0001391609-11-000403.txt : 20110815 0001391609-11-000403.hdr.sgml : 20110815 20110815163555 ACCESSION NUMBER: 0001391609-11-000403 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110815 DATE AS OF CHANGE: 20110815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fuelstream INC CENTRAL INDEX KEY: 0001024920 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 870561426 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-14477 FILM NUMBER: 111036936 BUSINESS ADDRESS: STREET 1: 10757 RIVER FRONT PARKWAY STREET 2: SUITE 125 CITY: SOUTH JORDAN STATE: UT ZIP: 84095 BUSINESS PHONE: 8018162500 MAIL ADDRESS: STREET 1: 10757 RIVER FRONT PARKWAY STREET 2: SUITE 125 CITY: SOUTH JORDAN STATE: UT ZIP: 84095 FORMER COMPANY: FORMER CONFORMED NAME: SPORTSNUTS INC DATE OF NAME CHANGE: 20011113 FORMER COMPANY: FORMER CONFORMED NAME: SPORTSNUTS COM INTERNATIONAL INC DATE OF NAME CHANGE: 19990420 FORMER COMPANY: FORMER CONFORMED NAME: DURWOOD INC /UT DATE OF NAME CHANGE: 19961015 10-Q 1 f10q_fuelstream.htm

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

 

FORM 10-Q

 

[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2011

 

OR

 

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from ________ to ___________

 

Commission file number: 333-14477

 

FUELSTREAM, INC.

(Name of Small Business Issuer in Its Charter)

 

 

Delaware   87-0561426

(State or Other Jurisdiction

of Incorporation or Organization)

  

(IRS Employer

Identification No.)

     
11650 South State Street, Suite 240    
Draper, Utah   84020
(Address of Principal Executive Offices)   (Zip Code)

 

 

 

  (801) 816-2510  
  (Issuer’s Telephone Number)  
 

 

 

  
(Former Name, Former Address and Former Fiscal Year, 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 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. Yes [X] 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 [X]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, or a smaller reporting company. See definition 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). Yes [ ] No [X]

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

 

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ]

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date. As of August 3, 2011, the Company had outstanding 646,079 shares of common stock, par value $0.001 per share.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2
 

PART I

 

FINANCIAL INFORMATION

 

The Condensed Consolidated Financial Statements of the Company are prepared as of June 30, 2011.

 

ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-Q

 

 

3
 

 

FUELSTREAM, INC. AND SUBSIDIARIES
(formerly SportsNuts, Inc.)
Consolidated Balance Sheets
       
ASSETS
   June 30,  December 31,
   2011  2010
   (Unaudited)   
       
CURRENT ASSETS          
           
Cash and cash equivalents  $1,501   $89 
Loans receivable   173,500    —   
           
Total Current Assets   175,001    89 
           
TOTAL ASSETS  $175,001   $89 
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
           
CURRENT LIABILITIES          
           
Accounts payable  $84,573   $77,857 
Due to related parties   332,508    252,508 
Accrued expenses   2,599,459    2,527,484 
Notes payable   207,000    27,000 
Notes payable - related parties   712,566    684,066 
           
Total Current Liabilities   3,936,106    3,568,915 
           
TOTAL LIABILITIES   3,936,106    3,568,915 
           
STOCKHOLDERS' DEFICIT          
           
Preferred stock, $0.0001 par value; 50,000,000 shares          
 authorized, 200 shares issued and outstanding   —      —   
Common stock, $0.0001 par value; 500,000,000 shares          
 authorized, 547,167  and 512,147 shares issued          
 and outstanding, respectively   55    51 
Additional paid-in capital   26,456,631    26,106,635 
Accumulated deficit   (30,217,791)   (29,675,512)
           
Total Stockholders' Deficit   (3,761,105)   (3,568,826)
           
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT  $175,001   $89 
           
The accompanying notes are an integral part of these financial statements          
           

 

4
 

 

FUELSTREAM, INC. AND SUBSIDIARIES
(formerly SportsNuts, Inc.)
Consolidated Statements of Operations
(Unaudited)
             
    For the Three Months Ended   For the Six Months Ended
    June 30,   June 30,
   2011  2010  2011  2010
NET SALES $ —  $ —    $ —     $ —  
             
COST OF SALES —  —      —     — 
             
GROSS MARGIN —  —    —    — 
             
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSE		       
                     
Salaries and consulting   372,000    5,175,645    372,000    5,175,645 
Professional fees   49,149    5,278    96,945    8,953 
Selling, general and administrative   173    29,472    385    29,889 
                     
