UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -------------------- FORM 10-QSB --------------- |X| QUARTERLY REPORT UNDER SECTION 13 OR SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2006 |_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 --------------- Commission File Number 0-22848 MEDIAVEST, INC. --------------- (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER) New Jersey (State of incorporation) --------------- 22-2267658 (IRS Employer Identification No.) 2121 Avenue of the Stars, Suite 1650 Los Angeles, CA 90067 --------------- (Address of principal executive offices, including zip code) (310) 601-2500 (Registrant's Telephone Number, including area code) --------------- Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 ninety days. Yes |X| No |_| Indicate by checkmark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act.) Yes |X| No |_| As of November 17, 2006, there were 12,800,000 outstanding shares of the Registrant's Common Stock ($0.0001 par value per share). Transitional Small Business Disclosure Format. Yes |_| No |X| MEDIAVEST, INC. TABLE OF CONTENTS PART I -- FINANCIAL INFORMATION ITEM 1. Financial Statements Balance Sheet 3 Statements of Operations 4 Statements of Cash Flows 5 Notes to Financial Statements 6-8 ITEM 2. Management's Plan of Operation 10 ITEM 3. Controls and Procedures 12 PART II -- OTHER INFORMATION 12 ITEM 1. Legal Proceedings 12 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 12 ITEM 3. Defaults Upon Senior Securities 12 ITEM 4. Submission of Matters to a Vote of Security Holders 12 ITEM 5. Other Information 13 ITEM 6. Exhibits 13 SIGNATURES 14 2 PART I -- FINANCIAL INFORMATION ITEM 1. Financial Statements MEDIAVEST, INC. BALANCE SHEET September 30, 2006 (Unaudited) ASSETS Current assets: Cash $ 2,756,371 ----------- Total assets $ 2,756,371 =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expense $ 83,618 Note payable 100,000 ----------- Total liabilities 183,618 ----------- Stockholders' equity: Preferred stock, 1,000,000 shares authorized at $.0001 par value, no shares issued or outstanding -- Common stock, 100,000,000 shares authorized at $.0001 par value, 12,800,000 shares issued and outstanding 1,280 Additional paid-in capital 3,009,800 Accumulated deficit (438,327) ----------- Total stockholders' equity 2,572,753 ----------- Total liabilities and stockholders' equity $ 2,756,371 =========== See notes to financial statements. 3 MEDIAVEST, INC. STATEMENTS OF OPERATIONS (Unaudited)
Predecessor Successor Company Successor Company Company ---------------------------- -------------------------------- ------------ July 1, to July 1, to January 1, to January 27, to January 1, to September 30, September 30, September 30, September 30, January 26, 2006 2005 2006 2005 2005 ------------ ---------- ------------ ------------ ------------ Continuing operations General and administrative expenses $ (222,357) $ (47,831) $ (267,269) $ (84,274) ------------ ---------- ------------ ------------ ------------ Discontinued operations Loss on discontinued operations $ (27,101) ------------ ---------- ------------ ------------ ------------ Net Loss $ (222,357) $ (47,831) $ (267,269) $ (84,274) $ (27,101) ============ ========== ============ ============ ============ Basic and diluted net loss per common share *** Loss from continuing operations $ (0.02) ** $ (0.03) $ (0.01) Loss from discontinued operations * ------------ ---------- ------------ ------------ ------------ Net loss per share $ (0.02) ** $ (0.03) $ (0.01) * ============ ========== ============ ============ ============ Basic and diluted weighted average common shares outstanding *** 10,547,826 10,000,000 10,184,615 10,000,000 * ============ ========== ============ ============ ============
See notes to financial statements. * Not presented ** Less than $0.01 per share *** Retroactively adjusted to reflect the effect of the stock split (Note 3) 4 MEDIAVEST, INC. STATEMENTS OF CASH FLOWS (Unaudited)
Successor Predecessor Company Company ---------------------------------- --------------- January 1, to January 27, to January 1, to September 30, September 30, January 26, 2006 2005 2005 ------------ -------------- --------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss from continuing operations $ (267,269) $ (84,274) Adjustments to reconcile net loss to net cash used in operating activities: Stock - based compensation 111,080 Changes in assets and liabilities: Accounts payable and accrued expenses 9,194 6,869 ----------- ----------- Net cash used in continuing operating activities (146,995) (77,405) Net cash used in discontinued operating activities $ (386,000) ----------- ----------- ----------- Net cash used in operating activities (146,995) (77,405) (386,000) ----------- ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from note payable 100,000 Proceeds from sales of units 2,800,000 Cash from reorganization 100,000 ----------- ----------- Net cash provided by financing activities 2,900,000 100,000 ----------- ----------- Net increase (decrease) in cash 2,753,005 22,595 (386,000) Cash, beginning of period 3,366 386,000 ----------- ----------- ----------- Cash, end of period $ 2,756,371 $ 22,595 $ =========== =========== ===========
