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Previous: RAPID RETRIEVAL SYSTEMS INC, 8-K/A, 2000-12-20 |
Next: JUNIPER NETWORKS INC, S-8, 2000-12-20 |
Eline Music.com, Inc.
(A Development Stage Company)
Balance Sheet
as of September 30, 2000
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Current Assets
Cash and cash equivalents $ 2,196
-----------------
Total Current Assets 2,196
Property and Equipment
Equipment 240,180
Furniture and fixtures 6,672
Leasehold improvements 54,910
-----------------
301,762
Accumulated depreciation (29,825)
-----------------
Net Property and Equipment 271,937
Other Assets
Investment in RRSI 250,000
Deposit on building 50,000
-----------------
$ 574,133
==========
LIABILITIES AND STOCKHOLDER''S EQUITY
Current Liabilities
Accounts payable $ 44,701
Note payable to stockholders 156,200
-----------------
Total Current Liabilities 200,901
STOCKHOLDERS'' EQUITY
Common stock ($.001 par value,
75,000,000 shares authorized,
10,852,500 shares issued and
outstanding) 10,853
Additional paid-in capital 1,083,163
Deficit accumulated in the
development stage (720,784)
-----------------
Total Stockholders' Equity 373,232
-----------------
$ 574,133
===========
</TABLE>
Unaudited - For management discussion & analysis only.
Eline Music.com, Inc.
(A Development Stage Company)
Statements of Operations
For the period from Inception, November 2, 1999,
to September 30, 2000
<TABLE>
<CAPTION>
<S> <C>
Operating Expenses
Net revenues Developement, general and administrative $ 781,784
----------------
Operating Loss (781,784)
Other Income
Unrealized gain on trading securities Rental income 61,000
----------------
Loss before provision for income taxes (720,784)
Provision for income taxes -
----------------
Net Loss $ (720,784)
=========
Earnings per share:
Basic and diluted $
=========
Basic and diluted weighted average shares outstanding
</TABLE>
Unaudited - For management discussion & analysis only
<PAGE>
Eline Music.com, Inc.
(A Development Stage Company)
Statements of Cash Flows
For the period from Inception, November 2, 1999,
to September 30, 2000
<TABLE>
<CAPTION>
<S> <C>
Operating Activities
Net (loss) $ (720,784)
Adjustments to reconcile net (loss) to
net cash used by operating activities
Depreciation 29,825
Common stock issued for services 160,000
Changes in operating assets and liabilities:
Increase in accounts payable 44,701
Increase in accrued expenses 0
-------------
Net Cash (Used in) Provided by Operating Activities (486,258)
Investing Activities
Purchase of property and equipment (301,762)
Purchase of RRSI (250,000)
Deposit on building (50,000)
-------------
Net Cash Used in Investing Activities (601,762)
Financing Activities
Advances from stockholders 156,200
Conversion of founder's debt 255,000
Proceeds from sale of stock 679,016
-------------
Net Cash Provided by Financing Activities 1,090,216
-------------
Change in Cash and Cash Equivalents 2,196
Cash and cash equivalents, beginning of period 0
-------------
Cash and cash equivalents, end of period $ 2,196
==========
</TABLE>
Unaudited - For management discussion & analysis only.
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