--------------------------------------------------------------------------------
Donald Jackson Wells
PRESIDENT
NetParts.com, Inc.
3131 Southwest Freeway #46, Houston TX 77098
(Name and Address of Person Authorized to Receive Notices
and Communications on Behalf of the Person Filing Statement)
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WITH A COPY TO:
KARL E. RODRIGUEZ, ESQ
24843 Del Prado, #318
Dana Point, CA 92629
(949) 248-9561
fax (949) 248-1688
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FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
AND
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 0-30891
For the Quarter ended September 30, 2000
NETPARTS.COM, INC.
Nevada Optional
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
3131 Southwest Freeway #46, Houston TX 77098
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 521-9395
Securities registered pursuant to Section 12(g) of the Act: 7,135,000
Class-A Common Voting Equity Stock
Yes [X] No [ ] (Indicate by check mark whether the Registrant (1) has filed
all report 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.)
As of September 30, 2000, the number of shares outstanding of the Registrant's
Common Stock was 7,135,000.
1
<PAGE>
UNNUMBERED INTRODUCTION
Our Form 10SB was filed voluntarily about June 26, 2000 and became
effective by operation of law sixty days later, on or about August 28, 2000. Our
From 10SB has now cleared Comments by the Staff of the SEC. This is our first
Quarterly Report. We begin reporting with our Third Quarter.
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Attached hereto and incorporated herein by this reference are the following
financial statements:
Exhibit FINANCIAL STATEMENTS
00-QF3 Un-Audited Financial Statements for the three months and nine months
ended September 30, 2000
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION NEXT TWELVE MONTHS.
(1) CASH REQUIREMENTS AND OF NEED FOR ADDITIONAL FUNDS, TWELVE MONTHS.
We are a development stage company as defined in Financial Accounting Standards
Board Statement No. 7. We are concentrating substantially all of our efforts in
raising capital and developing our business in order to generate significant
revenues. While we have no immediate need for funding to maintain ourselves in
our pre-launch developmental stage, we will require additional capital to launch
our business operations and to maintain them until profitability is achieved.
This Company has a considerable need for additional funding during the next
twelve months.
Our objective is to create a centrally located, interconnected group of
self sufficient used auto parts outlets specializing in customer convenience and
having a large combined stock from which to operate. The first auto parts
"supermart", which is to be located in Houston, Texas, will be large enough and
efficient enough to become, in management's opinion, the leading supplier of
used and remanufactured auto parts in Texas. It is our intention to duplicate
the concept in other metropolitan markets. To proceed with this plan, we expect
to require $500,000, during the next twelve months, to establish our initial
site in Houston. We expect to require $250,000 for initial purchasing and
marketing expenses, including inventory, advertising, web-site establishment,
maintenance and advertising. We expect to require an additional $250,000 in
unspecified working capital to see us through our first year of aggressive
operations, until we achieve significant revenues.
(2) SUMMARY OF PRODUCT RESEARCH AND DEVELOPMENT. None.
(3) EXPECTED PURCHASE OR SALE OF PLANT AND SIGNIFICANT EQUIPMENT. We
intend to create a series of 16 specialized auto salvage yards, each one
handling only one make of vehicle. We would begin with our master site in
Houston.
(4) EXPECTED SIGNIFICANT CHANGE IN THE NUMBER OF EMPLOYEES. None
immediately. As we launch, additional employees are expected to be required.
2
<PAGE>
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
(1) OPERATIONS AND RESULTS FOR THE PAST TWO FISCAL YEARS. We have not
launched operations. We are a development stage company. We have had no revenues
to date. Our activities to date have involved our corporate organization,
business plan development, initial funding, auditing and preparation of this
1934 Registration of our common stock for tradeability on the OTCBB.
We had raised $100,000 in 1999 and have expended virtually all of it during
that year, on our organizational expenses, business plan development, legal,
professional and auditing. Our expenses for the first nine months of 2000 have
been related to 1934 Act Registration.
(2) SELECTED FINANCIAL INFORMATION.
<TABLE>
<CAPTION>
<S> <C> <C>
Balance Sheet . . . 9/30/00 12/31/99
----------------------------------------
Cash. . . . . . . . $ 1,191 $ 8,200
Acoounts Receivable 0 0
Total Assets. . . . 1,191 8,200
========================================
Accounts Payable. . 12,649 0
Other . . . . . . . 0 0
========================================
Total Liabilities . 12,649 0
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Inception
April 21,
1999
to
Operations . . . . . . . July1 to Sept 30 Jan 1 to Sept 30 Sept 30,
2000 1999 2000 1999 2000
---------------------------------------------------------------------------------------------------
Misc. Revenues: . . . . . $ 1,000 $ 0 $ 1,000 $ 0 $ 1,000
Total Revenues . . . . . 1,000 0 1,000 0 1,000
General & Administrative. 15,847 13,016 20,658 96,935 117,593
Total Expenses . . . . . 15,847 13,016 20,658 96,935 117,593
Net (Loss). . . . . . . . (14,847) (13,016) (19,658) (96,935) (116,593)
</TABLE>
(3) FUTURE PROSPECTS. We do not expect to launch our operations until
late in year 2000. We have yet to establish our specialized auto salvage yards.
If we are able to achieve our funding goals, we believe our prospects for
success are good. There is, however, no present guaranty that we can attract the
funding we need. There is no guaranty that, even if we achieve our funding
goals, our program will enjoy public and business acceptance, and prove
profitable.
(C) REVERSE ACQUISITION CANDIDATE. We are committed to the realization of our
business plan. We are not a candidate for a reverse acquisition transaction.
