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, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THEE EXCHANGE ACT For
the transition period to
Commission file number 000-26631
SWEETS & EATS, INC.
(formerly BIG DADDY'S AUTO SALES, INC.)
(Exact name of Small Business Company in its charter)
FLORIDA 59-3567558
--------------------------------- -------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1008 Royal Aberdeen Way
Orlando, Florida 32828
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone number, including area code:
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(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:
4,000,000 Shares of Common Stock ($.001 par value)
(Title of Class)
Transitional Small Business Disclosure Format (check one):
Yes No x
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<PAGE>
SWEETS & EATS, INC.
(formerly BIG DADDY'S AUTO SALES, 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:
Sweets & Eats, Inc.
(formerly Big Daddy's Auto Sales, Inc.)
(A Development State Company)
Balance Sheet
(Unaudited)
ASSETS
September 30,
2000
--------
Current assets:
Total current assets $ -
--------
Total assets $ -
=======-
STOCKHOLDERS' EQUITY
Current liabilities:
Total current liabilities $ -
--------
Stockholders' equity:
Common stock, $.001 par value,
50,000,000 shares authorized, 4,000,000 shares
issued and outstanding 4,000
Additional paid in capital 6,194
(Deficit) accumulated during
development stage (10,194)
--------
$ -
--------
$ -
========
See accompanying notes to financial statements.
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<PAGE>
Sweets & Eats, Inc,
(formerly Big Daddy's Auto Sales, Inc.)
(A Development Stage Company)
Statements of Operations
Three Months and Nine Months Ended September 30, 2000 and 1999
For the Period From Inception (December 6, 1994) to September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Period From
Three Months Ended Nine Months Ended Inception To
September 30, September 30, September 30, September 30, September 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 150 150 450 450 1,650
----------- ----------- ----------- ----------- -----------
150 150 1,450 450 10,194
----------- ----------- ----------- ----------- -----------
(Loss from operations) and net (loss) $ (150) $ (150) $ (1,450) $ (450) $ (10,194)
=========== =========== =========== =========== ===========
Per share information:
Basic and diluted (loss) per common share $ -- $ -- $ -- $ -- $ --
=========== =========== =========== =========== ===========
Weighted average shares outstanding 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
=========== =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
Sweets & Eats, Inc,
(formerly Big Daddy's Auto Sales, Inc.)
(A Development Stage Company)
Statements of Cash Flows
Nine Months Ended September 30, 2000 and 1999
For the Period From Inception (December 6, 1994) to September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Period From
Nine Months Ended Inception To
September 30, September 30, September 30,
2000 1,999 2000
-------- -------- --------
<S> <C> <C> <C>
Net income (loss) $ (1,450) $ (450) $(10,194)
Adjustments to reconcile net income to net
cash provided by operating activities:
Services provided as capital contribution 1,450 450 10,194
-------- -------- --------
Total adjustments 1,450 450 10,194
-------- -------- --------
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.
5
<PAGE>
Notes to Financial Statements
Sweets & Eats, Inc.
(formerly Big Daddy's Auto Sales, 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 September 30, 2000 the Company recorded $450, 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 $1,000
of professional fees were paid in behalf of the Company by a shareholder. These
amounts have been accounted for as capital contributions to the Company.
On April 19, 2000, the Company effected a four share for one share forward stock
split of its common stock. All share and per share information presented herein
has been restated to reflect the stock split.
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<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations:
(a) Plan of Operation. Sweets & Eats, Inc. (formerly Big Daddy's Auto Sales,
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. Concurrent with its name
change, the Company changed its business plan and is now in the business of
selling chocolates over the internet at its web site www.sweetsandeats.com.
There is and can be no assurance that the Company will become profitable as
a result of this business activity.
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.
(b) Liquidity and Capital Resources. At September 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 the business opportunity that management has selected.
The Company has not derived any revenue from its planned business activity
and 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.
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.
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(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: October 20, 2000 /s/ James H. Bailey
---------------------------
James H. Bailey, President
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