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**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**___________________**FORM 10-Q**________________________________

**ý                                QUARTERLY REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

  

For the quarterly period ended September 30, 2010

  

or

  

** ̈                                TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

   

For the transition period from    to

  

Commission file number 0-19041

  

**AMERICANBIOGENETIC SCIENCES, INC.**(Exact Name Of RegistrantAs Specified In Its Charter)
| Delaware                                    | 11-2655906                              |
|---------------------------------------------|-----------------------------------------|
| (State of Incorporation)                    | (I.R.S. Employer    Identification No.) |
|                              |                          |
| 40    Wall Street, 28th Floor               | 10005                                   |
| (Address of Principal    Executive Offices) | (ZIP Code)                              |

Registrant'sTelephone Number, Including Area Code: (212) 400-7198

Indicate by check markwhether the registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.  Yes x  No  ̈

On September 30,2010, the Registrant had 1,088,740 shares of common stock outstanding.

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act). Yes x No  ̈

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act).
| Large accelerated    filer  ̈ | Accelerated filer  ̈  | Non-Accelerated    filer  ̈  | Smaller reporting    company x |
|----------------------------------|-------------------------------|--------------------------------------|------------------------------------|

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**TABLE OF CONTENTS**
| Item                                  |                          | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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| **PART I - FINANCIAL    INFORMATION** |
|                                  |
| ITEM 1.                               |      |    FINANCIAL    STATEMENTS.
    3  
ITEM 2.
    
   MANAGEMENT'S    DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
    3   ITEM 3.   QUANTITATIVE    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK6
ITEM 4.
    
   CONTROLS AND    PROCEDURES.
    6     
**PART II - OTHER    INFORMATION**
  
ITEM 1.
    
   LEGAL    PROCEEDINGS.
    6  ITEM 1A.   RISK FACTORS6
ITEM 2.
    
   UNREGISTERED SALES    OF EQUITY SECURITIES AND USE OF PROCEEDS
    6   
ITEM 3.
    
   DEFAULT    UPON SENIOR SECURITIES.
    6   
ITEM 4.
    
   SUBMISSION    OF MATERS TO A VOTE OF SECURITY HOLDERS.
    6   
ITEM 5.
    
   OTHER INFORMATION.
    6   ITEM 6.   EXHIBITS6
 
****
**PART I - FINANCIAL INFORMATION**

ITEM1. FINANCIAL STATEMENTS****Back to Table ofContents

The Registrant's unaudited interim financial statementsare attached hereto. UnauditedInterim Financial Statements

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONBack to Table ofContents

Some of the statements contained in this quarterlyreport of American Biogenetic Sciences, Inc., a Delaware corporation discuss futureexpectations, contain projections of our plan of operation or financial condition or stateother forward-looking information. Forward-looking statements give our currentexpectations or forecasts of future events. You can identify these statements by the factthat they do not relate strictly to historical or current facts. They use of words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide forward-looking statements in othermaterials we release to the public.

General Background

AmericanBiogenetic Sciences, Inc., a Delaware corporation, is sometimes referred to herein as"we", "us", "our", "Company" and the"Registrant". The Registrant was formed in 1983 for the purpose ofresearching, developing and marketing cardiovascular and neurobiology products forcommercial development and distributing vaccines. The Registrant's products were designedfor in vitro and in vivo diagnostic procedures and therapeutic drugs, and its products hadbeen identified for use in the treatment of epilepsy, migraine and mania,neurodegenerative diseases, coronary artery diseases and cancer. The Registrantcommenced selling its products during the last quarter of 1997 but did not generate anysufficient revenues from operations to fund its operating expenses.

On September 19, 2002, the Registrant filed a petitionunder the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District ofNew York. On November 4, 2005, the Bankruptcy Court approved an order authorizing a changein control and provided that the Company, subsequent to the bankruptcy proceeding, is freeand clear of all liens, claims and interests of others.

On May 3, 2010, the Company’s previously authorized200 for 1 reverse stock split became effective and the Company’s shares of commonstock became subject to quotation on the FINRA BB under the new symbol MABA on June 2,2010.

