Accounting Rules
Form and Content of Financial Statements
Regulation S-X
Rule 3-11 -- Financial Statements of an Inactive Registrant
If a registrant is an inactive entity as defined below, the financial statements
required by this regulation for purposes of reports pursuant to the Securities
Exchange Act of 1934 may be unaudited. An inactive entity is one meeting
all of the following conditions: (a) Gross receipts from all sources for the fiscal
year are not in excess of $100,000;
(b) The registrant has not purchased or sold any of
its own stock, granted options therefore, or levied assessments upon outstanding
stock;
(c) Expenditures for all purposes for the fiscal year
are not in excess of $100,000;
(d) No material change in the business has occurred
during the fiscal year, including any bankruptcy, reorganization, readjustment
or succession or any material acquisition or disposition of plants, mines,
mining equipment, mine rights or leases; and
(e) No exchange upon which the shares are listed,
or governmental authority having jurisdiction, requires the furnishing to
it or the publication of audited financial statements.
Notice to Users: The Deskbook is made available
with the understanding that the University of Cincinnati College
of Law is not engaged in rendering legal, accounting or other professional
services. If legal advice or other expert assistance is required,
the services of a competent professional person should be sought. See Terms and Conditions of Use.
