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
CLEMMY TECHNOLOGIES CORP.
(Exact name of registrant as it appears in its charter)
0-31005
(Commission File Number)
NEVADA 88-0421219
(State or jurisdiction of (I.R.S. Employer
Incorporation or organization) Indentification No.)
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
247,000 issued and outstanding shares of the registrants
common stock.
There is no active market for the registrant's securities.
<PAGE>
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.
Audited Financial Statements as of June 30, 2000.
CLEMMY TECHNOLOGIES CORP.
(A DEVELOPMENT STAGE COMPANY)
FINANCIAL STATEMENTS
JUNE 30, 2000, AND JUNE 30, 1999
<PAGE>
TABLE OF CONTENTS
Page
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.. 4
Statements of Cash Flows.............. 5
Notes to the Financial Statements..... 6
<PAGE>
INDEPENDENT ACCOUNTANT'S REPORT
To the Board of Directors and Stockholders
of CLEMMY TECHNOLOGIES CORP.
Las Vegas, Nevada
I have audited the accompanying balance sheets of Clemmy
Technologies 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 period from December 31, 1998, (date of inception) to June
30, 2000. These statements are the responsibility of Clemmy
Technologies Corp.'s management. My responsibility 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 CLEMMY TECHNOLOGIES CORP. as of 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 31, 1998, in conformity with
generally accepted accounting principles.
David Coffey, C.P.A.
Las Vegas, Nevada
August 8, 2000
<PAGE> 1
CLEMMY TECHNOLOGIES CORP.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, 2000 June 30, 1999
------------- -------------
</CAPTION>
ASSETS
<S> <C> <C>
Cash $ 124 $ 41
----------- ---------
Total Assets $ 124 $ 41
=========== =========
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable $ 3,400 $ 400
----------- ---------
Total Liabilities 3,400 400
Stockholders' Equity
Common stock, authorized
50,000,000 shares at $.001
par value, issued and
outstanding 247,000 shares
and 200,000 shares,
respectively 247 200
Additional paid-in capital 25,603 3,650
Deficit accumulated during
the development stage (29,126) (4,209)
------------ ----------
Total Stockholders' Equity (3,276) (359)
Total Liabilities and
Stockholders' Equity $ 124 41
=========== ==========
</TABLE>
The accompanying notes are an integral part of
these financial statements.
<PAGE> 2
CLEMMY TECHNOLOGIES CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS AND DEFICIT
ACCUMULATED DURING THE DEVELOPMENT STAGE
(With Cumulative Figures From Inception)
<TABLE>
<CAPTION>
From Inception,
Jan. 1, 2000, Jan 1, 1999, to Dec. 31, 1998, to
June 30, 2000 June 30, 1999 Mar. 31, 2000
----------------------------------------------------
</CAPTION>
<S> <C> <C> <C>
Income $ 0 $ 0 $ 0
Expenses
Organizational expense 0 0 400
Consulting 0 0 20,900
Professional fees 2,000 0 4,000
Office & Administration 0 3,750 3,750
Office expenses 0 59 76
----------- ----------- -----------
Total expenses 2,000 3,809 29,126
Net loss ( 2,000) (3,809) (29,126)
===========
Retained earnings,
beginning of period (27,126) (400)
---------- ------------
Deficit accumulated during
the development stages (29,126) $ (4,209)
========== =============
Earnings (loss) per share
assuming dilution:
Net loss $ (0.01) $ (0.02) $ (0.14)
=========== ============ ===========
Weighted average shares
outstanding 247,000 166,667 210,947
=========== ============ ===========
</TABLE>
The accompanying notes are an integral part of
these financial statements.
<PAGE> 3
CLEMMY TECHNOLOGIES CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE PERIOD FROM DECEMBER 31, 1998
(Date of Inception) TO JUNE 30, 2000
<TABLE>
<CAPTION>
Common Stock Additional Total
Shares Amount Paid-In
Capital
------------------ ---------- --------
</CAPTION>
<S> <C> <C> <C> <C>
Issuance of common stock
for cash Dec., 1998 100,000 $ 100 $ 0 $ 100
Less net loss 0 0 0 (400)
------- ------- -------- --------
Balance, Dec. 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 (7,750) (7,750)
Issuance of common stock
for cash Aug., 2000 42,000 42 20,958 21,000
Issuance of common stock
for cash Sept., 2000 3,000 3 1,497 1,500
Issuance of common stock
for cash Nov., 2000 2,000 2 998 1,000
Less offering costs 0 0 0 (26,726)
-------- -------- --------- ----------
Balance, Dec. 31, 1999 247,000 247 26,603 (1,276)
Less net loss 0 0 0 ( 2,000)
-------- -------- -------- ---------
Balance, June 30, 200 247,000 $ 247 $ 25,603 $ (3,276)
======== ======== ======== ========
</TABLE>
The accompanying notes are an intregal part of
these financial statements
<PAGE> 4
CLEMMY TECHNOLOGIES CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
(With Cumulative Figures From Inception)
<TABLE>
<CAPTION>
From Inception,
Jan. 1, 2000, to Jan. 1, 1999, to Dec. 31, 1998, to
June 30, 2000 June 30, 1999 June 30, 2000
-----------------------------------------------------
</CAPTION>
<S> <C> <C> <C>
CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES
Net Loss $ ( 2,000) $ (3,779) $ (29,126)
Non-cash items included
in net loss 0 0 0
Adjustments to reconcile
net loss to cash used
by operating activity
Accounts payable ( 2,000) 0 3,400
-------- ---------- -----------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 0 ( 3,779) (25,726)
CASH FLOWS USED BY
INVESTING ACTIVITIES 0 0 0
-------- ---------- -----------
NET CASH USED BY
INVESTING ACTIVITIES 0 0 0
CASH FLOWS FROM FINANCING
ACTIVITIES
Sale of common stock 0 100 247
Paid-in capital 0 9,900 33,353
Less offering costs 0 (6,250) ( 7,750)
-------- ---------- -----------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 0 3,750 28,850
-------- ---------- -----------
NET INCREASE IN CASH 0 (29) $ 124
==========
CASH AT BEGINNING OF PERIOD 124 100
-------- ----------
CASH AT END OF PERIOD $ 124 $ 71
======== =========
</TABLE>
The accompanying notes are an integral part of
these financial statements
<PAGE> 5
CLEMMY TECHNOLOGIES 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 31, 1998, under
the laws of the State of Nevada. The business purpose of the
Company is to develop hardware that will revolutionize the
computer software industry.
The Company will adopt accounting policies and procedures
based upon the nature of future transactions.
NOTE B OFFERING COSTS
Offering costs are reported as a reduction in the amount of
paid-in capital received for sale of the shares.
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
In March of 1999, the Company completed the sale of 100,000
shares of its common stock at $.10 per share for $10,000. The
proceeds were to be used for hardware development and for
working capital. In August of 1999, the Company sold 42,000
shares of its common stock at $.50 per share for a total of
$21,000. The proceeds were to be used for hardware development.
In September of 1999, the Company sold 3,000 shares of its
common stock at $.50 per share for a total of $1,500. The
proceeds were to be used for working capital. In November of
1999, the Company sold 2,000 shares of its common stock at $.50
per share for a total of $1,000. The proceeds were to be used
for working capital.
<PAGE> 6
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.
Clemmy Technologies Corp.
By: /s/ Hans Schmidt
Hans Schmidt, President
