UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 10-Q
(Mark One)
x
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30,
2014
¨
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ____
Commission File Number: 0-21142
SANDSTON
CORPORATION
(Exact name of small business issuer as
specified in its charter)
Michigan |
38-2483796 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
40950 Woodward Avenue, Suite 304,
Bloomfield Hills, MI 48304
(Address of principal executive offices)
(Zip Code)
(248) 723-3007
(Issuer's telephone number, including area
code)
Indicate
by check mark whether the issuer (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities 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 90 days. x
YES ¨
No
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ¨
YES ¨
No
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act. (Check one):
Large Accelerated Filer ¨ |
Accelerated Filer ¨ |
Non- Accelerated Filer ¨ |
Smaller Reporting Company x |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). x
YES ¨
No
Indicate the number of shares outstanding
of each of the issuer's classes of common stock, as of the latest practicable date: No par value Common Stock:
14,267,047 shares outstanding
as of November 11, 2014
PART I
— FINANCIAL INFORMATION
| Item 1. | Financial
Statements |
Sandston
Corporation
Condensed
Balance Sheet
September
30, 2014 and December 31, 2013
| |
September 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 3,972 | | |
$ | 4,807 | |
| |
| | | |
| | |
Total assets | |
$ | 3,972 | | |
$ | 4,807 | |
| |
| | | |
| | |
Liabilities and Shareholders’ Equity (Deficit) | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 20,513 | | |
$ | 26,468 | |
Accrued expenses | |
$ | 1,500 | | |
| - | |
Total current liabilities | |
| 22,013 | | |
| 26,468 | |
| |
| | | |
| | |
Shareholders’ equity (deficit): | |
| | | |
| | |
Common stock, no par value, 30,000,000 shares authorized, 14,267,047 shares outstanding at September 30, 2014 and 13,533,747 shares outstanding at December 31, 2013 | |
| 33,877,440 | | |
| 33,855,637 | |
Accumulated deficit | |
| (33,895,481 | ) | |
| (33,877,298 | ) |
| |
| | | |
| | |
Total shareholders’ equity (deficit) | |
| (18,041 | ) | |
| (21,661 | ) |
| |
| | | |
| | |
Total liabilities and shareholders’ equity (deficit) | |
$ | 3,972 | | |
$ | 4,807 | |
See notes to condensed financial statements.
Sandston
Corporation
Condensed
Statements of Operations
For The
Three- and Nine-Month Periods Ended September 30, 2014 and 2013
| |
Three Months Ended Sept. 30, | | |
Nine Months Ended Sept. 30, | |
| |
2014 | | |
2013 | | |
2014 | | |
2013 | |
| |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
| | |
| | |
| | |
| |
Net revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
General and administrative expenses | |
| 5,687 | | |
| 4,684 | | |
| 18,183 | | |
| 20,445 | |
| |
| | | |
| | | |
| | | |
| | |
Loss before income taxes | |
| (5,687 | ) | |
| (4,684 | ) | |
| (18,183 | ) | |
| (20,445 | ) |
Income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (5,687 | ) | |
$ | (4,684 | ) | |
$ | (18,183 | ) | |
$ | (20,445 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per share amounts – basic and diluted (Note 2): | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Weighted average shares outstanding – basic and diluted (Note 2): | |
| 14,181,102 | | |
| 13,171,981 | | |
| 13,975,523 | | |
| 13,171,981 | |
See notes to condensed financial statements.
Sandston
Corporation
Condensed
Statements of Cash Flows
For the
Nine Month Periods Ended September 30, 2014 and 2013
| |
Nine Months Ended Sept. 30, | |
| |
2014 | | |
2013 | |
| |
(Unaudited) | | |
(Unaudited) | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (18,183 | ) | |
$ | (20,445 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Changes in assets and liabilities that provided (used) cash: | |
| | | |
| | |
Accounts payable | |
| (5,955 | ) | |
| 18,004 | |
Accrued expenses | |
| 1,500 | | |
| - | |
Net cash used in operating activities | |
| (22,638 | ) | |
| (2,441 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Sale of common stock | |
| 21,803 | | |
| - | |
| |
| | | |
| | |
Net decrease in cash | |
| (835 | ) | |
| (2,441 | ) |
Cash at beginning of period | |
| 4,807 | | |
| 8,116 | |
| |
| | | |
| | |
Cash at end of period | |
$ | 3,972 | | |
$ | 5,675 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | - | |
Cash paid for income taxes | |
| - | | |
| - | |
See notes to condensed financial statements.
