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Previous: AZONIC CORP, 10QSB, EX-27, 2000-11-09 |
Next: GLOBAL ASSET HOLDINGS INC, 10QSB, EX-27, 2000-11-09 |
<PAGE>
UNITED STATES
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 Quarterly period ended September 30, 2000.
__ 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 011-15499
Global Asset Holdings Incorporated
---------------------------------------------
(Exact name of small business issuer as specified in its Charter)
Florida 65-0722193
-------------------------------- ----------------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
11900 Biscayne Blvd., Suite 262, Miami, Florida 33181
--------------------------------------------------------------------
(Address of principal executive officers)
305-981-0539
--------------------
(Telephone)
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
--- ---
As of October 19, 2000, Registrant had outstanding 4,000,000 shares of Common
Stock, $.001 par value.
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
Table of Contents
<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements:
The attached unaudited financial statements of Global Asset
Holdings, Incorporated (the "Company") reflect all adjustments
which are, in the opinion of management, necessary to present a
fair statement of the operating results for the interim period
presented.
Balance Sheet F - 1
Statement of operations for the nine months ended September 30,
2000 and 1999 and the period June 15, 1994 (date of inception) to
September 30, 2000 F - 2
Statement of operations for the three months ended
September 30, 2000 and 1999 F - 3
Statement of cash flows for the nine months ended September 30,
2000 and 1999 and the period June 15, 1994 (date of inception) to
September 30, 2000 F - 4
Schedule of general and administrative expenses for the nine
months ended September 30, 2000 and 1999 and the period
June 15, 1994 (date of inception) to September 30, 2000 F - 5
Schedule of general and administrative expenses for the three
months ended September 30, 2000 and 1999 F - 6
Notes to financial statements F - 7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations. F - 8
Signatures
1. Exhibits
27. Financial Data Schedule
</TABLE>
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
BALANCE SHEET
September 30, 2000
(Unaudited)
<TABLE>
ASSETS
<S> <C>
Current Assets:
Cash $ 32
--------------
Total assets $ 32
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accrued expenses payable $ 4,199
--------------
Total current liabilities 4,199
--------------
Long-Term Liabilities:
Loan payable 54,545
--------------
Total long-term liabilities 54,545
--------------
Total liabilities 58,744
--------------
Stockholders' Deficit:
Preferred stock, $.001 par value per share, 10,000,000
shares authorized and -0- issued and outstanding
Common stock, $.001 par value per share, 50,000,000
shares authorized and 4,000,000 shares issued and
outstanding in 2000 4,000
Additional paid in capital in excess of par value 1,000
Deficit accumulated during development stage (63,712)
--------------
Total stockholders' deficit (58,712)
--------------
Total liabilities and stockholders' deficit $ 32
==============
</TABLE>
F - 1
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the nine months ended September 30, 2000
and 1999 and the period June 15, 1994 (date of inception) to September 30, 2000
<TABLE>
<CAPTION>
Nine months ended June 15, 1994
September 30, (Inception) to
2000 1999 September 30, 2000
--------------- --------------- ---------------------
<S> <C> <C> <C>
Income $ - $ - $ -
Expenses
General and administrative 20,338 24,455 63,712
--------------- --------------- ---------------------
Total expenses (20,338) (24,455) (63,712)
--------------- --------------- ---------------------
Net (loss) during development stage $ (20,338) $ (24,455) $ (63,712)
=============== =============== =====================
Net (loss) per share (basic)
based upon 4,000,000 weighted
average shares outstanding $ (0.005) $ (0.006) $ (0.016)
=============== =============== =====================
</TABLE>
F - 2
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the three months ended September 30, 2000 and 1999
<TABLE>
<CAPTION>
Three months ended
September 30,
2000 1999
--------------- ---------------------
<S> <C> <C>
Income $ - $ -
Expenses
General and administrative 8,771 7,312
--------------- ---------------------
Total expenses 8,771 7,312
--------------- ---------------------
Net (loss) during development stage $ (8,771) $ (7,312)
=============== =====================
Net (loss) per share (basic)
based upon 4,000,000 weighted
average shares outstanding $ (0.002) $ (0.002)
=============== =====================
</TABLE>
F - 3
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2000 and 1999
and the period June 15, 1994 (date of inception) to September 30, 2000
<TABLE>
<CAPTION>
Nine months ended June 15, 1994
September 30, (Inception) to
2000 1999 September 30, 2000
--------------- --------------- ---------------------
<S> <C> <C> <C>
