<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                              ---------------------

                                    FORM 10-Q

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 2005

                                       OR

[ ]   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            (I.R.S. Employer
               or organization)                         Identification No.)

       100 MERIDIAN CENTRE, SUITE 350
                ROCHESTER, NY                                  14618
  (Address of principal executive offices)                   (Zip Code)

               REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE
                                 (585) 242-2000

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] or No [ ].

Indicate by "X" whether the registrant is an accelerated filer (as defined in
Exchange Act Rule 12b-2). Yes [ ] No [X]

As of August 1, 2005, the Registrant had outstanding 50,004,474 shares common
stock, $0.001 par value.

<PAGE>

                               ZAP.COM CORPORATION
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>                                                                                                     <C>
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
        Condensed Balance Sheets as of June 30, 2005 (Unaudited) and December 31, 2004..............     3

        Unaudited Condensed Statements of Operations for the Three Months and Six Months Ended
        June 30, 2005 and 2004......................................................................     4

        Unaudited Condensed Statements of Cash Flows for the Six Months Ended
        June 30, 2005 and 2004......................................................................     5

        Notes to Unaudited Condensed Financial Statements...........................................     6

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
 CONDITION AND RESULTS OF OPERATIONS................................................................     8

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK..................................    11

ITEM 4. CONTROLS AND PROCEDURES.....................................................................    12

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS...........................................................................    12
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS ................................    12
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.............................................................    12
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.........................................    12
ITEM 5. OTHER INFORMATION...........................................................................    13
ITEM 6. EXHIBITS....................................................................................    13

SIGNATURES..........................................................................................    14

EXHIBITS............................................................................................    15
</TABLE>

                                       2
<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS AND NOTES

                               ZAP.COM CORPORATION

                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                    JUNE 30,        DECEMBER 31,
                                                                                      2005              2004
                                                                                  ------------      ------------
                                                                                   (Unaudited)
<S>                                                                               <C>               <C>
ASSETS:
Current assets:
   Cash and cash equivalents ..................................................   $  1,775,598      $  1,814,887
   Other receivables ..........................................................          1,164             1,203
   Prepaid assets .............................................................          3,542             8,372
                                                                                  ------------      ------------
      Total current assets ....................................................      1,780,304         1,824,462
Property and equipment, net of accumulated depreciation of $3,660 and $3,356...            607               911
                                                                                  ------------      ------------
      Total assets ............................................................   $  1,780,911      $  1,825,373
                                                                                  ============      ============
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
   Accounts payable ...........................................................   $        795      $        733
   Accrued liabilities ........................................................         52,000            60,346
                                                                                  ------------      ------------
      Total current liabilities ...............................................   $     52,795      $     61,079
                                                                                  ------------      ------------

COMMITMENTS & CONTINGENCIES

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            50,004
   Additional paid in capital .................................................     10,096,464        10,090,160
   Additional paid in capital - warrants ......................................        743,234           743,234
   Accumulated deficit ........................................................     (9,161,586)       (9,119,104)
                                                                                  ------------      ------------
      Total stockholders' equity ..............................................      1,728,116         1,764,294
                                                                                  ------------      ------------
      Total liabilities and stockholders' equity ..............................   $  1,780,911      $  1,825,373
                                                                                  ============      ============
</TABLE>

         The accompanying notes are an integral part of these condensed
                              financial statements.

                                       3
<PAGE>

                               ZAP.COM CORPORATION

                  UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                    FOR THE              FOR THE
                                              THREE MONTHS ENDED   THREE MONTHS ENDED
                                                   JUNE 30,             JUNE 30,
                                                     2005                 2004
                                              ------------------   ------------------
<S>                                           <C>                  <C>
Revenues ...................................     $         --         $         --
Cost of revenues ...........................               --                   --
                                                 ------------         ------------
   Gross income ............................               --                   --
Operating expenses:
   General and administrative ..............           35,376               47,612
                                                 ------------         ------------
      Total operating expenses .............           35,376               47,612
                                                 ------------         ------------
      Loss from operations .................          (35,376)             (47,612)
Interest income ............................           12,261                4,507
                                                 ------------         ------------
Loss before income taxes ...................          (23,115)             (43,105)
Income taxes ...............................               --                   --
                                                 ------------         ------------
Net loss ...................................     $    (23,115)        $    (43,105)
                                                 ============         ============

