SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For Quarter Ended: September 30, 1999; or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period _________ to __________
Commission File Number: 000-26139
GLOBAL-LINK ENTERPRISES, INC.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
NEVADA 91-1937382
- ------------------------------ -----------------------
State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3633 Camino Del Rio South, #107., San Diego, CA 92108
- ---------------------------------------------------- ------------------------
(Address of principal executive offices) Zip Code)
(619) 584-3100
----------------------------------------------------
(Registrant's telephone number, including area code)
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 a
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
On September 30, 1999 there were 11,256,600 shares of the registrant's
Common Stock $0.05 par value, issued and outstanding.
Transitional Small Business Disclosure Format: Yes [ ] No [X]
This Form 10-QSB has 17 pages, the Exhibit Index is located at page 16.
<PAGE>
Item 1. Financial Statements.
The financial statements included herein have been prepared by the Company,
without audit pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosure normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are adequate to
make the information presented not misleading.
In the opinion of the Company, all adjustments, consisting of only normal
recurring adjustments, necessary to present fairly the financial position of the
Company as of September 30, 1999 and the results of its operations and changes
in its financial position from inception through September 30, 1999 have been
made. The results of operations for such interim period is not necessarily
indicative of the results to be expected for the entire year.
Index to Financial Statements
-----------------------------
Page
----
Consolidated Balance Sheets ............................................. 3
Consolidated Statements of Operations ................................... 5
Consolidated Statements of Stockholders' Equity (Deficit) ............... 6
Consolidated Statements of Cash Flows ................................... 7
Notes to the Consolidated Financial Statements .......................... 9
All other schedules are not submitted because they are not applicable or
not required or because the information is included in the financial statements
or notes thereto.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
2
<PAGE>
GLOBAL-LINK ENTERPRISES, INC.
(A Development Stage Company)
Balance Sheets
ASSETS
------
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
--------------- --------------
(Unaudited)
<S> <C> <C>
CURRENT ASSETS
Cash $ 49 $ 5,975
Accounts receivable 6,857 -
Other 3,000 -
--------------- ---------------
Total Current Assets 9,906 5,975
--------------- ---------------
FIXED ASSETS
Computer (net) 1,458 -
--------------- ---------------
Net Fixed Assets 1,458 -
--------------- ---------------
OTHER ASSETS
Organization costs (net) - 348
Website development (net) 14,187 4,500
--------------- ---------------
Total Other Assets 14,187 4,848
--------------- ---------------
TOTAL ASSETS $ 25,551 $ 10,823
=============== ===============
The accompanying notes are an integral part of these financial statements.
</TABLE>
3
<PAGE>
GLOBAL-LINK ENTERPRISES, INC.
(A Development Stage Company)
Balance Sheets (Continued)
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
----------------------------------------------
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
--------------- --------------
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 2,224 $ 7,500
--------------- ---------------
Total Current Liabilities 2,224 7,500
--------------- ---------------
LONG-TERM LIABILITIES
Due to shareholder - 360
Notes payable 37,572 -
--------------- ---------------
Total Long-Term Liabilities 37,572 360
--------------- ---------------
Total Liabilities 39,796 7,860
--------------- ---------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $0.001 par value, 5,000,000
shares authorized; -0- shares issued and
outstanding - -
Common stock, $0.001 par value, 20,000,000
shares authorized; 11,256,600 and 10,731,600
shares issued and outstanding, respectively 11,257 10,732
Additional paid-in capital 59,373 33,648
Stock subscription receivable - (16,192)
Accumulated deficit (84,875) (25,225)
--------------- ---------------
Total Stockholders' Equity (Deficit) (14,245) 2,963
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) $ 25,551 $ 10,823
=============== ===============
The accompanying notes are an integral part of these financial statements.
