x
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Quarterly
Report under Section 13 or 15(d) of the Securities Exchange Act of
1934
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For
the quarterly period ended June 30, 2009
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o
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Transition
Report under Section 13 or 15(d) of the Securities Exchange Act of
1934
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For
the transition period from ______________ to
_____________
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Nevada
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25-1605848
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(State
of incorporation)
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(IRS
Employer ID Number)
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Large
accelerated filer o
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Accelerated
filer o
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Non-accelerated
filer o
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Smaller
reporting company x
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Page
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Part
I - Financial Information
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3
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12
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14
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15
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Part
II - Other Information
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15
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15
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15
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15
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15
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15
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15
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(Unaudited)
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(Audited)
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|||||||
June
30,
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December
31,
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|||||||
2009
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2008
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|||||||
ASSETS
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||||||||
Current
Assets
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||||||||
Cash
on hand and in bank
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$ | 179 | $ | 4,922 | ||||
Total
Current Assets
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179 | 4,922 | ||||||
Total
Assets
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$ | 179 | $ | 4,922 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY (DEFICIT)
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||||||||
Liabilities
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||||||||
Current
Liabilities
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||||||||
Accounts
payable - trade
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$ | — | $ | — | ||||
Notes
payable to controlling stockholder
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836,050 | 833,050 | ||||||
Accrued
interest payable to controlling stockholder
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177,215 | 133,693 | ||||||
Total
Current Liabilities
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1,013,265 | 970,743 | ||||||
Long-Term
Liabilities
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— | — | ||||||
Total
Liabilities
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1,013,265 | 970,743 | ||||||
Commitments
and Contingencies
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||||||||
Stockholders’
Equity (Deficit)
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||||||||
Preferred
stock - $0.001 par value
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||||||||
50,000,000
shares authorized
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||||||||
None
issued and outstanding
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— | — | ||||||
Common
stock - $0.001 par value.
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||||||||
100,000,000
shares authorized.
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||||||||
362,200
shares issued and outstanding
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36 | 36 | ||||||
Additional
paid-in capital
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31,690,302 | 31,690,302 | ||||||
Accumulated
deficit
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(32,703,424 | ) | (32,656,159 | ) | ||||
Total
Stockholders’ Equity (Deficit)
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(1,013,086 | ) | (965,821 | ) | ||||
Total
Liabilities and Stockholders’ Equity
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$ | 179 | $ | 4,922 |
Six
months
|
Six
months
|
Three
months
|
Three
months
|
|||||||||||||
ended
|
ended
|
ended
|
ended
|
|||||||||||||
June
30,
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June
30,
|
June
30,
|
June
30,
|
|||||||||||||
2009
|
2008
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2009
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2008
|
|||||||||||||
Revenues
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$ | — | $ | — | $ | — | $ | — | ||||||||
Operating
Expenses
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||||||||||||||||
Professional
fees
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6,105 | 9,566 | 1,000 | 2,003 | ||||||||||||
Other
general and administrative expenses
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1,645 | 1,229 | 735 | 530 | ||||||||||||
Total
operating expenses
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7,750 | 10,795 | 1,735 | 2,533 | ||||||||||||
Loss
from operations
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(7,750 | ) | (10,795 | ) | (1,735 | ) | (2,533 | ) | ||||||||
Other
Income (Expense)
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||||||||||||||||
Interest
expense
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(39,522 | ) | (38,872 | ) | (19,886 | ) | (19,450 | ) | ||||||||
Interest
income
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7 | 9 | — | 5 | ||||||||||||
Total
other income (expense)
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(39,515 | ) | (38,863 | ) | (19,886 | ) | (19,445 | ) | ||||||||
Loss
before provision for income taxes
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(47,265 | ) | (49,658 | ) | (21,621 | ) | (21,978 | ) | ||||||||
Provision
for income taxes
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— | — | — | — | ||||||||||||
Net
Loss
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$ | (47,265 | ) | $ | (49,658 | ) | $ | (21,621 | ) | $ | (21,978 | ) | ||||
Earnings
per share of common stock outstanding computed on net loss
-
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||||||||||||||||
basic
and fully diluted
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$ | (0.13 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.06 | ) | ||||
Weighted-average
number of shares outstanding - basic and fully
diluted
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362,200 | 362,200 | 362,200 | 362,200 |
Six
months
|
Six
months
|
|||||||
ended
|
ended
|
|||||||
June
30,
|
June
30,
|
|||||||
2009
|
2008
|
|||||||
Cash
Flows from Operating Activities
|
||||||||
Net
loss for the period
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$ | (47,265 | ) | $ | (49,658 | ) | ||
Adjustments
to reconcile net loss to
|
||||||||
net
cash provided by operating activities
|
||||||||
Depreciation
and amortization
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— | — | ||||||
Increase
(Decrease) in
|
||||||||
Accrued
interest payable
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39,522 | 38,872 | ||||||
Net
cash used in operating activities
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(7,743 | ) | (10,786 | ) | ||||
Cash
Flows from Investing Activities
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— | — | ||||||
Cash
Flows from Financing Activities
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||||||||
Cash
received from notes payable to controlling
stockholder
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3,000 | 11,000 | ||||||
Net
cash provided by financing activities
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3,000 | 11,000 | ||||||
Increase
(Decrease) in Cash
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(4,743 | ) | 214 | |||||
Cash
at beginning of period
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4,922 | 1,121 | ||||||
Cash
at end of period
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$ | 179 | $ | 1,135 | ||||
Supplemental
Disclosure of Interest and Income Taxes Paid
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||||||||
Interest
paid for the year
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$ | — | $ | — | ||||
Income
taxes paid for the year
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$ | — | $ | — |
1.
