JOBSORT INC
10QSB, 2000-03-03
EMPLOYMENT AGENCIES
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

(Mark One)

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 1999

or

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _____________

Commission File Number:

Finders Keepers, Inc.

(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of incorporation or organization)

88-0429812

(I.R.S. Employer Identification No.)

711 Eastern Parkway, Brooklyn, NY
(Address of principal executive offices)

11213
(Zip Code)

(718) 363-0588
(Registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

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 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 [ ]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes [ ] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 5,777,208

 


JobSort, Inc.
(A Development Stage Company)

Table Of Contents

Part I - Financial Information

1

Item 1. Unaudited Financial Statements

1

Balance Sheet As At June 30, 1999 and February 12, 1999

1

Statement Of Operations For The Three Months Ending June 30, 1999 And The Period From October 15,1998 (Date Of Inception) To February 12, 1999

2

Statement Of Cash Flows For The Three Months Ending June 30, 1999 And The Period From October 15, 1998 (Date Of Inception) To February 12, 1999

3

NOTES TO FINANCIAL STATEMENTS June 30, 1999

4

Item 2. Management's Discussion and Analysis or Plan of Operation

6

Part II - Other Information

7

Item 6. Exhibits

8

Signatures

9

Index To Exhibits

10


JobSort, Inc.
(A Development Stage Company)

Part I - Financial Information

Item 1. Unaudited Financial Statements

Balance Sheet As At June 30, 1999 and February 12, 1999

 

June 30
1999

February 12
1999

ASSETS

CURRENT ASSETS

Cash

1,704.00

9,210.00

Total Current Assets

1,704.00

9,210.00

OTHER ASSETS

Organization Costs net of Amortization

202.00

219.00

Total Other Assets

202.00

219.00

TOTAL ASSETS

1,906.00

9,429.00

LIABILITIES & EQUITY

CURRENT LIABILITIES

Officers' Advances (Note #6)

0.00

0.00

Total Current Liabilities

0.00

0.00

STOCKHOLDERS' EQUITY

Common Stock, $.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

(17,859.00)

(10,336.00)

Total Stockholders' Equity

1,906.00

9,429.00

TOTAL LIABILITIES & OWNER'S EQUITY

1,906.00

9,429.00

See accompanying notes to financial statements

1


 

JobSort, Inc.
(A Development Stage Company)

Statement Of Operations For The Three Months Ending June 30, 1999 And The Period From October 15, 1998 (Date Of Inception) To February 12, 1999

 

Three Months ending
June 30, 1999

October 15, 1998
to
February 12, 1999

REVENUE

Services

0.00

0.00

COSTS AND EXPENSES

Selling, General and Administrative

7,636.00

10,320.00

Amortization of Organization Costs

12.00

16.00

Total Costs and Expenses

7,648.00

10,336.00

Net Ordinary Income or (Loss)

(7,648.00)

(10,336.00)

Weighted average number of common shares outstanding

1,355,300

1,078,231

Net Loss Per Share

(0.0056)

(0.0096)

See accompanying notes to financial statements

2


JobSort, Inc.
(A Development Stage Company)

Statement Of Cash Flows For The Three Months Ending June 30, 1999 And The Period From October 15, 1998 (Date Of Inception) To February 12, 1999

 

Three Months ending
June 30, 1999

October 15, 1998
to
February 12, 1999

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Loss

(7,648.00)

(10,336.00)

Amortization

12.00

16.00

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

(7,636.00)

9,210.00

Cash and cash equivalents, beginning of period

9,340.00

0.00

Cash and cash equivalents, end of period

1,704.00

9,210.00

See accompanying notes to financial statements

3

 


JobSort, Inc.
(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS
June 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:

1. The Company uses the accrual method of accounting.

2. The cost of organization, $235.00, is being amortized over a period of 60 months (October 15, 1998 through October 14, 2003).

3. Earnings per share is computed using the weighted average number of shares of common stock outstanding.

4. The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid since inception.

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.

4

 


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 June 30, 1999, the amount advanced is zero.

5


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 eight-and-a-half months operating period ended June 30, 1999, the Company incurred a net loss of $17,859 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 June 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.

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 June 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 June 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 June 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

6


 

Part II - Other Information

Item 6. Exhibits

See INDEX TO EXHIBITS.

7


 

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: November 11, 1999

JobSort, Inc.

(Registrant)

By: /s/Paige Gamble

Paige Gamble, Chairman of the Board, President and Chief Executive Officer

 

By: /s/Anna M. Lotter

Anna M. Lotter, Director, Secretary, Treasurer

8


 

Index To Exhibits

Exhibit
Number

Name and/or Identification of Exhibit

3.

Articles of Incorporation & By-Laws

 

(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.

 

(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.

27.

Financial Data Schedule

 

Financial Data Schedule of JobSort, Inc., ending June 30, 1999

9

END 10Q



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