SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-KSB
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the year ended December 31, 1999Commission File No. 000-27339
BEPARIKO BIOCOM
(Exact name of registrant as specified in its charter)
Nevada 88-0426887
(State of organization) (I.R.S. Employer Identification No.)
8452 Boseck Street, Number 272, Las Vegas, NV 89145
(Address of principal executive offices)
Registrant's telephone number, including area code (702) 228-4688
Securities registered under Section 12(g) of the Exchange Act:
Common stock, $0.001 par value per share
Check whether the issuer (1) filed all reports required to be
file by Section 13 or 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. Yes X
Check if there is no disclosure of delinquent filers in response
to Item 405 of Regulation S-B not contained in this form, and no
disclosure will be contained, to the best of registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any
amendments to this Form 10-KSB. [ X ]
Issuer's Revenue during the year ended December 31, 1998: $ 0
As of December 31, 1999, the registrant had 5,000,000 shares of
its common stock, $0.001 par value, outstanding. Aggregate market
value of the voting and non-voting common equity held by non-
affiliates based on the price of N/A per share (the selling or
average bid and asked price) as of March 29, 2000: N/A.
NOTE: The company's stock is not, and has not, been traded or
quoted, and the book value is negative. Therefore, there is no
way to ascertain a market value for the stock.
DOCUMENTS INCORPORATED BY REFERENCE:
None
PART I
ITEM 1. DESCRIPTION OF BUSINESS
Background
BEPARIKO BIOCOM (the "Company") is a Nevada corporation formed on
April 2, 1997. The Company's offices are located at 8452 Boseck
Drive, Unit 272, Las Vegas, Nevada 89145; (702) 228-4688.
Bepariko operates on the calendar fiscal year. Currently, our
company has only the principals as employees, and they will be
the only employees for the foreseeable future.
The details of a German patent and its inventor were brought to
the attention of Mr. Lewis Eslick by Dipl.-Kfm. Peter Riedel, an
accountant and business advisor residing in Germany. Mr. Riedel
was one of the backers that financially supported the work
necessary to obtain the patent. Following negotiations with the
patent owner, it was agreed that Mr. Eslick or his nominated
company would be granted an exclusive licensing agreement for the
use of the patent.
The patent was initially registered with the Federal Republic of
Germany under patent number 43 22 445, and the patent was granted
on June 7, 1993. The patent was registered filed for and granted
throughout the nations of the European Economic Community. The
registration of the patent in the United States and most
industrialized nations of the world followed.
Mr. Eslick elected to file Bepariko BioCom, a Nevada corporation,
so that it could be granted the exclusive licensing agreement. A
set dollar amount was not determined regarding the value of the
licensing agreement.
Mr. Alfons Behnke, the patent owner, sent Mr. Tino Di Pana to the
United States with full power of attorney to grant the exclusive
licensing agreement to Bepariko BioCom, Nevada. On April 11, 1997
our company was granted, in perpetuity, the unrestricted
exclusive right to use of all of the rights and privileges
granted within patent 43 22 445 give by the Federal Republic of
Germany. It was verbally agreed that a percentage of any net
profits earned by our company, through the use of the patent,
would be paid to the patent owner. This percentage would be
determined on a contract by contract basis and would not exceed
10% as a maximum cost to Bepariko.
Bepariko BioCom was organized to be an international corporation;
a business to be owned by the public at large and operated in
accordance with the directives of the board of directors.
Bepariko's management is committed to continually maintain,
develop, and enhance its security systems to meet the changing
processing needs of the industry. In developing its service
products, Bepariko will be stressing responsiveness to the needs
of its clients through client contact and customer service.
Bepariko's multi-fingerprint access coded systems provide
absolute security in many applications. Bepariko provides an
economically high quality business solution to lowering costs,
preventing fraudulent uses and providing absolute security to its
cardholders. Building new database systems is not required for
these applications. Cooperation, level-headedness and the
conviction that Bepariko's multi-fingerprint access codes will
lower and then contain loses in the fields of theft and fraud for
its cardholders.
