UNITED STATES
SECURITIES AND EXCHANGE COMISSION
WASHINGTON, D.C. 20549
-----------
FORM 10-QSB
-----------
(Mark one)
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1999
--------------
[ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
--------- ---------
Commission file number 0-30098
-------
GLOBAL SIGHT, INC.
------------------
(Exact name of small business issuer as specified in its charter)
Nevada 95-4720297
-------- ------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
270 North Canon Drive, Suite 203,
Beverly Hills, California 90210
(Address of principal executive offices)
(310) 288-0693
---------------
(Issuer's telephone number)
State the number of shares outstanding of each of the issuer's classes
of common equity as of August 11, 1999:
Common stock 2,700,000 shares
- ------------ ----------------
Transitional Small Business Disclosure Format
(Check one): Yes [ ] No [x]
1
TABLE OF CONTENTS
PART 1- FINANCIAL INFORMATION
PAGE
----
Item 1. Financial Statements..................................... 3/7
Item 2. Plan of Operation........................................ 7/8
PART 11- OTHER INFORMATION
Item 1. Legal Proceedings........................................ 8
Item 2. Changes in Securities.................................... 8
Item 3. Defaults Upon Senior Securities.......................... 8
Item 4. Submission of Matters to a Vote of Security Holders...... 8
Item 5. Other Information........................................ 8
Item 6. Exhibits and Reports on Form 8-K......................... 8
SIGNATURES....................................................... 9
2
PART 1- FINANCIAL INFORMATION
Item 1. Financial Statements.
GLOBAL SIGHT, INC.
(A Development Stage Company)
BALANCE SHEET
June 30, 1999
(Unaudited)
ASSETS
Current Assets
Cash and Cash Equivalents $ 96
---------
Total current assets 96
---------
$ 96
=========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accrued expenses $ -
Note payable to shareholder 100
---------
Total current liabilities 100
Shareholders' Equity (Deficit)
Common stock, $.001 par value,
25,000,000 shares authorized,
2,700,000 shares issued and outstanding 2,700
Additional paid-in-capital -
(Deficit) accumulated during the
development stage (2,704)
---------
Total shareholders' equity (deficit) (4)
---------
$ 96
=========
See accompanying notes to financial statements.
3
GLOBAL SIGHT, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
(Inception)
Three Months Six Months December 21,
Ended Ended 1998 to
June 30, 1999 June 30, 1999 June 30, 1999
------------- ------------- -------------
Revenue $ - $ - $ -
Expenses:
General and
administrative 530 1,504 2,704
---------- --------- ---------
(Loss) from
operations (530) (1,504) (2,704)
Income taxes - - -
---------- --------- ---------
Net (loss) $ (530) $ (1,504) $ (2,704)
========== ========= =========
(Loss) per
common share $ (.00) $ (.00) $ (.00)
========== ========= =========
Weighted average
shares outstanding 2,700.000 2,333,333 2,255.100
========== ========= =========
See accompanying notes to financial statements.
4
GLOBAL SIGHT, INC.
(A Development Stage Company)
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
(Unaudited)
(Deficit)
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage Total
---------- ------ ---------- ----------- ---------
Balance-
December 31, 1998 1,700,000 $1,700 $ - $(1,200) $ 500
Common stock
issued for cash
to Company's
chairman and president
on March 10, 1999 1,000,000 1,000 - - 1,000
Net (loss) for
the six month
period ended
June 30, 1999 - - - (1,504) (1,504)
--------- ------ ------- ------- ------
Balance-
June 30, 1999 2,700,000 $2,700 $ - $(2,704) $ (4)
========= ====== ======= ======= ======
See accompanying notes to financial statements.
