FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: June 30, 2000
Commission file number: 333-80429
Asset Servicing Corporation
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(exact name of registrant as specified in its charter)
Nevada 75-2823489
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(State of Incorporation) (IRS ID No.)
709-B West Rusk, Suite 580, Rockwall, Texas 75087
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 214-212-2307
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [x ] No [ ].
Shares of common stock outstanding at June 30, 2000:
297,000
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TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page Number
Item 1. Financial Statements 1 - 4
Item 2. Managements's Discussion and Analysis
of Financial Condition and Results of Operations 5 - 6
PART II - OTHER INFORMATION 7
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<TABLE>
<CAPTION>
ASSET SERVICING CORPORATION
BALANCE SHEETS
June 30, 2000 and December 31, 1999
ASSETS
June 30, 2000 Dec 31, 1999
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<S> <C> <C>
CURRENT ASSETS:
Cash $2,109 $116
Accounts receivable - trade 2,290
Other receivables 25,000
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Total current assets $29,399 $116
PROPERTY AND EQUIPMENT:
Equipment (net of accumulated depreciation of $2540) 23,899
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TOTAL ASSETS $53,298 $116
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable $1,073 $2,636
Lease deposits 416
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TOTAL CURRENT LIABILITIES 1,489 2,636
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value 297 200
Additional paid-in-capital 99,203 2,300
Accumulated Deficit (47,691) (8,011)
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Total Stockholders' Equity 51,809 (5,511)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $53,298 ($2,875)
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</TABLE>
1
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<TABLE>
<CAPTION>
ASSET SERVICING CORPORATION
STATEMENT OF OPERATIONS
Three months ended June 30, 2000 and 1999
Three months Three months
ended ended
June 30, 2000 June 30, 1999
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<S> <C> <C>
REVENUE: $2,290 $0
OPERATING EXPENSE:
General and administrative 19,604 0
Depreciation 2,331 0
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Total Operating Expense 21,935 0
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NET LOSS ($19,645) $0
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Weighted average shares outstanding 297,000 200,000
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LOSS PER SHARE ($0.07) $0.00
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</TABLE>
2
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<TABLE>
<CAPTION>
ASSET SERVICING CORPORATION
STATEMENT OF STOCKHOLDERS' EQUITY AND ACCUMULATED DEFICIT
Period from inception (May 27, 1998) to June 30, 2000
Common Paid In Accumulated
Shares Amount Capital Deficit Total
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<S> <C> <C> <C> <C> <C>
Balance,
May 27, 1998
(date of inception) -0- -0- -0- -0- -0-
Shares issued on May 29, 1998 for:
Services 160,000 160 1,840 2,000
Cash 40,000 40 460 500
Net Loss (2,323) (2,323)
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Balance
December 31, 1998 200,000 $200 $2,300 ($2,323) $177
============================================================== ================
Net Loss (5,688) (5,688)
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Balance
December 31, 1999 200,000 200 2,300 (8,011) (5,511)
============================================================== ================
Sale of common stock 97 96,903 97,000
Net loss - March 31, 2000 (20,035) (20,035)
Net Loss - June 30, 2000 (19,645) (19,645)
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Balance
March 31, 2000 200,000 297 99,203 (47,691) 51,809
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</TABLE>
3
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<TABLE>
<CAPTION>
ASSET SERVICING CORPORATION
STATEMENT OF CASH FLOWS
Three months ended March 31, 2000 and 1999
Three months Three months
ended ended
June 30, 2000 June 30, 1999
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<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($19,645) $0
Adjustments to reconcile net loss to net
cash (used) by operating activities:
Items not requiring cash - depreciation 2,331
Increase in current assets (27,290)
Decrease in current liabilities (2,234)
Rounding
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NET CASH (USED) BY OPERATING ACTIVITIES: (46,838) 0
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment (16,438) 0
CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of common stock 34,900 0
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NET INCREASE IN CASH ($28,376) $0
CASH, BEGINNING OF PERIOD 30,485 177
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CASH, END OF PERIOD $2,109 $177
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</TABLE>
4
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Results of Operations
The Registrant filed a registration statement on Form SB-1 with the Securities
and Exchange Commission which became effective on January 24, 2000. The
Registrant raised funds under that registration statement and as of June 30,
2000 has sold 97,000 shares at $1.00 per share. Under this offering, the
Registrant was authorized to sell a minimum of 50,000 shares and a maximum of
1,000,000 shares at $1.00 per share.
In May 2000, the Registrant cut of its offering under its registration statement
and used funds it had raised to enter into leases which generate an effective
32% return on the monies put out.
The Registrant is engaged in the leasing of manufacturing and transportation
equipment to businesses.
During the period, the Registrant became aware that the capital it needed to
grow its business was not readily available to it and decided to look for a
company or companies it could partner with in order to establish lines of credit
or facilitate funding to grow its business.
Liquidity
The Registrant has liquid assets of $2,109 and total current assets of $4,399.
The Registrant has minimal expenses and no commitments.
Capital Resources
The Registrant's capital resources have been generated from the sale of stock
under its registration statement that became effective January 24, 2000, and
from the lease of equipment according to its plan of business.
The Registrant raised $97,000 under a stock offering under its SB-1 registration
statement which became effective during the first quarter.
There were no plans or requirements for purchase of capital items during the
quarter for company purposes. The Registrant does not foresee any material
capital purchase in the coming twelve months.
5
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Subsequent events
In the process of looking for a company to partner with, the Registrant became
aware of a company which had some exciting technology for the providing total
cashless management systems for entertainment parks and other entertainment
venues and merged with that company believing it to be in the best interest of
the stockholders.
Under the merger agreement which was effective in July, after the period being
reported on, the Registrant forward split its stock eight for one and merged
with Park Pass.com, Inc., issuing 19,495,000 shares to the shareholders of Park
Pass.com, Inc. The name of the Company has been changed to Omni Park Pass, Inc.
6
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is not involved in any legal proceedings.
Item 2. Changes in Securities.
Registrant has made no changes in its securities.
Item 3. Defaults Upon Senior Securities.
Registrant has no senior securities and accordingly no
defaults.
Item 4. Submission of Matters to a Vote of Security Holders.
Registrant submitted no matters to a vote of security holders
during the period being reported on. However, the Registrant submitted the
matter of the merger with Park Pass.com, Inc. to its stockholders on July 21,
2000 which authorized the following:
a) forward split the stock eight for one with a July 11,
2000 record date
b) Issued 19,495,000 shares to the shareholders of Park
Pass.com, Inc., and
c) changed the name to Omni Park Pass, Inc.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
Registrant filed a Form 8-K to announce the completion of its
SB-1 public offering in May. In addition, the Registrant subsequent to the
period being reported on, filed an 8-K reporting the merger with Park Pass.com,
Inc. and the change in control of the Registrant.
7
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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.
Asset Servicing Corporation
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(Registrant)
BY: /s/ Charles Smith
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Charles Smith
Its: Secretary
DATE: August 9, 2000
Rockwall, Texas
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