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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1999
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( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File number 0-25763
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VIS OPPS MARKETING INC.
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(Exact name of registrant as specified in charter)
Nevada 98-019-9126
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Suite 39 7179 18th Avenue
Vancouver, B.C., Canada V3N 1H2
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(Address of principal executive offices) (Zip Code)
1-604-688-3931
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Registrants telephone number, including area code
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(Former name, address, and fiscal year, if changed since last report)
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), Yes [X] No [ ] and ( ) has been
subject to filing requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuers classes of
common stock, as of the last practicable date.
Class Outstanding as of July 19, 1999
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Common Stock, par value $0.001 per share 10,442,500
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<PAGE>
INDEX
Page
PART 1. Number
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ITEM 1. Financial Statements (unaudited).................... 3
Balance Sheet as at April 30, 1999 ................. 4
Statement of Operations
For the three months ended April 30, 1999 and for
the period from November 24, 1998 (Date of
Incorporation) to April 30, 1999............. 5
Statement of Changes in Shareholders Equity
For the period from November 24, 1998 (Date of
Incorporation) to April 30, 1999............ 6
Statement of Cash Flows
For the three months ended April 30, 1999 and for
the period from November 24, 1998 (Date of
Incorporation) to April 20, 1999............ 7
Notes to the Financial Statements.................. 8
ITEM 2. Plan of Operations................................. 11
PART 11 Signatures......................................... 12
2
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PART 1 FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS
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The accompanying balance sheet of Vis Opps Marketing Inc. (a development stage
company) at April 30, 1999 and the statement of operations and statement of cash
flow for the three months ended April 30, 1999 and for the period from November
24, 1998 (date of incorporation) to April 30, 1999 and the statement of
stockholders equity for the period from November 24, 1998 (date of
incorporation) to April 30, 1999 have been prepared by the Companys management
and they do not include all information and notes to the financial statements
necessary for a complete presentation of the financial position, results of
operations, cash flows, and stockholders equity in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature.
Operating results for the quarter ended April 30, 1999, are not necessarily
indicative of the results that can be expected for the year ending October 31,
1999.
3
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VIS OPPS MARKETING INC.
(A Development Stage Company)
BALANCE SHEET
April 30, 1999
(Unaudited - Prepared by Management)
ASSETS
CURRENT ASSETS
Bank $ 23,150
=========
LIABILITIES
Accounts payable and accrued liabilities $ 3,834
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STOCKHOLDERS EQUITY
Common stock
200,000,000 shares authorized, at $0.001 par
value, 10,442,500 shares issued and outstanding 10,443
Capital in excess of par value 17,327
Deficit accumulated during the development stage (8,454)
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Total Stockholders Equity 19,316
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$ 23,150
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The accompanying notes are an integral part
of these unaudited financial statements.
4
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VIS OPPS MARKETING INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
For the three months ended April 30, 1999 and for period from
November 24, 1998 (Date of Inception) to April 30, 1999
(Unaudited - Prepared by Management)
<TABLE>
<CAPTION>
FOR THE THREE FROM INCEPTION
MONTHS ENDED TO
APRIL 30, 1999 APRIL 30, 1999
-------------- --------------
<S> <C> <C>
SALES $ -- $ --
---------- ----------
GENERAL AND ADMINISTRATIVE EXPENSES:
Accounting and audit 1,550 2,000
Bank charges and interest 124 124
Incorporation costs written-off -- 670
Legal -- 2,500
Office expenses 445 451
Transfer agents fees 1,509 2,709
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NET LOSS $ 3,628 $ 8,454
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NET LOSS PER COMMON SHARE
Basic $ 0.0004 $ 0.001
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AVERAGE OUTSTANDING SHARES
Basic 9,881,712 5,584,000
========== ==========
</TABLE>
The accompanying notes are an integral part
of these unaudited financial statements.
5
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VIS OPPS MARKETING INC.
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
For the period from November 24, 1998 (Date of Inception)
to April 30, 1999
(Unaudited - Prepared by Management)
<TABLE>
<CAPTION>
CAPITAL IN
COMMON STOCK EXCESS OF ACCUMULATED
SHARES AMOUNT PAR VALUE DEFICIT
------ ------ --------- -------
<S> <C> <C> <C>
BALANCE NOVEMBER 24, 1998 (date of inception) -- $ -- $ -- $ --
Issuance of common shares for cash at
$0.001 February 1, 1999 4,500,000 4,500 -- --
Issuance of common shares for cash at
$0.002 February 8, 1999 5,885,000 5,885 5,885 --
Issuance of common shares for cash at
$0.20 February 23, 1999 57,500 58 11,442 --
Net operating loss for the period from
November 24, 1998 to April 30, 1999 -- -- -- (8,454)
---------- ----------------------- --------
BALANCE APRIL 30, 1999 10,442,500 $ 10,443 $ 17,327 $ (8,454)
========== ========= ========= ========
</TABLE>
The accompanying notes are an integral part
of these unaudited financial statements.
