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U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter ended October 31, 2000
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[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File No. 000-31027
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AMAZON SCIENTIFIC INC.
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(Name of Small Business Issuer in its Charter)
Nevada 76-0602966
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(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
Suite 210, 580 Hornby Street
Vancouver, British Columbia, Canada V6C 3B6
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(Address of Principal Executive Offices)
Issuer's Telephone Number: (604) 662-7000
N/A
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(Former Name or Former Address, 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 Company was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
(1) Yes X No (2) Yes X No
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(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PAST FIVE YEARS)
Not applicable.
(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:
October 31, 2000
Common - 2,500,000 shares
DOCUMENTS INCORPORATED BY REFERENCE
A description of any "Documents Incorporated by Reference" is
contained in Item 6 of this Report.
Transitional Small Business Issuer Format Yes X No
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Financial Statements of the Company required to be filed with
this 10-QSB Quarterly Report were prepared by management and commence on the
following page, together with related Notes. In the opinion of management,
the Financial Statements fairly present the financial condition of the
Company.
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AMAZON SCIENTIFIC INC.
(A Development Stage Company)
INTERIM FINANCIAL STATEMENTS
OCTOBER 31, 2000
(UNAUDITED)
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AMAZON SCIENTIFIC INC.
(A Development Stage Company)
INTERIM BALANCE SHEET
(Unaudited)
ASSETS
<TABLE>
<CAPTION>
October 31, April 30,
2000 2000
<S> <C> <C>
CURRENT ASSETS
Cash $ - $ -
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 1,500 $ -
Total Liabilities 1,500 -
CONTINGENCY (Note 2)
STOCKHOLDERS' EQUITY
Common Stock: $0.001 par value; authorized
25,000,000 shares; 2,500,000 shares issued
and outstanding (April 30, 2000 2,500,000) 2,500 2,500
Additional paid-in capital 189 189
Deficit accumulated during the development stage (4,189) (2,689)
Total Stockholders' Deficiency (1,500) -
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ - $ -
</TABLE>
See accompanying Notes to the Interim Financial Statements
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AMAZON SCIENTIFIC INC.
(A Development Stage Company)
INTERIM STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
From
Inception of
Development
Stage on
For the For the April 2, 1999
Three Months Ended Six Months Ended through
October 31, October 31, October 31,
2000 1999 2000 1999 2000
<S> <C> <C> <C> <C> <C>
REVENUE $ - $ - $ - $ - $ -
GENERAL AND
ADMINISTRATIVE
EXPENSES $ 1,500 333 1,500 666 4,189
NET LOSS $ (1,500) $ (333) $ (1,500) $ (666) $(4,189)
NET LOSS PER SHARE
Basic and diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 2,500,000 2,500,000 2,500,000 2,500,000
</TABLE>
See accompanying Notes to the Interim Financial Statements
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AMAZON SCIENTIFIC INC.
(A Development Stage Company)
INTERIM STATEMENT OF STOCKHOLDERS' DEFICIENCY
(Unaudited)
<TABLE>
<CAPTION>
Deficit
Accumulated Total
Additional During Stockholders'
Common Stock Paid-in Development Equity
Shares Amount Capital Stage (Deficiency)
<S> <C> <C> <C> <C> <C>
Balance-April 2, 1999
(Inception)
Stock
issued for
organizational
expenses 500,000 $ 500 $ - $ - $ 500
Organizational expenses
incurred by a director
on behalf of the
Company - - 189 - 189
Stock issued for "The
Biocatalyst License"
at a fair market
value of $0.001 per
share 2,000,000 2,000 - - 2,000
Net loss for the period - - - (856) (856)
Balance-April 30, 1999 2,500,000 2,500 189 (856) 1,833
Net loss for the year
ended April 30, 2000 - - - (1,833) (1,833)
Balance, April 30,
2000 2,500,000 2,500 189 (2,689) -
Net loss for the period
ended October 31, 2000 - - - (1,500) (1,500)
Balance, October 31,
2000 2,500,000 $ 2,500 $ 189 $ (4,189) $(1,500)
</TABLE>
See accompanying Notes to the Interim Financial Statements
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AMAZON SCIENTIFIC INC.
