<PAGE>
U.S. Securities and Exchange Commission
Washington D.C. 20549
Form 10-KSB
[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the fiscal year ended December 31, 1999
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File Number: 33-65573
Sportsman's Wholesale Company
(Name of small business issuer as specified in its charter)
Nevada 84-1408762
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) Identification No.)
55 West 200 North #3
Provo, UT 84601
(Address of principal executive offices)
801 377-0874
(Registrant's telephone no., including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
None
Securities registered pursuant to Section 12(g) of the Exchange Act:
None
Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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 X No
Check if no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is contained in this form, and no disclosure will be contained,
to the best of the Issuer's knowledge, in the definitive proxy or information
statements incorporated by reference in Part III of this form 10-KSB or any
amendment to this Form 10-KSB.
The aggregate market value of the common voting stock held by non-affiliates
as of May 15, 2000: Undetermined
The Issuer's revenues for its most recent fiscal year: $5,949
<PAGE>
The number of shares outstanding of the Issuer's common stock at May 15,
2000: 1,603,500 of $0.0001 par value.
Transitional Small Business Disclosure Format: Yes No X
<PAGE>
PART I
(A) Business Development.
Sportsman's was incorporated under the state of Nevada on March 13,1996, for
the purpose of becoming a wholesaler of sporting goods, primarily associated
with the shooting sports. On January 15, 1998 the company issued 500,000
shares in consideration for $500.00 at a par value of $.001 to Fred L. Hall,
the sole officer and director of the company. On February 19, 1998 Cap's
Sporting Goods issued 1,000,000 shares of common stock in consideration of
$1,000.00 at a par value of $.001 to Mr. Hall, the Company's sole officer and
director. On March 16, 1998 the company amended its Articles of Incorporation
to change the par value of it's common stock from .001 to .0001. In April
1998, Sportsman's acquired all of the outstanding stock of Cap's Sporting
Goods Wholesale, Inc. (Cap's). Sportsman's is operating its wholesale sporting
goods business through its new operating subsidiary, Cap's.
During late June 1998, 3,500 additional restricted common shares of
Sportsman's were issued in consideration of $2,625, to three other investors
in a private offering.
On July 15, 1999 the Company closed its public stock offering and issued
100,000 shares of stock in consideration of $150,000 at a par value of .0001.
(B) Business of the Issuer.
In December, 1998, the Company entered into an agreement with a local Utah
shooting club to acquire the club's shooting facilities for approximately
$20,000 cash, contingent on the completion of its public offering.
Subsequently, the shooting sports facilities were purchased on August 4, 1999
for $17,425. This acquisition gives Sportsman's its first outlet for shooting
sports products. At the time of the acquisition of the sport shooting
facilities the Company entered into an agreement with the shooting club that
in exchange for 30% of the gross revenues the hunting club would provide all
hourly labor and landowner fees. The Company will bill the club monthly with
the understanding that the outstanding receivables will be due the following
year by April 30th. During the second half of 1999 the shooting facilities
generated $5,870 net proceeds. The facility is open to the public every
Tuesday and the first two Saturdays of each month. It is open additionally
for special events and tournaments.
During the 1999 fiscal year, Sportsman's organized and sponsored twelve
National Sporting Clays Association shooting tournaments at a local shooting
club with the intent of developing awareness among local shooters of
Sportsman's and its intent to enter the wholesale sporting goods business and
the shooting facility.
The Company is currently in the process of constructing two skeet fields and a
3-D archery course with the intention of holding tournaments promoting each.
The Company intends to open on specific days each week for public use of these
<PAGE>
facilities. Additionally, the Company intends to market directly to
different Boy Scout troops in the local area that would be interested in
earning their marksmanship and archery badges.
During the second quarter of 1999, Sportsman's was able to acquire the
flyfishing inventory of Great Basin Fly Shop for $4,326. Additionally,
Sportsman's acquired the inventory of H & N Fly Tackle Co. for $3,080. These
are the first inventory acquisitions by Sportsman's and will be used for
resale. The Company has identified a business that is interested in acquiring
most of the fly tackle inventory.
Item 2. Properties.
The Company has no office facilities of its own. The Company uses the
offices of the Company's president. The Company does own and operate the
shooting sports equipment it acquired in Springville, Utah.
