SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
Quarterly Report under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For Quarter Ended Commission File Number
September 30, 1998 0-22273
SONIC JET PERFORMANCE, INC.
---------------------------
(Exact name of registrant as specified in its charter)
(former name: Boulder Capital Opportunities III, Inc.)
Colorado 84-1383888
-------- ----------
(State of incorporation) (I.R.S. Employer
Identification No.)
15662 Commerce Lane, Huntington Beach, CA 92649
-----------------------------------------------
(Address of principal executive offices) (Zip
Code)
Registrant's telephone number, including area code: (714) 895-0944
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), and (2) has been subject to the filing
requirements for at least the past 90 days.
Yes X No ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
1,600 Preferred Class A shares as of September 30, 1998
6,010,000 Common shares as of September 30, 1998
<PAGE>
SONIC JET PERFORMANCE, INC.
FORMERLY BOULDER CAPITAL OPPORTUNITIES III, INC
(A DEVELOPMENT STAGE COMPANY)
UNAUDITED BALANCE SHEET FOR THE NINE MONTHS ENDED SEPTEMBER 30,
ASSETS 1997 1998
Current Assets
Cash $ 26,945 $ 867,750
Accounts Receivable 8,161 629,898
Inventories 1,627,872 2,142,084
Other Receivables 14,904
Related Party Receivable 1,500,000 43,936
----------- -----------
Total Current Assets 3,177,882 3,683,668
Property, Plant & Equipment
Property, Plant & Equipment 2,780,293 2,853,625
Less Accumulated Depreciation (95,795) (118,423)
----------- -----------
Net Property, Plant & Equipment 2,684,498 2,735,203
Other Assets
Deposits 3,200
Investment in Joint Venture 624,801 906,666
Research & Development Capital 175,110 10,722
New Product Development 53,541
Commission Advances 4,120
Organization Costs (net) 28,000
----------- -----------
Total Other Assets 799,911 1,006,249
=========== ===========
TOTAL ASSETS $ 6,662,291 $ 7,425,120
=========== ===========
LIABILITIES AND STOCKHOLDER'S
EQUITY
Current Liabilities
Accounts Payable $ 39,568 $ 97,693
Line of Credit $ 98,999
Other Payables 5,701 23,628
Related Party Payables 195,243
----------- -----------
Total Current Liabilities 339,511 121,320
Long Term Liabilities
Long Term Debt 215,000
Accd Interest Payable 12,500 55,667
Accd Salary Payable 92,499
Related Party Note 600,000 600,000
----------- -----------
827,500 748,166
Stockholder's Equity
Preferred stock, no par value
10,000,000 shares authorized,
1,600 issued and outstanding -- 1,600,000
Sales Discount - Preferred Stock (100,000)
Common stock, par value $0.0001
100,000,000 shares authorized,
6,010,000 issued and outstanding 6,010
Paid in Capital 5,798,246 4,878,842
467,606
Retained Earnings (Deficit) (302,966) (296,824)
----------- -----------
Total Stockholder's Equity 5,495,280 6,555,634
=========== ===========
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 6,662,291 $ 7,425,120
=========== ===========
<PAGE>
SONIC JET PERFORMANCE, INC.
FORMERLY BOULDER CAPITAL OPPORTUNITIES III, INC.
(A DEVELOPMENT STAGE COMPANY)
UNAUDITED STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30,
1997 1998
REVENUES
Operating Revenues $ 66,083 $ 582,453
Freight Charges $ 6,803
----------- -----------
TOTAL REVENUES 66,083 589,256
COST OF GOODS SOLD
Cost of Sales 19,951 242,246
----------- -----------
TOTAL COST OF GOODS SOLD 19,951 242,246
OPERATING COSTS
Advertising & Marketing 7,575 26,421
Amortization & Depreciation 25,190
Legal & Professional 22,817 63,200
Research & Development 1,566 196,780
General & Administrative 88,508 336,720
----------- -----------
TOTAL OPERATING COSTS 120,466 648,311
OTHER INCOME (EXPENSE)
Interest Income 21,088
Inventory Writedown (185,554)
Other Income 58,021
China Investment (20,000) (40,632)
Interest Expense (23,078) (34,000)
----------- -----------
TOTAL OTHER INCOME (EXPENSE) (228,632) 4,477
NET INCOME (LOSS) $ (302,966) $ (296,824)
=========== ===========
Net Loss per Share (0.05) (0.05)
Weighted Average Common Shares 6,010,000 6,010,000
<PAGE>
SONIC JET PERFORMANCE, INC.
