U.S. Securities and Exchange Commission
Washington D.C. 20549
Form 10-QSB
[X] Quarterly Report Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
For the Quarter Ended Sept. 30, 2000
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Commission file number:
Dendo Global Corporation
(name of small business issuer as specified in its charter)
Nevada 87-0533626
(State of other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
227 South Ninth Avenue
Pocatello, Idaho 83201
(Address of principal executive offices)
Registrant's telephone no., including area code: (208) 233-8001
N/A
Former name, former address, and former
fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Exchange Act:
None
Securities registered pursuant to Section 12(g) of the Exchange Act:
None
Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months
(or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past
90 days. Yes X No___.
Common Stock outstanding at Nov. 27, 2000 - 26,500,000 shares of $.001 par
value Common Stock.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1 Financial Statements
The Consolidated Financial Statements of the Company required to be
filed with this 10-QSB Quarterly Report were prepared by management and
reviewed by the Company's independent auditors, Pritchett, Siler & Hardy,
and commence on this page, together with related Notes. In the opinion of
management, the Consolidated Financial Statements fairly present the
financial condition of the Company.
Dendo Global Corp.
[Development Stage Company]
CONDENSED BALANCE SHEETS
[Unaudited]
DENDO GLOBAL CORPORATION
[A Development Stage Company]
CONDENSED BALANCE SHEET
[Unaudited]
<TABLE>
ASSETS
September 30,
2000 1999
<S> <C> <C>
CURRENT ASSETS:
Cash in bank $ 8,158 $ 11,630
Total Current Assets 8,158 11,630
$ 8,158 $ 11,630
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: $ - $ -
Total Current Liabilities - -
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value,
10,000,000 shares authorized,
no shares issued and
outstanding - -
Common stock, $.001 par value,
50,000,000 shares authorized,
2,775,000 shares issued and
outstanding 2,775 2,775
Capital in excess of par value 70,398 70,398
Deficit accumulated during the
development stage (65,015) (61,543)
Total Stockholders' Equity 8,158 11,630
$ 8,158 $ 11,630
</TABLE>
Note: The balance sheet as of December 31, 1999 was taken from
the audited financial statements at that date and condensed.
The accompanying notes are an integral part of these unaudited
financial statements.
<PAGE>
DENDO GLOBAL CORPORATION
[A Development Stage Company]
CONDENSED STATEMENT OF OPERATIONS
[Unaudited]
<TABLE>
From Inception
For the Three For the Nine on December 29,
Months Ended Months Ended 1994 Through
September 30, September 30, September 30
2000 1999 2000 1999 2000
<S> <C> <C> <C> <C> <C>
REVENUE $ - $ - $ - $ - $ -
EXPENSES:
General and
Administrative 390 9,649 3,542 15,172 20,345
LOSS FROM
OPERATIONS (390) (9,649) (3,542) (15,172) (20,345)
OTHER INCOME:
Interest income 22 139 70 296 371
LOSS BEFORE
TAX PROVISION (368) (9,510) (3,472) (14,876) (19,974)
CURRENT TAX EXPENSE - - - - -
DEFERRED TAX EXPENSE - - - - -
LOSS FROM CONTINUING
OPERATIONS (368) (9,510) (3,472) (14,876) (19,974)
DISCONTINUED
OPERATIONS - (8,545) - (8,545) (45,041)
NET LOSS $ (368) (18,055) $ (3,472) $ (23,421) $ (65,015)
LOSS PER COMMON SHARE:
Continuing
operations $ (.00) $ (.00) $ (.00) $ (.01) $ (.02)
Discontinued
operations - (.00) - (.00) (.04)
NET LOSS $ (.00) $ (.00) $ (.00) $ (.01) $ (.06)
</TABLE>
The accompanying notes are an integral part of these unaudited
financial statements.