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Cash
and cash equivalents
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2.
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Income
Taxes
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3.
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Earnings
(loss) per share
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4.
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Recent
Accounting
Pronouncements
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June
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Wilkerson
note sold to Little
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$ | 740,000 | $ | 740,000 | ||||
Working
capital note payable to Little
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96,050 | 93,050 | ||||||
Total
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$ | 836,050 | $ | 833,050 |
Six
months
|
Six
months
|
Three
months
|
Three
months
|
|||||||||||||
ended
|
ended
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ended
|
ended
|
|||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Federal:
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||||||||||||||||
Current
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$ | — | $ | — | $ | — | $ | — | ||||||||
Deferred
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— | — | — | — | ||||||||||||
— | — | — | — | |||||||||||||
State:
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||||||||||||||||
Current
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— | — | — | — | ||||||||||||
Deferred
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— | — | — | — | ||||||||||||
— | — | — | — | |||||||||||||
Total
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$ | — | $ | — | $ | — | $ | — |
Six
months
|
Six
months
|
Three
months
|
Three
months
|
|||||||||||||
ended
|
ended
|
ended
|
ended
|
|||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Statutory
rate applied to income before income
taxes
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$ | (16,100 | ) | $ | (16,900 | ) | $ | (7,400 | ) | $ | (7,500 | ) | ||||
Increase (decrease)
in income taxes resulting
from:
|
||||||||||||||||
State
income taxes
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— | — | — | — | ||||||||||||
Other,
including reserve for deferred tax asset
and
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||||||||||||||||
application
of net operating loss carryforward
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16,100 | 16,900 | 7,400 | 7,500 | ||||||||||||
Income
tax expense
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$ | — | $ | — | $ | — | $ | — |
June
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Deferred
tax assets
|
||||||||
Net
operating loss carryforwards
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$ | 139,000 | $ | 123,000 | ||||
Less
valuation allowance
|
(139,000 | ) | (123,000 | ) | ||||
Net
Deferred Tax Asset
|
$ | — | $ | — |
(1)
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Caution
Regarding Forward-Looking
Information
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(2)
|
Background
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(3)
|
Plan
of Operations
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(4)
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Plan
of Business
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(1)
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will
have been convicted of securities fraud, mail fraud, tax fraud,
embezzlement, bribery, or a similar criminal offense involving
misappropriation or theft of funds, or be the subject of a pending
investigation or indictment involving any of those
offenses;
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(2)
|
will
have been subject to a temporary or permanent injunction or restraining
order arising from unlawful transactions in securities, whether as issuer,
underwriter, broker, dealer, or
investment advisor, may be the subject of
any pending investigation or a defendant in a pending lawsuit
arising from or based upon allegations of unlawful transactions in
securities; or
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(3)
|
will
have been a defendant in a civil action which resulted in a final
judgement against it or him awarding damages or rescission based upon
unlawful practices or sales of
securities.
|
(5)
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Liquidity
and Capital Resources
|
(6)
|
Critical
Accounting Policies
|
(a)
|
Disclosure
Controls and Procedures
|
(b)
|
Changes
in Internal Control over Financial
Reporting
|
Eight
Dragons Company
|
|
Dated:
July 3, 2009
|
/s/
Glenn A. Little
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Glenn
A. Little
|
|
President,
Chief Executive Officer,
|
|
Chief
Financial Officer and Sole
Director
|