Per share data (basic and diluted):
Net loss per share .........................     $       0.00         $       0.00
                                                 ============         ============
Weighted average number of common shares and
  common share equivalents outstanding .....       50,004,474           50,004,474
                                                 ============         ============
</TABLE>

<TABLE>
<CAPTION>
                                                   FOR THE           FOR THE
                                               SIX MONTHS ENDED  SIX MONTHS ENDED
                                                   JUNE 30,          JUNE 30,
                                                     2005              2004
                                               ----------------  ----------------
<S>                                            <C>               <C>
Revenues ...................................     $         --      $         --
Cost of revenues ...........................               --                --
                                                 ------------      ------------
   Gross income ............................               --                --
Operating expenses:
   General and administrative ..............           64,938            89,868
                                                 ------------      ------------
      Total operating expenses .............           64,938            89,868
                                                 ------------      ------------
      Loss from operations .................          (64,938)          (89,868)
Interest income ............................           22,456             9,056
                                                 ------------      ------------
Loss before income taxes ...................          (42,482)          (80,812)
Income taxes ...............................               --                --
                                                 ------------      ------------
Net loss ...................................     $    (42,482)     $    (80,812)
                                                 ============      ============

Per share data (basic and diluted):
Net loss per share .........................     $       0.00      $       0.00
                                                 ============      ============
Weighted average number of common shares and
  common share equivalents outstanding .....       50,004,474        50,004,474
                                                 ============      ============
</TABLE>

         The accompanying notes are an integral part of these condensed
                              financial statements.

                                       4
<PAGE>

                               ZAP.COM CORPORATION

                  UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                             FOR THE           FOR THE
                                                        SIX MONTHS ENDED  SIX MONTHS ENDED
                                                             JUNE 30,         JUNE 30,
                                                              2005             2004
                                                        ----------------  ----------------
<S>                                                     <C>               <C>
Cash flows from operating activities:
   Net loss ..........................................     $   (42,482)      $   (80,812)
   Adjustments to reconcile net loss to
    net cash used in operating activities:
      Depreciation and amortization ..................             304               304
      Contributed capital from Zapata for unreimbursed
        management services and rent .................           6,304             7,412
      Changes in assets and liabilities:
        Other receivables ............................              39             7,697
        Prepaid assets ...............................           4,830            20,010
        Accounts payable .............................              62             7,612
        Accrued liabilities ..........................          (8,346)          (24,310)
                                                           -----------       -----------
           Total adjustments .........................           3,193            18,725
                                                           -----------       -----------
      Net cash used in operating activities ..........         (39,289)          (62,087)
                                                           -----------       -----------

Net change in cash and cash equivalents ..............         (39,289)          (62,087)
Cash and cash equivalents at beginning of period .....       1,814,887         1,910,345
                                                           -----------       -----------
Cash and cash equivalents at end of period ...........     $ 1,775,598       $ 1,848,258
                                                           ===========       ===========
</TABLE>

         The accompanying notes are an integral part of these condensed
                              financial statements.

                                       5
<PAGE>

                               ZAP.COM CORPORATION

                NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1. SUMMARY OF OPERATIONS AND BASIS OF PRESENTATION

The unaudited condensed financial statements included herein have been prepared
by Zap.Com Corporation ("Zap.Com" or the "Company") without audit, pursuant to
the rules and regulations of the Securities and Exchange Commission ("SEC"). The
financial statements reflect all adjustments that are, in the opinion of
management, necessary to fairly present such information. All such adjustments
are of a normal recurring nature. Although Zap.Com believes that the disclosures
are adequate to make the information presented not misleading, certain
information and footnote disclosures, including a description of significant
accounting policies normally included in financial statements prepared in
accordance with accounting principles generally accepted in the United States,
have been condensed or omitted pursuant to such rules and regulations. These
unaudited condensed financial statements should be read in conjunction with the
financial statements and the notes thereto included in Zap.Com's latest Annual
Report on Form 10-K filed with the SEC. The results of the operations for the
six months ended June 30, 2005 are not necessarily indicative of the results for
any subsequent period or the entire year ending December 31, 2005.

