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T
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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£
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TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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ROBOCOM
SYSTEMS INTERNATIONAL INC.
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(Name
of small business issuer as specified in its charter)
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New York
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11-2617048
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification No.)
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17 Fairbanks Boulevard, Woodbury,
NY 11797
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(Address
of principal executive offices)
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516-692-8394
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(Issuer’s
telephone number)
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Large
accelerated filer £
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Accelerated
filer £
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Non-accelerated
filer £
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Smaller
reporting company T
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PART
I.
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Financial
Information
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Item
1.
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Financial
Statements:
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Page
No.
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3
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4
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5
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6
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Item
2.
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7
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Item
3.
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9
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Item
4T.
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9
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PART
II.
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Other
Information:
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Item
1.
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10
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Item
1A.
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10
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Item
2.
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10
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Item
3.
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10
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Item
4.
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10
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Item
5.
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10
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Item
6.
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10
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11
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August 31,
2009
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May 31,
2009
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|||||||
Assets
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(unaudited)
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|||||||
Current
assets:
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||||||||
Cash
and cash equivalents
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$ | 267,015 | $ | 286,107 | ||||
Other
current assets
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10,417 | 916 | ||||||
Total
assets
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$ | 277,432 | $ | 287,023 | ||||
Liabilities
and Shareholders’ Equity
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||||||||
Current
liabilities:
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||||||||
Accrued
expenses
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45,918 | 33,763 | ||||||
Dividend
payable
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217,844 | --- | ||||||
Total
current liabilities
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263,762 | 33,763 | ||||||
Shareholders’
equity:
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||||||||
Preferred
stock, $.01 par value; 1,000,000 shares authorized; None
issued
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---- | ---- | ||||||
Common
stock, $.01 par value; 10,000,000 shares authorized; 4,840,984 issued and
outstanding at August 31, 2009 and May 31, 2009
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48,410 | 48,410 | ||||||
Additional
paid-in capital
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12,163,574 | 12,163,574 | ||||||
Accumulated
deficit
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(12,198,314 | ) | (11,958,724 | ) | ||||
Total
shareholders’ equity
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13,670 | 253,260 | ||||||
Total
liabilities and shareholders’ equity
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$ | 277,432 | $ | 287,023 |
Three
months ended August 31,
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||||||||
2009
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2008
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|||||||
Selling,
general and administrative expenses
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$ | (22,321 | ) | $ | (30,044 | ) | ||
Interest
income
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575 | 2,899 | ||||||
Net
loss
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$ | (21,746 | ) | $ | (27,145 | ) | ||
Basic
and diluted net loss per share:
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||||||||
Net
loss per basic and diluted share
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$ | (0.00 | ) | $ | (0.01 | ) | ||
Weighted
average shares outstanding:
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||||||||
Basic
and diluted
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4,840,984 | 4,840,984 |
Three months ended
August 31,
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||||||||
2009
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2008
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Operating
activities
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Net
loss
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$ | (21,746 | ) | $ | (27,145 | ) | ||
Adjustments
to reconcile net loss to net cash used in operating
activities:
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Changes
in operating assets and liabilities:
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Other
current assets
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(9,500 | ) | (8,166 | ) | ||||
Accrued
expenses
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12,154 | (10,639 | ) | |||||
Net
cash used in operating activities
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(19,092 | ) | (45,950 | ) | ||||
Decrease
in cash and cash equivalents
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(19,092 | ) | (45,950 | ) | ||||
Cash
and cash equivalents at beginning of period
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286,107 | 420,763 | ||||||
Cash
and cash equivalents at end of period
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$ | 267,015 | $ | 374,813 | ||||
Supplemental
disclosures of non cash investing and financing
activities:
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||||||||
Declaration
of cash dividend payable
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$ | 217,844 | ---- |
1.
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Background
and Basis of Financial Statement
Presentation
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●
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our
company will be governed by the laws of the State of Delaware and by a new
certificate of incorporation and new by-laws governed by Delaware
law;
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●
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the
conversion of every share of our Common Stock owned as of the effective
time of the Reincorporation, into a fractional share of common stock of
Robocom-Delaware, such fraction to be not more than 0.5 (1/2) of a share
or less than 0.05 (1/20) of a share as determined by our Board of
Directors, in its sole discretion, prior to the
Reincorporation;
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●
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the
reduction of the par value of our Common Stock from $0.01 per share to
$0.001 per share;
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●
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a
reduction in our authorized capital stock to 125,000,000 total shares,
consisting of 100,000,000 shares of common stock, par value $0.001 per
share, and 25,000,000 shares of “blank check” preferred stock, par value
$0.001 per share;
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●
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the
persons currently serving as officers and directors of our company will
continue to serve in their respective capacities immediately after the
Reincorporation; and
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●
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a
change of our corporate name to a name to be determined by our Board of
Directors, in its sole discretion, prior to the
Reincorporation.
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(a)
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As
of the end of the period covered by this report, we carried out an
evaluation, under the supervision and with the participation of our
management, including our Chief Executive Officer and principal accounting
officer, of the effectiveness of the design and operation of the
disclosure controls and procedures pursuant to Rule 13a-15 under the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Based upon the evaluation, our Chief Executive Officer
and principal accounting officer concluded that, as of the end of the
period, the disclosure controls and procedures were effective in timely
alerting him to material information relating to our company required to
be included in the reports that are filed and submitted pursuant to the
Exchange Act.
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(b)
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During
the period covered by this report, there were no changes in our internal
controls over financial reporting that have materially affected, or are
reasonably likely to materially affect, the internal controls over
financial reporting.
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ROBOCOM
SYSTEMS INTERNATIONAL INC.
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By:
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/s/Irwin Balaban
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Irwin Balaban
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Chief Executive Officer and
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Principal Financial and Accounting
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Officer
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Exhibit No.
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Description
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Certification
of our Chief Executive Officer and Principal Financial and Accounting
Officer, Irwin Balaban, pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.
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Certification
of our Chief Executive Officer and Principal Financial and Accounting
Officer, Irwin Balaban, pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
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