Delaware
|
20-3483933
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
Identification
No.)
|
|
20
Marshall Street #104
|
||
South
Norwalk, CT
|
06854
|
|
(Address
of principal executive offices)
|
(Zip
code)
|
|
Part
I: Financial Information
|
|
Item
1. Financial Statements (Unaudited):
|
|
Condensed
Balance Sheets
|
3
|
Condensed
Statements of Operations
|
4
|
Condensed
Statements of Stockholders’ Equity
|
5
|
Condensed
Statements of Cash Flows
|
6
|
Notes
to Condensed Financial Statements
|
7
|
17
|
|
19
|
|
Item
4. Controls and Procedures
|
19
|
20
|
|
20
|
|
Item
6. Exhibits
|
20
|
Signatures
|
20
|
January 31,
2009
|
July
31, 2008
|
|||||
(Unaudited)
|
||||||
ASSETS
|
||||||
CURRENT
ASSETS:
|
||||||
Cash
and cash equivalents
|
$
|
2,546,322
|
$
|
2,800,268
|
||
Investments
held in Trust (Notes 1 and 3)
|
224,014,838
|
223,183,301
|
||||
Prepaid
federal and state income taxes
|
260,903
|
426,826
|
||||
Prepaid
expenses
|
42,782
|
115,305
|
||||
Total
current assets
|
226,864,845
|
226,525,700
|
||||
TOTAL
ASSETS
|
$
|
226,864,845
|
$
|
226,525,700
|
||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||
CURRENT
LIABILITIES:
|
||||||
Accounts
payable and accrued expenses
|
$
|
189,637
|
$
|
70,452
|
||
Note
payable (Note 7)
|
18,123
|
72,491
|
||||
Total
current liabilities
|
207,760
|
142,943
|
||||
COMMON
STOCK SUBJECT TO POSSIBLE CONVERSION
|
||||||
(8,351,465
shares at conversion value) (Note 1)
|
68,062,163
|
67,901,298
|
||||
COMMITMENTS (Note
5)
|
-
|
-
|
||||
STOCKHOLDERS' EQUITY
(Notes 2 and 6):
|
||||||
Preferred
stock, $0.0001 par value, 5,000,000 shares authorized, 0
issued
|
||||||
and
outstanding
|
||||||
Common
stock, par value $0.0001 per share, 100,000,000 shares
|
||||||
authorized,
25,746,035 shares issued and outstanding (excluding
|
||||||
8,351,465
shares subject to possible conversion)
|
2,575
|
2,575
|
||||
Additional
paid-in capital
|
152,652,249
|
152,813,114
|
||||
Earnings
accumulated in the development stage
|
5,940,098
|
5,665,770
|
||||
TOTAL
STOCKHOLDERS’ EQUITY
|
158,594,922
|
158,481,459
|
||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
226,864,845
|
$
|
226,525,700
|
||
For the
three
|
For the
three
|
For the
six
|
For the
six
|
From September
9,
|
||||||||||||||||
months
ended
|
months
ended
|
months
ended
|
months
ended
|
2005 (inception)
to
|
||||||||||||||||
January 31,
2009
|
January 31,
2008
|
January 31,
2009
|
January 31,
2008
|
January 31,
2009
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||
Revenue | $ | - | $ | - | $ | - |
$
|
- |
$
|
- | ||||||||||
Operating Expenses | ||||||||||||||||||||
General
and administrative costs (Notes 4 and 5)
|
225,466
|
139,818
|
450,076
|
281,962
|
1,253,315
|
|||||||||||||||
Loss from
operations
|
(225,466 | ) | (139,818 | ) | (450,076 | ) | (281,962 | ) | (1,253,315 | ) | ||||||||||
Other income
(expense)
|
||||||||||||||||||||
Interest
income (Note 1)
|
78,840
|
2,498,209
|
911,120
|
5,305,092
|
11,037,457
|
|||||||||||||||
Interest
expense (Note 7)
|
(1,915 | ) |
(1,916
|
