(Mark One) | ||
x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For the quarterly period ended September 30, 2009 | ||
r
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
|
|
For the transition period from __________________ to ______________ |
Texas
|
75-2095676
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer Identification No.)
|
3512 E. Silver Springs Blvd. -
#243 Ocala, FL
|
34470
|
(Address
of principal executive
offices)
|
(Zip
Code)
|
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
Current
Assets
|
||||||||
Cash
|
$
|
12,554
|
$
|
5,586
|
||||
Certificate
of Deposit (Restricted)
|
151,157
|
157,255
|
||||||
Accounts
receivable
|
542,275
|
236,524
|
||||||
Due
from Stockholder
|
17,192
|
-
|
||||||
Inventory
repurchases
|
-
|
-
|
||||||
Deposits
and prepaid expense
|
5,566
|
3,481
|
||||||
Total
Current Assets
|
728,744
|
402,846
|
||||||
PROPERTY
AND EQUIPMENT, net of accumulated depreciation of $79,699
|
||||||||
and
$52,103, for 2009 and 2008 respectively
|
190,842
|
172,346
|
||||||
OTHER
ASSETS
|
||||||||
Goodwill
|
427,929
|
427,929
|
||||||
Customer
list and Non-Compete Agreement, net of amortization of
|
||||||||
$350,509
and $255,850, for 2009 and 2008 respectively
|
290,625
|
385,284
|
||||||
Total
Other Assets
|
718,554
|
813,213
|
||||||
Total
Assets
|
$
|
1,638,140
|
$
|
1,388,405
|
||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
Liabilities
|
||||||||
Cash
overdraft
|
$
|
69,539
|
$
|
42,893
|
||||
Accounts
payable
|
571,830
|
277,561
|
||||||
Accrued
liabilities
|
368,506
|
404,374
|
||||||
Line
of credit
|
254,000
|
275,000
|
||||||
Capital
lease obligations, current portion
|
12,288
|
14,619
|
||||||
Due
to Stockholder
|
-
|
-
|
||||||
Total
Current Liabilities
|
1,276,163
|
1,014,447
|
||||||
NONCURRENT
LIABILITIES
|
||||||||
Capital
lease obligations, less current portion
|
73,067
|
16,900
|
||||||
Total
Liabilities
|
1,349,230
|
1,031,347
|
||||||
Stockholders'
Equity
|
||||||||
Common
Stock, $0.001 par value, 150,000,000
|
||||||||
shares
authorized; 12,062,524
|
||||||||
shares
issued and outstanding, respectively
|
12,062
|
12,062
|
||||||
Paid-In-Capital
|
11,143,712
|
11,095,181
|
||||||
Retained
Deficit
|
(10,866,864
|
)
|
(10,750,185
|
)
|
||||
Total
Stockholders' Equity
|
288,910
|
357,058
|
||||||
Total
Liabilities and Stockholders' Equity
|
$
|
1,638,140
|
$
|
1,388,405
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REVENUES
|
$
|
371,166
|
$
|
387,343
|
$
|
1,169,182
|
909,400
|
|||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Cost
of fees earned
|
126,313
|
44,629
|
334,929
|
193,220
|
||||||||||||
Employee
Compensation
|
73,676
|
502,191
|
266,952
|
1,454,606
|
||||||||||||
General
And
|
||||||||||||||||
Administrative
Expenses
|
233,393
|
210,739
|
535,754
|
652,075
|
||||||||||||
Depreciation
and amortization
|
22,834
|
53,051
|
132,617
|
165,521
|
||||||||||||
Operating
Loss
|
(85,050
|
)
|
(423,267
|
)
|
(101,070
|
)
|
(1,556,022
|
)
|
||||||||
Interest
Income
|
434
|
667
|
1,653
|
3,515
|
||||||||||||
Interest
Expense
|
(2,858
|
)
|
(3,330
|
)
|
(14,624
|
)
|
(9,380
|
)
|
||||||||
Gain
(loss) on disposal of asset
|
872
|
958
|
(2,638
|
)
|
(13,625
|
)
|
||||||||||
Net
Loss Before Income Taxes
|
(86,602
|
)
|
(424,972
|
)
|
(116,679
|
)
|
(1,575,512
|
)
|
||||||||
Income
Tax Expense
|
–
|
-
|
-
|
-
|
||||||||||||
NET
LOSS
|
$
|
(86,602
|
)
|
$
|
(424,972
|
)
|
$
|
(116,679
