FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
AND
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 000-60567
For the Quarter ended June 30, 2000
Last Company Clothing, Inc.
Nevada 88-0422308
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
24843 Del Prado, Suite 318, Dana Point CA 92626
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949)248-8933
The Common Stock registered pursuant to Section 12(g)of the Act: Common Stock
2,448,400
Yes [X] No [ ] (Indicate by check mark whether the Registrant (1) has filed
all report required to be filed by Section 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.)
As of June 30, 2000, the number of shares outstanding of the Registrant's Common
Stock was 2,448,400.
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INTRODUCTION
Our 1934 Act Registration on Form 10-SB becomes effective on or about
July 7, 2000. We are not required to file this Quarterly Report, but do so
Voluntarily in order to provide current financial information. Our last
financial report was our Audited Financial Statements for the years ended
December 31, 1999.
ITEM 1. FINANCIAL STATEMENTS.
Attached hereto and incorporated herein by this reference are the following
financial statements: Exhibit 00-QF1 Unaudited Financial Statements for the six
months ended June 30, 2000.
EXHIBIT INDEX
FINANCIAL STATEMENTS AND DOCUMENTS
Exhibit 00-QF1 Unaudited Financial Statements for the six months ended June
30, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Q Report for the Quarter ended June 30, 2000, has been signed below by
the following person on behalf of the Registrant and in the capacity and on the
date indicated.
Dated: June 30, 2000
LAST COMPANY CLOTHING, INC.
by
/S/ Kirt W. James /s/ Pete Chandler
Kirt W. James Pete Chandler
President/Director Secretary/Director
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EXHIBIT EXHIBIT 00-QF1
UNAUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
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LAST COMPANY CLOTHING, INC.
BALANCE SHEET (UNAUDITED)
For the fiscal year ended December 31, 1999
And the six month period ended June 31, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
June 30, December 31,
2000 1999
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,779 $ 8,979
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . 2,779 8,979
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 2,779 $ 8,979
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 7,268 $ 0
TOTAL LIABILITIES. . . . . . . . . . . . . . . . . . . $ 7,268 $ 0
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 100,000,000
shares; issued and outstanding, 2,448,400 shares,
and 2,448,400 shares respectively . . . . . . . . . 2,448 2,448
Additional Paid-In Capital . . . . . . . . . . . . . . 109,780 109,780
Accumulater Equity (Deficit) . . . . . . . . . . . . . (116,717) (103,249)
Total Stockholders' Equity . . . . . . . . . . . . . . (4,489) 8,979
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY . . . . . . . $ 2,779 $ 8,979
</TABLE>
The accompanying notes are an integral part of these financial statements.
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LAST COMPANY CLOTHING, INC.
STATEMENTS OF LOSS AND ACCUMULATED DEFICIT (UNAUDITED)
And the periods ended June 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From
Inception on
March 26,
For the periods. 1999 through
ended June 30, . June 30,
2000 1999 2000
----------------------------------------------------------------------
Revenues . . . . . . . . . $ 0 $ 0 $ 0
Net Loss from Operations . 13,468 41,749 (116,717)
Net Income (Loss). . . . . ($13,468) ($41,749) ($116,717)
Loss per Share . . . . . . ($0.00550) ($0.01722) ($0.04777)
Weighted Average
Shares Outstanding . . 2,448,400 2,424,200 2,443,162
</TABLE>
The accompanying notes are an integral part of these financial statements.
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LAST COMPANY CLOTHING, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)(UNAUDITED)
For the period from inception of the Development Stage
On March 26, 1999, through December 31, 1999
And for the six months ended June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Additional Accumulated Total Stock-
Common Par Paid-In Equity holders' Equity
Stock Value Capital (Deficit) (Deficit)
Common Stock issued at inception, 2,228,400 $ 2,228 $ 0 $ 0 $ 2,228
March 26, 1999
Common Stock sold for cash at
$0.50 per share . . . . . . . 220,000 220 109,780 0 0
Net Loss during the period
ended December 31, 1999 . . . 0 0 0 (103,249) 0
Balances at December 31, 1999 . . 2,448,400 2,448 109,780 (103,249) 8,979
---------- ------------ ------------- ----------- -----------------
Net Loss during the period
ended June 30, 2000 . . . . . 0 0 0 (13,468) 0
Balances at June 30, 2000 . . . . 2,448,400 $ 2,448 $ 109,780 ($116,717) ($4,489)
---------- ------------ ------------- ----------- -----------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
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LAST COMPANY CLOTHING, INC.
