##### Table of Contents



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, 2008
 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 001-33927
 ATLAS ACQUISITION HOLDINGS CORP.
  Delaware
    
    26-0852483(State or Other Jurisdiction of Incorporation 
or Organization)
    
    (I.R.S. Employer Identification No.)c/o Hauslein & Company, Inc.11450 SE Dixie Highway, Ste 105Hobe Sound, Florida
    
    33455(Address of Principal Executive Offices)
    
    (Zip Code)
 (772) 545-9042  (Registrants Telephone Number, Including Area Code)
 þ o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 þ Yes o No




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##### 



ATLAS ACQUISITION HOLDINGS CORP.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2008
 TABLE OF CONTENTS
 PART IFINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS:CONDENSED BALANCE SHEETS
    
    
    1CONDENSED STATEMENTS OF OPERATIONS
    
    
    2CONDENSED STATEMENTS OF STOCKHOLDERS EQUITY
    
    
    3CONDENSED STATEMENTS OF CASH FLOWS
    
    
    4NOTES TO CONDENSED FINANCIAL STATEMENTS
    
    
    5ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
    
    
    12ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    14ITEM 4T. CONTROLS AND PROCEDURES
    
    
    14PART IIOTHER INFORMATIONITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
    
    
    15ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    15ITEM 6. EXHIBITS
    
    
    16SIGNATURES
    
    
    17Exhibit 31Exhibit 32




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Statement Regarding Forward-Looking Statements
 This report includes forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, but are not limited to, statements regarding our
expectations, hopes, beliefs, intentions, or strategies regarding the future. In
addition, any statements that refer to projections, forecasts, or other characterizations of future
events or circumstances, including any underlying assumptions, are forward-looking statements. The
words anticipates, believe, continue, could, estimate, expect, intend, may,
might, plan, possible, potential, predict, project, should, and would, as well as
similar expressions, may identify forward-looking statements, but the absence of these words does
not mean that a statement is not forward looking. Forward-looking statements in this report may
include, for example, statements about our:
 
    
    ability to complete a combination with one or more target businesses;
    
    success in retaining or recruiting, or changes required in, our officers or
directors following a business combination;
    
    potential inability to obtain additional financing to complete a business combination;
    
    limited pool of prospective target businesses;
    
    potential change in control if we acquire one or more target businesses for stock;
    
    public securities limited liquidity and trading;
    
    inability to have our securities listed on the American Stock Exchange
following a business combination or the delisting of our securities from the American
Stock Exchange;
    
    use of proceeds not in trust or available to us from interest income on the trust account
balance; or
    
    our ongoing financial performance.
 The forward-looking statements contained or incorporated by reference in this report are based
on our current expectations and beliefs concerning future developments and their potential effects
on us. There can be no assurance that future developments affecting us will be those that we have
anticipated. These forward-looking statements involve a number of risks, uncertainties, or
assumptions, many of which are beyond our control, that may cause actual results or performance to
be materially different from those expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those factors described in our Annual
Report on Form 10-K under Item 1A, Risk Factors. We undertake no obligation to update or revise
any forward-looking statements, whether as a result of new information, future events, or
otherwise, except as may be required under applicable securities laws.
 References in this report to we, us, or our company refer to Atlas Acquisition Holdings
Corp. References to public stockholders refer to purchasers of our securities in our initial
public offering and subsequent purchasers in the secondary market. To the extent our founders
purchased common stock in our initial public offering or thereafter in the open market they would
be public stockholders for liquidation and dissolution purposes, but will vote all such shares in
favor of our initial business combination and therefore would not be eligible to seek redemption in
connection with a vote on a business combination.