Change in Control following Bankruptcy

The Bankruptcy Court authorized Park AvenueGroup to appoint new members to the Registrant's board of directors and management, andthe authority to change the Registrant's articles of incorporation with respect to thecapital stock of the Company. On November 29, 2005, the Registrant's board of directorsapproved an amendment to the Registrant's articles of incorporation to (i) increase thenumber of authorized shares of capital stock to 910,000,000 shares, including 900,000,000shares of common stock, par value $0.0001, and 10,000,000 shares of preferred stock, parvalue $0.0001. On November 8, 2005, Park Avenue Group appointed RichardRubin to the board of directors of theRegistrant, which then appointed Mr. Rubin to be chief executive officer and chieffinancial officer of the Registrant.

New BusinessObjectives of the Registrant

Asa result of the bankruptcy proceeding, the Registrant has no present operations and hasdetermined to direct its efforts and limited resources to pursue potential new businessopportunities. The Registrant does not intend to limit itself to a particular industry andhas not established any particular criteria upon which it shall consider and proceed witha business opportunity.

Following the Registrant's fiscal year ended December31, 2001, its common stock has been subject to quotation on the pink sheets. There iscurrently only a limited trading market in the Registrant's shares. There can be noassurance that there will be an active trading market for our common stock. In the eventthat an active trading market commences, there can be no assurance as to the market priceof our shares of common stock, whether any trading market will provide liquidity toinvestors, or whether any trading market will be sustained.

Registrant'sexecutive officer/director intends to devote such time as he deems necessary to carry outthe Registrant's affairs. The exact length of time required for the pursuit of any newpotential business opportunities is uncertain. No assurance can be made that theRegistrant will be successful in its efforts. We cannot project the amount of time thatour executive officer/director will actually devote to the Registrant's plan of operation.

Plan of Operation

We have no present operations orrevenues and our current activities are related to seeking new business opportunities,including seeking an acquisition or merger with an operating company. If our managementseeks to acquire another business or pursue a new business opportunity, it would havesubstantial flexibility in identifying and selecting a prospective business. Registrantwould not be obligated nor does management intend to seek pre-approval from ourshareholders. Under the laws of the State of Delaware, the consent of holders of amajority of the issued and outstanding shares, acting without a shareholders meeting, canapprove an acquisition.

The Registrant is entirely dependent onthe judgment of its executive officer/director in connection with pursuing a new businessopportunity or a selection process for a target operating company. In evaluating aprospective new business opportunity or an operating company, he would consider, amongother factors, the following: (i) costs associated with effecting a transaction; (ii)equity interest in and opportunity to control the prospective candidate; (iii) growthpotential of the target business; (iv) experience and skill of management and availabilityof additional personnel; (v) necessary capital requirements; (vi) the prospectivecandidate's competitive position; (vii) stage of development of the business opportunity;(viii) the market acceptance of the business, its products or services; (ix) theavailability of audited financial statements of the potential business opportunity; and(x) the regulatory environment that may be applicable to any prospective businessopportunity. 

The foregoing criteria are not intendedto be exhaustive and there may be other criteria that management may deem relevant. Inconnection with an evaluation of a prospective or potential business opportunity,management may be expected to conduct a due diligence review.

Liquidity and Capital Resources

We will use our limited personnel andfinancial resources in connection with seeking new business opportunities, includingseeking an acquisition or merger with an operating company. It may be expected thatentering into a new business opportunity or business combination will involve the issuanceof a substantial number of restricted shares of common stock. If such additionalrestricted shares of common stock are issued, our shareholders will experience a dilutionin their ownership interest in the Registrant. If a substantial number of restrictedshares are issued in connection with a business combination, a change in control may beexpected to occur. 

Inconnection with our plan to seek new business opportunities and/or effecting a businesscombination, we may determine to seek to raise funds from the sale of restricted stock ordebt securities.We have no agreements to issue any debt or equity securities and cannotpredict whether equity or debt financing will become available at terms acceptable to us,if at all.

