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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-SB
GENERAL FORM FOR REGISTRATION OF SECURITIES OF
SMALL BUSINESS ISSUERS
Under Section 12(b) or (g) of The Securities Exchange Act of 1934
LOUGHRAN/GO CORPORATION
(Name of Small Business Issuer in its charter)
NEVADA
(State or other jurisdiction of incorporation or organization) |
SEC File Number |
86-0955239
(I.R.S. Employer Identification No) |
18036 N 15th St
Phoenix, AZ 85022-1266
-------------------------------
(Address of principal executive offices)
Issuer's Telephone Number, including Area Code (602) 485-1346
Securities to be registered pursuant to Section 12(b) of the Act:
None
Securities to be registered pursuant to Section 12(g) of the Act:
500,000
$0.001 par value common stock
Title of Class
Common
PART 1
The issuer has elected to follow Form 10-SB, Disclosure Alternative 2.
Forward-Looking Statements. This Registration Statement includes "forward-looking statements" as
defined in Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and
management will assert the safe harbor for such statements as contained in that statute. Forward
looking statements contained in this registration statement are based on management's beliefs and
assumptions and on information currently available. Forward-looking statements include statements in
which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar
expressions are used.
You should not construe any forward looking statement as a guarantee of future performance. The
issuer's future results and stockholder values will differ from those expressed in these forward-looking
statements, and those variations may be material and adverse. Many of the factors that will affect these
results and values are beyond management's ability to control or predict. In addition, management has
no intention or obligation to update forward-looking statements for any reason after this registration
statement becomes effective, even if new information becomes available or other events occur in the
future.
Item 6. Description of Business
Loughran/Go Corporation ("Loughran/Go" or the "Company")is a development stage company.
The Company was incorporated in Nevada on April 29, 1996 with authorized capital of 25,000 shares
at $1.00 par value. On May 5, 1999, the stockholders approved a change in capitalization to
25,000,000 common shares at a par value of $.001.
COMPANY BACKGROUND
The Company has been in the development stage since inception and, while searching for the proper
business activity, has had no operations to date. Originally, the officers of the Company considered the
possibility of forming a consulting business to help others regarding the establishment of shell
corporations and the subsequent merger of these corporations with established companies. Although
the officers held further discussions upon this matter, no revenues were generated. During this time, the
officers became aware of the growing demand for companies qualified for trading on the NASDAQ
Bulletin Board or the NQB Pink Sheets that could be acquired and/or merged with existing private
companies wishing to become public companies. The officers came to the decision that the focus of the
Company will be to attempt to locate and negotiate with a business entity for the merger of that
company into the Company. No assurances can be given that the Company will be successful in
locating or negotiating with any target company.
PERCEIVED BENEFITS
There are certain perceived benefits to being a reporting company with a class of publicly-traded
securities. These are commonly thought to include the following:
the ability to use registered securities to make acquisitions of assets or businesses;
increased visibility in the financial community;
the facilitation of borrowing from financial institutions;
improved trading efficiency;
shareholder liquidity;
greater ease in subsequently raising capital;
compensation of key employees through stock options;
enhanced corporate image;
a presence in the United States capital market;
POTENTIAL TARGET COMPANIES
A business entity, if any, which may be interested in a business combination with the Company may
include the following:
a company for which a primary purpose of becoming public is the use of its securities for the
acquisition of assets or businesses;
a company which is unable to find an underwriter of its securities or is unable find an underwriter
of securities on terms acceptable to it;
a company which wishes to become public with less dilution of its common stock than would
occur upon an underwriting;
a company which believes that it will be able to obtain investment capital on more favorable
terms after it has become public;
a foreign company which may wish an initial entry into the United States securities market;
a special situation company, such as a company seeking a public market to satisfy requirements
under a qualified Employee Stock Option Plan;
a company seeking one or more of the other perceived benefits of becoming a public company.
A business combination with a target company will normally involved the transfer to the target company
of the majority of the issued and outstanding common stock of the Company, and the substitution by the
target company of its own management and board of directors.
No assurances can be given that the Company will be able to enter into a business combination, as to
the terms of a business combination, or as to the nature of the target company.
The Company is voluntarily filing this Registration Statement with the Securities and Exchange
Commission and is under no obligation to do so under the Securities Exchange Act of 1934.
RISK FACTORS
The Company's business is subject to numerous risk factors, including the following:
NO OPERATING HISTORY OR REVENUE AND MINIMAL ASSETS, The Company has had
no operating history nor any revenues or earnings from operations The Company has no significant
assets or financial resources. The Company will, in all likelihood, sustain operating expenses without
corresponding revenues, at least until the consummation of a business combination. This may result in
the Company incurring a net operating loss which will increase continuously until the Company can
consummate a business combination with a target company. There is no assurance that the Company
can identify such a target company and consummate such a business combination.
SPECULATIVE NATURE OF THE COMPANY'S PROPOSED OPERATIONS. The success of
the Company's proposed plan of operation will depend to a great extent on the operations, financial
condition and management of the identified target company. While management will prefer business
combinations with entities having established operation histories, there can be no assurance that the
Company will be successful in locating candidates meeting such criteria. In the event the Company
completes a business combination, of which there can be no assurance, the success of the Company's
operations will be dependent upon management of the target company and numerous other factors
beyond the Company's control.
SCARCITY OF AND COMPETITION FOR BUSINESS OPPORTUNITIES AND
COMBINATIONS. The Company is and will continue to be an insignificant participant in the business
of seeking mergers with and acquisitions of business entities. A large number of established and
well-financed entities, including venture capital firms, are active in mergers and acquisitions of
companies which may be merger or acquisition target candidates for the Company. Nearly all such
entities have significantly greater financial resources, technical expertise and managerial capabilities than
the Company and, consequently, the Company will be at a competitive disadvantage in identifying
possible business opportunities and successfully completing a business combination. Moreover, the
Company will also compete with numerous other small public companies in seeking merger or
acquisition candidates.
NO AGREEMENT FOR BUSINESS COMBINATION OR OTHER TRANSACTION-NO
STANDARDS FOR BUSINESS COMBINATION. The Company has no current arrangement,
agreement or understanding with respect to engaging in a merger with or acquisition of a specific
business entity. There can be no assurance that the Company will be successful in identifying and
evaluating suitable business opportunities or in concluding a business combination. Management has not
identified any particular industry or specific business within an industry for evaluation by the Company.
