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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 Commission file number: 0-27729
 ZAP.COM CORPORATION
 (Exact name of Registrant as specified in its charter)
 Nevada(State or other jurisdiction of incorporation or organization)
    
    74-0571159(I.R.S. Employer Identification No.)100 Meridian Centre, Suite 350
Rochester, NY(Address of principal executive offices)
    
    14618(Zip Code)
 (585) 242-2000
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ZAP.COM CORPORATION
TABLE OF CONTENTS
 PART I.FINANCIAL INFORMATIONItem 1.Financial StatementsUnaudited Condensed Balance Sheets as of March 31, 2007 and December 31, 2006
    
    
    3Unaudited Condensed Statements of Operations for the Three Months Ended
March 31, 2007 and 2006
    
    
    4Unaudited Condensed Statements of Cash Flows for the Three Months Ended
March 31, 2007 and 2006
    
    
    5Notes to Unaudited Condensed Financial Statements
    
    
    6Item 2.Managements Discussion and Analysis of Financial
Condition and Results of Operations
    
    
    9Item 3.Quantitative and Qualitative Disclosures about Market Risk
    
    
    12Item 4.Controls and Procedures
    
    
    12Item 4T.Controls and Procedures
    
    
    13PART II.OTHER INFORMATIONItem 1.Legal Proceedings
    
    
    13Item 1A.Risk Factors
    
    
    13Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    13Item 3.Defaults Upon Senior Securities
    
    
    13Item 4.Submission of Matters to a Vote of Security Holders
    
    
    13Item 5.Other Information
    
    
    13Item 6.Exhibits
    
    
    13Signatures
    
    
    14Exhibits
    
    
    15EX-31.1: CertificationEX-31.2: CertificationEX-32.1: CertificationEX-32.2: CertificationEX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32.1: CERTIFICATIONEX-32.2: CERTIFICATION
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PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements and Notes
 ZAP.COM CORPORATION
 
 UNAUDITED CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2007
    
    
    2006ASSETS:Current assets:Cash and cash equivalents
    
    $
    19,065
    
    
    $
    1,724,351Short-term investments
    
    
    1,694,061
    
    
    
    Other receivables
    
    
    10,608
    
    
    
    3,151Prepaid assets
    
    
    565
    
    
    
    848Total current assets
    
    $
    1,724,299
    
    
    $
    1,728,350LIABILITIES AND STOCKHOLDERS EQUITY:Current liabilities:Accounts payable
    
    $
    676
    
    
    $
    10,018Accrued liabilities
    
    
    47,375
    
    
    
    42,600Total current liabilities
    
    
    48,051
    
    
    
    52,618Commitments and ContingenciesStockholders Equity:Preferred stock, $0.01 par value, 150,000,000 shares authorized, 0 shares
issued and outstanding
    
    
    
    
    
    
    Common stock, $.001 par value, 1,500,000,000 shares authorized; 50,004,474
shares issued and outstanding
    
    
    50,004
    
    
    
    50,004Additional paid in capital
    
    
    10,879,150
    
    
    
    10,872,515Accumulated deficit
    
    
    (9,252,906
    )
    
    
    (9,246,787
    )Total stockholders equity
    
    
    1,676,248
    
    
    
    1,675,732Total liabilities and stockholders equity
    
    $
    1,724,299
    
    
    $
    1,728,350
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ZAP.COM CORPORATION
 
 UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
 For the
    
    
    For theThree Months Ended
    
    
    Three Months EndedMarch 31,
    
    
    March 31,2007
    
    
    2006Revenues
    
    $
    
    
    
    $
    Cost of revenues
    
    
    
    
    
    
    Gross profit
    
    
    
    
    
    
    Operating expenses:General and administrative
    
    
    28,042
    
    
    
    29,383Total operating expenses
    
    
    28,042
    
    
    
    29,383Loss from operations
    
    
    (28,042
    )
    
    
    (29,383
    )Interest income
    
    
    21,923
    
    
    
    18,641Loss before income taxes
    
    
    (6,119
    )
    
    
    (10,742
    )Income taxes
    
    
    
    
    
    
    Net loss
    
    $
    (6,119
    )
    
    $
    (10,742
    )Per share data (basic and diluted):Net loss per share
    
    $
    0.00
    
    
    $
    0.00Weighted average number of common shares outstanding
    
    
    50,004,474
    
    
    
    50,004,474
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ZAP.COM CORPORATION
 
 UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
 For the
    
    
    For theThree Months Ended
    
    
    Three Months EndedMarch 31,
    
    
    March 31,2007
    
    
    2006Cash flows from operating activities:Net loss
    
    $
    (6,119
    )
    
    $
    (10,742
    )Adjustments to reconcile net loss to
net cash used in operating activities:Depreciation and amortization
    
    
    
    
    
    
    153Contributed capital from Zapata for unreimbursed
management services and rent
    
    
    3,295
    
    
    
    3,226Stock-based compensation
    
    
    3,340
    
    
    
    3,374Changes in assets and liabilities:Other receivables
    
    
    (7,457
    )
    
    
    (11,477
    )Prepaid assets
    
    
    283
    
    
    
    546Accounts payable
    
    
    (9,342
    )
    
    
    5,118Accrued liabilities
    
    
    4,775
    
    
    
    8,188Total adjustments
    
    
    (5,106
    )
    
    
    9,128Net cash used in operating activities
    
    
    (11,225
    )
    
    
    (1,614
    )Cash flows from investing activities:Purchases of short-term investments
    
    
    (1,694,061
    )
    
    
    Net cash used in investing activities
    
    
    (1,694,061
    )
    
    
    Net change in cash and cash equivalents
    
    
    (1,705,286
    )
    
    
    (1,614
    )Cash and cash equivalents at beginning of period
    
    
    1,724,351
    
    
    
    1,758,501Cash and cash equivalents at end of period
    
    $
    19,065
    
    
    $
    1,756,887
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ZAP.COM CORPORATION
 
 NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
 Note 1. Summary of Operations and Basis of Presentation
  Business Description
    Note 2. Significant Accounting Policies
 Short-term Investments
  Share-Based Payments
 Share-Based Payment
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Note 3. Short-Term Investments
  March 31, 2007Amortized
    
    
    Fair Market
    
    
    UnrealizedCost
    
    
    Value
    
    
    GainFederal Home Loan Bank Discount Note
    
    $
    1,704,669
    
    
    $
    1,704,846
    
    
    $
    177
  Note 4. Related Party Transactions
  Note 5. Commitments and Contingencies
 Guarantors Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees
of Indebtedness of Others
  Note 6. Stock Option Plan
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WeightedWeighted
    
    
    AverageAverage
    
    
    Remaining
    
    
    AggregateExercise
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    Price
    
    
    Term
    
    
    ValueOutstanding at January 1, 2007
    
    
    511,300
    
    
    $
    0.08Granted
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    Forfeited or expired
    
    
    
    
    
    
    Outstanding at March 31, 2007
    
    
    511,300
    
    
    $
    0.08
    
    
    
    2.6
    
    
    $
    51,000Exercisable at March 31, 2007
    
    
    340,864
    
    
    $
    0.08
    
    
    
    2.6
    
    
    $
    34,000
  Weighted-AverageGrant-DateNonvested Shares
    
    Shares
    
    
    Fair ValueNonvested at January 1, 2007
    
    
    170,436
    
    
    $
    0.08Granted
    
    
    
    
    
    
    Vested
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    Nonvested at March 31, 2007
    
    
    170,436
    
    
    $
    0.08
 Note 7. Recently Issued Accounting Pronouncements
 Fair Value
Measurements.
 The Fair Value Option for Financial Assets and
Liabilities.
 Note 8. Income Taxes
 Accounting
for Uncertainty in Income Taxes-an interpretation of FASB Statement No. 109
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
 Information Concerning Forward-Looking Statements
  General
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Results of Operations
   Revenues.
 Cost of revenues
 General and administrative.
 Interest Income.
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Liquidity and Capital Resources
     Cash Flows
    Recent Accounting Pronouncements
 Fair Value Measurements.
 The Fair Value Option for Financial Assets and
Liabilities.
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Critical Accounting Policies
  Off-Balance Sheet Arrangements
  
 Item 3. Quantitative and Qualitative Disclosures about Market Risk
  
 Item 4. Controls and Procedures
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Item 4T. Controls and Procedures
  
 Part II  OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  
 Item 6. Exhibits
  31.1
    
    Certification of CEO as required by Rule 13a-14 or 15d-14 of
the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    Certification of CFO as required by Rule 13a-14 or 15d-14 of
the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification of CEO Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    Certification of CFO Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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SIGNATURES
  ZAP.COM CORPORATION
(Registrant)May 8, 2007By:

/s/ LEONARD DISALVO(Vice President andChief Financial Officer) 14