Thereare no limitations in our articles of incorporation on our ability to borrow funds orraise funds through the issuance of restricted common stock to effect a businesscombination. Our limited resources and lack of operating history may make it difficult todo borrow funds or raise capital. Our inability to borrow funds or raise funds through theissuance of restricted common stock required to effect or facilitate a businesscombination may have a material adverse effect on our financial condition and futureprospects, including the ability to complete a business combination. To the extent thatdebt financing ultimately proves to be available, any borrowing will subject us to variousrisks traditionally associated with indebtedness, including the risks of interest ratefluctuations and insufficiency of cash flow to pay principal and interest, including debtof an acquired business. 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKBack to Table ofContents

We have not enteredinto, and do not expect to enter into, financial instruments for trading or hedgingpurposes.

ITEM 4.CONTROLS AND PROCEDURES****Back to Table ofContents

*Evaluation of disclosure controls andprocedures.*As of September 30, 2010, theCompany's chief executive officer/chief financial officer conducted an evaluationregarding the effectiveness of the Company's disclosure controls and procedures (asdefined in Rules 13a-15(e) or 15d-15(e) under the  Exchange Act. Based upon theevaluation of these controls and procedures, our chief executive officer/chief financialofficer concluded that our disclosure controls and procedures were effective as of thedate of filing this quarterly report.

*Changes in internal controls.*During the quarterly period covered by this report, no changesoccurred in our internal control over financial reporting that materially affected, or isreasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

ITEM 1. LEGALPROCEEDINGS****Back to Table of Contents

None.

ITEM 1A.RISK FACTORSBack to Table of Contents

In addition to the otherinformation set forth in this report, you should carefully consider the factors discussedin Part I, “Item 1. Description of Business, subheading Risk Factors” inour Annual Report on Form 10-K for the year ended December 31, 2009, which couldmaterially affect our business, financial condition or future results. The risks describedin our Annual Report on Form 10-K are not the only risks facing our company.Additional risks and uncertainties not currently known to us or that we currently deem tobe immaterial also may materially adversely affect our business, financial conditionand/or operating results. 

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSBack to Table ofContents

None.

ITEM3. DEFAULTS UPON SENIOR SECURITIES****Back to Table ofContents

None.

ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSBack to Table ofContents

None.

ITEM5. OTHER INFORMATION****Back to Table ofContents

None.

ITEM6. EXHIBITS Back to Table of Contents

(a) The following documents are filed as exhibits tothis report on Form 10-Q or incorporated by reference herein. Any document incorporated byreference is identified by a parenthetical reference to the SEC filing that included suchdocument.

Exhibit    No.Description31Certification of CEO/CFO    pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the    Sarbanes-Oxley Act of 2002.32Certification of CEO/CFO    pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the    Sarbanes-Oxley Act of 2002.
 

SIGNATURES

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signed below bythe following persons on behalf of the registrant and in the capacities and on the dateindicated.

/s/ RichardRubinRichard Rubin   *CEO, CFO and Chairman**   Dated: November 11, 2010*

Financial Statements for the three and nine-month periods ended September 30,2010 and 2009