Present employees of Bepariko.
Bepariko'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.
ITEM 2. DESCRIPTION OF PROPERTY.
Bepariko has the use of a limited amount of office space from Mr.
Eslick, a director and officer, at no cost. Bepariko pays its own
charges for long distance telephone calls and other miscellaneous
secretarial, photocopying and similar expenses.
ITEM 3. LEGAL PROCEEDINGS
Bepariko 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 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most recent quarter.
PART II
ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS.
Market Information
Bepariko's common stock has been registered in a Form SB-2 Filing
with the Securities & Exchange Commission. Upon compliance and
approval of the Form SB-2 Filing the Company's shares will be
registered under the Securities Act of 1933 (the "Act") and will
be eligible for sale in the public market on a best efforts
basis. Upon compliance and approval of this Form 10-SB Section
12(g) Filing our company will seek to be listed on the NASD OTC
Electronic Bulletin Board sponsored by the National Association
of Securities Dealers, Inc.
Shareholders
As of March 29, 2000 there are 6 holders of Company's common
stock.
Dividends
Bepariko has not paid any dividends on its common stock. Our
company currently intends to retain any earnings for use in its
business, and does not anticipate paying cash dividends in the
foreseeable future.
ITEM 6. 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 filing, 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
Bepariko BioCom is working to have a minimum of 6 major contracts
with internationally recognized customers as soon as possible.
Initial contacts have been made with:
1. Unisys Corporation
2. Biometric Tracking
3. Siemens AG (Germany)
4. RJM Rheinmetal Jena, (Germany)
5. Lufthansa (Germany)
6. El Al Airlines
7. Bode Panzer Safes (Europe).
Bepariko will continue discussions with these and other
interested companies to complete a contract or contracts. Our
company may be offered an opportunity to joint venture with one
or more of these companies to assist in furthering our business
plans. The possibility of contracts or joint ventures vary from
alien identification ID cards, entrance to airline secured areas,
corporate security and military applications.
We will continue negotiations with major industrial companies
that have expressed a desire to incorporate the use of our patent
into their operational systems. For the right to use the patent
a facilitation charge will be paid to our company. Each time a
system is accessed we will receive a use fee.
We have attended security trade shows such as Secure-Tech and
Card-Tech to introduce our product to a wide sector of the
market. We will continue to display and demonstrate our product
to potential markets available at these trade shows.
Many industrial and multi-national companies that would be
interested in applying our multi-fingerprint identification
system to their existing systems prefer to operate those systems
in house. This could present an opportunity for Bepariko to
enter into a joint venture with one or more of these companies.
At this time, Bepariko has no proposal, agreement, understanding
or arrangement to enter into such a joint venture agreement with
any specific business or company.
Our Company will not restrict its search for business
opportunities to any specific business, industry or geographical
location. The discussion of the proposed business under this
caption and throughout this Registration Statement is
purposefully general and is not meant to be restrictive of the
Company's virtually unlimited discretion to search for and enter
into potential business opportunities.
Bepariko's potential success is heavily dependent on it's
management, which will have virtually unlimited discretion in
searching for and entering into business opportunities. None of
the officers and directors of our company have had any experience
in the proposed business of the Company.
Bepariko may seek to develop a new product or service, or acquire
an established business which may be experiencing financial or
operating difficulties and is in the need for additional capital
which is perceived to be easier to raise by a public company. In
some instances, a business opportunity may involve the joint
venture with a corporation that does not need substantial
additional cash. Our company may purchase assets and establish
wholly owned subsidiaries in various business or purchase an
existing businesses as subsidiaries.
Bepariko anticipates that the selection of a business opportunity
will be complex and extremely risky. Potentially, available
business opportunities may occur in many different industries and
at various stages of development. This will make the task of
comparative investigation and analysis of any opportunities
extremely difficult and complex.
