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JobSort, Inc.
(A Development Stage Company)
Table Of Contents
Part I - Financial Information
*Item 1. Unaudited Financial Statements
*Balance Sheet As At September 30, 1999 and June 30, 1999 *
Statement Of Operations For The Three Months Ending September 30, 1999 And The Period From October 15, 1998 (Date of Inception) To September 30, 1999 *
Statement Of Cash Flows For The Three Months Ending September 30, 1999 And The Period From October 15, 1998 (Date of Inception) To September 30, 1999 *
NOTES TO FINANCIAL STATEMENTS September 30, 1999 *
Item 2. Management's Discussion and Analysis or Plan of Operation
*Part II - Other Information
*Item 6. Exhibits
*Signatures
*Index To Exhibits
*
JobSort, Inc.
(A Development Stage Company)
Part I - Financial Information
Item 1. Unaudited Financial Statements
Balance Sheet As At September 30, 1999 and June 30, 1999
|
September 30 1999 |
June 30 |
ASSETS |
||
CURRENT ASSETS |
||
Cash |
1,580.69 |
1,704.00 |
Total Current Assets |
1,580.69 |
1,704.00 |
OTHER ASSETS |
||
Organization Costs net of Amortization |
190.00 |
202.00 |
Total Other Assets |
190.00 |
202.00 |
TOTAL ASSETS |
1,770.69 |
1,906.00 |
LIABILITIES & EQUITY |
||
CURRENT LIABILITIES |
||
Officers' Advances (Note #6) |
0.00 |
0.00 |
Total Current Liabilities |
0.00 |
0.00 |
STOCKHOLDERS' EQUITY |
||
Common Stock, $0.001 par value; authorized 50,000,000 shares; 1,355,300 shares issued and outstanding |
1,355.00 |
1,355.00 |
Additional Paid in Capital |
18,410.00 |
18,410.00 |
Deficit accumulated during development stage |
(17,994.31) |
(17,859.00) |
Total Stockholders' Equity |
1,770.69 |
1,906.00 |
TOTAL LIABILITIES & OWNER'S EQUITY |
1,770.69 |
1,906.00 |
See accompanying notes to financial statements
JobSort, Inc.
(A Development Stage Company)
Statement Of Operations For The Three Months Ending September 30, 1999 And The Period From October 15, 1998 (Date of Inception) To September 30, 1999
|
Three Months ending |
October 15, 1998 (Date of Inception) to September 30, 1999 |
REVENUE |
||
Services |
0.00 |
0.00 |
COSTS AND EXPENSES |
||
Selling, General and Administrative |
123.82 |
17,949.31 |
Amortization of Organization Costs |
12.00 |
45.00 |
Total Costs and Expenses |
135.82 |
17,994.31 |
Net Ordinary Income or (Loss) |
(135.82) |
(17,994.31) |
Weighted average number of common shares outstanding |
1,355,300 |
1,355,300 |
Net Loss Per Share |
0.000 |
(0.013) |
See accompanying notes to financial statements
JobSort, Inc.
(A Development Stage Company)
|
Three Months ending |
October 15, 1998 (Date of Inception) |
CASH FLOWS FROM OPERATING ACTIVITIES: |
||
Net Loss |
(135.82) |
(17,994.31) |
Amortization |
12.00 |
45.00 |
Issue Common Stock for Corporate Services |
0.00 |
8,000.00 |
CHANGES IN ASSETS AND LIABILITIES: |
||
Organization Costs |
0.00 |
(235.00) |
CASH FLOWS FROM INVESTING ACTIVITIES |
0.00 |
0.00 |
CASH FLOWS FROM FINANCING ACTIVITIES |
||
Issuance of Common Stock |
0.00 |
11,765.00 |
Net increase (decrease) in cash |
(123.82) |
1,580.69 |
Cash and cash equivalents, beginning of period |
1,704.51 |
0.00 |
Cash and cash equivalents, end of period |
1,580.69 |
1,580.69 |
See accompanying notes to financial statements
JobSort, Inc.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 1999
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized on October 15, 1998, under the laws of the State of Nevada, as JobSort, Inc. The Company has yet to generate any revenues and in accordance with Statement of Financial Accounting Standards No. 7 (SFAS #7), the Company is considered a developmental stage company.
On October 17, 1998, the Company issued 1,000,000 shares of its $0.001 par value Common Stock for cash of $ 2,000.00 to its directors.