</TABLE>
4
<PAGE>
GLOBAL-LINK ENTERPRISES, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
From Inception
of the
Development
For the For the Stage on
Nine Months Three Months November 20,
Ended Ended 1998 Through
September 30, September 30, September 30,
1999 1999 1999
--------------- -------------- ---------------
(Unaudited)
<S> <C> <C> <C>
REVENUES
Services $ 7,913 $ - $ 7,913
--------------- --------------- ---------------
Total Revenues 7,913 - 7,913
--------------- --------------- ---------------
EXPENSES
General and administrative 64,913 10,108 90,096
Depreciation and amortization 2,650 768 2,692
--------------- --------------- ---------------
Total Expenses 67,563 10,876 92,788
--------------- --------------- ---------------
(LOSS) FROM OPERATIONS (59,650) (10,876) (84,875)
--------------- --------------- ---------------
(LOSS) BEFORE INCOME TAXES (59,650) (10,876) (84,875)
INCOME TAX EXPENSE - - -
--------------- ---------------
NET (LOSS) $ (59,650) $ (10,876) $ (84,875)
=============== =============== ===============
BASIC INCOME (LOSS) PER SHARE $ (0.01) $ (0.00)
=============== ===============
WEIGHTED AVERAGE SHARES
OUTSTANDING 11,125,350 10,994,100
=============== ===============
The accompanying notes are an integral part of these financial statements.
</TABLE>
5
<PAGE>
GLOBAL-LINK ENTERPRISES, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
<TABLE>
<CAPTION>
Common Stock Additional
----------------------------------- Paid-in Subscription Accumulated
Shares Amount Capital Receivable Deficit
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
Balance at inception on
November 20, 1998 - $ - $ - $ - $ -
Issuance of common capital stock
for cash at $0.001 per share -
November 20, 1998 10,200,000 10,200 100 - -
Issuance of common capital stock
for cash at $0.05 per share -
December 23, 1998 531,600 532 26,048 (16,192) -
Capital contributed by shareholder - - 7,500 - -
Net loss for the year ended
December 31, 1998 - - - - (25,225)
--------------- --------------- --------------- --------------- ---------------
Balance, December 31, 1998 10,731,600 10,732 33,648 (16,192) (25,225)
Issuance of common capital stock
for debt at $0.05 per share -
February 4, 1999 500,000 500 24,500 - -
Receipt of stock subscription
receivable (unaudited) - - - 16,192 -
Issuance of common stock
for services at $0.05 per share -
April 6, 1999 (unaudited) 25,000 25 1,225 - -
Net loss for the nine months ended
September 30, 1999 (unaudited) - - - - (59,650)
--------------- --------------- --------------- --------------- ---------------
Balance, September 30, 1999 11,256,600 $ 11,257 $ 59,373 $ - $ (84,875)
=============== =============== =============== =============== ===============
The accompanying notes are an integral part of these financial statements.
</TABLE>
6
<PAGE>
GLOBAL-LINK ENTERPRISES, INC.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
From Inception
of the
Development
For the For the Stage on
Nine Months Three Months November 20,
Ended Ended 1998 Through
September 30, September 30, September 30,
1999 1999 1999
--------------- -------------- ---------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss) $ (59,650) $ (10,876) $ (84,875)
Adjustments to reconcile net income
(loss) to net cash used in operating
activities:
Depreciation and amortization 2,650 768 2,662
Issuance of stock for services 1,250 - 1,250
Changes in assets and liabilities:
(Increase) decrease in accounts
receivable (6,857) 543 (6,857)
(Increase) decrease in prepaid
expenses and other current assets (3,000) (525) (3,000)
Increase (decrease) in accounts
payable (5,276) (6,075) (2,224)
--------------- --------------- ---------------
Net Cash (Used) by Operating
Activities (70,883) (16,165) (93,044)
--------------- --------------- ---------------
CASH FLOWS FORM INVESTING
ACTIVITIES:
Website development (11,863) (2,341) (16,363)
Purchase of fixed assets (1,584) (98) (1,682)
--------------- --------------- ---------------
Net Cash (Used) by Investing
Activities $ (13,447) $ (2,439) $ (18,045)
--------------- --------------- ---------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
7
<PAGE>
GLOBAL-LINK ENTERPRISES, INC.