There is no assurance that the Company will be able to negotiate a business combination or terns
favorable to the company. The Company has not established a specific length of operating history or a
specified level of earnings, assets, net worth or other criteria which it will require a target company to
have achieved, or without which Company would not consider a business combination with such
business entity. Accordingly, the Company may enter into a business combination with a business entity
having no significant operating history, losses, limited or no potential for immediate earnings, limited
assets, negative net worth or other negative characteristics.
CONTINUED MANAGEMENT CONTROL, LIMITED TIME AVAILABILITY. While seeking a
business combination, management anticipates devoting only a limited amount of time per month to the
business of the Company. The Company's officers have not entered into a written employment
agreement with the Company and are not expected to do so in the foreseeable future. The Company
has not obtained key man life insurance on its officers and directors. Notwithstanding the combined
limited experience and time commitment of management, loss of the services of these individuals would
adversely affect development of the Company's business and its likelihood of continuing operations.
CONFLICTS OF INTEREST--GENERAL. The Company's officers and directors participate in
other business ventures which may compete directly with the Company. Additional conflicts of interest
and non-arms length transactions may also arise in the future. Management has adopted a policy that
the Company will not seek a merger with, or acquisition of, any entity in which any member of
management serves as an officer, director or partner, or in which they or their family members own or
hold any ownership interest,
REPORTING REQUIREMENTS MAY DELAY OR PRECLUDE ACQUISITION. Section 13 of
the Securities Exchange Act of 19349 the "Exchange Act")requires companies subject thereto to
provide certain information about significant acquisitions including certified financial statements for the
company acquired covering one of two years, depending on the relative size of the acquisition. The time
and additional costs that may be incurred by some target companies to prepare such financial
statements may significantly delay or essentially preclude consummation of an otherwise desirable
acquisition by the Company. Acquisition prospects that do not have or are unable to obtain the
requited audited statements may not be appropriate be appropriate for acquisition so long as the
reporting requirements of the Exchange Act are applicable.
LACK OF MARKET RESEARCH OR MARKETING ORGANIZATION. The Company has
neither conducted, nor have others made available market research indicating that demand exists for the
transactions contemplated by the Company. Even in the event the demand exists for a merger or
acquisition of the type contemplated by the Company, there is no assurance the Company will be
successful in completing any such business combination.
LACK OF DIVERSIFICATION. The Company's proposed operation, even if successful, will in all
likelihood result in the Company engaging in a business combination with only one business entity.
Consequently, the Company's activities will be limited to those engaged in by the business entity which
the Company merges with or acquires. The Company's inability to diversify its activities into a number
of areas may subject the Company to economic fluctuations within a particular business or industry and
therefore increase the risks associated with the Company's operations.
PROBABLE CHANGE IN CONTROL AND MANAGEMENT. A business combination involving
the issuance of the Company's common stock will, in all likelihood, result in shareholders of a target
company obtaining a controlling interest in the Company. Any such business combination may require
shareholders of the Company to sell or transfer all or a portion of the Company's common stock held
by them. The resulting change in control of the Company will likely result in removal of the present
officers and directors of the Company and a corresponding reduction in or elimination of their
participation in the future affairs of the Company.
REDUCTION OF PERCENTAGE SHARE OWNERSHIP FOLLOWING BUSINESS
COMBINATION. The company's primary plan of operation is based upon a business combination
with a business entity which, in all likelihood, will result in the Company issuing securities to
shareholders of such business entity. The issuance of previously authorized and unissued common
stock of the Company would result in reduction in percentage of shares owned by the present
shareholders of the Company and would most likely result in a change in control or management of the
Company.
TAXATION. Federal and state tax consequences will, in all likelihood, be major considerations in any
business combination the Company may undertake. Currently, such transactions may be structured so
as to result in tax-free treatment to both companies, pursuant to various federal and state tax provisions.
The Company intends to structure any business combination so as to minimize the federal and state tax
consequences to both the Company and the target company; however, there can be no assurance that
such business combinations will meet the statutory requirements of a tax-free reorganization or that the
parties will obtain the intended tax-free treatment upon a transfer of stock or assets. A non-qualifying
reorganization could result in the imposition of both federal and state taxes which may have an adverse
effect on both parties to the transaction.
REQUIREMENT OF AUDITED FINANCIAL STATEMENTS MAY DISQUALIFY BUSINESS
OPPORTUNITIES. Management of the Company will usually request that any potential business
opportunity provide audited financial statements. One or more attractive business opportunities may
choose to forego the possibility of a business combination with the Company rather than incur the
expenses associated with preparing audited financial statements. In such a case, the Company may
choose to obtain certain assurances as to the target company's assets, liabilities, revenues and expenses
prior to consummating a business combination, with further assurances that an audited financial
statement would be provided after closing of such a transaction. Closing documents relative thereto
may include representations tat the audited financial statements will not materially differ from the
representation included in such closing documents.
COMPUTER SYSTEMS REDESIGNED FOR YEAR 2000. Many existing computer programs use
only two digits to identify a year in such program' s date field. If not corrected, many computer
applications could fail or create erroneous results by or following year 2000. It is impossible to predict
what computer programs will be effected, the impact any such computer disruption will have on other
industries or commerce or the severity or duration of a computer disruption.
The Company does not have operation and does not maintain computer systems. Before the Company
enters into any business combination, it may inquire as to the status of any target company's Year 2000
Problem, the steps such target company has taken or intends to take to correct any such problem and
the probable impact on such target company of any computer disruption. The extent of the Year 2000
Problem of a target company may be impossible to ascertain and any impact on the Company will likely
be impossible to predict.
EMPLOYEES
The Company currently has no full time employees and two members of the board of directors and
officers.
PLAN OF OPERATIONS
A business plan is being finalized showing the establishment of a bank account, additional capitalization
of $3,000, printing brochures, preparing for an internet page, and telephonic communication with
interested parties.