Sandston
Corporation
Notes
To Condensed Financial Statements
For The
Three- and Nine-Month Periods Ended September 30, 2014 and 2013
Note 1 - Basis of Presentation
Pursuant to a recommendation of the Company’s
Board of Directors and approval by its shareholders on January 13, 2004, the Company sold to NC Acquisition Corporation (the "Purchaser")
on March 31, 2004 all of its tangible and intangible assets, including its real estate, accounts, equipment, intellectual property,
inventory, subsidiaries, goodwill, and other intangibles, except for $30,000 in cash, (the "Net Asset Sale"). The Purchaser
also assumed all of the Company’s liabilities pursuant to the Net Asset Sale. Following the Net Asset Sale, the Company’s
only remaining assets were $30,000 in cash and it had no liabilities. It also retained no subsidiaries. On April 1, 2004 the Company
amended its Articles of Incorporation to change its name from Nematron Corporation to Sandston Corporation (the “Company”)
and to implement a shareholder approved one-for-five reverse stock split of the Company’s common stock, whereby every five
issued and outstanding shares of the Company’s common stock became one share. On April 1, 2004 the Company also sold a total
of 5,248,257 post-split shares to Dorman Industries, LLC (“Dorman Industries”) for $50,000. Dorman Industries is a
Michigan Limited Liability Company wholly owned by Mr. Daniel J. Dorman, the Company’s Chairman of the Board, President and
Principal Accounting Officer. Pursuant to its purchase of these shares, Dorman Industries became the owner of 62.50% of the then
outstanding common stock of the Company. The Company has made seven subsequent sales of common stock to Dorman Industries in order
to raise cash to pay operating expenses. These sales were made at the market price of the stock on the date of the sale and ranged
from $0.01 per share to $0.04 per share. Net proceeds received totaled $197,656, including $77,656 from Dorman Industries, for
the 4,670,067 shares purchased after April 1, 2004, including 3,470,067 shares purchased by Dorman Industries. Dorman Industries
currently is the beneficial owner of 61.11% of the Company’s outstanding common stock.
Effective April 1, 2004, the Company became
a "public shell" corporation.
The Company intends to build long-term shareholder
value by acquiring and/or investing in and operating strategically positioned companies. The Company expects to target companies
in multiple industry groups. The Company has yet to acquire, or enter into an agreement to acquire, any company or entity.
During the period prior to the Net Asset
Sale, the Company’s businesses included 1) the design, manufacture, and marketing of environmentally ruggedized computers
and computer displays known as industrial workstations; 2) the design, development and marketing of software for worldwide use
in factory automation and control and in test and measurement environments; and 3) providing application engineering support to
customers of its own and third parties’ products. These businesses were sold on March 31, 2004 to the Purchaser.
Liquidity and Management Plans
The Company became a "public shell"
corporation on April 1, 2004 following the Net Asset Sale and since that date its operational activities have been limited to considering
sundry and various acquisition opportunities, and its financial activities have been limited to administrative activities and incurring
expenditures for accounting, legal, filing, printing, office and auditing services. These expenditures have been paid with the
$30,000 cash retained from the businesses that were sold, from $50,000 of proceeds from the sale of common stock on April 1, 2004
to Dorman Industries and from $197,656 of proceeds from the sale of stock since that date to certain accredited investors, including
Dorman Industries.
As reflected in the accompanying balance
sheet at September 30, 2014, cash totals $3,972. Based on such balance and management’s forecast of activity levels during
the period that it may remain a “pubic shell” corporation, management believes that it will have to again sell through
private placement a number of additional shares of common stock to generate sufficient cash to pay its current liabilities and
its administrative expenses as such expenses become due in 2014. If the Company has not identified and
consummated an acquisition by that date, the Company will need to obtain additional funds to maintain its administrative activities
as a public shell company. Management intends to obtain such administrative funds from Dorman Industries in the form of loans or
through equity sales in an amount sufficient to sustain operations at their current level. Dorman Industries owns 61.11% of the
Company’s outstanding common stock. There can be no assurance that Dorman Industries or any other party will advance needed
funds on any terms. The Company has not identified as yet potential acquisition candidates, the acquisition of which would mean
that the Company would cease being a “public shell” and begin operating activities.
In the opinion of management, all adjustments
considered necessary for a fair presentation of the consolidated financial statements for the interim periods have been included.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations,
although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed
consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included
in the Company’s latest annual report on Form 10-K.
