GARNER INVESTMENTS INC
10QSB, 2000-08-14
NON-OPERATING ESTABLISHMENTS
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                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10QSB


                  Quarterly Report under Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


For Quarter Ended                                 Commission File Number
-----------------                                 ----------------------
June 30, 2000                                            0-26317


                             GARNER INVESTMENTS, INC.
            ---------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Wyoming                                         84-1384961
--------------------------------                        -------------------
     (State of incorporation)                           (I.R.S. Employer
                                                        Identification No.)

                214 South Center Street, Casper, Wyoming, 82601
            ---------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: None


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 the  filing
requirements for at least the past 90 days.

                                  Yes  X       No
                                     -----        ------
Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

                    780,000 common shares as of June 30, 2000

<PAGE>



                            GARNER INVESTMENTS, INC.

                          (A Development Stage Company)

                              FINANCIAL STATEMENTS

                     For the Six-Months Ended June 30, 2000

                                   (Unaudited)


<PAGE>

<TABLE>
<CAPTION>

                                                            GARNER INVESTMENTS, INC.
                                                         (A Development Stage Company)
                                                                 Balance Sheet
                                                     For the Six-Months Ended June 30, 2000
                                                                  (Unaudited)


                                                                     Six-Months                Six-Months
                                                                         Ended                  Ended
ASSETS:                                                                  June 30, 2000          June 30, 1999
                                                                   ----------------------------------------------
<S>                                                                           <C>                         <C>
Current Assets:
   Cash                                                                        $ 309                       $ 524
                                                                   ------------------          ------------------

Total Current Asset                                                              309                         524

Total Assets                                                                   $ 309                       $ 524
                                                                   ==================          ==================

LIABILITIES & STOCKHOLDERS EQUITY

Stockholders' Equity (Note 3):
   50,000,000 shares authorized $.001 par value,
     780,000 shares issued and outstanding.                                      780                         780
   Additional paid-in capital                                                  1,470                       1,470
   Deficit accumulated during the
     development stage                                                        (1,941)                     (1,726)
                                                                   ------------------          ------------------

Total Liabilities & Stockholders' Equity                                       $ 309                       $ 524
                                                                   ==================          ==================

   The accompanying notes are an integral part of these financial statements.

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                            GARNER INVESTMENTS, INC.
                                                         (A Development Stage Company)
                                                            Statement of Operations
                                                     For the Six-Months Ended June 30, 2000
                                                                  (Unaudited)

                                                                                                            Feb. 13, 1997
                                                                      June 30,          June 30,            Inception to
                                                                        2000              1999              June 30, 2000
                                                                     ------------      ------------       ------------------
<S>                                                                      <C>               <C>                      <C>

              Revenue

                                                                             $ -               $ -                      $ -


              Costs and Expenses:

                 Office Expenses                                               -                90                      356
                 Filing Fees                                                   -                25                       85
                 Audit Fees                                                    -                 -                    1,500
                                                                     ------------      ------------       ------------------

              Net Loss                                                       $ -             ($115)                 ($1,941)
                                                                     ============      ============       ==================

              Per share information:

                 Weighted average number
                 of common shares outstanding                            780,000           780,000                  780,000
                                                                     ------------      ------------       ------------------

              Net Loss per common share                                   *                 *                     *
                                                                     ============      ============       ==================

</TABLE>

   The accompanying notes are an integral part of these financial statements.

<PAGE>

<TABLE>
<CAPTION>

                                                                    GARNER INVESTMENTS, INC.
                                                                      Stockholders' Equity
                                                                          June 30, 2000
                                                                           (Unaudited)

                                                        COMMON STOCKS                  Additional  Retained      Total
                                                                                        Paid-In    Earnings   Stockholder's
                                                  Shares             Amount             Capital    (Deficit)     Equity
                                                  ------             ------             ---------  ---------  -------------
<S>                                                <C>                  <C>               <C>        <C>           <C>
Issuance of Stocks for Cash                        480,000              $ 480             $ 1,020         $ -      $ 1,500

Net Deficit 12/31/97                                     -                  -                   -        (144)        (144)
                                                  --------              -----             -------      -------    ---------
Balance December 31, 1997                          480,000                480               1,020        (144)       1,356
                                                  --------              -----             -------      -------    ---------
Issuance of Stocks for Cash                        300,000                300                 450           -          750

Net Deficit 12/31/98                                     -                  -                   -      (1,557)      (1,557)
                                                  --------              -----             -------      -------    ---------
Balance December 31, 1998                          780,000                780               1,470      (1,701)         549
                                                  --------              -----             -------      -------    ---------
Net Deficit 12/31/99                                     -                  -                   -        (240)        (240)
                                                  --------              -----             -------      -------    ---------
Balance December 31, 1999                          780,000                780               1,470      (1,941)         309
                                                  --------              -----             -------      -------    ---------
Net Deficit 6/30/2000                                    -                  -                   -           -            -
                                                  --------              -----             -------      -------    ---------
Balance June 30, 2000                              780,000              $ 780             $ 1,470    $ (1,941)       $ 309
                                                  ========              =====             =======      =======    =========

</TABLE>

  The accompanying notes are an integral part of these financial statements.


