UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the Quarter ended October 31, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period _____________ to ______________
Commission file number 000-29313
ASPHALT PAVING INTERNATIONAL, INC.
(Exact name of Small Business Company in its charter)
FLORIDA 59-3556733
------------------------------ ------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
10125 W. Colonial Dr., Suite 212 Ocoee, Florida 34761
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(Address of principal executive offices) (Zip Code)
(407) 822-3664
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Registrant's Telephone number, including area code:
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 and Exchange Act of 1934
during the preceding twelve months (or such shorter period that the Registrant
was required to file such reports), and (2) has been subject to file such filing
requirements for the past thirty days.
Yes X No
------- --------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report:
4,238,600 Shares of Common Stock ($.001 par value)
(Title of Class)
Transitional Small Business Disclosure Format (check one):
Yes No X
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<PAGE>
ASPHALT PAVING INTERNATIONAL, INC.
PART I: Financial Information
ITEM 1 - Financial statements
ITEM 2 - Management's' discussion and analysis of
financial condition and results of operations
PART II: Other Information
2
<PAGE>4
PART I
Item 1. Financial Statements:
Asphalt Paving International, Inc.
(A Development Stage Company)
Balance Sheet
(Unaudited)
ASSETS
------
October 31,
2000
--------
Current assets:
Cash $ 23,548
--------
Total current assets 23,548
--------
Total assets $ 23,548
========
STOCKHOLDERS' EQUITY
--------------------
Current liabilities:
Accounts payable $ --
--------
Total current liabilities --
--------
Stockholders' equity:
Common stock, $.001 par value,
50,000,000 shares authorized, 4,238,600 shares
issued and outstanding 4,239
Additional paid in capital 28,971
(Deficit) accumulated during
development stage (9,662)
--------
23,548
--------
$ 23,548
========
See accompanying notes to financial statements.
3
<PAGE>
Asphalt Paving International, Inc.
(A Development Stage Company)
Statements of Operations
Three Months Ended October 31, 2000 and 1999 and Period
From Inception (January 14, 1998) to October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Period From
Three Months Ended Inception To
October 31, October 31, October 31,
2000 1999 2000
----------- ----------- -----------
<S> <C> <C> <C>
Operating expenses:
Office expenses and salary contributed
by corporate officer $ 150 $ 150 $ 1,700
Professional fees 1,000 1,000 3,950
Organization expenses -- -- 4,000
Bank charges -- -- 12
----------- ----------- -----------
1,150 1,150 9,662
----------- ----------- -----------
(Loss) from operations and net (loss) $ (1,150) $ (1,150) $ (9,662)
=========== =========== ===========
Per share information:
Basic and diluted (loss) per common share $ -- $ -- $ --
=========== =========== ===========
Weighted average shares outstanding 4,238,600 4,238,600 4,169,596
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
Asphalt Paving International, Inc.
(A Development Stage Company)
Statements of Cash Flows
Three Months Ended October 31, 2000 and 1999 and
Period From Inception (January 14, 1998) to October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Period From
Three Months Ended Inception To
October 31, October 31, October 31,
2000 1999 2000
----------- ----------- -----------
<S> <C> <C> <C>
Net income (loss) $ (1,150) $ (1,150) $ (9,662)
Adjustments to reconcile net income to net
cash provided by operating activities:
Services provided as capital contribution 1,150 1,150 9,350
Increase (decrease) in accounts payable -- -- --
-------- -------- --------
Total adjustments 1,150 1,150 9,350
-------- -------- --------
Net cash provided by (used in)
operating activities -- -- (312)
Cash provided by financing activities:
Sale of common stock for cash -- -- 23,860
-------- -------- --------
Net cash provided by financing activities -- -- 23,860
-------- -------- --------
Increase (decrease) in cash -- -- 23,548
Cash and cash equivalents,
beginning of period 23,548 24,348 --
-------- -------- --------
Cash and cash equivalents,
end of period $ 23,548 $ 24,348 $ 23,548
======== ======== ========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
Asphalt Paving International, Inc.
