SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
Commission File Number: 000-27339
BEPARIKO BIOCOM
(Exact name of registrant as specified in its
charter)
Nevada 88-0426887
(State of Incorporation) I. R. S. Employer
Identification No.)
8452 Boseck Drive, Suite 272, Las Vegas, NV 89145
(Address of principal executive offices)
Registrants Telephone number, including area code
(702) 228-4688
Check whether the issuer (1) filed all reports
required to be filed by Section 13 of 15(d) of the
Exchange Act during the past 12 months and (2) has
been subject to such filing requirements for the
past 90 days. (1) Yes (2) No.
There are 750,000 shares of common stock outstanding
as of September 30, 1999.
DOCUMENTS INCORPORATED BY REFERENCE:
The Company's Form SB-2 filed on September 2, 1999
and the amended Form SB-2 filed on October 25, 1999.
The Companies Form 10-SB filed on September 15,
1999, and the amended Form 10-SB filed on October
25, 1999 and the exhibits attached thereto, are
incorporated by reference. The Federal Securities
Laws allows for incorporation of documents
previously filed and accepted by reference.
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The financial statements and supplemental data
required by this Item follow the index of financial
statements appearing at Item 6 of this form 10Q-SB.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING
STATEMENTS
This statement includes projections of future
results and "forward-looking statements" as that
term is defined in Section 27A of the Securities Act
of 1933 as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934
as amended (the "Exchange Act"). All statements
that are included in this Registration Statement,
other than statements of historical fact, are
forward-looking statements. Although Management
believes that the expectations reflected in these
forward-looking statements are reasonable; it can
give no assurance that such expectations will prove
to have been correct. Important factors that could
cause actual results to differ materially from the
expectations are disclosed in this Statement,
including without limitation, in conjunction with
those forward-looking statements contained in this
Statement.
Plan of Operation
The Company's Plan of Operation has not changed
since the filing of its Amended Form 10-SB dated
October 25, 1999. The description of the current
plan of operation is incorporated by reference to
Section 2 of that Amended Form 10-SB filed with the
Sec on October 25, 1999.
Competition
The Company is an insignificant participant among
firms which engage in business combinations with, or
financing of, development-stage enterprises. There
are many established Management and financial
consulting companies and venture capital firms who
have significantly greater financial and personal
resources, technical expertise and experience than
the Company. In view of the Company's limited
financial resources and management availability, the
Company will continue to be at significant
competitive disadvantage vis-a-vis the Company's
competitors.
Year 2000 Compliance
Computer programs that have time sensitive software
may recognize a date using "00" as the year 1900
rather than the year 2000. This could result in a
system failure or miscalculations causing disruption
of normal business activities.
The company's potential software suppliers have
verified that they will provide only certified "Year
2000" compatible software for all of the company's
computing requirements. Because the company's
products and services are sold to the general public
with no major customers, the company believes that
the "Year 2000" issue will not pose significant
operational problems and will not materially affect
future financial results.
Employees
The Company's only employees at the present time are
its officers and directors, who will devote as much
time as the Board of Directors determine is
necessary to carry out the affairs of the Company.
Part II - OTHER INFORMATION
Item 1. DESCRIPTION OF BUSINESS
Background Bepariko BioCom (the "Company") is a
Nevada corporation formed on April 2, 1997. Its
principal place of business is located at 8452
Boseck Street, Suite 272, Las Vegas, NV 89128.
Bepariko operates on the calendar fiscal year. The
Company was organized to engage in any lawful
corporate business, including but not limited to,
participating in Joint Ventures with and
acquisitions of other companies. The Company has
been in the developmental stage since inception and
has no operating history other than organizational
matters. The Company was formed for the purpose of
being a multi-fingerprint identification company for
personal security. Bepariko BioCom is working to
have a minimum of six (6) major contracts with
internationally recognized customers as soon as
possible. The incorporator was Ms. Leslie Eslick.
Family members and close friends and Mr. Lewis
Eslick and Ms. Leslie Eslick have purchased stock in
the Company amounting to 750,000 shares of common
stock. All such sales were made in reliance on
section 4(2) of the Securities Act of 1933, as
amended (the "Securities Act").
Item 2. LEGAL PROCEEDINGS
The Company is not a party to any material pending
legal proceedings and, to the best of its knowledge,
no such action by or against the Company has been
threatened.
Item 3. DESCRIPTION OF PROPERTY.
The Company neither owns nor leases any real
property at this time. The Company does have the use
of a limited amount of office space from, Mr. Lewis
Eslick, a director and officer, at no cost to the
Company, and Management expects this arrangement to
continue. The Company pays its own charges for long
distance telephone calls and other miscellaneous
secretarial, photocopying, and similar expenses.
This is a verbal agreement between Mr. Eslick, a
director and officer and the Board of Directors.
Item. 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS
No such matters were submitted during the most
recent quarter.
FINANCIAL STATEMENTS
The unaudited financial statements for the quarter
ended September 30, 1999 were prepared for the
company by its executive officers.
