Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R2.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R4.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R1.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R5.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R6.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R3.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R7.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R9.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R11.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R12.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R10.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R13.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R15.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R14.htm
EX-32 - RULE 13A-14(B) CERTIFICATION - LD HOLDINGS, INC.ex32.htm
EX-31 - RULE 13A-14(A) CERTIFICATION - LD HOLDINGS, INC.ex31.htm
XML - IDEA: XBRL DOCUMENT - LD HOLDINGS, INC.R8.htm





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 10-Q/A

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED: September 30, 2012

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

Commission File Number 0-50584

LD Holdings, Inc.
 (Exact name of registrant as specified in its charter)

Nevada
98-0335555
(State of Incorporation)
(IRS Employer Identification No.)
   
   
1070 Commerce Drive
 
Building II, Suite 303
 
Perrysburg, OH
43551
(Address of principal executive office)
(Zip Code)

Registrant's telephone number, including area code: (419) 873-1111

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

Indicate by check mark whether the Registrant (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 Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

As of November 20, 2012 there were 24,834,351 shares of Common Stock issued and outstanding and 974,156 preferred shares outstanding.
 
Transitional Small Business Disclosure Format (check one): Yes [  ] No [X]
 
 
1

 
  
Explanatory Note

LD Holdings, Inc. (the Registrant) is filing this amendment (the Form 10-Q/A) to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (the Form 10-Q), filed with the U.S. Securities and Exchange Commission on November 19, 2012, to correct an error on the Consolidated Statements of Cash Flows.

 
2

 
 
LD Holdings, Inc.
Consolidated Balance Sheets
(unaudited)
             
             
             
   
September 30,
   
December 31,
 
   
2012
   
2011
 
Assets
           
             
Current Assets
           
  Cash
  $ 3,588     $ 1,765  
  Prepaid expenses
    44,000       -  
  Inventory
    6,352       5,091  
    Total Current Assets
    53,940       6,856  
  Equipment, net of accumulated depreciation
    30,884       37,244  
Total Assets
  $ 84,824     $ 44,100  
                 
  Liabilities and Stockholder's Impairment
               
                 
Current Liabilities
               
  Accounts payable and accrued expenses
  $ 1,669,952     $ 1,601,195  
  Accrued interest payable
    143,763       182,295  
  Accrued interest payable - related parties
    468,533       419,622  
  Promissory notes payable
    147,897       178,940  
  Promissory notes payable - related parties
    1,661,204       1,504,457  
                 
Total Current Liabilities
    4,091,349       3,886,509  
                 
Stockholders' Impairment
               
Common stock, par value $0.001;
               
900,000,000 shares authorized
               
24,834,351 (2012) and 21,025,061
               
(2011) shares issued and
               
outstanding, respectively
    24,834       21,025  
Preferred stock, par value $0.001;
               
10,000,000 shares authorized 974,156
               
shares issued and outstanding
    9,742       9,742  
Additional paid in capital
    4,265,098       4,099,435  
Accumulated deficit
    (8,306,199 )     (7,972,611 )
                 
Total Stockholders' Impairment
    (4,006,525 )     (3,842,409 )
                 
Total Liabilities and Stockholders' Impairment
  $ 84,824     $ 44,100  
 
The attached notes are an integral part of these consolidated financial statements.

 
3

 
 
LD Holdings, Inc.
Consolidated Statements of Operations
(unaudited)
                         
                         
   
Three Months Ended
   
Nine Months Ended
 
   
September 30,
   
September 30,
 
   
2012
   
2011
   
2012
   
2011
 
                         
Net Sales -
                       
  Net Sales
    51,910       67,393       141,646       282,195  
                                 
Cost of Sales
    22,850       34,096       65,446       129,897  
                                 
  Gross Profit
    29,060       33,297       76,200       152,298  
                                 
Selling, General &
                               
  Administrative Expenses
    139,443       171,479       378,298       564,987  
Operating Loss
    (110,383 )     (138,182 )     (302,098 )     (412,689 )
                                 
Other Income (Expense)
                               
  Interest expense
    (17,808 )     (18,718 )     (53,690 )     (55,951 )
  Gain from settlement
    22,200       -       22,200       -  
                                 
  Total Other Income (Expense)
    4,392       (18,718 )     (31,490 )     (55,951 )
                                 
  Net Loss
  $ (105,991 )   $ (156,900 )   $ (333,588 )   $ (468,640 )
Loss per share, basic and diluted
  $ -     $ (0.01 )   $ (0.01 )   $ (0.02 )
                                 
Weighted Average Common Shares Outstanding
    24,417,673       20,340,006       24,384,234       19,867,552  
 
The attached notes are an integral part of these consolidated financial statements.
 
