Nevada
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26-2809162
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(State or other
jurisdiction
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(IRS Employer Identification
No.)
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of incorporation or
organization)
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Page
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PART
I-FINANCIAL INFORMATION
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Item
1. Financial Statements
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Balance
Sheets
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(Unaudited
and Restated) as of June 30, 2010 and December 31, 2009
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3
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Statements
of Operations
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(Unaudited)
for the Three and Six Months Ended June 30, 2010
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and
2009 and from date of bankruptcy settlement to June 30,
2010
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4
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Statements
of Cash Flows (Unaudited)
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for
the Three and Six Months Ended June 30, 2010 and 2009
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and
from date of bankruptcy settlement to June 30, 2010
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5
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Notes
to Financial Statements (Unaudited)
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6
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Item
2. Management's Discussion and Analysis of Financial Condition
and
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Results
of Operations
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8
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Item
3. Quantitative and Qualitative Disclosures About Market
Risk
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9
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Item
4. Controls and Procedures
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9
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PART
II - OTHER INFORMATION
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Item
1. Legal Proceedings
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10
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Item
1A. Risk Factors
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10
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Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
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10
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Item
3. Defaults Upon Senior Securities
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10
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Item
4. (Removed and Reserved)
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10
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Item
5. Other Information
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10
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Item
6. Exhibits
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10
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Signatures
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11
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June
30,
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December
31,
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|||||||
2010
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2009
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(Unaudited)
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(Restated)
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ASSETS
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Current
Assets
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Cash
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$ | 21,101 | $ | 0 | ||||
Other
Assets
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Deferred Offering
Costs
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- | 23,775 | ||||||
Total
Assets
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$ | 21,101 | $ | 23,775 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY (DEFICIT)
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||||||||
Current
Liabilities
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||||||||
Trade accounts
payable
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189,074 | 106,694 | ||||||
Contract payable to stockholder -
trade
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- | 250,000 | ||||||
Accrued liabilities payable to an
officer
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22,500 | - | ||||||
Accrued
Interest
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13,956 | - | ||||||
Notes payable to
stockholders
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$ | 450,000 | - | |||||
Total Current
Liabilities
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675,530 | 356,694 | ||||||
Stockholders'
Equity (Deficit)
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||||||||
Preferred
stock - $0.001 par value; 10,000,000 shares authorized;
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none issued and
outstanding
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- | - | ||||||
Common
stock - $0.001 par value; 100,000,000 shares authorized;
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23,506,254
and 22,000,004 shares issued and outstanding
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23,506 | 22,000 | ||||||
Additional
paid-in-capital
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547,152 | 41,132 | ||||||
Deficit accumulated during the
development stage
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(1,225,087 | ) | ||||||
(396,051)
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Total
Stockholders' Equity (Deficit)
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(654,429 | ) | (332,919 | ) | ||||
Total
Liabilities and Stockholders' Equity (Deficit)
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$ | 21,101 | $ | 23,775 |
For the Three Months
Ended June 30 |
For the Six Months
Ended June 30 |
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2010
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2009
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2010
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2009
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Period
from August 1, 2007 (date of bankruptcy settlement) through June
30,
2010
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Revenues
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Expenses:
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Reorganization
Costs
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- | - | - | - | 3,581 | |||||||||||||||
Professional
Fees
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37,960 | 3,400 | 100,682 | 8,528 | 479,489 | |||||||||||||||
General
and Administrative expenses
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95,250 | 760 | 264,398 | 1,937 | 269,062 | |||||||||||||||
Total Operating
Expenses
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133,210 | 4,160 | 365,080 | 10,465 | 752,132 | |||||||||||||||
Operating
Loss
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(133,210 | ) | (4,160 | ) | (365,080 | ) | (10,465 | ) | (752,132 | ) | ||||||||||
Other
Income (Expense)
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Interest
Expense
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(111,078 | ) | - | (463,955 | ) | - | (463,955 | ) | ||||||||||||
Impairment
Of Goodwill From
Acquisition
of Trans Global Operations, Inc.