As is customary in the industry, Bepariko may pay a finder's fee
for locating and executing a contract with a company to use the
multi-fingerprint patent. If any fee is paid, it will be approved
by our company's board of directors and will be in accordance
with the industry standards. Such fees are customarily between
1% and 5% of the size of the transaction based upon a sliding
scale of the amount involved. These fees are typically in the
range of 5% on a $1,000,000 transaction ratably down to 1% in a
$4,000,000 transaction. Management has adopted a policy that a
finder's fee could, in certain circumstances, be paid to any
employee, officer, director or 5% shareholder of Bepariko, if
this person plays a material role in bringing a transaction to
completion.
Bepariko has not formulated any policy regarding the use of
consultants or outside advisors. In the future if our company
finds it necessary to employ consultants or outside advisors the
board of directors will establish a policy in line with policies
being utilized in the industry.
Presentation of opportunities to Bepariko BioCom.
Bepariko anticipates that business opportunities for possible
contracts or joint ventures will be referred by various sources,
including its officers and directors, professional advisers,
securities broker-dealers, venture capitalists, members of the
financial community, and others who may present unsolicited
proposals.
Our company will seek a potential business opportunity from all
known sources, but will rely principally on personal contacts of
its officers and directors as well as indirect associations
between them and other business and professional people.
Bepariko's evaluation of future business.
The officers and directors of Bepariko are currently employed in
other positions. Currently Mr. Lewis Eslick devotes
approximately 20 hours each week to the operations of the
business. At present Paul Eslick and Patsy Harting devote
approximately 5 to 7 hours weekly. The officers and directors
will dedicate whatever time is required for the operations and
development of the company's business. They have other interests
that require portions of their time. They do not have any
investments or ownership in other companies that could pose a
conflict with Bepariko.
The analysis of new business opportunities will be undertaken by
or under the supervision of the officers and directors of
Bepariko. Management intends to concentrate on identifying
prospective business opportunities that may be brought to its
attention through present associations with management. In
analyzing prospective business opportunities, management will
consider the available technical, financial and managerial
resources. Working capital and other financial requirements will
be required.
Our Company must consider the quality and experience of
management potentials for further research and development.
Officers and directors of each Company will meet personally with
management and key personnel of the firm sponsoring the business
opportunity as part of their investigation. To the extent
possible, Bepariko intends to utilize written reports and
personal investigation to evaluate business opportunities.
Bepariko will not restrict its search for any specific kind of
business, but may contract with a company which is in its
preliminary or development stage, which is already in operation,
or in essentially any stage of its corporate life.
Bepariko may enter into other business ventures.
In implementing a structure for a particular business
opportunity, Bepariko may become a party to a joint venture,
franchise or licensing agreement with another corporation or
entity. It may also purchase stock or assets of an existing
business. On the consummation of a transaction, it is possible
that the present management and shareholders of Bepariko will not
be in control of the Company. In addition, a majority or all of
Bepariko officers and directors may, as part of the terms of the
transaction, resign and be replaced by new officers and directors
without a vote of Bepariko's shareholders.
As part of our company's investigation, officers and directors of
the Bepariko will meet personally with management and key
personnel. They may visit and inspect material facilities,
obtain independent analysis or verification of certain
information provided, check reference of management and key
personnel, and take any other reasonable investigative measures,
to the extent of our company's limited financial resources and
management expertise.
The manner in which our company participates in an opportunity
will depend on the nature of the opportunity, the respective
needs and desires of Bepariko and other parties, the management
of the opportunity, and the relative negotiating strength of our
company and the other management.
Bepariko will not have sufficient funds to undertake any
significant development, marketing and manufacturing of any
products which may be acquired. Our company will, in all
likelihood, be required to either seek debt or equity financing
or obtain funding from third parties, Our company would probably
be required to give up a substantial portion of its interest in
any acquired product. There is no assurance that our company
will be able either to obtain additional financing or interest
third parties in providing funding for the further developing,
marketing and manufacturing of any products acquired.
It is anticipated that the investigation of specific business
opportunities and the negotiation, drafting and execution of
relevant agreements, disclosure documents and other instruments
will require substantial management time and attention and
substantial costs for accountants, attorneys and others. If a
decision were made not to participate in a specific business
opportunity the costs incurred in the related investigation would
not be recoverable. Even if an agreement is reached for the
participation in a specific business opportunity, the failure to
consummate that transaction may result in the loss to our company
of the related costs incurred.