4

 
 
LD Holdings, Inc.
 
Consolidated Statements of Cash Flows
 
(unaudited)
 
             
   
Nine Months
 
   
Ended September 30,
 
   
2012
   
2011
 
             
Cash Flows From Operating Activities:
           
Net Loss
  $ (333,588 )   $ (468,640 )
Adjustments to Reconcile Net Loss to Net Cash Used by Operating Activities
 
 Operating Activities:
               
  Depreciation
    7,816       1,253  
  Stock based compensation
    4,000       50,250  
  Gain from Settlement
    (22,200 )     -  
                 
Changes in Operating Assets and Liabilities
               
  Inventory
    (1,261 )     3,977  
  Accounts payable and accrued expenses
    114,852       190,129  
  Accrued interest payable
    4,002       5,861  
  Accrued interest payable - related parties
    48,911       49,989  
    Net Cash Used by Operating Activities
    (177,468 )     (167,181 )
                 
Cash Flows From Investing Activities
               
  Purchase of equipment
    (1,456 )     (12,849 )
                 
    Net Cash Used in Investing Activities
    (1,456 )     (12,849 )
                 
Cash Flows From Financing Activities
               
Proceeds from related party notes payable
    156,747       157,210  
Proceeds from common stock issuance
    24,000       -  
                 
    Net Cash Provided by Financing Activities
    180,747       157,210  
                 
Net (Decrease) in Cash and Equivalents
    1,823       (22,820 )
                 
Cash and Equivalents at Beginning of Year
    1,765       22,820  
Cash and Equivalents at End of Year
  $ 3,588     $ -  
                 
    Cash Paid for Income Taxes
  $ -     $ -  
    Cash Paid for Interest
  $ -     $ -  
                 
Non Cash Financing and Investing Activities
               
Conversion of debt and accrued interest to common stock
  $ 73,433     $ -  
Conversion of accounts payable for common stock
  $ 24,000     $ -  
Issuance of common stock for services
  $ 48,000     $ -  
 
The attached notes are an integral part of these consolidated financial statements.
 
 
5

 
 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Organization

LD Holdings, Inc. (the Company), formerly Leisure Direct, Inc., was formed on January 1, 2000 under the name of ePoolSpas.com, Inc.  The formation was effected by the issuance of 1,750,000 shares of the Company's common stock for the intangible assets of the former operating companies, Olympic Pools, Inc. and Preferred Concrete Placement, Inc.  The Company is located in Perrysburg, Ohio.

In October 2010, as part of a broader plan, the Company opened the first of a series of diners it plans to open in the Midwest.  It closed its diner in Monroe, Michigan at the end of August, 2011 and opened a new diner in Toledo, Ohio in October, 2011.  The diners cater to the baby boomer generation with a family orientation.
 
1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Article 8 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  For further information, refer to the financial statements and footnotes thereto included in the Company's annual report for Form 10-K for the year ended December 31, 2011.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the nine month period ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012.
 
2. Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company incurred a loss of $333,588 during the nine months ended September 30, 2012.  Also, as of September 30, 2012, the Company had current assets of $53,940 and current liabilities of $4,091,349.
 
Management's plan includes raising additional funding from debt and equity transactions that will be used for acquisitions that should in turn create sales.  The implementation of strong cost management practices and a continuing focus on business development should result in the elimination of the operating losses suffered and improvement of cash flows; however, any results of the Company's plans cannot be assumed.  These financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
 
6

 
 
STOCKHOLDERS' IMPAIRMENT

3. Stockholders' Equity

On February 28, 2012, LD Holdings, Inc. (LDHL) sold 800,000 restricted shares of the Company’s common stock in a private transaction for $24,000 ($0.03 a share).  The stock was sold to two individual long-term investors.

On April 17, 2012, LD Holdings signed a Management and Business Development Consulting Agreement with Financial Wellness LLC.  Financial Wellness will assist the company in the development and implementation of its business plan.  Per the agreement, the consultant will be compensated through the issuance of 1 million stock options with an exercise price of $0.10 with a possible 15 million additional options contingent on the 1 million being exercised.  The options were originally to expire June 30, 2012 and were extended to August 31, 2012.  The Agreement with Financial Wellness LLC expired on August 31, 2012 along with any current and  subsequent options..