FORMERLY BOULDER CAPITAL OPPORTUNITIES III, INC.
(A DEVELOPMENT STAGE COMPANY)
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
1997 1998
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ (302,966) $ (296,824)
Adjustments to reconcile net loss to
cash used in operating activities:
Depreciation & Amortization 25,190
Loss on China Investment 20,000 40,632
(Increase) Decrease in current assets (1,441,769) (815,647)
Increase (Decrease) in current liabilities 5,472 (117,976)
(Increase) Decrease in other assets (671,566) (206,161)
----------- -----------
NET CASH PROVIDED (USED) (2,390,829) (1,370,786)
BY OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
(Purchase) Sale of property and equipment 640,000 (73,160)
Increase (Decrease) in long term liabilities 276,809 148,166
Capital received 1,500,303 1,499,590
----------- -----------
NET CASH FLOWS FROM INVESTING ACTIVITIES 2,417,112 1,574,596
NET INCREASE (DECREASE) IN CASH 26,283 203,810
CASH AT BEGINNING OF PERIOD 662 663,940
CASH AT END OF PERIOD $ 26,945 $ 867,750
=========== ===========
<PAGE>
<TABLE>
<CAPTION>
SONIC JET PERFORMANCE, INC.
FORMERLY BOULDER CAPITAL OPPORTUNITIES III, INC.
(A DEVELOPMENT STAGE COMPANY)
UNAUDITED STATEMENT OF CHANGES INSTOCKHOLDER'S EQUITY
For the Period from November 27, 1996 (inception) through September 30, 1998
Preferred Stock Common Stock $ Accumulated Total
No./shares Amount No./shares Amount Deficit
---------- --------- --------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Balance at
November 27, -- -- -- -- -- --
1996
Common stock
issued for
services, at
inception,
at $0.0025 per
share -- -- 710,000 1,775 -- 1,775
Common stock
issued for
cash at $0.0025
per share -- -- 100,000 250 -- 250
Common stock
issued for
cash at $0.04
per share -- -- 200,000 8,000 -- 8,000
Net loss for
the period
ended December -- -- -- -- (4,527) (4,527)
31, 1996
------ -------- --------- --------- -------- ----------
Balance at
December 31,
1996 -- -- 1,010,000 10,025 (4,527) 5,498
Common stock
issued for
acquisition of
Sonic Jet
Performance LLC -- -- 5,000,000 5,765,234 -- 5,765,234
Net loss - year
ended
December 31,
1997 -- -- -- -- (417,864) (417,864)
------ --------- ---------- --------- -------- ----------
Balance at
December 31,
1997 -- -- 6,010,000 5,775,259 (422,391) 5,352,868
Additional
Capital
Contributed -- -- -- 33,012 -- 33,012
Issuance of
Preferred Stock 1,600 1,500,000 -- -- -- 1,500,000
Capital changes
due to
Reorganization (455,813) 422,391 (33,422)
Net loss -
period ended
Sept. 30, 1998 -- -- -- -- (296,824) (296,824)
------ ---------- --------- --------- --------- ----------
Balance at
June 30,1998 1,600 1,500,000 6,010,000 5,352,458 (296,824) 6,555,634
====== ========== ========== ========= ========= ==========
</TABLE>
<PAGE>
SONIC JET PERFORMANCE, INC.
FORMERLY BOULDER CAPITAL OPPORTUNITIES III, INC.
