10QSB 1 v087683_10qsb.txt U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB (Mark One) |X| Quarterly report under Section 13, or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended July 31, 2007 |_| Transition report under Section 13 or 15 (d) of the Exchange Act For the transition period from ______________ to ______________ Commission file number 33-16335 MALEX, INC. ----------------------------------------------------------------- (Exact Name of Small Business Issuer as Specified in Its Charter) Delaware 74-2235008 -------------------------------- -------------------------------- (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 730 West Randolph, 6th Floor, Chicago, Illinois 60661 ----------------------------------------------------------------- (Address of Principal Executive Offices) (312) 454-0015 ----------------------------------------------------------------- (Issuer's Telephone Number, Including Area Code) ----------------------------------------------------------------- (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for past 90 days. |X| Yes |_| No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Check whether the registrant filed all documents and reports required to be filed by Section 12, 13, or 15 (d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. |X| Yes |_| No Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) |X| Yes |_| No APPLICABLE ONLY TO CORPORATE ISSUERS There were 8,416,000 shares of $0.00002 par value Common Stock outstanding as of July 31, 2007. -------------------------------------------------------------------------------- MALEX, INC. INDEX Page No. ---- Part I - FINANCIAL INFORMATION: Item 1. Condensed Balance Sheets (Unaudited) 3 Condensed Statements of Operations (Unaudited) 4 Condensed Statements of Cash Flows (Unaudited) 5 Notes to Condensed Financial Statements (unaudited) 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6 Item 3. Controls and Procedures 6 Part II - OTHER INFORMATION 7 2 MALEX, INC. PART I. FINANCIAL INFORMATION Item 1. Financial Statements Malex, Inc. BALANCE SHEET (unaudited)
July 31, April 30, 2007 2007 -------- -------- ASSETS CURRENT ASSETS: Cash $ -- $ -- -------- -------- Total Current Assets -- -- -------- -------- TOTAL CURRENT ASSETS $ -- $ -- ======== ======== LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable and accrued expenses $ 2,950 12,937 Related party payables 14,057 -- -------- -------- Total Current Liabilities 17,007 12,937 STOCKHOLDERS' DEFICIENCY Common stock, $.00002 par value/share; 75,000,000 shares authorized, 8,416,000 issued and outstanding 168 168 Additional paid-in capital 14,046 14,046 Accumulated (Deficit) (31,221) (27,151) -------- -------- Total Stockholder's deficiency (17,007) (12,937) -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ -- $ -- ======== ========
The accompanying notes are an integral part of the financial statements. 3 Malex, Inc. STATEMENTS OF OPERATIONS (unaudited) For the years ended ------------------- July 31, July 31, 2007 2006 ----------- ----------- Revenues $ -- $ -- General and Administrative Expenses 4,070 1,200 ----------- ----------- NET LOSS FROM OPERATIONS (4,070) (1,200) ----------- ----------- NET LOSS BEFORE INCOME TAXES (4,070) (1,200) PROVISION FOR INCOME TAXES -- -- ----------- ----------- NET LOSS AFTER INCOME TAX EXPENSE $ (4,070) $ (1,200) =========== =========== NET LOSS PER SHARE - BASIC and DILUTED $ 0.00 $ 0.00 =========== =========== WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING - BASIC and DILUTED 8,416,000 8,416,000 =========== =========== The accompanying notes are an integral part of the financial statements. 4 Malex, Inc. STATEMENT OF CASH FLOWS (unaudited)
For the years ended ------------------- July 31, July 31, 2007 2006 ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (4,070) $ (1,200) Adjustments to reconcile net loss to net cash provided by (used) in operating activities: Decrease in accounts payable - related party (9,987) Increase in accounts payable and accrued expenses 14,057 1,200 ---------- ---------- NET CASH PROVIDED BY (USED) IN OPERATING ACTIVITIES -- -- ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: -- -- ---------- ---------- CASH PROVIDED BY FINANCING ACTIVITIES: -- -- ---------- ---------- NET DECREASE IN CASH -- -- CASH, beginning of the period -- 3 ---------- ---------- CASH, end of the period $ -- $ 3 ========== ========== Supplemental disclosures of cash flow information: Cash paid: Interest -- -- Taxes -- --
The accompanying notes are an integral part of the financial statements. 5 MALEX, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Financial Statements The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-QSB and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the audited financial statements and notes thereto included in the Registrant's annual Form 10-KSB for the year ended April 30, 2007. Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations The net operating loss for the quarters ended July 31, 2007 and 2006 was $(4,070) and $(1,200) respectively. All expenses were for administrative purposes. The Company has no operations or assets and is now seeking merger opportunities. Liquidity and Capital Resources The Registrant has met its shortfall of funds from operations during prior periods by the sale of its majority owned subsidiaries assets, and by borrowing from its Directors and companies affiliated with its Directors. Net cash used by operating activities for the period was $0 ($0 2006). Net cash used by investing activities was $0 ($0 in 2006) and by financing activities was $0 ($0 in 2006). The Registrant's present needs for liquidity principally relates to its obligations for its SEC reporting requirements and the minimal requirements for record keeping. The Registrant has limited liquid assets available for its continuing needs. In the absence of any additional liquid resources, the Registrant will be faced with cash flow problems. Item 3. Controls and Procedures As of the end of the period covered by this quarterly report, our Chief Executive Officer and Chief Financial Officer (the "Certifying Officer") conducted evaluations of our disclosure controls and procedures. As defined under Sections 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 Act, as amended (the "Exchange Act") the term "disclosure controls and procedures" means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer 's management, including the Certifying Officer, to allow timely decisions regarding required disclosure. Based on this evaluation, the Certifying Officer has concluded that our disclosure controls and procedures were effective to ensure that material information is recorded, processed, summarized and reported by our management on a timely basis in order to comply with our disclosure obligations under the Exchange Act, and the rules and regulations promulgated thereunder. 6 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits: 31.1 Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a). 31.2 Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a). 32.1 Certification of Chief Executive Officer Pursuant to Rule 13a-14(b) or Rule 15d-14(b)and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of Chief Financial Officer Pursuant to Rule 13a-14(b) or Rule 15d-14(b)and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b) Reports on Form 8-K: There were no reports filed on Form 8-K during the quarter ended July 31, 2007. SIGNATURES Pursuant to the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized. MALEX, INC. (Registrant) By: /s/ Bartly J. Loethen ---------------------------------- Bartly J. Loethen, Chairman and President Date: September 12, 2007 In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. ------------------------------------------ By: /s/ Bartly J. Loethen --------------------------- Bartly J. Loethen, Director; Chairman and President, (Principal Executive Officer) Treasurer (Principal Financial and Accounting Officer) Date: September 12, 2007 ------------------------------------ 7