On April 18, 2012, LD Holdings, Inc. converted $73,433 of debt and accrued interest from a former officer of LD Holdings into 2,709,290 shares of common stock of LD Holdings, Inc.

On August 15, 2012, LD Holdings signed three (3) consulting agreements and two (2)debt to equity conversion agreements for a total consideration of 300,000 shares (valued at $0.24 per share) of the Company’s common stock.  The consulting agreements are for one (1) year and include services for software development, website development, newsletter design, restaurant marketing system and other educational materials.  The debt to equity conversion agreements are for the extinguishment of approximately $46,000 of accounts payable and accrued expenses.

4. Commitments and Contingencies

The Company leases its office space from a related party, through common management and ownership, on a month-to-month basis.  Rent expense for the nine months ended September 30, 2012 and 2011 was $22,500 each period.

The Company entered into a lease agreement with an unrelated Limited Liability Company effective February 1, 2011.  The agreement was for a term of three years with rent commencement date of April 1, 2011 thru March 31, 2012 at a rate of $2,000 per month, April 1, 2012 thru March 31, 2013 at a rate of $2,350 per month and April 1, 2013 through January 31, 2014 at a rate of $2,700 per month.  Rent expense was $7,050 and $6,000 for the quarter ended September 30, 2012 and 2011, respectively.

5. Litigation

In 2006, a note holder commenced action against the Company for outstanding obligations owed by the Company. In 2009, a consent judgment was awarded to the lender for the sum of $200,000.  This amount is included in accrued interest and notes payable as of September 30, 2012 and December 31, 2011, with no additional interest to be charged.

Management's Discussion and Analysis

When used in this Form 10-Q and in future filings by LD Holdings, Inc. (hereinafter "LD Holdings") with the Securities and Exchange Commission, the words or phrases "will likely result," "management expects," "LD Holdings expects," "will continue," "is anticipated" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. These statements are subject to risks and uncertainties, some of which are described below. Actual results may differ materially from historical earnings and those presently anticipated or projected.  LD Holdings has no obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect anticipated events or circumstances occurring after the date of such statements.

Introduction

This document contains forward-looking statements, including statements regarding the Company's strategy, plans for growth and anticipated sources of capital and revenue.  The Company's actual results may differ dramatically from those anticipated in these forward-looking statements.  The differences may be result from one or more of the risk factors described below or from events that we have not foreseen.

 
7

 

Risk Factors
   
-
LD Holdings has very limited financial resources. In order to implement our business plan we will have to raise capital. If we are unsuccessful in raising capital, our business will not grow.
   
-
Because of its limited operating history, LD Holdings has little historical financial data on which to base its plans for future operations.  Management will have to budget capital investment and expenses based, in large part, on its expectation of future revenues.  If those expectations are not met, LD Holdings Inc. may exhaust its capital resources before it achieves operational stability.
 
 
8

 
 
Corporate Strategy

LD Holdings, Inc., (OTCQB: Symbol LDHL), has adopted a business model that seeks to capitalize on the massive transfer of generational assets as the "Baby-Boomer" generation transitions from the ownership of small businesses into retirement.  The Baby-Boomer generation is represented by almost 78 million individuals born between 1946 and 1964.  Over the next 20 years, as these Baby-Boomers are retiring, there are going to be businesses worth trillions of dollars that need to be sold by this Boomer generation.

Historically, the sellers typically wanted to provide minimal or no financing to the buyer.  These types of transactions were too large for most individuals to finance, too risky for banks based upon the company's individual merits (as opposed to the buyer's personal balance sheet) and too small to interest most institutional investors (hedge funds and private equity groups) to consider.  The lack of liquidity made it difficult to raise funds privately from anyone but relatives.

The company seeks to take a seemingly negative funding situation and turn it into a positive one.  Many of these Baby Boomer businesses being sold, whether the sellers want to or not, will be forced to provide a major portion, or all, of the financing in order to sell their businesses or will be forced to sell them below their true market value in order to get the business sold.

The company plans to focus its efforts on becoming a "known buyer" of small companies that meet its acquisition criteria, which it intends to widely distribute to business sellers directly and to others on its websites.  The 5-Year Plan is to accumulate at least 45 of these small companies and to slowly meld them into cohesive business units.  Using $8.33 million of revenues as an average in years 1 through 3 and $10 million of revenues as an average in years 4 and 5, would result in consolidated total revenues of $420 million by the end of year 5.