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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS.
 ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 
 CONDENSED BALANCE SHEETS
 March 31, 2008
    
    
    December 31, 2007(Unaudited)ASSETSCURRENT ASSETS:Cash and cash equivalents
    
    $
    348,172
    
    
    $
    65,567Prepaid expenses
    
    
    90,402
    
    
    
    Deferred registration costs
    
    
    
    
    
    
    242,199Total current assets
    
    
    438,574
    
    
    
    307,766Investments held in Trust
    
    
    200,323,051
    
    
    
    Deferred tax asset
    
    
    72,000
    
    
    
    TOTAL ASSETS
    
    $
    200,833,625
    
    
    $
    307,766LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIES:Accrued registration costs
    
    $
    
    
    
    $
    144,766Accrued expenses
    
    
    344,869
    
    
    
    Notes payable to initial stockholders including
related accrued interest
    
    
    
    
    
    
    152,137Total current liabilities
    
    
    344,869
    
    
    
    296,903LONG TERM LIABILITIESDeferred underwriting fee
    
    
    8,955,000
    
    
    
    Common stock subject to possible conversion

(5,999,999 shares at conversion value)
    
    
    59,999,990
    
    
    
    COMMITMENTSSTOCKHOLDERS EQUITYPreferred stock, $.001 par value; 100,000,000 shares authorized;
none issued
    
    
    
    
    
    
    Common stock, $.001 par value; 300,000,000 shares authorized,
25,000,000 shares issued and outstanding (including
5,999,999 shares subject to conversion) at March 31, 2008
and 5,750,000 shares issued and outstanding at December 31, 2007
    
    
    25,000
    
    
    
    5,750Additional paid-in capital
    
    
    131,164,010
    
    
    
    17,250Retained earnings (deficit accumulated during the
development stage)
    
    
    344,756
    
    
    
    (12,137
    )TOTAL STOCKHOLDERS EQUITY
    
    
    131,533,766
    
    
    
    10,863TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
    
    $
    200,833,625
    
    
    $
    307,766
 The accompanying notes are an integral part of these condensed financial statements.
  1




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 
 CONDENSED STATEMENTS OF OPERATIONS
 For the period September 6, 2007(date of inception)For the three months ended
    
    
    toMarch 31, 2008
    
    
    March 31, 2008(Unaudited)
    
    
    (Unaudited)Operating expensesGeneral and administrative costs
    
    $
    199,542
    
    
    $
    209,542Loss from operations
    
    
    (199,542
    )
    
    
    (209,542
    )Other income (expense)Interest income
    
    
    734,090
    
    
    
    734,090Interest expense
    
    
    (655
    )
    
    
    (2,792
    )Income before provisions for income taxes
    
    
    533,893
    
    
    
    521,756Provision for income taxes
    
    
    177,000
    
    
    
    177,000Net income for the period
    
    $
    356,893
    
    
    $
    344,756Weighted average number of common shares
outstanding (not subject to possible
conversion):Basic
    
    
    15,148,352
    
    
    
    9,861,779Diluted
    
    
    19,117,502
    
    
    
    11,598,282Net income per common share not subject
to possible conversion:Basic
    
    $
    0.02
    
    
    $
    0.03Diluted
    
    $
    0.02
    
    
    $
    0.03Maximum number of shares subject to
possible conversion:Weighted average number of shares
    
    
    4,087,911
    
    
    
    1,788,461Net income per common share subject to
possible conversion:Basic
    
    $
    
    
    
    $
    Diluted
    
    $
    
    
    
    $
    
 The accompanying notes are an integral part of these condensed financial statements.
  2




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 
 CONDENSED STATEMENTS OF STOCKHOLDERS EQUITY
 For the period September 6, 2007 (date of inception) to March 31, 2008
 Retained Earnings(deficit accumulated
    
    
    TotalCommon Stock
 
    
    Additional
    
    
    during the development
    
    
    StockholdersShares
    
    
    Amount
    
    
    Paid-In Capital
    
    
    stage)
    
    
    EquityBalances, September 6, 2007

(date of inception)
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Issuance of common stock at $0.004
per share to initial stockholders
    
    
    5,750,000
    
    
    
    5,750
    
    
    
    17,250
    
    
    
    
    
    
    
    23,000Net loss for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,137
    )
    
    
    (12,137
    )Balances, December 31, 2007
    
    
    5,750,000
    
    
    $
    5,750
    
    
    $
    17,250
    
    
    $
    (12,137
    )
    
    $
    10,863Proceeds from issuance of 5,800,000
insider warrants at $1.00 per
warrant in private placement
    
    
    
    
    
    
    
    
    
    
    5,800,000
    
    
    
    
    
    
    
