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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Quarterly period ended May 31, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from _________ to __________
Commission File Number 0-30453
DBS HOLDINGS, INC.
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(Exact name of small business issuer as specified in its charter)
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NEVADA N/A
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(State or other jurisdiction of incorporation) (IRS Employer Identification Number)
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1898 - PEARDONVILLE ROAD, ABBOTSFORD, B.C., CANADA, V4X 2M4
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(Address of principal executive offices)
(604) 581-1151
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(Issuer's telephone number)
N/A
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) 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 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
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
10,375,000 shares of common stock with a par value of $0.001 per share as of
July 13, 2000
Transitional Small Business Disclosure Format (Check One): Yes [ ] No [X]
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Please see attached Financial Statements
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
Please see attached Management's Discussion and Analysis
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Not Applicable
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
Not Applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not Applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Company held its Annual General Meeting on March 20, 2000. At the
meeting, Daniel Steunenberg was the only individual elected as the sole Director
of the Company.
The only matter voted on at the meeting was the election of Daniel
Steunenberg as the sole Director of the Company. 5,839,000 votes were cast of
which all were in favour of electing Daniel Steunenberg as the sole Director of
the Company.
ITEM 5. OTHER INFORMATION.
Not Applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
Not Applicable
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
DBS HOLDINGS, INC.
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(Registrant)
Date: July 13, 2000 /s/ Daniel Steunenberg
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Daniel Steunenberg,
President/Secretary/Treasurer
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DBS HOLDINGS, INC.
INTERIM FINANCIAL STATEMENTS
FOR THE 1ST QUARTER ENDED MAY 31, 2000
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DBS HOLDINGS, INC.
BALANCE SHEET
AS OF MAY 31, 2000
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MAY 31
2000
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ASSETS
CURRENT
Cash 5,382
INVESTMENT, AT COST 2,505
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7,887
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LIABILITIES
CURRENT
Accounts Payable 21,687
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21,687
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SHAREHOLDERS' EQUITY (DEFICIENCY)
CAPITAL STOCK 10,375
ADDITIONAL PAID-IN CAPITAL 72,590
DEFICIT (96,765)
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(13,800)
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7,887
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DBS HOLDINGS, INC.
STATEMENT OF SHAREHOLDERS' EQUITY
FOR THE QUARTER ENDED MAY 31, 2000
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<CAPTION>
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COMMON ADDITIONAL TOTAL
STOCK PAID-IN ACCUMULATED SHAREHOLDERS'
AMOUNT CAPITAL DEFICIT EQUITY (DEFICIT)
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BALANCE - FEBRUARY 28, 2000 10,273 55,832 (71,802) (5,697)
ISSUE OF COMMON STOCK 102 4,998 0 5,100
VALUE OF DIRECTORS'
UNCOMPENSATED SERVICES 0 11,760 0 11,760
NET LOSS FOR PERIOD 0 0 (24,963) (24,963)
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10,375 72,590 (96,765) (13,800)
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DBS HOLDINGS, INC.
STATEMENT OF LOSS AND DEFICIT
FOR THE QUARTER ENDED MAY 31, 2000
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MAY 31
2000
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EXPENSES
Value of directors' uncompensated 11,760
services
Professional fees 10,680
Edgar filing fees 2,315
Office and administrative 208
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24,963
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LOSS, FOR THE PERIOD (24,963)
DEFICIT, BEGINNING OF PERIOD (71,802)
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DEFICIT, END OF PERIOD (96,765)
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DBS HOLDINGS, INC.
STATEMENT OF CHANGES IN CASH FLOW
FOR THE QUARTER ENDED MAY 31, 2000
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<CAPTION>
MAY 31
2000
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CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Loss for the period (24,963)
Value of directors' uncompensated services 11,760
Increase of Payables 11,859
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FINANCING ACTIVITY
Issuance of common shares 5,100
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INVESTING ACTIVITY
Purchase of Investment 0
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INCREASE (DECREASE) IN CASH, FOR THE PERIOD 3,756
CASH, BEGINNING OF PERIOD 1,626
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CASH, END OF PERIOD 5,382
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DBS HOLDINGS, INC.
STATEMENT OF LOSS AND DEFICIT
FOR THE QUARTER ENDED MAY 31, 2000
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<CAPTION>
MAY 31
2000
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EXPENSES
Value of directors' uncompensated services 11,760
Professional fees 10,680
Edgar filing fees 2,315
Office and administrative 208
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24,963
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LOSS, FOR THE PERIOD (24,963)
DEFICIT, BEGINNING OF PERIOD (71,802)
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DEFICIT, END OF PERIOD (96,765)
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DBS HOLDINGS, INC.
MANAGEMENT DISCUSSION
FOR THE QUARTER ENDED MAY 31, 2000
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This Quarterly Report may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933. Actual events or results could
differ materially from those discussed in the forward-looking statements as a
result of various factors including those set forth below or under the heading
"Description of Business" contained in the Company's Form 10-SB.
During the quarter the Company posted a loss of $ 24,963. Working capital
deficit increased from $8,202 (February 28, 2000) to $16,305 (May 31, 2000). The
Company used its proceeds from its initial financing for general working capital
purposes. The Company's main focus has been to achieve fully reporting issuer
status; thereby increasing the credibility of the Company and also increasing
the probability of success in raising capital to fund further development of the
Company's objectives. The Company has made great strides in achieving fully
reporting issuer status, as set out below, and as a result, the Company looks
forward to realizing the furtherance of its business objectives in the future.
In the near term, management intends to fund any shortfall in working capital
that may arise. In any event, there can be no absolute assurance that all
necessary financing will be available. The exercise of warrants, as set out
below, has also helped to bring cash into the Company's current account.
During the quarter the Company continued to pursue its goals and objectives as
set out in its original statement of vision. The Company continued to expend a
vast amount of time and energy researching and analysing the financial sector of
the internet. The Company also continues to investigate other opportunities that
will increase its presence and profile on the internet. The Company also
continues to search for other projects of merit that will increase shareholder
value.
During the quarter the Company completed and filed its Form 10-SB with the
United States Securities and Exchange Commission. On April 25,2000 all
documentation was filed. On June 24, 2000, (60 days after filing the Form 10-SB)
the Company's registration statement went effective.
During the quarter shareholders exercised 102,000 warrants, thereby realizing
$5,100 in cash for the Company. The exercise of warrants represented a further
102,000 common shares issued and outstanding. The exercise of warrants now
brings the total of issued and outstanding common shares in the company to
10,375,000. There are a further 166,000 warrants outstanding, exercisable before
May 1, 2001 @ $0.10 per warrant, into 166,000 common shares.