The company's objective, through aggressive use of the Internet, is to put an outside investor base in place that shares the company's vision and objectives while the search for acquisitions is being conducted.  The company will stress, as part of its investor information, it is looking for long-term investors who are willing to hold their positions for a year or more.

The company plans to acquire at least 3 companies with $25 million sales and EBIT of $2.5 million in the next year.  At 15 X EBIT this would place a market capitalization of $37 million on the company.  In order to accomplish its objectives, and as explained in the next section, the company has developed a 4-Step Process in which to accomplish its plans.
 
 
9

 
 
Current Business Operations

LD Holdings, Inc., (Symbol LDHL), is a Financial and Management Holding Company that has identified a significant business opportunity that will fill a void in the small business world. That void is the sale and transfer of businesses from one generation (the Baby Boomer) to the next.

With over 25 million small businesses in the USA and 15 trillion dollars of businesses to be sold over the next 15-20 years, there will be many opportunities for wealth generation. The following services will be needed:

 
1*
There will be a need for Marketing, Sales and other Business Services to prepare the businesses for sale.
     
 
2*
There will be a need for buyers for these businesses.
     
 
3*
There will be a need for entrepreneur managers to manage these businesses.
     
 
4*
There will be a need for the financing of these businesses.

LD Holdings, Inc., as a Financial and Management Holding Company, will take advantage of this opportunity and manage the portfolio companies in which LD Holdings, Inc. will have varying percentages of ownership.

LD Holdings, Inc. will concentrate on businesses with sales between $2 million and $20 million and EBIT between $500,000 and $3 million.  This is where the real void exists. Owners of these businesses have a difficult time getting full value because the financing of these companies is too large for most individuals to finance, too risky for banks based upon the company's individual merits (as opposed to the buyer's personal balance sheet) and too small to interest most institutional investors (hedge funds and private equity groups) to consider.  The lack of liquidity makes it difficult to raise funds privately from anyone but friends and family.

LD Holdings, Inc. will provide the following services:

 1* The Marketing, Sales and other Business Services represent specifically target services to position client companies for both sales and profit growth in preparation for their eventual sale. The lead service involves the client company outsourcing some portion of the sales function to us as an Independent Sales Organization (ISO). This enhances the value of the company because it is no longer dependent upon the selling management's relationship with the company's customers. We provide this service under a variety of formats and compensation arrangements. Typically, these are long-term joint-venture marketing efforts that result in recurring revenue streams to the company. The auxiliary consulting services provided include helping the client company to finance its growth and to prepare it for sale under the most advantageous terms possible to the client. In many cases, we will participate in the incremental value created.

2* LD Holdings, Inc. maintains an ongoing data base of businesses for sale. This allows the company to look for synergistic opportunities to combine one or more acquisition candidates at some future date. This database also provides the company with a historical perspective of different industries and distribution channels along with any type of geographical variation in the valuation of businesses.

 
10

 
 
3* LD Holdings, Inc. maintains a database of individuals with specific backgrounds and expertise that will be available for both acquisition evaluation, and strategizing the post-acquisition business model for each potential acquisition candidate, once the financial aspects of the transaction are determined. Particular attention will be given to developing relationships with those entrepreneurs and managers that want to perform in a results-driven environment, which has the associated incentives in place to create personal wealth for them and an above average return for the company's stockholders. What distinguishes these individuals is that they are self-motivated, looking for a rewarding opportunity and are willing to put in whatever time is needed.

4* LD Holdings, Inc. maintains an ongoing data base of investors that share the company's vision and objectives. The company is looking for long-term investors who are willing to hold their positions for a year or more for superior rates of return. Investors that want to participate in ground floor investment opportunities that the company's Business Model represents have a special wealth building vehicle available to them. The company's stock is thinly traded with a relatively small float. This will allow the company to look for synergistic opportunities to combine one or more acquisition candidates.

Boomer's Diner, Inc., a Michigan corporation and wholly owned subsidiary of LD Holdings, Inc. (LDHL), opened for business in Monroe, Michigan in October, 2010.  On August 28, 2011, the company closed its Monroe, Michigan diner, and on October 17, 2011, the company opened a Boomers Diner in Toledo, Ohio.  The location is ideally suited for our Diner Model as an end cap of a commercial shopping center, with plenty of parking and on a main thorough fare.  As part of the Boomer's Diner Business Plan, the diner is modeled after a "local" diner which has proven successful
over the last six years, located near the Company's Headquarters in Perrysburg, Ohio.

