SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1933
Date of Report: September 15, 1999
Snohomish Equity Corporation
(formerly Snohomish Equity Group, Inc)
000-26249
Commission File Number
Nevada 33-0507843
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
219 Broadway, Suite 261, Laguna Beach CA 92651
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 248-1765
Item 5. Other Events
The purpose of this Current Report is to file Management's Un-Audited
Financial Statements of June 30, 1999 (attachment 99-06-30 hereto), in order to
coordinate reporting with the Issuer's submission for listing on the Over the
Counter Bulletin Board, as currently required by the National Association of
Securities Dealers rules and regulations.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following person on behalf of the Registrant
and in the capacities and on the date indicated.
September 15, 1999 Snohomish Equity Corporation
(formerly Snohomish Equity Group, Inc)
by
/s/ William Stocker
William Stocker
SPECIAL SECURITIES COUNSEL
1
<PAGE>
Attachment 99-06-30
2
<PAGE>
SNOHOMISH EQUITY CORPORATION
BALANCE SHEETS (UNAUDITED)
for the fiscal years ended December 31, 1997 and 1998
and for the period ended June 30, 1999
<TABLE>
<CAPTION>
June 30, December 31,
-------------------
1999 1998 1997
------- ------- -------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Total Current Assets $ -0- $ -0- $ -0-
TOTAL CURRENT ASSETS -0- -0- -0-
------- ------- -------
TOTAL ASSETS $ -0- $ -0- $ -0-
======= ======= =======
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Account payable 11,085
-------
TOTAL LIABILITIES 11,085
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 50,000,000
shares; issued and outstanding, 2,000,000 shares
and 2,010,000 shares 2,010 2,010 2,000
Additional Paid In Capital 6,990 6,990 6,000
Accumulated Surplus (Deficit) (20,085) (9,000) (8,000)
------- ------- -------
Total Stockholders' Equity -0- -0- -0-
------- ------- -------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ -0- $ -0- $ -0-
======= ======= =======
</TABLE>
The accompanying notes are an integral
part of these financial statements.
page F-1
<PAGE>
SNOHOMISH EQUITY CORPORATION
STATEMENTS OF LOSS AND ACCUMULATED DEFICIT (UNAUDITED)
for the fiscal years ended December 31, 1997 and 1998
and for the period ended June 30, 1999
December 31,
June 30, -------------------------
1999 1998 1997
----------- ----------- -----------
Revenues $ -0- $ -0- $ -0-
----------- ----------- -----------
Expenses; General & Administrative -0- (1,000) -0-
----------- ----------- -----------
Net Loss from Operations (11,085) (1,000) -0-
Net Income (Loss) $ (11,085) $ (1,000) $ -0-
=========== =========== ===========
Gain (Loss) per Share $ (.00551) $ (.00050) $ -0-
=========== =========== ===========
Weighted Average
Shares Outstanding 2,010,000 2,010,000 2,000,000
=========== =========== ===========
The accompanying notes are an integral part
of these financial statements.
page F-2
<PAGE>
SNOHOMISH EQUITY CORPORATION
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED)
for the period from inception of the Development Stage on April 8, 1992
through December 31, 1992 and for the fiscal years ended December 31, 1993
through 1998 and for the period ended June 30, 1999
<TABLE>
<CAPTION>
Additional Accumulated Total Stock-
Common Par Paid-In Equity holders' Equity
Stock Value Capital (Deficit) (Deficit)
--------- --------- --------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
Balance on April 8, 1992 2,000,000 $ 2,000 $ 6,000 $ $ 8,000
Net Loss during the fiscal year
ended December 31, 1992 (1,170)
--------- --------- --------- --------- ---------
Balance at December 31, 1992 2,000,000 2,000 6,000 (1,170) 6,830
Net Loss during the fiscal year
ended December 31, 1993 (1,600)
--------- --------- --------- --------- ---------
Balance at December 31, 1993 2,000,000 2,000 6,000 (2,770) 5,230
Net Loss during the fiscal year
ended December 31, 1994 (1,600)
--------- --------- --------- --------- ---------
Balance at December 31, 1994 2,000,000 2,000 6,000 (4,370) 3,630
Net Loss during the fiscal year
ended December 31, 1995 (1,600)
--------- --------- --------- --------- ---------
Balance at December 31, 1995 2,000,000 2,000 6,000 (5,970) 2,030
Net Loss during the fiscal year
ended December 31, 1996 (1,600)
--------- --------- --------- --------- ---------
Balance at December 31, 1996 2,000,000 2,000 6,000 (7,570) 430
Net Loss during the fiscal year
ended December 31, 1997 (430)
--------- --------- --------- --------- ---------
Balance at December 31, 1997 2,000,000 2,000 6,000 (8,000) 0
Shares issued for services rendered 10,000 10 990
Net Loss during the fiscal year
ended December 31, 1998 (1,000)
--------- --------- --------- --------- ---------
Balance at December 31, 1998 2,010,000 2,010 6,990 (9,000) 0
Net Loss during the period
ended June 30, 1999 (11,085)
--------- --------- --------- --------- ---------
Balance at December 31, 1998 2,010,000 2,010 6,990 (20,085) (11,085)
</TABLE>
The accompanying notes are an integral part
of these financial statements.
