10-Q 1 maxiqmrch01.txt U.S. 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 Quarter Ended March 31, 2001 OR [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 33-08070-LA MAXI GROUP, INC. (name of small business issuer as specified in its charter) Nevada 87-0420448 (State of other jurisdiction of (I.R.S. employer incorporation or organization) identification No.) 836 Slate Canyon Drive, Provo, UT 84606 (Address of principal executive offices) Registrant's telephone no., including area code: 801-356-3735 Former name, former address, and former fiscal year, if changed since last report. Securities registered pursuant to Section 12(b) of the Exchange Act: None Securities registered pursuant to Section 12(g) of the Exchange Act: None Check whether the Issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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. Yes X No___. Common Stock outstanding at March 31, 2001 - 24,592,500 shares of $.001 par value Common Stock. PART I - FINANCIAL INFORMATION Item 1 Financial Statements MAXI GROUP, INC. [Development Stage Companies] CONDENSED BALANCE SHEETS [Unaudited] ASSETS March 31,2001 -------------- CURRENT ASSETS: Cash on Hand $ 489 -------------- TOTAL ASSETS $ 489 ============== LIABILITIES AND STOCKHOLDERS' (DEFICIT) June 30, 2001 -------------- CURRENT LIABILITIES: Accounts payable $ 1,997 Payable to related parties 4,000 -------------- Total Current Liabilities $ 5,997 -------------- STOCKHOLDERS' EQUITY (DEFICIT): Common stock 24,593 Additional paid-in Capital 70,374 development stage Accumulated deficit (100,475) -------------- TOTAL LIABILITIES & Stockholders' Deficit $ 489
The accompanying notes are an integral part of these financial statements. MAXI GROUP, INC. [Development Stage Companies] CONDENSED STATEMENTS OF OPERATIONS [Unaudited] From For the Three For the Three Inception Months Ended Months Ended June 17,1986 Mar.31, 2001 Mar. 31,2000 to Mar. 31, 2001 --------------- --------------- ----------- REVENUE Interest Income 0 0 7,251 --------------- --------------- ----------- EXPENSES General and Administrative Expenses 562 500 20,198 Amortization Expense - - 160 Professional Fees - - 68,651 Rent Expense - - 1,200 Travel Expenses - - 17,517 ------- --------------- ----------- Total Expenses 562 500 107,726 LOSS BEFORE INCOME TAXES (562) (500) (100,475) --------------- --------------- ----------- INCOME TAX EXPENSE - - - --------------- --------------- ----------- NET LOSS (562) (500) (100,475) =============== =============== =========== NET LOSS PER SHARE BASIC AND DILUTED (.00) (.00) (.00) =============== =============== =========== WEIGHTED AVERAGE SHARES BASIC AND DILUTED 24,592,000 24,592,000 =============== =============== ===========
The accompanying notes are an integral part of these financial statements. MAXI GROUP, INC. [Development Stage Companies] Consolidated Statements of Cash Flow [Unaudited] For the Three From Inception Months ended On June 17, 1986 March 31 Through March 31, 2001 2000 2001 ---------------------- ------------------ Cash Flows from Operating Activities: Net loss $ (562) $ (500) $ (100,475) Adjustments to reconcile net loss to net cash used in Operating activities: Stock compensation - - 2,000 Amortization Expense - - 160 Increase in Accounts Payable and related party payable 532 500 5,997 Net Cash Flows used in Operating Activities 0 0 (92,318) Cash Flows from Investing Activities: Organization Costs - - (160) Investment in subsidiary (30,000) --------- -------- ----------- Net Cash Flows to Investing Activities 0 0 (30,160) --------- -------- ----------- Cash Flows from Financing Activities: Proceeds from common stock - - 116,377 Proceeds from initial issuance Of common stock 15,000 Stock offering costs - - (8,410) ---------- -------- ----------- Net cash flows provided by Financing Activities 0 0 122,967 ---------- --------- ----------- Net(Decrease) Increase in Cash (30) 0 489 Cash at Beginning of Period 519 4,495 - ---------- --------- ----------- Cash at End of Period $489 $4,495 489
MAXI GROUP, INC. [A Development Stage Company] NOTES TO UNAUDITED CONDENSED & CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Condensed Financial Statements - The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at March 31, 2001 and for all periods presented have been made. Accounting Estimates - Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2000 audited financial statements. The results of operations for the period ended March 31, 2001 are not necessarily indicative of the operating results for the full year. 2. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Because of significant losses and the lack of any revenue generating activities, the Company's ability to continue as a going concern is dependent on attaining future profitable operations, and obtaining additional financing and/or equity. Management of the Company is currently developing a plan to attempt to resolve these uncertainties. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations. Maxi Group has never engaged in any material operations or had any revenues from operations during the last two fiscal years. The Company is presently attempting to determine which industries or areas where the Company should concentrate its business efforts, and at that determination, will formulate its business plan and commence operations. During the next twelve months, the Company's only foreseeable cash requirements will relate to maintaining the Company in good standing or the payment of expenses associated with reviewing or investigating any potential business venture, which the Company expects to pay from advances from management or shareholders. .. During the next 12 months, the Company's only foreseeable cash requirements will relate to maintaining the Company in good standing or the payment of expenses associated with reviewing or investigating any potential industries as a business venture, which the Company expects to pay from its cash resources or loans from makers of management or shareholders. Liquidity and Capital Resources At March 31, 2001, the Company had $489 in current assets, with total current liabilities of $5,997. Results of Operations For the three-month period ended March 31, 2001, the Company incurred nominal general and administrative expenses totaling $562 for bank and transfer fees compared to $500 for the respective period of 2000 which was primarily transfer fees. During this quarterly period, the Company had no business operations. It received $0 in revenues and had a net loss of $(562). For the respective period ended March 2000, total revenues were $0 with a net loss of $(500). PART II - OTHER INFORMATION ITEM I Legal Proceedings None. ITEM 2 Change in Securities None. ITEM 3 Defaults on Senior Securities None. ITEM 4 Submission on Matters to a Vote of Security Holders None. ITEM 5 Other Information None. ITEM 6 Exhibits and Reports on Form 8-K (A) Exhibits None. (B) Reports on Form 8-K; None. 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, hereunto duly authorized. Maxi Group, Inc. Date: 5/15/02 By /s/ Mathew Evans Mathew Evans Sole Officer and Director