Item 7. Description of Property
The Company's executive office is located at 18036 North 15th Street, Phoenix, AZ 85022. The
Company shares office space with another company controlled by the president and pays a nominal
amount for the use of the office, the telephone system, the copying equipment and the computers. The
Company owns no equipment and does not plan to purchase anything more than daily activities would
require.
The company has no outstanding obligations other than equity to its shareholders.
Item 8. Directors, Executive Officers, and Significant Employees
Philip M. Young
David M. Young |
President, Chairman of the Board
of Directors Vice President & Secretary, Director |
Philip M. Young, 75, was a founding director and has been a director since April 1996. He
has served as president and chairman of the board of directors since September 1996. He is also the
majority owner of First American Stock Transfer, Inc., a securities transfer agent and registrar of
traded securities registered with the U.S. Securities & Exchange Commission. He has previously held
positions as president of several stock brokerage companies and has served as chairman of District
Three of the National Association of Securities Dealers. Mr. Young has also held membership in the
Chicago Stock Exchange and the Pacific Stock Exchange. He is the father of David M. Young, a
director of the company.
David M. Young, 40, was a founding director and has served as a director since April 1996. He is
currently vice president of First American Stock Transfer, Inc. Prior thereto he was owner and
president of Southwest Securities Transfer located in Las Vegas, NV. David M. Young is the son of
Philip M. Young.
Item 9. Remuneration of Directors and Officers
No remuneration has been paid to any director, officer or employee during the life of the company.
It is anticipated that compensation will arise only from any fees and commissions generated by
consulting activities. Compensation will normally follow the schedule of 60% of funds received will go
to the person generating the revenue and 40% will remain in the company as operation income.
Item 10. Security Ownership of Certain Beneficial Owner and Management
The following table sets forth, as of November 15, 1999, the beneficial ownership of the Company's
Common Stock by each person known by the Company to beneficially own more than five percent of
the Company's Common Stock, including options, outstanding as of such date and by the officers and
directors of the Company as a group. All shares are owned directly.
Title of
Class
Common Stock Common Stock Common Stock |
Name and address of
Beneficial Owner
Philip M. Young
David M. Young
John Hickey |
Amount and Nature
of beneficial owner
150,000 Restricted 150,000 Restricted 50,000 Free trading |
Percent
30.0
30.0
10.0 |
The company has no authorized or outstanding options, warrants, preferred stock or convertible
debt.
Item II. Interest of ~Management and Others in Certain Transactions
Loughran/Go Corporation currently has 30 shareholders and has contracted with First American
Stock Transfer to be the transfer agent and registrar for the company. Philip M. Young, President of
Loughran/Go is also an owner and president of First American Stock Transfer.
David M. Young, Vice President of Loughran/Go, is also an owner and Vice President of First
American Stock Transfer.
All transactions between Loughran/Go and First American Transfer will occur at the same fees and
charges made to other non-related companies.
Item 12. Securities Being Offered
No sale of securities is authorized by this filing. The common stock of the Company is being registered
under Section 12 (g) of the Securities Exchange Act of 1934.
The Company has 25,000,000 common shares authorized. Each share of Common Stock is entitled to
share pro rata in dividends and distributions with respect to the Common Stock when, as and if
declared by the Board of Directors from funds legally available for any of the Company's securities.
Upon dissolution, liquidation or winding up of the Company, the assets will be divided pro rara on a
share-for-share basis among holders of the shares of Common Stock. All shares of Common Stock
outstanding are fully paid and non-assessable. Each holder of Common Stock is entitle to one vote per
share with respect to all matters that are required by law to be submitted to shareholders.
PART II
Item 1. Market price of and Dividends on the Registrant's Common Equity and Related Stockholder
Matters.
There has been no trading market for the Registrant's shares. The only transactions that have occurred
were the original issuance of shares to the Founders and their subsequent giving of certain shares to
family members or business associates. All such transactions have been recorded in the register of the
transfer agent. These transactions occurred over two years prior to this registration and all but "control"
shares could be considered "free trading" under Rule 144K. A total of 500,000 shares are outstanding
with 150,000 classified as "free trading".
No dividends have been paid nor are any contemplated.
Item 2. Legal Proceedings
There have been no legal proceedings against Loughran/Go Corporation nor are any currently known
to be filed.
Item 3. Changes in and Disagreements with Accountants.
The Company engaged the accounting firm of AJ. Robbins, P.C. in July, 1999 to audit the financial
records for the fiscal years ending December 31, 1997 and 1998. Prior to that time the Company has
never had an auditing firm, and has never dismissed an auditor or had an auditor resign or not stand for
reelection because of a dispute over accounting practices, financial statements disclosure, or auditing
scope or procedure.
Item 4. Recent sales of Unregistered Securities.
There have been no sales of unregistered securities.
Item 5. Indemnification of Directors and Officers.
The Registrant's Articles of Incorporation, effective April 26, 1996, as amended on August 15, 1999,
provide for limitation of liability for officers and directors by requiring that no director have any personal
liability to the Registrant or its shareholders for money damages other than (1) breaches of the director's
duty of loyalty to the Registrant; (2) acts or omissions not in good faith or involving intentional
misconduct or knowing violation of law; (3) unlawful distributions; (4) transactions resulting in an
improper personal benefit to the director; (5) acts or omissions occurring prior to the date of
incorporation.
Part F/S
Financial Statements
The Issuer has available audited financial statements for the years 1997 and 1998 which are filed as
part of this Registration Statement starting on page F-l.
PART III
Item 1. Index to Exhibits.
Exhibit No. Item Name
2.1 Articles of Incorporation and Amendments
2.2 Bylaws
10. 1 Consent of AJ. Robbins, PC, Auditors to the Company
Item 2. Description of Exhibits.
As listed in the above Index, the appropriate exhibits are being filed. The additional exhibits are marked
and filed.
