UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 - SB/A
GENERAL FORM FOR REGISTRATION OF SEURITIES OF MALL BUSINESS ISSUERS Under
Section 12(b) or (g) of the Securities Exchange Act of 1934
Yankee Dynamo Steel, Inc.
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(Name of Small Business Issuer in its charter)
Nevada 88-0408142
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(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
11 Woodlawn Terrace, Huntington, Connecticut 06484
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(Address of principal executive offices) (zip code)
Issuer's telephone number: (203) 929-2892
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Securities to be registered under section 12(b) of the Act:
Title of Each Class Name on each exchange on which
to be so registered each class is to be registered
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Securities to be registered under section 12(g) of the Act:
Common Stock, $.001 par value per share, 20,000,000 shares authorized, 5,546,050
issued and outstanding as of April 15, 1999.
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Part F/S
Item 1. Financial Statements
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<CAPTION>
The following documents are filed as part of this report:
a) Yankee Dynamo Steel, Inc. Page
<S> <C>
Report of James E. Slayton, CPA F-1
Balance Sheet as of February 25, 1999 F-2
Statement of Operations for the period from November 2, 1998 through February
25, 1999 F-3
Statement of Stockholder's Equity for the period from November 2, 1998 through
February 25, 1999 F-4
Statement of Cash Flows for the period from November 2, 1998 through February 25,
1999 F-5
Notes to Financial Statements F-6
b) Interim Financial Statements are not provided at this time as they are
not applicable at this time
c) Financial Statements of Businesses Acquired or to be Acquired are not
provided at this time as they are not applicable at this time
d) Pro-forma Financial Information is not provided at this time as it is
not applicable at this time
Item 2. Changes In and Disagreements With Accountants on Accounting and
Financial Disclosure
None - Not Applicable.
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<PAGE>
James E. Slayton
3607 WEST MARKET STREET
Suite 208
AKRON, OHIO 44333
INDEPENDENT AUDITORS' REPORT
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Board of Directors February 25, 1999
Ukraine Business Corporation (The Company)
Las Vegas, Nevada 89102
I have audited the Balance Sheet of Ukraine Business Corporation .(A
Development Stage Company), as of February 25, 1999 and the related Statements
of Operations, Stockholders' Equity and Cash Flo for the period November 2, 1998
to February 25, 1999. These financial statements are the responsibility of the
Company's management. My responsibility is to express an opinion on these
financial statements based on audit.
I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that I 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 statement presentation. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Ukraine Business
Corporation, (Development State Company), at February 25, 1999, and the results
of its operations and cash flows for the period November 2, 1998 to February 25,
1999, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Company will continue as a going concern. As discussed in Note 3 to the
financial statements, The Company has had limited operations and has not
established a long term source of revenue. This raises substantial doubt about
its ability to continue as a going concern. Management's plan in regard to these
matters are also described in Note 3. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
James E. Slayton, CPA
Ohio License ID# 04-1-15582
F-1
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Ukraine Business Corporation
(A Development Stage Company)
BALANCE SHEET
AS AT
February 25, 1999
ASSETS
Current Asset
14511.00
Cash in Bank 0.00
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Other Current Assets 14511. 00
Total Current Assets
OTHER ASSETS
Investment In Svetlovodsk Corporation 470000.00
Organization Costs not of Amortization 369.00
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Total Other Assets 470369.00
TOTAL ASSETS 484880.00
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LIABILITIES & EQUITY
EQUITY
Capital Stock 5426.00
Additional paid In capital 525984.00
Retained Earnings (46530.00)
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Total Stockholders' Equity 48,4880.00
TOTAL LIABILITIES & OWNER'S EQUITY 484880.00
==========
See accompany notes to financial statements & audit report
F-2
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Ukraine Business Corporation
(A Development Stage Company)
STATEMENT OF OPERATIONS
FOR PERIOD
November 2, 1998 (Inception) to February 25, 1999
REVENUE
Services 0.00
COSTS AND EXPENSES
Selling, General and Administrative 46504.00
Amortization of Organization Costs 26.00
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Total-Costs and Expenses 46530,00
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Net Ordinary Income or (Loss) (46530.00)
=========
Weighted average
number of common
shares outstanding 5,426.050
Net Logs
Per Share (0.0086)
See accompany notes to financial statements & audit report
F-3
<PAGE>
Ukraine Business Corporation
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR PERIOD
November 2, 1998, (Inception) to
February 25, 1999.