Total Selling, General and                    
 Administrative Expenses   421,322    5,210,395    469,330    5,214,487 
                     
LOSS FROM OPERATIONS   (421,322)   (5,210,395)   (469,330)   (5,214,487)
                     
OTHER INCOME (EXPENSES)                    
                     
Interest expense   (38,632)   (29,292)   (72,949)   (58,310)
Other income   —      —      —      —   
                     
Total Other Income (Expenses)   (38,632)   (29,292)   (72,949)   (58,310)
                     
LOSS BEFORE INCOME TAXES   (459,954)   (5,239,687)   (542,279)   (5,272,797)
                     
INCOME TAX EXPENSE   —      —      —      —   
                     
NET LOSS  $(459,954)  $(5,239,687)  $(542,279)  $(5,272,797)
                     
BASIC AND DILUTED:                    
Net loss per common share  $(0.89)  $(24.95)  $(1.05)  $(47.24)
                     
Weighted average shares outstanding   518,301    209,970    515,241    111,615 
                     
The accompanying notes are an integral part of these financial statements

5
 

FUELSTREAM, INC. AND SUBSIDIARIES
(formerly SportsNuts, Inc.)
Consolidated Statements of Cash Flows
(Unaudited)
       
    For the Six Months Ended
    June 30,
   2011  2010
       
CASH FLOWS FROM OPERATING ACTIVITIES:          
           
Net loss  $(542,279)  $(5,272,797)
Adjustments to reconcile net loss to net          
 cash used by operating activities:          
Common stock issued for services   350,000    5,000,000 
Preferred stock issued for services   —      150,000 
Changes in operating assets and liabilities:          
Accounts payable and accrued expenses   78,691    114,533 
Due to related parties   80,000    790 
           
Net Cash Used by Operating Activities   (33,588)   (7,474)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
           
Payments for loans receivable   (173,500)   —   
           
Net Cash Used by Investing Activities   (173,500)   —   
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
           
Proceeds from notes payable   195,000    —   
Payment on notes payable   (15,000)   —   
Proceeds from notes payable - related parties   28,500    7,100 
           
Net Cash Provided by Financing Activities  $208,500   $7,100 
           
NET DECREASE IN CASH AND CASH EQUIVALENTS  $1,412   $(374)
           
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   89    519 
           
CASH AND CASH EQUIVALENTS, END OF PERIOD  $1,501   $145 
           
SUPPLEMENTAL CASH FLOW INFORMATION          
           
Cash Payments For:          
           
Interest  $58   $42 
Income taxes  $—     $—   
           
Non-cash activity:          
           
Common stock issued for services  $350,000   $5,000,000 
Preferred stock issued for services  $—     $150,000 
           
           
The accompanying notes are an integral part of these financial statements
           

6
 

FUELSTREAM INC. AND SUBSIDIARIES

(formerly SportsNuts, Inc.)

Notes to the Consolidated Financial Statements

June 30, 2011

 

NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION

 

The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K filed on April 15, 2011. Operating results for the six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011.

 

NOTE 2 - GOING CONCERN CONSIDERATIONS

 

The accompanying consolidated financial statements have been prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As reported in its Annual Report on Form 10-K for the year ended December 31, 2010, the Company has an accumulated deficit of $29,675,512 from inception of the Company through December 31, 2010. The accumulated deficit as of June 30, 2011 was $30,217,791 and the total stockholders’ deficit at June 30, 2011 was $3,761,105 and had working capital deficit, continued losses, and negative cash flows from operations. These factors combined, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to address and alleviate these concerns are as follows:

 

The Company’s management continues to develop a strategy of exploring all options available to it so that it can develop successful operations and have sufficient funds, therefore, as to be able to operate over the next twelve months. The Company is attempting to improve these conditions by way of financial assistance through issuances of additional equity and by generating revenues through sales of products and services. No assurance can be given that funds will be available, or, if available, that it will be on terms deemed satisfactory to management.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually attain profitable operations. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of these uncertainties.

7
 

 

FUELSTREAM INC. AND SUBSIDIARIES

(formerly SportsNuts, Inc.)