) | (3,830 | ) |
(3,832
|
) | (12,767 | ) | ||||||||||
(Loss) income before provision
for income taxes
|
(148,541
|
) |
2,356,475
|
457,214
|
5,019,298
|
9,771,375
|
||||||||||||||
(Benefit
from) provision for federal and
|
||||||||||||||||||||
state
income taxes (Note 4)
|
(59,416
|
) | 862,689 |
182,886
|
2,007,719 |
3,831,277
|
||||||||||||||
Net (loss) income for the
period
|
$ |
(89,125
|
) | $ |
1,493,786
|
$
|
274,328
|
$ |
3,011,579
|
$ |
5,940,098
|
|||||||||
Accretion
of Trust Fund relating to
|
||||||||||||||||||||
common
stock subject to possible conversion
|
(13,213 | ) |
(468,060
|
) | (160,865 | ) |
(943,499
|
) | (1,952,312 | ) | ||||||||||
Net
(loss) income attributable to common stockholders
|
$ |
(102,338
|
) | $ |
1,025,726
|
$ |
113,463
|
$ |
2,068,080
|
$ |
3,987,786
|
|||||||||
Shares outstanding subject to
possible conversion
|
8,351,465
|
8,351,465
|
8,351,465
|
8,351,465
|
||||||||||||||||
Net income per share subject to
possible
|
||||||||||||||||||||
conversion, basic and
diluted
|
$ |
0.00
|
$ |
0.06
|
$ |
0.02
|
$ |
0.11
|
||||||||||||
Weighted average number of
shares outstanding
|
25,746,035
|
25,746,035
|
25,746,035
|
25,746,035
|
||||||||||||||||
Net (loss) income per
share:
|
||||||||||||||||||||
Basic
and diluted
|
$ |
(0.00
|
) | $ |
0.04
|
$ |
0.00
|
$ |
0.08
|
|||||||||||
(Deficit)
Earnings
|
||||||||||||||||||||
Common
stock
|
Additional
|
Accumulated
in the
|
||||||||||||||||||
Shares
|
Amount
|
Paid-In-Capital
|
Development
Stage
|
Total
|
||||||||||||||||
Balance, September 9, 2005
(inception)
|
-
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
-
|
|||||||||||
Issuance
of Common Stock to initial stockholder
|
100
|
-
|
1
|
-
|
1
|
|||||||||||||||
Issuance
of 8,150,000 Warrants at $0.05
|
||||||||||||||||||||
per
warrant
|
-
|
-
|
407,500
|
-
|
407,500
|
|||||||||||||||
Issuance
of 700,000 Class Z warrants and
|
||||||||||||||||||||
700,000
Class W warrants at $0.05 per
|
||||||||||||||||||||
warrant
|
-
|
-
|
70,000
|
-
|
70,000
|
|||||||||||||||
Issuance
of 6,925,000 Class Z warrants and
|
||||||||||||||||||||
6,925,000
Class W warrants at $0.05 per
|
||||||||||||||||||||
warrant
|
-
|
-
|
692,500
|
-
|
692,500
|
|||||||||||||||
Net
loss for the period
|
-
|
-
|
-
|
(2,230 | ) | (2,230 | ) | |||||||||||||
Balance, July 31,
2006
|
100
|
$ |
-
|
$ |
1,170,001
|
$ | (2,230 | ) | $ |
1,167,771
|
||||||||||
Issuance
of 3,800,000 Class Z warrants and
|
||||||||||||||||||||
3,800,000
Class W warrants at $0.05 per
|
||||||||||||||||||||
warrant
|
-
|
-
|
380,000
|
-
|
380,000
|
|||||||||||||||
Issuance
of common stock to initial stockholders
|
||||||||||||||||||||
with
an aggregate value of $1,550,000 in exchange
|
||||||||||||||||||||
for
the return and cancellation of 15,500,000
|
||||||||||||||||||||
Class
Z warrants and 15,500,000 Class W warrants
|
||||||||||||||||||||
with
an aggregate value of $1,550,000
|
6,249,900
|
625
|
(625 | ) |
-
|
-
|
||||||||||||||
Proceeds
from sale of underwriter purchase option
|
-
|
-
|
100
|
-
|
100
|
