--------------------------------------------------------------------------------
Kirt W. James
PRESIDENT
Hometeach.com, Inc.
24843 Del Prado, Suite #318
Dana Point, CA 92629
(Name and Address of Person Authorized to Receive Notices
and Communications on Behalf of the Person Filing Statement)
--------------------------------------------------------------------------------
WITH A COPY TO:
KARL E. RODRIGUEZ, ESQ
34700 Pacific Coast Highway, Suite 300
Capistrano Beach, CA 92624
(949) 248-9561
fax (949) 248-1688
--------------------------------------------------------------------------------
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended December 31, 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.)
Suite 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(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 December 31, 2000, the number of shares outstanding of the Registrant's
Common Stock was 13,547,750.
1
<PAGE>
INTRODUCTION
This Corporation has advanced its fiscal year-end from December 31, 2000 to
June 30, 2000. Accordingly, this report is for our second quarter, following the
transition.
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS. Attached hereto and incorporated herein by this
reference are consolidated unaudited financial statements (under cover of
Exhibit 00QF-2) for the three months and six months ended December 31, 2000.
Financial Statements are elaborated in Item 2.
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION. We are engaged
in submission of our common stock for quotation on the OTCBB. There have been
minimal operations commenced to date.
(A) HISTORICAL INFORMATION. This Corporation was duly incorporated in Nevada as
BBB-Huntor Associates, Inc. ("BBB") on or about July 2, 1990 for the purpose of
engaging in any lawful business activity. It was specifically organized for the
purpose and plan to establish a multi-level down-line sales organization out of
Huntor Heritage Corporation. In 1990, we made our original issuance of
10,000,000 founders shares of common stock for organizational services, and
advances, at par value, to eleven founders. Shortly before launching its
operations, Huntor Heritage Corporation failed and went completely out of
business. We had ordered certain inventory for which we accrued an obligation to
pay Huntor Heritage Corporation, but upon the dissolution of that supplier, our
inventory became worthless, and we charged off our accrued liability. On
September 28, 1999, after a period of dormancy, we renewed our incorporation in
Nevada, without change of management or equity, to re-activate it after a period
of dormancy. For the purpose of organizing a new business. We have one class of
common stock and no other class or classes of equity or debt securities.
(B) THE DIRECT ACQUISITION. 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 its 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.
(C) OUR BUSINESS. HomeTeach.com, Inc. ("HTC")(now renamed HomeTeach Corporation)
was incorporated in the state of Nevada on February 23, 2000. It will operate an
authorized, interactive Internet access for parents and care-givers who are
home-schooling children from kindergarten through high school. We are 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 our web site (www.bizland.hometeach.com)(site in development),
home-schoolers will be able to receive advice, purchase supplies, receive state
supplied materials and curriculum and chat with other home-schoolers.
Subscribers will be able to go online to: order supplies from the leading art,
science, book and software companies with whom HomeTeach.com, Inc. 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
2
<PAGE>
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. There have been only minimal operations
commenced to date.
First, our principal operating officer was temporarily unavailable during
2000 by reason of a third pregnancy and the birth of a third child. Second, we
do not enjoy sufficient working capital to launch operations successfully.
(D) FINANCING PLANS. It is difficult to foresee accurately the amount of funding
that may be required after the next twelve months. We did not anticipate any
further capital formation before July 1, 2001; however, that forecast has proved
unduly optimistic.The expenses of our auditing and registration of our common
stock pursuant to the 1934 Exchange Act have consumed more time and cost than
anticipated. We do require funding to make our site known and to survive until
revenues develop. We may resort to conventional loan financing short-term,
until a further bridge or private placement can be facilitated. We would need
about $75,000 to promote the site and operate until revenues could meet
expenses.
(E) GOVERNMENT REGULATION. Our web site is authorized by the states of
California and Texas for course assignments progress testing and grade
advancement. We anticipate becoming accredited in all 50 states within 6 months,
assuming adequate capital can be obtained to complete this process.
(F) COMPETITION. With the growth of the internet, the field of hometeaching is
becoming competitive and such competition may be expected to intensify over
time. We believe that the market for such services is also growing.
(G) PLANNED ACQUISITIONS. There are no planned acquisitions.
(H) EMPLOYEES. We have two officers and no other employees at this time.