On January 20, 1999, the Company completed a public offering that was exempt from federal registration pursuant to Regulation D, Rule 504 of the Securities Act of 1933, as amended. The Company sold 195,300 shares of common stock at a price of $0.05 per share for a total amount raised of $9,765.00. In addition, the Company issued 160,000 shares of common stock for corporate services to the Company valued at $0.05 per share or $ 8,000.00.
NOTE 2 - ACCOUNTING POLICIES AND PROCEDURES
Accounting policies and procedures have not been determined except as follows:
JobSort, Inc.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 1999
NOTE 3 - GOING CONCERN
The Company's financial statements are prepared using the 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 has yet to generate any revenue. Additionally, the Company does not have significant cash or other material assets, nor does it an established source of revenue sufficient to cover its operating costs and to allow it to continue as a going concern indefinitely.
It is the intent of the Company to seek to raise additional capital via a private placement offering pursuant to Regulation "D", Rule 505/506, once the Company is trading on the "Pink Sheets" or the OTC-BB. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern. Until that time, the stockholders/officers and/or directors have committed to advancing the operating costs of the Company interest free.
NOTE 4 - RELATED PARTY TRANSACTION
The Company neither owns nor leases any real or personal property. A director provides office services without charge. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.
NOTE 5 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to acquire any additional shares of common stock.
NOTE 6 - OFFICERS ADVANCES
While the Company plans to seek additional capital eventually through a private offering, until that time, the stockholders/officers and/or directors have committed to advancing the operating costs of the Company interest free. As of September 30, 1999, the amount advanced is zero.
JobSort, Inc.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 1999
NOTE 7 - YEAR 2000 ISSUE
The Year 2000 issue arises because many computerized systems use two digits rather than four to identify a year. Date-sensitive systems may recognize the year 2000 as 1900 or some other date, resulting in errors when information using year 2000 dates is processed. In addition, similar problems may arise in systems which use certain dates in 1999 to represent something other than a date. The effects of the Year 2000 issue may be experienced before, on, or after January 1, 2000 and if not addressed, the impact on operations and financial reporting may range from minor errors to significant systems failure which could affect an entity's ability to conduct normal business operations. It is not possible to be certain that all aspects of the Year 2000 issue affecting the entity, including those related to the efforts of customers, suppliers, or other third parties will be fully resolved.
JobSort, Inc.
(A Development Stage Company)
Item 2. Management's Discussion and Analysis or Plan of Operation
A. Management's Plan of Operation
(1) In its initial approximately eleven-and-a-half months operating period ended September 30, 1999, the Company incurred a net loss of $17,994.31 for selling, general and administrative expenses related to start-up operations. It has yet to receive any revenues from operations. On October 17, 1998, founding shareholders purchased 1,000,000 shares of the Company's authorized treasury stock for cash. Additionally, on January 20, 1999, the Company completed an offering of three-hundred fifty-five thousand and three-hundred (355,300) shares of the Common Stock of the Company to approximately thirty-seven (37) unaffiliated shareholders. This offering was made in reliance upon an exemption from the registration provisions of Section 4(2) of the Securities Act of 1993, as amended, pursuant to Regulation D, Rule 504 of the Act. As of September 30, 1999, the Company has one million three hundred fifty-five thousand three hundred (1,355,300) shares of its $0.001 par value common voting stock issued and outstanding which are held by approximately thirty-nine (39) shareholders of record. Management fully anticipates that the proceeds from the sale of all of the Common Shares sold in this offering delineated above will be sufficient to provide the Company's capital needs for the next approximately six (6) months.
In addition, management of the Company believes that the need for additional capital going forward will be derived somewhat from internal revenues and earnings generated from the sale of its products and services. If the Company is unable to begin to generate more revenues from its current products and services than it has to date, however, management believes the Company will need to raise additional funds to meet its cash requirements. It is the intent of the Company to seek to raise additional capital via a private placement offering pursuant to Regulation "D", Rule 505/506, once the Company is trading on the "Pink Sheets" or the OTC-BB. In the mean time, management of the Company plans to advance funds to the Company on an as-needed basis although there is no definitive or legally binding arrangement to do so. The Company currently has no arrangements or commitments for accounts and accounts receivable financing. There can be no assurance that any such financing can be obtained or, if obtained that it will be on reasonable terms.