page F-3
<PAGE>
SNOHOMISH EQUITY CORPORATION
STATEMENTS OF CASH FLOW (UNAUDITED)
for the fiscal years ended December 31, 1997 and 1998
and for the period ended June 30, 1999
December 31,
June 30, ---------------------
1999 1998 1997
-------- -------- --------
Operating Activities
Net Income (Loss) $(11,085) $ (1,000) $ -0-
Cash (used) in operations (11,085) -0- -0-
-------- -------- --------
Net Cash from Operations (11,085) -0- -0-
Financing activities:
issuance of stock 1,000
increase in accounts payable 11,085
Cash at beginning of Period -0- -0- -0-
Increase (Decrease) in Cash -0- -0- -0-
Cash at End of Period $ -0- $ -0- $ -0-
======== ======== ========
The accompanying notes are an integral part
of these financial statements.
page F-4
<PAGE>
SNOHOMISH EQUITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
for the fiscal years ended December 31 1996, 1997 and 1998
and the period ended June 30, 1999
1-FORMATION AND OPERATIONS OF THE COMPANY
This Corporation was first organized under the laws of the State of Texas
on April 8, 1992, as Snohomish Equity Group, Inc. for the purpose of
seeking out one or more potential business ventures, without regard to
geographical considerations, which venture or ventures, in the judgment of
management, warrant interest and involvement of the Company. On or about
April 27, 1992, the company made its initial issuance of 2,000,000 shares
of common stock to a single founders' group of six related founders, for
cash. The Issuer has made no further issuances to date, and the total
issued and outstanding shares of common stock remains 2,000,000 shares as
of the date of this report. During 1992, the various Founders made private
gifts of stock to family members and friends, totaling 108,108 shares:
27,093 to ten affiliates (six of whom remain affiliates); and 81,015 shares
to a total of 94 non-affiliate shareholders. On or about April 29, 1992,
the Company having caused incorporation of a wholly-owned subsidiary,
Snohomish Capital Corporation, the Company authorized a stock dividend by
which the ownership of that subsisidairy would have been spun off to
shareholders, but that dividend/spin-off was abandoned and never
consummated, and the former subsidiary corporation expired without action,
pursuant to the laws of Texas. The shares of the Company's common stock
have never traded, over the counter or otherwise. This Company's
predecessor remained dormant and inactive from 1993 to the present, its
charter expiring in due course, pursuant to laws of Texas. About early
1997, the founder's control block of 1,891,892 shares, was acquired by
Intrepid International S.A., a Panama Corporation. As of that time, there
were 107,108 shares issued and outstanding to persons who were and are
(with some exceptions) non-affiliate shareholders. On or about January 1,
1998 the Issuer authorized the Issuance of an additional 10,000 shares to
its present officers. The Company was formally reorganized in the State of
Nevada on December 8, 1998, for the purpose of seeking out one or more
potential business ventures, without regard to geographical considerations,
which venture or ventures, in the judgment of management, warrant interest
and involvement of the Company.
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 $8,000 of organization costs in 1992. These
costs, which were paid by shareholders of the Company and which were
exchanged for 2,000,000 shares of common stock having a par value of
$2,000 and $6,000 in services, totalling $8,000, which is being
amortized on a straight line method over a 60 month period. These
costs will be recovered only if the Company is able to generate a
positive cash flow from operations.
page F-5
<PAGE>
Snohomish Equity Corporation
Notes to Financial Statements
for the fiscal years ended December 31, 1997 and 1998
and the period ended June 30, 1999
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 219
Broadway, Suite 261, Laguna Beach, California 92651.
(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 April 1993, 2,000,000 shares of Common Stock,
were issued in exchange for organizational costs which were valued by
management at a total of $8,000. In January 1998, 10,000 shares of Common
Stock, were issued in exchange for $10 in services.
page F-6
