UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACTS OF 1934

For the quarterly period ended June 30, 2007

Commission File Number 0-16286

ATLANTIS BUSINESS DEVELOPMENT CORPORATION

(Exact name of registrant as specified in its charter)

| Nevada
95-4082020
(State or other jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification Number)
 

6302 Mesedge Drive

Colorado Springs, CO 80919

(Address of principal executive offices)

(719) 598-2469

(Registrant's telephone number, including area code)

(Former name, former address, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. 

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer, on a non-accelerated filer. See definition of "acceleratedfiler and large accelerated filer" in Rule 12b-2 of the Exchange Act. (CheckOne)

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ]

Indicate by check mark whether the registrant is a shell company (as definedin Rule 12b-2 of the Exchange Act) Yes x  No [X]

As of June 30, 2007 there were 272,052 shares of the registrant's CommonStock, par value $.001 per share, outstanding.

FORWARD LOOKING STATEMENTS

Some of the information presented in this quarterly report constitutesforward-looking statements within the meaning of the private SecuritiesLitigation Reform Act of 1995. Statements that are not historical facts,including statements about management's expectations for fiscal year 2003 andbeyond, are forward looking statements and involve various risks anduncertainties. Although the Company believes that its expectations are based onreasonable assumptions within the bounds of its knowledge, there can be noassurance that actual results will not differ materially from the Company'sexpectations. Factors that could cause the actual results to differ materiallyfrom expectations are discussed in the Company's Annual Report on Form 10-K andin other filings with the Securities and Exchange Commission.

 

FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006 (UNAUDITED)

 

 

 

 

 

 

 

 

 

ATLANTIS BUSINESS DEVELOPMENT CORPORATION

 

 

INDEX TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

 

 

 

CONDENSED FINANCIAL STATEMENTS:

 

 

Condensed Balance Sheets as of June 30, 2007 (Unaudited)

    And December 31, 2006 (Audited)                                                            3

Condensed Statements of Operations for the Six Months

    and Three Months Ended June 30, 2007 and 2006 (Unaudited)                 4

Condensed Statements of Cash Flows for the Six Months Ended

    June 30, 2007 and 2006 - (Unaudited)                                                     5

Notes to the Condensed Financial Statements                                            6-18

 

The accompanying notes to the condensed financial statementsare an integral part of these statements.

3

The accompanying notes to the condensed financial statementsare an integral part of these statements.

4

 

The accompanying notes to the condensed financial statementsare an integral part of these statements.

5
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2007 AND 2006 (UNAUDITED)

 

NOTE 1- ORGANIZATION AND BUSINESS
The condensed unaudited interim financial statements included herein        have been prepared by Atlantis Business Development Corporation (the        "Company"), pursuant to the rules and regulations of the Securities and        Exchange Commission. The condensed financial statements and notes are        presented as permitted on Form 10-Q and do not contain information        included in the Company's annual consolidated statements and notes. For        further information, these financial statements and related notes should        be read in conjunction with the Company's audited financial statements        for the period ended December 31, 2006 and the accompanying notes        thereto. Certain information and footnote disclosures normally included        in financial statements prepared in accordance with accounting        principles generally accepted in the United States of America have been        condensed or omitted pursuant to such rules and regulations, although        the Company believes that the disclosures are adequate to make        information presented not misleading. The result of the six months ended        June 30, 2007 and 2006 may not be indicative of the results for the        entire year.

These condensed unaudited financial statements        reflect all adjustments, consisting of normal recurring adjustments,        which in the opinion of management are necessary for the fair        presentation of the information contained herein.

The Company was incorporated in the State of Delaware        in December 1986 as Vision Technology International. They changed their        name in 1992 to Medplus Corporation and in August 2003, changed its name        to Atlantis Business Development Corporation. The Company had operated        in the health care financing industry. The Company ceased all operations        in 1998 and has had little or no viable operations since that date.