Notes to the Consolidated Financial Statements

June 30, 2011

 

NOTE 3 - REVERSE STOCK SPLIT

 

On June 14, 2011, our board of directors and the holder of a majority in interest of our voting capital stock approved a 1-for-100 reverse split of our common shares (“Reverse Split”). The Reverse Split became effective on August 3, 2011. As a result of the Reverse Split, each shareholder of record as of July 8, 2011, received one (1) share of common stock for each one hundred (100) shares of common stock they held prior to the Reverse Split, provided however, that fractions of a share were rounded up to the nearest whole share and any registered shareholder who would have otherwise held less than 200 shares following the Reverse Split was rounded up to 200 shares. Consequently, none of our registered shareholders as of the record date held less than 200 shares following the Reverse Split. This rounding up to 200 shares resulted in an additional 98,912 shares issued. These financial statements have been retroactively restated for this change in capital structure.

 

NOTE 4 - COMMON STOCK TRANSACTIONS

 

During the six months ended June 30, 2011, the Company issued an aggregate of 35,000 shares of its common stock (the “Shares”) to a former director, two former contract personnel, and one existing contract personnel, for services provided. The market value of the stock on the date of issuance was $350,000.

 

 

NOTE 5 - NOTES PAYABLE

 

During the six months ended June 30, 2011, the Company issued $195,000 in promissory notes to unrelated parties and $28,500 in promissory notes to related parties. The notes carry an interest rate of 10% and are due on demand.

 

 

NOTE 6 - LOANS RECEIVABLE

 

On April 11, 2011, the Company entered into a joint venture agreement (the “Joint Venture”) with Aviation Fuel International, Inc, (“AFI), a Florida Corporation, to provide for the supply of aviation fuel to various commercial aircraft via tanker trucks which are intended to be acquired by the Joint Venture. Pursuant to the Joint Venture, the Company is obligated to contribute working capital of $200,000 within 90 days of the effective date of the Joint Venture for the purchase of the tanker trucks, as well as salaries, benefits, and taxes regarding the operation thereof. The Company has already contributed $173,500 toward its working capital obligation under the Joint Venture. This amount has been recorded on the balance sheet as Loans Receivable as of June 30, 2011.

 

 

NOTE 7 - SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events of the period of June 30, 2011 through the date the financial statements were issued, and concluded there were no other events or transactions occurring during this period that required recognition or disclosure in its consolidated financial statements.

8
 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

 

The following discussion of the financial condition and results of operations of Fuelstream, Inc. (hereafter, “Fuelstream” or the “Company”) should be read in conjunction with the Unaudited Financial Statements and related Notes thereto included herein. This discussion may contain 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 future strategies that are signified by the words "expects," "anticipates," "intends," "believes," or similar language. Actual results could differ materially from those projected in the forward looking statements. Prospective investors should carefully consider the information set forth above under the caption "Risk Factors" in addition other to the information set forth herein. The Company cautions investors that its business and financial performance is subject to substantial risks and uncertainties.

 

Overview

 

Fuelstream seeks to become a fuel transportation and logistics company which brokers the sale and distribution of aviation and other fuels to corporate and commercial consumers. On May 10, 2010, the Company entered into a lease purchase agreement (“Lease Purchase Agreement”) to lease and subsequently acquire a fuel barge and tug boat (collectively, the “Vessels”) as well as additional ships. The Lease Purchase Agreement was terminated on November 15, 2010. The Company did not generate any revenues pursuant to the Lease Purchase Agreement, but incurred docking fees of $67,500 for the two Vessels described above.

 

On March 17, 2011, the Company entered into a letter of intent with the sole shareholder of Aviation Fuel International, Inc. (“AFI”), a Florida corporation, to acquire all of the shares of AFI. AFI is an in-wing supplier of aviation fuel to corporate and commercial aircraft. The letter of intent contemplates that the Company and the shareholder of AFI will prepare and execute definitive agreements regarding the acquisition in the future.

 

The acquisition will be subject to certain conditions, including due diligence by the relevant parties and the completion of audits of AFI necessary for consolidation with the financial results of the Company.

