[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR210.3-11]

[Page 243-244]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 210--FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS,
 
Sec. 210.3-11  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 therefor, 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

[[Page 244]]

    (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.