UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the Quarter ended September 30, 1999
|_| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THEE EXCHANGE ACT
For the transition period _____________ to _____________
Commission file number 0-26359
LAL MIAMI ENTERPRISES, INC.
(Exact name of Small Business Company in its charter)
NEVADA 59-3356011
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
3355 Somerset Trace, Marietta, GA 30067
(Address of principal executive offices) (Zip Code)
Registrant's Telephone number, including area code:(770) 953-6439
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 and Exchange Act of 1934
during the preceding twelve months (or such shorter period that the Registrant
was required to file such reports), and (2) has been subject to file such filing
requirements for the past thirty days.
Yes |_| No |X|
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report: 5,000,000
Shares of Common Stock ($.001 par value)
Transitional Small Business Disclosure Format (check one):
Yes |_| No |X|
<PAGE>
LAL MIAMI ENTERPRISES, INC.
PART I: Financial Information
ITEM 1 - Financial statements
ITEM 2 - Management's' discussion and analysis of
financial condition and results of operations
PART II: Other Information
2
<PAGE>
LAL MIAMI ENTERPRISES, INC.
(A DEVELOPMENT STATE COMPANY)
BALANCE SHEET
SEPTEMBER 30, 1999
ASSETS
Current Assets:
Total Current Assets $ --
------
TOTAL ASSETS $ --
======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Total Current Liabilities $ --
------
TOTAL LIABILITIES $ --
------
Stockholders' Equity:
Capital Stock -
Common stock, $.00005 par value
200,000 shares authorized,
5,000,000 shares issued and outstanding 2,000
Capital in excess of par value
(Deficit) accumulated during development stage (2,000)
------
Total Stockholders' Equity $ --
------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ --
======
See accompanying Notes to Financial Statements.
3
<PAGE>
LAL MIAMI ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
<TABLE>
<CAPTION>
NINE MONTHS ENDED NINE MONTHS ENDED
-------------------------- --------------------------
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
<S> <C> <C> <C> <C>
Operating Expenses $ -- $ -- $ -- $ --
----------- ----------- ----------- -----------
Income (loss) from operations $ -- $ -- $ -- $ --
RETAINED EARNINGS
(DEFICIT), BEGINNING
OF PERIOD (2,000) (2,000) (2,000) (2,000)
----------- ----------- ----------- -----------
RETAINED EARNINGS
(DEFICIT), END OF
PERIOD $ (2,000) $ (2,000) $ (2,000) $ (2,000)
=========== =========== =========== ===========
Per share information:
Basic and diluted (loss)
per common share $ -- $ -- $ -- $ --
=========== =========== =========== ===========
Weighted average shares
outstanding 5,000,000 5,000,000 5,000,000 5,000,000
=========== =========== =========== ===========
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
LAL MIAMI ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
1999 1998
---- ----
Cash Flows From Operating Activities:
Net Income (Loss) $ -- $ --
Adjustments to reconcile net income to net cash
provided by operating activities -- --
--------- ---------
Net Cash Provided By (Used By)
Operating Activities $ -- $ --
--------- ---------
Cash Flows From Investing Activities:
Net cash provided by (used in) investing activities $ -- $ --
--------- ---------
Cash Flows From Financing Activities:
Net cash provided by (used in) financing activities $ -- $ --
--------- ---------
Net increase in cash and cash equivalents $ -- $ --
Cash and Cash Equivalents at the
Beginning of the Period -- --
--------- ---------
Cash and Cash Equivalents at the
End of the Period $ -- $ --
========= =========
Additional Cash Flow Information:
Cash paid during the period for:
Interest (noncapitalized) $ -- $ --
Income taxes $ -- $ --
See accompanying Notes to Consolidated Financial Statements.
5
<PAGE>
LAL MIAMI ENTERPRISES, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
Notes to Financial Statements
Organization
The Company was incorporated in Nevada on April 4, 1997. The Company is in
its development stage and to date its activities have been limited to
organization and capital formation.
Basis of Presentation
The accompanying condensed unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to form 10-QSB. Accordingly,
they do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the opinion
of management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation have been included. The results of
operations for the periods presented are not necessarily indicative of the
results to be expected for the full year. The accompanying financial statements
should be read in conjunction with the Company's form 10-SB filed for the year
ended December 31, 1998.
