Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended March 31, 2009, for R&R Acquisition VI, Inc. (Note: The input metadata references "ADMA BIOLOGICS, INC.", but the filing text explicitly identifies the registrant as R&R Acquisition VI, Inc.). The company is a Delaware corporation classified as a "blank check" or development stage company. Its sole objective is to acquire or merge with an operating business. As of the reporting date, the company had not commenced any operations, had no employees, and had no specific business plan other than seeking a merger target.
Key Financial Metrics
| Metric | Three Months Ended Mar 31, 2009 | Nine Months Ended Mar 31, 2009 | Inception to Mar 31, 2009 |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Total Operating Expenses | $3,821 | $10,949 | $84,099 |
| Net Loss | $(3,820) | $(10,939) | $(84,000) |
| Cash and Cash Equivalents | $10,108 (Ending Balance) | $10,108 (Ending Balance) | $10,108 (Ending Balance) |
| Working Capital | $3,250 | $3,250 | $3,250 |
| Accrued Expenses | $6,858 | $6,858 | $6,858 |
| Shares Outstanding | 2,500,000 | 2,500,000 | 2,500,000 |
Material Changes vs. Prior Period
- Expense Reduction: Total operating expenses decreased to $3,821 for the three months ended March 31, 2009, compared to $4,870 in the same period in 2008. For the nine-month period, expenses dropped to $10,949 from $16,092 in the prior year.
- Cash Position: Cash and cash equivalents increased from $2,647 at June 30, 2008, to $10,108 at March 31, 2009. This increase was driven by $27,500 in contributed capital received during the nine-month period, which offset the net cash used in operating activities of $20,039.
- Liabilities: Accrued expenses decreased significantly from $15,958 at June 30, 2008, to $6,858 at March 31, 2009, improving the working capital position from a deficit of $(13,311) to a positive $3,250.
Outlook, Risks, and Management Commentary
Outlook and Strategy: The company has no revenues and no operations. Its future is entirely dependent on consummating a business combination with an operating company. Management intends to use proceeds from equity sales, debt, or loans from stockholders to fund a merger. The company expects to have sufficient resources for only a single business combination.
Liquidity and Capital Resources: The company is dependent on future loans from stockholders or management to continue operations and fund a potential merger. There is no assurance that such loans will be available or on acceptable terms. As of March 31, 2009, the company had no off-balance sheet arrangements.
Risks and Contingencies:
- Blank Check Status: The company is a "shell company" with no specific business plan. It is subject to regulations limiting the sale of "penny stock."
- Merger Uncertainty: There are no definitive agreements with prospective targets, and no assurance a suitable target will be found.
- Management Role: Current officers are part-time and expect to play no managerial role post-merger.
- Commitments: The company has an agreement for office occupancy and administrative services with Kirk M. Warshaw, LLC, requiring quarterly payments of $500.
Key Facts for Investor Verification
- Identity Discrepancy: Verify the correct registrant name. The filing is for R&R Acquisition VI, Inc., not ADMA BIOLOGICS, INC. as suggested in the request metadata.
- Operational Status: Confirm the company has zero revenue and zero employees; it is purely a vehicle for a future merger.
- Capital Dependency: Assess the reliance on contributed capital ($27,500 in the last nine months) and potential loans from insiders to maintain solvency.
- Share Count: Verify the 2,500,000 shares of common stock outstanding as of April 24, 2009.
- Expense Trend: Note the reduction in professional and filing fees compared to the prior year, though the company remains in a cumulative deficit of $(84,000) since inception.