The results of the operations for the three-
and nine-month periods ended September 30, 2014 and 2013 are not necessarily indicative of the results to be expected for the full
year. Additionally, since the Net Asset Sale, which was effective April 1, 2004, the Company has had no revenue generating activities.
Note 2 – Earnings Per Share
The weighted average shares outstanding
used in computing basic loss per share for the three- and nine-month periods ended September 30, 2014 and 2013 have been adjusted
to give effect to the five-for-one reverse stock split discussed in Note 1. The Company has no dilutive securities.
Item 2. Management's Discussion and Analysis of Results
of Operations
Readers should refer to a description of
the Net Asset Sale described in Note 1 to the condensed financial statements included in this Form 10-Q. As described therein,
the net assets and industrial controls businesses of the Company were sold effective as of the close of business on March 31, 2004.
Since April 1, 2004, the Company has not engaged in any revenue generating activities, although it has considered various investment
opportunities and it has incurred administrative expenses related to legal, accounting and administrative activities. The Company
has had no employees since that date. The administrative activities of the Company are performed by the Chairman, who also serves
as the CEO, President and Principal Financial Officer.
Three Month Periods Ended September 30, 2014 and 2013
Direct administrative expenses of the
Company totaled $5,687 and $4,684 for the three month periods ended September 30, 2014, and 2013, respectively, as the administrative
services provided in the 2014 period were slightly higher than in the 2013 period.
Nine Month Periods Ended September 30, 2014 and 2013
Direct administrative expenses of the
Company totaled $18,183 and $20,445 for the nine month periods ended September 30, 2014 and 2013, respectively, primarily attributable
to lower legal fees and printing fees incurred in the 2014 period than in the 2013 period.
Liquidity and Capital Resources
Primary sources of liquidity for the Company
following the March 31, 2004 Net Asset Sale have been cash balances that have been used to pay administrative expenses. Operating
expenses of the Company have been funded with a) $30,000 cash retained from the businesses that were sold, b) $50,000 of proceeds
from the sale of common stock on April 1, 2004 to Dorman Industries, and c) $197,656 of proceeds from the sale of stock since that
date to certain accredited investors, including Dorman Industries.
As reflected in the accompanying balance
sheet at September 30, 2014, cash totals $3,972. Based on such balance and management’s forecast of activity levels during
the period that it may remain a “pubic shell” corporation, management believes that it will have to again sell through
private placement a number of additional shares of common stock to generate sufficient cash to pay its current liabilities and
its administrative expenses as such expenses become due in 2014. If the Company has not identified and consummated an acquisition
by that date, the Company will need to obtain additional funds to maintain its administrative activities as a public shell company.
Management intends to obtain such administrative funds from Dorman Industries in the form of loans or through equity sales in an
amount sufficient to sustain operations at their current level. Dorman Industries owns 61.11% of the Company’s outstanding
common stock. There can be no assurance that Dorman Industries or any other party will advance needed funds on any terms. The Company
has not identified as yet potential acquisition candidates, the acquisition of which would mean that the Company would cease being
a “public shell” and begin operating activities.
While it is the Company's objective to
ultimately be able to use the securities of the Company as a currency in the acquisition of portfolio businesses, the initial acquisitions
of portfolio businesses may require the Company to be infused with additional capital thereby diluting the Company's shareholders,
including Dorman Industries to the extent that it does not participate in the capital infusion.
Uncertainties Relating to Forward Looking Statements
"Item 2 - Management's Discussion
and Analysis of Results of Operation" and other parts of this Form 10-Q contain certain "forward-looking statements"
within the meaning of the Securities Act of 1934, as amended. While management of the Company believes any forward-looking statements
it has made are reasonable, actual results could differ materially since the statements are based on current management expectations
and are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to the following :
| · | We have had no operating history since April 2004 and no revenues
or earnings from operations since April 2004. We have no material assets and we will, in all likelihood, sustain operating expenses
without corresponding revenues, at least until the consummation of a business combination. |
| · | Since we have no operating history, we will be subject to the risks
inherent in establishing a new business. We have not identified what our new line of business will be; therefore, we cannot fully
describe the specific risks presented by such business. |
| · | We may be unable to successfully identify and acquire a suitable merger
partner or acquisition candidate. |
| · | Turmoil across various sectors of the financial markets may negatively
impact our ability to complete an acquisition. |
| · | We will incur significant costs in connection with our evaluation
of suitable merger partners and acquisition candidates. As part of our plan to acquire or invest in strategically positioned companies,
our management is seeking, analyzing, and evaluating potential acquisition and merger candidates. We have incurred and will continue
to incur significant costs, such as due diligence and legal and other professional fees and expenses, as part of these efforts.