    5,800,000Sale of 20,000,000 units through
public offering at $10.00 per unit
net of underwriters discount and
offering costs (including 5,999,999
shares of common stock subject to
possible conversion)
    
    
    20,000,000
    
    
    
    20,000
    
    
    
    185,346,000
    
    
    
    
    
    
    
    185,366,000Proceeds from public offering
subject to possible conversion,
5,999,999 shares
    
    
    
    
    
    
    
    
    
    
    (59,999,990
    )
    
    
    
    
    
    
    (59,999,990
    )Forfeiture of founders shares
    
    
    (750,000
    )
    
    
    (750
    )
    
    
    750
    
    
    
    
    
    
    
    Net income for the period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    356,893
    
    
    
    356,893Balances, March 31, 2008 (unaudited)
    
    
    25,000,000
    
    
    $
    25,000
    
    
    $
    131,164,010
    
    
    $
    344,756
    
    
    $
    131,533,766
 The accompanying notes are an integral part of these condensed financial statements.
  3




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 
 CONDENSED STATEMENTS OF CASH FLOWS
 For the periodSeptember 6, 2007For the three months
    
    
    (date of inception)ended
    
    
    toMarch 31, 2008
    
    
    March 31, 2008(Unaudited)
    
    
    (Unaudited)Cash flows from operating activities:Net income for the period
    
    $
    356,893
    
    
    $
    344,756Adjustments to reconcile net income to net cash provided by operating activities:Deferred tax benefit
    
    
    (72,000
    )
    
    
    (72,000
    )Changes in operating assets and liabilities:Prepaid expenses
    
    
    (90,402
    )
    
    
    (90,402
    )Accrued expenses
    
    
    319,577
    
    
    
    319,577Accrued interest on notes payable to initial stockholders
    
    
    (2,137
    )
    
    
    Net cash provided by operating activities
    
    
    511,931
    
    
    
    501,931Net cash used in investing activities:Change in Trust Account
    
    
    (200,323,051
    )
    
    
    (200,323,051
    )Cash flows from financing activities:Proceeds from issuance of common stock to initial stockholders
    
    
    
    
    
    
    23,000Proceeds from notes payable to initial stockholders
    
    
    
    
    
    
    150,000Payments on notes payable to initial stockholders
    
    
    (150,000
    )
    
    
    (150,000
    )Proceeds from issuance of warrants in private placement
    
    
    5,800,000
    
    
    
    5,800,000Proceeds from public offering
    
    
    200,000,000
    
    
    
    200,000,000Payment of registration costs
    
    
    (5,556,275
    )
    
    
    (5,653,708
    )Net cash provided by financing activities
    
    
    200,093,725
    
    
    
    200,169,292Net increase in cash and cash equivalents
    
    
    282,605
    
    
    
    348,172Cash and cash equivalents:Beginning of period
    
    
    65,567
    
    
    
    End of period
    
    $
    348,172
    
    
    $
    348,172Supplemental Schedule of non-cash financing activitiesAccrual of deferred underwriting fees
    
    $
    8,955,000
    
    
    $
    8,955,000Proceeds from public offering reclassified to mezzanine debt for common
stock subject to possible conversion
    
    $
    59,999,990
    
    
    $
    59,999,990Reclass from common stock to additional paid-in capital for the forfeiture
of founders shares
    
    $
    750
    
    
    $
    750Registration costs included in accrued expenses
    
    $
    25,292
    
    
    $
    25,292
 The accompanying notes are an integral part of these condensed financial statements.
  4




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 Note 1  Discussion of the Companys Organization and Business Operations
 Organization and activities st
      5




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
 Note 1  Discussion of the Companys Organization and Business Operations (continued)
    Note 2  Initial Public Offering
     6




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
 Note 3  Summary of Significant Accounting Policies
 Interim Financial Statements 
 Development Stage 
 Cash and Cash Equivalents 
 Investments Held in Trust 
 Concentration of Credit Risk 
 Net Income Per Share 
   7




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
 Note 3  Summary of Significant Accounting Policies (continued)
  Fair Value of Financial Instruments
 Use of Estimates
 Income Taxes
  Redeemable common stock:
  Recently Issued Accounting Pronouncements
   8