Management believes that the Company may be able to benefit from
the use of "leverage" in a business opportunity. Leveraging a
transaction involves the purchase of a business through incurring
significant indebtedness for a large percentage of the purchase
price for that business. Through a leveraged transaction, the
Company would be required to use less of its available funds for
purchasing the business opportunity and, therefore, could commit
those funds to the operations of the business opportunity or to
other activities. The assets of the business opportunity will
ordinarily secure the borrowing involved in a leveraged
transaction.
Competition Bepariko BioCom may encounter
Bepariko is an insignificant participant among firms, which
engage in business combinations with financing of development
stage enterprises. There are many established management and
financial consulting companies and venture capital firms which
have significantly greater financial and personnel resources,
technical expertise and experience than Bepariko. In view of our
company's limited financial resources and management
availability, it will continue to be at a significant competitive
disadvantage.
Regulation and Taxation that may be applied to Bepariko BioCom.
The Investment Company Act of 1940 defines an "investment
company" as an issuer, which is or holds itself out as being
engaged primarily in the business of investing, reinvesting or
trading of securities. While Bepariko does not intend to engage
in these activities, it could become subject to regulation under
the Investment Company Act of 1940 in the event Bepariko obtains
or continues to hold a minority interest in a number of
development stage enterprises. Bepariko could be expected to
incur significant registration and compliance costs if required
to register under the Investment Company Act of 1940. Management
will continue to review the Company's activities from time to
time with a view toward reducing the likelihood that Bepariko
could be classified as an "investment company."
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
The financial statements and supplemental data required by this
Item 7 follow the index of financial statements appearing at Item
13 of this Form 10K-SB.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE.
Since the inception of Bepariko BioCom on April 2, 1997, the
principal independent accountant for the Company has neither
resigned nor been dismissed. The independent accountant for the
Company is Barry L. Friedman. Bepariko engaged Mr. Friedman on
or about June 24, 1999.
PART III
ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL
PERSONS
DIRECTORS AND EXECUTIVE OFFICERS.
The members of the board of directors of Bepariko serve until the
next annual meeting of stockholders, or until their successors
have been elected. The officers serve at the pleasure of the
board of directors. Information as to the directors and executive
officers of the Company is as follows:
<TABLE>
<S> <C> <C>
Name/Address Age Position
Lewis M. Eslick 61 President/Direc
8452 Boseck Street, tor
#272
Las Vegas, NV 89145
Paul J. C. Eslick 65 Secretary/Director
P.O. Box 1769
Paradise, CA 95967
Patsy Harting 59 Treasurer/Director
14133 Elmira Circle
Magalia, CA 95954
</TABLE>
Lewis Eslick.
Mr. Eslick, age 61. 1997 - Present: Mr. Eslick has been a
Director and President of the issuer since its inception April 2,
1997. Since August of 1995 he has been an owner and served as
Geschaeftsfuehrer (Managing Director) of Xaxon Immobilien und
Anlagen Consult GmbH. Under Mr. Eslick's direction the company
was awarded full 34-C License, which allows every business except
banking operations. The Company consults with major development
companies of the European Economic Community and the United
States.
From April, 1994, through December, 1994, Mr. Eslick was CEO of
Travel Masters, where he developed strategy and a business plan
for the company, and the structure to establish a central
reservation complex to replace Airline City Ticketing Offices in
Reno and Las Vegas, Nevada using Electronic Ticket Delivery
Networks (ETDN) which led to ticketless travel.
From 1986 to 1993 he was Chief Executive Officer of Mirex, Inc.
While serving as President of this international consulting firm,
was responsible for several successful negotiations on behalf of
Bechtel Engineering and Minerals including the following:
Arranged the financing of the construction of the a twelve-berth
harbor to accommodate ocean cargo vessels of up to 50,000 DWT
located at Mawan Harbor at the mouth of the Pearl River.