6
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VIS OPPS MARKETING INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
For the three months ended April 30, 1999 and for the period from
November 24, 1998 (Date of Inception) to April 30, 1999
(Unaudited - Prepared by Management)
<TABLE>
<CAPTION>
FOR THE THREE FROM INCEPTION
MONTHS ENDED TO
APRIL 30, 1999 APRIL 30, 1999
-------------- --------------
<S> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net loss $ (3,628) $ (8,454)
Adjustments to reconcile net loss to net cash
provided by operating activities:
(Decrease) increase in accounts payable (992) 3,834
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Net Cash from Operations (4,620) (4,620)
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CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of common stock 27,770 27,770
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Net Increase in Cash 23,150 23,150
Cash at Beginning of Period -- --
------ ------
CASH AT END OF PERIOD $ 23,150 $ 23,150
========== ============
</TABLE>
The accompanying notes are an integral part
of these unaudited financial statements.
7
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VIS OPPS MARKETING INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
April 30, 1999
(Unaudited - Prepared by Management)
1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on
November 24, 1998 with the authorized common shares of 200,000,000
shares at $0.001 par value.
The Company was organized for the purpose of marketing a unique form of
advertising affordable to the self-employed and other small businesses
by the use of a dispensary board system.
Since inception the company has completed Regulation D offerings of
5,942,500 shares of its common capital stock for cash.
The Company is in the development stage.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
The Company recognizes income and expenses based on the accrual method
of accounting.
Dividend Policy
The Company has not yet adopted a policy regarding payment of dividends.
Income Taxes
The Company has elected a fiscal year of October 31 but has not
completed a full operating period and therefore has not filed any income
tax returns.
Earning (Loss) per Share
Earning (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding using the treasury stock
method in accordance with FABS Statement No. 128.
Cash and Cash Equivalents
The Company considers all highly liquid instruments purchased with a
maturity, at the time of purchase, of less than three months, to be cash
equivalents.
8
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VIS OPPS MARKETING INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
April 30, 1999
(Unaudited - Prepared by Management)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Foreign Currency Translation
The translations of the Company completed in Canadian dollars have been
translated to US dollars. Assets and liabilities are translated at the
year end exchange rates and the income and expenses at the average rates
of exchange prevailing during the period reported on.
Financial Instruments
The carrying amounts of financial instruments, including cash and
accounts payable are considered by management to be their estimated fair
values. These values are not necessarily indicative of the amounts that
the Company could realize in a current market exchange.
Estimates and Assumptions
Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting principles.
Those estimated and assumption affect the reported amounts of the assets
and liabilities, the disclosure of contingent assets and liabilities,
and the reported revenues and expenses. Actual results could vary from
the estimates that were assumed in preparing these financial statements.
3. RELATED PARTY TRANSACTIONS
Related parties acquired 43% of the common shares issued for cash.
The officers and directors of the Company are involved in other business
activities and they may, in the future, become involved in additional
business ventures which also may require their attention. If specific
business opportunities become available, such persons may face a
conflict in selecting between the Company and their other business
interests. The Company has formulated no policy for the resolution of
such conflicts.
9
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VIS OPPS MARKETING INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
April 30, 1999
(Unaudited - Prepared by Management)
4. GOING CONCERN
Continuation of the Company as a going concern is dependent upon
obtaining additional working capital and the management of the Company
has developed a strategy, which it believes will accomplish this
objective through additional equity funding, and long term financing,
which will enable the Company to operate in the future.
Management recognizes that, if it is unable to raise additional capital,
the Company cannot operate in the future.
10
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ITEM 2. PLAN OF OPERATIONS
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The Company will concentrate its efforts in the immediate future in the
development of its unique dispensary board system whereby it will establish
various locations in the Vancouver, British Columbia, Canada. To date the
Company does not have any revenue from its concept and there is no guarantee
that it will ever develop its concept whereby it will realize a profit. Without
future financing the Company will not be able to develop its concept which might
may mean the termination of the Company as a going concern.
Liquidity and Capital Resources
The Company will need additional working capital to finance its activities. The
directors and officers of the Company are prepared to offer interim financing
but to ensure the future success of the Company funds will have to be obtained
from other sources. As at April 30, 1999, the Company had $23,150 in cash in the
bank and $3,834 in accounts payable and accrued liabilities.
Results of Operations
The Company has had no operations during this reporting period.
11
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VIS OPPS MARKETING INC.
(Registrant)
July 19, 1999 /s/ Edison Ho
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Date Edison Ho - President and Director
July 19, 1999 /s/ William Wrixon
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Date William L. Wrixon Director
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