STATEMENTS OF CASH FLOW (UNAUDITED)
And the periods ended June 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From
Inception on
March 26,
For the periods. 1999 through
ended June 30, June 30,
2000 1999 2000
Operating Activities
Net Income (Loss). . . . . . . . . . . . . . . ($13,468) ($41,749) ($116,717)
Less items not effecting cash:
shares issued for services . . . . . . . . 0 0 2,228
increase in accounts payable . . . . . . . 7,268 0 7,268
Net Cash from Operations . . . . . . . . . . . (6,200) (41,749) (107,221)
Cash Increase (Decrease) sale of Common Stock. 0 110,000 110,000
Net increase (decrease) in cash. . . . . . . . (6,200) 68,251 2,779
Beginning Cash . . . . . . . . . . . . . . . . 8,979 0 0
Cash as of Statement Date. . . . . . . . . . . $ 2,779 $ 68,251 $ 2,779
</TABLE>
The accompanying notes are an integral part of these financial statements.
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LAST COMPANY CLOTHING, INC.
NOTES TO FINANCIAL STATEMENTS
for December 31, 1999 and the periods ended June 30, 1999 and 2000
1-FORMATION AND OPERATIONS OF THE COMPANY
Last Company Clothing, Inc. (the "Company") was incorporated on March 26,
1999 in the State of Nevada. The Company is engaged in the business of
importing and wholesaling a line of clothing to serve the retail trade known as
"action sports industry" or extreme sports industry". Customers of those retail
stores, in addition to the Company's clothing, will have access to a wide range
of clothing, sports equipment and accessories that are used in such sports
surfing, skateboarding, in-line skating, moto-sports, biking snow-boarding. The
appeal for the products in these stores is to an ever growing "counter-culture"
market which thrives on active participation in non-traditional sports. The
primary target market is generation Y (ages 10-17) and generation X (ages 18-28)
who want to be identified by the distinctive looks of the various sports. The
Company intends to make available a wide variety of fashions and accessories for
each of these distinctive tastes.The Company is authorized to issue 50,000,000
Common Shares each with a par value of $0.001. The Board of Directors and
Shareholders of the Company have authorized the issuance of a minimum of
200,000, and a maximum of 300,000 of its Common Shares in a Regulation D, 504
offering. As of the date of these statements 220,000 shares have been sold
pursuant to that offering.
2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF ACCOUNTING
Accounting records of the Company and financial statements are maintained
and prepared on an accrual basis.
(b) FISCAL YEAR
The Company's proposed fiscal year end for accounting and tax purposes is
December 31.
(c) ORGANIZATION COSTS
The Company incurred $2,228 of organization costs in 1999. These costs
were paid by shareholders of the Company and were exchanged for 2,228,400 shares
of common stock having a par value of $2,228. The organization costs are
detailed as follows:
Legal services in connection with preparation
and filing state and federal documents for
incorporation and for and for its Regulation
504 stock offering, $ 1,243,
Preparation of financial statements, 800,
State filing fees, 185.
---
Total $ 2,228.
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Last Company Clothing, Inc.
Notes to Financial Statements
for December 31, 1999 and the periods
ended June 30, 1999 and 2000
continued
2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(d) CASH EQUIVALENTS
For Financial Accounting Standards purposes, the Statement of Cash Flows,
Cash Equivalents include time deposits, certificates of deposit, and all highly
liquid debt instruments with original maturities of three months or less.
Whatever cash amounts included on the Company's Statements of Cash Flow,
however, will be comprised exclusively of cash.
3-PROPERTY AND EXECUTIVE COMPENSATION
(a) PROPERTY:
The Company's offices and all of its records are located at 24843 Del
Prado, Suite 318, Dana Point, California 92629.
(b) EXECUTIVE COMPENSATION:
Since inception, the Company has paid no cash compensation to its officers
or directors. Officers of the Company will be reimbursed for out-of-pocket
expenses and may be compensated for the time they devote to the Company. In
addition, Officers may receive compensation for services performed on behalf of
the Company. The terms of any such compensation will be determined on the basis
of the nature and extent of the services which may be required and will be no
less favorable to the Company than the charges for similar services made by
independent third parties who are similarly qualified. No officer or director
is required to make any specific amount or percentage of his business time
available to the Company.
5-STOCKHOLDERS' EQUITY.
The Company is authorized to issue 50,000,000 shares of common stock having a
par value of $0.001. In March 1999, 2,228,400 shares of Common Stock, were
issued in exchange for organizational costs which were valued by management at a
total of $2,228. In March and April 1999, 220,000 shares of Common Stock, were
issued in exchange for cash in the amount of $110,000.
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