5
GLOBAL SIGHT, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
(Inception)
Three Months Six Months December 21,
Ended Ended 1998 to
June 30, 1999 June 30, 1999 June 30, 1999
------------- ------------- -------------
Cash flows from operating
activities:
Net (loss) $ (530) $ (1,504) $ (2,704)
Adjustments to reconcile
net loss to cash flows
from operating activities:
Shares for services - - 1,200
Change in accrued expenses (100) 500 -
-------- -------- --------
Net cash from (for)
operating activities (630) (1,004) (1,504)
Net cash from financing
activities:
Note payable to shareholder 100 100 100
Common stock issuance - 500 1,500
-------- -------- --------
Net cash from (for)
financing activities 100 600 1,600
Increase (decrease) in cash (530) (404) 96
Cash at beginning of period 626 500 -
-------- -------- --------
Cash at end of period $ 96 $ 96 $ 96
======== ======== ========
Supplemental cash flows
information: Cash paid
during the period for:
Income Taxes $ - $ - $ -
======== ======== ========
Interest $ - $ - $ -
======== ======== ========
Non-cash financing transactions:
Common shares issued
for services $ - $ - $ 1,200
======== ======== ========
See accompanying notes to financial statements
6
GLOBAL SIGHT, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1999
(Unaudited)
BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principal for interim financial
information and with the instructions to Form 10-QSB and Item 310 (b) of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation
have been include. Operating results for the three and six
month periods ended June 30, 1999 are not necessarily indicative of the
results that may be expected for the year ended December 31, 1999. The
Company was incorporated on December 21, 1998, thus it was not in existence
in the early part of 1998; therefore comparative presentations for the three
and six month periods ended June 30, 1998 are not made. For futher
information, refer to the audited financial statements and footnotes included
in the Company's Form 10-SB filing, filed May 17, 1999. The audited financial
statements in the Form 10-SB covered from December 21,1998 to February
28,1999.
NOTE PAYABLE TO SHAREHOLDER
On June 30, 1999 the Company's Chairman/President/ Largest Shareholder
made an unsecured, non-interest bearing demand loan to the Company of $100.
Item 2. Plan of Operation
Global Sight, Inc. ("the Company") was incorporated in the state of
Nevada on December 21, 1998. The Company is a development stage enterprice.
From inception on December 21, 1998 to date (August 11, 1999) the Company
has had no revenues.
On May 17, 1999 the Company filed a Registration Statement on From 10-SB
with the United State Securities and Exchange Commission. The Registration
Statements went effective on July 16, 1999.
The Company's plan of business operation consists primarily of: (I)
developing an international business and management consulting practice, and
(2) exploring business opportunities both in the United States and throughout
the glove including possible mergers, acquisitions and other business
combinations.
During the quarter ended June 30, 1999, Jaak Olesk, the Company's
Chairman and Presindent traveled extensively throughout the globe, including
visits to, and coferences with, offficials of the Stock Exchange of Singapore
Limited, The Stock Exchange of Hong Kong, and the Vancouver Stock Exchange.
The Company's management is seeking funding from a variety of sources.
However, there can be no assurance management will be successful in these
endeavors. For the remainder of calendar 1999, absent the Company's
obtaining other sources of liquidity, the Company's primary funding for
corporate expenses will be provided by the Company's Chairman and President.
7
Item 2. Plan of Operation (Continued).
Forward-Looking Statements
This Form 10-QSB includes "forward-looking statements" within the meaning
of the "safe-harbor" provisions of the Private Securities Litigation Reform
Act of 1995. Such statements are based on management's current expectations
and are subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in the forward-
looking statements. All statements, other than statements of historical facts
include in this Form, including without limitation, statements under "Plan
of Operations" regarding the Company's financial position, business strategy,
and plans and objectives of management of the Company for future operations,
are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Important factors
that could cause actual results to differ materally from the Company's
expectations include, but are not limited to, market conditions, competition
and the ability to successfully complete financing.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is not a party to any pending legal proceeding. Management
is not aware of any threatened litigation, claims or assessments.
Item 2. Changes in Securities
There has been no change in securities since March 15, 1999
All of the Company's issuances of securities were disclosed in its Form
10-SB filing (Filed May 17, 1999).
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.
No exhibits required.
There were no reports filed on Form 8-K during the three-month
period ended June 30, 1999.
8
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.
Global Sight, Inc.
------------------
Date: August 12, 1999 /s/ Jaak Olesk
--------------------------------
Jaak Olesk
Chairman of the Board, President
