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Atomic Paintball, Inc (ATOC)

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Atomic Paintball Inc.

www.Atomicpaintballparks.com

 OTCBB: ATOC 

 

    

Contact Info
  • 2600 E. Southlake Blvd.
  • Ste 120-366
  • Southlake, TX , 76092
  • Phone: 817-491-8611
Business Description

Atomic Paintball, Inc is a development stage company which plans to own and operate paintball facilities and to provide services and products in connection with paintball
sport activities at its facilities and through a website.

Reporting Status U.S. Registered & Reporting: SEC Filer
Audited Financials Not Available
Latest Report  
 
CIK 0001269022
Fiscal Year End 5/31
OTC Market Tier OTCQB
Profile Data
SIC - Industry Classification 7900 - Services-Amusement & Recreation Services
Business Status Blank Check a/o Sep 30, 2008
  Shell
 
Incorporated In: TX, USA
Year of Inc. 2001
Employees 1 a/o Sep 30, 2008
Company Officers
Don Mark Dominey Dir., CEO, CFO
Shirley L. Heller Secretary
Company Directors
Don Mark Dominey Dir.
Jeffrey Perlmutter Dir.
Stephen W. Weathers Dir.
Company Notes

N/A

ATOC Security Details
Share Structure
Market Value1 $2,089,274 a/o Mar 29, 2011
Shares Outstanding 4,178,549 a/o Aug 11, 2010
Float 1,400,000 a/o Sep 30, 2008
Authorized Shares 10,000,000 a/o Sep 30, 2008
Par Value N/A
Shareholders
Shareholders of Record 70 a/o Sep 30, 2008
Beneficial Shareholders
Reporting Status U.S. Registered & Reporting: SEC Filer
Audited Financials Not Available
Latest Report  
 
CIK 0001269022
Fiscal Year End 5/31
OTC Market Tier OTCQB

 

   
   
 
 
   
Business Description

Atomic Paintball, Inc is a development stage company which plans to own and operate paintball facilities and to provide services and products in connection with paintball
sport activities at ita facilities and through a website.

 

Form 10-Q for ATOMIC PAINTBALL INC


22-Nov-2010

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto and the other financial information included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. You are urged to carefully consider these factors, as well as other information contained in this Quarterly Report on Form 10-Q and in our other periodic reports and documents filed with the SEC.

OVERVIEW

We were incorporated on May 8, 2001, in the State of Texas, as a development stage corporation which plans to own and operate paintball facilities and to provide services and products in connection with paintball sport activities at its own facilities and through our website www.atomicpaintballparks.com.

During ended December 31, 2009 and the nine months ended June 30, 2010, we focused on completing those actions necessary to the implement our business plan.

On June 30, 2009, the Company filed a voluntary petition for relief in the United States Bankruptcy Court, Northern District of Texas, Dallas District under Chapter 7 of Title 7 of the U.S. Bankruptcy Code, case number 09-34008-7. In Under Chapter 7, all claims against the Debtor in existence prior to the filing of the petition of relief under U.S. Bankruptcy Code are stayed.

On October 1, 2009, David Cutler, the sole officer and director of the Company and a creditor in the proceeding, and the bankruptcy trustee filed a Motion for an Order Approving Bondholder Settlement. Such motion was objected to by a group of the Company's shareholders consisting of J.H. Brech, LLC, Harry McMillan, Charles Webb, Don Mark Dominey, Mark Armstrong, David Myers and John E. Bradley ("Objecting Shareholders").

On October 30, 2009, the Objecting Shareholders filed a Motion to Dismiss the Chapter 7 Case.

On January 20, 2010, the Court dismissed the Chapter 7 proceedings as a result of the obtainment and execution of a Settlement Agreement (the Settlement Agreement) between the Company, its existing management and the Objecting Shareholders of the Company.

Liquidity and Capital Resources

At September 30, 2010, we had total current assets of $85 consisting solely of cash, no operating business or other source of income, total current liabilities totaling $155,180 and a stockholder' deficit of $298,828.

In our financial statements for the fiscal years ended December 31, 2009 and 2008, the Report of the Independent Registered Public Accounting Firm includes an explanatory paragraph that describes substantial doubt about our ability to continue as a going concern. Our financial statements for the fiscal years ended December 31, 2009 and 2008, have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. At September 30, 2010, we reported an accumulated deficit of $1,026,836.

Short Term.

On a short-term basis, we do not generate any revenue or revenues sufficient to cover operations. Based on prior history, we will continue to have insufficient revenue to satisfy current and recurring liabilities as it seeks explore. For short term needs we will be dependent on receipt, if any, of offering proceeds.

Capital Resources

We have only common stock as our capital resource.

