UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: ~~March~~June 3130, 2019

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

For the transition period from ______ to ______

Commission File No. 0-25356

AZZURRA HOLDING CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware		77-0289371
(State or other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

655 West Broadway, Suite 870 San Diego, California		92101
(Address of Principal Executive Offices)		(Zip Code)

(619) 272-7050

(Issuer’s telephone number)

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 [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[ ]	Accelerated filer	[ ]
Non-accelerated filer	[ ]	Smaller reporting company	[X]
		Emerging growth company	[ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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

As of ~~June~~August 419, 2019, there were 4,029,140 shares of the Registrant's ~~common~~ common stock, par value $0.01 per share, outstanding.

AZZURRA HOLDING CORPORATION

TABLE OF CONTENTS

	Page Number
PART I. FINANCIAL STATEMENTS
Item 1. Condensed Financial Statements (unaudited)	1
Condensed Balance Sheets as of March 31, 2019 and December 31, 2018	1
Condensed Balance Sheets as of June 30, 2019 and December 31, 2018	1
Condensed Statements of Operations for the three months ended March 31, 2019 and 2018	2
Condensed Statements of Operations for the three and six months ended June 30, 2019 and 2018	2
Condensed Statements of Stockholders Equity for the three months ended March 31, 2019 and 2018	3
Condensed Statements of Stockholders (Deficit) Equity for the three and six months ended June 30, 2019 and 2018	3
Condensed Statements of Cash Flows for the three months ended March 31, 2019 and 2018	4
Condensed Statements of Cash Flows for the six months ended June 30, 2019 and 2018	5
Notes to Condensed Financial Statements	56
Item 2. Management's Discussion and Analysis	7
Item 3. Quantitative and Qualitative Disclosures About Market Risk	8
Item 4. Controls and Procedures	8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	9
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	9
Item 3. Defaults Upon Senior Securities	9
Item 4. Mine Safety Disclosures	9
Item 5. Other Information	9
Item 6. Exhibits	9
Signatures	910
Certifications

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PART I - ~~FINANCIAL~~FINA NCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AZZURRA HOLDING CORPORATION

CONDENSED BALANCE SHEETS

(In thousands, except per share data)

	March 31, 2019	December 31, 2018
	June 30, 2019	December 31, 2018
	(Unaudited)
ASSETS
Current assets:
Current assets	$-	$-
Due from related party	$29	$-
Total current assets and total assets	$-	$-
Total current assets and total assets	$29	$-
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses	$2925	$-
Total current liabilities and total liabilities	2925	-
Stockholders' equity:
Stockholders' (deficit) equity:
Preferred Stock, par value $0.01 per share, 5,000,000 and 0 authorized, no shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	-	-
Preferred Stock, par value $0.01 per share, 5,000,000 and 0 authorized, no shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	-	-
Common stock, par value $0.01 per share; 100,000,000 (March 31, 2019) and 250,000 (December 31, 2018) shares authorized; and 4,029,140 (March 31, 2019) and 201,457 (December 31, 2018) shares issued and outstanding	40	2
Common stock, par value $0.01 per share; 100,000,000 (June 30, 2019) and 250,000 (December 31, 2018) shares authorized; and 4,029,140 (June 30, 2019) and 201,457 (December 31, 2018) shares issued and outstanding	40	2
Additional paid-in capital	710	698
Accumulated equity	(750)	(700)
Accumulated (deficit)	(775)	(700)
Total stockholders' equity	-	-
Total stockholders' (deficit) equity	(25)	-
Total liabilities and stockholders' equity	$29	$-
Total liabilities and stockholders' (deficit) equity	$-	$-

The accompanying notes are an integral part of these condensed financial statements.

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AZZURRA HOLDING CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(UNAUDITED)

	For the Three Months Ended March 31,
	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2019	2018	2019	2018
OPERATING EXPENSES:
General and administrative	$5025	$-	$75	$-
Total operating expenses	5025	-	75	-
LOSS FROM OPERATIONS:	(5025)	-	(75)	-
OTHER EXPENSE	-	-
Net loss	$(25)	$-	$(75)	$-
Net loss	$(50)	$-
Basic and diluted loss per common share	$(0.01)	$-	$(0.02)	$-
Basic and diluted loss per common share	$(0.13)	$-
Shares used in basic and diluted per share computation	4,029,140	201,457	4,029,140	201,457
Shares used in basic and diluted per share computation	371,576	201,457

The accompanying notes are an integral part of these condensed financial statements.