(A Development Stage Company)
Statements of Cash Flows (Continued)
(Unaudited)
<TABLE>
<CAPTION>
From Inception
of the
Development
For the For the Stage on
Nine Months Three Months November 20,
Ended Ended 1998 Through
September 30, September 30, September 30,
1999 1999 1999
--------------- -------------- ---------------
(Unaudited)
<S> <C> <C> <C>
CASH FLOWS FROM FINANCING
ACTIVITIES:
Cash contributed by shareholders $ - $ - $ 7,500
Loans from related parties - - 360
Principal payments on loans from
related parties (360) - (360)
Long-term debt proceeds 62,572 18,452 66,758
Subscription receivable 16,192 - 16,192
Issuance of common stock - - 20,688
--------------- --------------- ---------------
Net Cash Provided by Financing
Activities 78,404 18,452 111,138
--------------- --------------- ---------------
NET INCREASE (DECREASE) IN CASH (5,926) (152) 49
CASH AT BEGINNING OF PERIOD 5,975 201 -
--------------- --------------- ---------------
CASH AT END OF PERIOD $ 49 $ 49 $ 49
=============== ============== ===============
CASH PAID FOR:
Interest expense $ - $ - $ -
Income taxes $ - $ - $ -
NON-CASH FINANCING ACTIVITIES:
Issuance of stock for notes payable $ 25,000 $ 25,000 $ 25,000
The accompanying notes are an integral part of these financial statements.
</TABLE>
8
<PAGE>
GLOBAL-LINK ENTERPRISES, INC.
(A Development Stage Company)
Notes to the Financial Statements
September 30, 1999 and December 31, 1998
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the Company
without audit. In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the
financial position, results of operations and cash flows at September 30,
1999 and 1998 and for all periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's December 31, 1998
audited financial statements. The results of operations for periods ended
September 30, 1999 and 1998 are not necessarily indicative of the operating
results for the full years.
NOTE 2 - GOING CONCERN
The Company's financial statements are prepared using 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. However, the Company does not have significant cash or other
material assets, nor does it have an established source of revenues
sufficient to cover its operating costs and to allow it to continue as a
going concern. The stockholders have committed to covering the operating
costs of the Company.
9
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The following discussion and analysis should be read together with the
Consolidated Financial Statements of Global-Link Communications and the notes to
the Consolidated Financial Statements included elsewhere in this Form 10-QSB.
This discussion summarizes the significant factors affecting the
consolidated operating results, financial condition and liquidity and cash flows
of Global-Link Enterprises Inc. for the nine months ending September 30, 1999.
Except for historical information the matters discussed in this Management's
Discussion and Analysis of Financial Condition and Result of Operations are
forward looking statements that involve risks and uncertainties and are based
upon judgments concerning various factors that are beyond our control. Actual
results could differ materially from those projected in the forward looking
statements as a result of among other things, the factors described below under
the caption "Cautionary Statements and Risk Factors."
Overview
--------
Global-Link Enterprises for the past nine months, has focused on the
development, design and creation of our news oriented website, targeting the
multilevel marketing industry. We are in the process of creating an environment
to support website design and development; website hosting; ISP services;
e-commerce, residential and small business communications, and a real-time media
content and advertising format. We are in the process of creating marketing
demos, pursuing strategic alliances, and pursuing capital funding to support
this new initiative.
Global-Link Enterprises is in the early stages of development and face
risks inherent in establishing a new business thus the results of operations
must be considered in light of the expenses and difficulties encountered by
companies at this stage of development .
Start-up internet companies typically require substantial capital
expenditures for the construction of their websites and corporate
infrastructure. These costs are generally capitalized. In addition these
companies typically incur significant marketing and other expenses to begin
commercial operations. Accordingly, as Global-Link Enterprises continue to
build-out their website, expand their operations, and amortize their capitalized
costs, their net operating losses can be expected to grow.
On February 4, 1999, the Company completed an offering of shares of common
stock of the Company pursuant to Regulation D, Rule 504 of the Securities Act of
1933, as amended, whereby it sold 500,000 shares of the Common Stock of the
Company. The Company received $25,000 and used the money primarily to pay the
salaries of their development employees.
On April 6, 1999, the Company issued 25,000 shares of stock valued at
$1,250 and used the money to pay for some of the development cost of the
website.
NINE MONTHS ENDED SEPTEMBER 30, 1999.
- -------------------------------------
Global-Link Enterprises net loss during the three and nine months ended
September 30, 1999 was $10,876 and $59,650, respectively with a total net loss
of $84,875 from inception the company November 20, 1998. These losses were
primarily the result of substantial start-up costs associated with Global-Link
Enterprises website and corporate development described below.