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date:
(Registrant) BY:
(Signature)*
INDEX TO FINANCIAL STATEMENTS
Independent Auditors' Report
Financial Statements: Balance Sheets Statements of Operations Statement of Changes in Stockholders' Equity (Deficit) Statements of Cash Flows Notes to Financial Statements |
F-2
F-3 F-4 F-5 F-6 F-7 |
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders
Loughran/Go Corporation
Phoenix, Arizona
We have audited the accompanying balance sheet of Loughran/Go Corporation (a development stage
company) as of December 31, 1998, and the related statements of operations, changes in stockholders'
equity (deficit), and cash flows for each of the two years in the period ended December 31, 1998 and
for the period from April 29, 1996 (inception) to December 31, 1998. These financial statements are
the responsibility of the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of Loughran/Go Corporation as of December 32, 1998, and the results of its
operations and its cash flows for each of the two years in the period ended December 31, 1998 and for
the period from April 29, 1996 (inception) to December 31, 1998, in conformity with generally
accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Company will continue as
a going concern. As discussed in Note 1 to the financial statements, the Company is in the development
stage and has not commenced operations. Its ability to continue as a going concern is dependent upon
its ability to develop additional sources of capital, locate a merger candidate and ultimately achieve
profitable operations. These conditions raise substantial doubt about its ability to continue as a going
concern. The financial statements do not include any adjustments that might result from the outcome of
this uncertainty.
Denver, Colorado
August 2, 1999
F-2
A.J. ROBBINS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
AND CONSULTANTS
LOUGHRAN/GO CORPORATION
(A Development Stage Company)
BALANCE SHEET
ASSETS
December 31,
1998 |
September 30,
1999 | |
TOTAL ASSETS | - | - |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES, Account payable
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock, par value $.001, 25,000,000 shares Authorized, 500,000 shares issued and outstanding Additional paid-in capital Contributed capital (Deficit) accumulated during the development stage
Total Stockholders' Equity (Deficit) |
$ 200
500 500 6,504 (7,704)
$ (200) |
500 500 10,985 (11,985)
$ - |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
F-3
LOUGHRAN/GO CORPORATION
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the Years Ended DECEMBER 31, 1998 1997 |
For the Nine Months Ended September 30,1999 Unaudited) |
Cumulative
from April
29, 1996
(inception) to September 30, 1999 (Unaudited) |
REVENUE
EXPENSES: General and administrative
Total Expenses
NET (LOSS)
NET (LOSS) PER COMMON
SHARE-BASIC
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING
* Less then $(.01) |
$
2,453
2,453
(2,453)
*
500,000 |
$
2,492
2,492
(2,492)
*
500,000 |
$
4,281
4,281
(4,281)
*
500,000 |
$
11,935
11,985
(11,985) |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
F-4
LOUGHRAN/GQ CORPORATION
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE PERIOD FROM APRIL 29, 1996 (INCEPTION)
TO DECEMBER 31, 1998 AND FOR NINE MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)
Balances, April 29, 1996 Issuance of stock to insiders for services on May 25, 1996 at $.002 per share Contributed capital Net (loss) Balances, December 31, 1996 Balances, December 31, 1997 Balance, December 31, 1998 Balances, September 30, 1999 |
Common Shares
500,000
-
500,000
-
500,000
-
500,000
-
$ 500,000 |
Stock Amount
500
-
500
-
500
-
500
-
$ 500 |
Paid-in Capital
500
-
500
-
500
-
500
-
$ 500 |
Contributed Capital
1,759 1,759 4,151 6,504 $ 10,985 |
(Deficit)
Accumulated During the
development
stage
(2,759)
(2,759)
(2,492)
(5,251)
(2,453)
(7,704)
(4,281)
$ (11,985) |
Total 1,000 2,392 (100) (200) $ - |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
F-5
LOUGHRAN/GO CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 1998 1997 |
For the Nine Months Ended September 30 1999 (Unaudited) |
Cumulative from April 29, 1996 (Inception to) September 30 1 999 (Unaudited) |
CASH FLOWS FROM (TO)
OPERATING ACTIVITIES
Net (loss) from operations Net Cash (Used) by Operating Activities Net Increase In Cash
CASH, beginning of period
CASH, end of period |
$ (2,453) 2,353
100
$ 0 |
$ (2,492) 2,392
100
$ 0 |
$ (4,281) 4,481
(200)
$ 0 |
$ (11,985) 1,000
10,985
-
$ 0 |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
F-6
LOUGHRAN/GO CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
Information as to the Period Ended September 30, 1999 is Unaudited
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
History
Loughran/Go Corporation (the Company), a development stage company, was organized under the
laws of the State of Nevada on April 29, 1996. The Company is in the development stage as defined in
Financial Accounting Standards Board Statement No. 7. The fiscal year end is December 31.
Unaudited Interim Financial Statements
In the opinion of management, the unaudited interim financial statements for the nine month period
ending September 30, 1999 are presented on a basis consistent with the audited annual financial
statements and reflect all adjustments, consisting only of normal recurring accruals necessary for fair
presentation of the results of such periods. The results of operations for the interim period September
30, 1999 are not necessarily indicative of the results to be expected for the year ended December 31,
1999.
Stock Split
The accompanying financial statements have given effect retroactively to the 500 for 1 forward stock
split approved by the board of directors and shareholders in May 1999.
Going Concern
The Company's financial statements have been presented on the basis that it is a going concern, which
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
The Company is in the development stage and has not earned any revenues from operations to date.
The Company is currently devoting its efforts to locating merger candidates. The Company's ability to
continue as a going concern is dependent upon its ability to develop additional sources of capital, locate
a merger candidate, and ultimately, achieve profitable operations. The accompanying financial
statements do not include any adjustments that might result from the outcome of these uncertainties.
Income Taxes
The Company uses the liability method of accounting for income taxes pursuant to Statement of
Financial Accounting Standards No. 109. Under this method, deferred income taxes are recorded to
reflect the tax consequences in future years of temporary differences between the tax basis of the assets
and liabilities and their financial amounts at year end.
F-7
LOUGHRAN/GO CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
Information as to the Period Ended September 30, 1999 is Unaudited
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
For federal income tax purposes, substantially all expenses must be deferred until the Company
commences business and then they may be written offer over a 60-month period. The Company is not
in business at this date. Therefore, $1,000 of net losses incurred in 1996 have not been deducted for
tax purposes and represent a deferred tax asset. Contributed capital of $6,504 is not deductible for
income tax purposes. The Company is providing a Valuation allowance in the full amount of the
deferred tax asset since there is no assurance of future taxable income. Tax deductible losses can be
carried forward for 20 years until utilized.