 

On April 11, 2011, the Company entered into a joint venture agreement (the “Joint Venture”) with AFI to provide for the supply of aviation fuel to various commercial aircraft via tanker trucks which are intended to be acquired by the Joint Venture. Pursuant to the Joint Venture, the Company is obligated to contribute working capital of $200,000 within 90 days of the effective date of the Joint Venture for the purchase of the tanker trucks, as well as salaries, benefits, and taxes regarding the operation thereof. The Company has already contributed $173,500 toward its working capital obligation under the Joint Venture. AFI is obligated to contribute to the Joint Venture any new fuel supply agreements initiated as a result of the use of the working capital contributed by the Company. The Joint Venture has a term of 18 months but also expresses the parties’ intent to consummate an acquisition of AFI by the Company in the near future. A copy of the agreement embodying the Joint Venture was provided as an exhibit to the Company’s Current Report on Form 8-K announcing the Joint Venture, filed with the Securities and Exchange Commission on April 12, 2011.

 

The Company’s principal sources of revenues are expected to result from the gross selling price of fuel delivery contracts. Expenses which comprise the costs of goods sold are expected to include the acquisition price of fuel transported, as well as operational and staffing costs of the trucks and other vehicles used for delivery. General and administrative expenses have been comprised of administrative wages and benefits; occupancy and office expenses; outside legal, accounting and other professional fees; travel and other miscellaneous office and administrative expenses. Selling and

9
 

 

marketing expenses include selling/marketing wages and benefits; advertising and promotional expenses; travel and other miscellaneous related expenses.

 

Prior to changing its business model to become a fuel transportation and logistics company, the Company’s principal sources of revenues were (i) online services targeted to sports organizations and members, and (ii) offline promotional, management, and sponsorship services provided in connection with community-based sports events.

 

The ability to generate revenues during the year 2011 and beyond depends substantially upon the Company’s resources available in order to complete the acquisition of AFI or otherwise commence operations as a supplier of fuel and logistics. Such efforts require significant systems development, marketing and personnel costs, which, in turn, require substantial funding. If the Company is unable to obtain such funding, its ability to generate revenues will be significantly impaired and it may be unable to continue operations.

 

Because the company has incurred losses, income tax expenses are immaterial. No tax benefits have been booked related to operating loss carryforwards, given the uncertainty of the Company being able to utilize such loss carryforwards in future years. The Company anticipates incurring additional losses during the coming year.

 

Results of Operations

 

Following is management’s discussion of the relevant items affecting results of operations for the three and six month periods ended June 30, 2011 and 2010.

 

Revenues. The Company generated net revenues of $-0- and $-0- during the three and six months ended June 30, 2011 and 2010. In the future, the Company’s sole source of revenue is expected to be related to fuel delivery and transportation contracts.

 

Cost of Sales. Cost of sales for the three and six months ended June 30, 2011 and 2010 were $-0- and $-0- respectively. No cost of sales correlates to no revenues during these periods. Future costs of sales are expected to consist of the acquisition price of fuel and other petrochemicals delivered to customers and clients, as well as operational and staffing costs with respect thereto.

 

Salaries and Consulting Expenses. Salaries and consulting expenses were $372,000 for the three and six months ended June 30, 2011, compared to $5,175,645 during the three and six months ended June 30, 2010. During the six months ended June 30, 2011, the Company issued an aggregate of 3,500,000 shares of its common stock (the “Shares”) to a former director, two former contract personnel, and one existing contract personnel, for services provided. The market value of the stock on the date of issuance was $350,000.

 

Professional Fees. Professional fees for the three months ended June 30, 2011 were $49,149

compared to $5,278 during the second quarter of 2010. For the six months ended June 30, 2011, professional fees were $96,945 compared to $8,953 for the six months ended June 30, 2010. Professional fees consist mainly of the fees for the audit of the Company’s financial statements of the prior year as well as the review of the quarterly filings with the SEC. The Company anticipates that professional fees will increase as the Company ramps up its new operations.

 

Selling, General and Administrative Expenses. Selling, general and administrative expenses for the three months ended June 30, 2011 were $173, compared to $29,472 during the second quarter of 2010. For the six months ended June 30, 2011, selling, general and administrative expenses were $385 compared to $29,889 for the six months ended June 30, 2010. The Company anticipates that selling, general and administrative expenses will increase as

10
 

operations increase.

 

Other Income (Expense). The Company had net other expenses of $38,632 for the three months ended June 30, 2011 compared to $29,292 during the second quarter of 2010. For the six months ended June 30, 2011, the Company had net other expenses of $72,949 compared to net other expenses of $58,310 during the first six months of 2010. Other expenses incurred were comprised primarily of interest expenses related to balances on Company credit cards and interest on notes payable.