Item 4. Legal Proceedings
The Company is not a party to any material pending legal proceedings
and, to the best of its knowledge, no action by or against the Company has
been threatened.
Item 5. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of the security holders, through
solicitation of proxies or otherwise during the 4th quarter of the fiscal year
covered by this report.
Item 6. Market for Common Equity and Related Stockholder Matters
(a) Market Information
There has never been any established "public market" for shares of
common stock of Sportsman's. Sportsman's intends to submit it common stock
for quotation on the OTC Bulletin Board of the National Association of
Securities Dealers ("NASD").
(b) Recent Sales of Restricted Securities: None.
(c) Stockholders
As of April 14, 2000, there were approximately 31 record holders of the
Company's Common Stock. No other class of stock is outstanding at this time.
(d) Dividends
The Company has not previously paid any cash dividends on its
outstanding equity securities and does not anticipate or contemplate paying
dividends on its outstanding common stock in the foreseeable future.
Management intends to utilize all available funds for the development of the
Company's business. The only legal restrictions that limit the Company's
ability to pay dividends are those restrictions imposed by Nevada corporate
law. No dividends or other distributions may be made which would render the
<PAGE>
Company insolvent or reduce assets to less than the sum of its liabilities
plus the amount needed to satisfy any outstanding liquidation preferences.
PART II
Item 7. 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 associated with them
contained elsewhere in this Report.
Liquidity and Capital Resources
At December 31, 1999 the Company's assets consist primarily of cash from
the public offering which was completed in July 1999 and operating equipment
at the shooting facility which was acquired in August of 1999. Management
feels that the Company will be able to operate sufficiently during its
development stage using these resources.
Results of Operations. Fiscal Year Ended December 31, 1999 Compared to
Fiscal Year Ended December 31, 1998
Operating revenues for fiscal year 1999 were $5,949, compared to $0 in
1998. Revenues were generated primarily from operations of the Company's
shooting facilities.
Operating expenses for fiscal year 1999 totaled $51,614, comprising
mainly of legal, accounting expenses, clays inventory and salary, an increase
of $6,373 from the $45,241 level experienced in 1998. The bulk of these
expenses are recurring.
Item 8. Financial Statements
The Company's audited financial statements are attached to the end of
this Report. Listed in order are Independent Auditor's Report, Balance Sheet,
Statements of Operations, Statements of Stockholder's Equity, Statements of
Cash Flows, and Notes to the Financial Statements all for the year ended
December 31, 1999.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
PART III
Item 10. Directors, Executive Officers, Promoters and Control Persons;
Compliance with Section 16(a) of the Exchange Act
(a) Directors and Executive Officers
<PAGE>
The following table sets forth the directors and executive officers of
the Company, their ages, and all offices and positions with the Company. Each
director is elected for a period of one year and thereafter serves until his
successor is duly elected by the stockholders and qualifies. Officers and
other employees serve at the will of the Board of Directors.
Name of Officer or Director Age Positions with Company and
Biography
Fred L. Hall 33 President and Director of the
Company. Mr. Hall currently
operates Cap's Sporting Goods
Wholesale, Inc. whose
principle focus presently is a
sporting clays range located
in Springville, UT and the
sale of sporting goods
wholesale products. Mr Hall
received a bachelors degree
from Utah Valley State College
in Business with an emphasis
in accounting.
(b) Identify Significant Employees: The Company's only employee is Mr.
Fred Hall.
(c) Family Relationship: None.
(d) Involvement in Certain Legal Proceedings: None of the officers or
directors have been involved in any material legal proceedings which occurred
within the last five years of any type described in Section 401(d) of
Regulation S-B. None.
The Company is not subject to the provisions of Section 16(a).
Item 11. Executive Compensation
<TABLE>
SUMMARY COMPENSATION TABLE
_____________________________________________________________________________
Annual Compensation Long-term
Awards
______________________________________________________________________________
Name and Salary Bonus Other Restricted Securities
Principal Annual Annual Stock Awards Under
Position Compensation Option
______________________________________________________________________________
<S> <C> <C> <C> <C> <C>
Fred L. Hall $21,500 0 0 0 0
President and Chief
Executive Officer
(3/13/98 - present)
______________________________________________________________________________
</TABLE>
<PAGE>
Compensation of Directors.
