RCVA.. $0.015.. I-Box Updated..
RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
ASSETS
December 31,
2010 September 30,
2010
CURRENT ASSETS
Cash $ 173,819 $ 186,401
Employee Advances 7,250 -
Finance receivables - short term 14,947 18,923
Total current assets 196,016 205,324
OTHER ASSETS
Finance receivables - long-term 29,893 38,418
Total other assets 29,893 38,418
TOTAL ASSETS $ 225,909 $ 243,742
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued and other expenses $ 36,002 $ 41,481
Total current liabilities 36,002 41,481
COMMITMENT & CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, par value $10 per share;
10,000,000 shares authorized in 2010 and 2009 and 0 shares
issued and outstanding at December 31, 2010 and
September 30, 2010, respectively - -
Common stock, par value $.001 per share;
325,000,000 shares authorized in 2010 and 2009
and 17,748,896 and 16,802,896 shares issued and
outstanding at December 31, 2010 and September 30, 2010, respectively 17,749 16,803
Stock subscription receivable (345 ) -
Additional paid-in capital 657,797 651,648
Accumulated deficit (485,294 ) (466,190 )
189,907 202,261
Less: Cost of treasury stock, 1,070,000 shares - -
Total stockholders' equity 189,907 202,261
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 225,909 $ 243,742
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
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RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009
2010 2009
REVENUES
Financing income $ 9,801 $ 53,920
Service income and other 187 2,800
Total revenues 9,988 56,720
COSTS AND EXPENSES
Selling, general and administrative 29,157 74,590
Impairment of receivables - -
Total costs and expenses 29,157 74,590
INCOME (LOSS) FROM OPERATIONS (19,169 ) (17,870 )
OTHER INCOME (EXPENSES)
Interest income 65 121
Total other income (expenses) 65 121
0
NET INCOME (LOSS) APPLICABLE TO COMMON STOCK $ (19,104 ) $ (17,749 )
INCOME (LOSS) PER COMMON SHARE, BASIC $ (0.00 ) $ (0.00 )
INCOME (LOSS)PER COMMON SHARE, FULLY DILUTED $ (0.00 ) $ (0.00 )
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC 17,646,200 16,052,896
WEIGHTED AVERAGE SHARES OUTSTANDING, DILUTED 17,646,200 16,052,896
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