Codatek Corp.
(A Development Stage Company)
Finacial Statements
March 31, 2000 and March 31, 1999
Table of Contents
Page Number
Independent Accountant's Report 1
Financial Statement
Balance Sheets 2
Statements of Operations and Deficit
Accumulated During the Development Stage 3
Statement of Changes in Stockholders' Equity 4
Statement of Cash Flows 5
Notes to the Financial Statements 6
David E. Coffey
3651 Lindell Road, Suite A
Las Vegas, NV 89103
Independent Auditor's Report
To the Board of Directors and Stockholders
of Codatek Corp.
Las Vegas, NV
I have audited the accompanying balance sheets of Codatek Corp.,
(a development stage company) as of March 31, 2000, and March 31, 1999, and the
related statements of operations, cash flows, and changes in stockholders'
equity for the periods then ended, as well as the cumulative period from
December 3, 1998, (date of reception) to March 31, 2000. These statements are
the responsibility of Codatek Corp.'s management. My responsiblity is to
express an opinion on these financial statements based on my 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 statements. 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 accompanying financial statements present fairly, in all
material respects, the financial position of Codatek Corp., as
of March 31, 2000, and March 31, 1999, and the results of operations, cash
flows, and changes in stockholders' equity for the periods then ended, as well
as the cumulative period from December 3, 1998, in conformity with generally
accepted accounting principles.
David Coffey, CPA
Las Vegas, Nevada
May 21, 1999
<TABLE>
Codatek Corp.
(A Development Stage Company)
Balance Sheets
<CAPTION>
<S> <C> <C>
MARCH 31, 2000 MARCH 31, 1999
-------------- --------------
ASSETS
Cash $ 6,453 $ 100
Loan receivable 0 10,000
Interest receivable 0 153
-------------- --------------
Total Assets $ 6,453 $ 10,253
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 900 $ 900
-------------- --------------
Total Liabilities 900 900
Stockholders' Equity
Common stock, authorized 50,000,000
shares at $0.001 par value, issued
outstanding 200,000 shares and
200,000 shares, respectively 200 200
Additional paid in capital 8,400 9,900
Deficit accumulated during the
development stage (3,047) (747)
--------------- --------------
Total Stockholders'
Equity $ 5,553 $ 9,353
Total Liabilities and Stockholder's
Equity $ 6,453 $ 10,253
=============== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<TABLE>
Codatek Corp.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS AND DEFICIT
ACCUMULATED DURING DEVELOPMENT STAGE
(WITH CUMULATIVE FIGURES FROM INCEPTION)
<CAPTION>
<S> <C> <C> <C>
FROM INCEPTION
JAN. 1, 2000 TO JAN. 1, 1999 TO DEC. 3, 1998 TO
MAR. 31, 2000 MAR. 31, 1999 MAR. 31, 2000
--------------- --------------- ----------------
INCOME $ 0 $ 153 $ 353
EXPENSES
Organizational expenses 0 0 400
Consulting 0 500 500
Professional fees 0 0 2,500
--------------- ---------------- ----------------
Total expenses 0 500 3,400
Net loss 0 (347) $ (3,047)
================
Retained Earnings,
beginning of period (3,047) (400)
--------------- ---------------- ----------------
Deficit accumulated during
the development stage $ (3,047) $ (747)
=============== ================
Earnings (loss) per share
assuming dilution:
Net loss $ (0.00) $ (0.00) $ (0.02)
=============== ================ ================
Weighted average shares
outstanding 200,000 133,333 181,250
=============== ================ ================
</TABLE>
The accompanying notes are an integral part of these financial statements
<TABLE>
Codatek Corp.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE PERIOD FROM DECEMBER 3, 1998, (DATE OF INCEPTION) TO
MARCH 31, 2000
<S> <C> <C> <C> <C>
Common Stock Additional Total
Shares Amount Paid in Capital
-------- -------- --------------- ---------
Balance,
December 3, 1998 - - - -
Issuance of common stock
for cash December 1998 100,000 $100 0 100
Less net loss 0 0 0 (400)
-------- --------- --------------- ---------
Balance,
December 31, 1998 100,000 $100 0 (300)
Issuance of common stock
for cash March 1999 100,000 $100 9,900 10,000
Less offering costs 0 0 (1,500) (1,500)
Less net loss 0 0 0 (2,647)
------- ------ ------- ----------
Balance,
December 31, 1999 200,000 $200 $8,400 $5,553
Less net loss 0 0 0 (10,990)
-------- --------- --------------- --------
Balance,
March 31, 2000 200,000 $200 $8,400 $ 5,553
======== ========= =============== ==========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
<TABLE>
Codatek Corp.
(A DEVELOPMENT STAGE COMANY)
STATEMENTS OF CASH FLOWS
(WITH CUMULATIVE FIGURES FROM INCEPTION)
<S> <C> <C> <C>
FROM INCEPTION
JAN. 1, 2000 TO JAN. 1, 2000 TO DEC. 3, 1998, TO
MAR. 31, 2000 MAR. 31, 1999 MAR. 31, 2000
--------------- ---------------- --------------
CASH FLOWS PROVIDED BY
OPERATION ACTIVITES
Net loss $ 0 $ (347) $ (3,047)
Adjustments to reconcile net loss
to cash used by operating activity
Loan receivable 0 (10,000) 0
Interest receivable 0 (153) 0
Accounts Payable 0 500 900
--------------- ---------------- --------------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 0 (10,000) (2,147) (26,042)
CASH FLOWS USED BY
INVESTING ACTIVITIES 0 0 0
Net cash used by
investing activities 0 0 0
CASH FLOWS FROM FINNANCING
ACTIVITIES
Sale of common stock 0 100 200
Paid-in capital 0 9,900 9,900
Less offering costs 0 0 (1,500)
--------------- --------------- -------------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 0 10,000 8,600
--------------- ---------------- -------------
NET INCREASE IN CASH (DECREASE) 0 0 $ 6,453
==============
CASH AT BEGINNING OF PERIOD 6,453 100
--------------- -----------------
CASH AT END OF PERIOD $ 6,453 $ 100
=============== =================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
Codatek Corp.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2000, AND MARCH 31, 1999
NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company was incorporated on December 3, 1998, under the laws of the
STATE of NEVADA. The business purpose of the Company is to
develop software that code and encode programs and files.
The Company will adopt accounting policies and procedures based upon the
nature of future transactions.
NOTE B OFFERING COSTS
Offering costs incurred in connection with the offering were deducted
from the net proceeds of the offering.
NOTE C EARNINGS (LOSS) PER SHARE
Basic EPS is determined using net income divided by the weighted average
shares outstanding during the period. Diluted EPS is computed by
dividing net income by the weighted average shares outstanding, assuming
all dilutive potential common shares were issued. Since the Company has
no common shares that are potentially issuable, such as stock options,
convertible securities or warrants, basic and diluted EPS are the same.
NOTE D STOCK OFFERINGS
On April 7, 2000, the Company effected a split of it's common stock at
a ratio of 60 for 1 at $0.001 par value. The 200,000 shares outstanding
at $0.001 par value increased to 12,000,000 shares at $0.001 par value
issued and outstanding. The number of shares of common stock authorized
was unchanged at 50,000,000 with a par value of $0.001 per share.
On May 10, 2000, a private placement of 1,000,000 shares of the
Company's common stock at $1.00 per share was fully subscribed for a
total of $1,000,000.