(I) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
We first summarize our balance sheet for the years ended 2000 and 1999 as
follows:
Balance Sheet June 30. 2000 1999
--------------------------------------
Cash . . . . . . . . . $62,750 $ 0
Prepaid Expenses (1). 18,996 0
Total Assets . . . . . 81,746 0
Total Liabilities. . . 0 0
(1) Our prepaid expenses consist of advance retainers for legal and
professional services.
(B) Our Balance sheet for the six months ended December 31, 2000, shows the
following changes from June 30, 2000:
The Remainder of this Page is Intentionally left Blank
3
<PAGE>
------------------------------------------------
Balance Sheet: . . . . . December 31 June 30
Selected Information . . 2000 2000
------------------------------------------------
Cash . . . . . . . . . . 878 62,750
Prepaid Expenses . . . . 9,498 18,996
Current Assets . . . . . 10,376 81,746
================================================
Total Assets . . . . . . 10,376 81,746
================================================
Accounts Payable . . . . 0 0
Total Liabilities. . . . 0 0
================================================
Common Stock . . . . . . 13,548 13,548
Paid-in Capital. . . . . 92,346 92,346
Accumulated Deficit. . . (95,518) (24,148)
Total Equity . . . . . . 10,376 81,746
================================================
Total Liabilities/Equity 10,376 81,746
------------------------------------------------
(C) Our Operations to date have resulted in only minimal revenues, for the
three and six months ended December 31, 2000:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Inception
7/29/90
To
Operations. . . . . . Three Months to 12/31 Six Months to 12/31 12/31/00
Second Quarter
2000 1999 2000 1999 2000
----------------------------------------------------------------------------------------------
Revenues: . . . . . . 0 0 5,000 0 5,000
Total Expenses. . . . (4,801) 0 (76,370) 0 (90,518)
--------------------- ----------------- -------------- ----------- ---------- -----------
Amortization. . . . . 0 0 0 0 (10,000)
Net (Loss). . . . . . (4,801) 0 (71,370) 0 (95,518)
Net (Loss) Per Share. (.005) 0 (.007) 0 (.009)
===================== ================= ============== =========== ========== ===========
Weighted Average. . . 10,268,940 10,000,000 10,268,940 10,000,000 10,268,940
Shares Outstanding
</TABLE>
We had minimal revenues during the summer academic quarter in year 2000.
Our expenses for the six months have been almost entirely due to legal and
professional expenses in connection with our audit and 1934 Act Registration of
our common stock.
4
<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. Kirt W. James had resigned from our board shortly
before our June 30, 2000 report, for personal health reasons. He rejoined our
Board of Directors in October, of 2000.
ITEM 6. REPORTS ON FORM 8-K. Form 8-K, filed about October 6, 2000, reporting
the return of Mr. James to the Board.
EXHIBIT INDEX
FINANCIAL STATEMENTS AND DOCUMENTS
FURNISHED AS A PART OF THIS REGISTRATION STATEMENT
Exhibit 00QF-1: Un-Audited for the three months and six months ended
December 31, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-QSB Report for the Quarter ended December 31, 2000, has been signed
below by the following persons on behalf of the Registrant and in the capacities
and on the date indicated.
HOMETEACH.COM, INC.
formerly, BBB-HUNTOR ASSOCIATES, INC.
Dated: January 12, 2001
by
/s/Kirt W. James /s/Jill P. Clark
Kirt W. James Jill P. Clark
president/director secretary/director
5
<PAGE>
--------------------------------------------------------------------------------
EXHIBIT 00QF-2
UN-AUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2000
--------------------------------------------------------------------------------
6
<PAGE>
HOMETEACH.COM, INC.