We have no material commitments for capital expenditures within the next year, however if operations are commenced, substantial capital will be needed to pay for acquisition and working capital.

Need for Additional Financing

We do not have capital sufficient to meet our cash needs. We will have to seek loans or equity placements to cover such cash needs. Once full operations commence, our needs for additional financing is likely to increase substantially.

No commitments to provide additional funds have been made by our management or other stockholders. Accordingly, there can be no assurance that any additional funds will be available to us to allow it to cover our expenses as they may be incurred.

RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2010 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2009

During the three months ended September 30, 2010 and 2009, we did not recognize any revenue from operations.

During the three months ended September 30, 2010, the operational income of $1,339 compared to operational losses of $20,489 for the three months ended September 30, 2009. The decrease of $21,828 in operational losses was a result

$21,828 decrease in general and administrative expenses. The decrease over the prior period was due to the fact that in the prior period the Company had incurred expenses in connection with the bankruptcy filing.

During the three months ended September 30, 2010, we recognized a net loss of $1,029 compared to a net loss of $24,399 during the three months ended September 30, 2009. The $23,370 decrease in losses is a result of the $21,828 decrease in general and administrative expenses losses combined with a $1,542 decrease in interest expense.

NINE MONTHS ENDED SEPTEMBER 30, 2010 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER
30, 2009

During the nine months ended September 30, 2010 and 2009, we did not recognize any revenue from operations.

During the nine months ended September 30, 2010, the operational loss of $232,636 compared to operational losses of $84,734 for the nine months ended September 30, 2009. The increase of $147,902 in operational losses was a result of an increase of $147,902 in general and administrative expenses, which was a result of an increase in legal and accounting fees in connection with our dismissal from bankruptcy proceedings, the filing of our annual report and the requirements of holding a shareholders meeting.

During the nine months ended September 30, 2010, we recognized net loss of $238,424 compared to a net loss of $94,039 during the nine months ended September 30, 2009. The $144,385 increase in net losses is a result of the $147,902 increase in general and administrative expenses offset by a $3,517 decrease in interest expense.

CASH FLOW INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2009

At September 30, 2010, we had total current assets of $85 consisting solely of cash, no operating business or other source of income, total current liabilities totaling $155,180 and a stockholder' deficit of $298,828.

Net cash used by operations during the nine months ended September 30, 2010 was $11,761 compared to net used by operations of $73,034 for the nine months ended September 30, 2009. During the nine months ended September 30, 2010, net losses of $238,424 was adjusted by the non-cash item of $90,000 in issuing common stock for services and a $2,000 contribution of services. During the nine months ended September 30, 2009, net losses of $94,039 were adjusted for the non- cash item of $4,964 gain in settlement of liabilities.

During the nine months ended September 30, 2010 and 2009, the we did not receive or use any funds in investing activities.

During the nine months ended September 30, 2010, we received $11,846 from financing activities. During the nine months ended September 30, 2009, we received $73,084 from financing activities.

Since his appointment on August 31, 2006 and through December 31, 2008, Mr. Cutler, was our sole officer and a director, has made advances to us of $237,687 by way of a loan. These funds are used to support our ongoing operating costs and settle certain outstanding liabilities. In December 2006, Mr. Cutler converted $30,000 of his loan into 697,674 shares of common stock. In March 2007, Mr. Cutler converted an additional $30,000 of his loan into an additional 697,674 shares of our common stock. At December 31, 2009 and 2008, the Company owed Mr. Cutler $168,060 and $113,486, respectively.

As of January 20, 2010, David J. Cutler was released and discharged of from all claims by the Company and that the Company is released and discharged from all claims by Mr. Cutler. During the six months ended March 31, 2010, the Company recorded a gain of $199,218 on amounts owed to Mr. Cutler consisting on accrued Directors fees of $15,000, accrued interest of $16,158 and notes payable of $168,060.

On March 29, 2010, the Company entered into a $143,733 Commercial Promissory Note with JH Brech, LLC. The Note is for $143,733 with 6% interest per annum due two years from the date of the Note. Under the terms of the Note, JH Brech has the right to convert all or part of the principal balance of the Note to common stock of the Company at $0.50. At September 30, 2010, accrued interest amounted to $4,371.

As of January 20, 2010, David J. Cutler has surrendered 3,530,255 shares of the common stock of the Company for retirement to treasury.

In January 2010, the Company issued a total of 20,000 shares of common stock valued at $10,000 ($.50 per share) for services.

In February 2010 the Company issued a total of 200,000 shares of common stock valued at $80,000 ($.40 per share) to Directors for services.