TOTAL REVENUES for the three month period ending September 30, 1999 was non
existent. For the nine months ended September 30, 1999 there was $7,913. The
primary contribution to the absence of significant revenue was primarily due to
the focus of management to the development of the Company's website and
corporate infrastructure.
OPERATING EXPENSES were $10,876 and $67,563, respectively for the three and
nine month periods ended September 30, 1999. From inception to September 30,
1999 the company has incurred total expenses of $92,788. These operating
expenses were incurred for the increased staffing and development activity
related to the creation of the companies website "MLM News World Today".
Global-Link Enterprises expects that the general and administrative expenses
will continue to increase and that the amounts primarily are not representative
of general and administrative expenses it will incur in future periods due to
the pending acquisitions of People's United Capital Financial, Inc. and
Global-Link Communications Inc. Global-Link Enterprises also expects that it
will continue to add managerial personnel as it expands its involvement with
e-commerce and website and ISP development.
10
<PAGE>
Depreciation and amortization expenses during the three and nine months
ended September 30, 1999 totaled $768 and $2,650 respectively. These expenses
were incurred for office equipment as part of the initial website development
and can be expected to increase with additionas to staff and implementations of
web and ISP services.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Company's primary needs for funds are to provide working capital
associated with the development of it's website and ancillary web services.
Specifically, funds are required to complete the products necessary for the
Company's Internet initiative. Additionally, funds are required to promote
future business development. Working capital for the nine months ended September
30, 1999 was funded primarily through company's initial stock offering.
Net cashed used in operating activities during the nine months ended
September 30, 1999 was primarily attributable to a net loss of $59,650. Net cash
used in investing activities in the nine months ended September 30, 1999 was due
primarily to costs associated with Website development. Net cash provided by
financing activities for the three and nine months ended September 30, 1999 was
$2,439 and $13,447 respectively with a total, from inception of the development
stage on November 20, 1998 through September 30, 1999 of $18,045.
At present, our anticipated capital commitments are primarily for the
expenditures associated with the development of our infrastructure, pursuing of
strategic alliances, acquisitions and the pursuit of capital funding. Based on
our current operating plan, we anticipate that further capital will be required
during the next twelve months to satisfy our expected increased working capital
and research and development requirements for the new website and services. We
currently are exploring the possibility of conducting a private offering
pursuant to Regulation D, Rule 505 or 506. Additionally the management may
provide additional equity loans to operate the company. No assurance can be
given that additional funds will be made available when needed. If needed funds
are not available, we may be required to curtail our development plans, which
could have a material adverse effect on our business, operating results and
financial condition. There can be no assurance that our working capital
requirements during this period will not exceed its available resources or that
these funds will be sufficient to meet the Company's long-term cash requirements
for operations.
11
<PAGE>
CAUTIONARY FORWARD - LOOKING STATEMENT
- --------------------------------------
Statements included in this Management's Discussion and Analysis of
Financial Condition and Results of Operations, and in future filings by the
Company with the Securities and Exchange Commission, in the Company's press
releases and in oral statements made with the approval of an authorized
executive officer which are not historical or current facts are "forward-looking
statements" made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and are subject to certain risks and
uncertainties that could cause actual results to differ materially from
historical earnings and those presently anticipated or projected. The Company
wishes to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
YEAR 2000 ISSUES
- ----------------
The Year 2000 presents concerns for business and consumer computing. Aside
from the well-known problems with the use of certain 2-digit date formats as the
year changes from 1999 to 2000, the Year 2000 is a special case leap year, and
dates such as 9/9/99 were used by certain organizations for special functions.
The problem exists for many kinds of software and hardware, including
mainframes, mini-computers, PCs, and embedded systems. The consequences of the
Year 2000 issue may include systems failures and business process interruption.
Even though none of the Company's products use dates, and therefore there
are no Year 2000 issues over which the Company has direct control, the Company
is continuing to test its products and gather and produce information about the
Company impacted by the Year 2000 transition.
The Year 2000 issue also affects the Company's internal systems, such as
billing and word processing. The Company is assessing the readiness of its
systems for handling the Year 2000, and has started the remediation and
certification process. Although assessment, testing, and remediation is still
underway, management currently believes that all material systems will be
compliant by the Year 2000 and that the cost to address the issues is not
material. Nevertheless, the Company will be creating contingency plans for
critical processes that rely on internal systems.