On April 20, 2003, the Company's Board of Directors        voted to be regulated as a Business Development Company pursuant to        Section 54 of the Investment Company Act of 1940. A Business Development        Company (BDC) is an investment company designed to assist eligible        portfolio companies with capital formation. The decision to become a        Business Development Company was made primarily to better reflect the        Company's anticipated future business and developing relationships.
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)

NOTE 1- ORGANIZATION AND BUSINESS (CONTINUED)
On June 1, 2007, the Company participated in a phone call with the        SEC, primarily related to its operations as a BDC and its compliance        with the requirements thereto. In response to the SEC's phone call, the        Company conducted a review of its compliance with the 1940 Act and        determined that it was not in compliance with the 1940 Act. While the        Company believed the BDC model was the right structure for it at the        time that it elected such status, it has determined that, going forward,        it should, consistent with its current balance sheet and structure,        withdraw its election to be regulated as a BDC.

As a result of determining that the Company should        withdraw its election to be a regulated BDC, the Company on June 29,        2007 filed a form 14A proxy statement, and on August 16, 2007 an Amended        14A:

To elect all members of the Board of Directors.

To approve Bagell, Josephs, Levine and Company,            LLC as the Company's independent auditors for the coming year.

To approve granting the Board of Directors the            authority to elect , at the Board's discretion, to withdraw the            Company's election to be regulated as a Business Development Company            under Section 54 of the Investment Company Act of 1940.

To transact such other business as may properly            come before the Special Meeting and any adjournment or postponement            thereof.

This special meeting is anticipated to be held September 10, 2007            at the Company's corporate offices in Colorado. 

The withdrawal of the Company's election to be regulated as a BDC        under the 1940 Act will result in a significant change in the Company's        required method of accounting. BDC financial statement presentation and        accounting utilizes the value method of accounting used by investment        companies, which allows BDC's to recognize their income and value their        investments at market value as opposed to historical cost. In addition,        majority-owned subsidiaries are not consolidated; rather, investments in        those subsidiaries are reflected on the balance sheet as an investment        in a majority-owned portfolio company at fair value.
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)
**NOTE 1- ORGANIZATION AND BUSINESS (CONTINUED)
Accordingly, and after careful consideration of the        1940 Act requirements applicable to BDCs, an evaluation of the Company's        ability to operate as a going concern in an investment company        regulatory environment, the cost of 1940 Act compliance needs and a        thorough assessment of the Company's current business model, the Board        determined that continuation as a BDC is not in the best interests of        the Company and its shareholders at the present time. Further, were the        Company to remain a BDC, the Company would be required to substantially        change its business model to meet the definition of an "investment        company."

In reviewing its compliance procedures the Company        determined that it never appointed a Chief Compliance Officer. In the        absence of an active Chief Compliance Officer, there can be no assurance        that the compliance rules of the 1940 Act were not violated.

Specifically, the Company determined that it had,        among other things: failed to adequately disclose the process of valuing        its portfolio securities in 2004 and 2005; issued shares for services        and compensation provided to the Company; failed to have a majority of        directors that were not interested persons of the Company; conducted        transactions with certain affiliates or a related party; and neglected        to adopt compliance policies and procedures.

The Company acknowledges that they have not been        presenting their financial statements in accordance with the Act of        1940. Specifically, the Company had been recording the activity in 2004        and 2005 of its wholly-owned subsidiaries in a consolidated format.        There has been no other operating subsidiaries in the Company since        September 2005.

The fundamental nature of the BDC is to invest in a        portfolio of securities, with the goal of achieving gains on        appreciation and dividend income, not that of ownership and management        of an operating business, with the goal of generating income from the        operations of those businesses.

The Company filed an 8K on June 28, 2007 stating that        the Board of Directors determined, based on a recommendation of its        independent auditors, that its financial statements for the period ended        December 31, 2006, 2005 and 2004 will need to be restated. The Company's        Board of Directors has determined that certain of its disclosures and        treatment of certain accounting transactions were not sufficient to        comply with auditing and reporting standards under the Investment 
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)
**NOTE 1- ORGANIZATION AND BUSINESS (CONTINUED)
Company Act of 1940. Therefore, the Company has        undertaken to revise its disclosure controls and procedures and is in        the process of taking steps to restate 

its financial statements for the years ended December        31, 2004, December 31, 2005 and December 31, 2006, and the quarterly        financial statements for the interim period up until March 31, 2007. The        Company will file amended reports on Form 10K and 10Q for the periods        effected since December 31, 2004.