Earnings (Loss) Per Common Share
During 1997 the Financial Accounting Standard Board (FASB) issued Statement of Financial
Accounting Standards No. 128, "Earnings per Share" (SFAS 128). SFAS 128 replaced the calculation
of primary and fully diluted earnings per share with basic and diluted earnings per share. Basic earnings
(loss) per common share is computed based upon the weighted average number of common shares
outstanding during the period. Diluted earnings per share consists of the weighted average number of
common shares outstanding plus the dilutive effects of options and warrants calculated using the
treasury stock method. In loss periods, dilutive common equivalent shares are excluded as the effect
would be anti-dilutive.
Use of Estimates in the Preparation of Financial Statements
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, the disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting periods. Actual results could differ
from those estimates and assumptions.
Recently issued Accounting Pronouncements
In June 1997, the FASB issued Statement of Financial Accounting Standards No. 130, "Reporting
Comprehensive Income" (SFAS 130), which establishes standards for reporting and display of
comprehensive income, its components and accumulated balances. Comprehensive income is defined
to include all changes in equity except those resulting from investments by owners and distributions to
owners. Among other disclosures, SFAS 130 requires that all items that are required to be recognized
under current accounting standards as components of comprehensive income be reported in a financial
statement that is displayed with the same prominence as other financial statements.
F-8
LOUGHRAN/GO CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
Information as to the Period Ended September 30, 1999 is Unaudited
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Also, in June 1997, the FASB issued Statement of Financial Accounting Standards No. 131,
'Disclosures about Segments of an Enterprise and Related Information" (SFAS 131), which supersedes
Statement of Financial Accounts Standards No. 14, "Financial Reporting for Segments of a Business
Enterprise". SFAS 131 establishes standards for the way that public companies report information
about operating segments in annual financial statements and requires reporting of selected information
about operating segments in interim financial statements issued to the public. It also establishes
standards for disclosures regarding products and services, geographic areas and major customers.
SFAS 131 defines operating segments as components of a company about which separate financial
information is available, that is evaluated regularly by the chief operating decision maker in deciding how
to allocate resources and in assessing performance.
SFAS 130 and 131 are effective for financial statements for periods beginning after December 15,
1997 and requires comparative information for earlier years to be restated. The adoption of these
statements did not have a material impact on the Company's financial statements.
In February 1998, the FASB issued Statement of Financial Accounting Standards No. 132,
"Employer's Disclosures about Pensions and Other Postretirements Benefits" (SFAS 132) which
standardizes the disclosure requirements for pensions and postretirement benefits and requires
additional information on changes in the benefit obligations and fair values of plan assets that will
facilitate financial analysis. SPAS 132 is effective for years beginning after December 15, 1997 and
requires comparative information for earlier years to be restated, unless such information is not readily
available. The adoption of this statement did not have a material impact on the Company's financial
statements.
NOTE 2 - STOCKHOLDERS' EQUITY (DEFICIT)
During May 1996, the Company issued for services 500,000 shares of its $.001 par value common
stock to its officers, directors and private investors at 3.002 per share.
NOTE 3 - RELATED PARTY TRANSACTIONS
The Company received services valued at 6193 and $232 for the years ended December 31, 1998 and
1997, respectively, and $286 for the nine months ended September 30, 1999 from a stock transfer
company owned by the president. The Company also received other services valued at $2,160 and
$2,160 for the years ended December 31, 1998 and 1997, respectively, and $1,620 for the nine
months ended September 30, 2999. The services principally consisted of rent, utilities and time from its
president and secretary. All services provided to the Company have been classified as contributed
capital in the accompanying financial statements.
ARTICLES OF INCORPORATION
OF
LOUGHRAN/GO CORPORATION
I.
The name of this corporation is: LOUGHRAN/GO CORPORATION
II
The principle office or place of business for this corporation shall be located in the County of Clark, at:
4001 S. Decatur Blvd Suite 326
Las Vegas, NV 89109
Resident Agent is David Young, at the address above
III
The nature of the business or objects or purposes to be transacted, promoted or carried on by the
corporation shall to be engaged in any lawful activity.
This corporation shall be authorized to issue only one class of shares of stock; the total number of
shares which this corporation shall be authorized to issue shall be TWENTY-FIVE THOUSAND
(25,000) all of which shall be at one dollar ($1.00) par value.
The names and address of the initial three directors of the corporation shall be as follows:
David Young
4001 S. Decatur Blvd Suite 326
Las Vegas, NV 89103
Philip M. Young
4001 S. Decatur Blvd Suite 326
Phoenix, AZ 85012
Thomas Dorsey
1601 West Sunnyside Drive #164
Phoenix, AZ 85029
VI.
The shares of this corporation shall not be subject to assessment to pay the debts of the corporation.
VII
The name and post office of the incorporator these Articles of Incorporation is:
David M. Young
4001 S. Decatur Blvd, Suite 326
Las Vegas, NV 89103
VIII
The duration of this corporation shall be perpetual.
IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of April, 1996.
David M. Young
STATE OF NEVADA
OFFICE OF THE SECRETARY OF STATE
1001 N CARSON ST., STE 3
CARSON CITY, NV 89701-1786
Certificate of Amendment to Articles of Incorporation
For Profit Nevada Corporations
(Pursuant to NRS 78.385 and 78.390 - After Issuance of Stock)
-Remit in Duplicate-
1. Name of corporation: LOUGHRAN/GO CORPORATION
2. The articles have been amended as follows (provide article numbers, if available)
At a stockholder's meeting May 5, 1999; it was voted and approved to change the authorized capitalization of the company from the original twenty five thousand shares (25,000) of one dollar ($1.00) to 25,000,000 shares of common stock at a par value of ($.001)
3, The vote by which the stockholders holding shares in the corporation entitling them to exercise at least a majority of the voting power, or such greater proportion of the voting power as
may be required in the case of a vote by class or series, or as may be required by the provisions of the
articles of incorporation have voted in favor of the amendment is: 80% .*
4. Signatures:
President or Vice President Secretary or Asst. Secretary
(acknowledgement required) (Acknowledgement not required)
State of: Arizona
County of: Maricopa
This instrument was acknowledged before me on
June 18, 1999, by
Philip M Young
If any proposed amendment would alter or change any preference or any relative right to any class or
series of outstanding shares, then the amendment must be approved by the vote, in addition to the
affirmative vote otherwise required, of the holders of shares representing a majority of the voting power
of each class or series affected by the amendment regardless of limitations or restrictions on the voting
power thereof.
