UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934.
For the quarter ended December 31, 1999 Commission file number 000-25275
SALESREPCENTRAL.COM, INC.
(Exact name of registrant as specified in its charter)
Nevada 91-1918742
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8434 Kreiner Way
Santee, CA 92071
(Address of principal executive offices) (Zip Code)
(619) 449-6798
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 Exchange Act of
1934 during the preceding 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
As of December 31, 1999, there were 16,218,511 shares of common stock
outstanding.
<PAGE>
INDEX
PART I - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheet as of December 31, 1999 3
Statement of Shareholders' Equity
ending December 31, 1999 4
Income Statement
ending December 31, 1999 5
Statement of Cash Flows
ending December 31, 1999 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operation 7-8
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 8
Item 2. Changes in Securities 8
Item 3. Defaults by the Company upon its
Senior Securities 8
Item 4. Submission of Matter to a Vote of
Security Holders 9
Item 5. Other Information 9
Item 6. Exhibits and Reports of Form 8-K 9
SIGNATURES 9
<PAGE>
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BALANCE SHEET
DECEMBER 31, 1999
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
December 31,
1999
(unaudited)
ASSETS
<S> <C>
Current assets:
Cash in bank $43,276
-------------------
Total current assets 43,276
Fixed Assets
Leasehold Improvements 8,637
Equipment 28,347
Vehicles 20,000
----------------
Total Fixed Assets 56,989
Other Assets
Deposits/Security 3,041
---------------
Total Assets $103,302
===========
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<TABLE>
LIABILITIES & CAPITAL
<S> <C>
Current Liabilities
Loans Payable $(5,483)
Officer Loan (8,500)
------------------
Total Current Liabilities $(13,983)
Capital
Common Stock/Investors 455,000
Net Income or (Loss) (337,716)
-------------------
Total Capital 117,284
-------------------
Total Liabilities & Capital $103,302
===========
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
ENDING DECEMBER 31, 1999
Additional
Common Stock Paid-In Accumulated
Shares Amount Capital Deficit
----------- ---------- ------------- -----------
<S> <C> <C> <C> <C>
Balance 9-30-99 4,826,250 $4,826 $0 $ 83,645
Shares Issued:
Stock issued for 9,798,159 $9,798 $0 $ 0
merger
For Services 1,125,000 $1,125 $0 $ 0
Other Cash 469,111 $469 $335,000 $ 0
Net Loss $ 254,070
----------- ---------- ------------- -----------
Balance 16,218,511 $16,219 $335,000 $337,716
</TABLE>
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<TABLE>
INCOME STATEMENT
ENDING DECEMBER 31, 1999
Three Months Ended
December 31, 1999
<S> <C>
Income
Cost of Sales
Subcontractors $87,772
Materials & Supplies 3,000
-----------------
Total Cost of Sales $90,772
-----------------
Gross Profit (90,772)
-----------------
Operating Expenses 163,297
-----------------
Total Operating Expenses 163,297
-----------------
Net Income Before Taxes (254, 070)
-----------------
Net Income of (Loss) $ (254, 070)
=============
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CASH FLOWS
ENDING DECEMBER 31, 1999
Three Months Ended
December 31, 1999
<S> <C>
Funds Sources:
Revenue From Operations $(254,070)
Add: Expenses reducing net Revenue
Not Affecting cash
-----------------
Net Amount From Operations (254,070)
Other Sources of Funds:
Common stock/Investors 335,000
-----------------
Total Funds Provided 80,930
=========
Total Funds Uses 44,838
-----------------
Net Increase (Decrease)
In cash $36,092
Cash Balance, Beginning $7,183
-----------------
Cash Balance, Ending $43, 276
==========
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<PAGE>
1. Statement of Information Furnished
The accompanying unaudited consolidated financial statements have been
prepared in accordance with Form 10-QSB instructions and in the opinion of
management contain all adjustments (consisting of only normal recurring
accruals) necessary to present fairly the financial position as of December
31, 1999, the results of operations ended December 31, 1999 and the cash
flows ended December 31, 1999. These results have been determined on the
basis of generally accepted accounting principles and practices and applied
consistently with those used in the preparation of the Company's Audited
Financials ending December 31, 1998 as filed in Form 10SB.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
The following discussion and analysis should be read in conjunction with
the Company's financial statements and the notes thereto contained elsewhere
in this filing.