AMENDED UNAUDITED QUARTERLY REPORT
Board of Directors October 25, 1999
Bepariko BioCom
Las Vegas, Nevada
The executive officers have reviewed the
accompanying Balance Sheets of Bepariko BioCom, (A
Development Stage Company), as of September 30,
1999. They have been compared to December 30 1998,
December 30 1997, and from Inception to September
30, 1999, and the related statements of operations,
stockholders' equity and cash flows for the times
reviewed. The financial statements are the
responsibility of the Company's management.
It is the opinion of the executive officers, the
amended financial statements referred to above
present fairly, in all material respects, the
financial position of Bepariko BioCom as of
September 30, 1999. The results of the Company's
operations and cash flows for the Quarter ended
September 30, 1999 are in conformity with generally
accepted accounting principles.
The accompanying financial statements have bee
prepared assuming the Company will continue as a
going concern. As discussed in Note #5 to the
financial statements, the Company has suffered
recurring losses from operations and has no
established source of revenue. This raises
substantial doubt about its ability to continue as a
going concern. Management's plan in regard to these
matters is also described in Note #5. The financial
statements do not include any adjustments that might
result from the outcome of this uncertainty.
AMENDED QUARTERLY FINANCIAL STATEMENTS
September 30, 1999
BEPARIKO BIOCOM
(A Development Stage Company)
FINANCIAL STATEMENTS
September 30, 1999
TABLE OF CONTENTS PAGE NO.
ASSETS 1
LIABILITIES AND STOCKHOLDERS' EQUITY 1
STATEMENT OF OPERATIONS 2
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY 3
STATEMENT OF CASH FLOWS 4
NOTES TO FINANCIAL STATEMENTS 5-8
Bepariko BioCom
(A Development Stage Company)
BALANCE SHEET
ASSETS
9 Mos ending Year ended
Sept 30,1999 Dec. 31,1998
CURRENT ASSETS 0 0
TOTAL CURRENT ASSETS 0 0
OTHER ASSETS
Organization Costs
(Net) 0 98
TOTAL OTHER ASSETS 0 98
TOTAL ASSETS 0 98
CURRENT LIABILITIES
Officers Advances
(Note #5) 350 0
TOTAL CURRENT LIABILITIES 350 0
STOCKHOLDERS' EQUITY:
(Note #4)
Preferred Stock Par Value
$0.001Authorized 10,000,000
shares issued and outstanding
at September 30, 1999-None 0 0
Common stock Par value $0.001
Authorized 100,000,000 shares
Issued and outstanding at
September 30, 1999
750,000 shares 750
December 31, 1998 750
750,000 shares
Additional Paid-In Capital 17,324 17,324
Deficit accumulated during
Development stage -18,424 -17,976
TOTAL STOCKHOLDERS'
EQUITY: 350 98
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY: 0 98
See accompanying notes to financial statements &
report
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF OPERATIONS
9 Mos Dec 31 Apr 2 Apr 2,1997
Ended 1998 1997 to (Inception)
Sep 30 Dec 31 to Sep 30
1999 1997 1999
INCOME:
Revenue 0 0 0 0
EXPENSES:
General,
Selling and
Administrative 350 0 17,924 18,274
Amortization 98 30 22 150
TOTAL EXPENSES 448 30 17,946 18,424
NET PROFIT/LOSS
(-) -448 -30 -17,946 -18,424
Net Profit/Loss
(-)Per weighted
share(Note 1): -.0006 NIL -.0239 -.0246
Weighted average
Number of common
Shares
outstanding: 750,000 750,000 750,000 750,000
See accompanying notes to financial statements &
audit report
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Addit'l Accumu-
Common Stock paid-in lated
Shares Amount Capital Deficit
July 24, 1997
Issued for Cash 750,000 750 17,324 0
Net loss
April 2, 1997
to December 31
1997 -17,946
Balance
December 31
1997 750,000 750 17,324 -17,946
Net Loss Year
Ended
December 31
1998 -30
Balance
December 31
1998 750,000 750 17,324 -17,976
Net Loss
January 1,
1999 to
Sep 30, 1999 -448
Balance
Sep 30, 1999 750,000 750 17,324 -18,421
See accompanying notes to financial statements &
audit report
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF CASH FLOWS
Jan. 1 Year Apr 2 Apr 2,1997
1999 to Ended 1997 to (Inception)
Sep 30 Dec 31 Dec 31 to Sep 30
1999 1998 1997 1999
Cash Flows
from Operating
Activities
Net Loss -448 -30 -17,946 -18,424
Adjustment to
Reconcile net
loss
Amortization +98 +30 +22 +150
To net cash
provided by
operating
activities
Changes in assets
and Liabilities
Organization Costs 0 0 -150 -150
Increase In Current
Liabilities +350 0 0 +350
Net cash used in
Operating activities 0 0 -18,074 -18,074
Cash Flows from
Investing Activities 0 0 0 0
Cash Flows from
Financing Activities
Issuance of Common
Stock for Cash 0 0 +18,074 +18,074
Net Increase
(decrease) 0 0 0 +0
Cash
Beginning of
period 0 0 0 0
Cash
End of Period 0 0 0 0
See accompanying notes to financial statements &
audit report
Bepariko BioCom
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 1999, December 31, 1998, and from
inception April 2, 1997.