IMPORTANT: Failure to include any of the above information and remit the proper fees may cause
this filing to be rejected.
INDEX
BY-LAWS
LOUGHRAN/GO CORPORATION
ARTICLE 1- OFFICES
ARTICLE II - STOCKHOLDERS 1. ANNUAL MEETING 2. SPECIAL MEETINGS 3. PLACE OF MEETING 4. NOTICE OF MEETING 5. CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE 6. VOTING LIST 7. QUORUM 8. PROXIES 9. VOTING 10. ORDER OF BUSINESS a. Roll Call b. Proof of notice of meeting or waiver of notice c. Reading of minutes of proceeding d. Reports of Officers e. Reports of Committees f. Election of Directors g. Unfinished Business h. New Business 11. INFORMAL ACTION BY STOCKHOLDERS
ARTICLE III - BOARD OF DIRECTORS 1. GENERAL POWERS 2. NUMBER, TENURE AN QUALIFICATIONS 3. REGULAR MEETING 4. SPECIAL MEETINGS 5. NOTICE 6. QUORUM 7. MANNER OF ACTING 8. NEWLY CREATED DIRECTORSHIPS AND VACANCIES 9. REMOVAL OF DIRECTORS 10. RESIGNATION 11. COMPENSATION 12. EXECUTIVE AND OTHER COMMITTEES
ARTICLE IV - OFFICERS 1. NUMBER 2. ELECTION AND TERM OF OFFICE 3. REMOVAL 4. VACANCIES |
1
1 1 1 1 2 2 2 3 3 3 4 4 4 4 4 4 4 4 4 4
4 4 4 4 5 5 5 5 5 5 6 6 6
6 6 6 6 7 |
5. PRESIDENT
6. CHAIRMAN OF THE BOARD 7. SECRETARY 8. TREASURER 9. SALARIES
ARTICLE V - STOCK 1. CERTIFICATES 2. NEW CERTIFICATES 3. REGISTRATION OF TRANSFER
ARTICLE VI - CONTRACTS, LOANS, CHECKS, AND DEPOSITS 1. CONTRACTS 2. LOANS 3. CHECKS, DRAFTS, ETC. 4. DEPOSITS
ARTICLE VII - FISCAL YEAR
ARTICLE VIII - DIVIDENDS
ARTICLE IX - SEAL
ARTICLE X - WAIVER OF NOTICE
ARTICLE XI - AMENDMENTS |
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7 7 7 8
8 8 8 9
9 9 9 9 9
9
9
10
10
10
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BY-LAWS
of
LOUGHRAN/GO CORPORATION
ARTICLE I-OFFICES
The principal office of the corporation in the state of Nevada shall be located at 4001 S Decatur Blvd,
in the City of Las Vegas, county of Clark. The corporation may have such other offices, either within or
without the State of incorporation as the board of directors may designate or as the business of the
corporation may from time to time require.
ARTICLE II - STOCKHOLDERS
1. ANNUAL MEETING. The annual meeting of the stockholders shall be held on the 2nd Wednesday
of May in each year, beginning with the year 1997 at the hour of 1 o'clock P.M.. local time for the
purpose of the election of directors and for the transaction of such other business as may come before
the meeting. If the day fixed for an annual meeting shall be a legal holiday such meeting shall be held on
the next succeeding business day.
2. SPECIAL MEETINGS. Special meetings of the stockholders, for any purpose or purposes, unless
otherwise prescribed by statute, may be called by the president or by a director, and shall be called by
the president at the request of the holders of not less than fifty one (51) percent of all the outstanding
shares of the corporation entitled to vote at the meeting.
3. PLACE OF MEETING. The directors may designate any place, either within or without the state
unless otherwise prescribed by statute, as the place of melting for any annual meeting or for any special
meeting called by the directors. A waiver of notice signed by all shareholders entitled to vote at a
meeting may designate a place, either within, or without the state unless otherwise prescribed by statute,
as the place for holding such meeting.. If no designation is made, or if a special meeting be otherwise
called. the place of meeting shall be the principal office of the corporation.
4. NOTICE OF MEETING. Written or printed notice slating the place. day and hour of the meeting
and, in the case of a special meeting is called, shall be delivered not less than ten (10) days nor more
than twenty (20) days before the date of the meeting, either personally or by mail, by the direction of
the president, or secretary or the director calling the meeting. If mailed such notice shall be deemed to
be delivered when deposited in the United Stares mail, addressed to stockholder at his address as it
appears on the stock transfer books of the corporation. With postage thereon prepaid.
5. CLOSING OF TRANSFER DOORS OR FIXING OF RECORD DATE, For the purpose of
determining stockholders entitled to notice of or to vote at any meeting of stockholders or any
adjournment therefor, stockholders entitled to receive payment of any dividend, or in order to make a
determination of stockholders for any other proper purpose, the directors of the corporation may
provide that the stock transfer books shall be closed for a stated period but to exceed, in any case
twenty (20) days. If the stock transfer books be closed for the purpose of determining stockholders
entitled to notice of or to vote at a meeting of stockholders. Such books shall be closed for at least
twenty (20) days immediately preceding such meeting, In lieu of closing the stock transfer books, the
directors may fix in advance a date as the record date fur any such determination of stockholders, such
dare in any case to be not more than twenty (20) days and, in case of a meeting of stockholder, not less
than ten (10) days prior to the date on which the particular action requiring such determination of
stockholders entitled to notice of or to vote at a meeting of stockholders, or stockholders entitled to
receive payment of a dividend. the date on wich notice of the meeting is mailed or the date on which the
resolution of the directors declaring such dividend is adopted, as the case may be, shall be the record
date for such determination of stockholders. When a determination of stockholders entitled to vote at
any meeting of stockholders has been made as provided in this section, such determination shall apply
to any adjournment thereof.