This is a development stage company. The Company believes that its initial revenues will be primarily dependent upon the Company's ability to cost effectively and efficiently provide an efficient two-way job matching databank that establishes a new method by which prospective employers and employees might make an optimal employment match. The Company designates as its priorities for the first twelve (12) months of operations as developing and marketing its services and web site to establish its business in the staffing industry. Realization of sales of the Company's services during the fiscal year ending December 31, 2000 is vital to its plan of operations. There are no guarantees that the Company will be able to Compete successfully or that the competitive pressures the Company may face will not have a material adverse effect on the Company's business, results of operations and financial condition. Additionally, a superior competitive service could force the Company out of business.
As of September 30, 1999, the Company has yet to generate any revenues. In addition, the Company does not expect to generate any revenues over the next approximately six (6) to twelve (12) months.
(2) No engineering, management or similar report has been prepared or provided for external use by the Company in connection with the offer of its securities to the public.
(3) The Company has yet to incur any research and development costs from October 15, 1998 (date of inception) through September 30, 1999. In addition, the Company does not anticipate incurring any research and development expenses through the fiscal and calendar year ending December 31, 1999.
(4) The Company currently does not expect to purchase or sell any of its facilities or equipment.
(5) Management does not anticipate any significant changes in the number of employees in the next approximately six (6) months.
B. Segment Data
As of September 30, 1999, no sales revenue has been generated by the Company. Accordingly, no table showing percentage breakdown of revenue by business segment or product line is included
Part II - Other Information
See INDEX TO EXHIBITS.
Signatures
In accordance with the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: Nov 15, 1999 JobSort, Inc.
(Registrant)
By: _____________________________
/s/Paige Gamble, Chairman of the Board, President and Chief Executive Officer
By: _____________________________
/s/Anna M. Lotter, Director, Secretary, Treasurer
Index To Exhibits
Exhibit |
Name and/or Identification of Exhibit |
1. |
Underwriting Agreement |
|
Not applicable |
2. |
Plan of Acquisition, Reorganization, Arrangement, Liquidation, or Succession |
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Not applicable |
3. |
Articles of Incorporation & By-Laws |
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(a) Articles of Incorporation of the Company filed October 15, 1998. Incorporated by reference to the exhibits to the Company's General Form For Registration Of Securities Of Small Business Issuers on Form 10-SB, previously filed with the Commission. |
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(b) By-Laws of the Company adopted October 17, 1998. Incorporated by reference to the exhibits to the Company's General Form For Registration Of Securities Of Small Business Issuers on Form 10-SB, previously filed with the Commission. |
4. |
Instruments Defining the Rights of Security Holders |
|
No instruments other than those included in Exhibit 3 |
5. |
Opinion on Legality |
|
Not applicable |
6. |
No Exhibit Required |
|
Not applicable |
7. |
Opinion on Liquidation Preference |
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Not applicable |
8. |
Opinion on Tax Matters |
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Not applicable |
9. |
Voting Trust Agreement and Amendments |
|
Not applicable |
10. |
Material Contracts |
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Not applicable |
11. |
Statement Re Computation of Per Share Earnings |
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Not applicable - Computation of per share earnings can be clearly determined from the Statement of Operations in the Company's financial statements. |
12. |
No Exhibit Required |
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Not applicable |
13. |
Annual or Quarterly Reports - Form 10-Q |
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Not applicable |
14. |
Material Foreign Patents |
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None. Not applicable |
15. |
Letter on Unaudited Interim Financial Information |
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Not applicable |
16. |
Letter on Change in Certifying Accountant |
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Not applicable |
17. |
Letter on Director Resignation |
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Not applicable |
18. |
Letter on Change in Accounting Principles |
|
Not applicable |
19. |
Reports Furnished to Security Holders |
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Not applicable |
20. |
Other Documents or Statements to Security Holders |
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None - Not applicable |
21. |
Subsidiaries of Small Business Issuer |
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None - Not applicable |
22. |
Published Report Regarding Matters Submitted to Vote of Security Holders |
|
Not applicable |
23. |
Consent of Experts and Counsel |
|
Not applicable |
24. |
Power of Attorney |
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Not applicable |
25. |
Statement of Eligibility of Trustee |
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Not applicable |
26. |
Invitations for Competitive Bids |
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Not applicable |
27. |
Financial Data Schedule |
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Financial Data Schedule of JobSort, Inc., ending September 30, 1999 |
28. |
Information from Reports Furnished to State Insurance Regulatory Authorities |
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Not applicable |
29. |
Additional Exhibits |
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Not applicable |
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