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized April 2, 1997 under the
laws of the State of Nevada as Bepariko BioCom. The
Company currently has no operations and is
considered a development company.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Method
The Company records income and expenses on the
accrual method.
Estimates
The preparation of this financial statement is in
conformity with generally accepted accounting
principles. It 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.
Cash and equivalents
The Company maintains a cash balance in a non-
interest-bearing bank that currently does not exceed
federally insured limits. For the purpose of the
statements of cash flows, all highly liquid
investments with the maturity of three months or
less are considered to be cash equivalents. There
are no cash equivalents as of September 30, 1999.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
Income Taxes
Income taxes are provided for using the liability
method of accounting in accordance with Statement of
Financial Accounting Standards No. 109 (SFAS #109)
"Accounting for Income Taxes". A deferred tax asset
or liability is recorded for all temporary
difference between financial and tax reporting.
Deferred tax expense (benefit) results from the net
change during the year of deferred tax assets and
liabilities.
Reporting on Costs of Start-up Activities
In April 1998, the American Institute of Certified
Public Accountants issued Statement of Position 98-5
("SOP 98-5"), "Reporting the Costs of Start-up
Activities" which provides guidance on the financial
reporting of start-up costs and organizational
costs. It requires costs of start-up activities and
organization costs to be expensed as incurred. SOP
98-5 is effective for fiscal years beginning after
December 15, 1998, with initial adoption reported as
the cumulative effect of a change in accounting
principal.
Loss Per Share
Net loss per share is provided in accordance with
Statement of Financial Accounting Standards No. 128
(SFAS #128) "Earnings Per Share". Basic loss per
share is computed by dividing losses available to
common stockholders by the weighted average number
of common shares outstanding during the period.
Diluted loss per share reflects per share amounts
that would have resulted if dilative common stock
equivalents had been converted to common stock. As
of June 15, 1999, the Company had no dilative common
stock equivalents such as stock options.
Year End
The Company has selected December 31st as its fiscal
year-end.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
Year 2000 Disclosure
Computer programs that have time sensitive software
may recognize a date using "00" as the year 1900
rather than the year 2000. This could result in a
system failure or miscalculations causing disruption
of normal business activities.
The company's potential software suppliers have
verified that they will provide only certified "Year
2000" compatible software for all of the company's
computing requirements. Because the company's
products and services are sold to the general public
with no major customers, the company believes that
the "Year 2000" issue will not pose significant
operational problems and will not materially affect
future financial results.
NOTE 3 - INCOME TAXES
There is no provision for income taxes for the
period ended December 31, 1998, due to the net loss
and no state income tax in Nevada, the state of the
Company's domicile and operations. The Company's
total deferred tax asset as of December 31, 1998, is
as follows:
Net operation loss carry forward $ 17,976
Valuation allowance $ 17,976
Net deferred tax asset $ 0
The federal net operating loss carry forward will
expire in 2017 to 2018.
NOTE 4 - STOCKHOLDERS' EQUITY
Common Stock
The authorized common stock of the corporation
consists of 100,000,000, shares with a par value
$.001 per share.
Preferred Stock
The authorized preferred stock of the corporation
consists of 10,000,000 shares with a par value of
$0.001 per share.
On July 24, 1997, the Company issued 750,000 shares
of its $0.001 par value common stock in
consideration of $750.00 in cash to its directors.
NOTE 5 - GOING CONCERN
The Company's financial statements are prepared
using generally accepted accounting principles
applicable to a going concern which contemplates the
realization of assets and liquidation of liabilities
in the normal course of business. However, the
Company does not have significant cash or other
material assets, nor does it have an established
source of revenues sufficient to cover its operating
costs and to allow it to continue as a going
concern. The stockholders/officers and or directors
have committed to advancing the operating costs of
the Company interest free.
NOTE 6 - RELATED PARTY TRANSACTIONS
The Company neither owns nor leases any real or
personal property. An officer of the corporation
provides office services without charge. Such costs
are immaterial to the financial statements and
accordingly, have not been reflected therein. The
officers and directors of the Company are involved
in other business activities and may in the future,
become involved in other business opportunities. If
a specific business opportunity becomes available,
such persons may face a conflict in selecting
between the Company and their other business
interests. The Company has not formulated a policy
for the resolution of such conflicts.
NOTE 7 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to
acquire any additional share of common stock.
To Whom It May Concern: October 25, 1999
The Executive Officers of Bepariko BioCom have
prepared these financial statements as of September
30, 1999.
Very truly yours,
/s/Lewis M. Eslick
Lewis M. Eslick
President and Chairman of the Board
