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
For the Quarter ended June 30, 2000
[X] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
December 31 to June 30, 2000
COMMISSION FILE NUMBER: 0-30470
HOMETEACH.COM, INC.
formerly, BBB-HUNTOR ASSOCIATES, INC.
Nevada 91-2006973
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
PMB 318, 24843 Del Prado Dana Point, CA 92629
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 248-1765
The following Securities are registered pursuant to Section 12(b) of the Act:
None
The following Securities are registered pursuant to Section 12(g) of the Act:
13,547,750
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 June 30, 2000, the number of shares outstanding of the Registrant's Common
Stock was 13,547,750.
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INTRODUCTION
This Corporation has advanced its fiscal year-end from December 31, 2000 to
June 30, 2000. As a result, we will soon file our Transitional Report on Form
10-K-SB, on or before 90 days following June 30, 2000. To prevent a lapse in our
reporting, we now file this 10-Q, as a Quarterly Report and as an Interim
Transitional Report.
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PART I: FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS.
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Attached hereto and incorporated herein by this reference are consolidated
unaudited financial statements (under cover of Exhibit FQ2-00) for the six
months ended June 30, 2000.
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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
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(A) HOMETEACH.COM INC. By that certain Plan of Reorganization and Acquisition
dated June 1, 2000, this corporation, BBB-Huntor Associates, Inc. ("BBB")
acquired HomeTeach.com, Inc. ("HTC") together with all it assets, businesses and
capital stock, as a wholly-owned subsidiary of BBB, for stock. Immediately
before the acquisition, the Capital of BBB consisted of 100,000,000 shares of
common voting stock of $.001 par value authorized, of which 10,000,000 shares
were issued and outstanding; and the Capital of HTC consisted of 100,000,000
shares of common voting stock of $.001 par value authorized, of which 3,547,750
shares were issued and outstanding. We issued 3,547,750 shares, share for share,
in exchange for the existing shares of HTC; such that, immediately following the
acquisition, HTC was owned 100% by BBB, and BBB had 13,547,750 shares issued and
outstanding. BBB then changed its name to HomeTeach.com, Inc., and the acquired
subsidiary was renamed HomeTeach Corporation. Kirt W. James, previously sole
director, was joined on our board of directors by Jill P. Clark, formerly sole
director of HTC.
HomeTeach.com, Inc. ("HTC")(now renamed HomeTeach Corporation) was
incorporated in the state of Nevada on February 23, 2000. It operates an
authorized, interactive Internet access for parents and care-givers who are
home-schooling children from kindergarten through high school. Its web site is
authorized by the states of California and Texas for course assignments progress
testing and grade advancement. Management anticipates becoming accredited in all
50 states within 12 months. It is prepared to support home-schooling in all of
the recognized styles including, but not limited to: Charlotte Mason,
Un-schooling, Christian-based, Waldorf, Montessori, Unit Studies, Frugal
Home-schooling, and Home-schooling children with special needs.
Through its web site, home-schoolers can receive advice, purchase supplies,
receive state supplied materials and curriculum and chat with other
home-schoolers. Subscribers are able to go online to: order supplies from the
leading art, science, book and software companies with whom HomeTeach.com has
established distributorship agreements to supply home-schoolers with the best
available educational materials; order supplies which are provided at no charge
by school districts, educational material manufacturers and publishers and the
Federal Government; consult with the experts. Home-schooling s most respected
proponents are available to advise and inspire the home-school teacher. These
experts have home-schooled their children (many have home-schooled their
grandchildren) and have also provided the home-schooling community with
invaluable information and guidance.
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(1) NEW OFFICER AND DIRECTOR. Kirt W. James, previously sole director,
was joined on our board of directors by Jill P. Clark, formerly sole director of
HTC. Ms. Clark has been the president of our acquired subsidiary since its
inception. She is a native of Southern California. She attended Steven's College
in Columbia, Missouri, where she received her Bachelor of Business
Administration. She also attended the University of California at Irvine where
she earned a degree in Education and a California Teaching Certificate with
honors. In 1984, Ms. Clark earned her Series 7 Securities License and from 1984
to 1988, served as a financial planner for Titan Capital Corporation. From 1989
to 1998, she served as an elementary school teacher for Capistrano Unified
School District and the Saddleback Unified School District, both in Orange
County, California. Since 1998 she has been involved full-time as a homeschooler
for her seven year old son.
(2) SECURITY OWNERSHIP OF MANAGEMENT AND 5% OWNERS.
