-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SnLvQlQnxqTj6GBY0qxSY9eX5JDUkW6LmcGwJltw+KVpvB2/6j5DBhMoVG1iiuwq ZGg22YLXFFsALnUTVTMK9Q== 0000950147-01-501419.txt : 20010815 0000950147-01-501419.hdr.sgml : 20010815 ACCESSION NUMBER: 0000950147-01-501419 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TASCO INTERNATIONAL INC CENTRAL INDEX KEY: 0001079282 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 330824714 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-32201 FILM NUMBER: 1710433 BUSINESS ADDRESS: STREET 1: 7100 EAST LINCOLN DRIVE, SUITE D-230 CITY: SCOTTSDALE STATE: AZ ZIP: 85253 10QSB 1 e-7312.txt QUARTERLY REPORT FOR THE QTR ENDED 6/30/01 SECURITIES AND EXCHANGE COMMISISON WASHINGTON D.C. 20549 FORM 10-QSB Quarterly report under Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2001 Commission File number 000-32201 TASCO INTERNATIONAL, INC. (Name of Small Business Issuer in its Charter) 1649 Dartmouth, Chula Vista, CA 91913 (Address of Principal Executive Offices including Zip Code) (619) 482-7800 (Issuer's Telephone Number, Including Area Code) Not Applicable (Former Name, Former Address and Former Fiscal year, if changed since last report) Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15 (d) of the 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. Yes [X] No [ ] There were 1,278,000 shares of Common stock outstanding as of June 30, 2001. PART I ITEM 1. FINANCIAL STATEMENTS TASCO INTERNATIONAL, INC. (A Development Stage Company) Balance Sheets
AS OF AS OF JUNE 30, SEPTEMBER 30, 2001 2000 -------- -------- ASSETS CURRENT ASSETS Cash $ 705 $ 11,493 -------- -------- TOTAL CURRENT ASSETS 705 11,493 -------- -------- TOTAL ASSETS $ 705 $ 11,493 ======== ======== LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 350 $ 365 -------- -------- TOTAL CURRENT LIABILITIES 350 365 -------- -------- TOTAL LIABILITIES 350 365 STOCKHOLDERS' EQUITY Preferred stock, $.0001 par value authorized (20,000,000 shares authorized; none issued and outstanding.) 0 0 Common stock $.0001 par value authorized (80,000,000 shares authorized; issued and outstanding : 1,278,000 shares at June 30, 2001 and September 30, 2000, respectively.) 128 128 Additional paid-in capital 11,662 11,662 Deficit accumulated during development stage (11,435) (662) -------- -------- TOTAL STOCKHOLDERS' EQUITY 355 11,128 -------- -------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 705 $ 11,493 ======== ========
See Accompanying Notes 2 TASCO INTERNATIONAL, INC. (A Development Stage Company) Statements of Operations
OCTOBER 6, 1998 (INCEPTION) NINE MONTHS ENDED JUNE 30, THREE MONTHS ENDED JUNE 30, THROUGH -------------------------- --------------------------- JUNE 30, 2001 2000 2001 2000 2001 ----------- ----------- ----------- ----------- ----------- REVENUES Revenues $ 0 $ 0 $ 0 $ 0 $ 0 ----------- ----------- ----------- ----------- ----------- TOTAL REVENUES 0 0 0 0 0 GENERAL & ADMINISTRATIVE EXPENSES 10,773 332 1,482 30 11,435 ----------- ----------- ----------- ----------- ----------- TOTAL GENERAL & ADMINISTRATIVE EXPENSES 10,773 332 1,482 30 11,435 ----------- ----------- ----------- ----------- ----------- NET LOSS $ (10,773) $ (332) $ (1,482) $ (30) $ (11,435) =========== =========== =========== =========== =========== BASIC LOSS PER SHARE $ (0.0084) $ (0.0003) $ (0.0012) $ (0.0000) =========== =========== =========== =========== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 1,278,000 1,212,307 1,278,000 1,278,000 =========== =========== =========== ===========
See Accompanying Notes 3 TASCO INTERNATIONAL, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY FROM OCTOBER 6, 1998 (INCEPTION) THROUGH JUNE 30, 2001
DEFICIT ACCUMULATED COMMON ADDITIONAL DURING COMMON STOCK PAID IN DEVELOPMENT STOCK AMOUNT CAPITAL STAGE TOTAL ---------- ---------- ---------- ---------- ---------- Stock issued for cash on October 6, 1998 @ $0.0001 per share 100,000 $ 10 $ -- $ -- $ 10 Stock issued for cash on October 9, 1998 @ $0.0001 per share 130,000 13 1,287 0 1,300 Stock issued for cash on October 12, 1998 @ $0.0001 per share 19,000 2 188 0 190 Stock issued for cash on April 1, 1999 @ $0.0001 per share 29,000 3 287 0 290 Net loss, October 6, 1998 (inception) to September 30, 1999 (295) (295) ---------- ---------- ---------- ---------- ---------- BALANCE, SEPTEMBER 30, 1999 278,000 28 1,762 (295) 1,495 ========== ========== ========== ========== ========== Stock issued for cash on October 19, 1999 @ $0.01 per share 1,000,000 100 9,900 10,000 Net loss, October 1, 1999 through September 30, 2000 (367) (367) ---------- ---------- ---------- ---------- ---------- BALANCE, SEPTEMBER 30, 2000 1,278,000 128 11,662 (662) 11,128 ========== ========== ========== ========== ========== Net loss, October 1, 2000 though June 30, 2001 (10,773) (10,773) ---------- ---------- ---------- ---------- ---------- BALANCE, JUNE 30, 2001 1,278,000 $ 128 $ 11,662 $ (11,435) $ 355 ========== ========== ========== ========== ==========
