SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999.
Commission File Number: 000-24199
ABSOLUTEFUTURE.COM
(Exact name of registrant as specified in its charter)
Nevada 88-0306099
(State of organization) (I.R.S. Employer Identification No.)
10900 N E 8th Street, Suite 1414, Bellevue, WA 98004 (Address of principal
executive offices)
Registrant's telephone number, including area code: 425 462 6210
Check whether the issuer (1) filed all reports required to be
file by Section 13 or 15(d) of the Exchange Act during the past
12 months and (2) has been subject to such filing requirements
for the past 90 days. Yes X
There are 11,100,000 shares of common stock outstanding as of August
12, 1999.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The financial statements and supplemental data required by this
Item follow the index of financial statements appearing at Item 6
of this Form 10Q-SB.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This statement includes projections of future results and
"forward-looking statements" as that term is defined in Section
27A of the Securities Act of 1933 as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934 as
amended (the "Exchange Act"). All statements that are included in
this Report, other than statements of historical
fact, are forward-looking statements. Although Management
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Important factors
that could cause actual results to differ materially from the
expectations disclosed in this Report, include, without
limitation, the Internet and e-commerce industries, employment
issues and general business results.
Plan of Operation
The Company's Plan of Operation has changed since the filing
of its amended Form 10-SB. The Company is now an Internet company. It focuses
on two main areas: (1) providing consulting services on the internet and web
development;and (2) e-commerce and the development of e-business opportunities.
In May 1999, the Company acquired 100% of the issued share capital of Absolut
Future Tech, Inc., through the issue of 3 million shares of its restricted
common stock. Following this acquisition, the Company changed its name to
AbsoluteFuture.com and new directors and officers were appointed.
Absolut Future Tech Inc. provides consulting services. Among its clients is
Microsoft Corporation, to which it provides specialist services in the field of
e-commerce. The Company is looking to expand this area of its business rapidly.
Through its involvement in consulting work on the Internet, the Company is able
to review many promising e-business opportunities and add value through its
technical expertise. Subsequent to the end of the period, on August 11, 1999,
the Company acquired the business and assets of Internet Interview Inc., which
consists of a web-based resume service focussing on high tech personnel.
Competition
The Company is a relatively small participant among firms which engage in
technical consulting for the Internet and related activities. There are many
established consulting companies which have significantly greater financial
and personnel resources, technical expertise and experience than the Company.
In view of the Company's limited financial resources and management
availability, the Company will continue to be at significant competitive
disadvantage vis-a-vis the Company's competitors.
Year 2000 Compliance
The Company is aware of the issues associated with the
programming code in existing computer systems as the year 2000
approaches. The Company has assessed these issues as they relate
to the Company, and does not believe that there are any material year 2000
issues to disclose in this Form 10Q-SB.
Employees
The Company and its subsidiaries had 5 full-time employees at June 30, 1999, and
currently has 6 full-time employees. In addition, its officers and directors
will devote as much time as the Board of Directors determine is necessary to
carry out the affairs of the Company.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal
proceedings and, to the best of its knowledge, no such action against the
Company has been threatened.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most recent quarter.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
FINANCIAL STATEMENTS
Unaudited financial statements for the quarter and six-month period ended June
30, 1999.
<TABLE>
<CAPTION>
ABSOLUTEFUTURE.COM
(formerly CORPORATE TRAVEL & TOURS, INC.)
BALANCE SHEET
<S> <C> <C>
June 30, 1999 June 30, 1998
ASSETS
CURRENT ASSETS: $145,002. . . . . . .$ 0
OTHER ASSETS: $82,233 . . . . . . .$ 0
TOTAL ASSETS $227,235 $ 0
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts Payable 137,755 $ 4,060
Accrued interest expense $20,335 $ 0
Other accrued liabilities $23,255 $ 0
