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UNITED STATES
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 September 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
    
    (I.R.S. Employer Identification No.)incorporation or organization)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 oAccelerated filer oNon-accelerated filer o(Do not check if a smaller reporting company)
Smaller reporting company þ  þ o




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ODIMO INCORPORATED
TABLE OF CONTENTS
 PagePART I. FINANCIAL INFORMATION
    
    
    2ITEM 1.   Condensed Financial Statements
    
    
    2ITEM 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
    
    
    12PART II. OTHER INFORMATION
    
    
    12ITEM 6.   Exhibits
    
    
    13SIGNATURES
    
    
    13EX-31.1EX-31.2EX-32.1EX-32.2




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PART I. FINANCIAL INFORMATION
 
 ITEM 1. Condensed Financial Statements
 Odimo Incorporated
 CONDENSED BALANCE SHEETS
 (in thousands, except par value)
 September 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent Assets:Cash
    
    $
    83
    
    
    $
    122Total
    
    $
    83
    
    
    $
    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 shares issued and outstanding
    
    
    10
    
    
    
    10Additional paid-in capital
    
    
    104,569
    
    
    
    104,527Accumulated deficit
    
    
    (104,739
    )
    
    
    (104,658
    )Total stockholders deficiency
    
    
    (160
    )
    
    
    (121
    )Total
    
    $
    83
    
    
    $
    122
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Odimo Incorporated
 CONDENSED STATEMENTS OF OPERATIONS
 (in thousands, except per share data)
(Unaudited)
 Three Months Ended September 30,
    
    
    Nine Months Ended September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Revenues
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Operating expenses
    
    
    28
    
    
    
    (91
    )
    
    
    81
    
    
    
    (37
    )Total operating expenses
    
    
    28
    
    
    
    (91
    )
    
    
    81
    
    
    
    (37
    )Income (Loss) from Operations
    
    
    (28
    )
    
    
    91
    
    
    
    (81
    )
    
    
    37Other Income (Expense):Interest expense, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net Income (Loss)
    
    $
    (28
    )
    
    $
    91
    
    
    $
    (81
    )
    
    $
    37Net Income (Loss) per Common ShareBasic and diluted
    
    $
    (0.00
    )
    
    $
    0.01
    
    
    $
    (0.01
    )
    
    $
    0.00Weighted Average Number of Shares:Basic and diluted
    
    
    11,086
    
    
    
    11,086
    
    
    
    11,086
    
    
    
    10,354
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Odimo Incorporated
 CONDENSED STATEMENTS OF CASH FLOWS
 (in thousands)
(Unaudited)
 Nine Months Ended September 30,2010
    
    
    2009Cash Flows from Operating Activities:Net Income (Loss)
    
    $
    (81
    )
    
    $
    37Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:Charge in lieu of compensation contributed by officer and related party
    
    
    42
    
    
    
    42Changes in operating assets and liabilities:Decrease in prepaid expenses and other current assets
    
    
    
    
    
    
    4Decrease in accounts payable
    
    
    
    
    
    
    (7
    )Net cash provided by (used in) operating activities
    
    
    (39
    )
    
    
    76Cash 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
    
    
    (39
    )
    
    
    126Cash, Beginning
    
    
    122
    
    
    
    1Cash, Ending
    
    $
    83
    
    
    $
    127Supplemental Disclosures of Cash Flow Information:Cash paid during the period for:Interest
    
    $
    
    
    
    $
    
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ODIMO INCORPORATED
 CONDENSED STATEMENTS OF STOCKHOLDERS DEFICIENCY
Nine Months Ended September 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
    
    
    
    
    
    
    
    
    
    
    42
    
    
    
    
    
    
    
    42Net Loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (81
    )
    
    
    (81
    )BALANCE-September 30, 2010 (Unaudited)
    
    
    11,086
    
    
    $
    10
    
    
    $
    104,569
    
    
    $
    (104,739
    )
    
    $
    (160
    )
  -5-




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ODIMO INCORPORATED
Notes to Condensed Financial Statements
(unaudited)
 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Unaudited Interim Financial Statements-
 Business
 Use of Estimates
 General and Administrative Expenses
 Income Taxes
 Loss Per Share
 Recently Issued Accounting Standards 
 -6-




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ODIMO INCORPORATED
Notes to Condensed Financial Statements
(unaudited)
 2. GOING CONCERN CONSIDERATIONS
   3. STOCK OPTION PLAN
  September 30, 2010WeightedAverageExerciseOptions
    
    
    PriceOutstanding at beginning of year
    
    
    26
    
    
    $
    24.48Granted
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    Expired
    
    
    (26
    )
    
    $
    (24.48
    )Outstanding at September 30, 2010
    
    
    
    
    
    $
    Options exercisable at September 30, 2010
    
    
    
    
    
    $
    
 4. INCOME TAXES
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ODIMO INCORPORATED
Notes to Condensed Financial Statements
(unaudited)
 5. RELATED PARTY TRANSACTIONS
 Services Contributed by Stockholders
 6. SUBSEQUENT EVENTS
       -8-




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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 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.
 Recent Development
      Non-Operating Shell Company
  Cessation of Online Retailing Business of the Company
   Going Concern
  -9-




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Comparison of Quarter Ended September 30, 2010 to Quarter Ended September 30, 2009
 General and Administrative Expenses.
 Net Income(Loss).
 Comparison of Nine Months Ended September 30, 2010 to Nine Months Ended September 30, 2009
 General and Administrative Expenses.
 Net Income (Loss).
 Liquidity and Capital Resources
  Discussion of Cash Flows
    -10-




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Liquidity Sources
      Off Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
   Income Taxes
  -11-




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Recent Accounting Developments
  
 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
  
 ITEM 4. Controls and Procedures
   
 PART II. OTHER INFORMATION
 -12-




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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
 
 SIGNATURES
  ODIMO INCORPORATEDRegistrantDate: February 9, 2011
    /s/ Amerisa KornblumAmerisa KornblumChief Financial Officer(Principal Financial Officer and Duly Authorized Officer) -13-