(A Development Stage Company)
INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
From
Inception
of
Development
Stage
on April 2,
For the 1999
Six Months Ended through
October 31, October 31,
2000 1999 2000
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (1,500) $ (666) $ (4,189)
Items not requiring outlay of cash:
Organization costs paid by a director - - 689
Amortization of license - 666 1,500
License written-off - - 500
(1,500) - (1,500)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities 1,500 - 1,500
Net Cash Used by Operating Activities: - - -
INCREASE (DECREASE) IN CASH - - -
CASH AT BEGINNING OF PERIOD - - -
CASH AT END OF PERIOD $ - $ - $ -
Non-Cash Financing Activities
Shares issued for organization costs $ - $ - $ 500
Shares issued at fair market value for
the acquisition of a license - - 2,000
Organization costs paid for by a
director - - 189
$ - $ - $ 2,689
Supplemental Disclosures
Interest paid $ - $ - $ -
Income tax paid $ - $ - $ -
</TABLE>
See accompanying Notes to the Interim Financial Statements
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AMAZON SCIENTIFIC INC.
(A Development Stage Company)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
October 31, 2000
(Unaudited)
NOTE 1 BASIS OF PRESENTATION
These unaudited interim financial statements have been prepared in accordance
with the instructions to SEC Form 10-QSB. Accordingly, certain information
and footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed
or omitted pursuant to such instructions. These unaudited interim financial
statements should be read in conjunction with the audited financial statements
and notes thereto included in the Company's annual report on Form 10-KSB for
the year ended April 30, 2000.
In the opinion of the Company's management, all adjustments considered
necessary for a fair presentation of these unaudited interim financial
statements have been included and all such adjustments are of a normal
recurring nature. Operating results for the six month period ended October
31, 2000 are not necessarily indicative of the results that can be expected
for the year ended April 30, 2001.
NOTE 2 GOING CONCERN
The Company's business plan is as a 'blank check' company. Under the
Securities Act of 1933, a blank check company is defined as a development
stage company that has no specific business plan or purpose or has indicated
that its business plan is to engage in a merger or acquisition with an
unidentified company or companies and is issuing 'penny stock' securities.
These financial statements have been prepared on the basis that the Company
will continue as a going concern. The ability of the Company to emerge from
the development stage with respect to any planned principal business activity
is dependent upon its successful efforts to raise additional equity financing
and find an appropriate merger candidate. There is no assurance that the
Company will be able to raise any equity financing or find an appropriate
merger candidate. There is substantial doubt regarding the Company's ability
to continue as a going concern. The financial statements do not include any
adjustments that could result from management's inability to obtain a suitable
business and financing.
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Item 2. Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
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The Company has not engaged in any material operations or had any
revenues from operations since its inception on April 2, 1999. The Company's
plan of operation for the next 12 months is to continue to seek the
acquisition of assets, properties or businesses that may benefit the Company
and its stockholders. Management anticipates that to achieve any such
acquisition, the Company will issue shares of its common stock as the sole
consideration for any such acquisition.
During the next 12 months, the Company's only foreseeable cash
requirements will relate to maintaining the Company in good standing or the
payment of expenses associated with reviewing or investigating any potential
business ventures. Such funds may be advanced by management or stockholders as
loans to the Company. Because the Company has not identified any such
ventures as of the date of this Report, it is impossible to predict the amount
of any such loans or advances. However, any such loans or advances should not
exceed $25,000 and will be on terms no less favorable to the Company than
would be available from a commercial lender in an arm's length transaction.
As of the date of this Report, the Company is not involved in any negotiations
respecting any such ventures.
Results of Operations.
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Other than maintaining its good corporate standing in the State of
Nevada, seeking the acquisition of assets, properties or businesses that may
benefit the Company and its stockholders, the Company has had no material
business operations since its inception in April, 1999, or during the three
months ended October 31, 2000.
During the quarterly periods ended October 31, 2000, and 1999, the
Company had no business operations, but recorded a net loss of ($1500) during
the quarterly period ended October 31, 2000, compared with a net loss of
($333) during the quarter ended October 31, 1999.
Liquidity.
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The Company had no cash on hand at October 31, 2000. Management
does not believe that this will be sufficient to meet its anticipated expenses
during the next 12 months. The Company will have to raise additional funds
through sales of its securities or through loans from stockholders or
management.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None; not applicable.
Item 2. Changes in Securities.
None; not applicable.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5. Other Information.
None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
Financial Data Schedule.
(b) Reports on Form 8-K.
None.
DOCUMENTS INCORPORATED BY REFERENCE
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned thereunto duly authorized.
AMAZON SCIENTIFIC INC.
Date: 12 Dec. 2000 By /s/ Frank Roberts
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Frank Roberts, President
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, this Report has been signed below by the following persons on
behalf of the Company and in the capacities and on the dates indicated:
AMAZON SCIENTIFIC INC.
Date: 12 Dec. 2000 By /s/ Frank Roberts
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Frank Roberts, President and
Director
Date: 12 Dec. 2000 By /s/ Richard Achron
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Richard Achron, Director,
Treasurer and Secretary