See notes to financial statements. 5 MEDIAVEST, INC. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. ORGANIZATION AND OPERATIONS Mediavest, Inc. (Company) was originally incorporated in the State of Delaware on November 6, 1998 under the name eB2B Commerce, Inc. On April 27, 2000, it merged into DynamicWeb Enterprises Inc., a New Jersey corporation, the surviving company, and changed its name to eB2B Commerce, Inc. On April 13, 2005, the Company changed its name to Mediavest, Inc. Through January 26, 2005, the Company and its subsidiaries were engaged in providing business-to-business transaction management services designed to simplify trading between buyers and suppliers. Subsequent to January 26, 2005, the Company has remained inactive. Reorganization On October 27, 2004 and as amended on December 17, 2004, the Company filed a plan (Plan) for reorganization under Chapter 11 of the United States Bankruptcy Code. The Plan, as confirmed on January 26, 2005, provided for: (1) the net operating assets and liabilities to be transferred to the holders of the secured notes of $3,738,000 in satisfaction of the principal and accrued interest thereon; (2) $400,000 to be transferred to a liquidation trust and used to pay administrative costs and certain preferred creditors; (3) $100,000 to be retained by the Company to fund the expenses of remaining public; (4) 3.5% of the new common stock of the Company (140,000 shares) to be issued to the holders of record of the Company's preferred stock (2,261,081 shares) in settlement of their liquidation preferences; (5) 3.5% of the new common stock of the Company (140,000 shares) to be issued to the holders of record of the Company's common stock (7,964,170) as of January 26, 2005 in exchange for all of the outstanding shares of common stock of the Company; and (6) 93% of the new common stock of the Company (3,720,000 shares) to be issued to the plan sponsor in exchange for $500,000 in cash. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and with the rules and regulations of the Securities and Exchange Commission for Form 10-QSB. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods have been included. These financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2005 and notes thereto contained in Form 10-KSB as filed with the Securities and Exchange Commission on April 17, 2006. Interim results are not necessarily indicative of the results for a full year. Financial Statements The financial statements include the accounts of the Company. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 6 Fresh Start Reporting The Company has accounted for the reorganization using fresh start reporting. Accordingly, all assets and liabilities have been restated to reflect their reorganization value, including the elimination of the accumulated deficit. The Company's only asset or liability upon reorganization was cash of $100,000. Although not required under fresh start accounting, prior period results have been presented. In accordance with fresh start reporting, results of operations and cash flows for prior periods are designated "Predecessor" and for the current period as "Successor". Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values on the date of the grant using an option-pricing model. The value of the portion of an award that is ultimately expected to vest is deferred and amortized over the requisite service period. The warrants issued were valued using the Black-Scholes Option-Pricing Model assuming an interest rate of 4.98% and volatility of 105.67%. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. Dilution results from options. The Company's successor operations are neither representative nor comparable to that of the Company's predecessor operations and, accordingly, loss per share is not presented for predecessor periods. Per share information has been retroactively adjusted to reflect the effect of the stock split. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation. New Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. 3. STOCKHOLDERS' EQUITY On August 3, 2006, the Company authorized an increase in their authorized shares of common stock from 19,000,000 to 100,000,000 shares. On August 3, 2006, the Company authorized a 2.5 to 1 stock split of its common stock, to increase its outstanding shares from 4,000,000 to 10,000,000. All share and per share amounts have been retroactively adjusted to reflect the effect of the stock split. During September 2006, the Company sold 2,800,000 units consisting of (i) one share of common stock, $0.0001 par value per share, of the Company (the "Common Stock") and (ii) one warrant (the "Warrant"), Each warrant is exercisable to purchase one share of common stock at $2.00 per share through September 14, 2008. Each unit was sold for a purchase price of $1.00 for a total of $2,800,000. 