The Company is in the process of de-consolidating its        previously held subsidiaries from 2004 and 2005 and restating its        financial statements. The Company, after September 16, 2005, had spun        off its last operating subsidiary and thus had discontinued the practice        of consolidation of subsidiaries after the December 31, 2005 year end.

The Board reviewed the facts surrounding these        compliance failures and their implications for the Company. Ultimately,        the Board caused the Company to take certain steps to remediate the        compliance failures as follows:

Rescinded and cancelled common stock shares            issued for services, compensation and transactions with related            parties. (See Note 5). The majority of the shares issued for the            above were cancelled going back to June 2004.

Begun to work on restating its financial            statements.

Filed a proxy to withdraw from a BDC status.

The Company has informed the SEC Staff of these        steps. However, these efforts may not fully cure all of the 1940 Act        compliance deficiencies currently affecting the Company and it is        unclear how those deficiencies will impact the Company in the future.        The Company's significant compliance and remediation costs, in terms of        both time and dollars, have operated as an encumbrance on the Company's        resources.

The Company's violations of the 1940 Act may cause the Company to        incur certain liabilities. Such liabilities cannot be estimated by        management as of this time, but may include regulatory enforcement        actions. However, such liabilities, if incurred, could have a        significant impact on the Company's ability to continue as a going        concern.
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)
**NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statement in conformity with accounting        principles generally accepted in the United States of America requires        management to make estimates and assumptions that affect the reported        amounts of assets and liabilities and disclosure of contingent assets        and liabilities at the date of the financial statements and the reported        amounts of revenues and expenses during the reporting period. Actual        results could differ from those estimates.
**Cash and Cash Equivalents**
The Company considers all highly liquid debt        instruments and other short-term investments with an initial maturity of        three months or less to be cash or cash equivalents.

At June 30, 2007, The Company maintained cash and        cash equivalent balances at a financial institution that is insured by        the Federal Deposit Insurance Corporation, whose amounts do not exceed        the insured limit of $100,000.
**Revenue Recognition**
Revenues from the current and future activities as a        BDC which may include investment income such as interest income and        dividends, and realized or unrealized gains and losses on investments        will be recognized in accordance with the AICPA's Audit and Accounting        Guide.
**Fair Value of Financial Instruments**
The carrying amounts reported in the balance sheet        for cash and accrued expenses approximate fair value because of the        immediate or short-term maturity of thse financial statements.

 

 

 

 
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)

 
**NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**Investments - Valuation**
The Company values its investments at fair value. The        Company's only investment is a percentage of a private company. The        Company determines fair value to be the amount for which an investment        could be exchanged in an orderly disposition over a reasonable period of        time between willing parties other than in a forced on liquidation sale.        At June 30, 2007 The Company held 34% of a private start up company. The        fair market value as determined by the Board of Directors to be zero.        There were no investments held at June 30, 2006.
**Reclassifications**
Certain amounts for the period ended June 2006 have been reclassified        to conform to the presentation of the June 30, 2007 amounts.
**NOTE 3- INVESTMENTS
The Company in September 2006 incorporated a Nevada wholly-owned        subsidiary named Eftas Inc. The Company on or about April 12, 2007        transferred 66% of the company to an unrelated company. Since it could        not finish the project, the Company felt that retaining a 34% ownership        was more beneficial to its shareholders as they didn't have the        resources to develop the company. EFTAS (Employment for the Annual        Services) is a company dedicated to assist military personnel seek jobs        through an electronic website.
**List of Investments
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)
**NOTE 4- GOING CONCERN
As reflected in the financial statements, the Company        has no investment income as a BDC and is subject to certain        contingencies as discussed in Notes 1 and 6 which could have a material        impact on the Companies financial condition and operations.