(A DEVELOPMENT STAGE COMPANY)
UNAUDITED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
1997 1998
REVENUES
Operating Revenues $ 18,672 $ 422,818
----------- -----------
TOTAL REVENUES 18,672 422,818
COST OF GOODS SOLD
Cost of Sales (2,243) 177,782
------------ -----------
TOTAL COST OF GOODS SOLD (2,243) 177,782
OPERATING COSTS
Advertising & Marketing (449) 2,873
Amortization & Depreciation -- 10,155
Legal & Professional 5,834 33,056
Research & Development 1,565 --
General & Administrative 41,663 97,933
----------- -----------
TOTAL OPERATING COSTS 48,613 144,017
OTHER INCOME (EXPENSE)
Interest Income (37) 13,279
Inventory Writedown (185,554) --
Other Income (25) 44,589
China Investment (20,000) (31,642)
Interest Expense (22,755) --
----------- -----------
TOTAL OTHER INCOME (EXPENSE) (228,371) 26,226
NET INCOME (LOSS) $ (256,069) $ 127,245
=========== ===========
Net Loss per Share (0.04) 0.02
Weighted Average
Common Shares 6,010,000 6,010,000
<PAGE>
SONIC JET PERFORMANCE, INC.
FORMERLY BOULDER CAPITAL OPPORTUNITIES III, INC.
(A DEVELOPMENT STAGE COMPANY)
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
1997 1998
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income
(Loss) $(256,069) $127,245
Adjustments to reconcile net loss
to cash used in operating activities:
Depreciation - 10,155
Loss on China Investment 20,000 31,642
(Increase) Decrease in current assets 4,317,097 (683,463)
Increase (Decrease) in current liabilities 247,357 48,638
(Increase) Decrease in other assets (671,566) (70,382)
---------- ----------
NET CASH PROVIDED(USED) BY 3,656,819 (536,165)
OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
(Purchase) Sale of Sale of property
and equipment 779,110 (52,811)
Increase (Decrease) in notes payable (568,191) -
Rounding (2)
Capital received (3,837,521) -
---------- ----------
NET CASH FLOWS FROM INVESTING ACTIVITIES (3,626,602) (52,813)
NET INCREASE (DECREASE) IN CASH 30,217 (588,978)
CASH AT BEGINNING OF PERIOD (3,272) 1,456,728
CASH AT END OF PERIOD $ 26,945 $867,750
========== ==========
<PAGE>
SONIC JET PERFORMANCE, INC.
FORMERLY BOULDER CAPITAL OPPORTUNITIES III, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)
(1) Summary of Accounting Policies
---------------------------------
This summary of significant accounting policies of Sonic Jet
Performance, Inc., formerly Boulder Capital Opportunities III, Inc. (Company) is
presented to assist in understanding the Company's financial statements. The
financial statements and notes are representations of the Company's management
who is responsible for their integrity and objectivity. These accounting
policies conform to generally accepted accounting principles and have been
consistently applied in the preparation of the financial statements.
(a) Description of Business
-------------------------
The Company was organized on November 27, 1996, in the State of
Colorado for the purpose of engaging in any lawful business with
a plan to seek a business combination.
Purchase of Business Assets
---------------------------
In June 1998, Boulder Capital Opportunities III, Inc. ("BCO")
entered into a Share Exchange Agreement with Sonic Jet
Performance, LLC ("SJPLLC") to acquire all of the assets and
business of SJPLLC (and assume the liabilities). The acquisition
was consummated and effective as of June 30, 1998. The
transaction was treated as a "purchase transaction". All assets
were accounted for under their predecessor basis. A total of 5
million shares of common stock of BCO was issued to SJPLLC.
Description of Business
-----------------------
Sonic Jet Performance, LLC (the "Predecessor Company") was
organized in California with the filing of the Articles of
Organization on May 8, 1997 as a Limited Liability Company
("LLC"). The primary purpose of the Company is the operating of a
business producing and marketing personal watercraft, jet boats,
trailers, and accessories. The principal executive office is
located in Huntington Beach, California.
On August 9, 1997, the Predecessor Company entered into a joint
venture agreement with China Guangxi Nanning Shipyard of Nanning,
Guangxi, China to form the Nanning Sonic Jet Limited Liability
<PAGE>
Company, a contractual limited liability company organized under
the law of the People's Republic of China. The Joint Venture was
formed to design, manufacture and sell a series of watercraft jet
products to be sold internationally and in China. The Company's
investment is to include tooling, molds and production line and
cash equivalent to $ 1,500,000 USD. The Company is responsible
for providing technical personnel and training. The Company shall
receive 70% of the profits and shall share 70% of the risks and
losses under the venture.
