UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2000
Or
[ ] TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission File Number:
Deadman's Point, Inc.
(Exact name of registrant as specified in its charter)
Nevada 88-0422028
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
12691 Apple Valley Road, Apple 92308
Valley, CA (Zip Code)
(Address of principal executive
offices)
(760) 240-2401
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed
since last report)
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 Exchange
Act of 1934 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 [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court.
Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date:
9,840,001
/1/
DEADMAN'S POINT, INC.
(A Development Stage Company)
Table of Contents
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements 3
Balance Sheet September 30, 2000 and December 31, 1999 4
Statement of Operations for the Three Months Ending September 5
30, 2000 and 1999, for the Nine Months Ending September 30,
2000 and 1999 and for the Period March 30, 1999 (Inception)
to September 30, 2000
Statement of Cash Flows for the Nine Months Ending September 6
30, 2000 and 1999 and for the Period from March 30, 1999
(Inception) to September 30, 2000
Notes to Financial Statements 7
Item 2. Management's Discussion and Plan of Operation 9
PART II - OTHER INFORMATION
Item 6. Exhibits 10
SIGNATURES 11
/2/
Deadman's Point, Inc.
(a Development Stage Company)
Balance Sheet
as of
September 30, 2000
and
December 31, 1999
and
Statement of Operations
for the Three Months Ending September 30, 2000 and 1999,
for the Nine Months Ending September 30, 2000 and 1999
and for the Period March 30, 1999 (Inception) to September 30, 2000
and
Statement of Cash Flows
for the Nine Months Ending September 30, 2000 and 1999
and for the Period March 30, 1999 (Inception) to September 30, 2000
/3/
Deadman's Point, Inc.
(a Development Stage Company)
Balance Sheet
(unaudited)
September December
30, 31,
2000 1999
----------- ---------
Assets
Current assets:
Cash $ 19 $ 459
Loan to stockholder 9,511 9,511
Total current assets 9,530 9,970
----------- ---------
$ 9,530 $ 9,970
=========== =========
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable $ - $ 50
Loan from stockholder 8,334 3,125
Total current liabilities 8,334 3,175
---------- ---------
8,334 3,175
---------- ---------
Stockholders' equity:
Common stock, $0.001 par value,
25,000,000 shares
authorized, 9,840,001 shares 9,840 9,840
issued and
outstanding
Additional paid-in capital 9,860 9,860
Deficit accumulated during (18,504) (12,905)
development stage ---------- ---------
1,196 6,795
---------- ---------
$ 9,530 $ 9,970
========== =========
See Independent Accountant's review report and accompanying Notes.
/4/
Deadman's Point, Inc.
(A Development Stage Company)
Statement of Operations
(unaudited)
March
30, 1999
(Incepti
on) to
September
30,
Three Months Nine Months Ending
Ending September September
30, 30,
------------------ -------------------- ----------
2000 1999 2000 1999 2000
-------- -------- -------- --------- ----------
Revenue $ - $ - $ - $ - $ -
Expenses:
General 2,241 1,395 5,599 11,705 18,504
administrative
expenses
Total expenses 2,241 1,395 5,599 11,705 18,504
-------- -------- -------- --------- ---------
Net loss $(2,241) $(1,395) $(5,599) $(11,705) $(18,504)
======== ======== ======== ========= =========
Weighted average
number of
common shares 9,840,001 9,840,001 9,840,001 9,840,001 9,840,001
outstanding ========= ========= ========= ========= =========
Net loss per share $ - $ - $ - $ - $ -
======== ======== ======== ========= =========
See Independent Accountant's review report and accompanying Notes.
/5/
Deadman's Point, Inc.
(a Development Stage Company)
Statement of Cash Flows
(unaudited)
March 30,
1999
(Inception)
to
September
30,
Nine Months
Ending September
30,
----------------- -----------
2000 1999 2000
------- -------- -----------
Cash flows from operating
activities
Net loss $ $ $
(5,599) (11,705) (18,504)
Adjustments to reconcile net
income to net cash used
by operating activities:
(Increase) decrease in:
Loan to stockholder - (9,511) (9,511)
Increase (decrease) in:
Accounts payable (50) - -
Loan from stockholder 5,209 25 8,334
------- -------- ----------
Net cash used by operating (440) (21,191) (19,681)
activities ------- -------- ----------
Cash flows from investing
activities
Net cash provided (used) by - - -
investing activities ------- -------- ----------
Cash flows from financing
activities
Issuance of common stock - 21,200 19,950
Common stock rescissions - - (250)
Subscription receipts - - -
Net cash provided by financing - 21,200 19,700
activities ------- -------- ----------
Net (decrease) increase in cash (440) 9 19
Cash - beginning 459 - -
------- -------- ----------
Cash - ending $ 19 $ 9 $ 19
======= ======== ==========
Supplemental disclosures:
Interest paid $ - $ - $ -
======= ======== ==========
Income taxes paid $ - $ - $ -
======= ======== ==========
Non-cash investing and
financing activities:
Common stock issued for $ - $ 9,500 $ 9,500
subscription receivable ======= ======== ==========
See Independent Accountant's review report and accompanying Notes.