<PAGE>

<TABLE>
<CAPTION>

                                                                    GARNER INVESTMENTS, INC.
                                                                 (A Development Stage Company)
                                                                    Statement of Cash Flows
                                                             For the Six-Months Ended June 30, 2000
                                                                          (Unaudited)

                                                                                                            Feb. 13, 1997
                                                                         June 30,         June 30,          Inception to
                                                                            2000             1999           June 30, 2000
                                                                         -----------      -----------      ----------------
<S>                                                                          <C>             <C>                  <C>

             Cash Flows from Operating Activities:

                Net Loss                                                     $    -          $(1,640)             $ (1,941)

                Decrease in Investment                                            -              750                   750
                                                                         -----------      -----------      ----------------

             Net cash provided by operating activities                            -             (890)                 (890)

             Cash Flows from Financing Activities:

               Proceeds from stock issuance, net of
                  issuance costs.                                                 -              750                   750
                                                                         -----------      -----------      ----------------

             Net Cash Provided by Financing Activities                            -              750                   750
                                                                         -----------      -----------      ----------------

             Net Decrease in Cash and Cash Equivalent                             -             (140)                 (140)

             Beginning Cash and Cash Equivalent                                 309              664                   449
                                                                         -----------      -----------      ----------------

             Ending Cash and Cash Equivalent                                  $ 309            $ 524                 $ 309
                                                                         ===========      ===========      ================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash Paid During the Year for:

     Interest                                                                     -                -                     -
     Income Taxes                                                                 -                -                     -

</TABLE>


   The accompanying notes are an integral part of these financial statements.

<PAGE>



                            GARNER INVESTMENTS, INC.

                          (A Development Stage Company)

                                  June 30, 2000

                                   (Unaudited)

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 cash 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 Equivalent
         ------------------------

         The Company  considers all highly-liquid  debt  instruments,  purchased
         with  an  original  maturity  of  three  months  or  less,  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)

                                  June 30, 2000

                                   (Unaudited)

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         --------------------------------------------------

         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  accounts  for  income  taxes  under SFAS No.  109,  which
         requires the  asset  and liability  approach  to accounting  for income
         taxes. Under  this  approach,   deferred  income  taxes are  determined
         based upon differences between the financial statement and tax bases of
         the  Company's  assets and liabilities and operating loss  carryfowards
         using enacted tax rates in effect for the years in which the difference
         are expected  to reverse.  Deferred taxes are  recognized if it is more
         likely than not that the future tax benefit will be realized.

         As of  December  31,  1999,  the Company has  financial  reporting  net
         operating loss carryforwards  of approximately $1,941 for which the tax
         effect has  not been recognized for financial reporting purposes.  Such
         losses expire in 2013 if not utilized earlier.

Note 3 - STOCKHOLDERS' EQUITY
         --------------------

         The Company has issued and outstanding 780,000 shares of its $0.001 par
         value common stock 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.


<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

RESULTS OF OPERATIONS  FOR THE QUARTER ENDED MARCH 31, 2000 COMPARED TO THE SAME
QUARTER IN 1999

     The Company  had no  revenues  in the six months  ended June 30, 2000 or in
1999. The Company incurred no expenses in the six months in 2000 and $115 in the
six months in 1999.  The company had no gain or loss in the period in 2000 and a
net loss of ($115) in the period in 1999. The loss per share was none in the six
months in 2000 and ($.00) in 1999.

LIQUIDITY AND CAPITAL RESOURCES

     The Company has no liquid assets or cash. Its sole capital resources are it
shares of stock with which to make private placements.



                           PART II - OTHER INFORMATION

ITEM 1.           LEGAL PROCEEDINGS

                  None

ITEM 2.           CHANGES IN SECURITIES

                  None

ITEM 3.           DEFAULT UPON SENIOR SECURITIES

                  None

ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                  None

ITEM 5.           OTHER INFORMATION

                  None

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

          No reports on Form 8-K were made for the period for which this  report
          is filed.


<PAGE>


                                   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.

Date: August 11, 2000



                                              GARNER INVESTMENTS, INC.

                                              /s/ William A. Erickson
                                              -----------------------------
                                              President




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