U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED March 31, 2000.
STRATEGIC PARTNERS, INC.
COMMISSION FILE NO. 333-95485
A Wyoming Corporation EIN: 77-0494696
3525 Sunset Lane
Oxnard, Calif. 93035
Telephone: 805-984-0821 Fax: 805-984-2764
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
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No X
1
<PAGE>
The number of common shares issued and outstanding as of March
31, 2000 was 596,826.
This report form is not filed as a transitional format.
Total sequentially numbered pages in this document: 17
TABLE OF CONTENTS
PART 1 - FINANCIAL INFORMATION
Item 1 - Financial Statements
Balance Sheets.......................................3
Statements of Operations.............................4
Statements of Stockholders' Equity (Deficit).........5
Statements of Cash Flows.............................8
Notes to the Financial Statements....................9
Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of Operations.......15
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K...............16
Signatures.........................................16
Exhibit 27 - Financial Data Schedule...............17
ITEM 1 - Financial Information
2
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
March 31, 2000 and December 31, 1999
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Balance Sheets
March 31, December 31,
2000 1999
(Unaudited)
CURRENT ASSETS
Cash $ 13,281 $ 386
------ ----
Total Current Assets 13,281 386
------ ----
TOTAL ASSETS $ 13,281 $ 386
====== ====
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 85,363 $ 64,646
Accrued interest (Note 5) 988 38
Note payable (Note 5) 55,500 5,000
------ -----
Total Current Liabilities 141,851 69,684
------- ------
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par
value; 10,000,000 shares
authorized; 569,000 and
569,000 shares issued and
outstanding, respectively 569 569
Additional paid-in capital 559,297 559,297
Deficit accumulated during
the development stage (688,436) (629,164)
-------- -------
Total Stockholders' Equity
(Deficit) (128,570) (69,298)
--------- ------
TOTAL LIABILITIES AND
STOCKHOLDERS'
EQUITY (DEFICIT) $ 13,281 $ 386
======== ======
3
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
From
Inception on
September 25,
For the Three Months Ended 1998 Through
March 31, March 31,
2000 1999 2000
REVENUES $ - $ - $ -
EXPENSES
General and administrative 58,322 90,679 687,991
(LOSS) FROM OPERATIONS (58,322) (90,679) (687,991)
------ ------ -------
OTHER INCOME (EXPENSE)
Interest expense (950) - (988)
Miscellaneous income - - 543
------ ------ -------
Total Other Income (Expense) (950) - (445)
------ ------ -------
NET (LOSS) $ (59,272) $ (90,679) $ (688,436)
======== ======== =========
BASIC (LOSS) PER SHARE $ (0.10) $ (0.30)
======== =======
4
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage
At Inception on
September 25, 1998 - $ - $ - $ -
Common stock issued
for services at $1.00 per
share, October 9, 1998 215,000 215 214,785 -
Common stock issued
for cash at $1.00 per
share, October 12, 1998 2,000 2 1,998 -
Common stock issued
for cash and services at
$1.00 per share,
October 13, 1998 4,000 4 3,996 -
Common stock issued
for services at $1.00 per
share, October 19, 1998 5,000 5 4,995 -
Common stock issued
for cash and services at
$1.00 per share,
October 30, 1998 10,000 10 9,990 -
Common stock issued
for cash at $1.00 per
share, November 17, 1998 6,000 6 5,994 -
Common stock issued
for cash at $1.00 per
share, November 24, 1998 3,000 3 2,997 -
Common stock issued for
cash, services and
expenses at $1.00 per
share, December 8, 1998 21,000 21 20,979 -
Less stock offering costs - - (534) -
Net (loss) for the period
ended December 31, 1998 - - - (264,556)
------ ------ ------ -------
Balance, December 31, 1998 266,000 266 265,200 (264,556)
Common stock issued
for expenses at $1.00 per
share, January 5, 1999 300 - 300 -
Common stock issued for
cash and services at
$1.00 per share,
January 16, 1999 12,500 13 12,487 -
Common stock issued
for cash at $1.00 per
share, January 20, 1999 20,000 20 19,980 -
Common stock issued
for cash at $1.00 per
share, February 3, 1999 1,000 1 999 -
Common stock issued
for cash at $1.00 per
share, February 15, 1999 2,200 2 2,198 -
-------- ------- ------- --------
Balance Forward 302,000 $ 302 $ 301,164 $ (264,556)
5
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit) (Continued)
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage
Balance Forward 302,000 $ 302 $ 301,164 $ (264,556)
