SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[x] Quarterly report under Section 13, or 15 (d) of the Securities
Exchange Act of 1934
For the quarterly period ended July 31,2009
[ ] Transition report under Section 13 or 15 (d) of the Exchange Act
For the transition period from __________ to________
Commission File No. 0-8299
CAMELOT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Colorado 84-0691531
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
18170 Hillcrest, Suite 100, Dallas, Texas 75252
(Address of principal executive office) (Zip Code)
Issuer's telephone number, including area code:(972) 612 1400
Securities registered pursuant to Section 12(b) of the Act:
-----------------------------------------------------------
Name of Each Exchange
Title of Each Class on Which Registered
------------------- -------------------
None None
Securities registered pursuant to Section 12(g) of the Act:
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None
Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act ___ Yes _X_ No
Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act ___ Yes ___ No
Indicate by check mark whether the registrant: (1) filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. [x] Yes [ ] No
Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section
229.405 of this Chapter) during the preceeding 12 months (or for such shorter
period that the registrant was required to submit and post such files.
___ Yes ___ No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein and will not be contained, to the best
of registrant's knowledge, in a definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [x]Yes [ ] No
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
Large Accelerated filer ___ Accelerated filer ___
Non-Accelerated filer ___ Smaller reporting company _x_
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Act) [x] Yes [] No
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of September 9, 2009: 49,236,106, common stock, $0.01 par
value.
CAMELOT CORPORATION
I N D E X
Page No.
Part I FINANCIAL INFORMATION (UNAUDITED):
Item 1. Balance Sheets as of July 31, 2009 (unaudited) and
April 30,2009 3
Statements of Operations for the three months
Ended July 31, 2009 and 2008 (unaudited) 4
Statements of Cash Flows for the three months
Ended July 31,2009 and 2008 (unaudited) 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
Item 4 Controls and Procedures 6
Part II OTHER INFORMATION 7
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CAMELOT CORPORATION
PART I: FINANCIAL INFORMATION
ITEM 1. Financial Statements
BALANCE SHEETS
ASSETS
July 31,2009 April 30, 2009
(Unaudited) (Audited)
Cash and cash equivalents $ 90 $ 90
------------ ------------
Total current assets 90 90
------------ ------------
Total Assets $ 90 $ 90
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,920 $ 110
Accounts payable - related party 106,487 106,487
------------ ------------
Total current liabilities 108,407 106,597
------------ ------------
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 50,000,000
shares authorized,49,236,106 shares issued
and outstanding at July 31, 2009 and
April 30, 2009 respectively 492,361 492,361
Preferred stock, $.01 par value,
100,000,000 shares authorized, no shares
issued and outstanding
Additional paid-in capital 35,210,702 35,210,702
Accumulated deficit (32,974,683) (32,972,873)
Less treasury stock at cost, 29,245 shares (2,836,697) (2,836,697)
------------ ------------
Total stockholders' equity (108,317) (106,507)
------------ ------------
Total liabilities & stockholders' equity $ 90 $ 90
============ ============
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CAMELOT CORPORATION
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
July 31,
2009 2008
------------ ------------
REVENUE $ -- $ --
COST OF SALES -- --
------------ ------------
GROSS PROFIT (LOSS) -- --
------------ ------------
OPERATING EXPENSES:
General and administrative 1,810 3,143
------------ ------------
Loss from Operations (1,810) (3,143)
Other Income
Forgiveness of Debt
------------ ------------
NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS $ (1,810) $ (3,143)
============ ============
INCOME (LOSS) PER SHARE:
Income (loss) from continuing operations $ -- $ --
Loss from discontinued operations -- --
Dividends on preferred stock -- --
============ ============
NET INCOME (LOSS) PER COMMON SHARE $ -- $ --
============ ============
WEIGHTED AVERAGE OF COMMON
STOCK OUTSTANDING 49,236,106 49,236,106
See accompanying notes to these financial statements.