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AZZURRA HOLDING CORPORATION

CONDENSED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY

(In thousands)

(UNAUDITED)

					Additional Paid-in	Accumulated
	Preferred Shares	Common Shares	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated (Deficit) Equity	Total
	Preferred Shares	Common Shares	Preferred Stock	Common Stock	Capital	Equity	Total
For the three months ended June 30, 2018
Balance at April 1, 2018	-	201	$-	$2	$698	$(700)	$-
Net loss	-	-	-	-	-	-	-
Balance at June 30, 2018	-	201	$-	$2	$698	$(700)	$-
For the six months ended June 30, 2018
Balance at January 1, 2018	-	201	$-	$2	$698	$(700)	$-
Net loss	-	-	-	-	-	-	-
Balance at March 31, 2018	-	201	$-	$2	$698	$(700)	$-
Balance at June 30, 2018	-	201	$-	$2	$698	$(700)	$-
Balance at January 1, 2019	-	201	$-	$2	$698	$(700)	$-
Issuance of Common Stock for cash	-	3,828	$-	38	12		50
Net loss	-	-	-	-	-	(50)	(50)
Balance at March 31, 2019	-	4,029	$-	$40	$710	$(750)	$0

The accompanying notes are an integral part of these condensed financial statements.

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AZZURRA HOLDING CORPORATION

CONDENSED STATEMENTS OF ~~CASH~~STOCKHOLDERS’ ~~FLOWS~~(DEFICIT) EQUITY

(In thousands)

(UNAUDITED)

	For the Three Months Ended March 31,
	2019	2018
Cash flows from operating activities:
Net loss	$(50)	$-
Changes in operating assets and liabilities:
Current liabilities	29	-
Net cash used in operating activities	(21)	-
Cash flows from financing activities:
Proceeds from stock issuance	50	-
Net cash provided by financing activities	50	-
Net increase in cash and cash equivalents	29	-
Cash and cash equivalents at beginning of the period	-	-
Cash and cash equivalents at end of the period	$29	$-

(continued)

	Preferred Shares	Common Shares	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated (Deficit) Equity	Total
For the three months ended June 30, 2019
Balance at April 1, 2019	-	4,029	$-	$40	$710	$(750)	$-
Net loss	-	-	-	-	-	(25)	(25)
Balance at June 30, 2019	-	4,029	$-	$40	$710	$(775)	$(25)

For the six months ended June 30, 2019
Balance at January 1, 2019	-	201	$-	$2	$698	$(700)	$-
Issuance of Common Stock for cash	-	3,828	$-	38	12		50
Net loss	-	-	-	-	-	(75)	(75)
Balance at June 30, 2019	-	4,029	$-	$40	$710	$(775)	$(25)

The accompanying notes are an integral part of these condensed financial statements.

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AZZURRA HOLDING CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(UNAUDITED)

	For the Six Months Ended June 30,
	2019	2018
Cash flows from operating activities:
Net loss	$(75)	$-

Changes in operating assets and liabilities:
Current liabilities	25	-
Net cash used in operating activities	(50)	-

Cash flows from financing activities:
Proceeds from stock issuance	50	-
Net cash provided by financing activities	50	-
Net increase in cash and cash equivalents	-	-

Cash and cash equivalents at beginning of the period	-	-

Cash and cash equivalents at end of the period	$-	$-

The accompanying notes are an integral part of these condensed financial statements.

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AZZURRA HOLDING CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

1.	BACKGROUND AND ORGANIZATION

Azzurra Holding Corporation, formerly Wave Wireless Corporation (“Azzurra”, the “Company”, “we”, “us” “our”) was incorporated in 1991 as a Delaware corporation. ~~Our~~ Executive ~~executive~~ offices are located at 655 ~~West~~ West Broadway, Suite 870, San Diego, CA 92101, and our ~~telephone~~ telephone number is 619-272-7050.