Common stock issued
for cash at $1.00 per
share, February 22, 1999 2,000 2 1,998 -
Common stock issued
for cash at $1.00 per
share, March 12, 1999 6,400 6 6,394 -
Common stock issued
for cash and services
at $1.00 per share,
March 26, 1999 27,500 27 27,473 -
Common stock issued
for cash at $1.00 per
share, May 10, 1999 1,000 1 999 -
Common stock issued
for cash and services
at $1.00 per share,
May 19, 1999 6,000 6 5,994 -
Common stock issued
for services at $1.00
per share, July 12, 1999 2,000 2 1,998 -
Common stock issued
for services at $1.00
per share, July 27, 1999 1,600 2 1,598 -
Common stock issued
for cash and services
at $1.00 per share,
August 3, 1999 1,000 1 999 -
Common stock issued
for services at $1.00 per
share, August 10, 1999 1,500 2 1,498 -
Common stock issued
for cash at $1.00 per
share, September 17, 1999 12,500 12 12,488 -
Common stock issued
for cash and services
at $1.00 per share,
October 1, 1999 193,500 194 193,306 -
Common stock issued
for cash and services
at $1.00 per share,
October 26, 1999 11,000 11 10,989 -
Common stock issued
for services at $1.00 per
share, October 29, 1999 1,000 1 999 -
Less stock offering costs - - (8,600) -
Net (loss) for the year
ended December 31, 1999 - - - (364,608)
-------- ----- -------- --------
Balance,
December 31, 1999 569,000 $ 569 $ 559,297 $ (629,164)
--------- ------- ---------- ------------
6
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit) (Continued)
Deficit
Accumulated
Additional During the
Cmmon Stock Paid-In Development
Shares Amount Capital Stage
Balance,
December 31, 1999 569,000 $ 569 $ 559,297 $ (629,164)
Net (loss) for the
three months ended
March 31, 2000
(unaudited) - - - (59,272)
--------- -------- -------- ---------
Balance,
March 31, 2000
(unaudited) 569,000 $ 569 $ 559,297 $ (688,436)
======== ======== =========== ============
7
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
From
Inception on
September 25,
For the Three Months Ended 1998 Through
March 31, March 31,
2000 1999 2000
CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ (59,272) $ (90,679) $ (688,436)
Adjustments to
reconcile net
loss to net cash (used)
by operating activities:
Common stock issued
for services - 10,900 436,300
Changes in operating
assets and liabilities:
Increase in accounts payable 20,717 23,400 85,363
ncrease in accrued interest 950 - 988
------- ------ ------
Net Cash (Used) by
Operating Activities (37,605) (56,379) (165,785)
------- ------ -------
CASH FLOWS FROM
INVESTING ACTIVITIES - - -
------- ------ -------
CASH FLOWS FROM
FINANCING ACTIVITIES
Proceeds from notes
payable 50,500 - 55,500
Issuance of common
stock for cash - 61,000 132,700
Stock offering costs - - (9,134)
------- ------ -------
Net Cash Provided by
Operating Activities 50,500 61,000 179,066
------- ------ -------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 12,895 4,621 13,281
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 386 910 -
------ ----- ------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 13,281 $ 5,531 $ 13,281
====== ===== ======
Cash Paid For:
Interest $ - $ - $ -
Income taxes $ - $ - $ -
8
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 2000 and December 31, 1999
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Strategic Partners, Inc. (a development stage company) (the Company)
was organized under the laws of the State of Wyoming on September 25,
1998. The purpose of the Company is to engage in the business of
investment banking. The Company has had no active operations from inception.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Accounting Method
The Company's financial statements are prepared using the accrual
method of accounting. The Company has elected a December 31 year end.
b. Provision for Taxes
No provision for income taxes has been made due to the inactive status
of the Company. The Company has a net operating loss carryover at March
31, 2000 of approximately $685,000 which expires in 2020. The potential
tax benefit of the loss carryover has been offset by a valuation
allowance of the same amount.
c. Cash Equivalents
The Company considers all highly liquid investments with a maturity of
three months or less when purchased to be cash equivalents.
d. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results
could differ from those estimates.
e. Revenue Recognition Policy
The Company currently has no source of revenues. Revenue recognition
policies will be determined when principal operations begin.