4. RELATED PARTY TRANSACTION On September 14, 2006, the Company entered into a Management Agreement (Agreement) with Trinad Management, LLC (Trinad), an affiliate of Trinad Capital LP, one of the Company's principal shareholders, for five years. Pursuant to the terms of the Agreement, which is for a term of 5 years, Trinad will provide certain management services, including, without limitation, the sourcing, structuring and negotiation of a potential business combination transaction involving the Company. The Company has agreed to pay Trinad a management fee of $90,000, per quarter, plus reimbursements of all expenses reasonably incurred by Trinad in connection with the provision of management services. Either party may terminate with prior written notice. However, in the event the Company terminates, it shall pay to Trinad a termination fee of $1,000,000. 7 5. SUBSEQUENT EVENTS In October 2006, the Company: - Amended their Certificate of Incorporation to designate Series A Preferred Stock, par value $ .0001 per share. Series A preferred holders may convert, at their discretion, all or any of their of the Series A shares into the number of shares of common stock equal to the number calculated by dividing the original purchase price of such series A Preferred, plus the amount of any accumulated but unpaid dividends as of the conversion date, by the original purchase price (subject to certain adjustments) in effect at the close of business on the conversion date. - Entered into subscription agreements for an aggregate of 3,400,000 units, each consisting of one share of common stock and one warrant, for an aggregate purchase price of $3,400,000. Each warrant is exercisable to purchase one share of common stock at $2.00, per share. - Sold 100,000 shares of Series A to Trinad Management, LLC for $100,000. 8 ITEM 2. MANAGEMENT'S PLAN OF OPERATIONS SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS We may, in discussions of our future plans, objectives and expected performance in periodic reports filed by us with the Securities and Exchange Commission ("SEC") (or documents incorporated by reference therein) and in written and oral presentations made by us, include projections or other forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 or Section 21E of the Securities Act of 1934, as amended. Such projections and forward-looking statements are based on assumptions, which we believe are reasonable but are, by their nature, inherently uncertain. You are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward looking statements as a result of various factors. The factors that might cause such differences include, among others, the following: (i) our inability to obtain sufficient cash to fund ongoing obligations and continue as a going concern; (iii) our ability to carry out our operating strategy; and (iv) other factors including those discussed below. We undertake no obligation to publicly update or revise forward looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-QSB or to reflect the occurrence of unanticipated events. OVERVIEW Mediavest, Inc. (the "Company") was originally incorporated in the State of Delaware on November 6, 1998 under the name eB2B Commerce, Inc. On April 27, 2000, it merged into DynamicWeb Enterprises Inc., a New Jersey corporation, the surviving company, and changed its name to eB2B Commerce, Inc. On April 13, 2005, the Company changed its name to Mediavest, Inc. Through January 26, 2005, the Company and its subsidiaries were engaged in providing business-to-business transaction management services designed to simplify trading between buyers and suppliers. Subsequent to January 26, 2005, the Company has remained inactive and is currently considered a "shell" company with no operations and controlled by Trinad Capital, L.P. ("Trinad"), our majority shareholder. On October 27, 2004 and as amended on December 17, 2004, the Company filed a plan (Plan) for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the "Reorganization). The Plan, as confirmed on January 26, 2005, provided for: (1) the net operating assets and liabilities to be transferred to the holders of the secured notes in satisfaction of the principal and accrued interest thereon; (2) $400,000 to be transferred to a liquidation trust and used to pay administrative costs and certain preferred creditors; (3) $100,000 to be retained by the Company to fund the expenses of remaining public; (4) 3.5% of the new common stock of the Company (140,000 shares) to be issued to the holders of record of the Company's preferred stock in settlement of their liquidation preferences; (5) 3.5% of the new common stock of the Company (140,000 shares) to be issued to common stockholders of record as of January 26, 2005 in exchange for all of the outstanding shares of the common stock of the Company; and (6) 93% of the new common stock of the Company (3,720,000 shares) to be issued to the plan sponsor in exchange for $500,000 in cash. As a result of the Reorganization, the historical financial statements are irrelevant to any assessment of our operations on an ongoing basis. Accordingly, readers are advised not to rely on any historical financial information in considering an investment in or the disposition of our stock. 