 
**American Biogenetic Sciences, Inc.**Balance SheetsBack to Table    of Contents     **September 30, 2010**** **(Unaudited)**December 31, 2009**
ASSETSCurrent assets:   Cash$0$0   Prepaid expenses00           Total current assets00      Total    Assets$0$0  
LIABILITIES    AND STOCKHOLDERS' DEFICIENCYCurrent Liabilities:   Accounts payable -    trade$1,527$500   Accrued interest    expenses9,1202,280   Advances from and    accruals due to related party50,11314,613            Total current liabilities60,76017,613              Convertible debt76,00076,000              Total liabilities136,76093,393  Stockholders' Deficiency:Common stock, 900,000,000    shares authorized, $0.0001 par value;         1,088,740 shares issued and outstanding at June 30, 2010 and        217,749,909 shares issued and outstanding at December 31, 200910921,775   Additional paid-in    capital46,19124,525   Accumulated    deficit(183,060)(139,693)     Total    Stockholders' Deficiency(136,760)(93,393)            Total Liabilities and Stockholders' Deficiency$0$0     See    Summary of Significant Accounting Policies and Notes to Financial Statements.**American    Biogenetic Sciences, Inc.**Statement of Operations  **Three Months****Three Months****Nine Months****Nine Months****Ended****Ended****Ended****Ended****September  30, 2010****September 30, 2009****September  30, 2010****September  30, 2009**(Unaudited)(Unaudited)(Unaudited)(Unaudited)  Revenue$0$0$0$0  Costs and expenses:   General and administrative9,50010,03030,50031,135   Interest expenses2,28006,8400Total costs and expenses11,78010,03037,34031,135  Net loss$(11,780)$(10,030)$(37,340)$(31,135)  Basic and diluted per shares amounts:Basic and diluted net loss$(0.01)$(0.01)$(0.03)$(0.03)  Weighted average shares outstanding:Basic and diluted1,088,7401,088,7401,088,7401,088,740  See notes to unaudited interim    financial statements.
**American Biogenetic Sciences, Inc.**
Statements of Cash Flows  **Nine Months****Nine Months****Ended****Ended**                   **September 30, 2010****September 30, 2009**  (Unaudited)(Unaudited)Cash flows from operating activities:Net income (loss)$(37,340)(31,135)Adjustment required to reconcile net income    (loss) to cash used in operating activities:   Fair value of expenses provided    from related parties32,00027,000   Increase (decrease) in accounts    payable and accrued expenses5,3403,500    Cash    flows used by operating activities$0(0)  Cash flows from investing    activities:     Cash    used in investing activities00   Cash flows from financing activities:   Proceeds from the issuance of    common stock00   Advances from related parties0646     Cash    provided by financing activities0646       Change in cash010Cash - beginning of period021Cash - end of period$0$11  See notes to    unaudited interim financial statements.**AMERICAN BIOGENETIC SCIENCES, INC.Notes to Unaudited Interim Financial StatementsSeptember 30, 2010

**1. Basis of Presentation**

American Biogenetic Sciences, Inc. (the "Company","We" or "ABS") was incorporated in Delaware on September 1, 1983.Prior to filing for bankruptcy under chapter 7, the Company engaged in the research,development and production of bio-pharmaceutical products.

The Financial Statements presented herein have been prepared by us inaccordance with the accounting policies described in our December 31, 2009 Annual Reporton Form 10-K and should be read in conjunction with the Notes to Consolidated FinancialStatements which appear in that report.

The preparation of these financial statements in conformity withaccounting principles generally accepted in the United States requires us to makeestimates and judgments that affect the reported amounts of assets, liabilities, revenuesand expenses, and related disclosure of contingent assets and liabilities. On an on goingbasis, we evaluate our estimates, including those related intangible assets, income taxes,insurance obligations and contingencies and litigation. We base our estimates onhistorical experience and on various other assumptions that are believed to be reasonableunder the circumstances, the results of which form the basis for making judgments aboutthe carrying values of assets and liabilities that are not readily apparent from otherresources. Actual results may differ from these estimates under different assumptions orconditions.

In the opinion of management, the information furnished in this Form10-Q reflects all adjustments necessary for a fair statement of the financial position andresults of operations and cash flows as of and for the three and nine-month periods endedSeptember 30, 2010 and 2009. All such adjustments are of a normal recurring nature. TheFinancial Statements have been prepared in accordance with the instructions to Form 10-Qand therefore do not include some information and notes necessary to conform with annualreporting requirements.
**"Fresh Start" Accounting: On September 19, 2002 all ofthe Company’s assets were transferred to the chapter 7 trustee in settlement of alloutstanding corporate obligations. We adopted "fresh-start" accounting as ofSeptember 20, 2002 in accordance with procedures specified by AICPA Statement of Position("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization underthe Bankruptcy Code."

All results for periods subsequent to September 19, 2002 are referredto as those of the "Successor Company". The results of operations and cash flowsas presented on the 2002 financial statements reflect the predecessor company. Thesuccessor company had no transactions between September 19 and the end of the reportingperiod December 31, 2002.

