SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15 (d) of
Securities Exchange Act of 1934
For Period ended September 30, 1999
Commission File Number 0-26813
CENTROCK INCORPORATED
(Exact name of registrant as specified in its charter)
NEVADA 91-1932118
(State of Incorporation) (I.R.S. Employer Identification No.)
124 SOUTH WALL STREET, SUITE 105
SPOKANE, WASHINGTON 99201
(Address of Principal Executive Offices) (Zip Code)
(509) 252-3939
--------------
(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 X No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock at the latest practicable date.
As of September 30, 1999, the registrant had 3,200,000 shares of common stock,
$.001 par value, issued and outstanding.
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The unaudited financial statements for the quarter-year period ended
September 30, 1999 follow. Please note that there is no "comparative"
financial information provided for the same period in the prior year
since the Company was formed on October 20, 1998.
Centrock Incorporated
(A Development Stage Company)
Unaudited Balance Sheet
As of September 30, 1999
<TABLE>
September 30,
1999
-----------
<S> <C>
ASSETS
Cash $ 1,000
Organization Costs 0
Accumulated Amortization 0
-----------
Total Assets $ 0
===========
LIABILITIES
Accounts Payable $ 0
-----------
STOCKHOLDERS' EQUITY
Common Stock:
Paid-In Capital, Par Value $0.001 per
Share, 75,000,000 Shares Authorized,
3,200,000 Shares Outstanding $ 3,200
Paid In Capital In Excess of Par Value 2,800
(Deficit) Accumulated During Development
Stage (5,000)
-----------
Total Stockholders' Equity $ 1,000
-----------
Total Liabilities and Stockholders'
Equity $ 1,000
===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Centrock Incorporated
(A Development Stage Company)
Unaudited Statements of Operations
For the Period From Inception (10/20/98) Through
December 31, 1998, For the Nine Month Period Ended
September 30, 1999, and For the Period From Inception Through
September 30, 1999
<TABLE>
From Inception Nine Months From Inception
(10/20/98) Ended (10/20/98)
Thru 12/31/98 9/30/99 Thru 9/30/99
------------- ----------- ------------
<S> <C> <C> <C>
Operating Revenues $ 0 $ 0 $ 0
Operating Expenses 5,000 0 5,000
------------- ----------- ------------
Net Income (Loss) $ (5,000) $ 0 $ (5,000)
============= =========== ============
Per Share Information:
Basic and Diluted (Loss)
per Common Share $ (0.00) $ (0.00) $ (0.00)
Weighted Average Shares
Outstanding 2,914,286 3,044,444 3,009,286
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Centrock Incorporated
(A Development Stage Company)
Unaudited Statements of Changes in Stockholders' Equity
For the Period From Inception (10/20/98) Through
December 31, 1998 and For the Nine Month Period Ended
September 30, 1999
<TABLE>
Common Par Excess of Retained
Shares Value Par Value Earnings
--------- ------ --------- --------
<S> <C> <C> <C> <C>
Issued to Founders
at Inception 2,000,000 $2,000 $ (2,000) $ 0
Issuance of Common
Shares - Cash at
0.005 per Share 1,000,000 $1,000 4,000 0
Net Operating Loss
for the Period from
Inception to December
31, 1998 -- -- -- (5,000)
--------- ------ --------- --------
BALANCE AT
DECEMBER 31,1998 3,000,000 $3,000 $ 2,000 $ (5,000)
========= ====== ======== ========
Issuance of Common
Shares - Cash at
0.005 per Share 200,000 $ 200 $ 800 $ 0
Net Operating Loss
for the Nine Month
Period Ended
September 30, 1999 -- -- -- 0
--------- ------ -------- --------
BALANCE AT
SEPTEMBER 30,1999 3,200,000 $3,200 $ 2,800 $ (5,000)
========= ====== ======== ========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Centrock Incorporated
(A Development Stage Company)
Statement of Cash Flows
For the Period From Inception (10/20/98) Through
December 31, 1998, For the Nine Month Period Ended
September 30, 1999, and For the Period From Inception Through
September 30, 1999
<TABLE>
From Inception Nine Months From Inception
(10/20/98) Ended (10/20/98)
Thru 12/31/98 9/30/99 Thru 9/30/99
------------- ----------- ------------
<S> <C> <C> <C>
Net Income (Loss) $ (5,000) $ 0 $ (5,000)
------------- ----------- ------------
Adjustments to Reconcile Net
Income to Net Cash Provided
From Operating Activities:
Amortization of Start-Up
Costs 5,000 0 5,000
------------- ----------- ------------
Net Cash Provided From (Used In)
Operating Activities 0 0 0
Cash Flows From (Used In)
Investing Activities:
Organization Costs (800) (4,200) (5,000)
Cash Flows From (Used In)
Financing Activities:
Common Stock Sold for Cash 5,000 1,000 6,000
------------- ----------- ------------
Net Increase (Decrease)
in Cash 4,200 (3,200) 1,000
Cash at Beginning of Period 0 4,200 0
------------- ----------- ------------
Cash at End of Period $ 4,200 $ 1,000 $ 1,000
============= =========== ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Centrock Incorporated
(A Development Stage Company)
Notes to Unaudited Financial Statements
Nine Months Ended September 30, 1999
NOTE 1 - UNAUDITED FINANCIAL INFORMATION
The unaudited financial included for the nine-month period ended
September 30, 1999 were taken from the books and records without
audit. It is the opinion of management that the accompanying financial
statements contain adjustments necessary to present fairly the
financial position of the Company as of September 30, 1999, and the
results of operations, changes in stockholders' equity, and the changes
in cash for the nine months then ended, and from the periods from
inception (October 20, 1998) through December 31, 1998 and from
inception through September 30, 1999.