6. VOTING LIST. The officer or agent having charge of`the stock transfer books for the shares of the corporation. shall make, at list ten (10) days before each meeting of stockholders, a complete list of stockholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of and number of shares held by each, which list, for a period of the ( 10) days
prior to such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any stockholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any stockholder during the whole time of the meeting. The original transfer book shall be prima facie evidence as to who are the stockholders entitled to examine such list or transfer books or to vote at the
meeting of stockholders.
7. QUORUM. At any meeting of stockholders fifty one (51) percent of the outstanding shares of the
corporation entitled to vote, represented in person or by proxy shall constitute a quorum at a meeting of
stockholders. If less than said number of the outstanding shares are represented at a meeting, a majority
of the outstanding shares so represented may adjourn the meeting from time to time without further
notice. At such adjourned meeting at which a quorum shall be present or represented, any business may
be transacted which might have been transacted at the meeting originally noticed. The stockholders
present at a duly organized meeting may continue to transact business until adjournment,
notwithstanding the withdrawal of enough stockholders to leave less than a quorum.
8. PROXIES. .At all meetings of the stockholders, a stockholder may vote by proxy executed in
writing by the stockholder or bv his duly authorized attorney in fact. Such proxy shall be filed with the
secretary of the corporation before or at the time of the meeting.
9. VOTING. Each shareholder entitled to vote in accordance with the terms and provisions of the
certificate of incorporation and these by-laws shall be entitled to one vote, in person or by proxy, for
each share of stock entitled to vote held by such shareholder. Upon the demand of any stockholder, the
vote for directors and upon any question before the meeting shall be by ballot. All elections for
directors shall be decided by plurality vote; all other questions shall be decided by majority vote except
as otherwise provided by the Certificate of Incorporation or the laws of Nevada.
10. ORDER OF BUSINESS. The order of business at all meetings of the stockholders, shall be as
follows;
a. Roll Call.
b. Proof of notice of meeting or waiver of notice.
c. Reading of minutes of preceding meeting.
d. Reports of Officers.
e. Reports of Committees.
f. Election of Directors.
g. Unfinished Business.
h. New Business.
II, INFORMAL ACTION BY STOCKHOLDERS. Unless otherwise provided by law, any action
required to be taken at a meeting of the stockholder, or any other action which may be taken at a
meeting of the stockholders, may be taken without a meeting if a consent in writing, setting forth the
action so taken, shall he signed by all stockholders entitled to vote with respect to the subject matter
thereof.
ARTICLE III - BOARD OF DIRECTORS
1. GENERAL POWERS. The business and affairs of the corporation shall be managed by it's
board of directors. The directors shall in all cases act as a boar,. and they may adopt such rules and
regulations for the conduct of their meetings and the management of the corporation, as they may deem
proper, not inconsistent with these by-laws and the laws of the Slate of Nevada.
2. NUMBER, TENURE AND QUALIFICATIONS. The number of directors of the
corporation shall be a minimum of three (3) and a maximum of nine (9). Each director shalt hold office
until the next annual meeting of stockholders and until his successor shall have been elected and
qualified.
3. REGULAR MEETINGS. .A regular meeting of directors, shall be held without other notice than this by-law immediately after, and at the same place as, the annual meeting of stockholders. The directors may provide, by resolution, The tine and place holding of .additional regular meetings
without other notice than such resolution.
4. SPECIAL MEETINGS. Special meetings of the directors may be called by or at the request of
the president or any two directors. The person or persons authorized to call special meetings of the
directors may fix the place for holding any special meeting of the directors called by them.
5. NOTICE. Notice of any special meeting shall be given at least one day previously thereto by
written notice delivered personally, or by telegram or mailed to each director at his business address. If
mailed, such notice shall be deemed to be delivered when deposited in the United States mail so
addressed, with postage thereon prepaid. The attendance of a director at a meeting shall constitue a
waiver of notice of such meeting, except where a director attends a meeting for the express purpose of
objecting to the transaction of any business because the meeting is not lawfully called or convened.
6. QUORUM, At any meeting of the directors fifty (50) percent shall constitute a quorum for the
transaction of business, but if less than said number is present at a meeting, a majority of 'the directors
present may adjourn the meeting from time to time without further notice
7. MANNER OF ACTING. The act of the majority of the directors present at a meeting at which
a quorum is present shall he the act of the directors.
8. NEWLY CREATED DIRECTORSHIPS AND VACANCIES. Newly created directorships
resulting from an increase in the number of directors and vacancies occurring on the board for any
reason except the removal of directors without cause may be filled by a vote of the majority of the
directors then in office, although less than a quorum exists. Vacancies occurring by reason of the
removal of directors without cause shall be filled by vote of the stockholders. A director elected to fill a
vacancy caused by resignation, death or removal shall be elected to hold office for the unexpired term
of his predecessor.
9. REMOVAL OF DIRECTORS, Any or all of the directors may be removed by cause by vote of
the stockholders or by action of the board. Directors may be removed for cause by vote of the
stockholders.
10. RESIGNATION. A director may resign at any time by giving written notice to the board, the
president or the secretary of the corporation. Unless otherwise specified in the notice, the resignation
shall take effect upon receipt thereof by the board or such officer, and the acceptance of the resignation
shall not be necessary to make it effective.
11. COMPENSATION. No compensation shall be paid to directors, as such. for there services, but
by resolution of the board a fixed sum and expenses for actual attendance at each regular or special
meeting of the board may be authorized. Nothing herein contained shall he construed to preclude any
director from serving the corporation in any other capacity and receiving compensation therefor.
12. EXECUTIVE AND OTHER COMMITTEES. The board, by resolution may designate from
among its members an executive committee and other committees, each consisting of one (1) or more
directors. Each such committee shall serve at the pleasure of the board.
ARTICLE XV - OFFICERS
1. NUMBER. The officers of the corporation shall be the president, a secretary and a treasurer each
of whom shall be elected by the directors. Such other officers and assistant officers as may be deemed
necessary may be elected or appointed hy the directors.
2. ELECTION AND TERM OF OFFICE. The officers of the corporation to be elected by the directors shall be elected annually at the first meeting of the directors held after each annual meeting of the stockholders. Each officer shall hold office until his successor shall have been duly elected an shall
have qualified or until his death or until he shall resign or shall have been removed in the manner
hereinafter provided.