Notes Payable $343,500 $ 0
TOTAL CURRENT LIABILITIES $524,848 $4,060
STOCKHOLDERS' EQUITY: (Note 1)
Preferred stock, par value, $.001
authorized 10,000,000 shares issued
and outstanding at December 31, 1998
- - NONE
Common stock, par value, $.00l
authorized 50,000,000 shares issued
and outstanding at December 31, 1996;
4,100,000 shares
June 30, 1998; 4,100,000 shares $4,100
December 31, 1998; 4,100,000 shares $ 4,100
June 31, 1999$11,100 $11,100
Additional paid in Capital $24,468 $0
Other accumulated loss $ 2,262 $ 0
Accumulated loss $-342,451. . . . .$-8,160
TOTAL STOCKHOLDERS' EQUITY $-297,611 $-4,060
TOTAL LIABILITIES AND STOCKHOLDERS' $227,235 $0
EQUITY
<FN>
See accompanying notes to financial statements & audit report
</FN>
</TABLE>
<TABLE>
<CAPTION>
ABSOLUTEFUTURE.COM
(A Development Stage Company)
STATEMENT OF OPERATIONS
<S> <C> <C> <C> <C>
3 Mos. To 3 Mos. to. 6 Mos. to 6 Mos. to
6/30/99 6/30/98. 6/30/99 6/30/98
INCOME:
Revenue $74,635 $0 . . . $ 125,607 $ 0
EXPENSES:
General Selling and $270,179 $2,575. . .$ 431,300 $2,575
Administrative
Other Expenses
Total Expenses $270,179 $2,575 . . .$ 431,300 $2,575
Net Profit/Loss(-) $-195,544 $-2,575 $-305,693 $-2,575
Net Profit/Loss(-) $-.02 $-.0006 . .$-.03 $-.0006
per weighted share
(Note 1)
Weighted average 11,100,000 4,100,000 11,100,000 4,100,000
number of common
shares outstanding
<FN>
See accompanying notes to financial statements & audit report
</FN>
</TABLE>
<TABLE>
<CAPTION>
ABSOLUTEFUTURE.COM
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
<S> <C> <C> <C> <C>
Additional Accumulated
Shares. . . . . Stock Paid-In Deficit
Capital
Balance, December 31, 4,100,000 $4,100 $0 -4,100
1995
Net Income/ Loss year
ended December 31, 1996
Balance, December 31, 4,100,000 $4,100 $0 $-4,100
1996
Net Income/ Loss year
ended December 31, 1997
Balance, December 31, 4,100,000 $4,100 $0 $-5,000
1997
Net Income/ Loss year
ended December 31, 1998
Balance, December 31, 4,100,000 $4,100 $0 $-8,160
1998
Issued in 6 Mos. To. 7,000,000 $7,000 $24,468
June 30, 1999
Net Income/Loss for 6
Mos. To June 30, 1999 $-305,693
Balance, June 30, 1999 11,100,000 $11,100 $24,468 $-344,613
<FN>
See accompanying notes to financial statements & audit report
</FN>
</TABLE>
<TABLE>
<CAPTION>
ABSOLUTE FUTURE.COM
(A Development Stage Company)
STATEMENT OF CASH FLOWS
<S> <C> <C> <C> <C>
3 Mos. To 3 Mos. to . . .6 Mos. to 6 Mos. to
6/30/99 6/30/98 . . .6/30/99 6/30/98
Cash Flows from Operating
Activities:
Net Loss $-195,544 $ 0 $-305,693 $ 0
Depreciation $ 6,754 $ 0 $ 11,893 0
Changes in assets
& liabilities
Receivables $ 10,488 $ 0 $ -22,305 $ 0
Other assets -1,661 $ 0 $ -5,028 $ 0
Accounts Payable . . . $105,937 $ 0 $133,695 $ 0
Interest expenses. . . .$ 9,535 $ 0 $ 17,335 $ 0
Other accrued
Liabilities $ -2,857 $ 0 $ -2,262 $ 0
Translation -2157 0 $ -2,262 $ 0
Net cash used in . . .$ -81,634 0 $-146,745 $ 0
operating activities
Cash Flows from
Fixed Asset Purchases. $ -21,011 $ 0 $-65,063 $ 0
Cash Flows from Financing
Activities
Loans & notes $ 63,500 $ 0 $ 142,317 $ 0
Stock Issued 40,000 $ 0 $ 40,000 $ 0
Net increase (decrease) $ 20,855 $ 0 $-29,481 . . $ 0
in cash
Cash, beginning of period $101,642 .$ 0 $152,788 $ 0
Cash, end of period $122,697 $ 0 $$122,697 $0
<FN>
See accompanying notes to financial statements & audit report
</FN>
</TABLE>
ABSOLUTEFUTURE.COM
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1999, December 31, 1998, and June 30, 1998
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized September 23, 1993, under laws of the
State of Nevada, as Corporate Tours & Travel, Inc.
On May 9 1999, it issued 4,000,000 shares of restricted common stock to raise a
total of $40,000.
On May 23, 1999, it acquired 100% of the issued share capital in Absolut Future
Tech, Inc., a Nevada corporation, for 3,000,000 shares of restricted common
stock.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Method
The Company records income and expenses on the accrual method.
Estimates
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.
Cash and Equivalents
The Company maintains a cash balance in a non-interest-bearing
bank that currently does not exceed federally insured limits. For
the purpose of the statements of cash flows, all highly liquid
investments with the maturity of three months or less are
considered to be cash equivalents.
Income Taxes
Income taxes are provided for using the liability method of
accounting in accordance with Statement of Financial Accounting
Standards No. 109, (SFAS #109), "Accounting for Income Taxes". A
deferred tax asset or liability is recorded for all temporary
difference between financial and tax reporting. Deferred tax
expense (benefit) results from the net change during the year of
deferred tax assets and liabilities.