(b) Use of Estimates in the Preparation of Financial Statements
-------------------------------------------------------------
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
(c) Organization Costs
--------------------
Costs incurred to organize the Company include costs for
professional fees and are being amortized on a straight-line
basis over a sixty month period.
(d) Accounting Method
-------------------
The Company's financial statements have been prepared on the
accrual basis of accounting, which is in accordance with
generally accepted accounting principles.
(e) Inventories
-------------
Inventories consist of parts for the manufacture of personal
watercraft and work in progress with a limited amount of finished
products. Inventories are stated at the lower of cost or market.
Inventories were also obtained in the agreement discussed at note
1, whereby the Company received certain assets and assumed
certain liabilities in exchange for Company interests.
(f) Investment in Joint Venture
-----------------------------
The investment in Joint Venture in China is accounted for by the
equity method. Such investment is stated at cost minus the
Company's proportionate share of losses. The Company's
proportionate share of losses from the joint is included in other
revenues in the accompanying statement of operations.
<PAGE>
(g) Property, Plant and Equipment
-----------------------------
Property, plant and equipment are stated at cost or at the value
per the Operating Agreement discussed at note 1. These assets are
depreciated on a straight-line basis over the following estimated
useful lives.
Furniture, fixtures and equipment 5 to 7 years
Tooling and molds 15 to 20 years
(h) Basis in Assets
-----------------
The assets and liabilities purchased in the Purchase are as
follows:
Current Assets
Cash $663,940
Accounts Receivable 172,639
Inventories 1,789,866
Related Party Receivable 37,766
--------------------
Total Current Assets $2,664,211
Property, Plan & Equipment
Property Plant & Equipment 2,685,233
Other Assets
Investment in joint venture $840,130
Organization costs, net 1,390
Deposits 1,200
--------------------
Total Other Assets 842,720
TOTAL ASSETS $6,192,164
====================
LIABILITIES
Current Liabilities
Accounts Payable $120,555
Accrued Interest Payable 27,667
Other Payables 91,074
--------------------
Total Current Liabilities $232,296
Long Term Liabilities
<PAGE>
Related Party Payable 600,000
--------------------
TOTAL LIABILITIES $839,296
These assets and liabilities were purchased and given a value to the Company
based on the book value per the SJPLLC audited financial statements as of
December 31, 1997.
(i) Property, Plant and Equipment
------------------------------
A summary of property, plant and equipment follows:
Machinery and equipment $ 119,185
Tooling 66,389
Office furniture, equipment and fixtures 4,889
Tooling, molds and jigs for personal watercraft 843,350
Tooling, molds and jigs for exotic automobiles 1,710,000
Leasehold improvements 4,249
Vehicles 32,403
--------------
$ 2,780,465
Less accumulated depreciation ( 95,232)
--------------
$ 2,685,233
================
The tooling, molds and jigs for exotic automobiles are not being
utilized in current production activity. The Company anticipates
that production utilizing these items will commence in mid to
late 1999. The majority of the tooling, molds and jigs for
personal watercraft also are not currently being utilized. The
Company anticipates production activity in the watercraft area to
expand in late 1998.
(2) Basis of Presentation - Going Concern
----------------------------------------
The accompanying financial statements have been prepared in conformity
with generally accepted accounting principles, which contemplates
continuation of the Company as a going concern. However, the Company has
sustained operating losses since inception. These matters raise
substantial doubt about the Company's ability to continue as a going
concern. Management is attempting to locate a business combination
candidate.
In view of these matters, continuing as a going concern is dependent
<PAGE>
upon the Company's ability to meet its financing requirements, raise
additional capital, and the success of its future operations or
completion of a successful business combination. Management believes
that actions planned and presently being taken to revise the Company's
operating and financial requirements provide the opportunity for the
Company to continue as a going concern.
(3) Common Stock Issued
----------------------
(a) On November 27, 1996, the Company issued 710,000 shares of its no
par value common stock to affiliates for organizational services
valued at their fair market value of $1,775.
(b) On November 27, 1996, the Company issued 100,000 shares of its no
par value common stock to its President at $.0025 per share for
cash of $250.