See Accompanying Notes 4 TASCO INTERNATIONAL, INC. (A Development Stage Company) Statements of Cash Flows
OCTOBER 6, 1998 (INCEPTION) NINE MONTHS ENDED JUNE 30, THREE MONTHS ENDED JUNE 30, THROUGH -------------------------- --------------------------- JUNE 30, 2001 2000 2001 2000 2001 ----------- ----------- ----------- ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $(10,773) $ (332) $ (1,482) $ (30) $(11,435) Amortization 0 192 0 0 240 Increase / (Decrease) in accounts payable (15) 0 350 0 350 Organization costs 0 0 0 0 (240) -------- -------- -------- -------- -------- NET CASH (USED) BY OPERATING ACTIVITIES (10,788) (140) (1,132) (30) (11,085) CASH FLOWS FROM INVESTING ACTIVITIES NET CASH PROVIDED BY INVESTING ACTIVITIES 0 0 0 0 0 CASH FLOWS FROM FINANCING ACTIVITIES Common stock 0 0 0 0 11,790 -------- -------- -------- -------- -------- NET CASH PROVIDED BY FINANCING ACTIVITIES 0 0 0 0 11,790 -------- -------- -------- -------- -------- NET INCREASE / (DECREASE) IN CASH (10,788) (140) (1,132) (30) 705 CASH AT BEGINNING OF PERIOD 11,493 1,668 1,838 1,558 0 -------- -------- -------- -------- -------- CASH AT END OF PERIOD $ 705 $ 1,528 $ 705 $ 1,528 $ 705 ======== ======== ======== ======== ========
See Accompanying Notes 5 TASCO INTERNATIONAL, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2001 NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS The Company was organized October 6, 1998, under the laws of the State of Delaware as Tasco International, Inc. The Company is engaged in the business of offering virtual reality technology for CD-ROM, media and Internet presentations. The Company has no operations and in accordance with SFAS #7, the Company is considered a development stage company. On October 6, 1998, the Company issued 100,000 shares of common stock for cash at $0.0001 per share. On October 9, 1998, the Company issued 130,000 shares of common stock for cash at $0.0001 per share. On October 12, 1998, the Company issued 19,000 shares of common stock for cash at $0.0001 per share. On April 1 1999, the Company issued 29,000 shares of common stock for cash at $0.0001 per share. On October 19, 1999, the Company issued 1,000,000 shares of common stock for cash at $0.01 per share. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. BASIS OF ACCOUNTING The Company uses the accrual method of accounting. The Company has adopted a fiscal year of September 30. b. BASIC EARNINGS PER SHARE Earnings per share are computed using the weighted average number of shares of common stock outstanding. c. INCOME TAXES Income taxes are provided in accordance with Statement of Financial accounting Standards No. 109 (SFAS 109), Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. 6 TASCO INTERNATIONAL, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2001 NOTE 3. WARRANTS AND OPTIONS There are no warrants or options outstanding to acquire any additional shares of common or preferred stock. NOTE 4. GOING CONCERN The Company's financial statements are 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. However, the Company has no current source of revenue. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern. It is management's plan to seek additional capital through sale of its securities through private placements. NOTE 5. RELATED PARTY TRANSACTION The Company neither owns nor leases any real or personal property. A director provides office services without charge. Such costs are immaterial to the financial statements and accordingly, have not been reflected therein. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts. NOTE 6. INCOME TAXES JUNE 30, SEPTEMBER 30, 2001 2000 ------- ------- Deferred tax assets: Net operating loss carryforwards $ 1,616 $ 55 Other 0 0 ------- ------- Valuation allowance (1,616) (55) ------- ------- Net deferred tax assets $ 0 $ 0 ======= ======= Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance. 7 TASCO INTERNATIONAL, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2001 NOTE 7. SCHEDULE OF NET OPERATING LOSSES 1998 Net Operating Loss $ (295) 1999 Net Operating Loss (367) 2000 Net Operating Loss (nine months) (10,773) -------- Net Operating Loss $(11,435) ======== As of June 30, 2001, the Company has net operating loss carryforwards of approximately $ 11,435, which will expire through 2019. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CERTAIN FORWARD-LOOKING INFORMATION Information provided in this Quarterly report on Form 10QSB may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that are not historical facts and information. These statements represent the Company's expectations or beliefs, including, but not limited to, statements, concerning future and operating results, statements concerning industry performance, the Company's operations, economic performance, financial conditions, margins and growth in sales of the Company's products, capital expenditures, financing needs, as well assumptions related to the foregoing. For this purpose, any statements contained in this Quarterly Report that are not statement of historical fact may be deemed to be forward-looking statements. These forward-looking statements are based on current expectations and involve various risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or views expressed herein. The Company's financial performance and the forward-looking statements contained herein are further qualified by other risks including those set forth from time to time in the documents filed by the Company with the Securities and Exchange Commission, including the Company's most recent Form 10SB. CONDITIONS AND RESULTS OF OPERATIONS. THREE MONTHS ENDED JUNE 30, 2001. Revenues were $0 for the quarter ending June 30, 2001 and $0 for the same quarter ending 2000. Operating Expenses were $1,482 for the quarter ending June 30, 2001 and $30 for the same quarter in 2000. The Company had an operating loss of ($1,482) for the quarter ending June 30, 2001 and ($30) for the same quarter in 2000. The Company has not generated revenues from operating activities during the quarter ending June 30, 2001. During the quarter ending June 30, 2001, management has been in the design phase for a web site offering the Company's services in visual content and other digital media to consumers and businesses. The Company has also completed work toward preparing samples of 360-degree images which it will be displaying on its web-site, along with still media, video and animation for viewing on its proposed web site. The Company has continued to contact various photographers and other visual content producers to contract for the company for production of visual media. To date, no contractual arrangements with any photographer or visual content producers have been made. The Company does not anticipate any material increase in operating expenses until such time as additional capital can be raised and the Company proceeds with the further development of its business plan. Management believes that the Company must be successful in raising equity or debt financing sufficient to meet its working capital requirements and to support the expenses associated with developing its sales in media content production within the next several months. To date, no sales have been made in media content production nor has the Company been successful in raising equity or debt financing sufficient to meet its working capital requirements. No assurance can be given that the Company will have other financing available, if required; or if available, will be available on terms and conditions satisfactory to management. 9 ANALYSIS OF FINANCIAL CONDITION As of June 30, 2001, the Company had working capital of $355 and faces the need for substantial additional working capital in the near future. The Company will be required to seek sources of financing. No assurance can be given that the Company will have financing available, if required, or if available, will be available on terms and conditions satisfactory to management. The financial statements of the Company were prepared for the quarter ending June 30, 2001. The Company's ability to establish itself as a going concern is dependent upon the Company obtaining sufficient financing to continue its development activities. There is no assurance that the company will achieve profitable operations in the future. The Company could be required to secure additional financing to implement further development plans. There is no assurance that such financing will be available to the Company, of if available, will be available on terms and conditions satisfactory to management. As part of the Company's plan to raise additional working capital, the Company my make a limited number of offers and sales of its Common Shares to qualified investors in transactions that are exempt from registration under the 1933 Act. Other offers and sales of Common Shares may be at prices per share that are higher or lower than the price of the Common Shares in this registration statement. There can be no assurance the Company will not make other offers of its securities at different prices, when, in the Company's discretion, such prices are deemed by the Company to be reasonable under the circumstances. PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDING. None ITEM 2. CHANGES IN SECURITIES. None ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None ITEM 5. OTHER INFORMATION. None ITEM 6. EXHIBITS AND REORTS ON FORM 8-K. None 10 SIGNATURE Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Company has duly caused this disclosure statement to be signed on its behalf by the undersigned, thereunto duly authorized. TASCO INTERNATIONAL, INC. Date 08/14/01 /s/ Adrienne Humphreys ---------------------------------------- Adrienne Humphreys President 11 -----END PRIVACY-ENHANCED MESSAGE-----