Overview
SALESREPCENTRAL.COM a Nevada corporation (the "Company") is a
development stage company and plans to be the Internet's leading on-line
sales community, targeting professional sales representatives, corporate
executives, and business managers/owners.
We are designed to provide a comprehensive "portal" of resources that
meet all the daily needs of the professionals in our target group, and to
provide a legitimate meeting place and commerce site dedicated to their field
of expertise.
Our portal network consists of a main, or homepage that delivers up-to-
the-minute news, stock quotes, weather, events, and sales-related
information.
Results of Operations for the three months ended December 31, 1999
Total operating expenses from continuing operations were $5,384 for the
three months ended December 31, 1999.
Increase operating expenses in the current period are a result of
professional fees, consulting fees and other expenses related to product
research, development and marketing.
Forward-Looking Statements and Associated Risks
This Quarterly Report on Form 10-QSB contains forward-looking statements
made pursuant to the safe harbor provisions of the Securities Litigation
Reform Act of 1995. These forward looking statements are based largely on
the Company's expectations and are subject to a number of risks and
uncertainties, many of which are beyond the Company's control, including, but
not limited to, economic, competitive and other factors affecting the
Company's operations, markets, products and services, expansion strategies
and other factors discussed elsewhere in this report and the documents filed
<PAGE>
by the Company with the Securities and Exchange Commission. Actual results
could differ materially from these forward-looking statements. In light of
these risks and uncertainties, there can be no assurance that the forward-
looking information contained in this report will in fact prove accurate.
The Company does not undertake any obligation to revise these forward-looking
statements to reflect future events or circumstances.
Liquidity and Capital Reserves
As of December 31, 1999 (Unaudited)
As of December 31, 1999, the Company's assets were $11,027,909 and its
liabilities were $308,000 resulting in an excess of assets of $10,719,909.
Cash was $988,131 at December 31, 1999.
The Company has continued to fund its deficit cash flow from private
placements of the Company's common stock. It is anticipated that loans and
the sale of the Company's stock will continue until such time as the Company
generates sufficient revenues from its operations to cover operating
expenses.
Year 2000 Issues
Certain of the Company's computer systems and software may interpret the
year 2000 as some other date. The operating system generally employed by the
Company is Windows 95, which is year 2000 compliant. The networking, general
ledger and accounts payable and facility point-of-sale and software programs
require software updates or modifications to address the year 2000 problem.
The Company is further addressing the matter by replacing certain older
computers and installing off-the-shelf and other third-party software that is
year 2000 compliant, at an estimated cost of less than $1,000. The Company
anticipates that installation of year 2000 compliant software and hardware
will be completed by the end of 1999. The Company does not believe that the
year 2000 problem will have a material affect on the Company's operations,
however, no assurance can be given that the software updates and new
computers will resolve the problem as scheduled or at all.
PART II--OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities.
None.
Item 3. Defaults by the Company upon its Senior Securities.
None.
<PAGE>
Item 4. Submission of Matter to a Vote of Security Holders.
None
Item 5. Other Information.
None
Item 6. Exhibits and Reports of Form 8-K.
1. 8-K filed on November 15, 1999 - Merger
2. 8-K filed on November 15, 1999 - Name Change
SIGNATURES
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.
SALESREPCENTRAL.COM, INC.
(Registrant)
By:/s/ Ralph Massetti
Ralph Massetti
President
Date: February 22, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<CASH> 43,276
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 56,989
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 103,302
<CURRENT-LIABILITIES> 13,983
<BONDS> 0
0
0
<COMMON> 455,000
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 103,302
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 90,772
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 163,297
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (254,070)
<INCOME-TAX> (254,070)
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<EPS-BASIC> (0.02)
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