Arranged the financing of the construction of the Shenzhen Petro-
Chemical Refinery with an operating capacity of 68,000 barrels
per day.
Arranged financing for the Mawan Port Facility with the
assistance of Triad Enterprises S.A., Banco Arabe de Espanole,
secured a Bank Commitment in the amount of $375,000,000 USD with
very favorable interest rates and set off payments of the
principal for the projects.
Negotiated an Industrial Development Revenue Bond with the State
of Nevada on behalf on Mirex, Inc. in the amount of $12,000,000
USD for special projects.
From 1983 to 1986 Mr. Eslick conceptualized and delivered to E.F.
Hutton the plan for what is now known as Reservoir Inadequacy
Insurance. The methods by which investors are protected against
inadequate oil reserves or dry wells. Developed and co-authored
with Lloyds of London, the syndication that backed the policies.
From 1981 to 1983: he was the project manager for Rosendin
Electric overseeing the complete wiring of the building that
tracks the Space Shuttle for Lockheed;
From 1979 to 1981 he served as the Managing Director of Interface
lndrocarbuare, Inc. S.A. A Corporation with offices in Geneva,
Switzerland, and Konigswinter, West Germany that actively traded
in the international spot oil market.
From 1955 to 1958 he served in the US Navy as an Aviation
Electronics Technician. Honorable Discharge.
Paul Eslick
Mr. Eslick, age 65. Mr. Eslick has been retired. During his
retirement Mr. Eslick has been active in the purchase and sale of
antique furniture, antique glassware and other antique
collectibles. Mr. Eslick has also dealt in antique art and the
history of various antique and early American arts.
1993 to 1995: Mr. Eslick was employed at Mize Automotive Service
where he worked as the senior mechanic specializing in automotive
electronics and electrical systems.
1986 to 1993: Mr. Eslick was self-employed in the Automotive
Service Industry. He primarily worked on the electronic
components and electrical systems of various makes of
automobiles.
1973 to 1986: Mr. Eslick was employed at Sills Automotive where
he initially worked as a line mechanic and was promoted to
Service Manager. In his employment in this position he exhibited
leadership skills and superior job scheduling abilities.
1956 to 1972: Mr. Eslick started as a line mechanic and was
promoted to Chief Maintenance Mechanic and later to Assistant
Service Manager for the United States Naval Air Station, Alameda,
California.
Military: July 1951 to 1955 United States Air Force Aviation
Maintenance, Jet Engine Specialist
Patsy Harding
Patsy Harding, Age 59. 1996 to present Mrs. Harting is been a
Phlebotomist working in the Intensive Care Unit and the
laboratory at Inlow Hospital, Chico, California. Mrs. Harting's
duties consist of the normal activities associated with the care
of the critically ill and post surgery patients.
Prior to that, during the years from 1983 until 1996, Mrs.
Harting was the owner of PJ's Red Onion a very successful
restaurant located at 6047 Clark Road, Paradise California. She
operated a thriving business and supplied Specialty Pies to the
largest restaurants in Chico and Orville California for over
twelve years. Mrs. Harting sold her business interests in the
early part of 1996.
Mrs. Harting has never served as an Officer or Director of any
Publicly traded Company.
Education: Nurses Training, Oakland, California and Doctors
Office Assistant, Oakland California.
ITEM 10. EXECUTIVE COMPENSATION
No compensation is paid or anticipated by Bepariko until a
contract is executed.
Directors currently receive no compensation for their duties as
directors.
ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT.
The following table sets forth information relating to the
beneficial ownership of Bepariko's common stock by those persons
beneficially holding more than 5% of our company's capital stock,
by it's directors and executive officers, and by all of it's
directors and executive officers as a group. The address of each
person is in care of the Company.