 

Liquidity and Capital Resources

 

As of June 30, 2011, the Company’s primary source of liquidity consisted of $1,501 in cash and cash equivalents. The Company holds most of its cash reserves in local sweep accounts with local financial institutions. Since inception, the Company has financed its operations through a combination of short and long-term loans, and through the private placement of its common stock.

 

The Company has sustained significant net losses which have resulted in a total stockholders’ deficit at June 30, 2011 of $3,761,105 and is currently experiencing a substantial shortfall in operating capital which raises doubt about the Company’s ability to continue as a going concern. The Company anticipates a net loss for the year ended December 31, 2011 and with the expected cash requirements for the coming months, without additional cash inflows from an increase in revenues combined with continued cost-cutting or a receipt of cash from capital investment, there is substantial doubt as to the Company’s ability to continue operations.

 

There is presently no agreement in place with any source of financing for the Company and there can be no assurance that the Company will be able to raise any additional funds, or that such funds will be available on acceptable terms. Funds raised through future equity financing will likely be substantially dilutive to current shareholders. Lack of additional funds will materially affect the Company and its business, and may cause the Company to cease operations. Consequently, shareholders could incur a loss of their entire investment in the Company.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a smaller reporting company we are not required to provide this information.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Management’s Report on Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, to allow for timely decisions regarding required disclosure.

As of June 30, 2011, the end of our second quarter covered by this report, we carried out an evaluation, under the supervision of our Chief Executive Officer and Controller, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, we concluded that our disclosure controls and procedures were effective as of the end

11
 

 

of the period covered by this annual report. Our board of directors has only two members. We do not have a formal audit committee.

 

Management’s Report on Internal Control over Financial Reporting 

 

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, as amended). In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of internal control include providing management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management’s authorization and recorded properly to permit the preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States. Our management assessed the effectiveness of our internal control over financial reporting as of June 30, 2011. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework. Our management has concluded that, as of June 30, 2011, our internal control over financial reporting is effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with US generally accepted accounting principles. This quarterly report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this quarterly report.

 

Inherent limitations on effectiveness of controls

 

Internal control over financial reporting has inherent limitations which include but is not limited to the use of independent professionals for advice and guidance, interpretation of existing and/or changing rules and principles, segregation of management duties, scale of organization, and personnel factors. Internal control over financial reporting is a process which involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis, however these inherent limitations are known features of the financial reporting process and it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Changes in Internal Control over Financial Reporting

 

There have been no significant changes in our internal controls over financial reporting that occurred during the quarter ended June 30, 2011 that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

12
 

PART II

 

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None.

 

ITEM 1A. RISK FACTORS

 

As a smaller reporting company, we are not required to provide the information required by this item.

 

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

 

On April 7, 2011, the Company issued an aggregate of 3,500,000 shares of its common stock (the “Shares”) to a former director, two former contract personnel, and one existing contract personnel, for services provided. Our former director is an accredited investor and each of the other recipients is considered by the Company to be a “sophisticated person” inasmuch as each of them has such knowledge and experience in financial and business matters that they are capable of evaluating the merits and risks of receiving the Shares. No solicitation was made and no underwriting discounts were given or paid in connection with this transaction. The Company believes that the issuance of Shares as described above was exempt from registration with the Securities and Exchange Commission pursuant to Section 4(2) of the Securities Act of 1933.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Effective February 1, 2000, the Company sold and issued a promissory note secured by certain tangible and intangible assets of the Company (“Note”) in exchange for $450,000 in cash proceeds. As of May 1, 2000, the Company is in default with respect to the Note. The Note and its accompanying Security Agreement have been filed as an exhibit to the Company’s 1999 annual report on form 10-KSB filed with the Securities and Exchange Commission on March 30, 2000.

 

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

None

 

ITEM 5. OTHER INFORMATION

 

Not applicable.

 

13
 

ITEM 6. EXHIBITS

 

The following documents are filed as exhibits to this Form 10-Q:

 

INDEX TO EXHIBITS

 

Number   Exhibits
3.1   Amended and Restated Certificate of Incorporation of Fuelstream, Inc.(1)
3.2   Amended and Restated Bylaws of SportsNuts, Inc., a Delaware corporation.(2)
31   Certification by Chief Executive Officer and Chief Financial Officer, Mark D. Klok, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32   Certification by Chief Executive Officer and Chief Financial Officer, Mark D. Klok, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     

 

 

(1) Filed as an Exhibit to the Company’s Form 8-K, filed with the Commission on April 8, 2010.