Name and Address of Beneficial Owner Share %
Ownership
--------------------------------------------------------------
Kirt W. James (1) 5,100,000 37.64
PMB 318
24843 Del Prado
Dana Point, CA 92629 President/Director
--------------------------------------------------------------
Jill P. Clark 2,500,000 18.45
25231 Sea Vista Drive
Dana Point CA 92629
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Officers and Directors as a Group 7,600,000 56.10
--------------------------------------------------------------
HJS Financial Services, Inc.(1) 5,100,000 37.64
PMB 318
24843 Del Prado
Dana Point, CA 92629
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Total Shares Issued and Outstanding (2) 13,547,750 100.00
--------------------------------------------------------------
(1) Mr. James is President of HJS Financial Services, Inc. and its 100% owner.
Accordingly, the actual shares owned by HJS is shown as attributed to Mr. James.
(2) The remaining 4,900,000 shares are owned by ten non-affiliate shareholders,
each owning 4,900 shares, or 4.90% each.
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PART II: OTHER INFORMATION
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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
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None
ITEM 5. OTHER INFORMATION
None
ITEM 6. REPORTS ON FORM 8-K
Form 8-K, filed about June 6, 2000, reports the acquisition of
HomeTeach.com, Inc.
EXHIBIT INDEX
FINANCIAL STATEMENTS AND DOCUMENTS
FURNISHED AS A PART OF THIS REGISTRATION STATEMENT
Exhibit FQ2-00: Un-Audited for the six months ended June 30, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Q Report for the Quarter ended June 30, 2000, has been signed below by
the following person on behalf of the Registrant and in the capacity and on the
date indicated.
HOMETEACH.COM, INC.
formerly, BBB-HUNTOR ASSOCIATES, INC.
Dated: June 30, 2000
by
/s/Kirt W. James /s/Jill P. Clark
Kirt W. James Jill P. Clark
president/director secretary/director
4
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EXHIBIT FQ2-00
UN-AUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
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HOMETEACH.COM, INC.
BALANCE SHEETS (UNAUDITED)
For the fiscal year ended December 31, 1999
And the period ended June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
June 30, December 31,
2000 1999
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,750 $ -0-
Total Current Assets . . . . . . . . . . . . . . . . . 62,750 -0-
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 62,750 $ -0-
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 15,078 $ 4,168
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 100,000,000
shares; issued and outstanding, 13,547,750 shares . 13,548 10,000
Additional paid-in capital . . . . . . . . . . . . . . 59,202
Accumulated Surplus (Deficit). . . . . . . . . . . . . (25,078) (14,168)
Total Stockholders' Equity . . . . . . . . . . . . . . 47,672 (4,168)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . $ 62,750 $ -0-
</TABLE>
The accompanying notes are an integral part of these financial statements.
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HOMETEACH.COM, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
For the periods ended June 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From
Inception on
July 2,
1990 through
June 30,. . . . . . . . . . June 30,
2000 1999 2000
-------------- -----------
Revenues . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
Expenses . . . . . . . . . . . . . . . -0- -0- -0-
General and administrative . . . . . . 10,910 -0- 25,078
Total Expenses . . . . . . . . . . . . 10,910 -0- 25,078
Net Income (Loss). . . . . . . . . . . ($10,910) $ 0 ($25,078)
Earnings (Loss) per Share. . . . . . . ($0.0011) $ 0 ($0.0025)
Weighted number of shares outstanding. 10,000,000 10,000,000 10,000,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
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HOMETEACH.COM, INC.
STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY
For the period from inception (July 2, 1990) through December 31, 1990
Fro the years ended December 31, 1991 through December 31, 1999
And the fiscal year ended June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Common Stock Additional Accumulated Total Stock-
Number of Par Paid-In Surplus holders' Equity
Shares Value Capital (Deficit) (Deficit)
Inception (July 2, 1990) . . . 0 $ 0 $ 0 $ 0 $ 0
Inception through December
31, 1990: Stock issued for
cash and services. . . . . . . 10,000,000 10,000 -0- (997) 9,003
Year ended December 31, 1991 . -0- -0- -0- (2,000) 7,003
Year ended December 31, 1992 . -0- -0- -0- (2,000) 5,003
Year ended December 31, 1993 . -0- -0- -0- (2,000) 3,003
Year ended December 31, 1994 . -0- -0- -0- (2,000) 1,003
Year ended December 31, 1995 . -0- -0- -0- (1,003) -0-
Year ended December 31, 1996 . -0- -0- -0- -0- -0-
Year ended December 31, 1997 . -0- -0- -0- -0- -0-
Year ended December 31, 1998 . -0- -0- -0- -0- -0-
Balances, December 31, 1998. . 10,000,000 10,000 -0- (10,000) -0-
------------- ----------- ------------ -------------- -----------------
Loss during fiscal year ended
December 31, 1999 . . . . 0 0 0 (4,168) 0
Balances, December 31, 1999. . 10,000,000 10,000 -0- (14,168) (4,168)
------------- ----------- ------------ -------------- -----------------
Stock issued in acquisition
of HomeTeach.com. . . . . 3,547,750 3,548 59,202 0 0
Loss during the period
ended June 30, 2000 . . . 0 0 0 (10,910) 0
Balances, June 30, 2000. . . . 13,547,750 $ 13,548 $ 59,202 ($25,078) $ 47,672
------------- ----------- ------------ -------------- -----------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
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HOMETEACH.COM, INC.
