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UNITED STATES
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: September 30, 2000
[ ]
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period ended __________________
Commission file number _____001-15337_____________
__________MPEG SUPER SITE, INC.______ | |
(Exact name of small business as specified in its charter) | |
COLORADO | 84-503585 |
(State or other jurisdiction of | (IRS Employer Identification #) |
incorporation or organization) | |
22865 Lake Forest, Suite 19 | (949) 768-7490 |
Lake Forest, California 92630 | (Telephone Number) |
(Address of principal executive offices) |
__________________________________________________________________ |
(Former name, former address, and former fiscal year, if changed since last report) |
__________________________________________________________________ |
__________________________________________________________________ |
Applicable only to issuers involved in bankruptcy proceedings during the preceding five years.
[ ] Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after distribution of securities under a plan confirmed by a court.
Applicable only to corporate issuers. |
State the number of shares outstanding of each of the issuer's classes of common equity, as of the |
last practicable date: ______________________ ______________________ |
______________________ ______________________ |
Transitional Small Business Disclosure Format:
[ ] YES [ X ] NO |
MPEG Super Site, Inc.
Quarterly Report
Table of Contents
FINANCIAL STATEMENTS | 3 |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION | 6 |
OTHER INFORMATION | |
Legal Proceedings | 7 |
SIGNATURES | 8 |
INDEX TO EXHIBITS | 9 |
II
Quarterly Report ______________________________________________________________________________
FINANCIAL STATEMENTS | ||
MPEG Super Site, Inc. | ||
(A Development Stage Company) | ||
BALANCE SHEET | ||
September 30, 2000 | ||
ASSETS | ||
Current Assets | ||
Cash | $ 1,347 | |
Accounts Receivable | $ 7,000 | |
Total Current Assets | $ 8,347 | |
Other Assets | ||
Deposits | $ 39,350 | |
TOTAL ASSETS | $ 47,697 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current Liabilities | ||
Accounts Payable | $ 135,466 | |
Accrued Expenses | $ 175,000 | |
Due to Shareholder | $ 231,642 | |
Total Current Liabilities | $ 542,108 | |
Long Term Debt | $ 0 | |
Stockholders' Equity | ||
Common Stock | $ 16,294 | |
Additional Paid in Capital | $ 720,402 | |
Deficit Accumulated During Development Stage | $ (1,231,107) | |
Total Stockholders' Equity | $ (494,411) | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 47,697 |
3
Quarterly Report ______________________________________________________________________________
MPEG Super Site, Inc.
(A Development Stage Company) STATEMENT OF CASH FLOWS
3 Months Ended | 3 Months Ended | ||
September 30, 2000 | September 30, 1999 | ||
CASH FLOWS FROM OPERATION ACTIVITIES | |||
Net Income (Loss) | $ (19,515 ) | $ (364,160) | |
Increase in Accounts Receivable | $ 0 | $ 31,595 | |
Increase in Accounts Payable | $ 5,222 | $ 120,411 | |
Increase in Accrued Liabilities | $ 1,494 | $ 9,357 | |
Increase in Due To Shareholder | $ 13,201 | $ 0 | |
$ 402 | $ (202,796) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
(Increase) Decrease in Deposits | $ 800 | $ (168,500) | |
$ 1,202 | $ (371,296) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||
$ 0 | $ 0 | ||
$ 1,202 | $ (374,296) | ||
BEGINNING CASH | $ 145 | $ 414,000 | |
ENDING CASH | $ 1,347 | $ 42,704 |
4
Quarterly Report ______________________________________________________________________________
MPEG Super Site, Inc. | ||
(A Development Stage Company) | ||
STATEMENT OF OPERATIONS | ||
3 Months Ended | 3 Months Ended | |
September 30, 2000 | September 30, 1999 | |
INCOME | ||
Revenue | $ 0 | $ 0 |
TOTAL INCOME | $ - | $ - |
EXPENSES | ||
Selling, General and Administrative | $ 19,514.62 | $ 364,160.35 |
TOTAL EXPENSES | $ 19,514.62 | $ 364,160.35 |
INCOME (LOSS) FROM OPERATIONS | $ (19,514.62) | $ (364,160.35) |
Interest Income | $ 0 | $ 0 |
INCOME (LOSS) BEFORE INCOME TAXES | $ (19,514.62) | $ (364,160.35) |
Provision for Income Taxes | $ 0 | $ 0 |
NET INCOME (LOSS) | $ (19,514.62) | $ (364,160.35) |
PER SHARE BASIC and DILUTED | $ (0.0012) | $ (0.0744) |
AVERAGE NUMBER OF SHARES | ||
OF COMMON STOCK OUTSTANDING | 16,293,580 | 16,293,580 |
5
Management's Discussion and Analysis of Financial Condition
Overview
The Company has formulated a plan of operations for the next twelve months as detailed below.
The Company is still in the process of acquiring Stuart Communications, Corp. Once completed emphasis is anticipated on the implementation of the acquisitions strategic plan.
The Company anticipated working capital needs in the interim are minimal. The Company estimates that it will require an additional $20,000 in working capital during the acquisition period.
In the Company's opinion, proceeds from possible future equity funding will satisfy its cash requirements for the next twelve months. The Company has financed its operations since inception from the sale of equity. During the next six months, certain funds will need to be raised. The Company has no management or similar report that has been prepared or provided for external use by the issuer or underwriter.
The company currently has low cash reserves and no significant revenues established, additional funds may be required in order to proceed with the current or a revised business plan should the acquisition be rejected.
These funds would be raised through additional private placements. There is no assurance that such additional financing will be available when required in order to proceed with the business plan or that the Company's ability to respond to competition or changes in the market place or to exploit opportunities will not be limited by lack of available capital financing. If the Company is unsuccessful in securing the additional capital needed to continue operations within the time required, the Company will not be in a position to continue operations under the current business plan.
6
Other Information
Legal Proceedings
The Company is involved in litigation with L.A. Commercial Group, Inc. The Company has a stipulated judgment action pending against it on September 15, 2000 in Superior Court of the State of California for the County of Los Angeles whereby the Company promises to pay to L.A. Commercial Group, Inc. the aggregate sum of $30,000 without interest, attorney's fees or costs on or before April 1, 2001.
7
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
________MPEG SUPER SITE, INC.______ |
(Registrant) |
Date ___September 30, 2000______ ________/s/Bruce M. Tomiyama ___________ |
(CFO and Secretary) |
8
INDEX TO EXHIBITS | |
(27) | Financial data schedule |
9
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