BUSINESS DESCRIPTION

Zapata Corporation ("Zapata") formed Zap.Com for the purpose of creating and
operating a global network of independently owned web sites. In April 1999,
Zap.Com announced its plan to establish the ZapNetwork by connecting web sites
through a proprietary multi-functional, portal-like Internet banner known as the
ZapBox. Zap.Com intended to distribute advertising and e-commerce opportunities
over this network. From its inception on April 2, 1998 through November 12,
1999, Zap.Com operated as a wholly owned subsidiary of Zapata. In November 1999,
Zapata and two of its directors invested $10.1 million of equity in Zap.Com. On
November 12, 1999, Zapata distributed to its stockholders 477,742 shares of
Zap.Com common stock, leaving Zapata as the holder of approximately 98 percent
of Zap.Com's outstanding common stock. On November 30, 1999, Zap.Com's stock
began to trade on the NASD's OTC Electronic Bulletin Board under the symbol
"ZPCM," establishing Zap.Com as a separate public company.

During 1999 and 2000, Zap.Com engaged primarily in the research and
investigation of the Internet industry, the development of the Company's
business model, the establishment of strategic relationships to provide Internet
connectivity and technology systems to support the ZapNetwork, the development
of the ZapBox and the Zap.Com homepage, the filing of patent and trademark
applications and the solicitation of web sites to join the ZapNetwork.

On December 15, 2000, the Zap.Com Board of Directors concluded that Zap.Com's
operations were not likely to become profitable in the foreseeable future and
therefore, it was in the best interest of the Company and its stockholders to
cease all Internet operations. Zap.Com terminated all salaried employees and all
third party contractual relationships entered into in connection with its
Internet business.

Since ceasing its Internet operations, the Company has had no existing business
operations, other than to comply with its reporting requirements under the
Securities Exchange Act of 1934. Currently, Zap.Com's principal activities are
exploring methods to enhance stockholder value. Zap.Com is likely to search for
assets or businesses that it can acquire so that it can become an operating
company. Zap.Com may also consider developing a new business suitable for its
situation.

Management believes that it has sufficient resources to satisfy its existing and
contingent liabilities and its anticipated operating expenses for at least the
next twelve months.

                                       6
<PAGE>

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2004, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 123R, "Share-Based
Payment". SFAS No. 123R is a revision of SFAS No. 123, "Accounting for Stock
Based Compensation", and supersedes APB 25. Among other items, SFAS 123R
eliminates the use of APB 25 and the intrinsic value method of accounting, and
requires companies to recognize the cost of employee services received in
exchange for awards of equity instruments, based on the grant date fair value of
those awards, in the financial statements. The effective date of SFAS 123R is
the first reporting period beginning after June 15, 2005, which is third quarter
2005 for calendar year companies, although early adoption is allowed. On April
14, 2005, the SEC announced that the effective date of SFAS 123R will be
suspended until January 1, 2006, for calendar year companies.

The Company currently expects to adopt SFAS 123R effective January 1, 2006,
based on the new effective date announced by the SEC. The Company is in the
process of reviewing the impact of the adoption of this statement and believes
that the adoption of this standard may have a material effect on the Company's
consolidated financial position and results of operations.

STOCK-BASED COMPENSATION

The Company accounts for its employee stock-based compensation plans under
Accounting Principles Board ("APB") No. 25, "Accounting for Stock Issued to
Employees." Accordingly, no recognition of compensation expense is required for
stock options granted to employees for which the exercise price equals or
exceeds the fair market value of the stock at the grant date. The Company has
adopted the required disclosure provisions under SFAS No. 148, "Accounting for
Stock-Based Compensation -- Transition and Disclosure, an amendment of the FASB
Statement No. 123." SFAS No. 148 amends SFAS No.123, "Accounting for Stock-Based
Compensation."

Had compensation expense for the 1999 Plan been determined based on fair value
at the grant date consistent with SFAS No. 123, the Company's net loss and net
loss per share (basic and diluted) would have been as follows:

<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED
                                                                    JUNE 30,
                                                               2005          2004
                                                             ---------     ---------
<S>                                                          <C>           <C>
Net loss, as reported                                        $(23,115)     $(43,105)
Deduct:  Total stock-based employee compensation expense
determined under fair value based method for all awards        (2,433)           --
                                                             --------      --------
Pro forma net loss                                           $(25,548)     $(43,105)
                                                             ========      ========

Loss per share:
      Basic and diluted - as reported                        $    .00      $    .00
                                                             ========      ========
      Basic and diluted - pro forma                          $    .00      $    .00
                                                             ========      ========
</TABLE>

