<PAGE>
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<S> <C> <C>
Filer:
Company Data:
Company Conformed Name: Omni Doors, Inc.
Central Index Key: 0001049011
Standard Industrial Classification: Wholesale-Professional & CC
IRS Number: 592549529
State of Incorporation: FL
Fiscal Year End: 0630
Filing Values:
Form Type: 10QSB
SEC Act:
SEC File Number: 333-39629
Business Address:
Street 1: 30 Rockefeller Plaza
Street 2: New York
City: NY
Zip: 10112
Business Phone: 2123327222
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
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(Mark one)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the quarterly period ended December 31, 1999.
(212) 332-7222
(Issuer's telephone number)
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Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 [ ] NO [X]
State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: May 10, 2000: 11,400,000
Transitional Small Business Disclosure Format (check one): YES [ ] NO [X]
OMNI DOORS, INC.
Form 10-QSB for the Quarter ended December 31, 1999
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Table of Contents
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Page
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Part I - Financial Information
Item 1 Financial Statements
Item 2 Management's Discussion and Analysis or Plan of Operation
Part II - Other Information
Item 1 Legal Proceedings
Item 2 Changes in Securities
Item 3 Defaults Upon Senior Securities
Item 4 Submission of Matters to a Vote of Security Holders
Item 5 Other Information
Item 6 Exhibits and Reports on Form 8-K
</TABLE>
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
OMNI DOORS, INC.
BALANCE SHEET
December 31, 1999
(Unaudited)
1999
----
ASSETS
CURRENT ASSETS
Cash on hand and in bank $ 56,735
--------
Total current assets 56,735
--------
PROPERTY AND EQUIPMENT - AT COST
Office furniture and equipment 71,164
Accumulated depreciation (23,720)
--------
Net property and equipment 47,444
--------
TOTAL ASSETS $104,179
========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and Accrued Expenses $ 19,568
--------
Total current liabilities 19,568
--------
LONG-TERM LIABILITIES
Due to Affiliates 249,500
--------
Total liabilities 269,068
--------
COMMITMENT AND CONTINGENCIES
SHAREHOLDERS' DEFICIT
Common stock - no par value. 25,000,000 shares
Authorized, 11,400,000 shares issued and
outstanding 55,767
Additional paid-in capital 472,463
Accumulated Deficit (693,119)
--------
Total shareholders' deficit (164,889)
--------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $104,179
========
See Notes to Financial Statements.
<PAGE>
OMNI DOORS, INC.
STATEMENTS OF OPERATIONS
Six and Three Months ended December 31, 1999 and 1998
(Unaudited)
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Six Six Three Three
Months Months Months Months
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
REVENUES $ 0 $ 0 $ 0 $ 0
OPERATING EXPENSES
General and administrative
Expenses 145,050 126,628 67,736 110,673
----------- ----------- ----------- -----------
INCOME (LOSS) FROM
OPERATIONS (145,050) (126,628) (67,736) (110,673)
OTHER INCOME 4,099 0 1,167 0
----------- ----------- ----------- -----------
NET LOSS $ (140,951) $ (126,628) $ (66,569) $ (110,673)
=========== =========== =========== ===========
Loss per share of
common stock outstanding -
Basic and fully diluted $ (0.01) $ (0.01) $ (0.01) $ (0.01)
=========== =========== =========== ===========
Weighted- average number of
shares outstanding 11,400,000 11,400,000 11,400,000 11,400,000
=========== =========== =========== ===========
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See Notes to Financial Statements.
<PAGE>
OMNI DOORS, INC.
STATEMENTS OF CASH FLOWS
Six Months Ended December 31 1999 and 1998
(Unaudited)
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1999 1998
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Net cash used in operating activities
Net Loss $ (140,951) $ (126,628)
Adjustments to reconcile net
Loss to net cash used in
Operating activities
Increase in Accounts Payable 19,569
Depreciation and other 11,858 0
------ ---------
Net Cash Used in Operations (109,524) (126,628)
-------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of other assets 0 (71,164)
------- ----------
Net cash used in investing activities 0 (71,164)
------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Shareholders contributions 0 300,000
Repayment of loans from Affiliated
Companies (150,500) 0
-------- -------
Net cash from (used) in financing activities (150,500) 300,000
--------- -------
INCREASE / (DECREASE) IN CASH AND
CASH EQUIVALENTS (260,024) 102,208
Cash and cash equivalents
at beginning of period 316,759 0
------- -------
Cash and cash equivalents at end of period $ 56,735 $ 102,208
======= =======
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See Notes to Financial Statements.
