U. S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10SB/A
File No.: 0-26317
CIK: 0001087734
AMENDMENT TO APPLICATION OR REPORT
GARNER INVESTMENTS, INC.
(Name of Small Business Issuer in its charter)
AMENDMENT NO. 1
The undersigned Registrant hereby amends the Registration Statement on
Form 10SB as set forth in the pages attached hereto:
Unaudited Financial Statements and Statements of
Operations for quarter ended March 31, 1999
Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this amendment to be signed on its behalf by the undersigned,
thereunto duly authorized.
Dated: July 20, 1999
GARNER INVESTMENTS, INC.
/s/ William A. Erickson
By: ---------------------------------
William A. Erickson, President
<PAGE>
INTERIM FINANCIAL
STATEMENTS FOR PERIOD
ENDED MARCH 31, 1999
(Unaudited)
Garner Investments, Inc.
<PAGE>
<TABLE>
<CAPTION>
GARNER INVESTMENTS, INC.
(A Development Stage Company)
BALANCE SHEET
(unaudited)
March 31, December 31,
1999 1998
-------------------------- -----------------------
<S> <C>
Current Assets: $549 $549
-------------------------- -----------------------
Cash and cash equivalents 549 549
-------------------------- -----------------------
Total current assets $549 $549
========================== =======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Current Liabilities: 0 0
-------------------------- -----------------------
Stockholders' equity:
Common stock, $.001 par value 780 780
Authorized 50,000,000 shares: Issued and outstanding
780,000 shares
Additional paid-in capital 1470 1470
Retained Earnings (deficit) (1701) (1701)
-------------------------- -----------------------
Total Stockholders' equity 549 549
-------------------------- -----------------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $0 $0
========================== =======================
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
GARNER INVESTMENTS, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(unaudited)
Three Months Ending Three Months Ending
March 31, 1999 March 31, 1998
<S> <C> <C>
Revenue & interest $0 $0
Expenses, general and administrative 0 0
Provision for income taxes - -
------------------------------- -----------------------------
Net income (loss) for period $0 $0
Net income (loss) per share $(-) $(-)
Weighted average number of common shares 780,000 780,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
GARNER INVESTMENTS, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(unaudited)
Three Months Ending Three Months Ending
March 31, 1999 March 31, 1998
----------------------------- ---------------------------
<S> <C> <C>
Cash flows from operating activities: $0 $0
Net income (loss) 0 0
Adjustments to reconcile net income (loss) to net 0 0
cash provided (used) by operating activities:
Amortization 0 0
Rent 0 0
Changes in: 0 0
Accounts payable - related parties 0 0
----------------------------- ---------------------------
Cash provided (used) by operating activities 0 0
============================= ===========================
Cash at beginning of period 0 0
============================= ===========================
Cash at end of period $0 $0
============================= ===========================
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
GARNER INVESTMENTS, INC.
(A Development Stage Company)
Notes to Financial Statements
(unaudited)
For the Quarter ended March 31, 1999
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
The Company was incorporated on February 13, 1997, in the state of Wyoming. The
Company is in the development stages and was organized for the purpose of
general investing. The Company's fiscal year end is December 31. The financial
statements are presented on the accrual basis of accounting.
The accompanying financial statements have been prepared on the going concern
basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. The Company's continuation as a
going concern is dependent on its ability to generate sufficient cash flows to
meet its obligations on a timely basis, to raise additional as may be required,
and ultimately to attain successful operations. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
Basis of Presentation
The Company is primarily engaged in general investing. The authorized capital
stock of the corporation is 50,000,000 shares of common stock at $0.001 par
value. There are no preferred stock authorized or issued.
Cash and Cash Equivalents
The Company considers all highly-liquid debt instruments, purchased with an
original maturity of three months, to be cash equivalents.
Revenue Recognition
Revenue is recognized when earned and expenses are recognized when they occur.
Use of Estimates
The preparation of financial statements, in conformity with generally accepted
accounting principles, requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.
<PAGE>
GARNER INVESTMENTS, INC.
(A Development Stage Company)
Notes to Financial Statements
(unaudited)
For the Quarter ended March 31, 1999
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CON'T.)
Net Loss Per Share
Net loss per share is based on the weighted average number of common shares and
common shares equivalents outstanding during the period.
Note 2 - FEDERAL INCOME TAXES
The Company adopted statements of financial Accounting Standards No. 109,
"Accounting For Income Taxes." FAS 109 requires the recognition of deferred tax
liabilities and assets for the anticipated future tax effects of temporary
differences that arise as a result of differences in the carrying amounts and
tax bases of assets and liabilities. There was no material effect on the
financial statements as a result of adopting FAS 109.
Note 3 - STOCKHOLDERS' EQUITY
During the Period, the Company issued 780,000 shares of its $0.001 par value
common stock to various investors at 40.029 per share for cash of $2,250.
Note 4 - RELATED PARTY TRANSACTION
The officers and directors of this Company are also officers and directors of
other companies.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 549
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 549
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 549
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 780
<OTHER-SE> (231)
<TOTAL-LIABILITY-AND-EQUITY> 549
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