Given that the Company's products operate on certain hardware platforms and
within certain software operating systems and environments, the Company must
rely upon the efforts of the hardware and software vendors and manufacturers to
be in the vanguard with respect to issues relating to the Year 2000 compliance.
The Company is undertaking steps to identify and assess whether hardware and
software vendors and manufacturers have brought their products into Year 2000
compliance, or if any of its customers, suppliers or service providers will be
so affected. The Company will with its key vendors, distributors, and direct
re-sellers to avoid any business interruptions in 2000. Failure of the Company's
software resulting from a hardware or software vendor to be Year 2000 compliant,
or that of its customers, suppliers or service providers could have a material
adverse impact on the Company's business, financial condition and result of
operations.
12
<PAGE>
RISK FACTORS
- ------------
Several of the matters discussed in this document contain forward-looking
statements that involve risks and uncertainties. Factors associated with the
forward-looking statements that could cause actual results to differ materially
from those projected or forecast appear in the statements below. In addition to
other information contained in this document, readers should carefully consider
the following cautionary statements and risk factors:
If we are unable to raise sufficient capital. Our future success depends
largely on the ability to secure additional capital funding. Required, product
development, technology advancement, employee recruitment and hiring, and
related essential operating expenses are all dependent on new and substantial
capital funding being secured. We cannot be certain that additional financing
will be available at the time we need additional funds or that, if available, it
can be obtained on terms that we deem favorable. If adequate capital funding
cannot be secured, we will have to curtail operations and our business will be
adversely affected. Additionally, the sale of stock to raise additional funds
may dilute our stockholders.
We have a limited relevant operating history upon which to evaluate the
likelihood of our success. Factors such as the risks, expenses and difficulties
frequently encountered in the operation and expansion of a relatively new
business and the development and marketing of new products must be considered in
evaluating the likelihood of success of our company.
We have a history of losses and accumulated deficit and this trend of
losses may continue in the near future. For the period January 1, 1999 to
September 30, 1999 we incurred a net loss of $84,875. For the fiscal year ended
December 31, 1998 we had a net loss of $25,225. At September 30, 1999 our
accumulated deficit was $110,100. Our ability to obtain and sustain
profitability will depend, in part, upon the successful development and
marketing of our existing products and technologies and the successful and
timely introduction of new products.
We will have to rapidly expand our capabilities, once capital funding is
secured, in order to successfully pursue our Internet marketing strategy. Our
capabilities will be expanded by combining internal staffing with the formation
of strategic partnerships and with the selection of outside contractors. If we
are either unable to identify or to secure these resources in a timely fashion,
our future results will be adversely affected.
If we are unable to retain and utilize key personnel. As an early stage
company, we are particularly dependent on a limited number of individuals to
execute our business plan. At present, all our officers and directors fall in to
the category of key individuals as each is counted upon for contributions to our
success.
If we are unable to manage our expansion and growth. We are planning to
expand the business very rapidly in order to entrench ourselves in, what we
believe is a very lucrative market. Effectively managing this expansion will be
very complex and require the addition of key management personnel as well as the
incorporation of management support systems. Either the failure to identify and
attract key managers or the delayed incorporation of required management support
systems will adversely affect our future financial results. The successful
recruitment of key managers and the timely installation of management support
systems are both largely dependent on our efforts to secure adequate capital
funding that is discussed above.
13
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
During the period covered by this report there are no legal proceedings
against the Company and the Company is unaware of any unasserted claim or
assessment, which will have a material effect on the financial position or
future operations of the Company.
Item 2. Changes In Securities.
Not Required.
Item 3. Defaults Upon Senior Securities.
Not Required.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
In the Company's Form 10-QSB for the period ended June 30, 1999, the
Company reported that a Web Site Services and Marketing Agreement with Janeva
Corporation was attached thereto as Exhibit 10.01. This was in error. There is
no written Web Site Services and Marketing Agreement with Janeva
Additionally, the Form 10-QSB for the period ended June 30, 1999 also
stated that an Option agreement between Frank Treadway III and the Company was
attached as Exhibit 29.01. This also was in error. There is no such option.
