Exhibit 99.1
ABC ACQUISTION CORP 1501
Part I FINANCIAL STATEMENTS
Item 1 Condensed Financial Statements
Condensed Balance Sheets
March 31, 2010 (unaudited) and December 31, 2009 F-1
Condensed Statements of Operations (unaudited) for the
three months ended March 31, 2010 and for the
period from July 10, 2009 (inception) to March 31, 2010 F-2
Condensed Statements of Cash Flows (unaudited) for the
three months ended March 31, 2010 and for the
period from July 10, 2009 (inception) to March 31, 2010 F-3
Notes to Condensed Financial Statements (unaudited) F-4
ABC ACQUISITION CORP 1501
(A Development Stage Company)
CONDENSED BALANCE SHEETS
ASSETS
March 31, December 31,
2010 2009
(unaudited)
Current Assets:
Cash $ - $ -
Total Current Assets - -
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accounts payable $ 16,486 $ 2,946
Due to stockholder/officer 10,000 10,000
Total Current Liabilities 26,486 12,946
Stockholder's Equity (Deficit):
Preferred stock, par value $0.0001; 100,000,000 shares
authorized, none issued - -
Common stock, par value $0.0001; 400,000,000 shares
authorized; 35,000,000 shares issued and outstanding
March 31, 2010 and December 31, 2009 3,500 3,500
Deficit accumulated during development stage (29,986) (16,446)
Total Stockholder's (Deficit) (26,486) (12,946)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ - $ -
The accompanying notes are an integral part of these condensed financial
statements.
F - 1
ABC ACQUISITION CORP 1501
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
For Three July 10, 2009
Months Ended (Inception) to
March 31, March 31,
2010 2010
Sales $ - $ -
Cost of Goods Sold - -
Gross Profit - -
Operating Expenses:
General and administrative expenses 13,540 29,986
Total Operating Expenses 13,540 29,986
Net Loss $ (13,540) $ (29,986)
Net Loss Per Share:
Basic & Diluted $ - $ -
Weighted Average Shares Outstanding:
Basic and Diluted 35,000,000 35,000,000
The accompanying notes are an integral part of these condensed financial
statements.
F - 2
ABC ACQUISITION CORP 1501
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
July 10,
Three Months 2009
Ended (Inception) to
March 31, March 31,
2010 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (13,540) $ (29,986)
Adjustments to reconcile net loss to net cash
(used in) operating activities:
Changes in assets and liabilities:
Accounts payable and accrued expenses 13,540 16,486
Net Cash Used in Operating Activities - (13,500)
CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of common stock - 3,500
Net advances from stockholder/officer - 10,000
Net Cash Provided by Financing Activities - 13,500
NET CHANGE IN CASH AND CASH EQUIVALENTS - -
CASH AND CASH EQUIVALENTS:
Beginning of the Period - -
End of the Period $ - $ -
The accompanying notes are an integral part of these condensed financial
statements.
F - 3
ABC ACQUISITION CORP 1501
(A Development Stage Company)
MARCH 31, 2010
NOTES TO CONDENSED FINANCIAL STATEMENTS
NOTE 1 - NATURE OF BUSINESS
ABC Acquisition Corp 1501 (the "Company") was incorporated on July 10, 2009 in
the state of Nevada. The Company intends to serve as a vehicle to effect an
asset acquisition, merger, exchange of capital stock or other business
combination with a domestic or foreign business.
At March 31, 2010, the Company has not yet commenced any operations. All
activity from July 10, 2009 (date of inception) through March 31, 2010 relates
to the Company's formation and the filing of its effective registration
statement.
The Company, based on proposed business activities, is a ''blank check''
company. The Securities and Exchange Commission defines such a Company as ''a
development stage company'' when it has no specific business plan or purpose,
or has indicated that its business plan is to engage in a merger or acquisition
with an unidentified company or companies, or other entity or person; and is
issued 'penny stock,' as defined in Rule 3a 51-1 under the Securities Exchange
Act of 1934. Many states have enacted statutes, rules and regulations limiting
the sale of securities of ''blank check'' companies in their respective
jurisdictions. Management does not intend to undertake any efforts to cause a
market to develop in its securities, either debt or equity, until the Company
concludes a business combination.
