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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
__X__ Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934 for the Quarterly period ended March 31, 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 Assets Holdings Incorporated
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(Exact name of small business issuer as specified in its Charter)
Delaware 65-0722193
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
57 The Circle, Glen Road, New York 11545
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(Address of principal executive officers)
516-259-3049
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(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 May 1, 2000, Registrant had outstanding 4,000,000 shares of Common Stock,
$.001 par value.
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GLOBAL ASSET HOLDINGS, INCORPORATED
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Balance Sheet as of March 31, 2000
Statements of Operations for the three months ended March 31, 2000 and 1999
and inception through March 31, 2000
Statements of Cash Flows for the three months ended March 31, 2000 and 1999
and inception through March 31, 2000
Schedule of General and Administrative Expenses for three months ended
March 31, 2000 and 1999 and inception through March 31, 2000
Notes to Financial Statements
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
SIGNATURES
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8K
1. EXHIBITS
27 Financial Data Schedule
1
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
BALANCE SHEET
March 31, 2000
(UNAUDITED)
ASSETS
Total assets $ -
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accrued expenses payable $ 8,672
--------
Total current liabilities 8,672
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Long-Term Liabilities:
Loan payable 41,269
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Total long-term liabilities 41,269
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Total liabilities 49,941
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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 1999 and 1998 1,000
Additional paid in capital in excess of par value 4,000
Deficit accumulated during development stage (54,941)
--------
Total stockholders' deficit (49,941)
--------
Total liabilities and stockholders' deficit $ -
========
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the three months ended March 31, 2000 and 1999
and the period June 15, 1994 (date of inception) to March 31, 2000
(UNAUDITED)
June 15, 1994
(Inception) to
2000 1999 March 31, 2000
--------- -------- --------------
Income $ - $ - $ -
Expenses:
General and administrative (11,567) (8,025) (54,941)
--------- -------- ---------
Total expenses (11,567) (8,025) (54,941)
--------- -------- ---------
Net (loss) during development stage $ (11,567) $ (8,025) $ (54,941)
========= ======== =========
Net (loss) per share (basic)
based upon 4,000,000 weighted
average shares outstanding $ (0.002) $ (0.002) $ (0.014)
========= ======== =========
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2000 and 1999
and the period June 15, 1994 (date of inception) to March 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
June 15, 1994
(Inception) to
2000 1999 March 31, 2000
---------- --------- --------------
<S> <C> <C> <C>
Cash Flows from Operating Activities:
Net (loss) $ (11,567) $ (8,025) $ (54,941)
---------- --------- ---------
Adjustments to Reconcile Net Loss to Net Cash
(Used in) Operating Activities:
Changes in Assets and Liabilities:
Increase in accrued expenses payable 897 - 8,672
---------- --------- ---------
Total adjustments 897 - 8,672
---------- --------- ---------
Net cash (used in) operating activities (10,670) (8,025) (46,269)
---------- --------- ---------
Cash Flows from Investing Activities:
Issuance of common stock - - 5,000
---------- --------- ---------
Cash Flows from Financing Activities:
Borrowings from outside parties 10,670 8,025 41,269
---------- --------- ---------
Net cash provided by financing activities 10,670 8,025 41,269
---------- --------- ---------
Increase (Decrease) in cash - - -
Cash, beginning of period - - -
---------- --------- ---------
Cash, end of period $ - $ - $ -
========== ========= =========
</TABLE>
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES
For the three months ended March 31, 2000 and 1999
and the period June 15, 1994 (date of inception) to March 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
June 15, 1994
(Inception) to
2000 1999 March 31, 2000
--------- -------- --------------
<S> <C> <C> <C>
Accounting $ 2,726 $ - $ 18,826
Legal 2,517 7,500 24,729
Public relations - 525 1,050
Stockholder expenses 1,387 - 2,524
Administrative and filing fees 4,937 - 7,812
--------- -------- --------
Total general and administrative expenses $ 11,567 $ 8,025 $ 54,941
========= ======== ========
</TABLE>
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
March 31, 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 three month period ended March 31,
2000 are not necessarily indicative of the results to be expected for
the full year.
For the quarter ended March 31, 2000, the Company remained inactive.
The Company was advanced $10,670 to cover various legal, accounting
and other administrative expenses by a non-related party.
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ITEM 2. Management's Discussion and Analysis or Plan of Operation.
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 Quarter 2000 Compared to 1999 Fiscal Year
During the Quarter's end, March 31, 2000 and fiscal year ending 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 Quarter of 2000.
Liquidity
Although the Company has had no operations to date, it incurred expenses,
including legal fees, during its 1999 and First Quarter 2000 fiscal year in
connection with proposed transactions that were not consummated. Funds for the
payment of these expenses were obtained through loans made to the Company by two
entities affiliated with the Company's sole director and Chief Executive
Officer, Martin Miller. See Item 12 Certain Relationships and Related
Transactions. 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.
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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: May 12, 2000 By: /s/ Martin Miller
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Martin Miller, Chief Executive Officer
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