The Company will be filing amended reports for these periods to correct
these errors.
Lease Agreement - Warehouse
---------------------------
On May 3, 1999 the Company entered into a five-year lease agreement with
Octavio and Leticia Sanchez for a 10,000 square foot warehouse in Chula Vista,
California. A copy of the Lease Agreement between the Company and Octavio and
Leticia Sanchez is attached hereto and incorporated herein reference. See
Exhibit List Index.
Sublease Agreement - Warehouse
------------------------------
On May 3, 1999 the Company entered into a five-year sublease agreement with
Direct Technologies, Inc. d/b/a California Pacific Trading Co, Inc. for a 10,000
square foot warehouse in Chula Vista, California. A copy of the Lease Agreement
between the Company and Direct Technologies Inc., d/b/a California Pacific
Trading Co., Inc. is attached hereto and incorporated herein by this reference.
See Exhibit List Index.
Lease Agreement - Retail Space
------------------------------
On May 28, 1999 the Company entered into a ten-year lease with R.V.S.
Retail, LP, a California Limited Partnership for a 1080 sq. ft. retail space. A
copy of the Lease Agreement between the Company and R.V.S. Retail, LP is
attached hereto and incorporated herein by this reference. See Exhibit List
Index.
14
<PAGE>
Sublease Agreement - Retail Space
---------------------------------
On May 28, 1999 the Company entered into a ten-year sublease with Gourmet
Gardens Soup and Salad Bars, Inc. to sublease a 1080 sq. ft. retail space. A
copy of the Lease Agreement between the Company and Gourmet Gardens Soup and
Salad Bars Inc. is attached hereto and incorporated herein by this reference.
See Exhibit List Index.
Sublease Agreement - Warehouse
------------------------------
On August 1, 1999 the Company entered into a four-year ten-month sublease
with FarmPac Trading Company, Inc. for a 10,000 square foot warehouse in Chula
Vista, California. A copy of the Lease Agreement between the Company and FarmPac
Trading Company, Inc. is attached hereto and incorporated herein by this
reference. See Exhibit List Index.
Item 6. Exhibits and Reports on Form 8-K.
(a) List of Exhibits attached or incorporated by referenced pursuant to
Item 6601 of Regulation S-B.
(3) Articles of Incorporation and By-Laws
3.1 Articles of Incorporation of the Company filed September 29,
1998. (Incorporated by reference from the Company's
Registration Statement on Form 10-SB, filed May 20, 1999,
Commission File No. 000-26139.)
3.2 By-Laws of the Company adopted October 2, 1998.
(Incorporated by reference from the Company's Registration
Statement on Form 10-SB, filed May 20, 1999, Commission File
No. 000-26139.)
3.3 Statement of Designation of Foreign Corporation in
California filed September 3, 1999.
(10) Material Contracts
10.01 Warehouse Lease Agreement with Octavio and Leticia Sanchez
dated May 3, 1999.
10.02 Warehouse Lease Agreement with Direct Technologies, Inc.
d/b/a California Pacific Trading Co, Inc.
10.03 Retail Space Lease Agreement with R.V.S. Retail, LP, a
California Limited Partnership dated May 28, 1999.
10.04 Warehouse Lease Agreement with Gourmet Gardens Soup and
Salad Bars, Inc. dated May 3, 1999.
10.05 Warehouse Lease Agreement with FarmPac Trading Company, Inc.
dated August 1, 1999.
15
<PAGE>
(27) Financial Data Schedule
27.01 Financial Data Schedule (submitted electronically for SEC
information only).
(b) There were no reports on Form 8-K filed during the period covered by
this report.
The following Exhibit Index sets forth the Exhibits attached hereto.
EXHIBIT INDEX
-------------
Exhibit Description
------- -----------
None
16
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15(d) 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.
Global-Link Enterprises, Inc.
A Nevada Corporation
Date: November 22, 1999 /S/ James C. Frans
----------------------------------
By: James C. Frans
Its: President
Date: November 22, 1999 /S/ Paul A. Harbison
----------------------------------
By: Paul A. Harbison
Its: Chief Financial Officer
17
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 49
<SECURITIES> 0
<RECEIVABLES> 6,857
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0
0
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