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CAMELOT CORPORATION
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
July 31,
2009 2008
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (1,810) $ (3,143)
ADJUSTMENTS TO RECONCILE NET GAIN (LOSS) TO
NET CASH FROM OPERATING ACTIVITIES:
Accounts payable and accrued expenses 1,810 3,143
---------- ----------
Net cash used by operating activities -- --
CASH FLOW FROM INVESTING ACTIVITIES:
Net cash used by investing activities -- --
CASH FLOW FROM FINANCING ACTIVITIES:
Net cash provided by financing activities -- --
---------- ----------
NET INCREASE (DECREASE) IN CASH -- --
CASH AT BEGINNING OF PERIOD 90 90
---------- ----------
CASH AT END OF PERIOD $ 90 $ 90
========== ==========
See accompanying notes to these financial statements.
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CAMELOT CORPORATION
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
ITEM 1. Management's Representations of Interim Financial Information
The accompanying consolidated financial statements have been prepared in
accordance with the instruction to Form 10-Q, and do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair presentation have been included.
These statements should be read in conjunction with the audited financial
statements and notes thereto included in the Registrant's annual Form 10-K
filing for the year ended April 30, 2009.
ITEM 2. Management Discussion and Analysis of Financial Condition and Results
of Operations
The Company's revenue for the period ended July 31, 2009 was $0 compared with $0
in the comparable period of 2008. Net lossfor the three month period was $1,810
compared with a loss $3,143 in the comparable period of 2008. The Company is
inactive.
Liquidity and Capital Resources
Net cash used by operating activities for the period was $0 compared with $0 in
2008. Net cash used by financing activities was $0 compared with $0 provided in
2008. Cash of $90 compares with $90 at April 30, 2009.
The Company does not have any plans for capital expenditures. The Company has
negligible cash resources and will experience liquidity problems over the next
twelve months due to its lack of revenue unless it is able to raise funds from
outside sources. There are no known trends, demands, commitments, or events that
would result in or that is reasonably likely to result in the Company's
liquidity increasing or decreasing in a material way.
Item 3. Not Applicable
Item 4. Controls and Procedures
Evaluation of disclosure controls and procedures
Disclosure controls are controls and procedures that are designed to ensure that
information required to be disclosed in our reports filed under the Exchange Act
is recorded, processed, summarized and reported, within the time periods
specified in the SEC's rules and forms. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by a company in the reports that it files
or submits under the Exchange Act is accumulated and communicated to the
company's management, including its principal executive and principal financial
officers, or persons performing similar functions, as appropriate to allow
timely decisions regarding required disclosure. Our management carried out an
evaluation under the supervision and with the participation of our Chief
Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the
effectiveness of the design and operation of our disclosure controls and
procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934 ("Exchange Act"). Based upon that evaluation, the Company's
Chief Executive Officer and Chief Financial Officer have concluded that the
Company's disclosure controls and procedures were effective as of July 31, 2009.
Changes in Internal Control over Financial Reporting
There were no significant changes in our internal control over financial
reporting during the quarter ended July 31, 2009, that have materially affected,
or are reasonably likely to materially affect, our internal control over
financial reporting.
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PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
NONE
Item 5. Exhibits and Reports on Form 8-K.
(a) Exhibits:
3(1) Articles of Incorporation:
Incorporated by reference to Registration Statement filed on
Form 10, June 23, 1976.
3(2) Bylaws: Incorporated by reference as immediately above.
(10) 1991 Incentive Stock Option Plan:
Incorporated by reference to proxy statement for 1991.
31(1) Certification of Chief Executive Officer Pursuant to
Rule 13a-14(a) or Rule 15d-14(a).
31(2) Certification of Chief Financial Officer Pursuant to
Rule 13a-14(a) or Rule 15d-14(a).
32(1) Certification of Chief Executive Officer Pursuant to Rule
13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
32(2) Certification of Chief Financial Officer Pursuant to Rule
13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
(b) Reports on Form 8-K:
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
CAMELOT CORPORATION
(Registrant)
By: /s/ Daniel Wettreich
-------------------------
DANIEL WETTREICH,
President
Treasurer and Principal
Financial Officer
Date: September 9, 2009
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