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- | - | - | - | (9,000 | ) | ||||||||||||||
Total
Other Income (Expense)
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(111,078 | ) | - | (463,955 | ) | - | (472,955 | ) | ||||||||||||
Loss
before Provision for Income Taxes
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(244,288 | ) | (4,160 | ) | (829,036 | ) | (10,465 | ) | (1,225,087 | ) | ||||||||||
Provision
for Income Taxes
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- | - | - | - | - | |||||||||||||||
Net
Loss
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$ | (244,288 | ) | $ | (4,160 | ) | $ | (829,036 | ) | $ | (10,465 | ) | $ | (1,225,087 | ) | |||||
Basic
And Diluted Net Loss Per Share:
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.02 | ) | ||||||||
Basic
And Diluted Weighted Average Common Shares Outstanding
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22,600,177 | 500,004 | 22,600,177 | 500,004 |
Cash
Flows from Operating Activities:
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For
the Six Months Ended
June 31, 2010 2009
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Period
from
August
1, 2007 (date of bankruptcy settlement) through June
31, 2010
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Net
Loss
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$ | (829,036 | ) | $ | (10,465 | ) | $ | (1,225,087 | ) | |||
Adjustments
to reconcile Net Loss to Net Cash used in Operating
Activities:
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Changes
in Operating Assets and Liabilities:
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Impairment
of goodwill from acquisition of Trans Global
Operations,
Inc.
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- | - | 9,000 | |||||||||
Expenses
from issuance of common stock
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531,301 | - | 531,301 | |||||||||
Contract
payable to stockholder
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(250,000 | ) | - | - | ||||||||
Trade
in accounts payable
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82,380 | - | 189,074 | |||||||||
Accrued
Interest
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13,956 | - | 13,956 | |||||||||
Accrued
liability payable to an officer
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22,500 | - | 22,500 | |||||||||
Net
Cash (Used) by Operating Activities
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(428,899 | ) | (10,465 | ) | (459,256 | ) | ||||||
Cash
Flows from Investing Activities:
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- | - | - | |||||||||
Cash
Flows from Financing Activities:
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Notes
payable to stockholders
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450,000 | - | 450,000 | |||||||||
Cash
funded from bankruptcy trust
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- | - | 1,000 | |||||||||
Cash
repaid to former stockholder
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- | - | (20,000 | ) | ||||||||
Cash
advanced by former stockholder
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- | 10,465 | 29,357 | |||||||||
Proceeds
from sale of common stock
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- | - | 20,000 | |||||||||
Net
Cash Provided by Financing Activities:
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450,000 | 10,465 | 480,357 | |||||||||
Net
Increase in Cash
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21,101 | - | 21,101 | |||||||||
Cash,
Beginning of Period
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- | - | - | |||||||||
Cash,
End of Period
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$ | 21,101 | $ | - | $ | 21,101 |
Restated
December
31, 2009
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Original
December
31, 2009
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Effect
of
Changes
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Assets
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Current
Assets
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Cash
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$ | - | - | $ | - | |||||||||||
Other
Assets
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Deferred
Offering Costs
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23,775 | - | 23,775 | (1 | ) | |||||||||||
Net
Loss
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$ | 23,775 | $ | - | $ | 23,775 | ||||||||||
Liabilities and Stockholders’ Equity
(Deficit)
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Current
Liabilities
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Trade
accounts payable
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$ | 106,694 | - | 106,694 | (1 | ) | ||||||||||
Contract
payable to stockholder - trade
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250,000 | 250,000 | - | |||||||||||||
Total
Liabilities
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356,694 | 250,000 | 106,694 | |||||||||||||
Stockholders’
Equity (Deficit)
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Preferred
stock - $0.001 par value, 10,000,000
shares
authorized. None issued and outstanding
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Common
stock - $0.001 par value,
100,000,000
shares authorized
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22,000,004
shares issued and outstanding
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22,000 | 22,000 | - | |||||||||||||
Additional
paid-in capital
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41,132 | 41,132 | - | |||||||||||||
Deficit
accumulated during the development stage
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(396,051 | ) | (313,132 | ) | (82,919 | ) | (1 | ) | ||||||||
Total
Stockholders’ Equity (Deficit)
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(332,919 | ) | (250,000 | ) | (82,919 | ) | ||||||||||
Total
Liabilities and Stockholders’
Equity
(Deficit)
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$ | 23,775 | $ | - | $ | 23,775 | ||||||||||
Resource
Holdings, Inc.
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August
23, 2010
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By:
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/s/ Michael B. Campbell
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Michael
B. Campbell, Chief Executive Officer
(Principal Executive
Officer)
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August
23, 2010
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By:
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/s/ Jeff A. Hanks
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Jeff
A. Hanks, Chief Financial Officer (Principal Financial Officer and
Principal Accounting Officer)
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Exhibit
Number
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Description
of Exhibit
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31.1
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Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.*
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31.2
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Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.*
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32.1
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Certification
of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (18 U.S.C. Section 1350).*
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32.2
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Certification
of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (18 U.S.C. Section
1350).*
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