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Previous: RAPID RETRIEVAL SYSTEMS INC, 10QSB, 2000-11-21 |
Next: PINNACLE RESOURCES INC, 10QSB, 2000-11-21 |
RAPID RETRIEVAL SYSTEMS, INC.
(A Development Stage Company)
Balance Sheet
as of September 30, 2000
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Current Assets $ 2,196
Cash and cash equivalents
Accounts receivable ---------------
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
STOCKHOLDER'S EQUITY
Common stock ($.001 par value, 75,000,000 shares
authorized, 10, 852,500 shares issued
and outstanding 10,853
Receivable Shareholder
Additional paid-in capital 1,083,163
Deficit accumulated in the
development stage (720,784)
---------------
Total Stockholder's Equity 373,232
---------------
$574,1333
=========
</TABLE>
Unaudited - For management discussion & analysis only.
<PAGE>
RAPID RETRIEVAL SYSTEMS, INC.
(A Development Stage Company)
Statement of Operations
For the period from Inception, November 2, 1999,
to September 30, 2000
<TABLE>
<S> <C>
Operating Expenses
Development, general and administrative $ 781,784
------------------
Operating Loss 781,784
Other Income
Rental income 61,000
------------------
Loss before provision for income taxes (720,784)
Provisions for income taxes -
------------------
Net Loss $ (720,784)
==========
Earnings per share:
Basic and diluted $
==========
</TABLE>
Basic and diluted weighted average shares outstanding
Unaudited - For management discussion & analysis only.
RAPID RETRIEVAL SYSTEMS, INC.
(A Development Stage Company)
For the period from Inception, November 2, 1999
to September 30, 2000
<TABLE>
<CAPTION>
Operating Activities
<S> <C>
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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