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 June 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THEE EXCHANGE ACT
For the transition period ________ to ________
Commission file number - -
AUTO WHOLESALE SPECIALISTS, INC.
(Exact name of Small Business Company in its charter)
FLORIDA 59-3254927
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1008 Royal Aberdeen Way
Orlando, Florida 32779
(Address of principal executive offices) (Zip Code)
Registrant's Telephone number, including area code:
(407) 822-3664
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 x No
------- --------
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:
2,000,000 Shares of Common Stock ($.001 par value)
(Title of Class)
Transitional Small Business Disclosure Format (check one):
Yes No x
--------- --------
<PAGE>
AUTO WHOLESALE SPECIALISTS, 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>
PART I
Item 1. Financial Statements:
<TABLE>
<CAPTION>
Auto Wholesale Specialists, Inc.
(A Development Stage Company)
Balance Sheet
(Unaudited)
ASSETS
------
June 30,
Current assets: 2000
--------
<S> <C>
Total current assets $ --
--------
Total assets $ --
========
STOCKHOLDERS' EQUITY
--------------------
Current liabilities:
Total current liabilities $ --
--------
Stockholders' equity:
Common stock, $.001 par value,
50,000,000 shares authorized, 2,000,000 shares
issued and outstanding 2,000
Additional paid in capital 8,044
(Deficit) accumulated during
development stage (10,044)
--------
--
--------
$ --
========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
Auto Wholesale Specialists, Inc.
(A Development Stage Company)
Statements of Operations
Three Months and Six Months Ended June 30, 2000 and 1999
For the Period From Inception (July 11, 1994) to June 30, 2000
(Unaudited)
Period From
Three Months Ended Six Months Ended Inception To
June 30, June 30, June 30, June 30, June 30,
2000 1999 2000 1999 2000
---------------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Operating expenses:
Consulting services $ -- $ -- $ -- $ -- $ 5,000
Professional fees -- -- 1,000 -- 2,300
Coroprate reinstatement fee -- -- -- -- 1,244
Administrative expenses 150 150 300 300 1,500
---------------- ------------ ----------- ----------- -----------
150 150 1,300 300 10,044
---------------- ------------ ----------- ----------- -----------
(Loss from operations) and net (loss) $ (150) $ (150) $ (1,300) $ (300) $ (10,044)
================ ============ =========== =========== ===========
Per share information:
Basic and diluted (loss) per common share $ -- $ -- $ -- $ -- $ --
================ ============ =========== =========== ===========
Weighted average shares outstanding 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
================ ============ =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
Auto Wholesale Specialists, Inc.
(A Development Stage Company)
Statements of Cash Flows
Six Months Ended June 30, 2000 and 1999
For the Period From Inception (July 11, 1994) to June 30, 2000
Period From
Six Months Ended Inception To
June 30, June 30, June 30,
2000 1,999 2000
-------- -------- --------
<S> <C> <C> <C>
Net income (loss) $ (300) $ (300) $(10,044)
Adjustments to reconcile net income to net
cash provided by operating activities:
Services provided as capital contribution 300 300 10,044
-------- -------- --------
Total adjustments 300 300 10,044
-------- -------- --------
Net cash provided by (used in)
operating activities -- -- --
Increase (decrease) in cash -- -- --
Cash and cash equivalents,
beginning of period -- -- --
-------- -------- --------
Cash and cash equivalents,
end of period $ -- $ -- $ --
======== ======== ========
</TABLE>
See accompanying notes to financial statements.
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<PAGE>
Notes to Financial Statements
Auto Wholesale Specialists, Inc.
Notes to Financial Statements
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, 1999.
Stockholders' equity
Basic (loss) per share was computed using the weighted average number of common
shares outstanding.
During the period ended June 30, 2000 the Company recorded $300, 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 and a
stockholder paid $1,000 of professional fees in behalf of the Company. These
amounts have been accounted for as a capital contributions to the Company.
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<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations:
(a) Plan of Operation. Auto Wholesale Specialists, Inc. (the "Company")
was organized under the laws of the State of Florida 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.
(b) Liquidity and Capital Resources. At June 30, 2000, 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.
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<PAGE>
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.
------------------------------------------------------------
(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
No reports on Form 8-K were filed during the quarter for which this report
is filed.
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<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: July 20, 2000 /s/ James H. Bailey
---------------------------
James H. Bailey, President
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