9
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 2000 and December 31, 1999
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
f. Basic (Loss) Per Share
The following is an illustration of the reconciliation of the numerators
and denominators of the basic loss per share calculation:
For the
Three Months Ended
March 31,
2000 1999
Net loss (numerator) $ (59,272) $ (90,679)
-------- --------
Weighted average shares
outstanding (denominator) 569,000 297,516
-------- --------
Basic loss per share $ (0.10) $ (0.30)
======== ========
Dilutive loss per share is
not presented as there are
no potentially dilutive items
outstanding.
g. Unaudited Financial Statements
The accompanying unaudited financial statements include all of the
adjustments which, in the opinion of management, are necessary for
a fair presentation. Such adjustments are of a normal recurring nature.
NOTE 3 - GOING CONCERN
The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern which
contemplates the realization of assets and liquidation of liabilities
in the normal course of business. The Company has not established
revenues sufficient to cover its operating costs and allow it to
continue as a going concern. It is the intent of the Company to earn
revenues from investment banking services. Until sufficient revenues
are earned to operate profitably, management intends to issue additional
shares of its common stock for cash, services, or expenses paid on
behalf of the Company.
NOTE 4 - RELATED PARTY TRANSACTIONS
The Company pays rent of $900 per month on a month-to-month basis for
office space in the personal residence of a related party. Rent
expense for the three months ended March 31, 2000 and 1999 was
$2,700 and $900, respectively.
10
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 2000 and December 31, 1999
NOTE 4 - RELATED PARTY TRANSACTIONS (Continued)
The Company agreed to pay its Chief Executive Officer $7,500 per month as
compensation for January through October 1999. Compensation expense
associated with this agreement amounted to $22,500 for the three months
ended March 31, 1999.
During October 1999, the Company signed an employment contract with its
Chief Executive Officer, whereby, the Company agreed to pay him $150,000
per year for five years. Compensation expense associated with this contract
amounted to $37,500 and $-0- for the three months ended March 31, 2000
and 1999, respectively.
The Company agreed to pay its Secretary $2,500 per month as compensation.
Compensation expense associated with this agreement amounted to $7,500 and
$7,500 for the three months ended March 31, 2000 and 1999, respectively.
NOTE 5 - NOTE PAYABLE
On December 3, 1999, the Company signed a promissory note for $5,000.
The note has a maturity date of June 3, 2000 and accrues interest at
10% per annum, unsecured. At March 31, 2000, the unpaid principal
balance was $5,000 and accrued interest payable under the note amounted
to $163.
On January 12, 2000, the Company signed a convertible promissory note
for $3,000. The note has a maturity date of July 12, 2000 and accrues
interest at 10% per annum, unsecured. At March 31, 2000, the unpaid
principal balance was $3,000 and accrued interest payable under the
note amounted to $65.
On January 12, 2000, the Company signed a convertible promissory note
for $3,000. The note has a maturity date of July 12, 2000 and accrues
interest at 10% per annum, unsecured. At March 31, 2000, the unpaid
principal balance was $3,000 and accrued interest payable under the note
amounted to $65.
On January 12, 2000, the Company signed a convertible promissory note
for $3,000. The note has a maturity date of July 12, 2000 and accrues
interest at 10% per annum, unsecured. At March 31, 2000, the unpaid
principal balance was $3,000 and accrued interest payable under the
note amounted to $65.
On January 21, 2000, the Company signed a convertible promissory note
for $1,000. The note has a maturity date of July 21, 2000 and accrues
interest at 10% per annum, unsecured. At March 31, 2000, the unpaid
principal balance was $1,000 and accrued interest payable under the
note amounted to $19.
On January 24, 2000, the Company signed a convertible promissory note
for $12,500. The note has a maturity date of July 24, 2000 and accrues
interest at 10% per annum, unsecured. At March 31, 2000, the unpaid
principal balance was $12,500 and accrued interest payable under the
note amounted to $229.
11
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 2000 and December 31, 1999
NOTE 5 - NOTE PAYABLE (Continued)
On January 24, 2000, the Company signed a convertible promissory note for
$12,500. The note has a maturity date of July 24, 2000 and accrues interest
at 10% per annum, unsecured. At March 31, 2000, the unpaid principal
balance was $12,500 and accrued interest payable under the note amounted
to $229.
On February 10, 2000, the Company signed a convertible promissory note for
$5,000. The note has a maturity date of August 10, 2000 and accrues interest
at 10% per annum, unsecured. At March 31, 2000, the unpaid principal
balance was $5,000 and accrued interest payable under the note amounted to
$68.