<PAGE>
DENDO GLOBAL CORPORATION
[A Development Stage Company]
CONDENSED STATEMENT OF CASH FLOWS
<TABLE>
[Unaudited]
For the Nine From Inception
Months Ended on December 29,
September 30, 1994 Through
September 30,
2000 1999 2000
<S> <C> <C> <C>
Cash Flows Provided by Operating
Activities:
Net loss $ (3,472) $ (23,421) $ (65,015)
Adjustments to reconcile net
loss to net cash used by
operating activities:
Depreciation and amortization - 66 10,339
Changes in assets and liabilities
(Decrease) in accounts payable - (1,939) -
Increase in account payable
related party - 8,545 8,545
Net Cash Provided
(Used) by
Operating Activities (3,472) (16,749) (46,131)
Cash Flows Provided by Investing
Activities
Organizational costs - - (330)
Purchase of equipment - - (6,023)
Software purchase - - (12,531)
Net Cash Provided by
Investing Activities - - (18,884)
Cash Flows Provided by Financing
Activities:
Proceeds from issuance
of common stock - - 77,500
Stock offering costs - - (4,327)
Proceeds from capital lease - - 8,500
Payments on capital lease - - (8,500)
Net Cash Provided by
Financing Activities - - 73,173
Net Increase (Decrease) in Cash (3,472) (16,749) 8,158
Cash at Beginning of Period 11,630 30,034 -
Cash at End of Period $ 8,158 $ 13,285 $ 8,158
Supplemental Disclosures of Cash
Flow Information:
Cash paid during the period for:
Interest $ - $ - $ -
Income taxes $ - $ - $ -
</TABLE>
Supplemental Schedule of Non-cash Investing and Financing
Activities:
For the period ended September 30, 2000:
None.
For the period ended September 30, 1999:
The Company transferred equipment and software to a former
president of the Company in exchange for debt relief.
The accompanying notes are an integral part of these
unaudited financial statements.
<PAGE>
DENDO GLOBAL CORPORATION
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization - Dendo Global Corporation (the Company) was
organized under the laws of the State of Nevada on December 29,
1994. The Company has not commenced planned principal operations
and is considered a development stage company as defined in SFAS
No. 7. The Company is seeking potential business ventures. The
Company has, at the present time, not paid any dividends and any
dividends that may be paid in the future will depend upon the
financial requirements of the Company and other relevant factors.
Condensed Financial Statements - The accompanying financial
statements have been prepared by the Company without audit. In
the opinion of management, all adjustments (which include only
normal recurring adjustments) necessary to present fairly the
financial position, results of operations and cash flows at
September 30, 2000 and for the period then ended have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. It
is suggested that these condensed financial statements be read in
conjunction with the financial statements and notes thereto
included in the company's December 31, 1999 audited financial
statements. The results of operations for the period ended
September 30, 2000 are not necessarily indicative of the operating
results for the full year.
Loss Per Share - The computation of loss per share is based on the
weighted average number of shares outstanding during the period
presented in accordance with Statement of Financial Accounting
Standards No. 128, Earnings Per Share. [See Note 6]
Cash and Cash Equivalents - For purposes of the statement of cash
flows, the Company considers all highly liquid debt investments
purchased with a maturity of three and nine months or less to be
cash equivalents.
Accounting 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, the disclosures of
contingent assets and liabilities at the date of the financial
statements, and the reported amount of revenues and expenses
during the reported period. Actual results could differ from
those estimated.
Recently Enacted Accounting Standards - Statement of Financial
Accounting Standards (SFAS) No. 136, ?Transfers of Assets to a not
for profit organization or charitable trust that raises or holds
contributions for others?, SFAS No. 137, Accounting for Derivative
Instruments and Hedging Activities deferral of the effective date
of FASB Statement No. 133 (an amendment of FASB Statement No.
133.),, SFAS No. 138 Accounting for Certain Derivative Instruments
and Certain Hedging Activities and Amendment of SFAS No. 133?,
SFAS No. 139, Recission of SFAS No. 53 and Amendment to SFAS No
63, 89 and 21?, and SFAS No. 140, Accounting to Transfer and
Servicing of Financial Assets and Extinguishment of Liabilities,
were recently issued SFAS No. 136, 137, 138, 139 and 140 have no
current applicability to the Company or their effect on the
financial statements would not have been significant.