There are no standard arrangement pursuant to which the Company's
directors are compensated for any services provided as director. No
additional amounts are payable to the Company's directors for committee
participation of special assignments.
Mr. Hall receives a $2,500 a month salary from Cap's Sporting Goods Wholesale,
Inc.
Item 12. Security Ownership of Certain Beneficial Owners and Management
The following table sets forth certain information with respect to the
current beneficial ownership of the Company's common stock as of December 31,
1999 of each person known to the Company to be the beneficial owner of more
than five percent (5%) of said securities, each director of the Company, and
all directors and executive officers of the Company as a group:
<TABLE>
Name and Number of Shares Percentage
Address Beneficially Owned of Class (1)
<S> <C> <C>
Fred L. Hall 1,500,000 94%
1065 West 1150 South
Provo, UT 84601
</TABLE>
The following table sets for the shareholdings of the Company's
directors and executive officers as of the date of this Report:
<TABLE>
Name and Number of Shares Percentage of
Address Beneficially Owned of Class (1)
<S> <C> <C>
Fred L. Hall
1065 West 1150 South 1,500,000 94%
Provo, UT 84601
All directors and executive
officers as a group
(1 Person) 1,500,000 94%
</TABLE>
Changes in Control.
There are no present arrangements or pledges of the Company's securities
which may result in a change in control of the Company.
Item 13. Certain Relationships and Related Transactions
In January 2000, Brenda Hall, the wife of Fred Hall acquired 49 percent
of the hunting club where the shooting facilities are located. This
acquisition should not effect the Company in any way as all agreements between
the Company and the club will remain the same.
There have been no material transactions, series of similar
transactions, currently proposed transactions, or series of similar
transactions, to which the Company or any of its subsidiaries was or is to be
a party in which the amount involved exceeded $60,000 and in which any
director or executive officer, or any security holder who is known to the
Company to own of record or beneficially more than five percent of the
<PAGE>
Company's common stock, or any member of the immediate family of any of the
foregoing persons, had a material interest.
There have been no material transactions, series of similar
transactions, currently proposed transactions, or series of similar
transactions, to which the Company or any of its subsidiaries was or is to be
a party, in which the amount involved exceeded $60,000 and in which any
director or executive officer, or any security holder who is known to the
Company to own of record or beneficially more than five percent of the
Company's common stock, or any member of the immediate family of any of the
foregoing persons, had a material interest.
Indebtedness of Management.
There have been no material transactions, series of similar
transactions, currently proposed transactions, or series of similar
transactions, to which the Company or any of its subsidiaries was or is to be
a party, in which the amount involved exceeded $60,000 and in which any
director or executive officer, or any security holder who is known to the
Company to own of record or beneficially more than five percent of the
Company's common stock, or any member of the immediate family of any of the
foregoing persons, had a material interest.
PART IV
Item 14. Exhibits and Reports on Form 8-K
<TABLE>
Exhibits
Exhibit Title of Document Location
Reference
Number
<S> <C> <C>
23.01 Consent of Accountants Filed Herewith
27.01 Financial Data Filed Herewith
</TABLE>
Reports on Form 8-K
None.
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.
SPORTSMAN'S WHOLESALE COMPANY DATE:
By: /s/ Fred L. Hall April 20, 2000
Fred L. Hall, Director and President
<PAGE>
SPORTSMAN'S WHOLESALE COMPANY
Consolidated Financial Statements
December 31, 1999
<PAGE>
SPORTSMAN'S WHOLESALE COMPANY
Index to Consolidated Financial Statements
<TABLE>
<S> <C>
Page
Independent auditors' report F-2
Consolidated balance sheet F-3
Consolidated statement of operations F-4
Consolidated statement of stockholders' equity (deficit) F-5
Consolidated statement of cash flows F-6
Notes to consolidated financial statements F-7
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
and Stockholders of
Sportsman's Wholesale Company
We have audited the accompanying consolidated balance sheet
of Sportsman's Wholesale Company and subsidiary, as of
December 31, 1999 and the related consolidated statements of
operations, stockholders' equity (deficit) and cash flows
for the year ended December 31, 1999 and the period from
February 5, 1998 (date of inception) to December 31, 1998.
