--------------------------------------------------------------------------------
Pete Chandler
PRESIDENT
Snohomish Equity Corporation
219 Broadway, Suite 261, Laguna Beach CA 92651
(Name and Address of Person Authorized to Receive Notices
and Communications on Behalf of the Person Filing Statement)
--------------------------------------------------------------------------------
WITH A COPY TO:
KARL E. RODRIGUEZ, ESQ
24843 Del Prado, #318
Dana Point, CA 92629
(949) 248-9561
fax (949) 248-1688
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FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
1934
For the Quarter ended June 30, 2000
Commission File Number: 000-26249
SNOHOMISH EQUITY CORPORATION
(formerly SNOHOMISH EQUITY GROUP, INC)
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
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: 2,010,000
Yes[x] No[] (Indicate by check mark whether the Registrant (1) has filed all
reports 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 2,010,000.
1
<PAGE>
UNNUMBERED ITEM
This Amended 10-QSB-A1 is filed for the purpose of disclosing the minor
corrections to unaudited financial statements for the period ended June 30,
2000.
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Attached hereto and incorporated herein by this reference are the following
financial statements:
--------------------------------------------------------------------------------
Exhibit FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
00-QF2 Un-Audited Financial Statements for the six months ended June 30,
2000
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION FOR THE NEXT TWELVE MONTHS. We have had no activity in
2000 except for the Registration of our common stock, pursuant to section 12(g)
of the Securities Exchange Act of 1934. We have now begun our search for an
acquisition.
(1) CASH REQUIREMENTS AND OF NEED FOR ADDITIONAL FUNDS, TWELVE MONTHS. We
have no need of additional funds during the next twelve months, from sources
outside of our affiliates, to maintain our corporate franchise in the State of
our incorporation, and to file periodic reports as required of Registrants under
the 1934 Act.
(2) SUMMARY OF PRODUCT RESEARCH AND DEVELOPMENT. None.
(3) EXPECTED PURCHASE OR SALE OF PLANT AND SIGNIFICANT EQUIPMENT. None.
(4) EXPECTED SIGNIFICANT CHANGE IN THE NUMBER OF EMPLOYEES. None.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
We have had no activity in 2000 except for the Registration of our common stock,
pursuant to section 12(g) of the Securities Exchange Act of 1934. We had general
and administrative expenses in 2000, which were legal and accounting costs, in
connection with our 1934 Act Registration.
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGE IN SECURITIES
None
2
<PAGE>
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None.
ITEM 6. REPORTS ON FORM 8-K
None
EXHIBITS
Attached hereto and incorporated herein by this reference are the following
financial statements:
--------------------------------------------------------------------------------
Exhibit FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
00-QF2 Un-Audited 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 persons on behalf of the Registrant and in the capacities and on
the date indicated.
Dated: September 22, 2000
SNOHOMISH EQUITY CORPORATION
(formerly SNOHOMISH EQUITY GROUP, INC)
/S/Pete Chandler /S/Susan C. Sanchez
Pete Chandler Susan C. Sanchez
President/Director Secretary-Treasurer/Director
3
<PAGE>
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EXHIBIT EXHIBIT 00-QF2
UN-AUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
4
<PAGE>
SNOHOMISH EQUITY CORPORATION
BALANCE SHEETS
For the fiscal year ended December 31, 1999
And for the six months ended June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
June 30,
2000 December 31,
(Unaudited) 1999
-----------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Total Current Assets. . . . . . . . . . . . . . . . . $ 0 $ 0
TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . 0 0
---------------------------------------------------------------------------------
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
=================================================================================
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Account payable . . . . . . . . . . . . . . . . . . . 21,781 16,681
---------------------------------------------------------------------------------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . 21,781 16,681
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 50,000,000
shares; issued and outstanding, 2,010,000 shares
and 2,010,000 shares . . . . . . . . . . . . . . . 2,010 2,010
Additional Paid In Capital. . . . . . . . . . . . . . 6,990 6,990
Accumulated Surplus (Deficit) . . . . . . . . . . . . (30,781) (25,681)