BALANCE SHEET (UNAUDITED)
For the fiscal year ended December 31, 2000
And the period ended June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
December 31, June 30,
2000 2000
(Unaudited)
--------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 878 $ 62,750
Prepaid Expenses . . . . . . . . . . . . . . . . . . . 9,498 18,996
--------------------------
Total Current Assets . . . . . . . . . . . . . . . . . 10,376 81,746
--------------------------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 10,376 $ 81,746
==========================
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 0 $ 0
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 100,000,000
shares; issued and outstanding, 13,547,750 shares . 13,548 13,548
Additional paid-in capital . . . . . . . . . . . . . . 92,346 92,346
Accumulated Surplus (Deficit). . . . . . . . . . . . . (95,518) (24,148)
--------------------------
Total Stockholders' Equity . . . . . . . . . . . . . . 10,376 81,746
--------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . $ 10,376 $ 81,746
==========================
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
HOMETEACH.COM, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
December 31, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
From
Inception on
From October From October From July From July July 2,
1, 2000 to 1, 1999 to 1, 2000 to 1, 1999 to 1990 through
December 31, . December 31, December 31, December 31, December 31,
2000 1999 2000 1999 2000
-----------------------------------------------------------------------------------------------------
Revenues. . . . . . . . . 0 0 $ 5,000 0 $ 5,000
-----------------------------------------------------------------------------------------------------
Net Loss from Operations. 4,801 0 76,370 0 90,518
Amortization. . . . . . . 0 0 0 0 10,000
Net Income (Loss) . . . . ($4,801) $ 0 ($71,370) $ 0 ($95,518)
=====================================================================================================
Loss per Share. . . . . . $ (0.00047) $ 0 $ (0.00695) $ 0 $ (0.00930)
=====================================================================================================
Weighted Average
Shares Outstanding. . . . 10,268,940 10,000,000 10,268,940 10,000,000 10,268,940
=====================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
HOMETEACH.COM, INC.
STATEMENT OF STOCKHOLDERS' (DEFICIT) EQUITY
For the period from inception (July 2, 1990) through June 30, 1991
For the years ended June 30, 1992 through June 30, 2000
And the period ended December 31, 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 June
30, 1991: Stock issued for
cash and services . . . . . . 10,000,000 10,000 0 0 0
Net Loss for the year ended
June 30, 1991. . . . . . . 0 0 0 (997) 9,003
Net loss for the years ended
June 30, 1992 through
June 30, 1999. . . . . . . 0 0 0 (9,003) 0
------------ ----------- ------------ -------------- -----------------
Balances, June 30, 1999 . . . 10,000,000 10,000 0 (10,000) 0
Stock issued in acquisition
of HomeTeach.com . . . . 3,547,750 3,548 92,346 0 0
Loss during the period
ended June 30, 2000. . . 0 0 0 (14,148) 0
------------ ----------- ------------ -------------- -----------------
Balances, June 30, 2000 . . . 13,547,750 13,548 92,346 (24,148) 81,746
Loss during the period
ended December 31, 2000. 0 0 0 (71,370) 0
------------ ----------- ------------ -------------- -----------------
Balances, December 31, 2000 . 13,547,750 13,548 92,346 (95,518) 10,376
============ =========== ============ ============== =================
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
HOMETEACH.COM, INC.
STATEMENTS OF CASH FLOW (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From
Inception on
From July From July July 2,
1, 2000 to. 1, 1999 to 1990 through
December 31,. December 31, December 31,
2000 1999 2000
--------------------------------------------------------------------------------------
Operating Activities
Net Income (Loss) . . . . . . . . . . ($71,370) $ 0 ($95,518)
Adjustment to reconcile net loss to
net cash used by operations
Amortization. . . . . . . . . . . . . 0 0 10,000
Prepaid expenses. . . . . . . . . . . 9,498 0 (502)
Accounts payable. . . . . . . . . . . 0 0 14,148
--------------------------------------------------------------------------------
Net Cash from Operations. . . . . . . (61,872) 0 (71,872)
Cash flows from investing activities. 0 0 72,750
--------------------------------------------------------------------------------
Cash Increase (Decrease). . . . . . . (61,872) 0 878
Beginning Cash. . . . . . . . . . . . 62,750 0 0
Cash as of Statement Date . . . . . . $ 878 $ 0 $ 878
================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
HOMETEACH.COM, INC.
(a Development Stage Company)
Notes to the Financial Statements
for the periods ended December 31, 1999 and 2000
NOTES TO FINANCIAL STATEMENTS
HomeTeach.com, Inc. ("the Company") (formerly BBB Huntor Associates, Inc.), has
elected to omit substantially all footnotes to the financial statements for the
six months ended December 31, 2000, since there have been no material changes
(other than indicated in other footnotes) to the information previously reported
by the Company in their Financial Statements for the Fiscal year ended June 30,
2000.
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.
11
<PAGE>