<TABLE>
<CAPTION>
                                                                SIX MONTHS ENDED
                                                                    JUNE 30,
                                                               2005          2004
                                                             ---------     ---------
<S>                                                          <C>           <C>
Net loss, as reported                                        $(42,482)     $(80,812)
Deduct:  Total stock-based employee compensation expense
determined under fair value based method for all awards        (4,866)           --
                                                             --------      --------
Pro forma net loss                                           $(47,348)     $(80,812)
                                                             ========      ========

Loss per share:
      Basic and diluted -  - as reported                     $    .00      $    .00
                                                             ========      ========
      Basic and diluted -  pro forma                         $    .00      $    .00
                                                             ========      ========
</TABLE>

                                       7
<PAGE>

NOTE 3. RELATED PARTY TRANSACTIONS

Since its inception, the Company has utilized the services of the management and
staff of its majority stockholder, Zapata Corporation, under a shared services
agreement that allocated these costs on a percentage of time basis. Zap. Com
also subleases its office space in Rochester, New York from Zapata Corporation.
Under the sublease agreement, annual rental payments are allocated on a cost
basis. Zapata Corporation has waived its rights under the shared services
agreement to be reimbursed for these expenses since May 2000. For these
services, the Company recorded contributed capital of approximately $3,000 and
$4,000 for the three months ended June 30, 2005 and 2004, respectively, and
approximately $6,000 and $7,000 for the six months ended June 30, 2005 and 2004,
respectively.

NOTE 4. COMMITMENTS AND CONTINGENCIES

The Company has applied the disclosure provisions of FASB Interpretation No. 45
(FIN 45), "Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others," to its agreements
containing guarantee or indemnification clauses. These disclosure provisions
expand those required by SFAS No. 5, "Accounting for Contingencies," by
requiring a guarantor to disclose certain types of guarantees, even if the
likelihood of requiring the guarantor's performance is remote. The following is
a description of arrangements in which the Company is the guarantor.

Zap.Com's articles of incorporation, bylaws and certain other agreements contain
indemnification clauses for its officers and directors for losses incurred as a
result of claims made against such individuals arising out of, or because of
their service to the Company. The maximum potential amount of future payments
the Company could be required to make under these indemnification agreements is
unlimited; however, Zap.Com maintains Director and Officer Liability insurance
that limits this exposure. As a result of this insurance coverage, it is the
opinion of Zap.Com's management that the estimated fair value of any liabilities
under these indemnification agreements is minimal and should not materially
impact the Company's financial position, results of operations or cash flows.
These indemnification obligations were in effect prior to December 31, 2002 and
are therefore grandfathered under the provisions of FIN No. 45. Accordingly, no
liabilities have been recorded for the indemnification clauses in these
agreements.

Related to its 1999 Initial Public Offering, the Company entered into numerous
transactions with third parties and with Zapata. Pursuant to certain of these
transactions, the Company may be obligated to indemnify other parties to these
agreements. These obligations include indemnifications for losses incurred by
such parties arising out of the inaccuracy of representations of information
supplied by the Company in connection with such transactions. These
indemnification obligations were in effect prior to December 31, 2002 and are
therefore grandfathered under the provisions of FIN No. 45. Accordingly, no
liabilities have been recorded for the indemnification clauses in these
agreements.

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

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995. This document contains certain
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company
intends such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995, and includes this statement for purposes of such
safe harbor provisions. Forward-looking statements, which are based upon certain
assumptions and describe future plans, strategies and expectations of the
Company, are generally identifiable by use of the words like "may," "will,"
"should," "expect," "anticipate," "estimate," "plan," "intend," "believe,"
"predicts," "potential," "continue" and the negative of such terms or other
similar or comparable terminology. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot assure you
that our expectations will be correct. These statements involve known and
unknown risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance, or
achievements expressed or implied by these forward-looking statements. These
risks are qualified in their entirety by cautionary

                                       8
<PAGE>

language and risk factors set forth in the Company's filings with the Securities
and Exchange Commission ("SEC"), including the Company's 2004 Annual Report on
Form 10-K. The Company assumes no obligation to update forward-looking
statements or to update the reasons actual results could differ from those
projected in the forward-looking statements.

GENERAL

Zap.Com Corporation ("Zap.Com" or the "Company") was founded by Zapata
Corporation ("Zapata") (NYSE:ZAP) in April 1998 as a Nevada corporation.
Zap.Com's principal corporate offices are located at 100 Meridian Centre, Suite
350, Rochester, New York 14618.

