##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, DC 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 June 30, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 000-51161
 Odimo
Incorporated
 (Exact name of registrant as specified in its charter)
 Delaware
    
    22-3607813(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer Identification No.)9858 Clint Moore Road, Boca Raton, Fl
    
    33496(Address of principal executive offices)
    
    (Zip Code)
 (954) 993 -4703  (Registrants telephone number, including area code)
 þ o
 o o
  Large accelerated Filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
 þ o




---



##### 



ODIMO, INCORPORATED
TABLE OF CONTENTS
 PagePART I. FINANCIAL INFORMATION
    
    
    1ITEM 1. Financial Statements
    
    
    1ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    8ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    11ITEM 4T. Controls and Procedures
    
    
    11PART II. OTHER INFORMATION
    
    
    12ITEM 6. Exhibits
    
    
    12SIGNATURES
    
    
    13EX-31.1EX-31.2EX-32.1EX-32.2




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 ITEM 1. Financial Statements
 
 Odimo, Incorporated
 CONDENSED BALANCE SHEETS
 (in thousands, except par value)
 June 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent Assets:Cash
    
    $
    97
    
    
    $
    122Prepaid expense and other current assets
    
    
    
    
    
    
    Total
    
    $
    97
    
    
    $
    122LIABILITIES AND STOCKHOLDERS DEFICIENCYCurrent Liabilities
    
    $
    243
    
    
    $
    243Commitments, Contingencies and Subsequent EventsStockholders Deficiency:Preferred stock, $0.001 par value, 50 million shares
authorized, none issued and outstanding
    
    
    
    
    
    
    Common stock, $0.001 par value, 300 million shares
authorized, 11,086 and 11,086 shares issued and outstanding
    
    
    10
    
    
    
    10Additional paid-in capital
    
    
    104,555
    
    
    
    104,527Accumulated deficit
    
    
    (104,711
    )
    
    
    (104,658
    )Total stockholders deficiency
    
    
    (146
    )
    
    
    (121
    )Total
    
    $
    97
    
    
    $
    122
  -1-




---



##### Table of Contents



Odimo, Incorporated
 CONDENSED STATEMENTS OF OPERATIONS
 (in thousands, except per share data)
(Unaudited)
 Three Months Ended June 30,
    
    
    Six Months Ended June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Revenues
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Operating expenses
    
    
    28
    
    
    
    22
    
    
    
    53
    
    
    
    54Total operating expenses
    
    
    28
    
    
    
    22
    
    
    
    53
    
    
    
    54Loss from Operations
    
    
    (28
    )
    
    
    (22
    )
    
    
    (53
    )
    
    
    (54
    )Other Income (Expense):Interest expense, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net Loss
    
    $
    (28
    )
    
    $
    (22
    )
    
    $
    (53
    )
    
    $
    (54
    )Net Loss per Common ShareBasic and diluted
    
    $
    (0.00
    )
    
    $
    (0.00
    )
    
    $
    (0.00
    )
    
    $
    (0.01
    )Weighted Average Number of Shares:Basic and diluted
    
    
    11,086
    
    
    
    11,086
    
    
    
    11,086
    
    
    
    9,982
  -2-




---



##### Table of Contents



Odimo, Incorporated
 CONDENSED STATEMENTS OF STOCKHOLDERS DEFICIENCY

Six Months Ended June 30, 2010
(in thousands, except per share data)
(Unaudited)
 Additional
    
    
    
    
    
    
    TotalCommon Stock
    
    
    
    
    
    
    Paid-In
    
    
    Accumulated
    
    
    StockholdersShares
    
    
    Par Value
    
    
    Capital
    
    
    Deficit
    
    
    DeficiencyBALANCE-December 31, 2009
    
    
    11,086
    
    
    $
    10
    
    
    $
    104,527
    
    
    $
    (104,658
    )
    
    $
    (121
    )Credits arising from services contributed by related parties
    
    
    
    
    
    
    
    
    
    
    28
    
    
    
    
    
    
    
    28Net Loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (53
    )
    
    
    (53
    )BALANCE-June 30, 2010 (Unaudited)
    
    
    11,086
    
    
    $
    10
    
    
    $
    104,555
    
    
    $
    (104,711
    )
    
