UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

 

Form 10-Q

 

QUARTERLYREPORT PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIESEXCHANGE ACTS OF 1934

 

For thequarterly period ended March 31, 2007

 

CommissionFile Number 0-16286

 

ATLANTISBUSINESS DEVELOPMENT CORPORATION

(Exact nameof registrant as specified in its charter)

 

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

6302 MesedgeDrive

ColoradoSprings, CO 80919

(Address ofprincipal executive offices)

 

(719)598-2469

(Registrant's telephone number, including area code)

 

(Formername, 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 largeaccelerated filer, an accelerated filer, on a non-accelerated filer. Seedefinition of "accelerated filer and large accelerated filer" in Rule 12b-2 ofthe Exchange Act. (Check One)

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

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 March 31, 2007, there were 34,534,000 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 THREE MONTHS ENDED MARCH 31, 2007 AND 2006**
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
**ATLANTIS BUSINESS DEVELOPMENT CORPORATION

 

 

INDEX TO CONDENSEDFINANCIAL STATEMENTS 

(UNAUDITED)**
 
**CONDENSED FINANCIAL STATEMENTS:                                                                                                            Page(s)
Condensed Balance Sheets as of March 31, 2007 3

Condensed statements of operationsfor the three months 

    ended March 31,2007 and 2006                                                                                                                                    4 

 

Condensed statements of cash flowsfor the three months 

    ended March 31,2007 and 2006                                                                                                                                    5

Notes to the condensed financial statements                                                                                                                       6-18

 

 

 

 

 

 

 The accompanying notes to the condensedfinancial statements are an integral part of these statements.
3

 The accompanying notes to the condensedfinancial statements are an integral part of these statements.
4

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

5

 

**ATLANTIS BUSINESSDEVELOPMENT CORPORATION**

**NOTES TO CONDENSEDFINANCIAL STATEMENTS**

**MARCH 31, 2007 AND2006 (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 statement 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 three months ended March 31, 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 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 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 is an investment company designed to assist eligible portfolio        companies with capital information. The decision to become a Business        Development Company was made primarily to better reflect the Company's        anticipated future business and developing relationships. The Company        does not intend to focus its investments in any one industry; but        intends to carefully screen any and all candidates that appear to have        superior investment opportunities.

**ATLANTIS BUSINESSDEVELOPMENT CORPORATION**

**NOTES TO CONDENSEDFINANCIAL STATEMENTS**

**MARCH 31, 2007 AND2006 (UNAUDITED)**

 
**NOTE 1- ORGANIZATION AND BUSINESS (CONTINUED)
The Company acquired assets from an individual for        $3,970,000 and put them into a newly formed wholly owned subsidiary        E-Direct Inc. in the quarter ending June 30, 2004. The Company        recognized $200,000 of assets and $3,770,000 of goodwill.

In January 2005, the Company merged with a Nevada        corporation and remained the surviving corporation with a Nevada        domicile.

On January 21, 2005, the Company spun off its wholly        owned subsidiary E-Direct, Inc. The financial statements for the years        ended December 31, 2005 and 2004 include reclassifications of the        operations of the Company to reflect the disposal of the subsidiary        below the line as discontinued operations in accordance with the        provisions of FASB 144, "Accounting for the Impairment or Disposal of        Long-Lived Assets". There was $3,770,000 of goodwill written off with        the disposition.

On March 7, 2005, the Company formed, as a wholly        owned subsidiary, 727 Communications, Inc. This Company was formed to        sell voice over the internet protocol (VOIP) minutes. Also in March 2005        the Company signed an asset purchase agreement with its former        subsidiary. The Company issued 2,000,000 shares of stock for certain        assets and goodwill.