On February 18, 2000, the Company signed a convertible promissory note for
$2,500. The note has a maturity date of August 18, 2000 and accrues interest
at 10% per annum, unsecured. At March 31, 2000, the unpaid principal
balance was $2,500 and accrued interest payable under the note amounted
to $29.
On March 6, 2000, the Company signed a convertible promissory note for $2,500.
The note has a maturity date of September 6, 2000 and accrues interest
at 10% per annum, unsecured. At March 31, 2000, the unpaid principal
balance was $2,500 and accrued interest payable under the note amounted
to $17.
On March 6, 2000, the Company signed a convertible promissory note for $3,000.
The note has a maturity date of September 6, 2000 and accrues interest at
10% per annum, unsecured. At March 31, 2000, the unpaid principal balance
was $3,000 and accrued interest payable under the note amounted to $21.
On March 6, 2000, the Company signed a convertible promissory note for
$2,500. The note has a maturity date of September 6, 2000 and accrues
interest at 10% per annum, unsecured. At March 31, 2000, the unpaid
principal balance was $2,500 and accrued interest payable under the
note amounted to $17.
NOTE 6 - ISSUANCE OF STOCK
During October 1998, the Company issued 215,000 shares of its
previously authorized, but unissued, common stock for services
of $215,000 (or $1.00 per share).
During October 1998, the Company issued 2,000 shares of its
previously authorized, but unissued, common stock for cash of $2,000
(or $1.00 per share).
During October 1998, the Company issued 4,000 shares of its
previously authorized, but unissued, common stock for cash of $2,000
and services of $2,000 (or $1.00 per share).
During October 1998, the Company issued 5,000 shares of its
previously authorized, but unissued, common stock for services of
$5,000 (or $1.00 per share).
12
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 2000 and December 31, 1999
NOTE 6 - ISSUANCE OF STOCK (Continued)
During October 1998, the Company issued 10,000 shares of its
previously authorized, but unissued, common stock for cash of $5,000
and services of $5,000 (or $1.00 per share).
During November 1998, the Company issued 6,000 shares of its
previously authorized, but unissued, common stock for cash of $6,000
(or $1.00 per share).
During November 1998, the Company issued 3,000 shares of its
previously authorized, but unissued, common stock for cash of $3,000
(or $1.00 per share).
During December 1998, the Company issued 5,000 shares of its
previously authorized, but unissued, common stock for cash of $5,000
(or $1.00 per share).
During December 1998, the Company issued 16,000 shares of its
previously authorized, but unissued, common stock for services of
$16,000 (or $1.00 per share).
During January 1999, the Company issued 300 shares of its
previously authorized, butunissued, common stock for services of
$300 (or $1.00 per share).
During January 1999, the Company issued 12,500 shares of its
previously authorized, but unissued, common stock for cash of
$6,000 and services of $6,500 (or $1.00 per share).
During January 1999, the Company issued 20,000 shares of its
previously authorized, but unissued, common stock for cash of
$20,000 (or $1.00 per share).
During February 1999, the Company issued 1,000 shares of its
previously authorized, but unissued, common stock for cash of
$1,000 (or $1.00 per share).
During February 1999, the Company issued 2,200 shares of its
previously authorized, but unissued, common stock for cash of
$2,000 and services of $200 (or $1.00 per share).
During February 1999, the Company issued 2,000 shares of its
previously authorized, but unissued, common stock for cash of
$2,000 (or $1.00 per share).
During March 1999, the Company issued 6,400 shares of its
previously authorized, but unissued, common stock for cash of
$5,000 and services of $1,400 (or $1.00 per share).
During March 1999, the Company issued 27,500 shares of its
previously authorized, but unissued, common stock for cash of
$25,000 and services of $2,500 (or $1.00 per share).
13
<PAGE>
STRATEGIC PARTNERS, INC.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 2000 and December 31, 1999
NOTE 6 - ISSUANCE OF STOCK (Continued)
During May 1999, the Company issued 1,000 shares of its
previously authorized, but unissued, common stock for cash of
$1,000 (or $1.00 per share).
During May 1999, the Company issued 6,000 shares of its
previously authorized, but unissued, common stock for cash of
$5,000 and services of $1,000 (or $1.00 per share).
During July 1999, the Company issued 2,000 shares of its
previously authorized, but unissued, common stock for services
of $2,000 (or $1.00 per share).
During July 1999, the Company issued 1,600 shares of its
previously authorized, but unissued, common stock for services
of $1,600 (or $1.00 per share).
During August 1999, the Company issued 1,000 shares of its
previously authorized, but unissued, common stock for cash of
$200 and services of $800 (or $1.00 per share).
