SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[X] Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
CODATEK CORP.
(Exact name of registrant as it appears in its charter)
NEVADA 88-0412582
(State or jurisdiction of (I.R.S. Employer Indentication No.)
incorporation or organization)
Las Vegas Commerce Center
1350 E. Flamingo Road, Suite 688
Las Vegas, Nevada 89119
(Address of Principal Executive Office)
(702) 873-7404
Registrant's telephone number, including area code
Securities registered pursuant to Section 12 (b) of the Act: None
Securities registered pursuant to Section 12 (b) of the Act:
Class A Common Stock $0.001 Par Value
Indicate by check mark whether the registrant (1) has filed all reports to be
filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during
the preceding 12 months ( or such 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
At the end of the quarter ending June 30, 2000 there were 12,000,000 issued
and outstanding shares of the registrants common stock.
There is no active market for the registrant's securities.
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
See attached exhibit 1
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION.
Results of Operations
The Company has had no operations during this quarter.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities
None
Item 3. Default Upon Senior Securities
None
Item 4. Submission of matters To a Vote of Security Holders
None
Item 5. Other Information.
None
Item 6. Exhibits and Reports on Form 8-K statements as of June 30, 1999
as prepared by the Company
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.
Codatek Corp.
By: /s/ Patricia Wiate
Patricia Wiate, President
Codatek Corp.
(A Development Stage Company)
Finacial Statements
June 30, 2000 and June 30, 1999
<PAGE>
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 - 7
<PAGE>
David E. Coffey
Certified Public Accountant
3651 Lindell Road, Suite A
Las Vegas, NV 89103
(702) 871-3979
Independent Auditor's Report
To the Board of Directors and Stockholders
of Codatek Corp.
Las Vegas, Nevada
I have audited the accompanying balance sheets of Codatek Corp.,
(a development stage company) as of June 30, 2000, and June 30, 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 June 30, 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 June 30, 2000,
and June 30, 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
August 21, 2000
<PAGE>
Codatek Corp.
(A Development Stage Company)
Balance Sheets
JUNE 30, 2000 JUNE 30, 1999
------------- --------------
ASSETS
Cash $ 1,006,453 $ 100
Loan receivable 0 10,000
Interest receivable 0 353
-------------- --------------
Total Assets $ 1,006,453 $ 10,453
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 2,900 $ 900
-------------- --------------
Total Liabilities 2,900 900
Stockholders' Equity
Common stock, authorized 50,000,000
shares at $0.001 par value, issued
outstanding 200,000 shares and
200,000 shares, respectively 13,000 200
Additional paid in capital 995,600 9,900
Deficit accumulated during the
development stage (5,047) (547)
--------------- --------------
Total Stockholders'
Equity $ 1,003,553 $ 9,553
Total Liabilities and Stockholder's
Equity $ 1,006,453 $ 10,453
=============== ==============
The accompanying notes are an integral part of these financial statements.
<PAGE>
Codatek Corp.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS AND DEFICIT
ACCUMULATED DURING DEVELOPMENT STAGE
(WITH CUMULATIVE FIGURES FROM INCEPTION)
FROM INCEPTION
JAN. 1, 2000 TO JAN. 1, 1999 TO DEC. 3, 1998 TO
JUNE 30, 2000 JUNE 31,1999 JUNE 30, 2000
--------------- --------------- ---------------
INCOME $ 0 $ 353 $ 353
EXPENSES
Organizational expenses 0 0 400
Consulting 0 500 500
Professional fees 2,000 0 4,500
--------------- ------------- ---------------
Total expenses 2,000 500 5,400
Net loss (2,000) (147) (5,047)
==============
Retained Earnings,
beginning of period (3,047) (400)
--------------- -------------
Deficit accumulated during
the development stage $ (5,047) $ (547)
=============== ==============
Earnings (loss) per share,
assuming dilution, after
giving effect to a 60 to 1
stock split effective
April 7, 2000:
Net loss $ 0.00 $ 0.00 $ 0.00
=============== ============== ================
Weighted average shares
outstanding 4,266,667 166,667 1,500,000
=============== ============== ===============
The accompanying notes are an integral part of these financial statements
<PAGE>
Codatek Corp.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE PERIOD FROM DECEMBER 3, 1998, (DATE OF INCEPTION) TO
JUNE 30, 2000
Common Stock AdditionaL
Shares Amount Paid-in
Capital TOTAL
-------- -------- ----------- -------
Balance,
December 3, 1998 $ 0 $ 0 $ 0 $ 0
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
Forward stock split
60 to 1, April 7, 2000 11,800,000 11,800 (11,800) 0
Issuance of common
stock for cash,
May, 2000 1,000,000 1,000 999,000 1,000,000
Less net loss 0 0 0 (2,000)
-------- --------- --------- -----------
Balance,
June 30, 2000 $13,000,000 $ 13,000 $ 995,600 $1,003,553
=========== ========== ========== ==========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
<PAGE>
Codatek Corp.
(A DEVELOPMENT STAGE COMANY)
STATEMENTS OF CASH FLOWS
(WITH CUMULATIVE FIGURES FROM INCEPTION)
FROM INCEPTION
JAN. 1, 2000 TO JAN. 1,2000 TO DEC. 3, 1998, TO
JUNE 30, 2000 JUNE 30, 1999 JUNE 30, 2000
------------- -------------- -------------
CASH FLOWS PROVIDED BY
OPERATION ACTIVITES
Net loss $ (2,000) $ (147) $ (5,047)
Adjustments to reconcile net
loss to cash used by operating
activity
Loan receivable 0 (10,000) 0
Interest receivable 0 (353) 0
Accounts Payable 2,000 500 2,900
------------ ------------- ------------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 0 (10,000) (2,147)
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 1,000 100 13,000
Paid-in capital 999,000 9,900 997,100
Less offering costs 0 0 (1,500)
----------- ------------- -------------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 1,000,000 10,000 1,008,600
----------- ------------- -------------
NET INCREASE IN CASH 1,000,000 0 1,006,453
=============
CASH AT BEGINNING OF PERIOD 6,453 100
----------- --------------
CASH AT END OF PERIOD $ 1,006,453 $ 100
============ ==============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
<PAGE>
Codatek Corp.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2000, AND JUNE 30, 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 SALE OF COMMON STOCK
On March 23, 1999 the Company issued 100,000 shares of its common stock
at $.10 per share for $10,000 cash. On May 10, 2000, the Company sold in a
private placement 1,000,000 shares of common stock at $1.00 per share for a
total of $1,000,000. The net proceeds of the sales will be used in engage in
the research, design, and development of computer software.
<PAGE>
NOTE E STOCK SPLIT
On April 7, 2000, the Company approved a split of it's common stock
at a ratio of 60 to 1 at $.001 par value. The 200,000 shares outstanding
at $.001 par value increased to 12,000,000 shares at $.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 $.001 per share.
