Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended December 31, 2008, for R&R Acquisition VI, Inc. (not ADMA Biologics, Inc., as indicated in the metadata). The registrant is a Delaware corporation classified as a "blank check" company and a development stage entity. 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 maintained no specific business plan other than seeking a target for a business combination.
Key Financial Metrics
| Metric | Three Months Ended Dec 31, 2008 | Six Months Ended Dec 31, 2008 | Inception to Dec 31, 2008 |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Net Loss | $(3,767) | $(7,119) | $(80,180) |
| Total Operating Expenses | $3,771 | $7,127 | $80,278 |
| Cash and Cash Equivalents | $8,028 (Ending Balance) | $8,028 (Ending Balance) | $8,028 (Ending Balance) |
| Working Capital | $570 | $570 | $570 |
| Accrued Expenses | $7,458 | $7,458 | $7,458 |
| Shares Outstanding | 2,500,000 | 2,500,000 | 2,500,000 |
Debt and Liquidity: The company reported no long-term debt. Liquidity is constrained, with cash balances of $8,028 and a minimal working capital surplus of $570. The company relies on contributed capital and potential loans from stockholders or management to fund operations.
Material Changes vs. Prior Period
- Expense Reduction: Total operating expenses decreased to $3,771 for the three months ended December 31, 2008, compared to $5,922 in the same period in 2007. For the six-month period, expenses dropped to $7,127 from $11,222 in the prior year.
- Cash Position: Cash and cash equivalents increased from $2,647 at June 30, 2008, to $8,028 at December 31, 2008, primarily due to $21,000 in contributed capital received during the period.
- Liabilities: Accrued expenses decreased significantly from $15,958 at June 30, 2008, to $7,458 at December 31, 2008.
Outlook, Risks, and Management Commentary
Management Commentary: Management states that the company has no revenues and no operations. The business model is entirely dependent on effecting a business combination with a target company. Officers devote only part-time effort to the company, and no full-time employees are anticipated until a merger is consummated.
Risks and Contingencies:
- Liquidity Risk: The company has no assurance it can raise additional capital through equity or debt sales. It is dependent on future loans from stockholders or management, which are not guaranteed.
- Business Combination Risk: There is no assurance that a suitable target business will be found or that a merger will occur within the next 12 months. The company expects to have sufficient proceeds for only a single business combination.
- Shell Company Status: As a "blank check" company, the entity is subject to specific regulatory limitations and is classified as a shell company.
Guidance: The filing contains no specific financial guidance or revenue projections, as the company has no operating history.
Investor Verification Checklist
- Verify the discrepancy between the metadata company name ("ADMA BIOLOGICS, INC.") and the actual registrant ("R&R ACQUISITION VI, INC.").
- Confirm the company's status as a "blank check" shell company with no active operations.
- Assess the sustainability of operations given the minimal working capital ($570) and reliance on voluntary contributions from management.
- Review the "Forward-Looking Statements" section for disclaimers regarding the uncertainty of future business combinations.
- Check for any subsequent filings indicating a change in control or a completed merger, as the current filing reflects a dormant state.