9 MANAGEMENT'S PLAN OF OPERATIONS Trinad, a hedge fund dedicated to investing in micro-cap companies, is raising additional capital with a view to making us an attractive vehicle with which to acquire a business. It will then seek a suitable acquisition candidate. No such business has been identified and we are therefore subject to a number of risks, including: any acquisition consummated by us may turn out to be unsuccessful; investors in us will not know what operating business, if any, will be acquired, including the particular industry in which the business operates, and whether dilutive financing will be required therewith; the historical operations of a specific business opportunity may not necessarily be indicative of the potential for the future; we may acquire a company in the early stage of development causing us to incur further risks; we may be dependent upon the management of an acquired business which has not proven its abilities or effectiveness; we will be controlled by a small number of stockholders and such control could prevent the taking of certain actions that may be beneficial to other stockholders; our common stock will likely be thinly traded, and the public market may provide little or no liquidity for holders of our common stock. Trinad has agreed that it will not dispose of any of its common stock until an acquisition transaction has been consummated and a Current Report on Form 8-K setting forth the terms of the acquisition and audited financial statements of the acquisition target have been filed with the SEC. On March 20, 2006, Trinad Capital Master Fund, Ltd., an affiliate of Trinad, made a loan to us in the principal amount of $100,000. We believe that this loan should be sufficient to satisfy our monetary needs for the balance of the calendar year and that Trinad has the financial wherewithal and intent to fund our financial needs to the extent reasonably necessary. Since our emergence from bankruptcy through the Reorganization, we have no liabilities related to the Reorganization, we do not currently have an operating business and we have extremely limited cash under new management. As described more fully above, subsequent to the Reorganization, our plan of operation is to merge or effect a business combination with a domestic or foreign private operating entity. We may seek to raise additional capital first to make ourselves more attractive to acquisition candidates. We believe that there are perceived benefits to being a "reporting company" with a class of publicly-traded securities which may be attractive to private entities. Other than activities relating to such financing attempting to locate such a candidate, we do not currently anticipate conducting any operations. We may enter into a definitive agreement with a wide variety of private businesses without limitation as to their industry or revenues. It is not possible at this time to predict when, if ever, we will enter into a business combination with any such private company or the industry or the operating history, revenues, future prospects or other characteristics of any such company. Trinad intends to raise capital to make us a more attractive acquisition vehicle and then seek a suitable merger candidate. Trinad has not identified anyone for acquisition at this juncture. We do not currently engage in any product research and development and have no plans to do so in the foreseeable future. We have no present plans to purchase or sell any plant or significant equipment. We also have no present plans to add employees although we may do so in the future if we engage in any merger or acquisition transactions. MANAGEMENT CHANGES In August, 2006, the Company increased the size of the Board of Directors to four members and appointed David Chazen as a director and President of the Company. The Company has agreed to compensate Mr. Chazen for his services as President at a rate of $10,000 per month beginning September 1, 2006. For agreeing to serve as a member of the Company's Board of Directors, Mr. Chazen was also granted a warrant to purchase 150,000 shares of the Company's common stock at an exercise price of $2.50, which warrant expires on August 1, 2008. In addition, Mr. Barry Regenstein, a member of the Company's Board of Directors, was granted, for his services as a member of the Company's Board of Directors, a warrant to purchase 50,000 shares of the Company's common stock, at an exercise price of $2.50, which warrant expires on August 1, 2008. The Company recognized $111,080 of stock-based compensation expense related to the issuance of the warrants. 