The Company currently has no ongoing operations. The Board has determined to maintain the Company as a public shell corporation, which will seek suitable business combination opportunities. The Board believes that a business combination with an operating company has the potential to create greater value for the Company’s stockholders than a liquidation or similar distribution.

During the ~~three~~six-month period ended ~~March~~June 3130, 2019, the Company was a non-operating shell company and its business operations were limited to sustaining the public shell.

2.	BASIS OF PRESENTATION SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Since July 2007, the Company has been a non-operating shell company and its business operations have been limited to sustaining the public shell.

Due from Related Party

Due from related party consists of cash from the issuance of common stock that is held in an escrow account maintained by Disclosure Law Group, a Professional Corporation (“DLG”). The managing director of DLG is a stockholder of the Company and is unrelated to the stockholder that purchased the shares.

Accounting Estimates

In preparing the condensed financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed financial statements, as well as the reported amounts of revenues and expense during the reporting period. Actual results could differ from those estimates.

Interim Financial Statements

The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results of operations and for the periods presented have been included. Operating results for the ~~three~~six months ended ~~March~~June 3130, 2019 are not necessarily indicative of the results that may be expected for future periods or for the fiscal year. The condensed balance sheet at December 31, 2018 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.

You should read these condensed financial statements together with the historical financial statements for the Company for the years ended December 31, 2018, 2017, 2016 and 2015, included in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission (“SEC”) on March 29, 2019 (the “Annual Report”).

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Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.

The Company currently has no operations and intends to locate and combine with an existing, privately-held company that is profitable or which, in management's view, has growth potential, irrespective of the industry in which it is engaged. However, the Company does not intend to combine with a private company, which may be deemed to be an investment company subject to the Investment Company Act of 1940. A combination may be structured as a merger, consolidation, exchange of the Company's common stock for stock or assets or any other from which will result in the combined enterprise's becoming a publicly-held corporation.

Pending negotiation and consummation of a combination, the Company anticipates that it will have, aside from carrying on its search for a combination partner, no business activities, and, thus, will have no source of revenue. To continue as a going concern, pending consummation of a transaction, the Company intends to either seek additional equity or debt financing. No assurances can be given that such equity or debt financing will be available to the Company nor can there be any assurance that a combination transaction will be consummated. Should the Company need to incur any significant liabilities prior to a combination transaction, including those associated with the current minimal level of general and administrative expenses, it may not be able to satisfy those liabilities in the event it was unable to obtain additional equity or debt financing. As such there is substantial doubt about the Company’s ability to continue as a going concern.

3.	NET LOSS PER SHARE

Basic and diluted loss per common share is computed by dividing the net loss by the weighted average common shares outstanding. No options or warrants are currently issued or outstanding.

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ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q contains forward-looking statements, which involve numerous risks and uncertainties. The statements contained in this Quarterly Report on Form 10-Q that are not purely historical may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under “Certain Factors Affecting the Company” contained in our Annual Report on Form 10-K for the year ended December 31, 2018, and other documents filed by us with the Securities and Exchange Commission.

Description of Business

Azzurra Holding Corporation, formerly Wave Wireless Corporation (“Azzurra”, the “Company”, “we”, “us” “our”) was incorporated in 1991 as a Delaware corporation. Our executive offices are located at 655 West Broadway, Suite 870, San Diego, CA 92101, and our telephone number is 619-272-7050.

During the ~~three~~six-month period ended ~~March~~June 3130, 2019, the Company was a non-operating shell company and its business operations were limited to sustaining the public shell.

Employees

As of ~~March~~June 3130, 2019, we did not have any full- or part-time employees. Our President and Chief Executive Officer, who also serves as our Chief Financial Officer, works part-time as a consultant to the Company.

Critical Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material and affect the results of operations reported in future periods.

RESULTS OF OPERATIONS

Sales

During the ~~three~~six months ended ~~March~~June 3130, 2019 and 2018, the Company had no sales, and no sales are anticipated to occur until such time as the Company merges with or acquires an operating company, or otherwise commences operations.