Cash Flows from Operating Activities:
Net (loss) $ (20,338) $ (24,455) $ (63,712)
--------------- --------------- ---------------------
Adjustments to Reconcile Net Loss to Net Cash
(Used in) Operating Activities:
Changes in Assets and Liabilities:
Increase in accrued expenses payable 580 - 4,199
--------------- --------------- ---------------------
Total adjustments 580 - 4,199
--------------- --------------- ---------------------
Net cash (used in) operating activities (19,758) (24,455) (59,513)
--------------- --------------- ---------------------
Cash Flows from Investing Activities:
Issuance of common stock - - 5,000
--------------- --------------- ---------------------
Cash Flows from Financing Activities:
Borrowings from outside parties 19,790 24,455 54,545
--------------- --------------- ---------------------
Net cash provided by financing activities 19,790 24,455 54,545
--------------- --------------- ---------------------
Increase in cash 32 - 32
Cash, beginning of period - - -
--------------- --------------- ---------------------
Cash, end of period $ 32 $ - $ 32
=============== =============== =====================
</TABLE>
F - 4
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES
For the nine months ended September 30, 2000 and 1999
and the period June 15, 1994 (date of inception) to September 30, 2000
<TABLE>
<CAPTION>
Nine months ended June 15, 1994
September 30, (Inception) to
2000 1999 September 30, 2000
--------------- --------------- ---------------------
<S> <C> <C> <C>
Accounting $ 4,566 $ - $ 20,666
Legal 8,605 22,212 30,817
Public relations - 1,050 1,050
Stockholder expenses 1,674 1,093 2,811
Administrative and filing fees 5,493 100 8,368
--------------- --------------- ---------------------
Total general and administrative
expenses $ 20,338 $ 24,455 $ 63,712
=============== =============== =====================
</TABLE>
F - 5
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES
For the three months ended September 30,
<TABLE>
<CAPTION>
2000 1999
--------------- ---------------------
<S> <C> <C>
Accounting $ 1,840 $ -
Legal 6,088 7,212
Public relations - -
Stockholder expenses 287 -
Administrative and filing fees 556 100
--------------- ---------------------
Total general and administrative expenses $ 8,771 $ 7,312
=============== =====================
</TABLE>
F - 6
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
Note 1 - Basis of Presentation:
The financial information included herein is unaudited, however, such
information reflects all adjustments (consisting solely of normal
recurring adjustments) which are, in the opinion of management,
necessary for a fair statement of results for the interim periods.
The results of operations for the nine month period ended September
30, 2000, are not necessarily indicative of the results to be
expected for the full year.
For the quarter ended September 30, 2000, the Company remained
inactive. The Company has received an advance of $8,124 during the
third quarter 2000 to cover various legal, accounting and other
administrative expenses by a non-related party.
F - 7
<PAGE>
GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
Item 2 - Management's Discussion and Analysis or Plan of Operations.
Plan of Operation:
The Company will continue to explore possible acquisitions. Its
future will be dictated by requirements of any transactions and needs
of any acquired entity.
General:
The following discussion and analysis should be read in conjunction
with the financial statements and related notes contained elsewhere
in this statement.
As the Company has had no operations to date, if an acquisition is
consummated, comparisons between 1998 or 1999 and any future periods
would not be indicative of future year-year-year comparisons.
The First Nine months of 2000 Compared to 1999 Fiscal Year:
During the quarter's end September 30, 2000, the nine month period
ended September 30, 2000 and fiscal year ended December 31, 1999 the
Company derived no revenues from operations. In 1999, the Company
incurred expenses in connection with potential transactions, but did
not incur similar expenses during the first nine months of 2000.
Liquidity:
Although the Company has had no operations to date, it incurred
expenses, including legal fees, during its 1999 and the nine months
of the year 2000. Funds for the payment of these expenses were
obtained through loans made to the Company by two entities affiliated
with the Company's former director and former chief executive
officer, Martin Miller. The Company's future needs will be dictated
by requirements of any acquisition transactions which it may pursue
and the availability of bank financing for any such transaction.
F - 8
<PAGE>
SIGNATURES
In accordance with Section 13 or 15 (d) of the Securities Exchange Act of 1934,
the registrant caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized.
GLOBAL ASSET HOLDINGS, INCORPORATED
Dated: October, 2000 By: /s/Irving Greenman
------------------------------------------
Irving Greenman, President
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