10 CRITICAL ACCOUNTING POLICIES The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. ESTIMATES AND ASSUMPTIONS The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. INCOME TAXES The Company provides for deferred income taxes using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and the tax effect of net operating loss carry-forwards. A valuation allowance is recorded against deferred tax assets if it is more likely than not that such assets will not be realized. STOCK-BASED COMPENSATION On January 1, 2006, the Company adopted Statement of Financial Accounting Standards No. 123 (revised 2004), "Share-Based Payment," ("SFAS 123(R)") which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors based on estimated fair values SFAS 123(R) requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period in the Company's Statement of Operations. FINANCIAL REPORTING BY ENTITIES IN REORGANIZATION UNDER THE BANKRUPTCY CODE The accompanying financial statements have been prepared in accordance with Statement of Position 90-7 ("SOP 90-7"), "Financial Reporting by Entities in Reorganization under the Bankruptcy Code". SOP 90-7 requires that the financial statements for periods subsequent to the filing of a petition for protection under Chapter 11 of the United States Bankruptcy Code distinguish transactions and events that are directly associated with the Reorganization from the ongoing operations of the business. All of the common and preferred stock that was outstanding prior to January 26, 2005 was cancelled and new shares of common stock were issued in accordance with the Plan. The Reorganization value of the assets of the emerging entity immediately before the date of confirmation were less than the total of all postpetition liabilities and allowed claims, therefore, the Company qualified for fresh start accounting under SOP 90-7. 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We currently have no floating rate indebtedness, hold no derivative instruments, and do not earn foreign-sourced income. Accordingly, changes in interest rates or currency exchange rates do not generally have a direct effect on our financial position. Changes in interest rates may affect the amount of interest we earn on available cash balances as well as the amount of interest we pay on borrowings. To the extent that changes in interest rates and currency exchange rates affect general economic conditions, we may also be affected by such changes. ITEM 3. CONTROLS AND PROCEDURES (A) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. Our principal executive officer and principal financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-QSB, have concluded that, based on such evaluation, our disclosure controls and procedures were adequate and effective to ensure that material information relating to us, was made known to them by others within those entities, particularly during the period in which this Quarterly Report on Form 10-QSB was being prepared. (B) CHANGES IN INTERNAL CONTROLS. There were no significant changes in our internal control over financial reporting, identified in connection with the evaluation of such internal control that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. PART II -- OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS There have been no recent sales of unregistered equity securities during the period for which this report is presented or any such issuances have been previously reported on a Current Report on Form 8-K. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS September 11, 2006, we provided a notice to our shareholders informing them that the Company's Restated Certificate of Incorporation, as amended, had been amended on August 17, 2006, to increase our authorized common stock, par value $.0001 per share, from 19,000,000 shares to 100,000,000 shares (the "Share Increase"). The share increase was approved by the written consent of the holders of a majority of the issued and outstanding shares of common stock entitled to vote on such matter. 12 ITEM 5. OTHER INFORMATION MANAGEMENT AGREEMENT On September 14, 2006, the Company entered into a Management Agreement (the "Management Agreement") with Trinad Management, LLC ("Trinad"), an affiliate of Trinad Capital LP which is one of our principal shareholders. Pursuant to the terms of the Management Agreement, which is for a term of 5 years, Trinad will provide certain management services, including, without limitation, the sourcing, structuring and negotiation of a potential business combination transaction involving the Company. The Company has agreed to pay Trinad a management fee of $90,000 per quarter, plus reimbursement of all expenses reasonably incurred by Trinad in connection with the provision of management services. Either party may terminate with prior written notice. However, in the event the Company terminates the Management Agreement, it shall pay to Trinad a termination fee of $1,000,000. ITEM 6. CHANGES IN SECURITIES During September, the Company sold two million eight hundred units consisting of one share of common stock and one warrant at a price of $1 per unit for gross proceeds of $2,800,000. The warrants have an exercise price of $2 per share. ITEM 6. EXHIBITS EXHIBIT NO. DESCRIPTION OF EXHIBIT 31.1 Section 302 Certifications by the Chief Executive Officer 31.2 Section 302 Certifications by the Chief Financial Officer 32.1 Section 906 Certifications by the Chief Executive and Financial Officers 13 SIGNATURES In accordance with Section 13 or 15 of the Exchange Act, the Registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. MEDIAVEST, INC. Dated: November 20, 2006 By: /s/ Robert Ellin ------------------------ Robert Ellin Chief Executive Officer (Principal Executive Officer) Dated: November 20, 2006 /s/ Jay Wolf ------------------------ Jay Wolf Chief Operating Officer and Chief Financial Officer (Principal Financial Officer) 14