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Previous: CAVION TECHNOLOGIES INC, 10QSB, EX-27, 2000-11-20 |
Next: GIFTS OF LEARNING FOUNDATION INC, 10-Q, EX-27, 2000-11-20 |
GIFTS OF LEARNING FOUNDATION, INC. Date Filed: November 20, 2000
10-Q QUARTERLY REPORT
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
X QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (D) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the quarterly period ended September 30, 2000.
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the transition period from ___, 19__ to ____, 19__.
Commission File Number: 000-31221 684567
Gifts of Learning Foundation, Inc.
(Exact Name of Small Business Issuer as Specified in its Charter)
FLORIDA_____________________________ 65-0423813
(State or other Jurisdiction of Incorporation or (I.R.S. Employer Identi-
Organization) fication Number)
356 Golfview Rd.
Suite 502
Palm Beach Gardens, FL 33410
Address of Principal Executive Offices
561-791-1700
Registrant's Telephone Number, Including Area Code
Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the past 12 months (or for such
shorter period that the Issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
X YES OR _____ NO
--------------------------------------------------------------------------------
<PAGE>
GIFTS OF LEARNING FOUNDATION, INC. Date Filed: November 20, 2000
PART II - OTHER INFORMATION
Item 1. - Legal Proceedings.
None.
Item 2. Changes in Securities.
None.
Item 3. Defaults 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.
None.
A - Exhibits
27 - Financial Data Schedule
B - Form 8-K
None
/s/ James A. Mallamo
BY: --------------------------------------------
SIGNATURES: JAMES A. MALLAMO, PRESIDENT
In accordance with the requirements of the Exchange Act, the Issuer caused this
Report to be signed on its behalf by the undersigned, thereunto duly authorized.
GIFTS OF LEARNING FOUNDATION, INC.
Signed/James A. Mallamo
Dated: November 20, 2000 By: James A. Mallamo
President
<PAGE>
GIFTS OF LEARNING FOUNDATION, INC.
d/b/a Kids Golf
(A Development Stage Entgerprise)
BALANCE SHEET
September 30, 2000
ASSETS
Current Assets:
Cash 43,853
Other current assets 21,450
----------
Total Current Assets 65,303
Property and Equipment 1,867
----------
Total Assets 67,170
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable 11,231
Accrued Expenses 57,758
Stock Loans 3,120
----------
Total Current Liabilities 72,109
Commitments and Contingencies 0
Stockholders' Equity
Common stock, $.001 par value; 15,000,000 shares
authorized; 11,870,000 shares issued and outstanding
at December 31, 1999 2,870
Additional paid-in capital 1,868,130
Deficit accumulated during the development stage (1,875,939)
----------
Total stockholders' equity (4,939)
----------
Total liabilities and stockholders' equity 67,170
==========
<PAGE>
GIFTS OF LEARNING FOUNDATION, INC.
d/b/a Kids Golf
(A Development Stage Entgerprise)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
June 16, 1993
Period Ending Year Ended (Inception) to
September 30, December 31, September 30
2000 1999 2000
------------------------------------------------------
<S> <C> <C> <C>
Revenue $ 354 $ 1,877 $ 2,231
General and Administrative Expense
Salaries 10,000 167,236 177,236
Marketing and promotion 35,000 123,630 158,630
Stock issued as consulting fees - 870,000 870,000
General and Administrative Expense 45,284 508,697 553,981
------------------------------------------------------
90,284 1,669,563 1,759,847
Operating Loss (89,930) (1,667,686) (1,757,616)
-
Other Income: -
Interest Income 514 8,297 8,811
------------------------------------------------------
-
Net Loss (89,416) (1,659,389) (1,748,805)
------------------------------------------------------
Loss Per Common Share (0.01) (0.14) (0.15)
-
Weighted Average Shares Outstanding 10,412,311 11,465,521 21,877,832
======================================================
</TABLE>
<PAGE>
GIFTS OF LEARNING FOUNDATION, INC.
d/b/a Kids Golf
(A Development Stage Entgerprise)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
June 16, 1993
Period Ending Year Ended (Inception) to
September 30, December 31, September 30
2000 1999 2000 (Unaudited)
------------------------------------------------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net Loss $ (89,416) $(1,659,389) (1,748,805)
Adjustments to reconcile net loss to net cash used
in operating activities: -
Common stock issued for services - 870,000 870,000
Depreciation - 246 246
Changes in operating assets and liabilities:
Increase in other assets (2,545) (18,905) (21,450)
Increase in accounts payable (8,843) 14,227
Increase in accrued expenses - 57,758
------------------------------------------------------
Net cash used in operating activities (100,804) (736,063) (900,009)
Cash flows from investing activities:
Expenditures for property and equipment - (2,113) (2,113)
Cash flows from financing activities:
Payment of stockholder loans - (55,552) (55,552)
Proceeds from stockholder loans - 54,465 54,465
Proceeds from sale of common stock - 813,000 813,000
------------------------------------------------------
- 811,913 811,913
Net Increase in cash (100,804) 73,737 (27,067)
Cash, Beginning 144,657 70,920 215,577
------------------------------------------------------
Cash, Ending 43,853 144,657 188,510
======================================================
</TABLE>
<PAGE>
GIFTS OF LEARNING FOUNDATION, INC.
d/b/a Kids Golf
(A Development Stage Enterprise)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
<TABLE>
<CAPTION>
Deficit
Accumulated
COMMON STOCK ADDITIONAL During the
------------ PAID-IN Development
Shares Amount Capital Stage Total
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Year Ended December 31, 1993:
Issuance of Founders shares ($.001 per share) 10,000,000 $ 1,000 $ - $ - $ 1,000
Net Loss - - - (555) (555)
------------------------------------------------------------------------
Balance, December 31, 1993: 10,000,000 1,000 - (555) 445
Year Ended December 31, 1994:
Net Loss - - - (314) (314)
------------------------------------------------------------------------
Balance, December 31, 1994 10,000,000 1,000 - (869) 131
Year Ended December 31, 1995
Net Loss - - - 712 712
------------------------------------------------------------------------
Balance, December 31, 1995 10,000,000 1,000 - (157) 843
Year Ended December 31, 1996:
Net Loss - - - (18,337) (18,337)
------------------------------------------------------------------------
Balance, December 31, 1996 10,000,000 1,000 - (18,494) (17,494)
Year Ended December 31, 1997:
Net Loss - - - (328) (328)
------------------------------------------------------------------------
Balance, December 31, 1997 10,000,000 1,000 - (18,822) (17,822)
Year Ended December 31, 1998:
Sale of Common Stock ($1 per share) 187,000 187 186,813 - 187,000
Net Loss - - - (108,312) (108,312)
------------------------------------------------------------------------
Balance, December 31, 1998 10,187,000 1,187 186,813 (127,134) 60,866
Year Ended December 31, 1999:
Sale of common stock ($1 per share) 813,000 813 812,187 - 813,000
Issuance of common stock for services ($1 per share) 275,000 275 274,725 - 275,000
Issuance of common stock ($1 per share) 595,000 595 594,405 - 595,000
Net Loss - - - (1,659,389) (1,659,389)
------------------------------------------------------------------------
Balance, December 31, 1999 11,870,000 2,870 1,868,130 (1,786,523) 84,477
Year Ended September 30, 2000
Net Loss - - - (89,416) (89,416)
------------------------------------------------------------------------
Balance September 30, 2000 11,870,000 2,870 1,868,130 (1,875,939) (4,939)
========================================================================
</TABLE>
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. EXHIBIT DESCRIPTION
----------- -------------------
27 Financial Data Schedule
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