Organization Costs
Costs incurred to organize the Company are being amortized on a
straight-line basis over a sixty-month period.
Loss Per Share
Net loss per share is provided in accordance with Statement of
Financial Accounting Standards No. 128, (SFAS #128), "Earnings
Per Share". Basic loss per share is computed by dividing losses
available to common stockholders by the weighted average number
of common shares outstanding during the period. Diluted loss per
share reflects per share amounts that would have resulted if
dilative common stock equivalents had been converted to common
stock. As of June 30, 1999, the Company had no dilutive
common stock equivalents such as stock options.
Year End
The Company has selected December 31, as its year-end
Year 2000 Disclosure
The year 2000 issue is the result of computer programs being
written using two digits rather than four to define the
applicable year. Computer programs that have time sensitive
software may recognize a date using "00" as the year 1900 rather
than the year 2000. This could result in a system failure or
miscalculations causing disruption of normal business activities.
Based on a recent and ongoing assessment, the Company has
determined that it will require only off-the-shelf software
utilizing a Microsoft Windows platform for all of its computing
requirements. The Company presently believes that with
modifications to existing off-the-shelf software or conversions
to new software, the Year 2000 issue will not pose a significant
operational problem and will not materially affect future
financial results.
The Company currently anticipates purchasing new off-the-shelf
Year 2000 compatible software within the near future, which is
prior to any anticipated impact on its operating systems. The
total cost of this new software is not anticipated to be a
material expense to the Company at this time. However, there can
be no guarantee that these new off-the-shelf software products
will be adequately modified, which could have a material adverse
effect on the Company's results of operations.
NOTE 3- INCOME TAXES
There is no provision for income taxes for the period ended
June 30, 1999, due to the net loss and no state income tax in
the state of the Company's domicile and operations, Nevada. The
Company's total deferred tax asset as of June 30, 1999 is as
follows:
Net operation loss carry forward $342,451
The federal net operating loss carry forward will expire various
amounts from 2013 to 2018.
This carry forward may be limited upon the consummation of a
business combination under IRC Section 381.
NOTE 4- SHAREHOLDERS' EQUITY
Common Stock
The authorized common stock of Corporate Tours & Travel, Inc.
consists of 50,000,000 shares with a par value of $.001 per
share.
On September 27, 1993, the Company issued 4,100,000 shares of
it's $.00l par value common stock for services of $ 4,100.
On September 7, 1996, the Company restated its Articles of
Incorporation. The Company increased its capitalization from
5,000,000 common shares to 50,000,000 common shares. The par
value was unchanged at $0.001. Also, the Company approved the
authority to issue 10,000,000 shares of preferred shares, par
value $0.001.
On May 9 1999, it issued 4,000,000 shares of restricted common stock to raise a
total of $40,000.
On May 23, 1999, the Company issued 3,000,000 shares of restricted common stock
to acquire 100% of the issued share capital in Absolut Future Tech Inc. , a
Nevada corporation.
Preferred Stock
The authorized Preferred Stock of Corporate Tours & Travel, Inc.
consists of 10,000,000 shares with a par value of $0.001 per
share. No preferred shares have been issued.
NOTE 5- GOING CONCERN
The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern
which contemplates the realization of assets and liquidation of
liabilities in the normal course of business. However, the
Company does not have significant cash or other material assets,
nor does it have an established source of revenues sufficient to
cover its operating costs and to allow it to continue as a going
concern. It is the intent of the Company to seek further financing.
NOTE 6-RELATED PARTY TRANSACTION
The Company neither owns nor leases any real or personal
property. Office services are provided without charge by a
director. Such costs are immaterial to the financial statements
and, accordingly, have not been reflected therein. The officers
and directors of the Company are involved in other business
opportunities. If a specific business opportunity becomes
available, such persons may face a conflict in selecting between
the Company and their other business interests. The Company has
not formulated a policy for the resolution of such conflicts.
NOTE 7- WARRANTS AND OPTIONS
There are no warrants or options outstanding to acquire any
additional shares of common or preferred stock.
EXHIBITS
a) The exhibits, consisting of the Company's Articles of
Incorporation and Bylaws, are attached to the Company's Amended
Form 10-SB, filed on March 3, 1999. These exhibits are
incorporated by reference to that Form.
b) Reports on Form 8-K: On May 12, 1999, the Company filed a
Form 8-K announcing that two of the three officers and directors
had left the Company, and were replaced by two new individuals.
c) Reports on Form 8-K: On May 23, 1999, the Company filed a Form 8-K
announcing that it had acquired 100% of the issued share capital of Absolut
Future Tech, Inc. for 3,000,000 shares of restricted common stock and that the
existing directors and officers had resigned and new officers and directors
elected.
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the Registrant has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated this 12th day of August, 1999.
AbsoluteFuture.com
By: /s/ Graham Andrews
Graham Andrews, President
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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