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Document and Entity Information
6 Months Ended
Aug. 31, 2011
Oct. 11, 2011
Document Information [Line Items]
Document Type 10-Q
Amendment Flag false
Document Period End Date Aug 31, 2011
Document Fiscal Year Focus 2011
Document Fiscal Period Focus Q2
Trading Symbol ELIT
Entity Registrant Name ELITE NUTRITIONAL BRANDS, INC.
Entity Central Index Key 0001487198
Current Fiscal Year End Date --02-28
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 122,400,000
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Balance Sheets (USD  $)
Aug. 31, 2011
Feb. 28, 2011
CURRENT ASSETS
Cash and cash equivalents  $ 11,604
Total current assets 11,604
TOTAL ASSETS 0 11,604
CURRENT LIABILITIES
Accounts payable & Accrued liabilities 2,150 4,150
LONG TERM LIABILITIES
Shareholder loan 491
Total liabilities 2,641 4,150
STOCKHOLDERS' EQUITY
Capital Stock Authorized: 300,000,000 common shares,  $0.0001 par value Issued and outstanding shares: 122,400,000 shares issued and outstanding at August 31, 2011 and February 28, 2011 12,240 12,240
Additional paid-in capital 8,760 8,760
Deficit accumulated during the development stage (23,641) (13,546)
Total Stockholders' Equity (2,641) 7,454
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 0  $ 11,604
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Balance Sheets (Parenthetical) (USD  $)
Aug. 31, 2011
Feb. 28, 2011
Capital Stock, authorized 300,000,000 300,000,000
Capital Stock, par value  $ 0.0001  $ 0.0001
Capital Stock, issued 122,400,000 122,400,000
Capital Stock, outsanding 122,400,000 122,400,000
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Statements of Operations (USD  $)
3 Months Ended 6 Months Ended 18 Months Ended
Aug. 31, 2011
Aug. 31, 2010
Aug. 31, 2011
Aug. 31, 2010
Aug. 31, 2011
REVENUES          
EXPENSES
General & Administrative 1,400 124 8,695 161 11,091
Professional Fees 750 1,879 1,400 2,779 12,550
Costs and Expenses, Total 2,150 2,003 10,095 2,949 23,641
Loss Before Income Taxes (2,150) (2,003) (10,095) (2,940) (23,641)
Provision for Income Taxes          
Net Loss  $ (2,150)  $ (2,003)  $ (10,095)  $ (2,940)  $ (23,641)
PER SHARE DATA:
Basic and diluted loss per common share          
Basic and diluted weighted average common shares outstanding 122,400,000 122,400,000
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Statements of Cash Flow (USD  $)
6 Months Ended 18 Months Ended
Aug. 31, 2011
Aug. 31, 2010
Aug. 31, 2011
OPERATING ACTIVITIES
Net Loss  $ (10,095)  $ (2,940)  $ (23,641)
Changes in Operating Assets and Liabilities:
Increase (decrease) in accounts payable and accrued liabilities (2,000) (2,950) 2,150
Net cash used in operating activities (12,095) (5,890) (21,491)
FINANCING ACTIVITIES
Loan from shareholder 491 491
Common stock issued for cash 21,000
Net cash provided by financing activities 491 21,491
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (11,604) (5,890)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 11,604 9,000 9,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,110
Cash paid for:
Interest expense      
Income taxes      
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GENERAL ORGANIZATION AND BUSINESS
6 Months Ended
Aug. 31, 2011
GENERAL ORGANIZATION AND BUSINESS
NOTE 1. GENERAL ORGANIZATION AND BUSINESS

Hidden Ladder, Inc. is a development stage company, incorporated in the State of Florida on, February 23, 2010, to design a safety product for homeowners. The Company was never able to execute upon its business plan and on June 21, 2011 changed its name to Elite Nutritional Brands, Inc.  On June 21, 2011 the Company effected a 12 for one forward stock split of our issued and outstanding common stock.  All numbers shown herein for shares of our common stock reflect the adjusted numbers after giving effect to the 12 for one stock split.  Effective July 27, 2011, David Johnson sold 103,000,000 shares of the Company’s common stock to Don Ptalis, the Company’s new CEO and Director for a purchase price of  $5,000, which source was his own funds.  Taking into account the June 21, 2011 12:1 forward split of the Company’s common stock, the percentage of voting securities of the Company now beneficially owned directly or indirectly by Mr. Ptalis is 84.12%.

On July 29, 2011, David Johnson resigned as the President, CEO and Sole Director of the Company,  and Daniel McKelvy resigned as the Assistant Secretary of the Company to pursue other business interests.  Effective July 29, 2011, Don Ptalis was appointed as the Company’s new CEO and Director.  