Zapata formed Zap.Com for the purpose of creating and operating a global network
of independently owned web sites. In April 1999, Zap.Com announced its plan to
establish the ZapNetwork by connecting web sites through a proprietary
multi-functional, portal-like Internet banner known as the ZapBox. Zap.Com
intended to distribute advertising and e-commerce opportunities over this
network. From its inception on April 2, 1998 through November 12, 1999, Zap.Com
operated as a wholly owned subsidiary of Zapata. In November 1999, Zapata and
two of its directors invested $10.1 million of equity in Zap.Com. On November
12, 1999, Zapata distributed to its stockholders 477,742 shares of Zap.Com
common stock, leaving Zapata as the holder of approximately 98 percent of
Zap.Com's outstanding common stock. On November 30, 1999, Zap.Com's stock began
to trade on the NASD's OTC Bulletin Board ("OTCBB") under the symbol "ZPCM,"
establishing Zap.Com as a separate public company.

During 1999 and 2000, Zap.Com engaged primarily in the research and
investigation of the Internet industry, the development of the Company's
business model, the establishment of strategic relationships to provide Internet
connectivity and technology systems to support the ZapNetwork, the development
of the ZapBox and the Zap.Com homepage, the filing of patent and trademark
applications and the solicitation of web sites to join the ZapNetwork.

On December 15, 2000, the Zap.Com Board of Directors concluded that Zap.Com's
operations were not likely to become profitable in the foreseeable future and
therefore, it was in the best interest of the Company and its stockholders to
cease all Internet operations. Zap.Com terminated all salaried employees and all
third party contractual relationships entered into in connection with its
Internet business.

Since ceasing its Internet operations, the Company has had no existing business
operations, other than to comply with its reporting requirements under the
Securities Exchange Act of 1934. In the future Zap.Com may acquire an operating
company. Zap.Com may also consider developing a new business suitable for its
situation.

The Company will have broad discretion in identifying and selecting both the
industries and the possible acquisition candidates within those industries that
it will acquire. The Company has not identified a specific industry on which it
initially intends to focus and has no present plans, proposals, arrangements or
understandings with respect to the acquisition of any specific business. There
can be no assurance that the Company will be able to identify or successfully
complete any acquisitions.

The Company has no preference as a general matter as to whether to issue shares
of common stock or cash in making acquisitions and it may use either shares of
its common stock or cash, or a combination thereof. The form of the
consideration that the Company uses for a particular acquisition will depend
upon the form of consideration that the sellers of the business require and the
most advantageous way for the Company to account for, or finance the
acquisition. To the extent the Company uses common stock for all or a portion of
the consideration to be paid for future acquisitions, existing stockholders may
experience significant dilution.

In order to effect an acquisition, Zap.Com may need additional financing. There
is no assurance that any such financing will be available, or available on terms
favorable or acceptable to the Company. In particular, potential third party
equity investors may be unwilling to invest in Zap.Com due to Zapata's voting
control over Zap.Com and the significant potential for dilution of a potential
investor's ownership in the Company's common stock. Zapata's voting control may
be unattractive because it makes it more difficult for a third party to acquire
the Company even if a change of control could benefit the Company's stockholders
by providing them with a premium over the then current market price for their
shares. If the Company raises additional funds through the issuance of equity,
equity-

                                       9
<PAGE>

related or debt securities, these securities may have rights, preferences or
privileges senior to those of the rights of Zap.Com's common stockholders, who
would then experience dilution.

In general, any new business development is difficult, and the Company's
particular realities impose significant constraints that make such an
undertaking even more difficult. These constraints include the following: the
need to acquire or develop the business without paying substantial cash or
taking on significant debt, unless it can be serviced by cash flow from the new
business; the handicap of not having actively traded stock to use to procure
this business; the requirement that, after launch, the new business should not
need a significant capital investment to fund its initial operations unless this
can be accomplished through cash flow from the new business; and the requirement
that the new business should produce a positive cash flow in the near term.

The SEC has recently adopted rule changes governing the use of Form 8-K and Form
S-8 by shell companies which will become effective for the most part on August
22, 2005. The Company is categorized as a "shell company" as that term is used
in the SEC's rule changes. The principal rule changes are to prohibit the use of
Form S-8 by a shell company, and to amend Form 8-K so as to require a shell
company to report the same type of information that would be required if it were
filing to register a class of securities under the Exchange Act whenever the
shell company is reporting the event that caused it to cease being a shell
company. The effect of the rule changes may adversely impact the Company's
ability to offer its stock to officers, directors and consultants, and thereby
make it more difficult to attract and retain qualified individuals to perform
services for the Company, and it will likely increase the costs of registration
compliance following the completion of a business combination.