<PAGE>
DENDO GLOBAL CORPORATION
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 2 - CAPITAL STOCK
Preferred Stock - The Company has authorized 10,000,000 shares of
preferred stock, $.001 par value, with such rights, preferences
and designations and to be issued in such series as determined by
the Board of Directors. No shares are issued and outstanding at
September 30, 2000.
Common Stock - The Company has authorized 50,000,000 shares of
common stock at $.001 par value. As of September 30, 2000 the
Company had 2,775,000 shares issued and outstanding.
NOTE 3 - INCOME TAXES
The Company accounts for income taxes in accordance with Statement
of Financial Accounting Standards No. 109 Accounting for Income
Taxes. SFAS No. 109 requires the Company to provide a net
deferred tax asset/liability equal to the expected future tax
benefit/expense of temporary reporting differences between book
and tax accounting methods and any available operating loss or tax
credit carryforwards. The Company has available at September 30,
2000, an operating loss carryforward of approximately $65,000,
which may be applied against future taxable income and which
expires 2020.
The amount of and ultimate realization of the benefits from the
operating loss carryforward for income tax purposes is dependent,
in part, upon the tax laws in effect, the future earnings of the
Company, and other future events, the effects of which cannot be
determined. Because of the uncertainty surrounding the
realization of the loss carryforward the Company has established a
valuation allowance equal to the amount of the loss carryforward
and, therefore, no deferred tax asset has been recognized for the
loss carryforward. The net deferred tax asset is approximately
$22,000 as of September 30, 2000, with an offsetting valuation
allowance at September 30, 2000 of the same amount. The change in
the valuation allowance for the three and nine months ended
September 30, 2000 is approximately $1,200.
NOTE 4 - RELATED PARTY TRANSACTIONS
Management Compensation - As of September 30, 2000, the Company
has not paid any compensation to any officer or director of the
Company.
Office Space - The Company has not had a need to rent office
space. An officer/shareholder of the Company is allowing the
Company to use his/her offices as a mailing address, as needed, at
no expense to the Company.
<PAGE>
DENDO GLOBAL CORPORATION
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 5 - GOING CONCERN
The accompanying financial statements have been prepared in
conformity with generally accepted accounting principles, which
contemplate continuation of the Company as a going concern.
However, the Company has incurred significant losses in recent
years and has not yet been successful in establishing profitable
operations. These factors raise substantial doubt about the
ability of the Company to continue as a going concern. In this
regard, management is proposing to raise any necessary additional
funds not provided by operations through loans or through
additional sales of its common stock. There is no assurance that
the Company will be successful in raising this additional capital
or achieving profitable operations. The financial statements do
not include any adjustments that might result from the outcome of
these uncertainties.
NOTE 6 - LOSS PER COMMON SHARE
The following data shows the amounts used in computing loss per
share:
<TABLE>
From
Inception
For the Three For the Nine on December 29,
Months Ended Months Ended 1994 Through
September 30, September 30, September 30,
2000 1999 2000 1999 2000
<S>
<C> <C> <C> <C> <C>
Loss from continuing
operations available to
common shareholders
(numerator)
$ (368) $ (9,510) $
(3,472)$(14,876) $
(19,974)
Loss from discontinued
operations available to
common shareholders
(numerator) - (8,545) - (8,545) (45,041)
Weighted average number
of common shares
outstanding used in loss
per share for the period
(denominator) 2,775,000 2,775,000 2,775,000 2,775,000 1,179,870
</TABLE>
Dilutive earnings (loss) per common share was not presented as the
Company had no common stock equivalents shares for all periods
presented.
<PAGE>
PART II - OTHER INFORMATION
ITEM I Legal Proceedings
None.
ITEM 2 Change in Securities
None.
ITEM 3 Defaults on Senior Securities
None.
ITEM 4 Submission on Matters to a Vote of
Security Holders
None.
ITEM 5 Other Information
None.
ITEM 6 Exhibits and Reports on Form 8-K
(A) Exhibits
None.
(B) Reports on Form 8-K;
None.
SIGNATURES
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,
hereunto duly authorized.
Dendo Global Corp.
Date: 08/09/00 By /s/ Cornelius Hofman
Cornelius Hofman
President and Chief Executive Officer
