Monday, December 12, 2011 10:06:22 PM
Liquidity and Capital Resources
At September 30, 2011, the Company had cash and cash equivalents of approximately $1,500,000. Cash and cash equivalents consist of cash held in a bank and at a brokerage firm. Working capital at September 30, 2011 was approximately $1,500,000. Management believes that the Company’s cash and cash equivalents are sufficient to meet its business development activities and declaration of dividends for at least the next 12 months and for the costs of securing a merger partner or acquiring an operating business.
Net cash of approximately $81,000 and $71,500 were used in operations during the nine-month periods ended September 30, 2011 and 2010, respectively.
No cash flows were used or provided by investing activities during the nine-month periods ended September 30, 2011 and 2010, respectively
No cash proceeds were provided by or used in financing activities during the nine-month periods ended September 30, 2011 and 2010, respectively
Results of Operations
During the nine months and three months ended September 30, 2011, the Company had no operations and its only income was from interest income on its money market fund which is classified as cash and cash equivalents. General and administrative expenses for the nine-month and three-month periods ended September 30, 2011 were $86,221 and $15,870, respectively, compared to $73,832 and $15,096 for the comparable periods of 2010. The Company had interest income of $462 and a net loss of $85,759 during the nine-month period ended September 30, 2011, compared with interest income of $626 and a net loss of $73,206 during the comparable period of 2010. The Company had interest income of $133 and a net loss of $15,737 during the three-month period ended September 30, 2011, compared with interest income of $212 and a net loss of $14,884 during the comparable period of 2010. The interest income decrease was due to lower interest rates and a decrease in cash and cash equivalent balances.
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