These consolidated financial statements are the
responsibility of the Company's management. Our
responsibility is to express an opinion on these
consolidated financial statements based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the consolidated financial statements
referred to above present fairly, in all material respects,
the financial position of Sportsman's Wholesale Company and
subsidiary, as of December 31, 1999 and the results of their
operations and their cash flows for the year ended
December 31, 1999 and the period from February 5, 1998 (date
of inception) to December 31, 1998, in conformity with
generally accepted accounting principles.
The accompanying consolidated financial statements have been
prepared assuming that the Company will continue as a going
concern. As discussed in note 2 to the consolidated
financial statements, there is substantial doubt about the
ability of the Company to continue as a going concern.
Management's plans in regard to that matter are also
described in note 2. The consolidated financial statements
do not include any adjustments that might result from the
outcome of this uncertainty.
TANNER + CO.
Salt Lake City, Utah
April 12, 2000
<PAGE>
SPORTSMAN'S WHOLESALE COMPANY
Consolidated Balance Sheet
December 31, 1999
</TABLE>
<TABLE>
<S> <C>
Assets
Current assets:
Cash $ 17,040
Accounts receivable 5,870
Inventories 5,726
Related party receivables 12,000
___________
Total current assets 40,636
Property and equipment, net 25,688
___________
$ 66,324
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 168
Accrued expenses 2,937
___________
Total current liabilities 3,105
___________
Commitments -
Stockholders' equity:
Preferred stock, $.0001 par value, 5,000,000 shares
authorized, no shares issued or outstanding -
Common stock, $.0001 par value, 50,000,000 shares
authorized, 1,603,500 shares issued and outstanding 160
Additional paid-in capital 153,965
Accumulated deficit (90,906)
___________
Total stockholders' equity $ 63,219
___________
$66,324
</TABLE>
<PAGE>
SPORTSMAN'S WHOLESALE COMPANY
Consolidated Statement of Operations
Year Ended December 31, 1999 and Period From
February 5, 1998 (Date of Inception) to December 31, 1998
<TABLE>
<S> <C> <C>
1999 1998
________________________
Sales $ 5,949 $ -
Cost of sales 5,523 -
________________________
Gross profit 426 -
General and administrative expenses (46,091) (43,963)
Interest expense - (1,278)
________________________
Loss before income taxes (45,665) (45,241)
Provision for income taxes - -
________________________
Net loss $ (45,665) $ (45,241)
________________________
Loss per common share - basic and diluted $ (.03) $ (.04)
________________________
Weighted average common shares - basic and diluted 1,573,000 1,126,000
</TABLE>
<PAGE>
SPORTSMAN'S WHOLESALE COMPANY
Consolidated Statement of Stockholders' Equity (Deficit)
February 5, 1998 (Date of Inception) to December 31, 1999
<TABLE>
Preferred Stock Common Stock Additional
Paid-In Accumulated
Shares Amount Shares Amount Capital Deficit Total
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at
February 5, 1998 - $ - - $ - $ - $ - $ -
Issuance of common
stock for cash - - 503,500 50 3,075 - 3,125
Issuance of common
stock in exchange
for subsidiary - - 1,000,000 100 900 - 1,000
Net loss - - - - - (45,241) (45,241)
______________________________________________________________
Balance at
December 31, 1998 - - 1,503,500 150 3,975 (45,241) (41,116)
Issuance of common
stock for cash - - 100,000 15 149,985 - 150,000
Net loss - - - - - (45,665) (45,665)
______________________________________________________________
Balance at
December 31, 1999 - $ - 1,603,500 $ 160$ 153,960 $ (90,906)$ 63,129
</TABLE>
<PAGE>
SPORTSMAN'S WHOLESALE COMPANY
Consolidated Statement of Cash Flows
Year Ended December 31, 1999 and Period From
February 5, 1998 (Date of Inception) to December 31, 1998
<TABLE>
<S> <C> <C>
1999 1998
_________________________
Cash flows from operating activities:
Net loss $ (45,665) $ (45,241)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation 2,497 196
Increase in:
Accounts receivable (5,870) -
Inventories (5,101) (625)
Increase (decrease) in:
Accounts payable (12,686) 12,854
Accrued expenses (1,378) 4,315
_________________________
Net cash used in
operating activities (68,203) (28,501)
_________________________
Cash flows from investing activities:
Purchase of property and equipment (26,881) (1,500)
Increase in related party receivables (12,000) -
_________________________
Net cash used in
investing activities (38,881) (1,500)
_________________________
Cash flows from financing activities:
(Payments) proceeds for related party notes
payable (27,500) 27,500
Issuance of common stock 150,000 4,125
_________________________
Net cash provided by
financing activities 122,500 31,625
_________________________
Net increase in cash 15,416 1,624
Cash, beginning of period 1,624 -
_________________________
Cash, end of period $ 17,040 $ 1,624
_________________________
</TABLE>
<PAGE>
SPORTSMAN'S WHOLESALE COMPANY
Notes to Consolidated Financial Statements
December 31, 1999
1. Summary of
Significant
Accounting
Policies Organization and Principles of Consolidation
Sportsman's Wholesale Company (Sportsmans) was
Incorporated under the laws of the state of Nevada in
March 1996. Cap's Sporting Goods Wholesale, Inc. (Caps)
was incorporated under the laws of the state of Utah in
February 1998.
