-----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, K2m3NvV9hSg56sLvtn8xXycr2EumFTOJwavGsLNveqJSx+CU2dplrf3wGVn1VQgd un9U4i3tcDjIBkAI1fHkcA== 0001096906-01-500049.txt : 20010516 0001096906-01-500049.hdr.sgml : 20010516 ACCESSION NUMBER: 0001096906-01-500049 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMEXDRUG CORP CENTRAL INDEX KEY: 0000045621 STANDARD INDUSTRIAL CLASSIFICATION: JEWELRY, PRECIOUS METAL [3911] IRS NUMBER: 952251025 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-10304 FILM NUMBER: 1634549 BUSINESS ADDRESS: STREET 1: 369 SOUTH DOHENY DR SUITE 326 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3108550475 MAIL ADDRESS: STREET 1: 369 SOUTH DOHENY DR SUITE 326 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10QSB 1 amexdrug10qsbmar2001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-QSB (x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2001 ---------------------------- ( ) 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 1-10304 ------------------ AMEXDRUG CORPORATION -------------------------------------------------------------- (Exact name of registrant as specified in charter) California 95-2251025 - ------------------------------ -------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 369 South Doheny Dr., Suite 326, Beverly Hill, Ca. 90211 - ----------------------------------------------------- --------------- (Address of principal executive offices) (Zip Code) 1-310-855-0475 -------------- Registrant's telephone number, including area code ----------------------- (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 preceding 12 months (or for such shorter period that the registrant was required to file such reports), Yes [x ] No [ ] and (2) has been subject to such filing requirements for the past 90 days. Yes [x ] No [ ] APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the last practicable date Class Outstanding as of March 31, 2001 --------- ----------------------------------- Common Stock, $0.001 1,052,783
INDEX Page Number ------ PART I. ITEM 1. Financial Statements (unaudited).........................................3 Balance Sheets...........................................................4 March 31, 2001 and June 30, 2000 Statements of Operations For the three and nine months ended March 31, 2001 and 2000.........5 and the period April 25, 2000 to March 31, 2001 Statements of Cash Flows For the nine months ended March 31, 2001 and 2000....................6 and the period April 25, 2000 to March 31, 2001 Notes to Financial Statements............................................7 ITEM 2. Plan of Operations.......................................................9 PART II Signatures...............................................................9
PART I - FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ITEM 1. FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- The accompanying balance sheets of Amexdrug Corporation ( development stage company) at March 31, 2001 and June 30, 2000, and the related statements of operations, and cash flows for the three and nine months ended March 31, 2001 and 2000 and the period April 25, 2000 to March 31, 2001 have been prepared by the Company's management and they do not include all information and notes to the financial statements necessary for a complete presentation of the financial position, results of operations, cash flows, and stockholders' equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the quarter ended March 31, 2001, are not necessarily indicative of the results that can be expected for the year ending June 30, 2001.
AMEXDRUG CORPORATION ( Development Stage Company) BALANCE SHEETS March 31, 2001, and June 30, 2000 - ---------------------------------------------------------------------------------------- Mar 31, Jun 30, 2001 2000 ------- ------- ASSETS CURRENT ASSETS Cash $ -- $ -- ------- ------- Total Current Assets $ -- $ -- ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 8,901 $ 6,850 ------- ------- Total Current Liabilities 8,901 6,850 ------- ------- STOCKHOLDERS' EQUITY Common stock 10,000,000 shares authorized, at $0.001 par value; 1,052,783 shares issued and outstanding 1,053 1,053 Capital in excess of par value - dated April 25, 2000 - Note 1 (1,053) (1,053) Deficit accumulated during the development stage - dated April 25, 2000 - Note 1 (8,901) (6,850) ------- ------- Total Stockholders' Deficiency (8,901) (6,850) ------- ------- $ -- $ -- ======= =======
The accompanying notes are an integral part of these financial statements. 4
AMEXDRUG CORPORATION ( Development Stage Company) STATEMENTS OF OPERATIONS For the Three and Nine Months Ended March 31, 2001, and 2000 and the Period April 25, 2000 (Date of Inception of Development Stage) to March 31, 2001 - ------------------------------------------------------------------------------------------------ Three Months Nine Months ------------------------- -------------------------- Mar 31, Mar 31, Mar 31, Mar 31, Apr 25, 2000 to 2001 2000 2001 2000 Mar 31, 2001 ----------- ----------- ----------- ----------- --------------- REVENUES $ -- $ -- $ -- $ -- $ -- EXPENSES -- -- 2,051 -- 8,901 ----------- ----------- ----------- ----------- ----------- NET LOSS $ -- $ -- $ (2,051) $ -- $ (8,901) =========== =========== =========== =========== =========== NET LOSS PER COMMON SHARE Basic $ -- $ -- $ -- $ -- ----------- ----------- ----------- ----------- AVERAGE OUTSTANDING SHARES Basic 1,052,783 1,052,783 1,052,783 1,052,783 ----------- ----------- ----------- ----------- The accompanying notes are an integral part of these financial statements