Notes to Financial Statements
Basis of presentation
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions incorporated in Regulation 10-SB of the Securities and
Exchange Commission. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring adjustments and accruals) considered necessary for a fair
presentation have been included.
The results of operations for the periods presented are not necessarily
indicative of the results to be expected for the full year. The accompanying
financial statements should be read in conjunction with the Company's financial
statements for the year ended July 31, 2000.
Basic loss per share was computed using the weighted average number of common
shares outstanding.
During the three months ended October 31, 2000, an officer of the Company
contributed an aggregate of $150 to the Company for management services and
office expenses and paid $1,000 in cash for professional fees in behalf of the
Company. These amounts have been accounted for as a contribution of capital to
the Company.
6
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations:
(a) Plan of Operation. Asphalt Paving International, Inc. <the "Company") was
organized under the laws of the State of Florida to engage in any lawful
business. The Company was formed for the purpose of design and manufacture of
asphalt related equipment. The Company also plans to compete in the asphalt
paving business and may seek the acquisition of a paving and construction
company. Management of the Company has unlimited discretion in determining the
business activities in which the Company will become engaged. There is and can
be no assurance that the Company will be able complete the acquisition of a
subsidiary company in the paving business and no such acquisition candidate has
been identified by the Company.
The Company has generated no revenues from its operations and has been a
development stage company since inception. Since the Company has not generated
revenues and has never been in a profitable position, it operates with minimal
overhead.
During the period of this report, the Company has not engaged in any preliminary
efforts intended to identify any possible acquisitions nor entered into a letter
of intent concerning any business opportunity.
(b) Liquidity and Capital Resources. At October 31, 2000, the Company had
no material cash or other assets with which to conduct operations.
There can be no assurance that the Company will be able to complete
its business plan and to exploit fully any business opportunity that
management may be able to locate on behalf of the Company. Due to the
lack of a specified business opportunity, the Company is unable to
predict the period for which it can conduct operations. Accordingly,
the Company will need to seek additional financing through loans, the
sale and issuance of additional debt and/or equity securities, or
other financing arrangements. Management of the Company has advised
that they will pay certain costs and expenses of the Company from
their personal funds as interest free loans in order to facilitate
development of the Company's business plan. Management believes that
the Company has inadequate working capital to pursue any operations at
this time; however, loans to the Company from management may
facilitate development of the business plan. For the foreseeable
future, the Company through its management intends to pursue
acquisitions as a means to develop the Company. The Company does not
intend to pay dividends in the foreseeable future. As of the end of
the reporting period, the Company had no material change in
cash or cash equivalents. There was no significant change in working
capital during this quarter.
7
<PAGE>
PART II--OTHER INFORMATION
Item 1. Legal Proceedings.
--------------------------
There are no pending legal proceedings, and the Company is not aware of any
threatened legal proceedings, to which the Company is a party or to which its
property is subject.
Item 2. Changes in Securities.
------------------------------
(a) There have been no material modifications in any of the instruments
defining the rights of the holders of any of the Company's registered
securities.
(b) None of the rights evidenced by any class of the Company's registered
securities have been materially limited or qualified by the issuance or
modification of any other class of the Company's securities.
Item 3. Defaults Upon Senior Securities.
----------------------------------------
(Not applicable)
Item 4. Submission of Matters to a Vote of Security Holders.
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(Not applicable)
Item 5. Other Information.
--------------------------
(Not applicable)
Item 6. Exhibits and Reports on Form 8-K.
----------------------------------------
(a) Exhibits
No exhibits as set forth in Regulation SB, are considered necessary for
this filing.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter for which this report
is filed.
8
<PAGE>
Signature
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.
Date: November 30, 2000 /s/ Joseph Camillo
---------------------------
Joseph Camillo, Secretary