The ability of the Company to continue as a going        concern is dependent on the Company's ability to raise capital and going        forward, generate revenues and cash flow. The Company is making an        election to withdraw as a BDC and will not be raising money through the        IE that was available to it. The financial statements included in this        report do not include any adjustments that might be necessary if the        Company is unable to continue as a going concern.

The time required for us to become profitable is        highly uncertain, and we cannot assure you that we will achieve or        sustain profitability or generate sufficient cash flow from operations        once we withdraw from a BDC and execute a new business plan. If        required, our ability to obtain additional financing from other sources        also depends on many factors beyond our control, including the state of        the capital markets and the prospects for our business. The necessary        additional financing may not be available to us or may be available only        on terms that would result in further dilution to the current owners of        our common stock.
**NOTE 5- STOCKHOLDERS' EQUITY (DEFICIT)
On June 30, 2007 the Company has 200,000,000 shares        of common stock authorized at a par value of $.001, and 272,052 shares        issued and outstanding.

The Company on May 29, 2007 had a reverse stock split        of 1 to 300. The prior stock numbers have been retroactively restated to        reflect the split.

Additionally, the Company rescinded and cancelled        certain stock issuances in August 2007. The financial statements        presented have retroactively taken into account these cancellations. The        cancellations were done as a result of potentially violating Section 23        of the 1940 Act which prohibits issuing shares for services, or        compensation and Section 57 which prohibits related party transactions.

The Company as a result of recovering all the shares        issued to a prior officer and rescinding those related party        transactions will restate its financial statements. 
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED

 
**NOTE 5- STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)
The following transactions were rescinded and the        stock cancelled accordingly:
**2004**
In June 2004, the Company issued 19,000,000 shares to        an officer for the purchase of a related company. The value was        $3,970,000

In November 2004 the Company issued 500,000 shares to        an officer for compensation. The value was $575,000.

**                                       2005**
In March 2005 the Company issued 2,000,000 shares to        an officer in a related party transaction acquiring equipment. The value        was $700,000.
**2006**
In January 2006 a director got 50,000 shares at a        value of $20,500 for compensation expense.

In August 2006 the Company issued 9,000,000 shares to        an officer for compensation. The value was $2,370,000.

In August 2006 the Company issued 2,000,000 shares        for the acquisition of a company that didn't occur. The value was        $1,500,000.

There may be other shares that the Company is        attempting to recover from previous issuances.

All common shares indicated above have been shown        before any reverse or forward splits.

The net amount of the total shares recovered that        were reported in past filings after all reverse and forward splits since        2004 was a cancellation of approximately 50,278 shares.
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)

 
**NOTE 5- STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)**2007**
In the 1st quarter, The Company issued 26,680,000        shares of its stock for cash totaling $214,780. 

In the 2nd quarter, The Company issued 7,150,000        shares of its stock for cash totaling $96,869. 
**NOTE 6- CONTINGENCY AND UNCERTAINTIES
As previously discussed in Note 1, the Company        received a phone call from the SEC, primarily related to its operations        as a BDC and its compliance with the requirements thereto. In response        to the SEC's call, the Company conducted a review of its compliance with        the 1940 Act and determined that it was not in compliance with the 1940        Act. While the Company believed the BDC model was the right structure        for it at the time that it elected such status, it has determined that,        going forward, it should, consistent with its current balance sheet and        structure, withdraw its election to be regulated as a BDC.

The withdrawal of the Company's election to be        regulated as a BDC under the 1940 Act will result in a significant        change in the Company's required method of accounting. BDC financial        statement presentation and accounting utilizes the value method of        accounting used by investment companies, which allows BDCs to recognize        income and value their investments at market value as opposed to        historical cost. In addition, majority-owned subsidiaries are not        consolidated; rather, investments in those subsidiaries are reflected on        the balance sheet as an investment in a majority-owned portfolio company        at fair value.

The Company may face certain contingent liabilities        as a result of potential actions by the SEC or others against the        Company. As of the date of this report, management could not reasonable        estimate such contingent liabilities, if any. The outcome of the above        matter could have a significant impact on our ability to continue as a        going concern.
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)
**NOTE 7-**RESTATEMENT OF FINANCIAL STATEMENTS**
The Company has restated its June 30, 2006 (unaudited)        statements of operations to adjust a beneficial interest expense on the        raising at May of $40,000 and rescind a stock issuance to an officer        that has been subsequently cancelled.

