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: 000-27335
MIREX, INC.
(Exact name of registrant as specified in its
charter)
Nevada 88-0216167
(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 1,020,000 shares of common stock
outstanding as of September 30, 1999.
DOCUMENTS INCORPORATED BY REFERENCE:
The Company's Form SB-2 filed on September 10, 1999
and the Companies Form 10-SB filed on September 15,
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 Form 10-SB. The description
of the current plan of operation is incorporated by
reference to Section 2 of that Form 10-SB filed with
the Sec on September 10, 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 Mirex, Inc. (the "Company") is a Nevada
corporation formed on February 28, 1986. Its
principal place of business is located at 8452
Boseck Street, Suite 272, Las Vegas, NV 89128. The
Company was organized to engage in any lawful
corporate business, including but not limited to,
participating in mergers with and acquisitions of
other companies. The Company was formed for the
purpose of being an International Financial
Consulting Company. The incorporators were Mr. Lewis
Eslick, and Ms. Leslie Eslick. Family members and
close friends and Mr. Lewis Eslick and Ms. Leslie
Eslick have purchased stock in the Company amounting
to 1,020,000 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.
UNAUDITED QUARTERLY REPORT
Board of Directors September 30, 1999
Mirex, Inc.
Las Vegas, Nevada
The executive officers have reviewed the
accompanying Balance Sheets of Mirex, Inc., (A
Development Stage Company), as of September 30,
1999. They have been compared to December 31 1998,
December 31 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
financial statements referred to above present
fairly, in all material respects, the financial
position of Mirex, Inc. 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.
MIREX, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
June 30, 1999
December 31, 1998
December 31, 1997
QUARTERLY 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
Mirex, Inc.
(A Development Stage Company)
BALANCE SHEET
ASSETS
September December
30, 1999 31, 1998
CURRENT ASSETS 0 0
TOTAL CURRENT ASSETS 0 0
OTHER ASSETS 0 0
TOTAL OTHER ASSETS 0 0
TOTAL ASSETS 0 0
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Officers Advances
(Note #5) 800 700
TOTAL CURRENT
LIABILITIES 800 700
STOCKHOLDERS' EQUITY:
(Note #4)
Common stock Par value
$0.001 Authorized 50,000,000
shares issued and
outstanding at
December 31, 1998 1,020
1,020,000 shares
September 30, 1999
1,020,000 shares 1,020
Additional Paid-In
Capital 401,231 401,231
Deficit accumulated
during development
stage -403,051 -402,951
TOTAL STOCKHOLDERS'
EQUITY -800 -700
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY 0 0
See accompanying notes to financial statements &
audit report
Mirex, Inc.
(A Development Stage Company)
STATEMENT OF OPERATIONS
Jan 1 Year Year Feb 28 1986
1999 to Ended Ended (Inception)
June 30 Dec 31 Dec 31 to June 30
1999 1998 1997 1999
INCOME:
Revenue 0 0 0 0
EXPENSES:
General, Selling and
Administrative 100 100 100 10,211
TOTAL EXPENSES 100 100 100 10,211
NET PROFIT/LOSS (-)
FROM OPERATIONS -100 -100 -100 -10,211
Loss on sale of stock 0 0 0 -392,840
Net Income/Loss (-) -100 -100 -100 -403,051
Net Profit/Loss (-)
per weighted share
(Note 1) .0001 .0001 .0001 -.3951
Weighted average
Number of common
shares outstanding 1,020,000 1,020,000 1,020,000 1,020,000
See accompanying notes to financial statements &
audit report
Mirex, Inc.
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Additional Accumu-
Common Stock paid-in lated
Shares Amount Capital Deficit
Balance,
December 31, 1996 1,020,000 1,020 401,231 -402,751
Net loss year ended
December 31, 1997 -100
Balance,
December 31, 1997 1,020,000 1,020 401,231 -402,851
Net Loss Year
Ended
December 31, 1998 -100
Balance,
December 31, 1998 1,020,000 1,020 401,231 -402,951
Net Loss
January 1, 1999 to
June 30, 1999 -100
Balance,
June 30, 1999 1,020,000 1,020 401,231 -403,051
See accompanying notes to financial statements &
audit report
Mirex, Inc.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
Jan 1 Year Year Feb 28 1986
1999 to Ended Ended (Inception)
June 30 Dec 31 Dec 31 to June 30
1999 1998 1997 1999
Cash Flows from
Operating Activities
Net Loss -100 -100 -100 -403,051
Adjustment to
Reconcile net loss
Common Stock
Issued for Stock in
Mutual Oil of
America, Inc. 0 0 0 +402,251
Changes in assets and
Liabilities
Increase In Current
Liabilities
Officers Advances +100 +100 +100 +800
Net cash used in
Operating activities 0 0 0 0
Cash Flows from
Investing Activities 0 0 0 0
Cash Flows from
Financing Activities 0 0 0 0
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
Mirex, Inc.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 1999, December 31, 1998, December 31,
1997 and from inception February 28, 1986.
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized February 28, 1986, under
the laws of the State of Nevada as Mirex, Inc. 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 June 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.
Organization Costs
Costs incurred to organize the Company were
amortized on a straight-line basis over a sixty-
month period.
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 30, 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 $ 10,211
Valuation allowance $ 10,211
Net deferred tax asset $ 0
The federal net operating loss carry forward will
expire from 2006 to 2018.
NOTE 4 - STOCKHOLDERS' EQUITY
Common Stock
The authorized common stock of the corporation
consists of 50,000,000, shares with a par value
$.001 per share.
Preferred Stock
The Corporation has no preferred stock.
On March 7, 1986, the Company issued 1,700 shares of
its no par value common stock for consideration of
168,417 shares of Mutual Oil Of America, Inc. valued
at $402,251.00.
On October 17, 1996, the State of Nevada approved
the Company's restated Articles of Incorporation,
which increased its capitalization from 2,500 Common
Shares to 50,000,000 Common Shares. The No Par Value
of the common shares was changed to $0.001.
On October 17, 1996, the company forward split it's
common stock 600:1, thus increasing the number of
outstanding common shares from 1,700 shares to
1,020,000 shares.
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 11, 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