This subsidiary's business plan compliments the business plan of LDHL, which is to help facilitate the transfer of "Baby Boomer" businesses in the $2-$20 million annual sales range to younger generations.  Collaboration of business resources, lead generation and other business services will expand and leverage the footprint of LDHL.

The diners provide a stage for the company to get its tentacles into the local community and have its loyal customer base as a source for finding businesses that are for sale, entrepreneur manager candidates and investors.  It is anticipated that some of these customers will also become shareholders in the parent company.  The plan is to open or collaborate to have 10 -12 locations operating over a three state area (Ohio, Michigan, Indiana) over the next 24 - 36 months.

 
11

 
 
Three and Nine Months Ended September 30, 2012 and 2011

For the three and nine months ended September 30, 2012 and 2011 LD Holdings had revenues of $51,910 and $141,646 and $67,393 and $282,195, respectfully. The sales decline is due to the closing of a larger restaurant in Monroe, MI during 2011 and the opening of a smaller restaurant in Toledo, OH in the last quarter of 2011.  LD Holdings had a working capital shortage and did not emphasize current operations.  Management has elected to devote all of its time seeking financing partners to further implement its Business Plan.

For the three and nine months ended September 30, 2012 and 2011 cost of sale on diner revenue was $22,850 and $65,446 for 2012 and $34,096 and $129,897 for 2011. For the three and nine months ended September 30, 2012 and 2011 LD Holdings incurred selling, general and administrative expenses of $139,443 and $378,298 and $171,479 and $564,987, respectively, of which $30,000 and $90,000 and $30,000 and $90,000 represents the fee for the services of John R. Ayling, Chairman and CEO. Other significant selling, general and administrative include salaries and wages of $11,657 and $49,938 for 2012 and $56,498 and $170,199 for 2011. Rent expense of $14,550 and $42,600 for 2012 and $23,165 and $79,654 for 2011. Mr. Ayling’s fees have been accrued until the operations of the company permit payment, or the Chairman and CEO determines to take his fee in the form of stock. The total operating expenses resulted in an operating loss for the three and nine months ended September 30, 2012 and 2011 of $110,383 and $302,098 and $138,182 and $412,689, respectively.  Funding of these expenses was from short term loans from principal shareholders and the issuance of common stock.

For the three and nine months ended September 30, 2012 and 2011 LD Holdings incurred interest expense of $17,808 and $53,690 and $18,718 and $55,951, respectively.  Interest expense was accrued, and will be paid when the operations of the company permit payment.

Liquidity and Capital Requirements

LD Holdings had a working capital deficit, at September 30, 2012, of $4,037,409. The working capital requirements of LD Holdings have been funded primarily with loans from shareholders and through the issuance of common stock.

LD Holdings is seeking additional financing to continue developing its business plan and to begin its implementation. Management believes this amount will be substantial.

Quantitative and Qualitative Disclosures about market risk.

Not Applicable.
 
Evaluation of Disclosure Controls and Procedures

An evaluation of the effectiveness of the Company's disclosure controls and procedures as of September 30, 2012 was made under the supervision of John R. Ayling, the Chief Executive Officer/Chief Accounting Officer. Based on that evaluation, Mr. Ayling concluded that the Company's disclosure controls and procedures are not effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

During the most recently completed fiscal quarter, there has been no significant change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting.

 
12

 
 
Part II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 2. Unregistered sales of equity securities and use of proceeds.

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Submission of Matters to a Vote of Security Holders

None.

Item 5. Other Information

Item 6.
Exhibits
   
31.1
Rule 13a-14(a) Certification
   
32
Rule 13a-14(b) Certification
   
101.ins
XBRL Instance
   
101.xsd
XBRL Schema
   
101.cal
XBRL Calculation
   
101.def
XBRL Definition
   
101.lab
XBRL Label
   
101.pre
XBRL Presentation

 
13

 
 

 
SIGNATURES

 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
LD Holdings, Inc.
   
Date:  November 28, 2012
/s/  John R. Ayling
 
John R. Ayling,
 
Chairman/Chief Executive Officer/Chief Accounting Officer
 
 
14