 
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)
**NOTE 7-**RESTATEMENT OF FINANCIAL STATEMENTS (CONTINUED)**
 

 

 

 
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)
**NOTE 7-**RESTATEMENT OF FINANCIAL STATEMENTS (CONTINUED)**The Company is presenting a restated balance sheet at        December 31, 2006 to account for various common stock issuances that        were rescinded and cancelled. The balance sheet will also reflect the        de-consolidation of it's former subsidiaries in its deficit. The effect        is as follows:**
Note: Shares in December 31, 2006 have been retroactively adjusted        for a stock split of 300:1 effective May 29, 2007 and certain stock        transactions rescinded (see notes 1 and 5).
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 2007 AND 2006 (UNAUDITED)
**NOTE 7- RESTATEMENT OF FINANCIAL STATEMENTS (CONTINUED)
The Company will be filing an amended Form 10Q for        the quarter ended March 31, 2007 and 2006. 

The numbers presented for the quarter ended June 30,        2007 have been updated to reflect these adjustments. The Statement of        Operations for the three months ended will be restated to reflect the        reversal of beneficial interest expense recorded in the amount of        $1,100,070. Net decrease in Net Assets resulting from operations will be        reduced to $175,558 from $1,275,628.

The balance at March 31, 2007 will be restated to        reflect the rescinding and cancellation of certain transactions        identified in Note 5.

The Company anticipates filing restated financial statements as        reported in an 8K filed on June 28, 2007. Those restatements will        reflect that de-consolidation of the Company's former subsidiaries as        well as the rescinding and cancellation of certain stock transactions.

 

 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2007, the Company had working capital of $14,955. The Company canrely on its Equity Line of Credit Agreement, if necessary, to fund operations.

RESULTS OF OPERATIONS

There was $0.00 in revenue derived from the Company for the three-monthperiod ended June 30, 2007. There was $0 revenue for the three month periodended June 30, 2006.

There was $118,075 Operational Expenses for operations for the three-monthperiod ended June 30, 2007, compared to $24,701 in operating expenses for thethree-month period ended June 30, 2006, as restated. 

There were no Sales and Marketing expenses for the three month period endedJune 30, 2007, or June 30, 2006.

Off Balance Sheet Transactions

The Company had no off-balance sheet transactions.

 

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risks in the ordinary course of our business. Theserisks include primarily interest rate risks. 

 
*Interest Rate Risk. We have borrowing arrangements with variable rates ofinterest. There are no amounts outstanding at March 31, 2007 under sucharrangements. We also maintain cash in highly liquid investment vehiclesincluding money market accounts, which bear interest at variable overnight orshort term rates. Variable interest rate investment and debt exposes us todifferences in future cash flows resulting from changes in market interestrates. We do not believe that our current debt exposes the Company to interestrate risks will significantly affect future net earnings. 

 
*Foreign Currency Risk. We have no foreign currency risks related to ourrevenue and operating expenses denominated in currencies other than the U.S.dollar. We do not believe movements in the foreign currencies in which wetransact will significantly affect future net earnings. 

 
*Derivatives. We do not use derivative financial instruments. 

ITEM 4. Controls and Procedures 

As of the end of the period covered by this report, the Company carried outan evaluation of the effectiveness of the Company's disclosure controls andprocedures (as defined by Rule 13a-14(c) under the Securities Exchange Act of1934) under the supervision and with the participation of the Company's chiefexecutive officer and chief financial officer. Based on and as of the date ofsuch evaluation, the aforementioned officers have concluded that the Company'sdisclosure controls and procedures were effective. 

The Company also maintains a system of internal accounting controls that isdesigned to provide assurance that assets are safeguarded and that transactionsare executed in accordance with management's authorization and properlyrecorded. This system is continually reviewed and is augmented by writtenpolicies and procedures, the careful selection and training of qualifiedpersonnel and an internal audit program to monitor its effectiveness. During thethree-month period ended June 30, 2007, there were no significant changes tothis system of internal controls or in other factors that could significantlyaffect those controls. 