5 AMEXDRUG CORPORATION ( Development Stage Company) STATEMENT OF CASH FLOWS For the Nine Months Ended March 31, 2001, and 2000 and the Period April 25, 2000 (Date of Inception of Development Stage) to March 31, 2001 - -------------------------------------------------------------------------------- Apr 25, 2000 Mar 31, Mar 31, to Mar 31, 2001 2000 2001 ------- ----- ------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $(2,051) $ -- $(8,901) Adjustments to reconcile net loss to net cash provided by operating activities Changes in accounts payable 2,051 -- 8,901 Net Cash Used in Operations -- -- -- ------- ----- ------- CASH FLOWS FROM INVESTING ACTIVITIES -- -- -- ------- ----- ------- CASH FLOWS FROM FINANCING ACTIVITIES -- -- -- ------- ----- ------- Net Increase (Decrease) in Cash -- -- -- Cash at Beginning of Period -- -- -- ------- ----- ------- Cash at End of Period $ -- $-- $ -- ======= ===== ======= The accompanying notes are an integral part of these financial statements 6 AMEXDRUG CORPORATION ( Development Stage Company) NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. ORGANIZATION The Company was incorporated under the laws of the state of California on April 30, 1963 with authorized common stock of 10,000,000 shares at a par value of $.10 and 1,000,000 preferred shares with a par value of $1.00 with the name of Harlyn Products Inc,. The Company has been engaged in the business of selling jewelry to department stores and retail jewelry stores. On March 21, 1997 the Company filed for bankruptcy in the United States Bankruptcy Court, Central District of California in the Los Angeles Division under Chapter 11, with Howard M. Ehrenberg as trustee, and emerged from bankruptcy on April 24, 2000 under Chapter 7 with no remaining assets or liabilities. The bankruptcy settlement included a name change from "Harlyn Products Inc." to "Amexdrug Corporation", a change in officers, a change in the par value of the common shares from $.10 to $.001, a cancellation of the authorized and any outstanding preferred shares, a reverse common stock split of one hundred shares of outstanding stock for one share, and the issuance of 1,000,000 post split common shares in exchange for $100,000 which was paid into the bankruptcy court. The total of the post split outstanding shares, following completion of the terms of the settlement, was 1,052,783. Amended articles of incorporation completing the terms of the bankruptcy was filed by the trustee in the state of Nevada on June 22, 2000. This report has been prepared showing the name "Amedrug Corporation" and the common stock, after the stock split, at a par value of $.001, from inception. The retained earnings (deficit) and the capital in excess of par value has been restated and dated April 25, 2000 with the statement of operations to begin on April 25, 2000. After April 25, 2000 the Company has been in the development stage. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Methods - ------------------ The Company recognizes income and expenses based on the accrual method of accounting. Dividend Policy - --------------- The Company has not yet adopted a policy regarding payment of dividends. Income Taxes - ------------ On March 31, 2001 the Company had a net operating loss carry forward of $8,901 The income tax benefit of $2,670 from the carry forwards have been fully offset by a valuation reserve because the use of the future tax benefit is doubtful since the Company has no operations. The loss will expire in 2021. AMEXDRUG CORPORATION NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Earnings (Loss) Per Share - ------------------------- Earnings (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Financial Instruments - --------------------- The carrying amounts of financial instruments, including accounts payable, are considered by management to be their estimated fair values. Estimates and Assumptions - ------------------------- Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements. Comprehensive Income - -------------------- The Company adopted Statement of Financial Accounting Standards No. 130. The adoption of this standard had no impact on the total stockholder's equity. Recent Accounting Pronouncements - -------------------------------- The Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements. 3. GOING CONCERN The Company intends to acquire interests in various business opportunities which, in the opinion of management, will provide a profit to the Company however the Company does not have the working capital to be successful in this effort. Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding which will enable the Company to operate for the coming year. 4. RELATED PARTY TRANSACTIONS Related parties have acquired 95% of the outstanding common capital stock 8 - -------------------------------------------------------------------------------- ITEM 2. PLAN OF OPERATIONS - -------------------------------------------------------------------------------- The Company's management is seeking and intends to acquire interests in various business opportunities which, in the opinion of management, will provide a profit to the Company but it does not have the working capital to be successful in this effort. Continuation of the Company as a going concern is dependent upon obtaining the working capital necessary for its planned activity. The management of the Company has developed a strategy, which they believe can obtain the needed working capital through additional equity funding and long term debt which will enable the Company to continue operations for the coming year. Liquidity and Capital Resources - ------------------------------- The Company will need additional working capital to finance its planned activity. Results of Operations - --------------------- The Company has had no operations during this reporting period. - -------------------------------------------------------------------------------- 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 there unto duly authorized. AMEXDRUG CORPORATION [Registrant] /s/ Jack Amin ------------------------------ Jack Amin - President & CFO May 15, 2001 9 -----END PRIVACY-ENHANCED MESSAGE-----