[X]
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QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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[ ]
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TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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Nevada
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63-1205304
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(State
or other jurisdiction
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(IRS
Employer
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of
Incorporation)
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Identification
Number)
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2038
Corte del Nogal, Suite 110
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Carlsbad,
California 92011
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(Address
of principal executive offices)
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760-804-8844
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(Issuer’s
Telephone Number)
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CONDENSED
BALANCE SHEETS
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June
30,
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December
31,
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2010
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2009
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(unaudited)
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ASSETS
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Current
assets
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Cash
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$
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282
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$
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3,565
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Prepaid
expenses
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67,875
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158,375
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Other
receivable - related party
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-
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2,643
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Total
current assets
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68,157
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164,583
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TOTAL
ASSETS
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$
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68,157
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$
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164,583
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LIABILITIES
AND STOCKHOLDERS' DEFICIT
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Current
liabilities
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Accounts
payable
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$
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35,540
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$
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35,373
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Related
party payable
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50,360
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196,000
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Convertible
notes payable, related party - default
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280,323
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86,684
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Total
current liabilities
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366,223
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318,057
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TOTAL
LIABILITIES
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366,223
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318,057
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STOCKHOLDERS'
DEFICIT
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Preferred
stock, 1,000,000 shares authorized, $0.001 par value
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100,000
and 0 shares issued and outstanding
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as
of June 30, 2010 and December 31, 2009, respectively.
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100
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-
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Common
stock, 4,999,000,000 shares authorized, $0.001 par value
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54,323,483
and 323,483 shares issued and 323,483 and 323,483 shares
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outstanding
as of June 30, 2010 and December 31, 2009, respectively.
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323
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323
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Additional
paid-in capital
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11,425,517
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11,425,517
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Subscription
receivable
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(70,000)
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(70,000)
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Deficit
accumulated
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(11,654,006)
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(11,509,314)
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TOTAL
STOCKHOLDERS' DEFICIT
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(298,066)
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(153,474)
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TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT
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$
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68,157
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$
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164,583
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The
accompanying notes are an integral part of these financial
statements
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COCONNECT,
INC
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CONDENSED STATEMENTS
OF OPERATIONS (UNAUDITED)
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For
the three months ended
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For
the six months ended
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June
30,
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June
30,
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2010
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2009
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2010
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2009
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Revenues
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Sales
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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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Total
revenues
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-
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-
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-
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-
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Expenses
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Professional
fees
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1,500
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1,000
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5,500
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6,000
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General
and administrative
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60,328
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1,123
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126,553
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3,972
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Total
operating expenses
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61,828
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2,123
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132,053
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9,972
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Loss
from operations
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$
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(61,828)
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$
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(2,123)
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$
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(132,053)
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$
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(9,972)
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Other
income (expense)
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Interest
expense
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(8,582)
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-
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(12,639)
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-
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Total
other income (expense)
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(8,582)
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-
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(12,639)
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-
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Net
Loss before Income Tax
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(70,410)
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(2,123)
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(144,692)
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(9,972)
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Income
Tax
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-
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-
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-
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-
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NET
LOSS
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$
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(70,410)
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$
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(2,123)
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$
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(144,692)
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$
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(9,972)
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Basic
and diluted loss
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per
common share
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$
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(0.22)
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$
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(0.02)
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$
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(0.45)
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$
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(0.07)
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Weighted
average common
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shares
outstanding
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323,483
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133,915
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323,483
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133,915
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The
accompanying notes are an integral part of these financial
statements
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COCONNECT,
INC
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CONDENSED
STATEMENTS OF CASH FLOWS (UNAUDITED)
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For
the six months ended
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June
30,
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2010
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2009
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CASH
FLOWS FROM OPERATING ACTIVITIES
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Net
Loss
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$
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(144,692)
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$
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(9,972)
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Preferred
stock issued for service
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100
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-
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Changes
in operating assets and liabilities:
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Other
receivable increase
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2,643
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-
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Prepaid
expense increase
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90,500
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-
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Accounts
payable increase
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35,527
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9,972
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Accrued
expenses and interest increase
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12,639
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-
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NET
CASH USED IN OPERATING ACTIVITIES
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$
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(3,283)
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$
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-
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CASH
FLOWS FROM INVESTING ACTIVITIES
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NET
CASH USED IN INVESTING ACTIVITIES
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$
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-
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$
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-
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CASH
FLOWS FROM FINANCING ACTIVITIES
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-
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-
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NET
CASH PROVIDED BY FINANCING ACTIVITIES
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$
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-
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$
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-
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NET
CHANGE IN CASH
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(3,283)
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-
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CASH
BALANCES
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Beginning
of period
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3,565
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-
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End
of period
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$
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282
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$
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-
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SUPPLEMENTAL
DISCLOSURE:
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Interest
paid
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$
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-
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$
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-
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Income
taxes paid
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$
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-
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$
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-
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NON-CASH
ACTIVITIES
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Convertible
notes issued as a debt settlement
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$
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181,000
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$
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-
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Preferred
Stock issued for service
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$
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100
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$
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-
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The
accompanying notes are an integral part of these financial
statements
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Six
months
ended
June 30
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2010
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2009
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Total
Sales
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$0
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$0
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Six
months
ended
June 30
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2010
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2009
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Operating
Expense
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$
132,053
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$
9,972
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Six months
ended
June 30
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2010
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2009
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Net
Profit (Loss)
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($144,692)
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($9,972)
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ITEM
3.
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QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
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Ex. #
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Description
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3(i).1
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Certificate
of Incorporation filed as an exhibit to the Company's registration
statement on Form 10SB12G filed on July 29, 1999 and incorporated herein
by reference.
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3(i).2
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Certificate
of Amendment to Certificate of Incorporation filed with the Nevada
Secretary of State on May 5, 2010 and filed as an exhibit to the Company’s
Form 10-Q filed on May 20, 2010.
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3(ii).1
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By-Laws
filed as an exhibit to the Company's registration statement on Form
10SB12G filed on July 29, 1999 and incorporated herein by
reference.
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10.1
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Secured
Convertible Promissory Note issued to Noctua Fund Manger, LLC on March 15,
2009 filed as an exhibit to the Company’s Form 10-Q filed on May 20,
2010.
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10.2
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Escrow
Agreement between CoConnect, Inc., Noctua Fund Manager, LLC and the
Company’s transfer agent, Action Stock Transfer Corporation filed as an
exhibit to the Company’s Form 10-Q filed on May 20,
2010.
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14.1
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CoConnect,
Inc. Code of Ethics filed as an exhibit to our annual report on Form
10-KSB filed on June 19, 2005 and incorporated herein by
reference
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31.1
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Rule
13a-12(a)/15d-14(a) Certification of Chief Executive Officer pursuant to
18 U.S.C Section 1350, as adopted pursuant to Section 302 the
Sarbanes-Oxley Act of 2002.
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31.2
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Rule
13a-12(a)/15d-14(a) Certification of Chief Financial Officer pursuant to
18 U.S.C Section 1350, as adopted pursuant to Section 302 the
Sarbanes-Oxley Act of 2002.
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32.1
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Certification
of Chief Executive 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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32.2
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Certification
of Chief 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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COCONNECT,
INC.
/s/ Brad M. Bingham,
Esq.
By: Brad
M. Bingham, Esq.
Its:
Interim Chief Executive Officer and Principal Accounting
Officer
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