 

(2) Filed as an Exhibit to the Company’s quarterly report on Form 10-QSB, filed with the Commission on August 14, 2001.

 

 

14
 

 

 

 

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.

 

   

FUELSTREAM, INC.

 

Date: August 15, 2011________________   BY: /S/ Mark Klok____________________
    Mark Klok
    Chief Executive Officer

 

 

 

 

 

15
 

 

 

 EX-31 2 ex31.htm

Exhibit 31

Exhibit 31

 

Certification of Chief Executive Officer and Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Mark D. Klok, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q for the quarterly period ended

June 30, 2011 of Fuelstream, Inc.;

 

  1. 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;

 

  1. 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;

 

  1. As the registrant's certifying officer, I am 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:

 

    1. 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 to me by others within those entities, particularly during the period in which this report is being prepared;

 

    1. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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;

 

    1. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my 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

 

    1. 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 (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
 
 

 

  1. I have disclosed, based on my 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):

 

    1. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

    1. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: August 15, 2011

 

By: /s/ Mark D. Klok

Mark D. Klok

Chief Executive Officer

and principal financial officer

 EX-32 3 ex32.htm

Exhibit 32

Exhibit 32

 

 

Certification of Chief Executive Officer and Principal Financial Officer

Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

I, Mark D. Klok, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q for the quarterly period ended June 30, 2011 of Fuelstream, Inc. fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Fuelstream, Inc.

 

Date: August 15, 2011

 

By: /s/ Mark D. Klok

Mark D. Klok

Chief Executive Officer

and principal financial officer

 

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Dec. 31, 2010
Statement of Financial Position [Abstract]    
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Consolidated Statements of Operations (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Income Statement [Abstract]        
NET SALES        
COST OF SALES        
GROSS MARGIN        
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES        
Salaries and consulting 372,000 5,175,645 372,000 5,175,645
Professional fees 49,149 5,278 96,945 8,953
Selling, general and administrative 173 29,472 385 29,889
Total Selling, General and Administrative Expenses 421,322 5,210,395 469,330 5,214,487
LOSS FROM OPERATIONS (421,322) (5,210,395) (469,330) (5,214,487)
OTHER INCOME (EXPENSES)        
Interest expense (38,632) (29,292) (72,949) (58,310)
Other income        
Total Other Income (Expenses) (38,632) (29,292) (72,949) (58,310)
LOSS BEFORE INCOME TAXES (459,954) (5,239,687) (542,279) (5,272,797)
INCOME TAX EXPENSE        
NET LOSS $ 459,954 $ 5,239,687 $ 542,279 $ 5,272,797
BASIC AND DILUTED:        
Net loss per common share $ 0.89 $ (24.95) $ 1.05 $ (47.24)
Weighted average shares outstanding 518,301 20,970 515,241 111,615
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Document And Entity Information    
Entity Registrant Name Fuelstream INC  
Entity Central Index Key 0001024920  
Document Type 10-Q  
Document Period End Date Jun. 30, 2011
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   646,079
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2011  
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NOTE 7- SUBSEQUENT EVENTS

 

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Notes to Financial Statements  
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On June 14, 2011, our board of directors and the holder of a majority in interest of our voting capital stock approved a 1-for-100 reverse split of our common shares (“Reverse Split”). The Reverse Split became effective on August 3, 2011. As a result of the Reverse Split, each shareholder of record as of July 8, 2011, received one (1) share of common stock for each one hundred (100) shares of common stock they held prior to the Reverse Split, provided however, that fractions of a share were rounded up to the nearest whole share and any registered shareholder who would have otherwise held less than 200 shares following the Reverse Split was rounded up to 200 shares. Consequently, none of our registered shareholders as of the record date held less than 200 shares following the Reverse Split. This rounding up to 200 shares resulted in an additional 98,912 shares issued. These financial statements have been retroactively restated for this change in capital structure.
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BASIS OF FINANCIAL STATEMENT PRESENTATION
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
BASIS OF FINANCIAL STATEMENT PRESENTATION

 

NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION

 

The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K filed on April 15, 2011. Operating results for the six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011.
XML 17 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
COMMON STOCK TRANSACTIONS
 3 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
COMMON STOCK TRANSACTIONS

NOTE 4 - COMMON STOCK TRANSACTIONS

 

During the six months ended June 30, 2011, the Company issued an aggregate of 35,000 shares of its common stock (the “Shares”) to a former director, two former contract personnel, and one existing contract personnel, for services provided. The market value of the stock on the date of issuance was $350,000.

