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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 quarterly period ended September 30, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to____________
Commission File No. 0-26695
HIGHWAY ONE-OWEB, INC.
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(Name of Small Business Issuer in its Charter)
UTAH 87-0636107
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(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
430 Fourth Street
Ogden, Utah 84404
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(Address of Principal Executive offices)
Issuer's Telephone Number: (801) 392-6056
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes No X
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date:
September 30, 1999
2,348,000
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Financial Statements of the Registrant required to be filed
with this 10-QSB Quarterly Report were prepared by management, and commence of
the following page, together with Related Notes. In the opinion of management,
the Financial Statements fairly present the financial condition of the
Registrant.
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HIGHWAY ONE-OWEB, INC.
(A Development Stage Company)
Balance Sheet
(Unaudited)
ASSETS
September 30,
1999
CURRENT ASSETS
Cash $ 28,677
Total Current Assets 28,677
TOTAL ASSETS $ 28,677
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 414
Total Current Liabilities 414
TOTAL LIABILITIES 414
STOCKHOLDERS' EQUITY
Common stock: 100,000,000 shares authorized of $0.001
par value, 2,348,000 shares issued and outstanding 2,348
Additional paid-in capital 37,452
Deficit accumulated during the development stage (11,537 )
Total Stockholders' Equity 28,263
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 28,677
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HIGHWAY ONE-OWEB, INC.
(A Development Stage Company)
Statement of Operations
(Unaudited)
From
Inception on
March 17,
1999 Through
September 30,
1999
REVENUES $ -
EXPENSES
General and administrative 11,537
Total Expenses 11,537
NET LOSS $ (11,537 )
BASIC LOSS PER SHARE (0.00 )
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HIGHWAY ONE-OWEB, INC.
(A Development Stage Company)
Statement of Stockholders' Equity
(Unaudited)
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage
Balance at inception on
March 17, 1999 - $ - $ - $ -
Issuance of common
stock for cash at
$0.0025 per share 2,000,000 2,000 3,000 -
Issuance of common
stock for cash at
$0.10 per share 348,000 348 34,452 -
Net loss from inception
on March 17, 1999 through
September 30, 1999 - - - (11,537)
Balance, September 30,
1999 2,348,000 $ 2,348 $37,452 $(11,537)
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HIGHWAY ONE-OWEB, INC.
(A Development Stage Company)
Statement of Cash Flows
(Unaudited)
From
Inception on
March 17,
1999 Through
September 30,
1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) $ (11,537)
Changes in assets and liabilities:
Increase (decrease) in accounts payable 414
Net Cash (Used) by Operating Activities (11,123)
CASH FLOWS FROM INVESTING ACTIVITIES -
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock issued for cash 39,800
Net Cash Provided by Financing Activities 39,800
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 28,677
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD -
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 28,677
CASH PAID FOR:
Interest $ -
Income taxes $ -
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HIGHWAY ONE-OWEB, INC.
(A Development Stage Company)
Notes to the Financial Statements
September 30, 1999
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the Company
without audit. In the opinion of management, all adjustments (which include
only normal recurring adjustments)necessary to present fairly the financial
position, results of operations and cash flows at September 30, 1999 and for
all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's April 30, 1999 audited
financial statements. The results of operations for the period ended
September 30, 1999 are not necessarily indicative of the operating results for
the full year.
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Item 2. Management's Discussion and Analysis or Plan of operation.
Plan of Operation.
The Company has not yet commenced material operations. During the
next six months, the Company plans to acquire a server with approximately 31
gigabytes of memory, which will be sufficient for its planned web site design
and web site hosting services. The anticipated cost of this server will be
approximately $3,500. The Company's President, Pete Chandler, owns two
personal computers, which the Company will use rent-free.
The Company plans to begin advertising its services during the
quarterly period beginning January 1, 2000. During the next 12 months,
management expects to spend approximately $7,500 to $12,000 in advertising
expenses. Planned methods of advertising include telephone solicitation of
businesses, mailings, placement of "banner" advertisements on internet web
sites, and a small amount of print advertising in northern Utah. Management
believes that its current cash on hand will be sufficient to meet its
advertising needs during the next 12 months. See the heading "Liquidity" of
this caption.
In addition to its web page design and hosting services, the
Company plans to expand its operations by acquiring, joint venturing or
merging with other internet service providers in exchange for the issuance of
shares of its common stock. As of the date of this Report, the Company has
not entered into any agreements in this regard, and there can be no assurance
that it will be successful in entering into a transaction with any such
entity.
Results of Operations.
During the quarterly period ended September 30, 1999, the Company
received no revenues. Total expenses during the period from inception on March
17, 1999 through September 30, 1999, were $11,537; the Company has incurred a
net loss of ($11,537) during that period.
Liquidity.
At September 30, 1999, the Company had total current assets of
$28,677 and total liabilities of $414. Management believes that its cash on
hand of $28,677 will be sufficient to allow it to begin its operations.
Year 2000.
The Company intends to purchase a computer using a Pentium III
microchip, to be used for development and hosting of its clients web sites.
Management believes that its computer system will be able to properly reflect
the change of year to the year 2000.
The Company can give no assurance that third parties with whom it
intends to do business will ensure Year 2000 compliance in a timely manner or
that, if they do not, their computer systems will not have an adverse effect
on the Company. However, the Company does not believe that Year 2000
compliance issues of such third parties will result in a material adverse
effect on its financial condition or results of operations.
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.
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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.
HIGHWAY ONE-OWEB, INC.
Date: 11-2-99 By: /s/ Pete Chandler
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Pete Chandler
Director and President
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