3. REMOVAL. Any officer or agent elected or appointed by the directors may be removed by the
directors whenever in their judgement the best interest of the corporation could be served thereby, but
such removal shall be without prejudice to contract rights, if an of the person so removed.
4. VACANCIES. Any vacancy in any office because of death, resignation, removal, disqualification
or otherwise, may be filled by the directors for the: unexpired portion of the term.
5. PRESIDENT. The president shall be the principal executive officer of the corporation and subject to the control of the directors, shall in general supervise and control all of the business and affairs of the corporation. He shall, when present, preside at all meetings of the stockholders and of the directors. He may sign, with the secretary or any proper officer of the corporation hereunto authorized by the directors, certificates for shares of the corporation any deeds. Mortgages, bonds contracts, or other instruments which the directors have authorized to be executed, except in cases where the directors or these by-laws to some other officer or agent of the corporation, shall be required by law to be otherwise signed or executed and in general shall preform all duties incident to the office of president
and such other duties as may be prescribed by the directors from time to time.
6. CHAIRMAN OF THE BOARD, In the absence of the president or int the event of his death, inability or refusal to act, the chairman of the board of directors shall assume the duties of the president. and when so acting, shall have all the powers of and be subject to all the restrictions upon the president.
The chairman of the board of directors shall preform such other duties as from time to time may be
assigned to him by the directors.
7. SECRETARY, The secretary shall keep the minutes of the stockholders' and of directors'
meetings in one or more books provided for the purpose, see that all notices are duly given in
accordance with the provisions of these by-laws or as required, be custodian of the corporate records
and of the seal of the corporation and keep a register of the post office address of each stockholder
which shall be furnished to the secretary by such stockholder, have general charge of the stock transfer
books of the corporation and in general perform all the duties incident to the office of the secretary and
such other duties as from rime to time maybe assigned to him by the president or by the directors.
8. TREASURER, If required by the directors, the treasurer shall give a bond for the faithful
discharge of his duties in such sum and with such surety or sureties as the directors shall determine. He
shall have charge and custody of and be responsible for all funds and securities of the corporation,
receive and give receipts for moneys due and payable to the corporation from any source whatsoever, :
and deposit all such money in the name of the corporation in such banks, trust companies or other
depositories as shall be selected in accordance with these by-laws and in general perform all of the
duties incident to the office of treasurer and such other duties as from time to time may be assigned to
him by the president or by the directors.
9. SALARIES, The salaries of the officers shall be fixed from time to time by the directors and no
officer shall be prevented from receiving such salary by reason of fact that he is also a director of the
corporation.
ARTICLE V - STOCK
1. CERTIFICATES.
The shares of stock shall be represented by consecutively numbered certificates signed in the name of
the Corporation by its President or Vice President and the Secretary or an assistant Secretary. and
shall be sealed with the seal of the Corporation or with a facsimile thereof. The signatures of the
Corporation's officers on such certificates may also be facsimiles if the certificate is countersigned by a
transfer agent, or registered by a registrar other than the Corporation itself or an employee of the
Corporation. In case any officer who has signed or whose facsimile signature has been placed upon
such certificate shall have ceased to be an officer before such certificate is issued, it may be issued by
the Corporation with the same effect as if he were such office. at the date of its issue. Certificates of
stock shall be in such form consistent with law as shall be prescribed by the Board of Directors. No
certificate shall be issued until the shares represented hereby are fully paid.
2. NEW CERTIFICATES.
No new certificates evidencing shares shall be issued unless and until the old certificate or certificates, in
lieu of which the new certificates is issued, shall be surrendered for cancellation, except as provided in
paragraph 2 of this Article V.
3. RESTRICTION OF TRANSFER.
No certificate shall be issued or re-issued without a restriction of transferability clearly imprinted
thereupon unless registered as required by law or an exemption from registration is available
ARTICLE VI - CONTRACTS, LOANS, CHECKS, AND DEPOSITS
1. CONTRACTS. The directors may authorize any officer or officers, agent or agents, to enter into
any contract or execute and delivery instrument in the name of and on behalf of the corporation and
such authority may be general or confined to specific instances.
2. LOANS. No loans shall be contracted on behalf of the corporation and no evidences of
indebtedness shall be issued in its name unless authorized by a resolution of the directors. Such
authority may be general or confined to specific instances.
3. CHECKS, DRAFTS, ETC. All checks, drafts or otter orders for payment of money, notes or
other evidences of indebtedness issued in the name of the corporation, shall be signed by such officer
or officers, agent or agents of the corporation and in such manner as shall from time to time be
determined by resolution of the directors.
4. DEPOSITS. All funds of the corporation not otherwise employed shall be deposited from time
to time to the credit of the corporation in such banks, trust companies or other depositary as the
directors may select.
ARTICLE VII - FISCAL YEAR
The fiscal year of the corporation shall begin on the 1st day January each year.
ARTICLE VIII - DIVIDENDS
The directors may from time to time declare, and the corporation may pay dividends on its outstanding
shares in the manner and upon the terms and conditions provided by law.
ARTICLE IX - SEAL
The directors shall provide a corporate seal whish shall be circular in form and shall have inscribed
therein the name of the corporation, the state of incorporation, year of' incorporation an the words,
''Corporate Seal".
ARTICLE X - WAIVER OF NOTICE
Unless otherwise provided by law, whenever any notice is required to given to any stockholder or
director of the corporation under the provisions of`these by-laws or under the provisions of the articles
of incorporation, a waiver thereof in writing, signed by the person or persons entitled to such notice,
weather before or after the time stated therein, shall be deemed equivalent to the giving of such notice.
ARTICLE XI - AMENDMENTS
These by-laws may be altered, amended or repealed and new by-laws may be adopted by a vote of
the stockholders representing a majority of all the shares issued and outstanding at any annual
stockholders' meeting or at any special stockholders' meeting when the proposed amendment has been
set out in the notice of such meeting.
Read and approved by the founder(s) of this corporation
/s/s /s/s /s/s
David M. Young Philip M. Young Thomas Dorsey
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