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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, 2009
 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
    
    74-0571159(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)100 Meridian Centre, Suite 350Rochester, NY
    
    14618(Address of principal executive offices)
    
    (Zip Code)
 (585) 242-2000
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer   o
(Do not check if a smaller reporting company)
    
    Smaller reporting company þ
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ZAP.COM CORPORATION
TABLE OF CONTENTS
 PART I. FINANCIAL INFORMATIONItem 1. Financial StatementsUnaudited Condensed Balance Sheets as of March 31, 2009 and December 31, 2008
    
    
    3Unaudited Condensed Statements of Operations for the Three Months Ended
March 31, 2009 and 2008
    
    
    4Unaudited Condensed Statements of Cash Flows for the Three Months Ended
March 31, 2009 and 2008
    
    
    5Notes to Unaudited Condensed Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations.
    
    
    8Item 4T. Controls and Procedures
    
    
    10PART II. OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    11Item 1A. Risk Factors
    
    
    11Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    11Item 3. Defaults Upon Senior Securities
    
    
    11Item 4. Submission of Matters to a Vote of Security Holders
    
    
    11Item 5. Other Information
    
    
    11Item 6. Exhibits
    
    
    11EX-31.1EX-31.2EX-32.1EX-32.2
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PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements and Notes
 ZAP.COM CORPORATION
 
 UNAUDITED CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2009
    
    
    2008ASSETS:Current assets:Cash and cash equivalents
    
    $
    1,570,956
    
    
    $
    1,597,007Other receivables
    
    
    87
    
    
    
    Total current assets
    
    $
    1,571,043
    
    
    $
    1,597,007LIABILITIES AND STOCKHOLDERS EQUITY:Current liabilities:Accounts payable
    
    $
    7,891
    
    
    $
    2,868Accrued liabilities
    
    
    16,000
    
    
    
    150Total current liabilities
    
    $
    23,891
    
    
    $
    3,018Commitments and Contingencies (Note 4)Stockholders 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
    
    
    10,917,959
    
    
    
    10,914,528Accumulated deficit
    
    
    (9,420,811
    )
    
    
    (9,370,543
    )Total stockholders equity
    
    
    1,547,152
    
    
    
    1,593,989Total liabilities and stockholders equity
    
    $
    1,571,043
    
    
    $
    1,597,007
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ZAP.COM CORPORATION
 
 UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
 For the
    
    
    For theThree Months Ended
    
    
    Three Months EndedMarch 31,
    
    
    March 31,2009
    
    
    2008Revenues
    
    $
    
    
    
    $
    Cost of revenues
    
    
    
    
    
    
    Gross profit
    
    
    
    
    
    
    Operating expenses:General and administrative
    
    
    50,268
    
    
    
    30,015Total operating expenses
    
    
    50,268
    
    
    
    30,015Loss from operations
    
    
    (50,268
    )
    
    
    (30,015
    )Other income:Interest income
    
    
    
    
    
    
    15,572Other, net
    
    
    
    
    
    
    6,198Total other
    
    
    
    
    
    
    21,770Loss before income taxes
    
    
    (50,268
    )
    
    
    (8,245
    )Income taxes
    
    
    
    
    
    
    Net loss
    
    $
    (50,268
    )
    
    $
    (8,245
    )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 31,2009
    
    
    2008Cash flows from operating activities:Net loss
    
    $
    (50,268
    )
    
    $
    (8,245
    )Adjustments to reconcile net loss to
net cash used in operating activities:Contributed capital from Zapata for unreimbursed
management services and rent
    
    
    3,431
    
    
    
    3,431Changes in assets and liabilities:Other receivables
    
    
    (87
    )
    
    
    1,211Accounts payable
    
    
    5,023
    
    
    
    (10,861
    )Accrued liabilities
    
    
    15,850
    
    
    
    6,100Net cash used in operating activities
    
    
    (26,051
    )
    
    
    (8,364
    )Cash flows from investing activities:Purchases of short-term investments
    
    
    
    
    
    
    (1,624,574
    )Net cash used in investing activities
    
    
    
    
    
    
    (1,624,574
    )Net change in cash and cash equivalents
    
    
    (26,051
    )
    
    
    (1,632,938
    )Cash and cash equivalents at beginning of period
    
    
    1,597,007
    
    
    
    1,686,624Cash and cash equivalents at end of period
    
    $
    1,570,956
    
    
    $
    53,686
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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. Cash and Cash Equivalents
  March 31, 2009Amortized Cost
    
    
    Fair Market Value
    
    
    Unrealized LossU.S. Treasury Bills
    
    $
    1,567,843
    
    
    $
    1,567,749
    
    
    $
    (94
    )Treasury Money Market
    
    
    628
    
    
    
    628
    
    
    
    Checking account
    
    
    2,572
    
    
    
    2,572
    
    
    
    Total cash and cash
equivalents
    
    $
    1,571,043
    
    
    $
    1,570,949
    
    
    $
    (94
    )
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December 31, 2008Amortized Cost
    
    
    Fair Market Value
    
    
    Unrealized LossU.S. Treasury Bills
    
    $
    1,595,124
    
    
    
    1,594,984
    
    
    $
    (140
    )Treasury Money Market
    
    
    889
    
    
    
    889
    
    
    
    Checking account
    
    
    994
    
    
    
    994
    
    
    
    Total cash and cash
equivalents
    
    $
    1,597,007
    
    
    $
    1,596,867
    
    
    $
    (140
    )
  Note 3. Related Party Transactions
  Note 4. Commitments and Contingencies
   Note 5. Stock Option Plan
   WeightedWeighted
    
    
    AverageAverage
    
    
    Remaining
    
    
    AggregateExercise
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    Price
    
    
    Term
    
    
    ValueOutstanding at January 1, 2009
    
    
    511,300
    
    
    $
    0.08Granted
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    Forfeited or expired
    
    
    
    
    
    
    Outstanding at March 31, 2009
    
    
    511,300
    
    
    $
    0.08
    
    
    
    0.6
    
    
    $
    Exercisable at March 31, 2009
    
    
    511,300
    
    
    $
    0.08
    
    
    
    0.6
    
    
    $
    
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Note 6. Recently Issued Accounting Pronouncements
 
 
 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 expenses.
 Interest Income.
 Liquidity and Capital Resources
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Cash Flows
    Recent Accounting Pronouncements
 
 Critical Accounting Policies
  Off-Balance Sheet Arrangements
  
 Item 4T. Controls and Procedures
 Evaluation of disclosure controls and procedures
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Changes in Internal Controls Over Financial Reporting
  
 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
 *
    
    Filed herewith.**
    
    Furnished herewith.
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SIGNATURES
  ZAP.COM CORPORATION
(Registrant)May 6, 2009By: /s/ LEONARD DISALVOVice President and
Chief Financial Officer
(on behalf of the Registrant and as
Principal Financial Officer)
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