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
 Note 3  Summary of Significant Accounting Policies (continued)
    Note 4  Deferred Registration Costs
  Note 5  Notes Payable to Initial Stockholders
  Note 6  Fair Value Measurements
 ,
   9




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
 Note 6  Fair Value Measurements (continued)
  Quoted Prices in
    
    
    Significant Other
    
    
    SignificantActive Markets
    
    
    Observable Input
    
    
    Unobservable InputsDescription
    
    March 31, 2008
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Assets:Cash equivalents
    
    $
    348,172
    
    
    $
    348,172
    
    
    $
    
    
    
    $
    Cash and cash
equivalents held in
Trust
    
    
    200,323,051
    
    
    
    200,323,051
    
    
    
    
    
    
    
    Total
    
    $
    200,671,223
    
    
    $
    200,671,223
    
    
    $
    
    
    
    $
    
   Note 7  Commitments
 Administrative Fees
  Underwriting Agreement
   10




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ATLAS ACQUISITION HOLDINGS CORP.
(a corporation in the development stage)
 NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
 Note 8  Capital Stock
 Preferred Stock
  Common Stock
  Public Warrants
  Insider Warrants
    Registration Rights  Warrants
   11




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
 Forward-Looking Statements and Factors That May Affect Results
  Overview
    
    
    may significantly reduce the equity interest of our stockholders;
    
    may cause a change in control if a substantial number of shares of our stock are
issued, which may affect, among other things, our ability to use our net operating loss
carry-forwards, if any, and may also result in the resignation or removal of Mr. James
N. Hauslein, our Chairman of the Board and Chief Executive Officer, or one or more of
our other present directors; and
    
    may adversely affect prevailing market prices for our common stock.
  
    
    default and foreclosure on our assets if our operating revenues after a business
combination were insufficient to pay our debt obligations;
    
    acceleration of our obligations to repay the indebtedness even if we have made all
principal and interest payments when due if the debt security contained covenants
requiring the maintenance of certain financial ratios or reserves and any such covenant
was breached without a waiver or renegotiation of that covenant;
    
    our immediate payment of all principal and accrued interest, if any, if the debt
security was payable on demand; and
    
    our inability to obtain additional financing, if necessary, if the debt security
contained covenants restricting our ability to obtain additional financing while such
debt security was outstanding.
  12




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Results of Operations
    Off-Balance Sheet Arrangements
  Contractual Obligations
  Liquidity and Capital Resources
    
    
    $1,750,000 of expenses for the search for target businesses and for the legal,
accounting, and other third-party expenses attendant to the due diligence
investigations, structuring, and negotiating of a business combination;
    
    $750,000 of expenses for the due diligence and investigation of a target business by
our officers, directors, and special advisors;
  13




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
    
    $200,000 of expenses in legal and accounting fees relating to our SEC reporting
obligations;
    
    $240,000 for the administrative fee payable to Hauslein & Company ($10,000 per month
for 24 months following our initial public offering); and
    
    $660,000 for general working capital that will be used for miscellaneous expenses
and reserves, including approximately $200,000 for director and officer liability
insurance premiums.
  
 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
   
 ITEM 4T. CONTROLS AND PROCEDURES.
 (a) Evaluation of Disclosure Controls and Procedures
  (b) Changes in Internal Control over Financial Reporting
   14




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PART II
OTHER INFORMATION
 
 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
 Unregistered Sale of Equity Securities
   Use of Proceeds from our Initial Public Offering
    
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
   15




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ITEM 6. EXHIBITS.
 ExhibitNumber
    
    Description31
    
    Certification of Chief Executive Officer and Principal Financial Officer32
    
    Certification of Chief Executive Officer and Principal Financial Officer
  16




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SIGNATURES
  ATLAS ACQUISITION HOLDINGS CORP.Date:    May 13, 2008
    By:
    /s/ James N. HausleinName:
    James N. HausleinTitle:
    Chairman of the Board, Chief Executive Officer, and Treasurer  17




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EXHIBIT INDEX
 ExhibitNumber
    
    Description31
    
    Certification of Chief Executive Officer and Principal Financial Officer32
    
    Certification of Chief Executive Officer and Principal Financial Officer
  18