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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: June 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
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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
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The Company had 3,500,000 shares of common stock outstanding at June 30, 2000.
Transitional Small Business Disclosure Format (check one): Yes No X
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WESTNET COMMUNICATION GROUP, INC.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Balance Sheets as of June 30, 2000 ..................................3
Statements of Operations ............................................4
Statements of Cash Flows ............................................5
Notes to Consolidated Financial Statements (unaudited)...............6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations...................................7
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K................................7
Signature Page........................................................8
Exhibit 27. Financial Data Schedule ................................EX-27
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PART I - FINANCIAL INFORMATION
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WESTNET COMMUNICATION GROUP, INC.
BALANCE SHEET
June 30, 2000
June 30
2000
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ASSETS
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Cash ......................................... $ 55,944
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Total Current Assets ...................... $ 55,944
Organization Costs
(net of accumulated amortization of %75) ... 675
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TOTAL ASSETS .............................. $ 56,619
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LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
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Payables -
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TOTAL CURRENT LIABILITIES $ -
Common Stock, $.001 par value; Authorized
25,000,000, issued and outstanding
3,500,000 shares on May 31, 2000 ............. 3,500
Paid in Capital .............................. 66,000
Accumulated Deficit ........................... ( 12,881)
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Total Stockholders' Equity (Deficit) .... 56,619
TOTAL LIABILITIES AND ----------
STOCKHOLDERS' EQUITY (DEFICIT) .......... $ 56,619
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SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
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WESTNET COMMUNICATION GROUP, INC.
STATEMENT OF INCOME
<TABLE>
<CAPTION>
Six Months Six Months Three Months Three Months
Ended Ended Ended Ended
June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999
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(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INCOME
Interest Income $ 969 $ -- $ 549 $ --
EXPENSES
General and Administrative 25 -- -- --
Amortization of organizational costs 75 -- 38 --
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TOTAL EXPENSES $ 100 -- 38 --
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NET INCOME BEFORE TAXES $ 869 $ -- $ 511 $ --
Income Taxes 130 -- 100 --
Income tax benefit of net
operating loss carryforward (130) -- (100) --
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NET INCOME $ 869 $ -- $ 511 $ --
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Weighted Average Shares
Common Stock Outstanding 2,236,111 2,722,222
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NET INCOME PER COMMON SHARE $ (0.000) $ (0.000) $ (0.000) $ (0.000)
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</TABLE>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS
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WESTNET COMMUNICATION GROUP, INC.
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
6 Months Ended 6 Months Ended
June 30, 2000 June 30, 1999
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<S> <C> <C>
Cash flows used in operating activities:
Net Income ....................................... $ 869 $ --
Non-cash Expenses
(Amortization of Organization Costs) ........... 75 --
Changes to operating assets and liabilities ...... -- --
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Cash flows used in operating activities .......... $ 944 $ --
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Net increase (decrease) in cash ....................... $ 944 $ --
Cash at beginning of period ........................ 55,000 --
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Cash at end of period .............................. $ 55,944 $ --
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</TABLE>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS
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WESTNET COMMUNICATION GROUP, INC.
Notes to Financial Statements
1. Basis of Preparation
The unaudited information included herein includes, in the opinion of
management, all adjustments necessary for a fair presentation of the results of
operations for the period covered hereby.
The preparation of the Company's financial statements requires management to
make estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results may vary from these estimates.
The Company was organized under the laws of the state of Nevada October 14,
1999. The Company has not yet commenced operations and is exploring various
business opportunities.
Organizational costs are amortized to expense over 60 months starting January 1,
2000.
There are no timing differences between the financial statement and income tax
accounting of the Company.
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ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
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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 have we any ready sources of additional capital. Our officers and
shareholders have from time to time borne expenses on behalf of the Company. We
expect that our current cash reserves will be adequate to sustain us for the
next 12 months while we continue to search for a suitable acquisition or
business combination with an operating company.
On June 28, 2000, the Company filed with the Securities and Exchange Commission
a registration statement on Form SB-2 with respect to 3,500,000 shares of its
common stock held by selling shareholders ("the Offering"). The Company will not
realize any proceeds from any sales of securities under the offering.
Part II - Other Information
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
None
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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.
WESTNET COMMUNICATION GROUP, INC. Dated: August 12, 2000
by:
/s/ Elizabeth Sanders
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President
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