 

PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 1A. RISK FACTORS

We are subject to various risks which may materially harm our business,financial condition and results of operations. You should carefully consider therisks and uncertainties described below and the other information in this filingbefore deciding to purchase our common stock. If any of these risks oruncertainties actually occur, our business, financial condition or operatingresults could be materially harmed. In that case, the trading price of ourcommon stock could decline and you could lose all or part of your investment.

RISKS RELATED TO OUR BUSINESS
**We Have Historically Lost Money and Losses May Continue in the Future**
We have historically lost money. As of the fiscal year ended December 31,2006, we sustained losses of $261,562, as restated. Future losses are likely tooccur. Accordingly, we may experience significant liquidity and cash flowproblems if we are not able to raise additional capital as needed and onacceptable terms. No assurances can be given that we will be successful inreaching or maintaining profitable operations. 
**We Will Need to Raise Additional Capital to Finance Operations**
Our operations have relied almost entirely on external financing to fund ouroperations. Such financing has historically come from a combination ofborrowings from and sale of common stock and convertible debentures to thirdparties. We will need to raise additional capital to fund our anticipatedoperating expenses and future expansion. Among other things, external financingwill be required to cover our operating costs. We cannot assure you thatfinancing whether from external sources or related parties will be available ifneeded or on favorable terms. The sale of our common stock to raise capital maycause dilution to our existing shareholders. Our inability to obtain adequatefinancing will result in the need to curtail business operations. Any of theseevents would be materially harmful to our business and may result in a lowerstock price. 
**Our Common Stock May Be Affected By Limited Trading Volume and May FluctuateSignificantly**
Prior to this offering, there has been a limited public market for our commonstock and there can be no assurance that an active trading market for our commonstock will develop. As a result, this could adversely affect our shareholders'ability to sell our common stock in short time periods, or possibly at all. Ourcommon stock has experienced, and is likely to experience in the future,significant price and volume fluctuations which could adversely affect themarket price of our common stock without regard to our operating performance. Inaddition, we believe that factors such as quarterly fluctuations in ourfinancial results and changes in the overall economy or the condition of thefinancial markets could cause the price of our common stock to fluctuatesubstantially. 
**Our Common Stock is Deemed to be "Penny Stock," Which May Make it MoreDifficult For Investors to Resell Their Shares Due to Suitability Requirements**
Our common stock is deemed to be "penny stock" as that term is defined inRule 3a51-1 promulgated under the Securities Exchange Act of 1934. Penny stocksare stock: 

With a price of less than $5.00 per share;

That are not traded on a "recognized" national exchange;

Whose prices are not quoted on the NASDAQ automated quotation system (NASDAQlisted stock must still have a price of not less than $5.00 per share); or

In issuers with net tangible assets less than $2.0 million (if the issuer hasbeen in continuous operation for at least three years) or $5.0 million (if incontinuous operation for less than three years), or with average revenues ofless than $6.0 million for the last three years.

Broker-dealers dealing in penny stocks are required to provide potentialinvestors with a document disclosing the risks of penny stocks. Moreover,broker-dealers are required to determine whether an investment in a penny stockis a suitable investment for a prospective investor. These requirements mayreduce the potential market for our common stock by reducing the number ofpotential investors. This may make it more difficult for investors in our commonstock to sell shares to third parties or to otherwise dispose of them. Thiscould cause our stock price to decline. 
**We Could Fail to Retain or Attract Key Personnel**
Our future success depends, in significant part, on the continued services ofour officers and directors. We cannot assure you that we would be able to findan appropriate replacement for any of our key personnel. Any loss orinterruption of our key personnel's services could adversely affect our abilityto develop our business plan. We do not presently maintain key-man lifeinsurance policies on any of our officers or directors. 
**Nevada Law and Our Charter May Inhibit a Takeover of Our Company ThatStockholders May Consider Favorable**
Provisions of Nevada law, such as its business combination statute, may havethe effect of delaying, deferring or preventing a change in control of ourcompany. As a result, these provisions could limit the price some investorsmight be willing to pay in the future for shares of our common stock. 