(c) On November 29, 1996, the Company issued 100,000 shares of its no
par value common stock to various investors for $4,000. On
December 2, 1996, the Company issued another 100,000 shares of
its no par value common stock to various investors for $4,000.
(d) On June 21, 1998, the Company issued 1,600 Preferred Class A
Convertible shares for $1,500,000 to JNC Strategic Fund, Ltd.
(e) On June 21, 1998, the Company issued 5,000,000 shares for the
purchase of assets and liabilities of Sonic Jet Performance, LLC
(see note 1(a).
(4) Related Party Transactions
-----------------------------
During the year ended December 31, 1996, the Company paid $2,000 in
consulting fees and $2,500 in attorney's fees to officers whom are
shareholders of the Company. During the year ended December 31, 1997,
the Company paid $3,000 in consulting fees and $1,920 in attorney's fees
to officers whom are shareholders of the Company.
At December 31, 1997, the Company owed $1,619 in attorney's fees to a
shareholder of the Company.
SJPLLC previously entered into transactions with an SJPLLC member,
Mohammed Al Rashid. The transactions have resulted in both related party
payables.
A summary of related party debt to Mohammed Al Rashid follows:
Note payable, bearing simple interest at 10% per annum; annual payments
are to commence July 18, 2001 in an amount equal to 60% of available
<PAGE>
distributable cash for the nearest preceding accounting period; all
unpaid principal is due July 18, 2003; the note is secured by Company
assets
$ 600,000
=======
The Company acquired certain assets and business, subject to certain
debt from SJPLLC (see note 1 (a) SJPLLC for 5 million shares of common
stock.
(5) Income Taxes
---------------
For income tax reporting purposes, the Company utilizes the accrual
basis of accounting on a calendar year end. The Company has filed an
extension for 1997 tax reporting. The Company is an Limited Liability
Company and elects to be taxed as a partnership.
(6) Commitments and Contingencies
--------------------------------
Leases
------
The Company leases its location under an operating lease agreement.
Future minimum lease payments are as follows:
Year Ending
December 31,
------------
1998 54,540
1999 54,540
-------
$ 109,080
=======
Rental expense was approximately $ 32,000 for the year ended December
31, 1997.
Employment Agreements
---------------------
As part of the Letter Agreement of July 18, 1997 the Company entered
into an employment agreement with a member of the Company. The agreement
is for eighteen months. During this period the salary is accrued and is
to be paid upon unanimous agreement of the members. Thereafter, the
salary is to be paid bi-monthly. The salary will increase to $ 120,000
per annum once the sales and financial forecast is met.
<PAGE>
Royalty Agreement
-----------------
Per the Letter Agreement of July 18, 1997, the Company is to pay a
royalty for various patents. The royalty is 2% of total Company sales
calculated quarterly commencing after eighteen calendar months. The
minimum royalty is to be $4,166 per month for months nineteen through
thirty and $8,333 per month thereafter. If total Company sales exceed
$1,000,000 during any twelve month period, the higher minimum or the 2%
will be paid for that twelve month period and thereafter.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS
Purchase of Business Assets
---------------------------
In June 1998, Boulder Capital Opportunities III, Inc. ("BCO") entered
into a Share Exchange Agreement with Sonic Jet Performance, LLC
("SJPLLC") to acquire all of the assets and business of SJPLLC (and
assume the liabilities). The acquisition was consummated and effective
as of June 30, 1998. The transaction was treated as a "purchase
transaction". All assets were accounted for under their predecessor
basis. A total of 5 million shares of common stock of BCO was issued to
SJPLLC. Boulder Capital Opportunities III, Inc. changed its name to
Sonic Jet Performance, Inc. in November of 1998.
Description of Business
-----------------------
The primary purpose of the Company is the operating of a business
producing and marketing personal watercraft, jet boats, trailers, and
accessories. The principal executive office is located in Huntington
Beach, California.
