-----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, EbHoNcinyQlCiB6BpiGYEoCy63VVwEZOlvisTlUpZG7JCYjgOmhhKcevMZozqWXe /aHTXEJc548kOYCZJJKHPQ== 0001024020-01-500028.txt : 20010718 0001024020-01-500028.hdr.sgml : 20010718 ACCESSION NUMBER: 0001024020-01-500028 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KENTEX PETROLEUM INC CENTRAL INDEX KEY: 0001104485 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 870645378 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-30955 FILM NUMBER: 1683263 BUSINESS ADDRESS: STREET 1: 5525 SOUTH 900 EAST STREET 2: SUITE 110 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 BUSINESS PHONE: 8012628844 MAIL ADDRESS: STREET 1: 5525 SOUTH 900 EAST STREET 2: SUITE 110 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 10QSB 1 qsb0601.txt KENTEX PETROLEUM, INC. 10QSB JUNE 30, 2001 U. S. Securities and Exchange Commission Washington, D. C. 20549 FORM 10-QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2001 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to -------------- ------------------ Commission File No. ----------- 0-30955 KENTEX PETROLEUM, INC. ------------------------------------- (Name of Small Business Issuer in its Charter) NEVADA 87-0645378 -------- ------------ (State or Other Jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 5525 South 900 East, Suite 110 Salt Lake City, Utah 84117 (Address of Principal Executive Offices) Issuer's Telephone Number: (801)262-8844 None, Not Applicable; ----------- (Former Name or Former Address, if changed since last Report) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 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. (1) Yes X No (2) Yes X No ---- ---- ---- ---- APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS None, Not Applicable; APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date: June 30, 2001 2,357,997 PART I - FINANCIAL INFORMATION Item 1.Financial Statements. The Financial Statements of the Registrant required to be filed with this 10-QSB Quarterly Report were prepared by management and commence on the following page. In the opinion of management, the Financial Statements fairly present the financial condition of the Registrant.
KENTEX PETROLEUM, INC. [A Development Stage Company] Balance Sheet June 30, 2001 and December 31, 2000 06/30/2001 12/31/2000 -------------- ---------- [Unaudited] ASSETS Assets $ 0 $ 0 -------------- ---------- Total Assets $ 0 $ 0 ============== ========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Loans from stockholders $ 7,123 $ 4,878 Accrued Liabilities 0 0 Income Taxes Payable 0 0 -------------- ---------- Total Current Liabilities 7,123 4,878 Total Liabilities 7,123 4,878 -------------- ---------- Stockholders' Deficit: Common Stock, $.001 par value; authorized 50,000,000 shares; issued and outstanding, 2,357,997 shares and 2,357,997 shares, respectively 2,358 2,358 Paid-in Capital 2,073,802 2,073,802 Accumulated Deficit (2,041,500) (2,041,500) Deficit accumulated during development stage (41,783) (39,538) -------------- ---------- Total Stockholders' Deficit (7,123) (4,878) -------------- ---------- Total Liabilities and Stockholders' Deficit $ 0 $ 0 ============== ==========
KENTEX PETROLEUM, INC. [A Development Stage Company] STATEMENTS OF OPERATIONS For the Three and Six Month Period Ended June 30, 2001, 2000 and for the Period from Reactivation [May 8, 1999] through June 30, 2001 Three Months Ended Six Months Ended Reactivation through, 2001 2000 2001 2000 June 30, 2001 Revenues $ - $ - $ - $ - $ - Operating expenses General and Administrative 229 1,139 2,245 4,257 41,783 Total operating expenses 229 1,139 2,245 4,257 41,783 Net Income Before Taxes (229) (1,139) (2,245) (4,257) (41,783) Income taxes - - - - - Net (loss) (229) (1,139) (2,245) (4,257) (41,783) --------------------------------------------------------------- Basic and diluted (loss) per common share (0.01) $ (0.01) $(0.01) (0.01) (0.03) --------------------------------------------------------------- Weighted Average Shares Outstanding 2,357,997 2,301,333 2,357,997 2,301,333 1,656,236 ===============================================================
KENTEX PETROLEUM, INC. [A Development Stage Company] Statements of Cash Flows For the Three and Six Month Period Ended June 30, 2001, 2000 and for the Period from Reactivation [May 8, 1999] through June 30, 2001 Three Months Ended Six Months Ended Reactivation through, 2001 2000 2001 2000 June 30, 2001 Cash Flows From Operating Activities Net (loss) $ (229) $ (1,139) $(2,245) $(4,257) (41,783) Adjustments to reconcile net (loss) to net cash used in operating activities Shares issued for services - - - - 34,660 Increase/(Decrease) in current liabilities - - - - - Increase/(Decrease) in loans from 229 1,139 2,245 4,257 7,123 shareholder Net cash flows from operating activities - - - - - Cash Flows Provided by Financing Activities - - - - - Net Increase In Cash - - - - - Beginning Cash Balance - - - - - Ending Cash Balance $ - - - - -
NOTES TO FINANCIAL STATEMENTS: Interim financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the periods. The December 31, 2000, balance sheet has been derived from the audited financial statements. These interim financial statements conform with the requirements for interim financial statements and consequently do not include all the disclosures normally required by generally accepted accounting principles. Item 2.Management's Discussion and Analysis or Plan of Operation. Plan of Operation. The Company has not engaged in any material operations in the period ending June 30, 2001, or for over the past ten years. The Company has executed a Memorandum of Understanding, which outlines the terms of a Reorganization whereby the Company acquires 100% of the outstanding common shares of 24-7 Digital, Inc. ("24-7"), a California corporation. As a result of the Reorganization, the shareholders of 24-7 will own approximately 89.4% of the outstanding capital stock of the Company. No definitive agreements have been signed and there are no assurances that the Company will execute the above mentioned Reorganization. Results of Operations. The Company has had no operations during the quarterly period ended June 30, 2001, or for over the past ten years. During the quarterly period covered by this Report, the Company received no revenue and incurred expenses of $229, stemming from general and administrative expenses. Liquidity At June 30, 2001, the Company had total current assets of $0 and total liabilities of $7,123. PART II - OTHER INFORMATION Item 1.Legal Proceedings. None; not applicable. Item 2.Changes in Securities. None; not applicable Item 3.Defaults Upon Senior Securities. None; not applicable. Item 4.Submission of Matters to a Vote of Security Holders. None; not applicable Item 5.Other Information. None; applicable Item 6.Exhibits and Reports on Form 8-K. None; not applicable (b)Reports on Form 8-K. None; Not Applicable. 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. KENTEX PETROLEUM, INC. Date:07/17/01 /S/JAMES DOOLIN James Doolin, President and Director -----END PRIVACY-ENHANCED MESSAGE-----