Notwithstanding these efforts and expenditures, we cannot give any assurance that we will identify an appropriate acquisition opportunity
in the near term, or at all. |
| · | Because we may consummate a merger or acquisition with a company in
any industry and are not limited to any particular type of business, there is no current basis for shareholders to evaluate the
possible merits or risks of the particular industry in which we may ultimately operate or the target business which we may ultimately
acquire. |
| · | The reporting requirements under federal securities law may delay
or prevent us from making certain acquisitions. Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended, require
companies subject thereto to provide certain information about significant acquisitions, including certified financial statements
for the company acquired, covering one, two, or three years, depending on the relative size of the acquisition. The time and additional
costs that may be incurred by some target entities to prepare such statements may significantly delay or essentially preclude consummation
of an otherwise desirable acquisition by us. |
| · | The role of our management team and key personnel from the target
business we acquire cannot presently be ascertained. While we intend to closely scrutinize any individuals we engage after a redeployment
of our assets, we cannot assure that our assessment of these individuals will prove to be correct. |
| · | We must conduct a due diligence investigation of the target businesses
we intend to acquire. Intensive due diligence is time consuming and expensive due to the operations, accounting, finance, and legal
professionals who must be involved in the due diligence process. Even if we conduct extensive due diligence on a target business
with which we combine, we cannot assure that this diligence will reveal all material issues that may affect a particular target
business, or that factors outside the control of the target business and outside of our control will not later arise. |
| · | Net Operating Losses (“NOLs”) may be carried forward to
offset federal and state taxable income in future years and eliminate income taxes otherwise payable on such taxable income, subject
to certain adjustments. Based on current federal corporate income tax rates, our NOL carryforwards could provide a benefit to us,
if fully utilized, of significant future tax savings. However, our ability to use these tax benefits in future years will depend
upon the amount of our otherwise taxable income. If we do not have sufficient taxable income in future years to use the tax benefits
before they expire, we will lose the benefit of these NOL carryforwards permanently. Consequently, our ability to use the tax benefits
associated with our substantial NOL will depend significantly on our success in identifying suitable merger partners and/or acquisition
candidates, and once identified, successfully consummate a merger with and/or acquisition of these candidates. Additionally, if
we underwent an ownership change, the NOL carryforward limitations would impose an annual limit on the amount of the taxable income
that may be offset by our NOL generated prior to the ownership change. If an ownership change were to occur, we may be unable to
use a significant portion of our NOL to offset taxable income. In general, an ownership change occurs when, as of any testing date,
the aggregate of the increase in percentage points of the total amount of a corporation’s stock owned by “5-percent
stockholders” within the meaning of the NOL carryforward limitations whose percentage ownership of the stock has increased
as of such date over the lowest percentage of the stock owned by each such “5-percent stockholder” at any time during
the three-year period preceding such date is more than 50 percentage points. In general, persons who own 5% or more of a corporation’s
stock are “5-percent stockholders,” and all other persons who own less than 5% of a corporation’s stock are treated
together as a public group. The amount of NOL carryforwards that we have claimed has not been audited or otherwise validated by
the U.S. Internal Revenue Service (the “IRS”). The IRS could challenge our calculation of the amount of our NOL or
our determinations as to when a prior change in ownership occurred and other provisions of the Internal Revenue Code may limit
our ability to carry forward our NOL to offset taxable income in future years. If the IRS was successful with respect to any such
challenge, the potential tax benefit of the NOL carryforwards to us could be substantially reduced. |
| · | We may effect an acquisition or merger with a company located outside
of the United States. If we did, we would be subject to any special considerations or risks associated with companies operating
in the target business’ home jurisdiction, including any of the following a) rules and regulations or currency conversion
or corporate withholding taxes on individuals; b) tariffs and trade barriers; c) regulations related to customs and import/export
matters; e) longer payment cycles; f) tax issues, such as tax law changes and variations in tax laws as compared to the United
States; g) currency fluctuations and exchange controls; h) challenges in collecting accounts receivable; i) cultural and language
differences; j) employment regulations; j) crime, strikes, riots, civil disturbances, terrorist attacks and wars; and l) deterioration
of political relations with the United States. We cannot assure you that we would be able to adequately address these additional
risks. If we were unable to do so, our operations might suffer. |
| · | If we effect an acquisition or merger with a company located outside
of the United States, the laws of the country in which such company operates will govern almost all of the material agreements