NOTE 2 - INTERIM REPORTING
The results of operations for the nine months ended September
30, 1999 are not necessarily indicative of the results to be
expected for the remainder of the year.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Centrock Incorporated was incorporated on October 20, 1998,
under the laws of the State of Nevada. The Company has
elected to report on a calendar year basis.
The Company is in its development stage and to date its
activities have been limited to organization, capital
formation, and business plan research The Company plans to
engage in the bottling and distribution of a premium
bottled water product.
The Company has not yet determined and established its
accounting policies and procedures, except as follows:
1. The Company uses the accrual method of accounting.
2. Net loss per share is provided in accordance with Financial
Accounting Standards No. 128 (FAS No. 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 during the period. Diluted loss per share reflects the
per share amounts that would have resulted if dilutive common
stock equivalents had been converted to common stock. No stock
options were available or granted during the periods presented.
Accordingly, basic and diluted loss per share are the same for
all periods presented.
3. The Company has not yet adopted any policy regarding payment
of dividends. No dividends have been paid since inception.
NOTE 4 - GOING CONCERN
The Company's Financial Statements are prepared using the
generally accepted accounting principles applicable to a going
concern, which contemplates the realization and liquidation of
liabilities in the normal course of business. However, the
Company has no current source of revenue. Without realizations
of additional capital, it would be unlikely for the Company to
continue as a going concern.
NOTE 5 - RELATED PARTY TRANSACTIONS
The Company neither owns nor leases any real property. Office
services are provided without charge by the President of the
Company. 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
activities, and may, in the future, become active in other
business activities. If a specific business opportunity becomes
available, such persons may face a conflict in selecting between
the Company and their own business interests. The Company has
not formulated a policy for the resolution of such conflicts.
<PAGE>
PART 1 FINANCIAL INFORMATION
Management's Plan of Operations
While the Company maintains a cash balance of $1,000, the
President and Secretary/Treasurer, the Founders, have agreed to
provide their services, office space and related supplies free of
charge until such time as management can raise the funding
necessary to further advance its business plan.
In management's opinion, the Company's current cash situation is
sufficient and adequate until additional capital can be raised to
implement the Company's business plan (the "Plan"). At present,
the Company is in its initial development stage. Over the next
five to eight months it will be assessing the water source(s), and
equipment requirements of its Plan, and researching and compiling
the data and other information necessary to set forth its detailed
operating budgets and cash flow requirements. This information
will include requisite data for the process to collect and bottle
its water product and a detailed marleting plan to support the
projections that will be the focus of the Company's business plan
as it moves towards the second phase of its business.
Based on the detailed studies, marketing plans, and resultant
budgets and cash flow projections prepared during this initial
phase, the Company will then proceed with another offering in the
next ten to twelve months to raise the estimated $500,000 to
$700,000 needed to proceed with the second phase of its Plan.
This phase includes the actual acquisition/lease of a source for
its bottled water, completion of the bottling facility, and the
actual bottling and sale of its product.
In order to remain a going concern, the Company must first complete
the initial stage of its Plan, and then be successful in its effort(s)
to raise additional capital, either through an offering, such as
another 504 offering, or through a private placement of its
securities. There are considerable risks in the implementation of
the Company's Plan, including insufficient funding from future sale(s)
of its securities, greater than expected costs to acquire and/or
lease the source for its water, greater than expected cost to build
its bottling facility, greater than expected operating costs,
and insufficient revenues from sales/distribution of its product.
Without sufficient additional cash flow, the Company would have to
rely on existing cash flows and/or loans from its Founders until
such time as the Company could raise additional funds to implement its
Plan.
There are no current plans for product research and development. There
are no current plans to purchase or sell any significant amount of
fixed assets. There are no current plans to increase the number of
employees.
PART II - OTHER INFORMATION
ITEM 1. Not applicable.
ITEMS 2-4. Not applicable.
ITEM 5. Information required in lieu of Form 8-K: None
ITEM 6. Exhibits and Reports on 8-K:
a) Exhibit #27.1, "Financial Data Schedule"
b) No reports on Form 8-K were filed during the
fiscal quarter ended September 30, 1999
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.
Centrock Incorporated
Dated: November 22, 1999 /s/ Christopher George
----------------------
Christopher George
President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
INTERIM FINANCIAL STATEMENTS FOR THIRD QUARTER 1999 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH CENTROCK INCORPORATED.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 1,000
<SECURITIES> 0
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<ALLOWANCES> 0
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<CURRENT-ASSETS> 1,000
<PP&E> 0
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<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 6,000
<OTHER-SE> (5,000)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
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<CGS> 0
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</TABLE>