<PAGE>
OMNI DOORS, INC.
Notes to Financial Statements
Note 1 - Basis of Presentation
During interim periods, the Company follows the accounting policies set forth in
its Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act
of 1934 on Form 10-KSB filed with the Securities and Exchange Commission. Users
of financial information provided for interim periods should refer to the annual
financial information and footnotes contained in its Annual Report Pursuant to
Section 13 or 15(d) of The Securities Exchange Act of 1934 on Form 10-KSB when
reviewing the interim financial results presented herein.
The accompanying interim financial statements are unaudited, and in the opinion
of management are prepared in accordance with the instructions for Form 10-QSB,
and contain all material adjustments, consisting only of normal recurring
adjustments necessary to present fairly the financial condition, results of
operations and cash flows of the Company for the respective interim periods
presented. The current period results of operations are not necessarily
indicative of results, which ultimately will be reported for the full fiscal
year ending June 30, 2000.
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 revenues and expenses during the reporting period.
Actual results could differ from those estimates.
<PAGE>
Note 2 - Payback of Short-term Debt to A Related Entity
During September 1999, the Company returned $150,500 of a short-term borrowing
to an affiliated entity controlled by a controlling shareholder of the Company,
where the Company had previously obtained $400,000 interest-free short-term
debt.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Caution Regarding Forward-Looking Information
This quarterly report contains certain forward-looking statements and
information relating to the Company that are based on the beliefs of the Company
or management as well as assumptions made by and information currently available
to the Company or management. When used in this document, the words
"participate," "believe," "estimate," "expect" and "intend" and similar
expressions, as they relate to the Company or its management, are intended to
identify forward-looking statements. Such statements reflect the current view of
the Company regarding future events and are subject to certain risks,
uncertainties, and assumptions, including the risks and uncertainties noted.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended. In each instance, forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.
<PAGE>
Results of Operations
With the change in control of the Company as of July 14, 1998 and the related
transfer of all operating activities effective on July 1, 1998, the Company has
no operations.
During September 1999, the Company returned $150,500 of a short-term borrowing
to an affiliated entity controlled by a controlling shareholder of the Company,
where the Company had obtained $400,000 interest-free short-term debt.
Further, the Company, and its current controlling shareholder(s), intends to
also seek to acquire by merger, acquisition or other combining method an
operating business with a history of profitable operations.
During the six months ended December 31, 1999, the Company experienced a net
loss of approximately $(140,951), which reflect various general and
administrative operating expenses of the Company. The Company anticipates
incurring similar expenses in future periods.
Liquidity and Capital Requirements
During September 1999, the Company returned $150,500 of a short-term borrowing
to an affiliated entity controlled by a controlling shareholder of the Company,
where the Company had obtained $400,000 interest-free short-term debt.
As of December 31, 1999 the Company had a negative current net worth, and a cash
position of $57,735. In order to sustain its day-to-day operation, its
President, Sophia Yao, has by written agreement with the Company, undertaken to
advance funds to meet the Company's current cash requirements until the earlier
of (i) September 30, 2000, or (ii) for so long as the Company is controlled by
its present shareholders. After that time there can be no assurance that the
Company will be able to meet the financing requirements to sustain its
day-to-day operations.
The Company has identified no significant capital requirements for the current
annual period. Liquidity requirements mandated by future business expansions or
acquisitions, if any are specifically identified or undertaken, are not readily
determinable at this time as no substantive plans have been formulated by
management.
<PAGE>
ITEM 2 - Changes in Securities
None
ITEM 3 - Defaults on Senior Securities
None
ITEM 4 - Submission of Matters to a Vote of Security Holders
The Company has held no regularly scheduled, called or special meetings of
shareholders during the reporting period.
ITEM 5 - Other Information
None
ITEM 6 - Exhibits and Reports on Form 8-K
None
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<PAGE>
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.
OMNI DOORS, INC.
June 20, 2000 By /s/ Sophia Yao
------------------------------
Sophia Yao, President,
and Chief Financial Officer