 


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ATOC
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PostSubject
#79   ATOC... .14...Chart...buying the bottom here...low volume ticker... georgie18 10/27/16 05:06:34 AM
#78   Reading is Fundamental Greenskeeper 07/16/16 12:33:51 AM
#76   ??? Greenskeeper 07/03/16 04:54:37 PM
#75   Greenskeeper? Quantum Sound 07/01/16 08:53:38 PM
#74   Hey Greenskeeper, I would love to see the Quantum Sound 06/30/16 08:39:27 PM
#73   Researchers know how to read up on Companies Greenskeeper 06/30/16 05:23:07 PM
#72   This Company has a dynamic structure and footprint. Hollycoop129 06/29/16 04:24:31 PM
#71   ?? Hollycoop129 06/23/16 12:58:18 AM
#70   This Company has a dynamic structure and footprint. Greenskeeper 06/22/16 02:06:18 PM
#69   Looking very good today. Hoping we can surpass Ex Blockman 06/15/16 11:54:21 AM
#68   Now it's 18k at .8. Lol dranesthesia1 06/15/16 10:25:11 AM
#67   20k bid at .7525 adijas 06/15/16 09:40:48 AM
#66   Looking real healthy riseup 06/15/16 12:25:41 AM
#65   ATOC - Sellers just about absorbed and done. Ex Blockman 06/14/16 08:18:39 PM
#64   A nice day to accumulate some .60s after Ex Blockman 06/10/16 11:45:44 AM
#63   Already there. Maybe $10 dollar land over time. Ex Blockman 06/09/16 05:29:50 PM
#62   1.2! adijas 06/09/16 03:54:35 PM
#61   Heading into dollarland adijas 06/09/16 03:46:00 PM
#60   Thank you. We're both in ATOC for a Ex Blockman 06/09/16 02:20:29 PM
#59   I know, following both for some time and adijas 06/09/16 01:54:55 PM
#58   Sister IORG has approx 15.5MM and a float Ex Blockman 06/09/16 01:52:29 PM
#57   Yup, I like ATOC a little more than adijas 06/09/16 01:45:12 PM
#56   Yes Sir.... Took awhile, but ATOC is waking Ex Blockman 06/09/16 01:02:57 PM
#55   .88! adijas 06/09/16 12:33:32 PM
#54   .63! adijas 06/09/16 12:24:06 PM
#53   Can you explain what you mean? Can't find anything. adijas 06/07/16 01:47:45 PM
#52   Launch Sequence Initiated! Greenskeeper 06/03/16 02:37:56 PM
#51   It appears more than what I'm seeing from murmur88 01/17/15 02:38:53 PM
#49   Wow, I saw what's going on at Atomic Greenskeeper 12/11/14 11:16:03 PM
#48   Stockta.com has a neutral Analysis for ATOC http://www.stockta.com/cgi-bin/analy Stock Sumo 07/31/11 04:27:40 PM
#47   ATOC not on stockcharts.com please put in your Stock Sumo 07/31/11 04:25:39 PM
#46   Hey thanks I appreciate, sure is nice to Stock Sumo 04/15/11 01:26:49 PM
#45   Nice job on the I-box! Nice to aquaspin 04/15/11 11:53:08 AM
#44   Check out the updates to ATOC the Ibox!!!! Stock Sumo 04/02/11 05:36:28 PM
#43   Form 4 Insider Buying, Always a good sign!!! Stock Sumo 03/30/11 05:50:10 PM
#42   Im considering making ATOC one of my core Stock Sumo 03/30/11 05:48:16 PM
#41   Tight is Right Stock Sumo 03/30/11 05:46:30 PM
#40   I have noticed the spread getting tighter and Stock Sumo 03/30/11 05:40:52 PM
#39   Add another shell to David Cutler's R/M inventory: peterminator 03/14/11 11:21:32 AM
#38   Just hang onto it. Good things will aquaspin 05/01/10 12:04:35 PM
#37   "...THAN a company with..." BrokeEven 04/30/10 11:52:56 PM
#36   Wish I could sell at .55 just to BrokeEven 04/30/10 11:08:01 AM
#35   Very interesting! The new CEO currently works aquaspin 01/22/10 11:13:41 AM
#34   Atomic Paintball, Inc. Emerges From Chapter 7 Bankruptcy flemsnopes 01/22/10 10:25:32 AM
#33   Well Well..... bradakus 01/22/10 10:10:22 AM
#32   I learned a long time ago (as I flemsnopes 07/02/09 01:28:50 PM
#31   I didn't think the day would ever come aquaspin 07/02/09 11:20:54 AM
#30   I think this one is probably toast for flemsnopes 07/02/09 10:47:04 AM
#29   - Duplicate post by accident - aquaspin 06/30/09 11:38:39 AM
#28   - Duplicate post by accident - aquaspin 06/30/09 11:38:30 AM
PostSubject