10QSB 1 qsbjun02.txt KENTEX PETROLEUM, INC. 10QSB JUNE 30, 2002 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, 2002 [ ] 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, 2002 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, 2002 and December 31, 2001 06/30/2002 12/31/2001 -------------- ---------- [Unaudited] ASSETS Assets $ 0 $ 0 -------------- ---------- Total Assets $ 0 $ 0 ============== ========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Loans from stockholders $ 9,835 $ 7,576 Accrued Liabilities 0 0 Income Taxes Payable 0 0 -------------- ---------- Total Current Liabilities 9,835 7,576 Total Liabilities 9,835 7,576 -------------- ---------- 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 (2,085,995) (2,083,736) -------------- ---------- Total Stockholders' Deficit (9,835) (7,576) -------------- ---------- 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, 2002, 2001 and for the Period from Reactivation [May 8, 1999] through June 30, 2002 Three Months Ended Six Months Ended Reactivation through, 2002 2001 2002 2001 June 30, 2002 Revenues $ - $ - $ - $ - $ - Operating expenses General and Administrative 295 229 2,259 2,245 44,495 Total operating expenses 295 229 2,259 2,245 44,495 Net Income Before Taxes (295) (229) (2,259) (2,245) (44,495) Income taxes - - - - - Net (loss) (295) (229) (2,259) (2,245) (44,495) --------------------------------------------------------------- Basic and diluted (loss) per common share (0.01) $ (0.01) $(0.01) (0.01) (0.02) --------------------------------------------------------------- Weighted Average Shares Outstanding 2,357,997 2,357,997 2,357,997 2,357,997 1,845,586 ===============================================================
KENTEX PETROLEUM, INC. [A Development Stage Company] Statements of Cash Flows For the Three and Six Month Period Ended June 30, 2002, 2001 and for the Period from Reactivation [May 8, 1999] through June 30, 2002 Three Months Ended Six Months Ended Reactivation through, 2002 2001 2002 2001 June 30, 2002 Cash Flows From Operating Activities Net (loss) $ (295) $ (229) $(2,259) $(2,245) (44,495) 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 295 229 2,259 2,245 9,835 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, 2001, 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, 2002, or for over the past ten years. The Company had executed a Memorandum of Understanding, which outlined the terms of a Reorganization whereby the Company acquired 100% of the outstanding common shares of 24-7 Digital, Inc. ("24-7"), a California corporation. No definitive agreements were met and there are limited 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, 2002, or for over the past ten years. During the quarterly period covered by this Report, the Company received no revenue and incurred expenses of $295, stemming from general and administrative expenses. Liquidity At June 30, 2002, the Company had total current assets of $0 and total liabilities of $9,835. 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. CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Kentex Petroleum, Inc., Inc. (the "Company") on Form 10-QSB for the period ending June 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Doolin, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. Date:8/11/02 /S/JAMES DOOLIN James Doolin, Chief Executive Officer and Chief Financial Officer 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:8/11/02 /S/JAMES DOOLIN James Doolin, President and Director