---------------------------------------------------------------------------------
Total Stockholders' Equity. . . . . . . . . . . . . . (21,781) (16,681)
---------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY. . . . . . $ 0 $ 0
=================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
SNOHOMISH EQUITY CORPORATION
STATEMENTS OF OPERATIONS (UNAUDITED)
June 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
From
Inception on
From April From April From January From January April 8,
1, 2000 to. 1, 1999 to 1, 2000 to 1, 1999 to 1992 through
June 30, June 30, June 30, June 30, June 30,
2000 1999 2000 1999 2000
----------------------------------------------------------------------------------------------------
Revenues. . . . . . . . . $ 0 $ 0 $ 0 $ 0 $ 0
----------------------------------------------------------------------------------------------------
Net Loss from Operations. 2,822 4,404 7,167 6,604 116,717
Net Income (Loss) . . . . ($2,822) ($4,404) ($7,167) ($6,604) ($116,717)
====================================================================================================
Loss per Share. . . . . . $ (0.00140) $ (0.00219) $ (0.00357) $ (0.00329) $ (0.05829)
====================================================================================================
Weighted Average
Shares Outstanding. . 2,010,000 2,010,000 2,010,000 2,010,000 2,002,500
====================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
SNOHOMISH EQUITY CORPORATION
STATEMENTS OF CASH FLOW (UNAUDITED)
For the periods ended June 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From
Inception on
April 8,
1992 through
June 30, June 30,
2000 1999 2000
---------------------------------------------------------------------
Operating Activities
Net Income (Loss) . . . . . . ($5,100) ($2,175) ($30,781)
Increase in accounts payable. 5,100 0 21,781
Shares issued for services. . 0 0 1,000
--------------------------------------------------------------------
Cash (used) in operations . . 0 (2,175) (8,000)
Net Cash from Operations. . . 0 0 (8,000)
--------------------------------------------------------------------
Financing activities:
Stock issued for cash . . . . 0 2175 8000
Cash at beginning of Period . 0 0 0
Increase (Decrease) in Cash . 0 0 0
Cash at End of Period . . . . $ 0 $ 0 $ 0
====================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<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,
For the fiscal years ended December 31, 1993 through 1999
And for the period 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)
---------------------------------------------------------------------------------------------------------------
Balance on April 8, 1992. . . . . . 2,000,000 $ 2,000 $ 6,000 $ 0 $ 8,000
Net Loss during the fiscal year
ended December 31, 1992 . . . . . . 0 0 0 (1,170) 0
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 . . . . . . 0 0 0 (1,600) 0
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 . . . . . . 0 0 0 (1,600) 0
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 . . . . . . 0 0 0 (1,600) 0
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 . . . . . . 0 0 0 (1,600) 0
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 . . . . . . 0 0 0 (430) 0
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 . . . . . . 0 0 0 (1,000) 0
Balance at December 31, 1998. . . . 2,010,000 2,010 6,990 (9,000) 0
---------- ------------ -------------- ---------- -----------------
Net Loss during the fiscal year
ended December 31, 1999 . . . . . . 0 0 0 (16,681) 0
Balance at December 31, 1999. . . . 2,010,000 2,010 6,990 (25,681) (16,681)
---------- ------------ -------------- ---------- -----------------
Net Loss during the period
ended June 30, 2000 . . . . . . . . 0 0 0 (5,100) 0
Balance at June 30, 2000. . . . . . 2,010,000 2,010 6,990 (30,781) (21,781)
---------- ------------ -------------- ---------- -----------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
SNOHOMISH EQUITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
for the fiscal year ended December 31 1999
and the periods ended June 30, 1999 and 2000
NOTES TO FINANCIAL STATEMENTS
Snohomish Equity Group, Inc. ("the Company") has elected to omit substantially
all footnotes to the financial statements for the six months ended June 30,
2000, since there have been no material changes (other than indicated in other
footnotes) to the information previously reported by the Company in their Annual
Report filed on Form 10-KSB for the Fiscal year ended December 31, 1999.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments which
are, in the opinion of management, necessary to properly reflect the results of
the period presented. The information presented is not necessarily indicative
of the results from operations expected for the full fiscal year.
9
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