General and Administrative

During the three months ended ~~March~~June 3130, 2019 and 2018, general and administrative expenses were approximately $25 and $0, respectively. During each of the six-month periods ended June 30, 2019 and 2018, general and administrative expenses were approximately $50 75 and $0, respectively. General and administrative expenses during the periods reported consist principally of auditing, related costs associated with the preparation, review and filing of the Company’s consolidated financial statements, and related administration costs and expenses. The increase in general and administrative ~~expenses~~ expenses during the ~~three~~six months ended ~~March~~June 3130, 2019 relate to legal, accounting and audit fees related to the Company’s filing of its securities reports for the period from December 31, 2015 to December 31, 2018.

~~Other~~ Net ~~Expense~~ Loss

~~During~~ During the three months ended ~~March~~June 3130, 2019 and ~~2019~~2018, ~~other~~the ~~expense was~~Company ~~approximately~~had net losses of $25 and $0, respectively. During each of the six-month periods ended June 30, 2019 and 2018, the net loss was $75 and $0, respectively. The increase in Net Loss during the six months ended June 30, 2019 relate to the general and administrative costs described above.

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Net Loss

During the three months ended March 31, 2019 and 2018, the Company had net losses of $50 and $0, respectively. The increase in Net Loss during the three months ended March 31, 2019 relate to the general and administrative costs described above.

LIQUIDITY AND CAPITAL RESOURCES

At ~~March~~ 31June 30, 2019, ~~the~~and ~~Company had cash of approximately $29, compared to approximately $0 in cash~~ December 31, 2018~~. At March 31~~, ~~2019,~~ the Company’s ~~cash~~had ~~was~~no ~~held~~cash inor ~~escrow by a related~~cash ~~party~~equivalents. During the ~~three~~ six-month period ended ~~March~~June 3130, 2019, ~~overall~~ ~~cash~~the ~~equivalents~~Company ~~increased~~received ~~by approximately $29, primarily due to receipt of~~ proceeds from the ~~issuance~~sale of ~~common~~ stock of $50 ~~and~~which ~~offset~~was byused ~~the~~to ~~loss~~fund ~~from~~operating ~~operations~~activities during the ~~three months ended~~ ~~March 31, 2019~~period.

The Company currently has no operations, and intends to locate and combine with an existing, privately-held company that is profitable or which, in management's view, has growth potential, irrespective of the industry in which it is engaged. However, the Company does not intend to combine with a private company, which may be deemed to be an investment company subject to the Investment Company Act of 1940. A combination may be structured as a merger, consolidation, exchange of the Company's common stock for stock or assets or any other form which will result in the combined enterprises becoming a publicly-held corporation.

Pending negotiation and consummation of a combination, the Company anticipates that it will have, aside from carrying on its search for a combination partner, no business activities, and, thus, will have no source of revenue. To continue as a going concern, pending consummation of a combination-type transaction, the Company intends to either seek additional equity or debt financing. No assurances can be given that such equity or debt financing will be available to the Company nor can there be any assurance that a combination transaction will be consummated. Should the Company need to incur any significant liabilities prior to a combination transaction, including those associated with the current minimal level of general and administrative expenses, it may not be able to satisfy those liabilities in the event it was unable to obtain additional equity or debt financing.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended. The Company's internal control over financial reporting is designed 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 in the United States of America. Prior to the filing of this report, the Company's management assessed the effectiveness of our internal control over financial reporting. Based upon this assessment, management concluded that the Company’s controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports filed by it under the Securities and Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and include controls and procedures designed to ensure that information required to be disclosed by the Company in such reports is accumulated and communicated to the Company’s management, including the Chief Executive Officer and the Chief Financial Officer of the Company, as appropriate to allow timely decisions regarding required disclosure.

There has been no change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected or is reasonably likely to materially affect its internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

The Company’s Chief Executive Officer and Chief Financial Officer have determined that there have been no changes in the Company’s internal control over financial reporting during the period covered by this Report identified in connection with the evaluation described in the above paragraph that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

There are no risk factors identified by the Company in addition to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

(a) Exhibits

31	Certification of Principal Executive and Financial Officer Pursuant to Exchange Act Rule 13a-14(a).
32	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

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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.

	AZZURRA HOLDING CORPORATION
Date: June 5, 2019	/s/ Daniel W. Rumsey
Date: August 19, 2019	/s/ Daniel W. Rumsey
	Daniel W. Rumsey, Chief Executive Officer (Principal Executive Officer, Principal Financial and Accounting Officer)

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