During August 1999, the Company issued 1,500 shares of its
previously authorized, but unissued, common stock for services
of $1,500 (or $1.00 per share).
During September 1999, the Company issued 12,500 shares of its
previously authorized, but unissued, common stock for cash of
$12,500 (or $1.00 per share).
During October 1999, the Company issued 193,500 shares of its
previously authorized, but unissued, common stock for cash of
$20,000 and services of $173,500 (or $1.00 per share).
During October 1999, the Company issued 11,000 shares of its
previously authorized, but unissued, common stock for cash of
$10,000 and services of $1,000 (or $1.00 per share).
During October 1999, the Company issued 1,000 shares of its
previously authorized, but unissued, common stock for services of
$1,000 (or $1.00 per share).
Stock offering costs of $8,600 were offset to additional paid-in
capital during 1999.
14
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
We are a development stage company without significant
assets or clients. We were formed to engage in the business of providing
consulting services to companies with respect to finance, mergers,
acquisitions, raising capital in the public markets and marketing on the
internet. We registered an initial public offering consisting of 300
units at $ 2,000 per unit. This registration statement was declared
effective on May 16, 2000. We are currently making this offering on
a best efforts basis. The offering will be sold by our officers and
directors acting as agents. There is no minimum of amount of shares
that must be sold.
There is currently no market for the shares. The termination
date for the offering is August 16, 2000 unless extended. Details
of this offering are set forth in the prospectus that may be
obtained from our office.
Pending conclusion of this offering we have very limited
liquidity and capital resources. We have not yet begun operations
except for efforts directed to obtaining approval of the initial
public offering and raising investment funds.
If we sell the maximum units that are being registered under
the registration statement we will have sufficient cash to operate.
If less is sold the scale of operations will be reduced. We believe
that the income to be generated will be a direct result of
sales effort.
The primary goal is to have sufficient cash to employ support staff
that will compliment the sales efforts of our officers and directors.
With quality employees we will be able to carry out business in a
profitable manner. The first milestone we hope to achieve with this
offering is the raising of at least $300,000. If the maximum units
are sold we will lease offices and purchase adequate equipment to
facilitate full scale operations. The budget is set forth in the
use of proceeds section of the prospectus.
The second milestone is to generate income from fees of not
less than $300,000 for the first year. This level of income will
allow the company to continue in business and expand on this base.
We have identified potential clients that will generate fee income
allowing us to achieve our financial objectives.
15
<PAGE>
PART II - OTHER INFORMATION
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 27 - Financial Data Schedule.
(b) There were no reports filed by us on Form 8-K
for the quarter ended March 31, 2000.
SIGNATURES
In accordance with the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the registrant
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
STRATEGIC PARTNERS, INC.
Dated: 07/26/2000
-------
By: /s/ Frank J. Weinstock
---------------------------------
Frank J. Weinstock, President,
Director and Chief Executive Officer
By: /s/ Gerald Bench
----------------------------------
Gerald Bench, Director and Chief
Financial Officer
16
<PAGE>
[TYPE] EX-27
[DESCRIPTION] ART 5 FINANCIAL DATA SCHEDULE
FOR FIRST QUARTER 2000 10-Q
[LEGEND] THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE CORPORATIONS FORM 10-Q FOR THE QUARTER ENDED
MARCH 31, 2000, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
[MULTIPLIER] 0
[S] [C]
[PERIOD-TYPE] 3 MOS
[FISCAL-YEAR-END] DEC-31
[PERIOD-END] MAR 31, 2000
[CASH] 13,281
[SECURITIES] 0
[RECEIVABLES] 0
[ALLOWANCES] 0
[INVENTORY] 0
<CURRENT ASSETS> 13,281
[PP&E] 0
[DEPRECIATION] 0
<TOTAL ASSETS> 13,281
<CURRENT LIABILITIES> 141,851
[BONDS] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 569
<OTHER SE> (129,139)
[TOTAL-LIABILITY-AND-EQUITY] (13,281)
[SALES] 0
<TOTAL REVENUES> 0
[CGS] 0
<TOTAL COSTS> (58,322)
<OTHER EXPENSES> 0
<LOSS PROVISION> 0
<INTEREST EXPENSE> 950
<INCOME PRETAX> (59,272)
[INCOME-TAX] (59,272)
<INCOME CONTINUING> 0
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
<NET INCOME> (59,272)
[EPS-BASIC] (0.10)
[EPS-DILUTED] 0
17