    $
    (146
    )
 -3-




---



##### Table of Contents



Odimo, Incorporated
 CONDENSED STATEMENTS OF CASH FLOWS
 (in thousands)
 (Unaudited)
 Six Months Ended June 30,2010
    
    
    2009Cash Flows from Operating Activities:Net Loss
    
    $
    (53
    )
    
    $
    (54
    )Adjustments to reconcile net loss to net cash
used in operating activities:Charge in lieu of compensation contributed by officer and related party
    
    
    28
    
    
    
    28Changes in operating assets and liabilities:Decrease in prepaid expenses and other current assets
    
    
    
    
    
    
    4Decrease in accounts payable
    
    
    
    
    
    
    (7
    )Net cash used in operating activities
    
    
    (25
    )
    
    
    (29
    )Cash Flows from Investing Activities:Net cash provided by investing activities
    
    
    
    
    
    
    Cash Flows from Financing Activities:Proceeds from sale of common stock
    
    
    
    
    
    
    50Net cash provided by financing activities
    
    
    
    
    
    
    50Net (Decrease) Increase in Cash
    
    
    (25
    )
    
    
    21Cash, Beginning
    
    
    122
    
    
    
    1Cash, Ending
    
    $
    97
    
    
    $
    22Supplemental Disclosures of Cash Flow Information:Cash paid during the period for:Interest
    
    $
    
    
    
    $
    
  -4-




---



##### Table of Contents



ODIMO INCORPORATED
Notes to Condensed Financial Statements
(Unaudited)
 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Business
 Use of Estimates
 General and Administrative Expenses
 Income Taxes Accounting for Income Taxes.
 Loss Per Share
 Recently Issued Accounting Standards
  -5-




---



##### Table of Contents



Odimo, Incorporated  Notes to Condensed Financial Statements
(Unaudited)
  2. GOING CONCERN CONSIDERATIONS
   3. STOCK OPTION PLAN
  June 30, 2010WeightedAverageExerciseOptions
    
    
    PriceOutstanding at beginning of year
    
    
    26
    
    
    $
    24.48Granted
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    Outstanding at June 30, 2010
    
    
    26
    
    
    $
    24.48Options exercisable at June 30, 2010
    
    
    26
    
    
    $
    24.48
 4. INCOME TAXES
  -6-




---



##### Table of Contents



Odimo, Incorporated  Notes to Condensed Financial Statements
(Unaudited)
 5. RELATED PARTY TRANSACTIONS
 Services Contributed by Stockholders
 6. SUBSEQUENT EVENTS
  -7-




---



##### Table of Contents



ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 The following discussion should be read in conjunction with Odimo Incorporateds (Odimo, the
Company, we, our, us,) Condensed Consolidated Financial Statements and the related Notes
contained elsewhere in this quarterly report on Form 10-Q . All statements in the following
discussion that are not reports of historical information or descriptions of current accounting
policy are forward-looking statements. Please consider our forward-looking statements in light of
the factors that may affect operating results set forth herein.
 Non-Operating Shell Company
  Cessation of Online Retailing Business of the Company
   Going Concern
    -8-




---



##### Table of Contents



Comparison of Quarter Ended June 30, 2010 to Quarter Ended June 30, 2009
  General and Administrative Expenses.
 Net Loss.
 Comparison of Six Months Ended June 30, 2010 to Six Months Ended June 30, 2009
  General and Administrative Expenses.
 Net Loss.
 Liquidity and Capital Resources
 
  Discussion of Cash Flows
   Liquidity Sources
 
 -9-




---



##### Table of Contents



Off Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
   Income Taxes
  -10-




---



##### Table of Contents



Recent Accounting Developments
   
 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
  
 ITEM 4T. Controls and Procedures
  -11-




---



##### Table of Contents



PART II. OTHER INFORMATION
 
 ITEM 6. Exhibits
  Exhibit
    
    Description31.1
    
    Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a)
promulgated pursuant to the Securities Exchange Act of 1934, as amended31.2
    
    Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a)
promulgated pursuant to the Securities Exchange Act of 1934, as amended32.1
    
    Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
200232.2
    
    Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
 -12-




---



##### Table of Contents



SIGNATURES
  ODIMO INCORPORATED
RegistrantDate: August 13, 2010
    /s/ Amerisa KornblumAmerisa KornblumChief Financial Officer (Principal Financial Officer
and Duly Authorized Officer) -13-