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| STLS.OB > SEC Filings for STLS.OB > Form 10-Q on 12-Aug-2009 | All Recent SEC Filings |
12-Aug-2009
Quarterly Report
Please see "Note D - Medical Investment" in the Notes to the Financial Statements contained under Footnote D of this Form 10-Q for a description of the medical investments the Company made during 2002 and subsequent additional investments and the write-off of such investments in the year ended March 31, 2008 and its current status.
Interest income decreased to $ 280 for the three months ended June 30, 2009, from $ 681 for the three months ended June 30, 2008, a decrease of $ 401. This decrease is a result of lower cash balances during 2009 as compared to 2008 as well as by lesser interest rates received.
General and administrative expenses increased to $ 6,772 for the three months ended June 30, 2009 from $6,364 for the three months ended June 30, 2008. The increase in general and administrative expenses is primarily due to an increase in professional fees, administrative items and stockholder expenses.
Liquidity and Capital Resources
Please see "Recent Developments", pp. 1-2, and "Note C to the Financial Statements contained under Item 1 of this Form 10-Q for a description of the Purchase Agreement described therein.
Cash and cash equivalents increased from $53,175 at June 30, 2007 to $74,424 at June 30, 2009. At March 31, 2009 cash and cash equivalents was $83,916. The cash decrease was partially due to the loss incurred in the three months ended June 30, 2009 and payment of accrued expenses. Most significantly, cash increased from June 30, 2007 to June 30, 2009 in connection with the equity purchases made on August 31, 2007, which were made pursuant to the Purchase Agreement and in connection with the exercise of warrants to purchase 16,667 shares of the Company's common stock at $3.00 per share made by Mr. Joel Greenblatt, the former Chairman of the Board, offset by expenses in connection with the transaction described herein as well as cash losses sustained in the Company's operations in the three months ended June 30, 2009 and years ended March 31, 2009 and 2008. The Company does not have a formal arrangement with any bank or financial institution with respect to the availability of financing in the future.
PLAN OF OPERATION
The Company currently has limited operations. The Company plans to continue as a public entity and continues to seek merger, reverse merger, acquisition and business combination opportunities with operating businesses or other appropriate financial transactions. Until such an acquisition or business combination is effectuated, the Company does not expect to have significant operations. Accordingly, during such period, the Company may not achieve sufficient income to offset its operating expenses, which would cause operating losses that may require the Company to use and thereby reduce its cash on hand.
FORWARD LOOKING STATEMENTS
Certain statements in this Report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform act of 1995. When used in this Report, words such as "may," "should," "seek," "believe," "expect," "anticipate," "estimate," "project," "plan," "goal," "intend," "strategy," and similar expressions are intended to identify the Company's future plans, operations ,business strategies, operating results, and financial position. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause the Company's actual results, performance or achievements to differ materially from those described or implied in the forward-looking statement and cause its goals and strategies to not be achieved.
These risks and uncertainties many of which are not within our control, include, but are not limited to:
• general economic and business conditions;
• the Company's ability to find a candidate for, enter into an agreement with respect to, and consummate, a merger, reverse merger, acquisition or business combination or other financial transaction that is acceptable, both as to a candidate and as to transaction terms and conditions;
• competition for transactions of the nature the Company is seeking;
• potential future regulatory restrictions that could limit or pose restrictions on, or make less advantageous to potential candidates, transactions of the nature the Company is seeking; and
• the availability of additional financing on satisfactory terms if a delay is encountered in consummating a transaction that the Company is seeking.
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Report. We do not undertake any responsibility to publicly update or revise any forward-looking statement or report.
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