relating to its operations. We cannot assure you that the target business will be able to enforce any of its material agreements
or that remedies will be available in this new jurisdiction. The system of laws and the enforcement of existing laws in such jurisdiction
may not be as certain in implementation and interpretation as in the United States. The inability to enforce or obtain a remedy
under any of our future agreements could result in a significant loss of business, business opportunities or capital. |
| · | Compliance with the Sarbanes-Oxley Act of 2002 will require substantial
financial and management resources and may increase the time and costs of completing an acquisition. |
| · | In the event we engage in a business combination that results in us
holding passive investment interests in a number of entities, we could be subject to regulation under the Investment Company Act
of 1940. In such event, we would be required to register as an investment company and could be expected to incur significant registration
and compliance costs. |
| · | Management anticipates that it may be able to participate in only
one potential business venture because a business partner might require exclusivity. This lack of diversification should be considered
a substantial risk to our shareholders because it will not permit us to offset potential losses from one venture against gains
from another. |
| · | Our common stock is quoted only on the OTC bulletin board and there
may not be a sustained trading market for our common stock. |
| · | Our common stock may be subject to significant restriction on resale
due to federal penny stock restrictions. |
| · | The market prices of our common stock have been highly volatile. The
market has from time to time experienced significant price and volume fluctuations that are unrelated to the operating performance
of particular companies. |
| · | Although our stockholders may receive dividends if, as, and when declared
by our Board of Directors, we do not intend to pay dividends on our common stock in the foreseeable future. |
| · | Our Amended and Restated Articles of Incorporation provides that our
Board of Directors will be authorized to issue from time to time, without further stockholder approval, up to 30,000,000 shares
of preferred stock in one or more series and to fix or alter the designations, preferences, rights and any qualifications, limitations,
or restrictions of the shares of each series, including the dividend rights, dividend rates, conversion rights, voting rights,
terms of redemption, including sinking fund provisions, redemption price or prices, liquidation preferences, and the number of
shares constituting any series or designations of any series. Such shares of preferred stock could have preferences over our common
stock with respect to dividends and liquidation rights. We may issue additional preferred stock in ways which may delay, defer,
or prevent a change in control of the Company without further action by our stockholders. |
| · | A key element of our growth strategy is to make acquisitions. As part
of our acquisition strategy, we may issue additional shares of common stock as consideration for such acquisitions. These issuances
could be significant. To the extent that we make acquisitions and issue our shares of common stock as consideration, current stockholders’
equity interest in the Company will be diluted. |
| · | If the Company enters a business combination with a private concern,
that, in all likelihood, would result in the Company issuing securities to shareholders of any such private company. The issuance
of our previously authorized and unissued Common Stock would result in reduction in percentage of shares owned by our present and
prospective shareholders and may result in a change in our control or in our management. |
| · | Our principal shareholder, Daniel J. Dorman, owns or controls 61.11%
of our common stock. His wife owns 4.21% of our common stock. Consequently, they will have significant influence over all
matters requiring approval by our shareholders, but not requiring the approval of the minority shareholders. In addition, he is
now an officer and director. Because he and his wife own or control a majority of our common stock, they will be able to elect
all of the members of our board of directors, allowing them to exercise significant control of our affairs and management. In addition,
they may transact most corporate matters requiring shareholder approval by written consent, without a duly-noticed and duly-held
meeting of shareholders. |
| · | Uncertainties discussed elsewhere in “Management's Discussion
and Analysis of Results of Operations”. |
Item 3. Quantitative and Qualitative Disclosures About
Market Risk
Not Applicable.
Item 4. Controls and Procedures
(a) Evaluation of disclosure controls and procedures.
As of the end of the period
covered by this Quarterly Report on Form 10-Q, the Company performed an evaluation under the supervision of, and with the participation
of, management, including our Chief Executive Officer and Chief Financial Officer, of the design and effectiveness of our disclosure
controls and procedures (as defined in rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange
Act”)). Based upon that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of the
end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective in the timely and accurate
recording, processing, summarizing and reporting of material financial and non-financial information within the time periods specified
within the Securities and Exchange Commission’s rules and forms. Our Chief Executive Officer and Chief Financial Officer
also concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed in
the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief
Executive Officer and Chief Financial Officer, to allow timely discussions regarding required disclosure.
(b) Changes in internal controls.