 
**RISKS RELATED TO OUR OPERATION AS A BUSINESS DEVELOPMENT COMPANY

The Company is in the process of requesting shareholder approval to withdrawits election as a business development company. The following risk factorsshould only be considered if shareholder approval is not received, and theCompany continues to be subject to the Investment Company Act of 1940.

We May Change Our Investment Policies Without Further Shareholder Approval**
Although we are limited by the Investment Company Act of 1940 with respect tothe percentage of our assets that must be invested in qualified investmentcompanies, we are not limited with respect to the minimum standard that anyinvestment company must meet, nor the industries in which those investmentcompanies must operate.
**Our Investments May Not Generate Sufficient Income to Cover Our Operations**
We intend to make investments into qualified companies that will provide thegreatest overall return on our investment. However, certain of those investmentsmay fail, in which case we will not receive any return on our investment. Inaddition, our investments may not generate income, either in the immediatefuture, or at all. As a result, we may have to sell additional stock, or borrowmoney, to cover our operating expenses.
***We have not made any investments into other companies. We have notyet made any investments into other companies, and thus we have virtually noassets. We need to raise capital before we can make investments into, and offermanagerial assistance to, other companies. We may not be successful in raisingcapital. In addition, if we are successful in raising capital, we may makeinvestments that turn out to be worthless.
***We have generated few revenues. We were incorporated in 1986 and havegenerated no revenue to date. Our primary activity to date has been developmentof our business plan, which has changed since our inception. Our success isdependent upon the successful development of our business model as a businessdevelopment company, as to which there is no assurance. Unanticipated problems,expenses and delays are frequently encountered in establishing a new business.These include, but are not limited to, inadequate funding, competition, andinvestment development. Our failure to meet any of these conditions would have amaterially adverse effect upon us and may force us to reduce or curtailoperations. We may not ever be profitable.
***We need to raise capital in order to fulfill our business plan. Todate we have relied on private funding from our founders and directors andshort-term borrowing to fund operations. We have generated no revenues and haveextremely limited cash liquidity and capital resources. Any equity financingscould result in dilution to our stockholders. Debt financing may result in highinterest expense. Any financing, if available, may be on unfavorable terms. Ifadequate funds are not obtained, we may be required to reduce or curtailoperations. 
***Investing in our stock is highly speculative and you could lose some or allof your investment. The value of our common stock may decline and may beaffected by numerous market conditions, which could result in the loss of someor the entire amount invested in our stock. The securities markets frequentlyexperience extreme price and volume fluctuations that affect market prices forsecurities of companies generally and very small capitalization companies inparticular.
***Investing in our stock may be in appropriate for your risk tolerance. Our planned investments into other companies, in accordance with our investmentobjective and principal strategies, result in a far above average amount of riskand volatility and may well result in loss of principal. 
***We will face a lot of competition, most of which is better capitalized andmore experienced than us. We will face competition in our investingactivities from private venture capital funds, investment affiliates of largeindustrial, technology, service and financial companies, small businessinvestment companies, wealthy individuals and foreign investors. As a regulatedbusiness development company ("BDC"), we are required to disclose quarterly thename and business description of portfolio companies and value of any portfoliosecurities. Most of our competitors are not subject to this disclosurerequirement. Our obligation to disclose this information could hinder ourability to invest in certain portfolio companies. Additionally, otherregulations, current and future, may make us less attractive as a potentialinvestor to a given portfolio company than a private venture capital fund.
***We are subject to regulatory risks as a business development company. We are subject to regulation as a BDC. The loans and other investments that weexpect to make in small business concerns are extremely speculative. Many ofthese concerns will be privately held. Even if a public market for theirsecurities later develops, the securities we purchase are likely to berestricted from sale or other transfer for significant periods of time. Thesesecurities will be very illiquid. 
***We plan to invest primarily in small, private companies. There aresignificant risks inherent in our planned venture capital business. We intend toinvest a substantial portion of our assets in early stage or start-up companies.These private businesses tend to be thinly capitalized, unproven small companieswith risky technologies that lack management depth and have not attainedprofitability or have no history of operations. Because of the speculativenature and the lack of a public market for these investments, there issignificantly greater risk of loss than is the case with traditional investmentsecurities. We expect that some of our investments will be a complete loss orwill be unprofitable and that some will appear to be likely to become successfulbut never realize their potential. We intend to be risk seeking rather than riskaverse in our approach to venture capital and other investments. Neither ourinvestments nor an investment in our stock is intended to constitute a balancedinvestment program. We intend to rely to a large extent upon proceeds from salesof investments rather than investment income to defray a significant portion ofour operating expenses. Such sales are unpredictable and may not occur. Theterrorist acts in the United States of September 11, 2001 are the type of eventsthat could severely impact a small company that does not have as many resourcesto ride out market downturns and would need immediate investment capital thatmight be temporarily unavailable.
***There will be no liquid market for our portfolio investments. Most ofour intended investments will be either equity securities acquired directly fromsmall companies or below investment grade subordinated debt securities. Ourportfolio of equity securities will usually be subject to restrictions on resaleor otherwise have no established trading market. The illiquidity of most of ourportfolio may adversely affect our ability to dispose of such securities attimes when it may be advantageous for us