On September 16, 2005, the Company spun off its        wholly owned subsidiary 727 Communications, Inc. The financial        statements for the year ended December 31, 2005 include        reclassifications of the operations of the Company to reflect the        disposal of the subsidiary below the line as discontinued operations in        accordance with the provisions of FASB 144, "Accounting for the        Impairment or Disposal of Long-Lived Assets. There was $613,960 of        goodwill written off upon the disposition.
**ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)

 

NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**Use of Estimates**
The preparation of financial statements 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.
**Fiscal Year Change**
Effective the calendar year beginning January 1,        2005, the Company has changed from a fiscal year end of March 31st to        December 31st. A nine-month fiscal transition period from April 1, 2004        through December 31, 2004 precedes the start of the new calendar-year        cycle.
** 

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 March 31, 2007, the Company maintained cash and        cash equivalent balances at each financial institution that is insured        by the Federal Deposit Insurance Corporation, whose amounts do not        exceed the insured limit of $100,000.
**Revenue Recognition**
The Company records its revenue on the accrual basis,        whereby revenue is recognized when earned and expenses recognized when        incurred.
** 

ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)

NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)** 

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 these financial statements.
****
 
**Income Taxes**
Deferred income taxes are reported using the        liability method. Deferred tax assets are recognized for deductible        temporary differences and deferred tax liabilities are recognized for        taxable temporary differences. Temporary differences are the differences        between the reported amounts of assets and liabilities and their tax        bases. Deferred tax assets are reduced by a valuation allowance when, in        the opinion of management, it is more likely than not that some portion        or all of the deferred tax assets will not be realized. Deferred tax        assets and liabilities are adjusted for the effects of changes in tax        laws and rates on the date of enactment.
**Goodwill And Other Intangible Assets**
In June 2001, the Financial Accounting Standards        Board ("FASB") issued Statement No. 142 "Goodwill and Other Intangible        Assets". This statement addresses financial accounting and reporting for        acquired goodwill and other intangible assets and supercedes APB opinion        No. 17, "Intangible Assets". It addresses how intangible assets that are        acquired individually or with a group of other assets (but not those        acquired in a business combination) should be accounted for in the        financial statements upon their acquisition. This Statement also        addresses how goodwill and other intangible assets should be accounted        for after they have been initially recognized in the financial        statements. The Company, in its acquisitions, recognized $3,770,000 of        goodwill for the transitional period ended December 31, 2004. The        Company also recognized another $613,960 of goodwill during the first        quarter 2005 when it acquired another company. By the end of the third        quarter 2005, the Company had spun-off both of these entities and        impaired the goodwill of $4,383,960 associated with the acquisitions.
** 

ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)

NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
Loss In Net Assets From Operations Per Share

Historical net (loss) per common share is computed        using the weighted average number of common shares outstanding. Diluted        earnings per share (EPS) include additional dilution from common stock        equivalents, such as stock issuable pursuant to the exercise of stock        options and warrants. There were no common stock equivalents outstanding        for the periods presented.

The following is a reconciliation of the computation        for basic and diluted EPS:
**ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)**** 

NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
Stock-Based Compensation

Employee stock awards under the Company's        compensation plans are accounted for in accordance with Accounting        Principles Board Opinion No. 25 ("APB 25"), "*Accounting for Stock        Issued to Employees*", and related interpretations. The Company        provides the disclosure requirements of Statement of Financial        Accounting Standards No. 123, "*Accounting for Stock-Based        Compensation*" ("SFAS 123"), and related interpretations. Stock-based        awards to non-employees are accounted for under the provisions of SFAS        123 and has adopted the enhanced disclosure provisions of SFAS No. 148        "Accounting for Stock-Based Compensation- Transition and Disclosure, an        amendment of SFAS No. 123". 

The Company measures compensation expense for its        employee stock-based compensation using the intrinsic-value method.        Under the intrinsic-value method of accounting for stock-based        compensation, when the exercise price of options granted to employees is        less than the estimated fair value of the underlying stock on the date        of grant, deferred compensation is recognized and is amortized to        compensation expense over the applicable vesting period. In each of the        periods presented, the vesting period was the period in which the        options were granted.

