UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
   

Form 10-QSB

 
  
(MARK ONE)
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2006
 
OR
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from  ______________ to ______________

 
COMMISSION FILE NUMBER: 000-000000
 
Generic Company, Inc.
(Exact Name of Company as Specified in Its Charter)
 
 
Texas
 
00-0000000
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
 
 
720 Brazos Street, Austin, Texas 78701
(Address of Principal Executive Offices)

(512) 450-5010
(Company's Telephone Number)

______________________________________________________________________
(Former Name, Former Address, and Former Fiscal Year, if Changed Since Last Report)

 
Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) been subject to such filing requirements for the past 90 days:  Yes  x  No o
 
Indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act):  Yes o  No x
 
As of June 30, 2006, the Company had XXX,XXX shares of common stock issued and outstanding.

Transitional Small Business Disclosure Format (check one): Yes o  No  x



Table of Contents
 
 
Page
Part I. Financial Information  
   
 
   
F-1
b) Consolidated Statements of Operations for the Six Months Ended September 30, 2006 and 2005
 2
c) Consolidated Balance Sheet as of June 30, 2006
 6
d) Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2006 and 2005
 7
   
 19
   
Item 3. Controls and Procedures
 21
   
Part II. Other Information
  
   
Item 1. Legal Proceedings
 22
   
Item 6. Exhibits
 22
   
33
 
 
 
 
 
 
 
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
 
 
Generic Company, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended  June 30, 
 
Six Months Ended June 30,
  
 
 
2006
  
2005
  
2006
  
2005
  
       
(restated)
      
(restated)
  
                   
Revenue
  
$
000,000
  
$
000,000
  
$
000,000
  
$
000,000
  
                           
Cost of revenue
    
000,000
    
000,000
    
000,000
    
000,000
  
                           
Gross profit
    
(000,000
)
  
000,000
    
(000,000
)
  
000,000
  
                           
Selling, general and administrative expenses
    
000,000
    
000,000
    
000,000
    
000,000
  
                           
Loss from operations
    
(000,000
)
  
(000,000
)
  
(000,000
)
  
(000,000
)
                           
Other income (expenses):
                          
Gain on disposal of assets
    
-
   
000,000
    
-
   
000,000
  
Interest income/(expense)
    
(000,000
)
  
(000,000
)
  
(000,000
)
  
(000,000
)
                           
Loss before income taxes and minotiry interest in subsidiaries
    
(000,000
)
  
(000,000
)
  
(000,000
)
  
(000,000
)
                           
Income taxes
    
000,000
    
-
   
000,000
    
-
 
                           
Minority interest in net loss of subsidiaries
    
(000,000
)
  
-
   
(000,000
)
  
-
 
                           
Net Loss
    
(000,000
)
  
(000,000
)
  
(000,000
)
  
(000,000
)
                           
Other - Comprehensive income (loss): Gain (Loss) on foreign exchange
    
000,000
    
(000,000
)
  
000,000
    
(000,000
)
                           
Comprehensive loss
  
$
(000,000
)
$
(000,000
)
$
(000,000
)
$
(000,000
)
                           
Loss per share - basic and diluted
  
$
(0.00
)
$
(0.00
)
$
(0.00
)
$
(0.00
)
                           
Weighted average shares outstanding - basic
    
000,000
    
000,000
    
000,000
    
000,000
  
                           
Weighted average shares outstanding - diluted
    
000,000
    
000,000
    
000,000
    
000,000
  
 
The accompanying notes form an integral part of these consolidated condensed financial statements.
F-1

Generic Company, Inc.

ITEM 2. MANAGEMENT'S PLAN OF OPERATION
 
Cautionary Statement
 
You should read the following discussion and analysis in conjunction with the financial statements and related notes thereto contained in Part I, Item 1 of this report. The information contained in this Quarterly Report on Form 10-QSB is not a complete description of our business or the risks associated with an investment in our common stock. We urge you to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the Securities and Exchange Commission, or SEC, that discuss our business in greater detail.
 
This report contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Reference is made in particular to the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking statements included in this report. Such statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "anticipate," "intend," "continue," or similar terms, variations of such terms or the negative of such terms. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Such statements address future events and conditions concerning, among others, capital expenditures, earnings, litigation, regulatory matters, liquidity and capital resources and accounting matters. Actual results in each case could differ materially from those anticipated in such statements by reason of factors such as future economic conditions, changes in consumer demand, legislative, regulatory and competitive developments in markets in which we operate, results of litigation and other circumstances affecting anticipated revenues and costs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
 
As used in this Form 10-QSB, "we," "us" and "our" refer to Generic Company  Inc., which is also sometimes referred to as the "Company."
 
Corporate History
 
Our company was incorporated in the State of Texas on June 30, 2000, under the name of "Generic Company Two." On April 17, 2003, we changed our name to "Generic Company" and became a provider of information and services in the areas of personal information collection, analysis, profiling, banking and profile database maintenance. Effective as of April 3, 2006, through a statutory merger with our wholly owned subsidiary in which we were the surviving corporation, we changed our name to "Generic Company."
 
General
 
We are an exploration stage company that has not generated revenues from our current operations in the oil and gas industry. There is no historical financial information about Generic Company upon which to base an evaluation of our performance. We cannot guarantee we will be successful in our new core business or in any business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and in the exploration of oil and gas reserves.
 
We have no assurance that future financing will be available on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue with our current business plan. If equity financing is  available to us on acceptable terms, it could result in additional dilution to our existing stockholders.
 
 
 
Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
                                                                  
 
 
Generic Company, Inc.
 
 
  
  
  
Date: June xx, 2006
By:  
/s/ John Doe                                                   
 
President, Chief Executive Officer,
and Chief Financial Officer
(Principal Executve and Financial Officer)
 

33