From March 1996 until February 5, 1998 (date of
inception) Sportsmans was an inactive company. On
February 5, 1998, Sportsmans became a development stage
enterprise as defined in Statement of Financial
Accounting Standards No. 7, "Auditing and Reporting by
Development Stage Enterprises." During the year ended
December 31, 1999, the Company is no longer considered
to be in the development stage.
On April 30, 1998, Sportsmans and Caps entered into an
agreement and plan of share exchange, whereby the sole
shareholder of Caps would exchange all of the issued and
outstanding common stock held in Caps, for common stock
of Sportsmans. At the time of the exchange both
Sportsmans and Caps were owned by the same individual.
The exchange resulted in 1,000,000 shares of Caps common
stock being exchanged for 1,000,000 shares of Sportsmans
common stock.
The consolidated financial statements consist of
Sportsmans and its wholly owned subsidiary Caps (the
Company), from February 5, 1998 (date of inception) to
December 31, 1998, as any transactions from February 5,
1998 to April 30, 1998 for the companies were
immaterial. All significant intercompany balances and
transactions have been eliminated.
Concentration of Credit Risk
Financial instruments which potentially subject the
Company to concentration of credit risk consist
primarily of trade receivables . In the normal course
of business, the Company provides credit terms to its
customers. Accordingly, the Company performs ongoing
credit evaluations of its customers and maintains
allowance for possible losses which, when realized, have
been within the range of management's expectations.
<PAGE>
1. Summary of
Significant
Accounting
Policies
Continued Concentration of Credit Risk - Continued
The Company maintains its cash in bank deposit accounts
which, at times, may exceed federally insured limits.
The Company has not experienced any losses in such
accounts and believes it is not exposed to any
significant credit risk on cash and cash equivalents.
Cash and Cash Equivalents
For purposes of the statement of cash flows, cash
includes all cash and investments with original
maturities to the Company of three months or less.
Inventories
Inventories consist of finished goods and are recorded
at the lower of cost or market, cost being determined on
a first-in, first-out (FIFO) method.
Property and Equipment
The Company's property and equipment are recorded at
cost less accumulated depreciation. Depreciation is
provided using the straight-line method over the
estimated useful life. Expenditures for maintenance and
repairs are expensed when incurred and betterments are
capitalized.
Revenue Recognition
Revenue is recognized upon delivery of products or
performance of services.
Income Taxes
Deferred income taxes are provided in amounts sufficient
to give effect to temporary differences between
financial and tax reporting.
Earnings Per Share
The computation of basic earnings per common share is
based on the weighted average number of shares
outstanding during each period.
<PAGE>
SPORTSMAN'S WHOLESALE COMPANY
Notes to Consolidated Financial Statements
continued
The computation of diluted earning per common share is
based on the weighted average number of shares
outstanding during the period plus the common stock
equivalents which would arise form the exercise of
stock options and warrants outstanding using the
treasury stock method and the average market price
per share during the period. Common stock
equivalents are not included in the diluted earnings
per share calculation when their effect is
antidilutive. As of December 31, 1999, the Company had
not granted any options or warrants.
1. Summary of
Significant
Accounting
Policies
Continued Use of Estimates in Financial Statements
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. Actual results could
differ from those estimates.
