(Mark One)
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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ACCELERATED ACQUISITIONS XX, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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45-4511068
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(State or other jurisdiction of incorporation)
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(IRS Employer Identification No.)
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Large Accelerated Filer o
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Accelerated Filer o
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Non-Accelerated Filer o
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Smaller Reporting Company þ
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Page(s)
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PART I – FINANCIAL INFORMATION:
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Item 1.
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Financial Statements (unaudited):
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3
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Balance Sheets as of June 30, 2012 (unaudited) and March 31, 2012 (audited)
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3
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Statements of Operations for the three months ended June 30, 2012 and period from inception (February 6, 2012) through June 30, 2012(unaudited)
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4
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Statements of Cash Flows for the three months ended June 30, 2012 and period from inception (February 6, 2012) through June 30, 2012 (unaudited)
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5
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Notes to Financial Statements (unaudited)
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7
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Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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11
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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12
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Item 4T
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Controls and Procedures
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13
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PART II – OTHER INFORMATION:
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Item 1.
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Legal Proceedings
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13
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Item 1A
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Risk Factors
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13
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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13
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Item 3.
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Defaults Upon Senior Securities
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13
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Item 4.
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(Reserved and Removed)
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13
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Item 5.
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Other Information
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13
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Item 6.
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Exhibits
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14
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Signatures
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15
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June 30,
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March 31,
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|||||||
2012
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2012
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(Unaudited)
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(Audited)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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200
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$
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200
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$
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200
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$
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200
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LIABILITIES AND STOCKHOLDERS’ DEFICIT
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Current liabilities:
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Accrued expenses due to founder
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$
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1,800
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$
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0
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Total liabilities
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1,800
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0
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Commitments and contingencies
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Stockholders’ deficit:
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Preferred stock, $0.0001 par value, 10,000,000 shares authorized; none issued or outstanding
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—
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—
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Common stock, $0.0001 par value, 100,000,000 shares authorized,5,000,000 shares issued and outstanding
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500
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500
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Additional paid-in capital
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1,500
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1,500
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Accumulated deficit
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(3,600
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)
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(1,800
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)
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Total stockholders’ deficit
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(1,600
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)
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$
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200
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$
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200
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Three months ended
June 30, 2012
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Inception
(February 6, 2012) through
June 30, 2012
(Cumulative)
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(Unaudited)
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(Unaudited)
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Revenues
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$
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—
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$
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—
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Operating expenses
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General and administrative
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1,800
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3,600
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Net loss
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$
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(1,800
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)
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$
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(3,600
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)
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Basic and diluted net loss per share
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$
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(0.00
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)
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Shares used in basic and diluted net loss per share calculation
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5,000
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Common Stock
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Additional
Paid-In
Capital
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Accumulated
Deficit
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Accumulated
Other
Comprehensive
Income
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Total
Stockholders’
Equity
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||||||||||||||||||||
Balance prior to inception
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—
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$
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—
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$
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—
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$
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—
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$
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—
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$
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—
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Issuance of common stock to founder for cash
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5,000,000
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500
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1,500
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—
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—
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2,000
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Net loss / comprehensive loss
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—
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—
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—
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(1,800
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)
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—
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(1,800
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)
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Balances at March 31, 2012
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5,000,000
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500
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1,500
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(1,800
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)
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—
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200
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Net loss / comprehensive loss
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—
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—
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(1,800
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)
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—
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(1,800
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)
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Stock-based compensation expense
included in net loss
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—
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—
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—
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—
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__
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Balances at June 30, 2012
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5,00,000
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$
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500
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$
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1,500
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$
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(3,600
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)
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$
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—
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$
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(1,600
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)
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Three months ended
June 30, 2012
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Inception (February 6, 2012) through
June 30, 2012
(Cumulative)
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OPERATING ACTIVITIES:
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Net loss
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$
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(1,800
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)
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(3,600
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)
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Adjustments to reconcile net loss to net cash used in operating activities:
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Increase in accrued expenses due to founder
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1,800
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1,800
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Stock-based compensation
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---
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----
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Net cash used in operating activities
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(1,800
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)
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(3,600
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)
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FINANCING ACTIVITIES:
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Proceeds from the issuance of common stock
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—
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2,000
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Net increase in cash and cash equivalents
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—
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200
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Cash and equivalents at beginning of period
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200
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—
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Cash and equivalents at end of period
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$
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200
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200
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(a)
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Organization and Business:
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(b)
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Basis of Presentation
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(c)
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Use of Estimates:
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(d)
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Development Stage
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(e)
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Cash and Cash Equivalents
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(f)
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Loss per Common Share
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June 30,
2012
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March 31,
2012
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Gross deferred tax assets
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$ |
3,600.
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$ |
1,800.
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Valuation allowance
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(3,600)
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(1,800)
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Net deferred tax asset
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$ |
—
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$ |
—
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Operating activities
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$
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(3,600)
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Investing activities
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-
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Financing activities
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$
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3,800
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Net effect on cash
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$
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200
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(i)
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filing of reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
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(ii)
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consummating an acquisition.
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Exhibit No.
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Description
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31.1
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Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.
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31.2
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Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.
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32.1
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Certification of the Company’s Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
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101.DEF*
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XBRL Taxonomy Extension Definition Linkbase Document*
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101.INS*
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XBRL Instance Document
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101.SCH*
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XBRL Taxonomy Extension Schema Document
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101.CAL*
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB*
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE*
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XBRL Taxonomy Extension Presentation Linkbase Document
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101.DEF*
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XBRL Taxonomy Extension Definition Linkbase Document
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Dated: August 14, 2012
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ACCELERATED ACQUISITIONS XX, INC.
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By:
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/s/ Timothy J. Neher
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Timothy J. Neher
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President/ CEO
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Exhibit No.
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Description
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31.1
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Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.
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31.2
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Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.
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32.1
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Certification of the Company’s Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
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|
101.DEF*
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XBRL Taxonomy Extension Definition Linkbase Document*
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101.INS*
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XBRL Instance Document
|
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101.SCH*
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XBRL Taxonomy Extension Schema Document
|
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101.CAL*
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB*
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE*
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XBRL Taxonomy Extension Presentation Linkbase Document
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101.DEF*
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XBRL Taxonomy Extension Definition Linkbase Document
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1.
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I have reviewed this Form 10-Q for the period ended June 30, 2012 of Accelerated Acquisitions XX, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
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d.
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the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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e.
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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1.
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I have reviewed this Form 10-Q for the period ended June 30, 2012 of Accelerated Acquisitions XX, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
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d.
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the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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e.
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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