|||||||||||||||
Proceeds
from issuance of insider warrants
|
-
|
-
|
4,450,000
|
-
|
4,450,000
|
|||||||||||||||
Sale
of 27,847,500 units through public
|
||||||||||||||||||||
offering
net of underwriter discount and
|
||||||||||||||||||||
offering
expenses and excluding $66,109,851 of
|
||||||||||||||||||||
proceeds
allocable to 8,351,465 shares
|
||||||||||||||||||||
of
common stock subject to possible conversion
|
19,496,035
|
1,950
|
148,605,085
|
-
|
148,607,035
|
|||||||||||||||
Accretion of trust
fund relating to common stock subject to
|
||||||||||||||||||||
possible
conversion
|
-
|
-
|
(317,741 | ) | - | (317.,741 | ) | |||||||||||||
Net
income for the year
|
-
|
-
|
-
|
1,040,419
|
1,040,419
|
|||||||||||||||
Balance, July 31,
2007
|
25,746,035
|
$ |
2,575
|
$ |
154,286,820
|
$ |
1,038,189
|
$ |
155,327,584
|
|||||||||||
Accretion
of trust fund relating to common stock subject to
|
||||||||||||||||||||
possible
conversion
|
-
|
-
|
(1,473,706 | ) |
-
|
(1,473,706 | ) | |||||||||||||
Net
income for the year
|
-
|
-
|
-
|
4,627,581
|
4,627,581
|
|||||||||||||||
Balance, July 31,
2008
|
25,746,035
|
$ |
2,575
|
$ |
152,813,114
|
$ |
5,665,770
|
$ |
158,481,459
|
|||||||||||
Accretion
of trust fund relating to common stock subject to
|
||||||||||||||||||||
possible conversion (unaudited) | - | - | (160,865 | ) | - | (160,865 | ) | |||||||||||||
Net income for the period (unaudited) | - | - | - | 274,328 | 274,328 | |||||||||||||||
Balance, January 31, 2009 (unaudited) | 25,746,035 | $ | 2,575 | $ | 152,652,249 | $ | 5,940,098 | $ | 158,594,922 |
For
the six
|
For
the six
|
From
September 9,
|
||||||||||
months
ended
|
months
ended
|
2005
(inception) to
|
||||||||||
January 31,
2009
|
January 31,
2008
|
January 31,
2009
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||
OPERATING
ACTIVITIES
|
||||||||||||
Net
income for the period
|
$ | 274,328 | $ | 3,011,579 | $ | 5,940,098 | ||||||
(Increases)
decreases in investments held in trust fund, net
|
(831,537 | ) | (96,885 | ) | (3,575,188 | ) | ||||||
Adjustments
to reconcile net income to net cash (used in) provided by
|
||||||||||||
operating
activities
|
||||||||||||
Changes
in:
|
||||||||||||
Prepaid federal and state income taxes
|
165,923 | (246,097 | ) | (260,903 | ) | |||||||
Prepaid expenses
|
72,523 | 61,675 | 156,569 | |||||||||
Accounts payable and accrued expenses
|
119,185 | 63,121 | 189,637 | |||||||||
Federal and state income taxes payable
|
- | (690,189 | ) | - | ||||||||
Net
cash (used in) provided by operating activities
|
(199,578 | ) | 2,103,204 | 2,450,213 | ||||||||
INVESTING
ACTIVITIES
|
||||||||||||
Purchase
of investments held in Trust Fund
|
(223,669,830 | ) | (5,146,523 | ) | (671,949,421 | ) | ||||||
Maturities
of investments held in Trust Fund
|
223,669,830 | 5,146,523 | 451,509,771 | |||||||||
Net
cash (used in) investing activities
|
- | - | (220,439,650 | ) | ||||||||
FINANCING
ACTIVITIES
|
||||||||||||
Proceeds
from issuance of common stock to initial stockholders
|
- | - | 1 | |||||||||