<TABLE>
<S> <C> <C> <C>
Title of Name of Amount and Percent of
Class Beneficial Owner Nature of Class
(1) Beneficial Owner
Common Stock Lewis M. Eslick 125,000 16.66
%
Common Stock Leslie B. Eslick 125,000 16.66%
Common Stock Paul J.C. Eslick 125,000 16.66%
Common Stock Howard Stiebel 125,000 16.66%
Common Stock Kathryn Stiebel 125,000 16.66%
Common Stock Sandra L. Duncan 125,000 16.66%
</TABLE>
1. Mr. Lewis Eslick and Mr. Paul J. C. Eslick disclaim
beneficial ownership of the shares held by each other.
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Not Applicable.
ITEM 13. FINANCIAL STATEMENTS AND EXHIBITS.
FINANCIAL STATEMENTS
Report of Independent Auditor, Barry Friedman, P.C.,
dated January 17, 2000
Balance Sheet as of December 31, 1999, December 31,
1998, and December 31, 1997.
Statement of Operation for the years ended December 31,
1999, December 31, 1998; for the period April 2,
1997 to December 31, 1997; and for the period April
2, 1997 (inception) to December 31, 1999.
Statement of Stockholders' Equity.
Statement of Cash Flows for the years ended December
31, 1999, December 31, 1998; for the period April 2,
1997 to December 31, 1997; and for the period April
2, 1997 (inception) to December 31, 1999.
Notes to Financial Statements
INDEPENDENT AUDITORS' REPORT
Board of Directors January 17, 2000
Bepariko BioCom
Las Vegas, Nevada
I have audited the accompanying Balance Sheets of Bepariko BioCom
(A Development Stage Company), as of December 31, 1999, December
31, 1998, and December 31, 1997, and the related statement of
stockholder's equity for December 31, 1999, December 31, 1998,
and December 31, 1997 and the statements of operations and cash
flows for the three years ended December 31, 1999, December 31,
1998, and December 31, 1997 and the period April 2, 1997
(inception) to December 31, 1999. These financial statements are
the responsibility of the Company's management. My responsibility
is to express an opinion on these financial statements based on
my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Bepariko BioCom (A Development Stage Company), as of December 31,
1999, December 31, 1998, and December 31, 1997, and the related
statement of stockholder's equity for December 31, 1999, December
31, 1998, and December 31, 1997 and the statements of operations
and cash flows for the three years ended December 31, 1999,
December 31, 1998, and December 31, 1997 and the period April 2,
1997 (inception) to December 31, 1999, in conformity with
generally accepted accounting principles.
The accompanying financial statements have been 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 described in Note #5. These financial statements do
not include any adjustments that might result from the outcome of
this uncertainty.
/s/ Barry L. Friedman
Barry L. Friedman
Certified Public Accountant
Bepariko BioCom
(A Development Stage Company)
BALANCE SHEET
<TABLE>
<S>
<C> <C> <C>
December 31, December 31, December 31,
1999 1998 1997
ASSETS
CURRENT ASSETS: 0 0 0
TOTAL CURRENT ASSETS 0 0 0
OTHER ASSETS;
Organization Costs (Net) 0 $98 $128
TOTAL OTHER ASSETS 0 $98 $128
TOTAL ASSETS 0 $98 $128
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES;
Officers Advances (Note #5) $1,500 0 0
TOTAL CURRENT LIABILITIES $1,500 0 0
STOCKHOLDERS' EQUITY;
Preferred stock, $0.001 par 0
value
Authorized 10,000,000 shares
Issued and outstanding at
December 31, 1999 - none
Common stock, $0.001 par value, $750
authorized 50,000,000 shares
issued and outstanding at
December 31, 1997 - 750,000
December 31, 1998 - 750,000 $750
December 31, 1999 - 750,000 $750
Additional paid-in Capital 17,324 17,324 17,324
Deficit accumulated during the -19,574 -17,976 -17,946
development stage
TOTAL STOCKHOLDERS' EQUITY $-1.500 $98 $128
TOTAL LIABILITIES AND 0 $98 $128
STOCKHOLDERS' EQUITY
</TABLE>
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF OPERATION
<TABLE>
<S> <C> <C> <C>
<C>
Year Ended Year Ended April 2,
Dec. 31, Dec. 31, 1997 to April 2,
1999 1998 Dec. 31, 1997
1997 (Inception)
to Dec. 31,
1999
INCOME:
Revenue 0 0 0 0
EXPENSES:
General, Selling $1,500 0 $17,924 $19,424
and
Administrative
Amortization 98 30 22 150
