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
February 29, 2000 0-25591
Relocate 411.com , Inc
Formerly known as Stateside Fundings, Inc.
(Exact Name of Registrant as Specified in its Charter)
New York 11-3506899
(State of Other Jurisdiction of I.R.S. Employer
Incorporation or Organization) Identification No.
One Penn Plaza - Suite 4429
New York NY 10119
(Address of Principal Executive Offices) Zip Code
Registrant's Telephone Number, Including Area Code (212) 268-5132
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, 12,150,000
(Title of Class) (Shares outstanding at
February 29, 2000
<PAGE>
Relocate 411.com, Inc
Formerly known as Stateside Fundings, Inc.
FORM 10Q
THREE MONTHS ENDED FEBRUARY 29, 2000
INDEX
Page
----
PART I FINANCIAL INFORMATION
ITEM 1 Balance Sheet, February 29, 2000 2
Statement of Income & Expenses
February 29, 2000 3
Statement of Cash Flows
February 29, 2000 4
Notes to Financial Statements 5
Management's Discussion and
Analysis of Results of Operations 6
PART II Other Information - Items 1-6 7
Signatures 8
<PAGE>
Relocate 411.com, Inc
Formerly known as Stateside Fundings, Inc.
(A development stage company)
BALANCE SHEET
Unaudited
<TABLE>
<CAPTION>
ASSETS
February November
29, 2000 30, 1999
---------- --------
<S> <C> <C>
Current Assets:
Cash ................................................... $1,271,427 $ 1,350
---------- --------
Total Current Assets ............................ $1,271,427 1,350
---------- --------
Property and Equipment
Computers-Net of Depreciation .......................... 9,739
----------
Total Property and Equipment .................... 9,739
Other Assets:
Organization Expense-Net of Amortization ............... 300 320
---------- --------
Total Other Assets .............................. 300 320
---------- --------
TOTAL ASSETS .................................... $1,281,466 1,670
========== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accrued Expenses ....................................... $ 1,025 400
---------- --------
Stockholder's Equity:
Common Stock, par value $.0001; authorized
shares, issued and outstanding, 12,150,000
shares February 29, 2000 ............................... 1,215 500
Preferred Stock, par value $.0001; authorized
10,000,000 shares, none issued and outstanding ......... 0
Additional Paid-In Capital ............................. 1,355,608 2,073
Deficit Accumulated During Development Stage ........... 76,382 (1,303)
---------- --------
TOTAL STOCKHOLDER'S EQUITY ...................... 1,280,441 1,270
---------- --------
TOTAL LIABILITIES AND STOCKHOLDER'S
EQUITY ......................................... $1,281,466 1,670
========== ========
</TABLE>
<PAGE>
Relocate 411.com, Inc
Formerly known as Stateside Fundings, Inc.
(A development stage company)
STATEMENT OF INCOME AND EXPENSES
UNAUDITED FOR THE PERIODS
<TABLE>
<CAPTION>
THREE MONTHS ENDED THREE MONTHS ENDED
February 29, 2000 February 28, 1999 Inception thru 2/29/00
----------------- ----------------- ----------------------
<S> <C> <C> <C>
Revenues 0 0 0
Expenses
Travel 1,000
Meals & Entertainment 55
Salary 49,911
Legal Fees 870
Other Professional Fees 3 1,045
Automobile Expenses 704
Insurance 1,863
Office ExpenBe 6,398
Office Supplies 1,604
Outside Services 50
Postage 29
Rent 4,000
Taxes - Corporate 625
Taxes - Payroll 4,716
Telephone 127
Business Expense 867
Amortization Expense 20 80
Other Expenses 1,350 45 180
Depreciation 885
---------- --- ------
Total Expenses 75,077 45 1,303
Net Income (75,077) (45) (76,382)
Net (loss) per share of common 0 0 0
stock based upon 7,706,227 and 500
(weighted average) shares issued,
respectively
</TABLE>
<PAGE>
Relocate 411.com Inc
Formerly known as Stateside Fundings, Inc.
(A development stage company)
STATEMENT OF CASH FLOWS
Unaudited
FOR THE PERIODS
February 29, February 28,
2000 1999
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $(75,077) $ (523)
Adjustments to Reconcile Net Loss to
net cash used by operating activities
Non-cash items included in loss:
Amortization and Depreciation 903 --
CHANGES IN ASSETS AND LIABILITIES:
Accounts Payable 1,090 --
---------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (10,624) --
Cash Provided (Used) in Operations (83,780) --
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from private placement 1,353,785 --
---------- -------
NET INCREASE (DECREASE) IN CASH 1,270,077 --
CASH AT BEGINNING OF PERIOD 1,350 --
---------- -------
CASH AT END OF PERIOD $1,271,427 $ --
========== =======
<PAGE>
Relocate 411.com Inc
Formerly known as Stateside Fundings, Inc.
NOTES TO FINANCIAL STATEMENTS
Unaudited
February 29, 2000
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 February 29, 2000,
the Company had no operational activities other than the preparation of the
information that will appear on the website and the development of that website.
For further information, refer to the financial statements and footnotes
included in the Company's registration statement on Form 10-SB.
<PAGE>
Relocate 411.com, Inc
Formerly known as Stateside Fundings, Inc.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
February 29, 2000
Management Discussion & Analysis
Relocate 411.com, inc. is a development stage company. Presently, the company
maintains in excess of $1 million in cash or cash equivalents. We anticipate
using these funds to begin construction of our web site, launch a marketing
campaign, as well as for general corporate purposes and working capital.
We cannot assure you that there will be a market for our services, or that we
will be able to successfully implement our plan. The Company anticipates
substantial capital and other expenditures during the year 2000. The Company
will require additional funds in connection with the implementation of its
business plan. There is no assurance we will be able to obtain funding on terms
favorable to us if at all. If the Company cannot obtain additional financing, it
may have to curtail some additional activities.
At February 29, 2000, the Company's current assets amounted to $1,271,427,
while current liabilities amounted to $1,025. The current assets consists of
cash received in a private placement dated January 26, 2000. Proceeds were
exchanged for 5,115,000 common stock and 5,115,000 common stock purchase
warrants issued to subscribers and placement agents.
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/ Darrell Lerner
----------------------------------
Darrell Lerner
President
Date: April 14, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> JUN-01-1999
<PERIOD-END> AUG-31-1999
<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>
