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ZETA ACQUISITION CORP II
0001422142
--12-31
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<table style="font: 10pt/normal times new roman, times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"><b>1.</b></td>
<td style="text-align: justify;"><b>Nature of Operations and Significant Accounting Policies</b></td>
</tr>
</table>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Nature of Operations</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Zeta Acquisition Corp. II (the "Company") was incorporated under the laws of the State of Delaware on November 16, 2007. The Company is a new enterprise in the development stage as defined by Accounting Standards Codification ("ASC") Topic 915, <i>Development Stage Entities</i>. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company's principal business objective for the next twelve (12) months and beyond will be to achieve long-term growth potential through a combination with a business. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Liquidity</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Since its inception, the Company has generated no revenues and has incurred a net loss of $135,879. Since inception, the Company has been dependent upon the receipt of capital investment or other financing to fund its continuing activities. The Company has not identified any business combination and therefore, cannot ascertain with any degree of certainty the capital requirements for any particular transaction. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. The accompanying financial statements have been presented on the basis of the continuation of the Company as a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Use of Estimates</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Cash and Cash Equivalents</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three (3) months or less to be cash equivalents.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Income Taxes</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">The Company accounts for income taxes in accordance with ASC Topic 740, <i>Income Taxes</i>, which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns.  A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Fair Value of Financial Instruments</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Pursuant to ASC Topic 820-10, <i>Fair Value Measurements and Disclosures</i>, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of September 30, 2012. The Company considers the carrying value of cash and cash equivalents, prepaid expenses, accounts payable, accrued expenses, and notes payable to stockholders to approximate fair value due to their short maturity.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Net Loss Per Share</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. The Company currently has no dilutive securities and as such, basic and diluted loss per share are the same for all periods presented.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b>Interim Financial Statements</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">The unaudited interim financial information included in this report reflects normal recurring adjustments that management believes are necessary for a fair statement of the results of operations, financial position, and cash flows for the periods presented. This interim information should be read in conjunction with the financial statements and accompanying notes contained in the Company′s Form 10-K filed March 30, 2012.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">The results of operations for the three and nine months ended September 30, 2012 are not necessarily indicative of the results to be expected for other interim periods or the full year.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Reclassifications</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Certain items in the September 30, 2011 financial statements have been reclassified to conform to current period presentation, with no effect on net loss or stockholders' deficit.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Recently Issued Accounting Pronouncements</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Management does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><b>2.</b></td>
<td style="text-align: justify;"><b>Notes Payable, Stockholders</b></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During 2012, various stockholders loaned the Company $25,000 and were issued unsecured promissory notes which bear interest at 6% and are due on demand. Similar stockholder loans amounted to $35,000 during 2010 and $25,000 during 2009. Interest of $10,012 was accrued and unpaid at September 30, 2012.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During 2007, the Company issued an unsecured promissory note to a stockholder and officer of the Company in the amount of $10,000. The note was non-interest bearing and was repaid from the proceeds of the sale of common stock.</p>
<table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><b>3.</b></td>
<td style="text-align: justify;"><b>Preferred Stock</b></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.5in; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company is authorized to issue 10,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors.</p>
<table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><b>4.</b></td>
<td style="text-align: justify;"><b>Common Stock</b></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company is authorized to issue 100,000,000 shares of common stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. During December 2007, the Company issued 5,000,000 shares of its common stock pursuant to a private placement for $50,000.</p>
<table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"><b>5.</b></td>
<td style="text-align: justify;"><b>Income Taxes</b></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company has approximately $46,200 in gross deferred tax assets at September 30, 2012 resulting from capitalized start-up costs and net operating losses. A valuation allowance has been recorded to fully offset these deferred tax assets as the future realization of the related income tax benefit is uncertain.</p>
<table style="font: 10pt/normal times new roman, times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"><b>6.</b></td>
<td style="text-align: justify;"><b>Commitment</b></td>
</tr>
</table>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">The Company utilizes the office space and equipment of an officer and director at no cost on a month-to-month basis. Management estimates such amounts to be de minimis.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Liquidity</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Since its inception, the Company has generated no revenues and has incurred a net loss of $135,879. Since inception, the Company has been dependent upon the receipt of capital investment or other financing to fund its continuing activities. The Company has not identified any business combination and therefore, cannot ascertain with any degree of certainty the capital requirements for any particular transaction. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. The accompanying financial statements have been presented on the basis of the continuation of the Company as a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Use of Estimates</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Cash and Cash Equivalents</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three (3) months or less to be cash equivalents.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Income Taxes</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company accounts for income taxes in accordance with ASC Topic 740, <i>Income Taxes</i>, which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns.  A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Fair Value of Financial Instruments</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Pursuant to ASC Topic 820-10, <i>Fair Value Measurements and Disclosures</i>, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of September 30, 2012. The Company considers the carrying value of cash and cash equivalents, prepaid expenses, accounts payable, accrued expenses, and notes payable to stockholders to approximate fair value due to their short maturity.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Net Loss Per Share</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. The Company currently has no dilutive securities and as such, basic and diluted loss per share are the same for all periods presented.</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Interim Financial Statements</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The unaudited interim financial information included in this report reflects normal recurring adjustments that management believes are necessary for a fair statement of the results of operations, financial position, and cash flows for the periods presented. This interim information should be read in conjunction with the financial statements and accompanying notes contained in the Company′s Form 10-K filed March 30, 2012.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The results of operations for the three and nine months ended September 30, 2012 are not necessarily indicative of the results to be expected for other interim periods or the full year.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Reclassifications</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Certain items in the September 30, 2011 financial statements have been reclassified to conform to current period presentation, with no effect on net loss or stockholders' deficit.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Recently Issued Accounting Pronouncements</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Management does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div> </div>
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