The Company measures compensation expense for its        non-employee stock-based compensation under the Financial Accounting        Standards Board (FASB) Emerging Issues Task Force (EITF) Issue No.        96-18, "*Accounting for Equity Instruments that are Issued to Other        Than Employees for Acquiring, or in Conjunction with Selling, Goods or        Services*". The fair value of the option issued is used to measure        the transaction, as this is more reliable than the fair value of the        services received. The fair value is measured at the value of the        Company's common stock on the date that the commitment for performance        by the counterparty has been reached or the counterparty's performance        is complete. The fair value of the equity instrument is charged directly        to compensation expense and additional paid-in capital.
**NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
Common Stock Issued For Other Than Cash

Services purchased and other transactions settled in        the Company's common stock are recorded at the estimated fair value of        the stock issued if that value is more readily determinable than the        fair value of the consideration received.
**RECENTLY ISSUED ACCOUNTING PROUNCEMENTS**
 

In May 2005, the FASB issued SFAS 154, "Accounting        for Changes and Error Corrections--a replacement of APB Opinion No. 20        and FASB Statement No. 3." SFAS 154 changes the requirements with regard        to the accounting for and reporting a change in an accounting principle.        The provisions of SFAS 154 require, unless impracticable, retrospective        application to prior periods presented in financial statements for all        voluntary changes in an accounting principle and changes required by the        adoption of a new accounting pronouncement in the unusual instance that        the new pronouncement does not indicate a specific transition method.        SFAS 154 also requires that a change in depreciation, amortization or        depletion method for long-lived, non-financial assets be accounted for        as a change in an accounting estimate, which requires prospective        application of the new method. SFAS 154 is effective for all changes in        an accounting principle made in fiscal years beginning after        December 15, 2005. The Company has adopted SFAS 154 as of January 1,        2006. Because SAS 154 is directly dependent upon future events, the        Company cannot determine what effect, if any, the expected adoption of        SFAS 154 will have on its financial condition, results of operations or        cash flows.

 

In March 2005, the FASB issued Statement of Financial        Accounting Standards Interpretation Number 47 ("FIN 47"), "Accounting        for Conditional Asset Retirement Obligations." FIN 47 provides        clarification regarding the meaning of the term "conditional asset        retirement obligation" as used in SFAS 143, "Accounting for Asset        Retirement Obligations." FIN 47 is effective for the year ended December        31, 2005. Management has assessed the implications of FIN 47 on the        Company's financial position, results of operations and cash flows and        has determined it to be immaterial.
**ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)**
 
**NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
Recently Issued Accounting Pronouncements (continued)

On December 16, 2004, the Financial Accounting        Standards Board ("FASB") published Statement of Financial Accounting        Standards No. 123 (Revised 2004), Share-Based Payment ("SFAS 123R").        SFAS 123R requires that compensation cost related to share-based payment        transactions be recognized in the financial statements. Share-based        payment transactions within the scope of SFAS 123R include stock        options, restricted stock plans, performance-based awards, stock        appreciation rights, and employee share purchase plans. The provisions        of SFAS 123R are effective for small business issuers as of the first        interim period that begins after December 15, 2005. The implementation        of this standard did not have a material impact on its financial        position, results of operations or cash flows.

 

On December 16, 2004, FASB issued Financial        Accounting Standards No. 153, Exchanges of Nonmonetary Assets, an        amendment of APB Opinion No. 29, Accounting for Nonmonetary Transactions        ("FAS 153"). This statement amends APB Opinion 29 to eliminate the        exception for nonmonetary exchanges of similar productive assets and        replaces it with a general exception for exchanges of nonmonetary assets        that do not have commercial substance.

 

Under FAS 153, if a non-monetary exchange of similar        productive assets meets a commercial-substance criterion and fair value        is determinable, the transaction must be accounted for at fair value        resulting in recognition of any gain or loss. FAS 153 is effective for        non-monetary transactions in fiscal periods that begin after June 15,        2005. The implementation of this standard did not have a material impact        on its financial position, results of operations or cash flows.
**ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)**
 
**NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
Recently Issued Accounting Pronouncements (continued)

In February 2006, the FASB issued FAS No. 155,        "Accounting for Certain Hybrid Financial Instruments, an amendment of        FASB Statements No. 133 and 140." FAS No. 155 resolves issues addressed        in FAS No. 133 Implementation Issue No. D1, "Application of Statement        133 to Beneficial Interests in Securitized Financial Assets," and        permits fair value remeasurement for any hybrid financial instrument        that contains an embedded derivative that otherwise would require        bifurcation, clarifies which interest-only strips and principal-only        strips are not subject to the requirements of FAS No. 133, establishes a        requirement to evaluate interests in securitized financial assets to        identify interests that are freestanding derivatives or that are hybrid        financial instruments that contain an embedded derivative requiring        bifurcation, clarifies that concentrations of credit risk in the form of        subordination are not embedded derivatives and amends FAS No. 140 to        eliminate the prohibition on a qualifying special-purpose entity from        holding a derivative financial instrument that pertains to a beneficial        interest other than another derivative financial instrument. FAS No. 155        is effective for all financial instruments acquired or issued after the        beginning of the first fiscal year that begins after September 15, 2006.        The Company is currently evaluating the effect the adoption of FAS        No. 155 but believes it will not have a material impact on its financial        position or results of operations.

In March 2006, the FASB issued FAS No. 156,        "Accounting for Servicing of Financial Assets, an amendment of FASB        Statement No. 140." FAS No. 156 requires an entity to recognize a        servicing asset or liability each time it undertakes an obligation to        service a financial asset by entering into a servicing contract under a        transfer of the servicer's financial assets that meets the requirements        for sale accounting, a transfer of the servicer's financial assets to a        qualified special-purpose entity in a guaranteed mortgage securitization        in which the transferor retains all of the resulting securities and        classifies them as either available-for-sale or trading securities in        accordance with FAS No. 115, "Accounting for Certain Investments in Debt        and Equity Securities" and an acquisition or assumption of an obligation        to service a financial asset that does not relate to financial assets of        the servicer or its consolidated affiliates.
**ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)

NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
Recently Issued Accounting Pronouncements (continued)

 

Additionally, FAS No. 156 requires all separately        recognized servicing assets and servicing liabilities to be initially        measured at fair value, permits an entity to choose either the use of an        amortization or fair value method for subsequent measurements, permits        at initial adoption a one-time reclassification of available-for-sale        securities to trading securities by entities with recognized servicing        rights and requires separate presentation of servicing assets and        liabilities subsequently measured at fair value and additional        disclosures for all separately recognized servicing assets and        liabilities. FAS No. 156 is effective for transactions entered into        after the beginning of the first fiscal year that begins after        September 15, 2006. The Company is currently evaluating the effect the        adoption of FAS No. 156, but believes it will not have a material impact        on its financial position or on the results of operations.

In September 2006, the FASB issued SFAS No. 157 "Fair        Value Measurements," which provides a definition of fair value,        establishes a framework for measuring fair value and requires expanded        disclosures about fair value measurements. SFAS No. 157 is effective for        the financial statements issued for the fiscal years beginning after        November 15, 2007 and the interim periods within those fiscal years. The        provisions of SFAS No. 157 should be applied prospectively. Management        is assessing the potential impact on the Company's financial condition        and results of operations.

In September 2006, the FASB issued SFAS No. 158        "Employers' Accounting for Defined Benefit Pension and Other        Postretirement Plans", which amends SFAS No. 87 "Employer's Accounting        for Pensions" (SFAS No. 87), SFAS No. 88 "Employers' Accounting for        Settlements and Curtailments of Defined Benefit Pension Plans and for        Termination Benefits" (SFAS No. 88), SFAS No. 106 "Employers' Accounting        for Postretirement Benefits Other Than Pensions" (SFAS No. 106), and        SFAS No. 132R "Employers' Disclosures about Pensions and Other        Postretirement Benefits (revised 2003)" (SFAS No. 132R). This Statement        requires companies to recognize an asset or liability for the overfunded        or underfunded status of their benefit plans in their financial        statements. 
**ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)

NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
Recently Issued Accounting Pronouncements (continued)

SFAS No. 158 also requires the measurement date for        plan assets and liabilities to coincide with the sponsor's year end. The        standard provides two transition alternatives related to the change in        measurement date provisions. The recognition of an asset and liability        related to the funded status provision is effective for fiscal year        ending after December 15, 2006 and the change in measurement date        provisions is effective for the fiscal years ending after December 15,        2008. The Company is currently evaluating the effect the adoption of        SFAS No. 158, but believes it will not have a material impact on its        financial position or on the results of operations.
**Reclassifications**
Certain amounts for the period ended March 31, 2006        have been reclassified to conform to the presentation of the March 31,        2007 amounts. The reclassifications have no effect on the net loss for        the period ended March 31, 2007.