/6/
Deadman's Point, Inc.
(a Development Stage Company)
Notes to Financial Statements
Note 1 - History and organization of the company
The Company was organized March 30, 1999 (date of inception) under the
laws of the State of Nevada, as Deadman's Point, Inc. The Company has
limited operations and in accordance with SFAS #7, the Company is
considered a development stage company.
Note 2 - Accounting policies and procedures
Accounting policies and procedures have not been determined except as
follows:
Accounting method
The Company reports income and expenses on the accrual method.
Estimates
The preparation of financial statements in conformity with generally
accepted accounting principals 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
form those estimates.
Cash and equivalents
The Company maintains a cash balance in a non-interest-bearing account
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, 2000.
Reporting in the costs of start-up activities
Statement of Position 98-5 (SOP 98-5), "Reporting on the Costs of Start-
Up Activities" which provides guidance on the financial reporting of
start-up costs and organizational costs. It requires most costs of
start-up activities and organizational costs to be expensed as
incurred. SOP 98-5 is effective for its fiscal years beginning after
December 15, 1998. With the adoption of SOP 98-5, there has been
little or no effect on the Company's financial statements.
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 dilutive common stock
equivalents had been converted to common stock. As of September 30,
2000, the Company had no dilutive common stock equivalents such as
stock options.
Dividends
The Company has not yet adopted any policy regarding payment of
dividends. No dividends have been paid since inception.
Year end
The Company has adopted December 31 as its fiscal year end.
Note 3 - 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 differences between financial and tax
reporting. Deferred tax expense (benefit) results from the net change
during the year of deferred tax assets and liabilities. There is no
provision for income taxes for the period ended September 30, 2000, due
to the net loss and no state income tax in Nevada, the state of the
Company's domicile and operations.
/7/
Deadman's Point, Inc.
(a Development Stage Company)
Notes to Financial Statements
Note 4 - Stockholders' equity
The Company is authorized to issue 25,000,000 shares of $0.001 par value
common stock.
On March 31, 1999, the Company issued 9,500,000 shares of its $0.001 par
value common stock to a stockholder in exchange for a subscription
receivable in the amount of $9,500.
On April 1, 1999, the Company issued 340,001 shares of its $0.001 par
value common stock to stockholders in exchange for cash of $10,200. Of
the total amount, $340 is considered common stock and $9,860 is
additional paid in capital.
On August 20, 1999, the Company canceled the subscription receivable and
deposited $9,500 into the corporate checking account.
There have been no other issuances of common stock.
Note 5 - Going concern
The Company's financial statements are prepared using the 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. Without realization of additional capital,
it would be unlikely for the Company to continue as a going concern.
Because the Company does not have significant cash or other material
assets nor does it an established source of revenue sufficient to cover
its operating costs, the stockholders/officers will continue advancing
enough cash to cover the operating costs the company. The advances do
not bear any interest. Additionally, the Company intends to sell
additional shares of its $0.001 par value common stock when it is listed
on the NASDAQ bulletin board.
Note 6 - Related party transactions
The Company does not lease or rent any property. Office services are
provided without charge by a director/stockholder. 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
shares of common stock.
/8/
Item 2. Management's Discussion and Plan of Operation
Forward-Looking Statements
This Quarterly Report contains forward-looking statements about our
business, financial condition and prospects that reflect our assumptions
and beliefs based on information currently available. We can give no
assurance that the expectations indicated by such forward-looking
statements will be realized. If any of our assumptions should prove
incorrect, or if any of the risks and uncertainties underlying such
expectations should materialize, our actual results may differ materially
from those indicated by the forward-looking statements.
The key factors that are not within our control and that may have a
direct bearing on operating results include, but are not limited to,
acceptance of our services, our ability to expand our customer base, our
ability to raise capital in the future, the retention of key employees
and changes in the regulation of our industry.
