FORM 10Q-SB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Three Months Ended Commission File Number
September 30, 1999 0-25591
STATESIDE FUNDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 11-3462369
(State of Other Jurisdiction of I.R.S. Employer
Incorporation or Organization) Identification No.
1040 East 22nd Street, Brooklyn, NY 11210
(Address of Principal Executive Offices) Zip Code
Registrant's Telephone Number, Including Area Code (718) 692-2743
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 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___
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the issuer has filed all documents and reports
required to be filed by Sections 2, 13 or 15(d) of the Securities Act of 1934
subsequent to the distribution of securities under a plan confirmed by a court.
Yes___ No___
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock $.0001 par value, 5,000,000
(Title of Class) (Shares outstanding at
September 30, 1999)
<PAGE>
STATESIDE FUNDINGS, INC.
FORM 10Q-SB
THREE MONTHS ENDED SEPTEMBER 30, 1999
INDEX
Page
----
PART I FINANCIAL INFORMATION
ITEM 1 Balance Sheet, September 30, 1999 2
Statement of Income & Expenses
September 30, 1999 3
Statement of Stockholders' Equity
for the period ended September 30,
1999 4
Statement of Cash Flows
September 30, 1999 5
Notes to Financial Statements 6
Management's Discussion and
Analysis of Results of Operations 7
PART II Other Information - Items 1-6 8
Signatures 9
<PAGE>
STATESIDE FUNDINGS, INC.
(A development stage company)
BALANCE SHEET
Unaudited
<TABLE>
<CAPTION>
ASSETS
September November
30, 1999 30, 1998
--------- --------
<S> <C> <C>
Current Assets:
Cash ......................................................... $ 110 $ 1,500
------- -------
Total Current Assets .................................. $ 110 1,500
------- -------
Other Assets:
Organization Expense-Net of Amortization ..................... 340 400
Deferred Offering Costs ...................................... 927 0
------- -------
Total Other Assets .................................... 1,267 400
------- -------
TOTAL ASSETS .......................................... $ 1,377 $ 1,900
======= =======
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accrued Expenses ............................................. $ 400 $ 400
------- -------
Stockholder's Equity:
Common Stock, par value $.0001; authorized
50,000,000 shares, issued and outstanding
5,000,000 shares September 30, 1999 and
November 30, 1998 .......................................... 500 500
Preferred Stock, par value $.0001; authorized
10,000,000 shares, none issued and outstanding ............... 0 0
Additional Paid-In Capital ................................... 1,000 1,000
Deficit Accumulated During Development Stage ................. (523) 0
------- -------
TOTAL STOCKHOLDER'S EQUITY ............................ 977 1,500
------- -------
TOTAL LIABILITIES AND STOCKHOLDER'S
EQUITY ............................................... $ 1,377 $ 1,900
======= =======
</TABLE>
<PAGE>
STATESIDE FUNDINGS, INC.
(A development stage company)
STATEMENT OF STOCKHOLDERS' EQUITY
Unaudited
FOR THE PERIODS INDICATED
<TABLE>
<CAPTION>
Total
Stock Additional Stock-
Common Issued Paid-In Retained Holders
Shares Amount Capital Deficit Equity
<S> <C> <C> <C> <C> <C>
Issuance of Common Shares
on December 19, 1997 at Par
Value ($.0001 per share)
For Cash 5,000,000 $ 500 $ 1,000 $ -0- $ 1,500
Net Loss For Year
Ended November 30, 1998 -0- 0
-----------------------------------------------------------------
Balance - November 30,
1998 5,000,000 500 1,000 -0- 1,500
Net Loss For Period Ended
September 30, 1999 (523) (523)
-----------------------------------------------------------------
Balance - September 30,
1999 5,000,000 $ 500 $ 1,000 $ (523) $ 977
=================================================================
</TABLE>
<PAGE>
STATESIDE FUNDINGS, INC.
(A development stage company)
STATEMENT OF INCOME AND EXPENSES
Unaudited
FOR THE PERIODS
(Cumulative)
December
19, 1997
July 1, 1999 (Inception)
to September to September
30, 1999 30, 1999
------------ -----------
INTEREST INCOME .............................. $ 0 $ 0
----------- -----------
EXPENSES:
Filing Fees ................................ 99 313
Amortization ............................... 20 60
Bank Charges and Interest .................. 45 150
----------- -----------
Total Expenses ...................... 164 523
----------- -----------
NET LOSS FOR PERIOD .......................... $ (164) $ (523)
=========== ===========
LOSS PER SHARE ............................... $ (.00) $ (.00)
=========== ===========
WEIGHTED AVERAGE OF OUTSTANDING SHARES ....... 5,000,000 5,000,000
=========== ===========
<PAGE>
STATESIDE FUNDINGS, INC.
(A development stage company)
STATEMENT OF CASH FLOWS
Unaudited
FOR THE PERIODS
(Cumulative)
December
19, 1997
July 1, 1999 (Inception)
to September to September
30, 1999 30, 1999
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (164) $ (523)
Adjustments to Reconcile Net Loss to
net cash used by operating activities
Non-cash items included in loss:
Amortization 20 60
CHANGES IN ASSETS AND LIABILITIES:
Other Assets 0 (1,327)
Liabilities 0 400
------- -------
Cash Provided (Used) in Operations (144) (1,390)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of Common Stock 0 1,500
------- -------
NET INCREASE (DECREASE) IN CASH (144) 110
CASH AT BEGINNING OF PERIOD 254 0
------- -------
CASH AT END OF PERIOD $ 110 $ 110
======= =======
<PAGE>
STATESIDE FUNDINGS, INC.
NOTES TO FINANCIAL STATEMENTS
Unaudited
September 30, 1999
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of Management, all adjustments considered
necessary for a fair presentation have been included. These adjustments were
considered usual and normal in nature. For the period ended September 30, 1999,
the Company had no operational activities other than the preparation for the
public offering as presented in the Balance Sheet. The recovery of assets and
the continuation of the Company as a going concern are dependent upon the
Company's ability to obtain additional financing and upon future profitable
operations. For further information, refer to the financial statements and
footnotes included in the Company's registration statement on Form 10-SB.
<PAGE>
STATESIDE FUNDINGS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
September 30, 1999
At September 30, 1999, the Company's current assets amounted to $110, while
current liabilities amounted to $400.
PART II OTHER INFORMATION
Item 1 Legal Proceedings - None
Item 2 Changes in Securities - None
Item 3 Defaults Upon Senior Securities - None
Item 4 Submission of Matters to a Vote of Securities Holders
- None
Item 5 Other Information - None
Item 6 Exhibits and Reports on Form 8-K - None
<PAGE>
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.
STATESIDE FUNDINGS, INC.
By: /s/ Nachum Blumenfrucht
----------------------------------
Nachum Blumenfrucht
President, Secretary-Treasurer
and Director
Date: November 8, 1999
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> JUL-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 110
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 110
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,377
<CURRENT-LIABILITIES> 400
<BONDS> 0
0
0
<COMMON> 500
<OTHER-SE> 1,000
<TOTAL-LIABILITY-AND-EQUITY> 1,377
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 164
<OTHER-EXPENSES> 164
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 164
<INCOME-TAX> 0
<INCOME-CONTINUING> 164
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 164
<EPS-BASIC> .00
<EPS-DILUTED> .00
</TABLE>