 
**NOTE 3- STOCKHOLDERS' EQUITY (DEFICIT)
On March 31, 2007 the Company has 200,000,000 shares        of common stock authorized at a par value of $.001, and 34,634,000        shares issued and outstanding. 
**Stock Transactions for 2006**
The Company issued 7,015,000 shares of its stock with        a fair value of $552,750. The company also issued 360,000 shares of its        stock with a fair value of $357,000.Cash received in the transactions        was $177,750 and beneficial interest expensed recognized was $732,000.        

The Board of Directors on August 18, 2006 voted to        effectuate a 1 for 100 reverse stock split .

The Company issued 2,050,000 shares of stock for        services and advertising valued at $1,520,500 in August 2006.

The Company issued 9,000,000 shares of its stock with        a fair market value of $0.26 per share for compensation valued at        $2,370,000.
**ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)

NOTE 3- STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)
Stock Transactions for 2007

The Company issued 26,680,000 shares of its stock        with a fair value of $1,314,850. Cash received in the transactions was        $214,780 and beneficial interest expensed recognized was $1,100,070. 
**NOTE 4- PROVISION FOR INCOME TAXES
The Company did not provide for income taxes for the        period ended March 31, 2007. Additionally, the Company established a        valuation allowance equal to the full amount of the deferred tax assets        due to the uncertainty of the utilization of the operating losses in        future periods.

At March 31, 2007, the deferred tax assets consist of the following:
****
At March 31, 2007, the Company had accumulated        deficits in the amount of $13,584,999 available to offset future taxable        income through 2026. The Company established valuation allowances equal        to the full amount of the deferred tax assets due to the uncertainty of        the utilization of the operating losses in future periods.
**ATLANTIS BUSINESSDEVELOPMENT CORPORATION

NOTES TO CONDENSEDFINANCIAL STATEMENTS

MARCH 31, 2007 AND2006 (UNAUDITED)

NOTE 5- GOING CONCERN**
 

As shown in the accompanying financial statements,        the Company has sustained net operating losses for the period ended        March 31, 2007 and has substantial accumulated deficits that raise        substantial doubt about its ability to continue as a going concern. 

The Company's future success is dependent upon its        ability to achieve profitable operations and generate cash from        operating activities, and upon additional financing. There is no        guarantee that the Company will be able to raise enough capital or        generate revenues to sustain its operations. The condensed financial        statements do not include any adjustments that might result from the        outcome of this uncertainty.

 

 

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

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2007, the Company had working capital of $27,045. The Companycan rely on its Equity Line of Credit Agreement, if necessary, to fundoperations.

RESULTS OF OPERATIONS

There was $0.00 in revenue derived from the Company for the three-monthperiod ended March 31, 2007. There was $0 revenue for the three month periodended March 31, 2006.

There was $1,275,628 Operational Expenses for operations for the three-monthperiod ended March 31, 2007, compared to $16,247 in operating expenses for thethree-month period ended March 31, 2006. 

There were no Sales and Marketing expenses for the three month period endedMarch 31, 2007, or March 31, 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 March 31, 2007, the Company carried out an evaluation of theeffectiveness of the Company's disclosure controls and procedures (as defined byRule 13a-14(c) under the Securities Exchange Act of 1934) under the supervisionand with the participation of the Company's chief executive officer and chieffinancial officer. Based on and as of the date of such evaluation, theaforementioned officers have concluded that the Company's disclosure controlsand 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 March 31, 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 $4,884,062. Future losses are likely to occur.Accordingly, we may experience significant liquidity and cash flow problems ifwe are not able to raise additional capital as needed and on acceptable terms.No assurances can be given that we will be successful in reaching or maintainingprofitable 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

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

None.
 

ITEM 5. OTHER INFORMATION

None

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: May 15, 2007

***/s/ Tim DeHerrera***

Tim DeHerrera

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