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Deficit
accumulated
Additional during
Common Stock paid-in development
Shares Amount capital stage
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<S> <C> <C> <C> <C>
November 3, 1998
issued for cash 2,180,000 2,180.00 5,415.00
December 3, 1998 216,050 216.00 64,599.00
Issued for cash
December 17,1998 30,000 30.00 8,970.00
Issued for cash
Net loss
November 2, 1998
(Inception) to
February 23, 1999 (46,530.00)
February 26, 1999
Issued per asset purchase
agreement 3.000,000 3,000.00 447,000.00
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Balance
February 25, 1999 5.426,050 $5,426.00 $525,984.00 ($46,530.00)
========= ========= =========== ===========
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See accompany notes to financial statements & audit report
F-4
<PAGE>
Ukraine Business Corporation
(A Development Stage Company)
STATEMENT OF CASH FLOWS.
FOR PERIOD
November 2, 1998, (Inception) to February 25, 1999
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<CAPTION>
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 0.00
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Not Cash provided by Operating Activities 0.00
Cash paid to suppliers and employees 46530.00
Increase In current assets 0.00
Increase in other assets 369.00
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Cash disbursed for Operating Activities 46899.00
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Net cash flow provided by operating activities (46899.00)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposit an Asset Purchase Agreement 20000.00
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Net cash used by Investing activities (20000.00)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of Capital Stock 81410.00
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Net cash provided by financing activities 81410.00
Net increase (decrease) In cash 14511.00
Cash and cash equivalents, February 25, 1999 0.00
Cash and cash equivalents, end of year 14511.00
See accompany notes to financial statements & audit report
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F-5
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Ukraine Business Corporation
(A Development Stage Company)
NOTE TO FINANCIAL STATEMENTS
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February 25, 1999
NOTE I - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized November 2, 1998, under the laws of the State
of Nevada, as Ukraine Business Corporation (the Company) has no operations and
in accordance with SFAS #7, the Company is considered a development stage
company.
On November 3, 1998, the company issued 2,180,000 Shares of its $.001
Par value common stock for cash of $7,595.00. On December 3, 1998, the company
conducted a limited public offering of common stock pursuant to Regulation D,
Rule 504 of the Securities Act of 1933 and sold 216,050 shares of its $.001 Par
value common stock for cash of $64,815.00. On December 17, 1998, the company
issued 30,000 shares of its $.001 Par value common stock for cash of $9,000.00.
On February 25, 1999, the Company issued 3,000,000 shares of its $.001
Par value common stock in an asset purchase agreement with Uglefrtprom Ltd., a
Bahamas corporation. The 3,000,000 shares of stock were valued at $450,000.00.
Management based this valuation on $.15 per share. Management reduced the last
issue price of $30 on December 17, 1999 to $.15 based the stock being restricted
for one year.
NOTE 2 - ACCOUNTING POLICIES AND PROCEDURES
Accounting polices and procedures have not been determined except as
follows:
1. The Company uses the accrual method of accounting.
2. The cost of organization, $395.00, is being amortized over a period
of 60 months (November 2, 1998 through October 31, 2003)
3, Earnings per share is computed using the weighted average number of
shares of common stock outstanding.
4. The Company has not yet adopted any policy regarding payment of
dividends. No dividends have been paid since inception.
5. The Company has adopted the cost method of accounting for its
investment in Svetlovodsk Corporation.
NOTE 3 - GOING CONCERN
The Company's financial statements are prepared using the generally
accepted accounting principles applicable to a going concern, which contemplates
the realization of assets and liquidation of liabilities in the normal course of
business. The Company has entered into an asset purchase agreement which will
provide a revenue stream.
F-6
<PAGE>
Ukraine Business Corporation
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
-----------------------------
February 25, 1999
NOTE 4 - RELATED PARTY TRANSACTION
The Company neither owns or leases any real or personal property.
Office services are provided without charge by a director. 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 involved in other business
opportunities. If a specific business opportunity becomes available, such
persons may face a conflict in selecting between the Company and their other
business interests. The Company has not formulated a policy for the resolution
of such conflicts.
NOTE 5 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to acquire any additional shares of
common stock.
F-7
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SIGNATURES
In accordance with Section 12 of the Securities Exchange Act of 1934,
the registrant caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized.
Yankee Dynamo Steel, Inc.
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(Registrant)
Date: April 27, 1999
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By: /s/ David Beatty
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David Beatty, Chairman of the Board, President and Chief Executive Officer
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By: /s/ Paul Waters
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Paul Waters, Director, Vice President, CFO, Secretary/Treasurer
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