In accordance with SOP No. 90-7, the reorganized value of the Companywas allocated to the Company's assets based on procedures specified by SFAS No. 141,"Business Combinations". Each liability existing at the plan sale date, otherthan deferred taxes, was stated at the present value of the amounts to be paid atappropriate market rates. It was determined that the Company's reorganization valuecomputed immediately before September 20, 2002 was $0. We adopted "fresh-start"accounting because holders of existing voting shares immediately before filing andconfirmation of the sale received less than 50% of the voting shares of the emergingentity and its reorganization value is less than its post-petition liabilities and allowedclaims.

The accounts of the former subsidiaries were not included in the saleand have not been carried forward.
**2. Bankruptcy Proceedings

On September 19, 2002, the Registrant filed a voluntary Chapter 7petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District ofNew York (case no. 02-86689). On November 4, 2005, the Bankruptcy Court approved an Orderconfirming the sale of debtor's interest in personal property to Park Avenue Group Inc.The material terms of the transaction confirmed by Bankruptcy Court authorized Park AvenueGroup to appoint new members to the Registrant's board of directors and authorized thenewly-appointed board of directors to amend the Article of Incorporation with respect tothe capital stock of the Company.

The accounts of the former subsidiaries were not included in the saleand have not been carried forward.
**Resultant Change in Control: In connection with the Orderconfirming the sale of debtor's interest in certain intangible personal property to ParkAvenue Group Inc. approved by the U.S. Bankruptcy Court Eastern District of New York onNovember 4, 2005, the Court authorized a change in control pursuant to which Richard Rubinbecame our sole director on November 29, 2005, and was appointed CEO by the new board ofdirectors on November 29, 2005. The Court order further provided that the sale was freeand clear of liens, claims and interests of others and that the sale was free and clear ofany and all other real or personal property interests, including any interests inABS’s subsidiaries.
**3. Earnings/Loss Per Share

Basic earnings per share is computed by dividing income available tocommon shareholders (the numerator) by the weighted-average number of common sharesoutstanding (the denominator) for the period. Diluted earnings per share assume that anydilutive convertible securities outstanding were converted, with related preferred stockdividend requirements and outstanding common shares adjusted accordingly. It also assumesthat outstanding common shares were increased by shares issuable upon exercise of thosestock options for which market price exceeds the exercise price, less shares which couldhave been purchased by us with the related proceeds. In periods of losses, diluted lossper share is computed on the same basis as basic loss per share as the inclusion of anyother potential shares outstanding would be anti-dilutive.
**4. New Accounting Standards

In December 2007, the Financial Accounting Standards Board issued FASBStatement No. 141 (Revised 2007), Business Combinations (“SFAS141R”). SFAS 141R provides additional guidance on improving the relevance,representational faithfulness, and comparability of the financial information that areporting entity provides in its financial reports about a business combination and itseffects. This Statement applies prospectively to business combinations for which theacquisition date is on or after the beginning of the first annual reporting periodbeginning on or after December 15, 2008. 

In December 2007, the Financial Accounting Standards Board issued FASBStatement No. 160,*Noncontrolling Interests in Consolidated FinancialStatements—an amendment of ARB No. 51* (“SFAS 160”). SFAS 160amends ARB No. 51 to establish accounting and reporting standards for thenoncontrolling interest in a subsidiary and for the deconsolidation of asubsidiary. This Statement is effective for fiscal years and interim periods withinthose fiscal years, beginning on or after December 15, 2008. The Company is currentlyevaluating the impact of adopting SFAS 160 on our financial statements.

In May 2008, the FASB issued SFAS No. 162, “*The Hierarchy ofGenerally Accepted Accounting Principles.*” SFAS 162 identifies the sources ofaccounting principles and the framework for selecting the principles used in thepreparation of financial statements of nongovernmental entities that are presented inconformity with generally accepted accounting principles (GAAP) in the United States. SFAS162 is effective 60 days following the SEC’s approval of the Public CompanyAccounting Oversight Board amendments to AU Section 411, *The Meaning of Present Fairlyin Conformity With Generally Accepted Accounting Principles*. Our Company is currentlyevaluating the impact of SFAS 162 on its financial statements but does not expect it tohave a material effect.

Management does not anticipate that the adoption of these standardswill have a material impact on the financial statements.************ |