There have been no changes in
our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of
1934, as amended) during the quarter ended September 30, 2014 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 6. Exhibits
and Reports on Form 8-K
Exhibits included herewith are set forth
on the Index to Exhibits, which is incorporated herein by reference.
SIGNATURES
In accordance with the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Sandston Corporation
November 11, 2014 |
|
/s/ Daniel J.
Dorman |
Date |
|
President, CEO and Principal Financial Officer |
INDEX TO EXHIBITS
Exhibit Number |
|
Description of Exhibit |
|
|
|
31.1 |
|
Certification of the Principal Executive Officer Pursuant to Exchange Act Rules 13(A) – 14(A) or 15 (D) – 14 (A) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
31.2 |
|
Certification of the Principal Financial Officer Pursuant to Exchange Act Rules 13(A) – 14(A) or 15(D) – 14 (A) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
32.1 |
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Sec. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002) |
|
|
|
32.2 |
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Sec. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002) |
|
|
|
101 |
|
The following materials from Sandston Corporation Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 are formatted in XBRL (eXtensible Business Reporting Language): (i) the condensed statements of operations, (ii) the condensed statements of cash flows, (iii) the condensed balance sheets, and (iv) notes to condensed financial statements tagged as blocks of text. |
EXHIBIT 31.1
Certification of the Principal Executive
Officer Pursuant to Exchange Act Rules 13A-14(A)/15D-14(D) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Daniel J. Dorman, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Sandston Corporation; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements and other financial information included in this report fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
by others within those entities, particularly during the period in which this report is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial report-ing that occurred during
the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant’s control over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions): |
| a) | All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Date: November 11, 2014 |
/s/ Daniel J. Dorman |
|
|
|
Name: Daniel J. Dorman |
|
Title: President and Chief Executive Officer |
|
(Principal Executive Officer) |
EXHIBIT 31.2
Certification of the Principal Financial
Officer Pursuant to Exchange Act Rules 13A-14(A)/15D-14(D) as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Daniel J. Dorman, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Sandston Corporation; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly present
in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
by others within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during
the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant’s control over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of director
(or persons performing the equivalent functions): |
| a. | All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Date: November 11, 2014 |
/s/ Daniel J. Dorman |
|
|
|
Name: Daniel J. Dorman |
|
Title: President and Chief Executive Officer |
|
(Principal Executive Officer) |
EXHIBIT 32.1
Certification of Chief Executive Officer
Pursuant to 18 U.S.C. Sec. 1350
(Section 906 of the Sarbanes-Oxley Act of
2002)
Pursuant to 18 U.S.C. Sec. 1350, the undersigned officer of
Sandston Corporation (the "Company") hereby certifies, to such officer's knowledge, that the Company's Quarterly Report
on Form 10-Q for the quarter ended September 30, 2014 (the "Report") fully complies with the requirements of Section
13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.
Date: November 11, 2014 |
/s/ Daniel J. Dorman |
|
|
|
Name: Daniel J. Dorman |
|
Title: President and Chief Executive Officer |
|
(Principal Executive Officer) |
The foregoing certification (i) accompanies the filing and is
being furnished solely pursuant to 18 U.S.C. Sec. 1350, (ii) will not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and (iii) will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the small
business issuer specifically incorporates it by reference.
A signed original of this written statement required by Section
906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the
electronic version of this written statement required by Section 906, has been provided to Sandston Corporation and will be retained
by Sandston Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT 32.2
Certification of Chief Finanical Officer
Pursuant to 18 U.S.C. Sec. 1350
(Section 906 of the Sarbanes-Oxley Act of
2002)
Pursuant to 18 U.S.C. Sec. 1350, the undersigned officer of
Sandston Corporation (the "Company") hereby certifies, to such officer's knowledge, that the Company's Quarterly Report
on Form 10-Q for the quarter ended September 30, 2014 (the "Report") fully complies with the requirements of Section
13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.
Date: November 11, 2014 |
/s/ Daniel J. Dorman |
|
|
|
Name: Daniel J. Dorman |
|
Title: President and Chief Executive Officer |
|
(Principal Executive Officer) |
The foregoing certification (i) accompanies the filing and is
being furnished solely pursuant to 18 U.S.C. Sec. 1350, (ii) will not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and (iii) will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the small
business issuer specifically incorporates it by reference.
A signed original of this written statement required by Section
906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the
electronic version of this written statement required by Section 906, has been provided to Sandston Corporation and will be retained
by Sandston Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
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