 
XML 18 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
NOTES PAYABLE
 3 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
NOTES PAYABLE

NOTE 5- NOTES PAYABLE

 

During the six months ended June 30, 2011, the Company issued $195,000 in promissory notes to unrelated parties and $28,500 in promissory notes to related parties. The notes carry an interest rate of 10% and are due on demand.

 
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LOANS RECEIVABLE
 3 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
LOANS RECEIVABLE

NOTE 6 - LOANS RECEIVABLE

 

On April 11, 2011, the Company entered into a joint venture agreement (the “Joint Venture”) with Aviation Fuel International, Inc, (“AFI), a Florida Corporation, to provide for the supply of aviation fuel to various commercial aircraft via tanker trucks which are intended to be acquired by the Joint Venture. Pursuant to the Joint Venture, the Company is obligated to contribute working capital of $200,000 within 90 days of the effective date of the Joint Venture for the purchase of the tanker trucks, as well as salaries, benefits, and taxes regarding the operation thereof. The Company has already contributed $173,500 toward its working capital obligation under the Joint Venture. This amount has been recorded on the balance sheet as Loans Receivable as of June 30, 2011.

 

XML 22 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (542,279) $ (5,272,797)
Adjustments to reconcile net loss to net cash used by operating activities:    
Common stock issued for services 350,000 5,000,000
Preferred stock issued for services   150,000
Changes in operating assets and liabilities:    
Accounts payable and accrued expenses 78,691 114,533
Due to related parties 80,000 790
Net Cash Used by Operating Activities (33,588) (7,474)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for loans receivable (173,500)  
Net Cash Used by Investing Activities (173,500)  
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 195,000  
Payment on notes payable (15,000)  
Proceeds from notes payable - related parties 28,500 7,100
Net Cash Provided by Financing Activities 208,500 7,100
NET DECREASE IN CASH AND CASH EQUIVALENTS 1,412 (374)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 89 519
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,501 145
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest 58 42
Income Taxes    
Common stock issued for services 350,000 5,000,000
Preferred stock issued for services   $ 150,000
XML 23 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
GOING CONCERN CONSIDERATIONS
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
GOING CONCERN CONSIDERATIONS

NOTE 2 - GOING CONCERN CONSIDERATIONS

 

The accompanying consolidated financial statements have been prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As reported in its Annual Report on Form 10-K for the year ended December 31, 2010, the Company has an accumulated deficit of $29,675,512 from inception of the Company through December 31, 2010. The accumulated deficit as of June 30, 2011 was $30,217,791 and the total stockholders’ deficit at June 30, 2011 was $3,761,105 and had working capital deficit, continued losses, and negative cash flows from operations. These factors combined, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to address and alleviate these concerns are as follows:

 

The Company’s management continues to develop a strategy of exploring all options available to it so that it can develop successful operations and have sufficient funds, therefore, as to be able to operate over the next twelve months. The Company is attempting to improve these conditions by way of financial assistance through issuances of additional equity and by generating revenues through sales of products and services. No assurance can be given that funds will be available, or, if available, that it will be on terms deemed satisfactory to management.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually attain profitable operations. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of these uncertainties.

 
XML 24 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
CURRENT ASSETS    
Cash and cash equivalents $ 1,501 $ 89
Loans receivable 173,500  
Total Current Assets 175,001 89
TOTAL ASSETS 175,001 89
CURRENT LIABILITIES    
Accounts payable 84,573 77,857
Due to related parties 332,508 252,508
Accrued expenses 2,599,459 2,527,484
Notes payable 207,000 27,000
Notes payable - related parties 712,566 684,066
Total Current Liabilities 3,936,106 3,568,915
TOTAL LIABILITIES 3,936,106 3,568,915
STOCKHOLDERS' DEFICIT    
Preferred stock, $0.002 par value; 50,000,000 shares authorized, 200 and -0- shares issued and outstanding    
Common stock, $0.0001 par value; 500,000,000 shares authorized, 547,167 and 512,147 shares issued and outstanding, respectively 55 51
Additional paid-in capital 26,456,631 26,106,635
Accumulated deficit (30,217,791) (29,675,512)
Total Stockholders' Deficit (3,761,105) (3,568,826)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 175,001 $ 89
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