|
)
|
$
|
(1,575,512
|
)
|
||||
BASIC
AND FULLY DILUTED
|
||||||||||||||||
LOSS
PER SHARE
|
||||||||||||||||
Loss
Per Share
|
$
|
(0.01
|
)
|
$
|
(0.04
|
)
|
$
|
(0.01
|
)
|
$
|
(0.13
|
)
|
||||
Weighted
Average Number
|
||||||||||||||||
Of
Common Share Outstanding
|
12,017,524
|
11,997,524
|
12,017,524
|
11,997,524
|
Nine
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
Cash
Flow From Operating Activities
|
||||||||
Net
Loss
|
$
|
(116,679
|
)
|
$
|
(1,575,512
|
)
|
||
Adjustment
to reconcile net loss to net cash
|
||||||||
used
in operating activities
|
||||||||
Depreciation
|
132,617
|
165,521
|
||||||
Loss
on disposal of asset
|
2,638
|
13,625
|
||||||
Write-down
of software
|
-
|
(25,000
|
)
|
|||||
Stock
options and warrants issued for services
|
48,531
|
964,314
|
||||||
Changes
in Operating Assets and Liabilities
|
||||||||
Inventory
|
-
|
(10,160
|
)
|
|||||
Accounts
Receivable
|
(305,751
|
)
|
53,686
|
|||||
Employee
Receivables
|
-
|
294
|
||||||
Deposits
and Prepaid Expense
|
(2,085
|
)
|
28,862
|
|||||
Accounts
Payable
|
320,915
|
17,200
|
||||||
Accrued
Liabilities
|
17,968
|
219,950
|
||||||
Due
to/from Stockholder
|
(17,192
|
)
|
(28,787
|
)
|
||||
Net
Cash Flow Provided by (Used) in Operating Activities
|
80,962
|
(176,007
|
)
|
|||||
Cash
Flow Provided (Used) by Investing Activities
|
||||||||
Restricted
CD interest earned (withdrawn)
|
6,098
|
-
|
||||||
Proceeds
from sale of equipment
|
33,077
|
27,261
|
||||||
Purchase
of equipment
|
(92,169
|
)
|
(21,360
|
)
|
||||
Net
Cash Flow Provided (Used) by Investing Activities
|
(52,994
|
)
|
5,901
|
|||||
Cash
Flow Provided by (Used) from Financing Activities
|
||||||||
Borrowings
and repayments on line of credit
|
(21,000
|
)
|
70,100
|
|||||
Sale
of Common Stock
|
-
|
130,000
|
||||||
Cash
Flow Provided by (Used) from Financing Activities
|
(21,000
|
)
|
200,100
|
|||||
Change
in Cash
|
6,968
|
29,994
|
||||||
Cash
at Beginning of Period
|
5,586
|
203,077
|
||||||
Cash
at End of Period
|
$
|
12,554
|
$
|
233,071
|
||||
Supplemental
Cash Flow Disclosures
|
||||||||
Cash
paid during year for:
|
||||||||
Interest
|
$
|
14,624
|
$
|
9,380
|
||||
Non-Cash
Investing and Financing Activities
|
||||||||
Additional
paid-in capital
|
$
|
48,531
|
$
|
964,314
|
||||
Legal
fees payable
|
(930)
|
-
|
||||||
Accounts
payable
|
-
|
802,929
|
||||||
Officer
salaries payable
|
(11,214
|
)
|
(926,409
|
)
|
||||
Directors
fees payable
|
(36,387
|
)
|
(37,905
|
)
|
||||
$
|
-
|
$
|
-
|
2009 | ||||
Units
Entered vs. Q3 2008
|
+61.5 | % | ||
Units
Sold vs. Q3 2008
|
+32.0 | % | ||
Conversion
Rate Q3 2008
|
57.60 | % | ||
Conversion
Rate Q3 2009
|
47.10 | % | ||
Change
in Total Revenues vs. Q3 2008 (Including Q3 2008 Recovery of
Previous Charges)
|
-4.17 | % | ||
Change
in Actual Buyers and Sellers Fee Revenues vs. Q3 2008
|
+32.0 | % |
2009
|
||||
Units
Entered vs. Nine Months 2008
|
+49.9 | % | ||
Units
Sold vs. Nine Months 2008
|
+28.7 | % | ||
Conversion
Rate Nine Months 2008
|
57.55 | % | ||
Conversion
Rate Nine Months 2009
|
49.41 | % | ||
Change
in Total Revenues Nine Months 2009 vs. 2008 - Including Q3 2008
Recovery of Q2 Charges
|
+28.8 | % | ||
Change
in Actual Buyers and Sellers Fee Revenues vs. Nine Months
2008
|
+20.3 | % |
Acacia
Automotive, Inc.
|
|||
Dated:
November 16, 2009
|
By:
|
/s/ Steven L.
Sample
|
|
Steven
L. Sample
|
|||
Chief
Executive Officer and Principal Financial Officer
|
|||