RESULTS OF OPERATIONS

For the three months ended June 30, 2005, Zap.Com recorded a net loss of $23,000
as compared to a net loss of $43,000 for the three months ended June 30, 2004.
For the six months ended June 30, 2005, Zap.Com recorded a net loss of $42,000
as compared to a net loss of $81,000 for the six months ended June 30, 2004.
Since inception (which commenced on April 2, 1998), Zap.Com has incurred a
cumulative net loss of $9.2 million, including $743,000 in non-cash charges
associated with warrants issued to American Internetwork Sports and all of the
costs associated with the development and implementation of the ZapNetwork, the
ZapBox, and the public registration of Zap.Com's common stock.

For the three month and six month periods ended June 30, 2005 as compared to the
three month and six month periods ended June 30, 2004, operations consisted of
the following:

REVENUES. Zap.Com did not generate any revenue for the three month and six month
periods ended June 30, 2005 and 2004, nor does it presently have any business
from which it may generate revenue in the future.

COST OF REVENUES. As a result of ceasing all Internet operations, Zap.Com
incurred no cost of revenues for the three month and six month periods ended
June 30, 2005 and 2004.

GENERAL AND ADMINISTRATIVE. General and administrative expenses consist
primarily of legal and accounting services, insurance premiums, printing and
filing costs, salaries and wages (including costs allocated by Zapata pursuant
to a services agreement), and various other costs. General and administrative
expenses for the three month period ended June 30, 2005 were $35,000 as compared
to $48,000 for the three month period ended June 30, 2004. For the six months
ended June 30, 2005, general and administrative expenses were $65,000 as
compared to $90,000 for the six months ended June 30, 2004. This decrease
relates primarily to a decrease in insurance premiums and printing and filing
costs which were partially offset by an increase in legal expenses recognized as
compared to the prior year.

INTEREST INCOME. Interest income is generated on cash reserves which are
invested in short-term U.S. Government Agency securities. Interest earned for
the three months ended June 30, 2005 and 2004 were $12,000 and $5,000. Interest
earned for the six months ended June 30, 2005 and 2004 was $22,000 and $9,000,
respectively. The increased interest income for 2005 was primarily a result of
sustained higher interest rates on short-term U.S. Government Agency securities
as compared to rates in 2004.

LIQUIDITY AND CAPITAL RESOURCES

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Zap.Com has not generated any significant revenue since its inception. As a
result, the Company's primary source of liquidity has been its initial
capitalization from Zapata Corporation and two Zapata directors, and thereafter,
the interest income generated on cash reserves invested in short-term US
Government Agency securities. As of June 30, 2005, Zap.Com's cash and cash
equivalents were $1.8 million.

Since its inception, the Company has utilized services of the management and
staff and office space of its majority stockholder, Zapata Corporation, under a
shared services agreement that allocated these costs. Effective May 1, 2000,
Zapata has waived its rights under the services agreements to be reimbursed
these costs. For the three months ended June 30, 2005 and 2004, the Company
recorded approximately $3,000 and $4,000, respectively, and for the six months
ended June 30, 2005 and 2004, the Company recorded approximately $6,000 and
$7,000, respectively, as contributed capital for these services. Should Zapata
not renew its waiver, Zap.Com may incur future cash payments under the shared
services agreement.

Zap.Com believes that it has sufficient resources to satisfy its existing and
contingent liabilities and its anticipated operating expenses for the next
twelve months. Until such time as a business combination is consummated, Zap.Com
expects these expenses to consist mainly of general and administrative expenses
incurred in connection with maintaining its status as a publicly traded company.
The Company has no commitments for capital expenditures and foresees none,
except for possible future acquisitions. In order to effect an acquisition,
however, Zap.Com may need additional financing. There is no assurance that any
such financing will be available or available on the terms favorable or
acceptable to the Company.

CASH FLOWS

Cash used in operating activities was $39,000 for the six months ended June 30,
2005 as compared to cash used of $62,000 for the comparable period of the prior
year. The decrease in cash used in operating activities resulted in timing of
payments made for accounts payable and accrued liabilities.