3
<PAGE>
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGE IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
None
EXHIBIT INDEX
FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
Exhibit FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
00-QF3 Un-Audited Financial Statements for the three months and nine months
ended September 30, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Q Report for the Quarter ended September 30, 2000, has been signed below
by the following person on behalf of the Registrant and in the capacity and on
the date indicated.
Dated: September 30, 2000
NETPARTS.COM, INC.
by
/s/Donald Jackson Wells /s/Larry Wayne Zientek /s/Joseph A.Kane
Donald Jackson Wells Larry Wayne Zientek Joseph A. Kane
president/director treasurer/director secretary/director
4
<PAGE>
--------------------------------------------------------------------------------
EXHIBIT 00-QF3
UN-AUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS AND NINE MONTHS ENDED
SEPTEMBER 30, 2000
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5
<PAGE>
NETPARTS.COM, INC.
BALANCE SHEET (UNAUDITED)
December 31, 1999 and September 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, December 31,
2000 1999
(Unaudited)
---------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,191 $ 8,200
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . 1,191 8,200
-------------- -------------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 1,191 $ 8,200
============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 12,649 $ 0
Total accounts payable
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 100,000,000
shares; issued and outstanding, 7,135,000 shares. . 7,135 7,135
Additional paid-in capital . . . . . . . . . . . . . . 98,000 98,000
Accumulated equity (deficit) . . . . . . . . . . . . . (116,593) (96,935)
Total Stockholders' Equity . . . . . . . . . . . . . . (11,458) 8,200
-------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . $ 1,191 $ 8,200
============== =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
NETPARTS.COM, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
For the periods ended September 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
From
Inception on
From July From July From January From April April 21,
1, 2000 to 1, 1999 to 1, 2000 to 21, 1999 to 1999 through
September 30, September 30, September 30, September 30, September 30,
2000 1999 2000 1999 2000
--------------------------------------------------------------------------------------------------------------
Revenues. . . . . . . . . $ 1,000 $ 0 $ 1,000 $ 0 $ 1,000
-------------- -------------- --------------- -------------- ----------
Total Expenses. . . . . . 15,847 13,016 20,658 96,935 117,593
-------------- -------------- --------------- -------------- ----------
Net Loss from Operations. (14,847) (13,016) (19,658) (96,935) (116,593)
============== ============== =============== ============== ==========
Net Income (Loss) . . . . ($14,847) ($13,016) ($19,658) ($96,935) ($116,593)
============== ============== =============== ============== ==========
Loss per Share. . . . . . $ (0.00208) $ (0.00253) $ (0.00276) $ (0.01888) $ (0.01779)
============== ============== =============== ============== ==========
Weighted Average
Shares Outstanding. . 7,135,000 5,135,000 7,135,000 5,135,000 6,555,523
============== ============== =============== ============== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
NETPARTS.COM, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)(UNAUDITED)
From inception (April 21, 1999) through December 31, 1999
And for the eight month period ended September 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Additional Accumulated Total Stock-
Common Par Paid-In Equity holders' Equity
Stock Value Capital (Deficit) (Deficit)
---------------------------------------------------------------------------------------------------------
Common Stock issued at inception 5,135,000 $ 5,135 $ 0 $ 0 $ 5,135
Sale of Common Stock for
$0.05 per share . . . . . . 2,000,000 2,000 98,000 0 0
Net loss during period . . . . . 0 0 0 (96,935) 0
Balance at December 31, 1999 . . 7,135,000 $ 7,135 $ 98,000 ($96,935) $ 8,200
---------- ------------ ------------- ----------- -----------------
Net loss during period . . . . . 0 0 0 (19,658) 0
Balance at September 30, 2000. . 7,135,000 $ 7,135 $ 98,000 ($116,593) ($11,458)
---------- ------------ ------------- ----------- -----------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
NETPARTS.COM, INC.
STATEMENT OF CASH FLOWS (UNAUDITED)
September 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From
Inception
From July From April April
1, 2000 to 21, 1999 to 21, 1999 to
September 30, September 30, September 30,
2000 1999 2000
-----------------------------------------------------------------------------------------------
Operating Activities
Net Income (Loss). . . . . . . . . . . . . . . . ($14,847) ($96,935) ($116,593)
Items not affecting cash:
Stock issued for services. . . . . . . . . 0 5,135 5,135
Beginning Prepaid Expense. . . . . . . . . 2,189 0 0
Ending Prepaid expense . . . . . . . . . . 0 0 0
Accounts Payable . . . . . . . . . . . . . 12,649 0 12,649
--------------- -------------- ----------
Net Cash from Operations . . . . . . . . . . . . (9) (91,800) (98,809)
Cash Increase (Decrease) . . . . . . . . . . . . (9) (91,800) (98,809)
Cash infused from sale/issuance of Common Stock. 0 100,000 100,000
--------------- -------------- ----------
Net Increase (Decrease). . . . . . . . . . . . . (9) 8,200 1,191
Beginning Cash . . . . . . . . . . . . . . . . . 1,200 0 0
Cash as of Statement Date. . . . . . . . . . . . $ 1,191 $ 8,200 $ 1,191
=============== ============== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
NETPARTS.COM, INC.
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2000
NetParts.com, Inc.
NOTES TO FINANCIAL STATEMENTS
NetParts.com, Inc. ("the Company") has elected to omit substantially all
footnotes to the financial statements for the nine months ended September 30,
2000, since there have been no material changes (other than indicated in other
footnotes) to the information previously reported by the Company in their
Audited Financial Statements for the Fiscal year ended December 31, 1999.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments which
are, in the opinion of management, necessary to properly reflect the results of
the period presented. The information presented is not necessarily indicative
of the results from operations expected for the full fiscal year.
10
<PAGE>