STATEMENTS OF CASH FLOW (UNAUDITED)
For the periods ended June 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From
Inception on
July 2,
1990 through
June 30,. . . June 30,
2000 1999 2000
------------------------------------------------------------------------------
Operating Activities
Net Income (Loss). . . . . . . . . . . . . ($10,910) -0- ($25,078)
Amortization . . . . . . . . . . . . . . 0 0 10,000
Total working capital (used) . . . . . . . (10,910) -0- (15,078)
Financing Activities
Cash received in acquisition of
HomeTeach.com. . . . . . . . . . . . . 62,750 0 62,750
Increase (decrease) in accounts payable. 10,910 0 15,078
Increase (Decrease) in
working capital. . . . . . . . . . . . . . $ 62,750 -0- $ 62,750
Cash at Beginning of Period. . . . . . . . -0- -0- -0-
Cash at End of Period. . . . . . . . . . . $ 62,750 -0- $ 62,750
</TABLE>
The accompanying notes are an integral part of these financial statements.
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The accompanying notes are an integral part of these financial statements.
10
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HOMETEACH.COM, INC.
(a Development Stage Company)
Notes to the Financial Statements
for December 31, 1999 and the periods ended June 30, 1999 and 2000
NOTE 1 - SUMMARY OF ACCOUNTING POLICIES
a. Organization
----------------
HomeTeach.com, Inc. (the Company) was incorporated in the state of Nevada as
BBB-Huntor Associates, Inc. on July 2, 1990. On June 1, 2000 BBB Huntor
Associates, Inc acquired HomeTeach.com, Inc. and changed its name to
HomeTeach.com, Inc. The Company operates an authorized, interactive Internet
access for parents and caregivers who are homeschooling children from
kindergarten through high school. The Company's web site is authorized by the
states of California and Texas for course assignments progress testing and grade
advancement. Management anticipates becoming accredited in all 50 states within
12 months. Through the Company's web site, home schoolers can receive advice,
purchase supplies, receive state supplied materials and curriculum and chat with
other home schoolers.
b. Accounting Method
----------------------
The Company's financial statements are prepared using the accrual method of
accounting.
c. Fiscal Year
----------------
The Company has elected a June 30 fiscal year end for financial reporting.
d. Earnings (Loss) Per Share
--------------------------------
The computations of earnings (loss) per share of common stock are based on the
weighted average number of share outstanding at the date of the financial
statements.
e. Provision for Taxes
-------------------------
No provision for income taxes has been made due to net operating loss
carryforwards totaling $10,000 and $25,078 at June 30, 1999 and 2000
respectively. Net operating loss carryforwards begin expiring in 2005. No tax
benefit has been reported in the financial statements because the management
believes there is a 50% or greater chance the carryforward will expire unused.
f. Cash and Cash Equivalents
--------------------------------
The Company considers all highly liquid investments with maturities of three
months or less when purchased to be cash equivalents.
NOTE 2 - Going Concern
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company has no assets and has had
substantial operating losses for the past several years and is dependant upon
outside financing to start operations. Management plans to find an operating
company to merge with, thus creating necessary operating revenue.
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HOMETEACH.COM, INC.
(a Development Stage Company)
Notes to the Financial Statements
for December 31, 1999 and the periods ended June 30, 1999 and 2000
NOTE 3 - Development Stage Company
The Company is a development stage company as defined in Financial Standards
Board Statement No. 7. It is concentrating substantially all of its efforts in
raising capital and developing its business operations.
NOTE 4 - Stockholders' Equity
During the year ended December 31, 1990 the Company issued 10,000,000 shares of
common stock in exchange for organizational costs valued at $10,000. On June 1,
2000 the Company issued 3,547,750 shares of common stock in exchange for all of
the outstanding shares of the former company known as HomeTeach.com, Inc. which
management has valued at $62,750.
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