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
- -----------------------------------------------------------------------
OF OPERATIONS
- -------------
RESULTS OF OPERATIONS FOR THREE MONTH PERIOD ENDED SEPTEMBER 30, 1998
- ---------------------------------------------------------------------
The Company had revenues for the three month period in 1998 of $422,818
as compared to $18,672 in expenses in the 1997 period. There were operating
expenses for the period in 1998 of $144,017 compared to $48,613 in 1997. The
Company recorded a net profit on operations of $127,245 for the period in 1998
and a net loss of ($256,069) in the 1997 period. The Company operating losses
may continue until greater sales can be achieved. The profit per share for the
period was $.04 for the period in 1998 compared to a ($.02) loss per share for
<PAGE>
the period in 1997. The profit per share was $.02 for the period in 1998 and
loss per share for the period in 1997 was ($.04).
RESULTS OF OPERATIONS FOR NINE MONTH PERIOD ENDED SEPTEMBER 30, 1998
- --------------------------------------------------------------------
The Company had revenues of $589,256 for period ended September 30,
1998, compared to $66,083 in the same period in 1997. Cost of goods sold in the
period in 1998 was $242,246 compared to $19,951 in 1997. The Company had
operating expenses for the nine month period in 1998 of $648,311 as compared to
$120,466 in expenses in the 1997 period. The Company recorded a net loss on
operations of ($296,824) for the period in 1998 and a net loss of ($302,966) in
the 1997 period. The loss in the 1997 period included a charge of $185,554 for
inventory writedown. The Company operating losses may continue until greater
sales can be achieved. While the Company is seeking additional capital sources
for investment; there is no assurance that sources can be found, and there is no
assurance that its watercraft manufacturing and marketing efforts will be
productive. The loss per share for the period was ($05) in 1997 and 1998.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Company had $867,750 in cash capital at the end of the period. The
Company may be forced to either borrow or make private placements of stock in
order to fund future expansion of operations and sales efforts. No assurance
exists as to the ability to achieve loans or make private placements of stock.
As of September 30, 1998, the Company had current assets of $3,683,668
of which $867,750 was cash and total assets of $7,425,120. The Company's current
liabilities at September 30, 1998 are $121,320 and long term liabilities were
$748,166. Shareholder equity as of the quarter ending September 30, 1998, was
$6,555,634.
PART II - OTHER INFORMATION
---------------------------
ITEM 1. LEGAL PROCEEDINGS
- ------- -----------------
None
ITEM 2. CHANGES IN SECURITIES
- ------- ---------------------
None
ITEM 3. DEFAULT UPON SENIOR SECURITIES
- ------- ------------------------------
None
<PAGE>
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- ------- ---------------------------------------------------
None
ITEM 5. OTHER INFORMATION
- ------- -----------------
On August 4, 1998 the Company filed a Form S-8 Registration
Statement for up to 500,000 shares of common stock pursuant to an
Employee/Consultant Compensation Plan. Subsequently, 300,000 shares were issued
under the Plan.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
Form 8-K was filed on July 27, 1998.
SONIC JET PERFORMANCE, INC.
formerly BOULDER CAPITAL OPPORTUNITIES III, INC.
(A Development Stage Company)
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.
SONIC JET PERFORMANCE, INC.
Date: 01/13/99
- -------------
by: /S/ Alex Markikian, Vice-Presidnet
--------------------------------------
Alex Mardikian, Vice-President
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JUL-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 867,750
<SECURITIES> 0
<RECEIVABLES> 629,898
<ALLOWANCES> 0
<INVENTORY> 2,142,084
<CURRENT-ASSETS> 3,683,668
<PP&E> 2,853,625
<DEPRECIATION> (118,423)
<TOTAL-ASSETS> 7,425,120
<CURRENT-LIABILITIES> 121,320
<BONDS> 0
0
0
<COMMON> 6,010
<OTHER-SE> 5,049,624
<TOTAL-LIABILITY-AND-EQUITY> 6,555,634
<SALES> 422,818
<TOTAL-REVENUES> 422,818
<CGS> 177,782
<TOTAL-COSTS> 177,782
<OTHER-EXPENSES> 144,017
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (13,279)
<INCOME-PRETAX> 127,245
<INCOME-TAX> 0
<INCOME-CONTINUING> 127,245
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 127,245
<EPS-PRIMARY> .02
<EPS-DILUTED> .02
</TABLE>