Proceeds
from issuance of insider warrants in private placement
|
- | - | 4,450,000 | |||||||||
Proceeds
from issuance of underwriter’s purchase option
|
- | - | 100 | |||||||||
Portion
of net proceeds from sale of units through public offering
|
||||||||||||
allocated to shares of common stock subject to possible
conversion
|
- | - | 66,109,851 | |||||||||
Proceeds
from issuance of warrants to security holders
|
- | - | 1,550,000 | |||||||||
Principal
payment on notes
|
(54,368 | ) | (54,368 | ) | (181,228 | ) | ||||||
Payment
of deferred registration costs
|
- | - | (272,132 | ) | ||||||||
Net
proceeds from sale of units through public offering
|
||||||||||||
including the proceeds from underwriter over-allotment
exercise
|
- | - | 148,879,167 | |||||||||
Net
cash (used in) provided by financing activities
|
(54,368 | ) | (54,368 | ) | 220,535,759 | |||||||
Net
(decrease) increase in cash and cash equivalents
|
(253,946 | ) | 2, 048,836 | 2,546,322 | ||||||||
Cash
and Cash equivalents
|
||||||||||||
Beginning
of period
|
2,800,268 | 1,035,420 | - | |||||||||
End
of period
|
$ | 2,546,322 | $ | 3,084,256 | $ | 2,546,322 | ||||||
Supplemental
disclosure of non-cash financing activities
|
||||||||||||
Fair
value of underwriter purchase option included in offering
costs
|
$ | - | $ | - | $ | 4,372,000 | ||||||
Accretion
relating to common stock subject to possible conversion
|
$ | 160,865 | $ | 943,499 | $ | 1,952,312 | ||||||
Financed
insurance
|
$ | 18,123 | $ | 126,860 | $ | 199,350 | ||||||
Supplemental disclosure of cash
flow information
|
||||||||||||
Cash
paid for interest
|
$ | 3,830 | $ | 3,832 | $ | 12,767 | ||||||
Cash
paid for income taxes
|
$ | 16,963 | $ | 2,944,005 | $ | 4,092,180 |
Total
|
Level
1
|
Level
2
|
||||||||||
January 31, 2009 | ||||||||||||
Cash
and cash equivalents
|
$ | 2,546,322 | $ | 13,001 | $ | 2,533,321 | ||||||
Cash
and cash equivalents held in Trust Accounts
|
224,014,838 | - | 224,014,838 | |||||||||
Total | $ | 226,561,160 | $ | 13,001 | $ | 226,548,159 |
Total
|
Level
1
|
Level
2
|
||||||||||
July 31, 2008 | ||||||||||||
Cash
and cash equivalents
|
$ | 2,800,268 | $ | 84,074 | $ | 2,716,194 | ||||||
Cash
and cash equivalents held in Trust Accounts
|
223,183,301 | - | 223,183,301 | |||||||||
Total | $ | 225,983,569 | $ | 84,074 | $ | 225,899,495 |
For
the three
|
For
the six
|
From
September 9,
|
||||||||||
months
ended
|
months
ended
|
2005
(inception) to
|
||||||||||
January
31, 2009
|
January 31,
2009
|
January 31,
2009
|
||||||||||
Federal
|
$ | (48,275 | ) | $ | 148,595 | $ | 3,098,424 | |||||
State
|
(11,141 | ) | 34,291 | 732,853 | ||||||||
$ | (59,416 | ) | $ | 182,886 | $ | 3,831,277 |
STONELEIGH
PARTNERS ACQUISITION CORP.
|
||
Dated:
March 10, 2009
|
||
By:
|
/s/ Gary
D. Engle
|
|
Gary
D. Engle
Chairman
of the Board and Chief Executive Officer
(Principal
Executive Officer)
|
||
Dated: March 10, 2009
|
||
By:
|
/s/ James
A. Coyne
|
|
James
A. Coyne
Chief
Financial Officer and Vice Chairman
(Principal
Financial and Accounting Officer)
|
||