Stockholders' Equity
Basic (loss) per share was computed using the weighted average number of
common shares outstanding. During the period ended September 30, 1999 the
Company recorded $2,000, as the fair value services provided by its president
for management of the Company and for the provision of office space and related
administrative services. This amount has been accounted for as a capital
contribution to the Company by its president.
6
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations:
Plan of Operation
LAL Miami Enterprises, Inc. (the "Company") was organized under the laws
of the State of Nevada to engage in any lawful business. The Company was formed
for the purpose of creating a vehicle to obtain capital to take advantage of
business opportunities that may have potential for profit. Management of the
Company has unlimited discretion in determining the business activities in which
the Company will become engaged. Such companies are commonly referred to as
"blind pool/blank check" companies. There is and can be no assurance that the
Company will be able to acquire an interest in any such opportunities that may
exist or that any activity of the Company, even after any such acquisition, will
be profitable.
The Company has generated no revenues from its operations and has been a
development stage company since inception. Since the Company has not generated
revenues and has never been in a profitable position, it operates with minimal
overhead.
During the period of this report, the Company has not engaged in any
preliminary efforts intended to identify any possible acquisitions nor entered
into a letter of intent concerning any business opportunity.
Liquidity and Capital Resources
At September 30, 1999, the Company had no material cash or other assets
with which to conduct operations. There can be no assurance that the Company
will be able to complete its business plan and to exploit fully any business
opportunity that management may be able to locate on behalf of the Company. Due
to the lack of a specified business opportunity, the Company is unable to
predict the period for which it can conduct operations. Accordingly, the Company
will need to seek additional financing through loans, the sale and issuance of
additional debt and/or equity securities, or other financing arrangements.
Management of the Company has advised that they will pay certain costs and
expenses of the Company from their personal funds as interest free loans in
order to facilitate development of the Company's business plan. Management
believes that the Company has inadequate working capital to pursue any
operations at this time; however, loans to the Company from management may
facilitate development of the business plan. For the foreseeable future, the
Company through its management intends to pursue acquisitions as a means to
develop the Company. The Company does not intend to pay dividends in the
foreseeable future. As of the end of the reporting period, the Company had no
material cash or cash equivalents. There was no significant change in working
capital during this quarter.
7
<PAGE>
Year 2000 Issues
"Year 2000 problems" result primarily from the inability of some computer
software to properly store, recall or use data after December 31, 1999. The
Company is engaged primarily in organizational and fund raising activities and
accordingly, does not rely on information technology ("IT") systems. Accordingly
the Company does not believe that it will be materially affected by Year 2000
problems. The Company relies on non-IT systems that may suffer from Year 2000
problems including telephone systems, facsimile and other office machines.
Moreover, the Company relies on third parties that may suffer from Year 2000
problems that could affect the Company's operations including banks and
utilities. In light of the Company' s minimal operations, the Company does not
believe that such non-IT systems or third-party Year 2000 problems will affect
the Company in a manner that is different or more substantial than such problems
affect other similarly situated companies. Consequently, the Company does not
currently intend to conduct a readiness assessment of Year 2000 problems or
develop a detained contingency plan with respect to Year 2000 problems that may
affect the Company or third parties. To date, the Company has not experienced
any Year 2000 problems.
PART II--OTHER INFORMATION
Item 1. Legal Proceedings.
There are no pending legal proceedings, and the Company is not aware of
any threatened legal proceedings, to which the Company is a party or to which
its property is subject.
Item 2. Changes in Securities.
(a) There have been no material modifications in any of the instruments
defining the rights of the holders of any of the Company's registered
securities.
(b) None of the rights evidenced by any class of the Company's registered
securities have been materially limited or qualified by the issuance or
modification of any other class of the Company's securities.
Item 3. Defaults Upon Senior Securities.
(Not applicable)
Item 4. Submission of Matters to a Vote of Security Holders.
8
<PAGE>
(Not applicable)
Item 5. Other Information.
(Not applicable)
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
No exhibits as set forth in Regulation SB, are considered necessary for
this filing.
(b) Reports on Form 8-K
On September 15,1999, the Registrant filed a Form 8-K which reported a
change in the Registrant's officers and directors.
9
<PAGE>
Signature
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: February 17, 2000 /s/ Michael H. Fridovich
Michael H. Fridovich, President
10
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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
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<RECEIVABLES> 0
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0
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