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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 March 31, 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




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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
    
    1ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    4ITEM 4T. CONTROLS AND PROCEDURES
    
    4PART II. OTHER INFORMATION
    
    5ITEM 6. EXHIBITS
    
    5SIGNATURES
    
    6EX-31.1EX-31.2EX-32.1EX-32.2




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Odimo, Incorporated
 CONDENSED BALANCE SHEETS
 (in thousands, except par value)
 March 31,
    
    
    December 31,2010
    
    
    2009(Unauditedd)ASSETSCurrent Assets:Cash
    
    $
    111
    
    
    $
    122Prepaid expense and other current assets
    
    
    
    
    
    
    Total
    
    $
    111
    
    
    $
    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
    
    
    104,541
    
    
    
    104,527Accumulated deficit
    
    
    (104,683
    )
    
    
    (104,658
    )Total stockholders deficiency
    
    
    (132
    )
    
    
    (121
    )Total
    
    $
    111
    
    
    $
    122
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Odimo, Incorporated
 CONDENSED STATEMENTS OF OPERATIONS
 (in thousands, except per share data)
(Unaudited)
 Three Months Ended March 31,2010
    
    
    2009Revenues
    
    $
    
    
    
    $
    Operating expenses
    
    
    25
    
    
    
    32Total operating expenses
    
    
    25
    
    
    
    32Income (Loss) from Operations
    
    
    (25
    )
    
    
    (32
    )Other Income (Expense):Interest expense, net
    
    
    
    
    
    
    Net Loss
    
    $
    (25
    )
    
    $
    (32
    )Net Loss per Common ShareBasic and diluted
    
    $
    (0.00
    )
    
    $
    (0.00
    )Weighted Average Number of Shares:Basic and diluted
    
    
    11,087
    
    
    
    8,864
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Odimo, Incorporated
 STATEMENTS OF STOCKHOLDERS DEFICIENCY

(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
    
    
    
    
    
    
    
    
    
    
    14
    
    
    
    
    
    
    
    14Net Loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (25
    )
    
    
    (25
    )BALANCE-March 31, 2010 (Unaudited)
    
    
    11,086
    
    
    $
    10
    
    
    $
    104,541
    
    
    $
    (104,683
    )
    
    $
    (132
    )




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Odimo, Incorporated
 CONDENSED STATEMENTS OF CASH FLOWS
 (in thousands)
 (Unaudited)
 Three Months Ended March 31,2010
    
    
    2009Cash Flows from Operating Activities:Net Loss
    
    $
    (25
    )
    
    $
    (32
    )Adjustments to reconcile net loss to net cash used in operating activities:Charge in lieu of compensation contributed by officer and related party
    
    
    14
    
    
    
    14Changes in operating assets and liabilities:Decrease in:Decrease in prepaid expenses and other current assets
    
    
    
    
    
    
    4Increase (decrease) in:Decrease in accounts payable
    
    
    
    
    
    
    (1
    )Accrued liabilities
    
    
    
    
    
    
    Net cash used in operating activities
    
    
    (11
    )
    
    
    (15
    )Cash Flows from Investing Activities:Proceeds from sale of assets, net of expenses
    
    
    
    
    
    
    Net cash provided by investing activities
    
    
    
    
    
    
    Cash Flows from Financing Activities:Proceeds from notes payable to related party, net of repayments
    
    
    
    
    
    
    Proceeds from sale of common stock
    
    
    
    
    
    
    50Net cash provided by financing activities
    
    
    
    
    
    
    50Net (decrease) increase in Cash and Cash Equivalents
    
    
    (11
    )
    
    
    35Cash and Cash Equivalents, Beginning
    
    
    122
    
    
    
    1Cash and Cash Equivalents, Ending
    
    $
    111
    
    
    $
    36Supplemental Disclosures of Cash Flow Information:Cash paid during the period for:Interest
    
    $
    
    
    
    $
    
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ODIMO INCORPORATED AND SUBSIDIARIES
Notes to Unaudited Condensed Financial Statements
 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Business
 Use of Estimates
 General and Administrative Expenses
 Income Taxes
 Loss Per Share
 Recently Issued Accounting Standards




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Odimo, Incorporated  Notes to Unaudited Condensed Financial Statements
  2. GOING CONCERN CONSIDERATIONS
   ODIMO INCORPORATED AND SUBSIDIARIES
Notes to Unaudited Condensed Financial Statements
 3. STOCK OPTION PLAN
  March 31, 2010WeightedAverageExerciseOptions
    
    
    PriceOutstanding at beginning of
year
    
    
    26
    
    
    $
    24.48Granted
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    Outstanding at March 31, 2010
    
    
    26
    
    
    $
    24.48Options exercisable at March 31, 2010
    
    
    26
    
    
    $
    24.48
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4. INCOME TAXES
  5. RELATED PARTY TRANSACTIONS
 Services Contributed by Stockholders
 6. SUBSEQUENT EVENTS
  7




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PART I. FINANCIAL INFORMATION
 
 ITEM 1. Financial Statements
 
 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
    1




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Comparison of Quarter Ended March 31, 2010 to Quarter Ended March 31, 2009
  General and Administrative Expenses.
 Net Loss.
 Liquidity and Capital Resources
 
  Discussion of Cash Flows
   Liquidity Sources
 
    2




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Off Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
   Income Taxes
  Recent Accounting Developments
 Subsequent Events (Topic 855) Amendments to Certain Recognition and
Disclosure Requirements
 Improving Disclosures about Fair Value Measurements
 3




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Consolidations (Topic 810) Improvements to Financial
Reporting by Enterprises Involved with Variable Interest Entities
  
 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
  
 ITEM 4T. Controls and Procedures
   4




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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
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SIGNATURES
  ODIMO INCORPORATED
RegistrantDate: May 13, 2010
    /s/ Amerisa KornblumAmerisa KornblumChief Financial Officer (Principal Financial Officer 
and Duly Authorized Officer) 6