There may be other risks and circumstances that we are unable to predict.
When used in this Quarterly Report, words such as, "believes,"
"expects," "intends," "plans," "anticipates," "estimates" and similar
expressions are intended to identify forward-looking statements, although
there may be certain forward-looking statements not accompanied
by such expressions. All forward-looking statements are intended to be
covered by the safe harbor created by Section 21E of the Securities
Exchange Act of 1934.
General
Dead Man's Point, Inc. ("DMPT" or the "Company"), a Nevada corporation,
was incorporated on March 30, 1999. We plan to develop a western-themed
resort facility with entertainment, Old West shooting range, campground,
RV Park, Camp Store, stables and hotel rooms for overnight lodging, to be
located in the Southern California region of the United States. The
Company seeks to create a facility that will immerse visitors in the old
west of the 1800s. The Company has controlling interest in the land
selected for development as well as approval for the project. The
management team brings experience and an understanding and passion for
the true Old West.
Results of Operations
DMPT has not generated any revenues since inception. The Company has a
limited operating history and activities to date have been limited
primarily to raising the capital necessary to begin the development
phase of the project. In management's estimation, it would not be
prudent to begin construction until enough capital has been raised to
ensure its successful completion.
As of September 30, 2000, the Company has developed a business plan,
recruited and retained a management team and raised capital via a private
placement offering of stock made pursuant to Section 4(2) of the
Securities Act of 1933, as amended, and an offering made in reliance upon
an exemption from the registration provisions of the Securities Act of
1933, as amended, in accordance with Regulation D, Rule 504.
Future Business
Management plans in the following quarter to study design and development
plans in relation to a final cash flow and feasibility analysis to
determine the best course of action. Determinations will need to be made
as to which sections of the theme park to develop first based on their
ability to generate revenue. We expect capital expenditures will begin
in the next three months when we will need to make equipment purchases
and begin excavation of the site. The Company expects to be operational
within six months of the initial ground breaking. Currently, there is
political acceptance for shooting ranges in California. It is possible
that at some time in the future political sentiment may shift. We do not
believe that future gun laws would impact our ability to execute our
business plan.
Liquidity and Capital Resources
To date, the Company has attained cash from offerings of its common
stock. On March 31, 1999, the Company issued 9,500,000 shares of its
$0.001 par value common shares for a subscription receivable of
$9,500.00. On April 1, 1999, the Company issued 340,001 shares of its
common stock for cash of $10,200.00. On August 20, 1999, the Company
canceled the subscription receivable and deposited $9,500 into the
corporate checking account.
The Company has yet to generate any revenues. Without the realization of
additional capital, it would be unlikely for the Company to continue as a
going concern. The Company does not have significant cash or other
material assets nor does it have an established source of revenue
sufficient to cover its operating costs to allow it to continue as a
going concern indefinitely.
/9/
PART II - OTHER INFORMATION
Item 6. Exhibits
Exhibit Name and/or Identification of Exhibit
Number
3 Articles of Incorporation & By-Laws
(a)Articles of Incorporation of the Company filed
September 29, 1998. Incorporated by reference to
the exhibits to the Company's General Form For
Registration Of Securities Of Small Business
Issuers on Form 10-SB, previously filed with the
Commission.
(b)By-Laws of the Company adopted October 2, 1998.
Incorporated by reference to the exhibits to the
Company's General Form For Registration Of
Securities Of Small Business Issuers on Form
10-SB, previously filed with the Commission.
13 Annual or Quarterly Reports
(a) Form 10-QSB for the Quarter ended June 30,
2000. Incorporated by reference to the Company's
Quarterly Report for Small Business Issuers on
Form 10-QSB, previously filed with the Commission.
(b) Form 10-KSB for the Year ended December 31,
1999. Incorporated by reference to the Company's
Quarterly Report for Small Business Issuers on
Form 10-QSB, previously filed with the Commission.
27 Financial Data Schedule
Financial Data Schedule of Deadman's Point, Inc.
ending September 30, 2000
/10/
SIGNATURES
Pursuant to the requirements of the Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Deadman's Point, Inc.
(Registrant)
Date: November 8, 2000
By: /s/ John A. Schaffer
John A. Schaffer, President
By: /s/ Kathy J. Schaffer
Kathy J. Schaffer, Secretary
By: /s/ Dorothy J Cornish
Dorothy J. Cornish, Treasurer