Even if our portfolio companies are able to develop commercially viableproducts, the market for new products and services is highly competitive andrapidly changing. Commercial success is difficult to predict and the marketingefforts of our expected portfolio companies may not be successful.
***Our board of directors will value our portfolio investments. There istypically no public market of equity securities of the small privately heldcompanies in which we intend to invest. As a result, the valuation of the equitysecurities in our portfolio is likely to be stated at fair value as determinedby the good faith estimate of our Board of Directors. In the absence of areadily ascertainable market value, the estimated value of our portfolio ofsecurities may differ significantly, favorably or unfavorably, from the valuesthat would be placed on the portfolio if a ready market for the equitysecurities existed.
***Our quarterly results will fluctuate. Our quarterly operating resultscould fluctuate as a result of a number of factors. These factors include, amongother things, variations in and the timing of the recognition of realized andunrealized gains or losses, the degree to which portfolio companies encountercompetition in their markets and general economic conditions. As a result ofthese factors, results for any one quarter should not be relied upon as beingindicative of performance in future quarters.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

The Company has filed preliminary proxy materials on Schedule14A. The Shareholders meeting is scheduled to take place on September 10, 2007at the Company's corporate offices. Shareholders will be asked to approve thefollowing items:
1. To elect all members of the Board of Directors.

2. To approve Bagell, Josephs, Levine & Company, LLC as the Company'sindependent auditors for the coming year;

3. To approve granting the Board of Directors the authority to elect towithdraw the Company's election to be regulated as a Business DevelopmentCompany under Section 54 of the Investment Company Act of 1940.

4. To transact such other business as may properly come before the SpecialMeeting and any adjournment or postponement thereof. 

For more information about these proposals, please see the Company's revisedSchedule 14A, filed with the SEC on August 16, 2007.

 

ITEM 5. OTHER INFORMATION

The Board of Directors determined, based on a recommendation of itsindependent auditors, that its financial statements for the period endedDecember 31, 2006, 2005 and 2004 will need to be restated. The Company's Boardof Directors has determined that certain of its disclosures and treatment ofcertain accounting transactions were not sufficient to comply with auditing andreporting standards under the Investment Company Act of 1940. The Company isaware that this situation may, in the future, create a potential conflict ofinterest. Please see the Company's Current Report on Form 8K as filed with theSEC on June 28, 2007.

ITEM 6. EXHIBITS

Exhibits

31 Rule 13a-41(a)/15d-14(a) Certificates

32 Section 1350 Certifications

 

 

Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned thereunto duly authorized.

ATLANTIS BUSINESS DEVELOPMENT CORPORATION

 

Date: August 20, 2007

***/s/ Tim DeHerrera***

Tim DeHerrera

CEO************************************************************************************************ |
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