For the six months ended June 30, 2005 and 2004, the Company had no cash flows
from investing or financing activities.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2004, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 123R, "Share-Based
Payment". SFAS No. 123R is a revision of SFAS No. 123, "Accounting for Stock
Based Compensation", and supersedes APB 25. Among other items, SFAS 123R
eliminates the use of APB 25 and the intrinsic value method of accounting, and
requires companies to recognize the cost of employee services received in
exchange for awards of equity instruments, based on the grant date fair value of
those awards, in the financial statements. The effective date of SFAS 123R is
the first reporting period beginning after June 15, 2005, which is third quarter
2005 for calendar year companies, although early adoption is allowed. On April
14, 2005, the SEC announced that the effective date of SFAS 123R will be
suspended until January 1, 2006, for calendar year companies.

The Company currently expects to adopt SFAS 123R effective January 1, 2006,
based on the new effective date announced by the SEC. The Company is in the
process of reviewing the impact of the adoption of this statement and believes
that the adoption of this standard may have a material effect on the Company's
consolidated financial position and results of operations.

CRITICAL ACCOUNTING POLICIES

As of June 30, 2005, the Company's critical accounting policies and estimates
have not changed materially from those set forth in the Company's Annual Report
on Form 10-K for the year ended December 31, 2004.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risks relating to the Company's operations result primarily from changes
in interest rates. The Company invests its cash and cash equivalents in
short-term US Government Agency securities with maturities generally not

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more than 90 days. Due to the short duration and conservative nature of these
instruments, the Company does not believe that the value of these instruments
have a material exposure to interest rate risk. However, changes in interest
rates do affect the investment income the Company earns on its cash equivalents
and marketable securities and, therefore, impacts its cash flows and results of
operations. Accordingly, there is inherent roll-over risk for the Company's
investment grade securities as they mature and are renewed at current market
rates. Using the investment grade security balance of $1.8 million at June 30,
2005 as a hypothetical constant cash balance, an adverse change of 1% in
interest rates would decrease interest income by approximately $5,000 and $9,000
during a three month and six month period, respectively.

ITEM 4. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

An evaluation was performed under the supervision of the Company's management,
including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO),
of the effectiveness of the design and operation of the Company's disclosure
controls and procedures (as defined in Securities Exchange Act of 1934 (the
"Exchange Act") Rules 13a-14(c) and 15-d-14(c)) as of the end of the period
covered by this report. Based on that evaluation, the Company's management,
including the CEO and CFO, concluded that the Company's disclosure controls and
procedures were effective to ensure that information we are required to disclose
in reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the SEC's rules and
forms.

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

No significant changes in the Company's internal controls over financial
reporting occurred during the quarter ended June 30, 2005 that have materially
affected or are reasonably likely to materially affect, the Company's internal
control over financial reporting.

Notwithstanding the foregoing, there can be no assurance that the Company's
disclosure controls and procedures will detect or uncover all failures of
persons within the Company to disclose material information otherwise required
to be set forth in the Company's periodic reports. There are inherent
limitations to the effectiveness of any system of disclosure controls and
procedures, includes the possibility of human error and the circumvention or
overriding of the controls and procedures. Accordingly, even effective
disclosure controls and procedures can only provide reasonable, not absolute,
assurance of achieving their control objectives.

                          PART II -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

        None.

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 SECURITY HOLDERS

Zap.Com held an annual meeting of stockholders on June 1, 2005. The stockholders
re-elected Avram A. Glazer, as the sole director of Zap.Com. Mr. Glazer received
48,972,258 votes for his election, none against and no abstentions. The
stockholders also ratified the Board of Directors' selection of
PricewaterhouseCoopers LLP as Zap.Com's independent public accountants. That
matter was ratified with 48,972,258 votes for, none against and no abstentions.
The stockholders also ratified the Board of Directors' grant of 365,000 stock
options to the Company's

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<PAGE>

President and Chief Executive Officer. That matter was ratified with 48,972,258
votes for, none against and no abstentions.

ITEM 5. OTHER INFORMATION

        None.

ITEM 6. EXHIBITS

            (a)   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 2002.

      31.2 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 2002.

      32.1 Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

      32.2 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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<PAGE>

                                   SIGNATURES

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

                                        ZAP.COM CORPORATION
                                        (Registrant)

August 8, 2005

                                        By: /s/ LEONARD DISALVO
                                            -----------------------------------
                                                (Vice President and
                                                Chief Financial Officer)

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