U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
[X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES AND
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED 12/31/99
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO
___________.
Commission file number 0-27647
XAIBE INC.
(Exact name of small business issuer as specified in its charter)
2400 Loop 35, #1502, Alvin, Texas 77511
(Address of principal executive offices) (Zip Code)
(281) 331-5580
(Issuers telephone number)
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the
Exchange Act during the past 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 _____
Applicable only to issuers involved in bankruptcy proceedings
during the past five years
Check whether the registrant filed all documents and reports
required to be filed by Section 12, 13
or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
Yes _____ No _____
Applicable only to corporate issuers
State the number of shares outstanding of each of the
issuer's classes of common equity, as of the
latest practicable date. Common 1,600,000
Transitional Small Business Disclosure Format
(Check one):
Yes _____ No _____
Part I - Financial Information
Item 1. Financial Statements
The unaudited financial statements for the quarter ended
December 31, 1999 are attached
hereto by reference as EXHIBIT A.
Item 2. Management's Discussion and Analysis or Plan of
Operation
The Company is in the development stage and has not generated
any revenues from
operations as yet. All payments and royalties due on the
Company's distribution agreement
have been deferred by the grantor of the distribution rights
for a period of two years from
the effective date.
Part II - Other Information
Item 1. Legal Proceedings
Registrant has no knowledge of, or is there presently, any
legal proceedings on behalf of, or
against the Company.
Item 2. Changes in Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a vote of Securities Holders.
No matters have been submitted to a vote of the Securities
holders during the quarter ended
December 31, 1999.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8K
None
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.
XAIBE INC.
/S/ John T. Bauska
John T. Bauska, President and
Director
EXHIBIT A
FINANCIAL STATEMENTS
For the Period ending December 31, 1999
(Prepared by Management)
XAIBE, INC.
(A Development Stage Enterprise)
BALANCE SHEET
December 31, 1999
ASSETS
CURRENT ASSETS:
Cash in checking $ 2,204
OTHER ASSETS:
License Rights $1,000
Deferred Offering Costs 10,005
Total other Assets 11,005
TOTAL ASSETS 13,209
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: $ 0
STOCKHOLDERS' EQUITY:
Common stock, $0.001 Par
Value, 10,000,000 shares
Authorized, 1,600,000 shares
Issued and outstanding 1,600
Additional Paid-In capital 19,900
Retained earnings (Deficit) (8,291)
Total Stockholders Equity 13,209
Total Liabilities and
Stockholders' Equity $ 13,209
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XAIBE, INC.
(A Development Stage Enterprise)
STATEMENT OF OPERATIONS
For the three month period ending December 31, 1999
REVENUES:
$ 0
OPERATING EXPENSES:
Bank charges 66
Management fees 5,000
Legal and Accounting Fees 3,000
Office Expenses 225
Total Operating Expenses 8,291
NET (LOSS) $ (8,291)
NET (LOSS) PER
SHARE OF COMMON STOCK (.0085)
Weighted Average
Number of shares
Outstanding 1,600,000
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XAIBE, INC.
(A Development Stage Enterprise)
STATEMENT OF CASH FLOWS
For the three month period ending December 31, 1999
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income (Loss) $ (8,291)
Adjustments to Reconcile
Net (Loss) to Cash Flow From
Operating Activities:
Increase in license rights $ (1,000)
Increase in deferred offering costs (10,005)
Net cash provided (Used)
By operating activities (19,296)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of Common
Stock 21,500
Net increase in Cash 2,204
CASH, BEGINNING OF PERIOD 0
CASH, END OF PERIOD $ 2,204
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XAIBE, INC.
(A Development Stage Enterprise)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE A B BASIS OF PRESENTATION
The accompanying unaudited financial statements have been
prepared in accordance with generally accepted accounting
principles for interim financial information and with US Security
and Exchange Commission ("SEC")requirements. Accordingly, they do
not include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. The accompanying statements should be read in
conjunction with the audited financial statements of June 30,
1999. In the opinion of management all adjustments (consisting
only of normal recurring accruals) considered necessary in order
to make the financial statements not misleading, have been
included. Operating results for the period ended December 31,
1999 are not necessarily indicative of the results that may be
expected for full fiscal years ending June 30, 2000. The
financial statements are presented on an accrual basis.
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