What a bad quarter report (IMO)
Plan of Operation
We have not generated any revenues during the six months ended June 30, 2007 and do not expect to generate any revenues over the next twelve months. Our principal business objective for the next twelve months, will be to successfully consummate the proposed acquisition of UniverCompany. If we are not successful, we will then have to seek, investigate and, if such investigation warrants, engage in a business combination with another private entity whose business presents an opportunity for our shareholders.
Liquidity and Capital Resources
As of June 30, 2007, we had $259,788 in cash. We incurred a net loss of $99,290 for the period March 31, 2007 to June 30, 2007. During the quarter covered by this Report, the Company made a $100,000 non-interest bearing, unsecured loan to UniverCompany. Professional fees for the three and six month periods ending June 30, 2007 were $30,242 and $48,403, respectively. During the quarter ended June 30, 2007, there was an in professional fees corresponding with the increase in legal and accounting fees related to due diligence work being performed on the potential acquisition of UniverCompany. Salaries and benefits for the six month period ending June 30, 2007, was $40,000, as Marcus Segal, the Company's Chief Executive Officer and Chief Financial receives a salary of $20,000 per quarter for services. During the three month period ending June 30, 2007, consulting fees of $20,000 were paid for general strategic consulting.
During the next twelve months we anticipate incurring costs related to the proposed acquisition of UniverCompany and the filing of Exchange Act reports. We believe we will be able to meet these costs through funds to be loaned by or invested in us by our stockholders, management or other investors. We have no specific plans, understandings or agreements with respect to the raising of such funds, and we may seek to raise the required capital by the issuance of equity or debt securities or by other means. Since we have no such arrangements or plans currently in effect, our inability to raise funds for the consummation of an acquisition may have a severe negative impact on our ability to become a viable company.
