no change to document
Washington D.C. 20549
Of the Securities Exchange Act of 1934
(Exact name of registrant as specified in its charter)
NEVADA 88-0429812
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
(Address of principal executive offices)
Registrant's telephone number including area code(801) 256-9600
Former Address, if changed since last report
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 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.
(Number of shares of common stock the registrant had
outstanding as of August 13, 2001)
ITEM 1 - FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission.
In the opinion of the Company, all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the financial position of the Company as of June 30, 2001 and the results of its operations and changes in its financial position from September 30, 2000 through June 30, 2001 have been made. The results of its operations for such interim period is not necessarily indicative of the results to be expected for the entire year.
Balance Sheet
June 30, December 31,
2001 2000
Unaudited
Current Assets
Cash $ 12,245 $ 6,622
Prepaid expenses 33,000 -
Total Current Assets 45,245 6,622
Fixed assets, (net of accumulated depreciation of $380) 1,370 1,546Total Assets $ 46,615 $ 8,168
Current Liabilities $ - $ -
Stockholders' Equity
Preferred stock, 25,000,000 Shares
Authorized at $0.001 Par Value;
no shares issued and outstanding - - - -
Common Stock 200,000,000 Shares
Authorized at $.001 Par Value;
80,880,912 Shares Issued and Outstanding 80,881 80,881
Capital in Excess of Par Value 5,450 5,450
Accumulated Deficit (39,714) (78,163)
Total Stockholders' Equity (Deficit) 46,615 8,168
Total Liabilities and Stockholders' Equity $ 46,615 $ 8,168
Statements of Operations
Unaudited
For the Three Months Ended For the Six Months Ended
June June June June
30, 2001 30, 2000 30, 2001 30, 2000
Revenue, net $ 88,818 $ 36,388 $ 127,323 $ 46,282
Expenses
General & Administrative 62,103 31,977 88,700 60,509
Depreciation 88 - 176 - -
Total Expenses 62,191 31,977 88,876 60,509
Operating income (loss) 26,627 4,411 38,447 (14,227)
Other income:
Interest income - 13 - - 47
Net Income (Loss) $ 26,627 $ 4,424 $ 38,447 $ (14,180)
Weighted Average
Shares Outstanding 80,880,912 11,554,416 80,880,912 1,554,416
Net income (loss)
Per Share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Statements of Cash Flows
Unaudited
For the Six Months Ended
June June
30, 2001 30, 2000
Cash Flows from
Operating Activities
Net Income (Loss) $ 38,447 $ (14,180)
Depreciation expense 176
(Increase) in prepaid expenses (33,000) -
Net cash provided by (used in) operating activities $ 5,623 $ (14,180)
Cash Flows from
Investing Activities - - -
Cash Flows from
Financing Activities - - -
Increase (Decrease) in
Cash & Cash Equivalents 5,623 (14,180)
at the Beginning of Period 6,622 17,631
Cash and Cash Equivalents
at End of Period $ 12,245 $ 3,451
Non Cash Disclosure
Interest $ - $ -
Taxes - - - -
Notes to the Financial Statements
June 30, 2001
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and Item 310(b) of Regulation S-B. 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 only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. For further information, refer to the audited financial statements of the Company as of December 31, 2000, including notes thereto, included in the Company's Form 10-KSB.
NOTE 2 - EARNINGS PER SHARE
The Company calculates net income (loss) per share as required by SFAS No. 128, "Earnings per Share." Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods presented, common stock equivalents were not considered, as their effect would be anti-dilutive.
NOTE 3 - RELATED PARTY TRANSACTION
During the quarter ended June 30, 2001 the Company entered into an agreement with an entity controlled by a related party for financial consulting services. Under the terms of the agreement the Company advanced $50,000 for three months of service. The Company has recognized $25,000 of expense during the quarter and has recorded a prepaid expense in the amount of $25,000 related to this agreement.
Item 2. - Other Items
Item 1. Legal Proceedings None
Item 2. Change in Securities None
Item 3. Defaults Upon Senior Securities None
Item 4. Submission of Matters to a Vote of Security Voters None
Item 5. Other Information
Subsequent to the end of the fiscal quarter for June 30, 2001, the Company's President and controlling shareholder sold 66,268,573 shares in a private transaction, which shares constitute all but 500,000 shares of her ownership in the Company's common stock. Additionally, Robert Wallace was appointed director and president and Devorah Zirkind resigned as an officer and director of the Company.
New management intends to actively seek a new business opportunity to acquire or merge with. There can be no assurance that the Company will be successful in consummating such merger or acquisition.
Item 6. Exhibits and Report on Form 8-K None
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 authorized officer.
Dated: August 13, 2001 Finders Keepers, Inc.
By:/s/ Robert Wallace
Robert Wallace
President