The Company was organized as a vehicle to investigate and, if such
investigation warrants, acquire a target company or business seeking the
perceived advantages of being a publicly held corporation and, to a lesser
extent, desires to employ the Company's funds in its business. The Company's
principal business objective for the next twelve (12) months, and beyond such
time, will be to achieve long-term growth potential through a combination with
a business rather than immediate, short-term earnings. The Company will not
restrict its potential candidate target companies to any specific business,
industry or geographical location and, thus, may acquire any type of business.
The analysis of new business opportunities will be undertaken by or under the
supervision of the officers and directors of the Company.
NOTE 2 - BASIS OF PRESENTATION
The accompanying Unaudited Condensed Financial Statements ("Financial
Statements") have been prepared by management in accordance with U.S. generally
accepted accounting principles ("GAAP") for interim financial information and
applicable rules and regulations of the Securities and Exchange Commission (the
"SEC"). Accordingly, they do not include all of the information and
disclosures required by U.S. GAAP for complete financial statements. In the
opinion of management, all adjustments, consisting principally of normal
recurring adjustments, considered necessary for a fair statement of the
financial position, results of operations and cash flows for the interim
periods presented have been included. These financial statements should be
read in conjunction with the Company's audited financial statements and
accompanying notes for the year ended December 31, 2009, included in our Annual
Report on Form 10-K filed with the SEC on April 6, 2010. Additionally, our
operating results for the three-months ended March 31, 2010 are not necessarily
indicative of the results that can be expected for the year ending December 31,
2010, or for any other period.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Development Stage Company
The Company is a development stage company. The Company is still devoting
substantially all of its efforts on establishing the business and its planned
principal operations have not commenced. All losses accumulated, since
inception, have been considered as part of the Company's development stage
activities.
F - 4
ABC ACQUISITION CORP 1501
(A Development Stage Company)
MARCH 31, 2010
NOTES TO CONDENSED FINANCIAL STATEMENTS
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Use of Estimates
The preparation of financial statements, in conformity with generally accepted
accounting principles in the United States of America, requires management to
make estimates and assumptions that affect the reported amounts of assets,
liabilities, disclosures of contingent assets and liabilities as of the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these estimates.
Cash Equivalents
The Company considers all highly liquid investments with maturities of three
months or less at the time of purchase to be cash equivalents.
Income Taxes
The Company accounts for income taxes under the asset and liability method,
where deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statements
carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. Valuation allowances are
established when necessary to reduce deferred tax assets to the amount expected
to be realized.
At March 31, 2010, there were no uncertain tax positions that require accrual.
Net Loss Per Share
Basic loss per share is computed by dividing net income, or loss, by the
weighted average number of shares of common stock outstanding for the period.
Diluted earnings (loss) per share is computed by dividing net income, or loss,
by the weighted average number of shares of both common and preferred stock
outstanding for the period.
As of March 31, 2010 and December 31, 2009, basic and diluted loss per share
was the same as there were no outstanding instruments having a dilutive effect.
Recently Issued Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial
Accounting Standards Board ("FASB") or other standard setting bodies that are
adopted by the Company as of the specified effective date. Unless otherwise
discussed, we believe that the impact of recently issued standards that are not
yet effective will not have a material impact on our financial position or
results of operations upon adoption.
NOTE 4 - RELATED PARTY TRANSACTION
As of March 31, 2010 the Company received $10,000 from its sole shareholder to
be used for working capital. The loan is unsecured, non-interest bearing and
payable on demand.
NOTE 5 - SUBSEQUENT EVENTS
The Company has performed a review of events subsequent to the balance sheet
date.
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