measurements. FASB ASC 820 establishes a three-tier

fair value hierarchy which prioritizes the inputs used in measuring fair value.

The Company does not have any assets or liabilities  measured at fair value on a

recurring basis at September 30, 2012

CASH AND CASH EQUIVALENTS

The Company  considers  all highly  liquid  investments  with  maturity of three

months or less when purchased to be cash equivalents.

INCOME TAXES

Deferred  tax  assets  and   liabilities  are  recognized  for  the  future  tax

consequences   attributable  to  differences  between  the  financial  statement

carrying  amounts of existing assets and  liabilities  and their  respective tax

bases.  Deferred tax assets,  including tax loss and credit  carryforwards,  and

liabilities  are measured  using enacted tax rates  expected to apply to taxable

income in the years in which  those  temporary  differences  are  expected to be

recovered  or settled.  The effect on deferred tax assets and  liabilities  of a

change in tax rates is  recognized  in income in the period  that  includes  the

enactment  date.  Deferred  income tax expense  represents the change during the

period in the deferred tax assets and deferred tax  liabilities.  The components

of the  deferred  tax assets and  liabilities  are  individually  classified  as

current and non-current based on their characteristics.  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.

BASIC EARNINGS (LOSS) PER SHARE

Basic net earnings  (loss) per common share is computed by dividing net earnings

(loss)  applicable  to common  shareholders  by the  weighted-average  number of

common shares  outstanding  during the period.  Diluted net earnings  (loss) per

common share is determined  using the  weighted-average  number of common shares

outstanding during the period,  adjusted for the dilutive effect of common stock

equivalents,  consisting  of shares that might be issued upon exercise of common

stock options. In periods where losses are reported, the weighted-average number

of common shares outstanding  excludes common stock  equivalents,  because their

inclusion  would be  anti-dilutive.  At September  30, 2012 diluted net loss per

share is  equivalent  to basic net loss per  share as there  are no  potentially

dilutive securities  outstanding and the inclusion of any shares committed to be

issued would be anti-dilutive.

IMPACT OF NEW ACCOUNTING STANDARDS

The Company has implemented all new relevant accounting  pronouncements that are

in effect through the date of these financial  statements.  These pronouncements

did not have any material impact on the financial  statements  unless  otherwise

disclosed,  and the  Company  does not  believe  that  there  are any  other new

accounting  pronouncements  that have been  issued  that  might  have a material

impact on its financial position or results of operations.

REVENUE RECOGNITION

The Company has not yet commenced its principal operations,  and therefore,  the

financial  statements  are presented in accordance  with ASC Topic 915. When the

Company  commences  operations,  revenue  will  be  recognized  when  all of the

following have been met:

     *    Persuasive evidence of an arrangement exists;

     *    Delivery or service has been performed;

     *    The customer's fee is deemed to be fixed or  determinable  and free of

          contingencies or significant uncertainties

     *    Collectability is probable.