UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-QSB
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[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ended: September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Commission File Number: 000-29595
WESTNET COMMUNICATION GROUP, INC.
Incorporated pursuant to the laws of the state of Nevada
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IRS Employer Identification No. - 88-0441332
2921 N. Tenaya Way, Suite 216, Las Vegas, NV 89128
(702) 947-4877
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 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 [ ]
The Company had 3,500,000 shares of common stock outstanding at September 30,
2000.
Transitional Small Business Disclosure Format (check one):
Yes [ ] No [ X ]
WESTNET
COMMUNICATION GROUP, INC.
TABLE OF
CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Balance Sheets as of March 31, 2000
Statements of Operations
Statements of Cash Flows
Statement of Changes in Shareholders' Equity
Notes to Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
Signature Page
Exhibit 27 - Financial Data Schedule
PART 1 -
FINANCIAL STATEMENTS
WESTNET COMMUNICATIONS GROUP, INC.
Balance Sheets
(unaudited)
ASSETS September 30, 2000 December 31, 1999
------ -------------------- -------------------
Current Assets:
Cash $44,053 $55,000
Total Current Assets $44,053 $55,000
Organizational costs - net of accumulated $638 $750
amortization of $112 at Sept. 30, 2000
-------------------- -------------------
Total Assets $44,691 $55,750
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Liabilities and Stockholders' Equity (Deficit)
--------------------------------------------
Current Liabilities:
Payables $0 $0
Total Current Liabilities $0 $0
Stockholders' Equity:
Common Stock, $.001 par value; Authorized 25,000,000
shares issued and outstanding 1,750,000 shares on December $3,500 $1,750
31, 1999; and 3,500,000 on September 30, 2000
Paid In Capital $66,000 $67,750
Accumulated Deficit ($24,809) ($13,750)
-------------------- -------------------
Total Stockholders' Equity (Deficit) $44,691 $55,750
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Total Liabilities and Stockholders' Equity (Deficit) $44,691 $55,750
-------------------- -------------------
See Accompanying Notes to the Financial Statements
WESTNET
COMMUNICATIONS GROUP, INC.
Statements of Operations
(unaudited)
9 Months 9 Months 3 Months 3 Months
Ended Ended Ended Ended
Sept. 30, 2000 Sept. 30,1999 Sept. 30, 2000 Sept. 30, 1999
------------------- ----------------- -------------------- ----------------
Interest Income $1,504 $0 $535 $0
Expenses:
General and Administrative $251 $0 $226 $0
Consulting expense $12,200 $0 $12,200 $0
Amortization Organizational $112 $0 $38 $0
Costs
Total Expenses $12,563 $0 $12,464 $0
Net Income before taxes ($11,059) $0 ($11,929) $0
Income Taxes $0 $0 $0 $0
Income tax benefit of net $0 $0 $0 $0
operating loss carryforward
Net Income ($11,059) $0 ($11,929) $0
------------------- ------------------- -------------------- ----------------
Weighted Average Shares 2,236,111 0 2,722,222 0
Common Stock Outstanding
Net Loss per Common Share $0.000 $0.000 $0.000 $0.000
(primary and fully dilutive) ------------------- ------------------- -------------------- ----------------
See Accompanying Notes to the Financial Statements
Company was formed on October 14, 1999, therefore no comparable three or six
months periods exist in 1999.
WESTNET COMMUNICATIONS GROUP, INC.
Statement of Cash Flows
Nine Months Ended September 30, 2000 and September 30, 1999
(Unaudited)
Nine Months Nine Months
Ended Ended
Sept. 30, 2000 Sept. 30, 1999
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Cash Flows from Operating Activities:
Net Income: ($11,059) $0
Expenses not requiring cash-amortization of $112 $0
organizational costs
Changes to operating assets and liabilities: $0 $0
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Cash flows from ($10,947) $0
operating activities
Net increase in ($10,947) $0
cash
Cash at beginning $55,000 $0
of period
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Cash at end of $44,053 $0
period
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See Accompanying Notes to the Financial Statements
WESTNET COMMUNICATIONS GROUP, INC.
Statement of Stockholders' Equity
From Inception (October 14, 1999) to September 30, 2000
(Unaudited)
Common Common Paid-in Accumulated Total Equity
Stock Stock Capital Capital
Shares Amount
--------------- --------------- ---------------- ---------------- ---------------
Balances at October 14, 1999 0 $0 $0 $0 $0
Founders shares issued for 450,000 $450 $4,050 $0 $4,500
services valued at $.01 per share
Common Stock issued for cash at 1,300,000 $1,300 $63,700 $0 $65,000
$.05 per share
Net loss for period from
inception (Oct. 24, 1999) through 0 $0 $0 ($13,750) ($13,750)
Dec. 31, 1999
May 10, 2000 Common Stock 1,750,000 $1,750 ($1,750.00) $0 $0
split 2 for 1
Net loss for 9 months ending $0 $0 ($11,059) ($11,059)
Sept. 30, 2000
Balances, Sept. 30, 2000 3,500,000 $3,500 $66,000 ($24,809) $44,691
-------------- -- -------------- ---------------- ---------------- ---------------
See Accompanying Notes to the Financial Statements
WESTNET
COMMUNICATIONS GROUP, INC.
Notes to
Financial Statements
September
30, 2000
These
financial statements reflect the stock transactions of WESTNET COMMUNICATIONS
GROUP, Inc. (“the Company”) from inception (October 14, 1999) through
September 30, 2000. The Company was organized in Nevada. The Company has not yet
commenced operations and is exploring various business opportunities. In the
opinion of management, all adjustments necessary for a fair presentation of
results of operations have been made to the financial statements. Results of
operations from the nine months ending September 30, 2000 are not necessarily
indicative of the results of operations for the year.
Organizational costs are amortized to expense over 60 months starting January 1,
2000.
There are no timing differences between the financial statements and income tax
accounting of the Company.
ITEM 2 -
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS
OF OPERATIONS
Results of
Operations
The Company had no business
operations during the period to which this report relates.
Liquidity and
Capital Resources
The Company had no income from operations in the period to which this report
relates, nor has it any ready sources of capital. The Company believes that its
cash reserves will be sufficient to sustain its current level of activity for a
year or more while the company continues to investigate acquisition
opportunities.
The Company has filed a
registration statement with the United States Securities and Exchange Commission
on behalf of certain selling shareholders, which has not yet become effective.
The Company will not receive any proceeds from the sales of shares under the
registration statement.
PART II -
OTHER INFORMATION
ITEM 6 -
EXHIBITS AND REPORTS ON FORM 8-K
None.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: October 20, 2000
WESTNET COMMUNICATION GROUP, INC.
by:
/s/ Elizabeth A. Sanders
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President