Total Expenses $1,598 $30 $17,946 $19,574
Net Profit/Loss(-$-1,598 $-30 $-17,946 $-19,574
)
Net Profit/Loss $-.0021 NIL $-.0239 $-.0026
(-) Per weighted
Share (Note 2)
Weighted average 750,000 750,000 750,000 750,000
Number of common
Shares
outstanding
</TABLE>
See accompanying notes to financial statements & audit report
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
<TABLE>
<S>
<C> <C> <C> <C>
Common Shares Stock Amount Additional paid- Accumulated
in Capital Deficit
Balance, 750,000 $750 $17,324 $-
December 31, 1996 0
Net loss year ended -17,946
December 31, 1997
Balance, 750,000 $750 $17,324 $-17,946
December 31, 1997
Net loss year ended -30
December 31, 1998
Balance, 750,000 $750 $17,324 $-17,976
December 31, 1998
Net loss year ended -1,598
December 31, 1999
Balance, 750,000 $750 $17,324 $-19,574
December 31, 1999
</TABLE>
See accompanying notes to financial statements & audit report.
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF CASH FLOWS
<TABLE>
<S> <C> <C> <C> <C>
Year Ended Dec. Year Ended Dec. April 2, 1997, April 2, 1997
31, 1999 31, 1998 to Dec. 31, 1997 (Inception) to
Dec. 31, 1999
Cash Flows from
Operating Activities:
Net Loss 4-1,598 $-30 $-17,946 $-19,574
Adjustment to
Reconcile net loss to
cash provided by
operating activities:
Amortization +98 +30 +22 +150
Changes in Assets and
Liabilities:
Organization Costs 0 0 -150 -150
Increase in current
Liabilities:
Officers Advances +1,500 0 0 +1,500
Net cash used in 0 0 $-18,074 $-18,074
Operating Activities
Cash Flows from 0 0 0 0
Investing Activities
Cash Flows from
Financing Activities:
Issuance of common 0 0 +18,074 +18,074
stock for cash
Net increase 0 0 0 0
(decrease) in cash
Cash, Beginning of 0 0 0 0
period
Cash, end of period 0 0 0 0
</TABLE>
See accompanying notes to financial statements & audit report
Bepariko BioCom
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
December 31, 1999, December 31, 1998, and December 31, 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 in accordance with SFAS #7, 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 financial statements in conformity with
generally accepted accounting principles 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 December 31, 1999.
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 reposting 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 December 31, 1999, the Company had no dilative
common stock equivalents such as stock options.
Year End
The Company has selected December 31st as its year-end.
Year 2000 Disclosure
The year 2000 issue is the result of computer programs being
written using two digits rather than four to define the
applicable year. 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.
Since the Company currently has no operating business and does
not use any computers, and since it has no customers, suppliers
or other constituents, there are no material Year 2000 concerns.
NOTE 3 - INCOME TAXES
There is no provision for income taxes for the period ended
December 31, 1999, 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, 1999, 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 2019.
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 $18,074.00 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.
EXHIBITS
27 - Financial Data Schedule
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange
Act, the Registrant caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Bepariko Biocom
By: /s/ Lewis Eslick
Lewis Eslick, President
Date: March 29, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1999 DEC-31-1998
<PERIOD-END> DEC-31-1999 DEC-31-1998
<CASH> 0 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 98
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 0 98
<CURRENT-LIABILITIES> 1,500 0
<BONDS> 0 0
0 0
0 0
<COMMON> 750 750
<OTHER-SE> (2,250) (652)
<TOTAL-LIABILITY-AND-EQUITY> 0 98
<SALES> 0 0
<TOTAL-REVENUES> 0 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 1,598 30
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (1,598) (30)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> (1,598) (30)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (1,598) (30)
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