2. Going
Concern The accompanying consolidated financial statements have
been prepared assuming that the Company will continue as
a going concern. As of December 31, 1999, the Company
had an accumulated deficit and incurred a loss. These
conditions raise substantial doubt about the ability of
the Company to continue as a going concern. The
consolidated financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.
The Company's ability to continue as a going concern is
subject to the attainment of profitable operations or
obtaining necessary funding from outside sources.
Management is in the process of pursuing business
opportunities to provide sufficient cash flows to meet
the Company's obligations. It is not know whether
management will be successful in these endeavors.
<PAGE>
3. Related
Party
Receivables The related party receivables consists of receivables
from an entity owned by a shareholder of the Company.
The notes are unsecured, bear interest at 12% and are
due on April 30, 2000.
4. Property
and
Equipment Property and equipment consist of the following:
<TABLE>
<S> <C>
Equipment $ 26,881
Vehicle 1,500
_________
28,381
Accumulated depreciation 2,693
_________
$ 25,688
</TABLE>
5 Income
Taxes The provision for income taxes is different than amounts
which would be provided by applying the statutory
federal income tax rate to loss before provision for
income taxes for the following reasons:
<TABLE>
February 5,
1998 (date
Year Ended of
inception)
to
December 31, December 31,
1999 1998
<S> <C> <C>
Federal income tax benefit
at statutory rate $ 6,000 $ 7,000
Change in valuation
allowance (6,000) (7,000)
_________________________
$ - $ -
Deferred tax assets (liabilities) are comprised of the
following:
<PAGE>
Net operating loss carryforwards $ 13,000
Valuation allowance (13,000)
___________
$ -
</TABLE>
At December 31, 1999, the Company has net operating loss
carryforwards available to offset future taxable income
of approximately $85,000, which will begin to expire in
2018. The utilization of the net operating loss
carryforwards is dependent upon the tax laws in effect
at the time the net operating loss carryforwards can be
utilized. The Tax Reform Act of 1986 significantly
limits the annual amount that can be utilized for
certain of these carryforward as a result of the change
in ownership.
6. Supplemental
Cash Flow
Disclosure Actual amounts paid for interest and income taxes are as
follows
<TABLE>
February 5,
1998 (date
of
inception)
Year Ended to
December 31, December
1999 31, 1998
<S> <C> <C>
Interest $ - $ 1,278
___________________________
Income taxes $ - $ -
___________________________
</TABLE>
7. Fair Value
of
Financial
Instruments The Company's financial instruments consist of cash,
receivables, payables, and notes payable. The carrying
amount of cash, receivables and payables approximates
fair value because of the short-term nature of these
items. The aggregate carrying amount of the notes
payable approximates fair value as the individual
borrowings bear interest at market interest rates.
<PAGE>
8. Recent
Accounting
Pronounce-
ments In June 1999, the FASB issued SFAS No. 137, "Accounting
for Derivative Instruments and Hedging Activities -
Deferral of the Effective date of FASB Statement No.
133." SFAS 133 establishes accounting and reporting
standards for derivative instruments and requires
recognition of all derivatives as assets or liabilities
in the statement of financial position and measurement
of those instruments at fair value. SFAS 133 is now
effective for fiscal years beginning after June 15,
2000. The Company believes that the adoption of SFAS
133 will not have any material effect on the financial
statements of the Company.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001071157
<NAME> SPORTSMAN'S WHOLESALE COMPANY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<CASH> 17,040
<SECURITIES> 0
<RECEIVABLES> 17,870
<ALLOWANCES> 0
<INVENTORY> 5,726
<CURRENT-ASSETS> 40,636
<PP&E> 25,688
<DEPRECIATION> 0
<TOTAL-ASSETS> 66,319
<CURRENT-LIABILITIES> 3,105
<BONDS> 0
0
0
<COMMON> 160
<OTHER-SE> 63,059
<TOTAL-LIABILITY-AND-EQUITY> 66,219
<SALES> 5,949
<TOTAL-REVENUES> 5,949
<CGS> 5,523
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 46,091
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (45,665)
<INCOME-TAX> (45,665)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (45,665)
<EPS-BASIC> (.03)
<EPS-DILUTED> (.03)
</TABLE>