Through August 31, 2011 the Company was in the development stage and has not carried on any significant operations and has generated minimal revenues. The Company has incurred losses since inception aggregating  $23,641. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. These matters, among others, raise substantial doubt about the ability of the Company to continue as a going concern. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.
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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES
6 Months Ended
Aug. 31, 2011
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

Accounting Basis

The Company is currently a development stage enterprise reporting under the provisions of Accounting Standards Codification ("ASC") 915 "Development Stage Enties", which was previously Statement of Financial Accounting Standards ("SFAS") No. 7.

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended February 28, 2011 and notes thereto and other pertinent information contained in our Form S-1/A the Company has filed with the Securities and Exchange Commission (the "SEC").

The results of operations for the three month period ending August 31, 2011 are not necessarily indicative of the results for the full fiscal year ending February 28, 2012.


Cash and Cash Equivalents

For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less.

Earnings (Loss) per Share

The basic earnings (loss) per share are calculated by dividing the Company's net income available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per share are calculated by dividing the Company's net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There are no diluted shares outstanding for any periods reported.

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown, and none are contemplated in the near future.

Income Taxes

The Company adopted FASB ASC 740, Income Taxes, at its inception 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. No deferred tax assets or liabilities were recognized as of August 31, 2011.

Advertising

The Company will expense advertising as incurred. The advertising since inception has been  $0.00.


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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue and Cost Recognition

The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost.

Property

The company does not own any real estate or other properties. The business office is located at the home of Don Ptalis, the CEO of the company at no charge to the company.

Recently Issued Accounting Pronouncements

The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company.
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NAME CHANGE AND STOCK SPLIT; CHANGE IN CONTROL AND NEW OFFICER AND DIRECTOR
6 Months Ended
Aug. 31, 2011
NAME CHANGE AND STOCK SPLIT; CHANGE IN CONTROL AND NEW OFFICER AND DIRECTOR
NOTE 3.  NAME CHANGE AND STOCK SPLIT; CHANGE IN CONTROL AND NEW OFFICER AND DIRECTOR

On June 3, 2011 the Board of Directors and majority shareholder of Hidden Ladder, Inc. approved Articles of Amendment to our Articles of Incorporation which (a) effected a 12 for one forward stock split of our issued and outstanding common stock, and (b) changed the name of the company to “Elite Nutritional Brands, Inc.”

In conjunction therewith, we filed Articles of Amendment to our Articles of Incorporation with the Secretary of State of Florida which was effective at the close of business on June 21, 2011.  The forward stock split was distributed to all shareholders of record on June 20, 2011.  No cash will be paid or distributed as a result of the forward stock split and no fractional shares was issued.  All fractional shares which would otherwise be required to be issued as a result of the stock split were rounded up to the nearest whole share.  There was no change in the par value of our common stock.

Our common stock is quoted on the OTC Bulletin Board post split  under the symbol “ELIT”.  Our new CUSIP number is 28659B 100.  

Effective July 27, 2011, David Johnson sold 103,000,000 shares of the Company’s common stock to Don Ptalis, the Company’s new CEO and Director for a purchase price of  $5,000, which source was his own funds.  Taking into account the June 21, 2011 12:1 forward split of the Company’s common stock, the percentage of voting securities of the Company now beneficially owned directly or indirectly by Mr. Ptalis is 84.12%.
 
On July 29, 2011, David Johnson resigned as the President, CEO and Sole Director of the Company,  and Daniel McKelvy resigned as the Assistant Secretary of the Company to pursue other business interests.  
 
Effective July 29, 2011, Don Ptalis was appointed as the Company’s new CEO and Director.  Mr. Ptalis is the founder and currently a consultant to Plaza Promotions Inc., a company he founded in 2004. Plaza Promotions is a promotional company that provides premiums, POP printing, direct mail, and event marketing to companies in need of these services.  Plaza Promotions clientele to this day include many fortune 500 companies. From 1987-1993, Mr. Ptalis was the president and chief financial officer of Desk, Inc., a steelcase dealership with over  $31,000,000 in sales, where he was responsible for the daily oversight of the company's operations. Mr. Ptalis received a Bachelor in Mechanical Engineering from the City College of New York in 1964.
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SUBSEQUENT EVENTS
6 Months Ended
Aug. 31, 2011
SUBSEQUENT EVENTS
NOTE 4. SUBSEQUENT EVENTS

We have evaluated events and transactions that occurred subsequent to August 31, 2011 through October 11, 2011, the date the financial statements were issued, for potential recognition or disclosure in the accompanying financial statements.

Other than the disclosures above, we did not identify any events or transactions that should be recognized or disclosed in the accompanying financial statements.
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