COMMITMENTS AND CONTINGENCIES	6 Months Ended
Mar. 31, 2012
Notes to Financial Statements
COMMITMENTS AND CONTINGENCIES	Legal From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of March 31, 2012, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations, except as noted. The Company has an outstanding legal issue with Michael Long in regards to a claim of unpaid compensation of approximately $25,000. The Company believes that the claim is not valid and will pursue all actions to remedy it accordingly. The Company filed a lawsuit on April 27, 2012 in PRVCY Couture, Inc. v Jean Genie, Kendrick Kim, and Does 1-X, Case Number BC483445, in the Superior Court of the State of California, County of Los Angeles. The Company has filed a Complaint for Damages for Conversion; Prayer for Writ of Possession. The Company has stated that the defendant has not afforded the Company the right to retrieve various fixed assets which allegedly the defendant has possession of. Additionally, the Company claims damages related to the necessity to evacuate the premises due to the alleged situation between the defendant and its landlord. Mr. Kim was a member of the Company’s board of directors at the time and the Company alleges he had a conflict of interest by maintaining various assets including computers necessary for the Company to maintain its business records. Mr. Kim was terminated as a director by a Written Consent of the Holders of a Majority of the Voting Stock. See Note 8 – Leases. Lease Commitment Leases On November 15, 2010, the Company entered into a lease of approximately 9,000 square feet for a term of 5 years in Norco, California at a base rent of $6,468 per month. In November 2011, the landlord went into bankruptcy. The Company, anticipating that the bankruptcy court would most likely have the tenants leave the premises, therefore the Company moved in November 2011, as the landlord was technically in default. On December 1, 2011, the Company signed a one year lease with Jean Genie for $3,000 per month for approximately 2,500 square feet (also see Note 12). In February 2012, due to the landlord allegedly having contractual issues with its landlord, the Company moved out of these premises. On April 27, 2012, the Company filed a lawsuit against Jean Genie and other third parties (see Note 8 – Legal and Note 12). On March 1, 2012, the Company entered into a lease for office space with Defiance USA (“Defiance”). The lease is for one year for $5,000 per month. The owner of Defiance is a related party to an officer and director of the Company (see Note 9). Rent expense for the six months ended March 31, 2012 was $20,314. Other Commitments The Company entered into a contract with The Loft Entertainment to provide social media deals for PRVCY. The contract commited the Company to payments of $75,000 of which $0 was incurred as of March 31, 2012. Subsequent to March 31, 2012, the $75,000 was paid by the Company for all obligations which were completed in May 2012. The Company enters into various contracts or agreements in the normal course of business whereby such contracts or agreements may contain commitments. During 2011 the Company entered into agreements to allow third parties to license, distribute or act as sales agent or representative to sell, the Company’s products. Under these agreements the Company would in general be the recipient of proceeds but may be committed to pay certain compensation such as commissions, as stipulated in the agreements. All expenses and liabilities relating to such contracts were recorded in accordance with generally accepted accounting principles through March 31, 2012. Although such agreements increase the risk of legal actions against the Company for potential non-compliance, other than disclosed above, there are no firm commitments in such agreements as of March 31, 2012.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Mar. 31, 2012

Legal

From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of March 31, 2012, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations, except as noted.

The Company has an outstanding legal issue with Michael Long in regards to a claim of unpaid compensation of approximately $25,000. The Company believes that the claim is not valid and will pursue all actions to remedy it accordingly.

The Company filed a lawsuit on April 27, 2012 in PRVCY Couture, Inc. v Jean Genie, Kendrick Kim, and Does 1-X, Case Number BC483445, in the Superior Court of the State of California, County of Los Angeles. The Company has filed a Complaint for Damages for Conversion; Prayer for Writ of Possession. The Company has stated that the defendant has not afforded the Company the right to retrieve various fixed assets which allegedly the defendant has possession of. Additionally, the Company claims damages related to the necessity to evacuate the premises due to the alleged situation between the defendant and its landlord. Mr. Kim was a member of the Company’s board of directors at the time and the Company alleges he had a conflict of interest by maintaining various assets including computers necessary for the Company to maintain its business records. Mr. Kim was terminated as a director by a Written Consent of the Holders of a Majority of the Voting Stock. See Note 8 – Leases.

Lease Commitment

Leases

On November 15, 2010, the Company entered into a lease of approximately 9,000 square feet for a term of 5 years in Norco, California at a base rent of $6,468 per month. In November 2011, the landlord went into bankruptcy. The Company, anticipating that the bankruptcy court would most likely have the tenants leave the premises, therefore the Company moved in November 2011, as the landlord was technically in default.

On December 1, 2011, the Company signed a one year lease with Jean Genie for $3,000 per month for approximately 2,500 square feet (also see Note 12). In February 2012, due to the landlord allegedly having contractual issues with its landlord, the Company moved out of these premises. On April 27, 2012, the Company filed a lawsuit against Jean Genie and other third parties (see Note 8 – Legal and Note 12).

On March 1, 2012, the Company entered into a lease for office space with Defiance USA (“Defiance”). The lease is for one year for $5,000 per month. The owner of Defiance is a related party to an officer and director of the Company (see Note 9).

Rent expense for the six months ended March 31, 2012 was $20,314.

Other Commitments

The Company entered into a contract with The Loft Entertainment to provide social media deals for PRVCY. The contract commited the Company to payments of $75,000 of which $0 was incurred as of March 31, 2012. Subsequent to March 31, 2012, the $75,000 was paid by the Company for all obligations which were completed in May 2012.

The Company enters into various contracts or agreements in the normal course of business whereby such contracts or agreements may contain commitments. During 2011 the Company entered into agreements to allow third parties to license, distribute or act as sales agent or representative to sell, the Company’s products. Under these agreements the Company would in general be the recipient of proceeds but may be committed to pay certain compensation such as commissions, as stipulated in the agreements. All expenses and liabilities relating to such contracts were recorded in accordance with generally accepted accounting principles through March 31, 2012. Although such agreements increase the risk of legal actions against the Company for potential non-compliance, other than disclosed above, there are no firm commitments in such agreements as of March 31, 2012.

- Definition

The entire disclosure for commitments and contingencies.

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+ Details

OMNI VENTURES INC 10-Q