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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 June 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 Assets Holdings Incorporated
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(Exact name of small business issuer as specified in its Charter)
Florida 65-0722193
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
12000 Biscayne Blvd., Suite 103, Miami, Florida 33181
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(Address of principal executive officers)
305-981-9955
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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 July 17, 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:
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. F-1
Balance Sheet
Statement of operations for the six months ended June 30, 2000 and
1999 and the period June 15, 1994 (date of inception) to June 30,
2000 F-2
Statement of operations for the three months ended June 30, 2000
and 1999 F-3
Statement of cash flows for the six months ended June 30, 2000 and
1999 and the period June 15, 1994 (date of inception) to June 30,
2000 F-4
Schedule of general and administrative expenses for the six months
ended June 30, 2000 and 1999 and the period June 15, 1994 (date of
inception) to June 30, 2000 F-5
Schedule of general and administrative expenses for the three
months ended June 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
Part II. Other Information
Item 6. Exhibits and Reports on Form 8K
1. Exhibits
27. Financial Data Schedule
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
BALANCE SHEET
June 30, 2000
(Unaudited)
ASSETS
Total assets $ --
=======
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accrued expenses payable $ 3,619
-------
Total current liabilities 3,619
-------
Long-Term Liabilities:
Loan payable 46,322
-------
Total long-term liabilities 46,322
-------
Total liabilities 49,941
-------
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 (54,941)
-------
Total stockholders' deficit (49,941)
-------
Total liabilities and stockholders' deficit $ --
=======
F-1
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the six months ended June 30, 2000 and 1999
and the period June 15, 1994 (date of inception) to June 30, 2000
Six months ended June 15, 1994
June 30, (Inception) to
2000 1999 June 30, 2000
-------- -------- --------------
Income $ -- $ -- $ --
Expenses
General and administrative 11,567 17,143 54,941
-------- -------- --------
Total expenses (11,567) (17,143) (54,941)
-------- -------- --------
Net (loss) during development stage $(11,567) $(17,143) $(54,941)
======== ======== ========
Net (loss) per share (basic)
based upon 4,000,000 weighted
average shares outstanding $ (0.003) $ (0.004) $ (0.014)
======== ======== ========
F-2
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the three months ended June 30, 2000 and 1999
Three months ended
June 30,
2000 1999
------ ------
Income $ -- $ --
Expenses
General and administrative -- 9,118
------- -------
Total expenses -- (9,118)
------- -------
Net (loss) during development stage $ -- $(9,118)
======= =======
Net (loss) per share (basic)
based upon 4,000,000 weighted
average shares outstanding $ -- $(0.002)
======= =======
F-3
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
STATEMENT OF CASH FLOWS
For the six months ended June 30, 2000 and 1999
and the period June 15, 1994 (date of inception) to June 30, 2000
<TABLE>
<CAPTION>
Six months ended June 15, 1994
June 30, (Inception) to
2000 1999 March 31, 2000
-------- -------- --------------
<S> <C> <C> <C>
Cash Flows from Operating Activities:
Net (loss) $(11,567) $(17,143) $(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) (17,143) (46,269)
-------- -------- --------
Cash Flows from Investing Activities:
Issuance of common stock -- -- 5,000
-------- -------- --------
Cash Flows from Financing Activities:
Borrowings from outside parties 10,670 17,143 41,269
-------- -------- --------
Net cash provided by financing activities 10,670 17,143 41,269
-------- -------- --------
Increase (Decrease) in cash -- -- --
Cash, beginning of period -- -- --
-------- -------- --------
Cash, end of period $ -- $ -- $ --
======== ======== ========
</TABLE>
F-4
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES
For the six months ended June 30, 2000 and 1999
and the period June 15, 1994 (date of inception) to June 30, 2000
<TABLE>
<CAPTION>
Six months ended June 15, 1994
June 30, (Inception) to
2000 1999 June 30, 2000
------- ------- -------------
<S> <C> <C> <C>
Accounting $ 2,726 $ -- $18,826
Legal 2,517 15,000 24,729
Public relations -- 1,050 1,050
Stockholder expenses 1,387 1,093 2,524
Administrative and filing fees 4,937 -- 7,812
------- ------- -------
Total general and administrative
expenses $11,567 $17,143 $54,941
======= ======= =======
</TABLE>
F-5
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES
For the three months ended June 30, 2000 and 1999
and the period June 15, 1994 (date of inception) to June 30, 2000
Three months ended
June 30,
2000 1999
------ -------
Accounting $ -- $ --
Legal -- 7,500
Public relations -- 525
Stockholder expenses -- 1,093
Administrative and filing fees -- --
------ -------
Total general and administrative
expenses $ -- $ 9,118
====== =======
F-6
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 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 six month period ended June 30,
2000, are not necessarily indicative of the results to be expected
for the full year.
For the quarter ended June 30, 2000, the Company remained inactive.
The Company was advanced $10,670 during the first quarter 2000 to
cover various legal, accounting and other administrative expenses by
a non-related party.
F-7
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GLOBAL ASSET HOLDINGS, INCORPORATED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 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-to-year comparisons.
The First Six Months of 2000 Compared to 1999 Fiscal Year:
During the quarter's end June 30, 2000, the six month period ended
June 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 six months 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.
F-8
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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: August 7, 2000 By: /s/Irving Greenman
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Irving Greenman, President
