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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 ] AMENDED QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ended: March 31, 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: 0-28861
INTERNATIONAL STAR, INC.
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IRS Employer Identification No. - 86-0876846
2808 CHILDRESS, Las Vegas, NV 89109
(702) 869-8757
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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 27,480,000 shares of common stock outstanding at March 30, 2000.
Transitional Small Business Disclosure Format (check one): Yes No X
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Balance Sheets as of March 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.......................6
PART II. OTHER INFORMATION
Item 6. Articles of Incorporation ...............................6
Signature Page...........................................7
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ITEM 1 - FINANCIAL STATEMENTS
International Star, Inc.
Balance Sheets
Assets
March 31,
1999
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Current Assets:
Cash ........................................................ $ 3,073
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Total Current Assets . 3,073
Fixed Assets:
Equipment & fixtures ........................................ --
Less accumulated depreciation ............................... --
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Net Fixed Assets . --
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Total Assets . $ 3,073
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Liabilities and Shareholders' Deficit
Current Liabilities:
Payables and accrued interest .............................. $ 17,731
Loans from individuals ..................................... 80,000
Advances from affiliates / stockholders ................... 99,642
Loan from affiliate / stockholder .......................... 57,500
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Total Current Liabilities . 254,873
Stockholders' Equity:
Common Stock, $.001 par value; authorized
100,000,000 shares, issued and outstanding 27,480,000 ....... 27,480
on December 31, 1999 and 1998................................
Excess of par value over paid in capital . (12,480)
Accumulated Deficit . (266,800)
Total Stockholders' Deficit . (251,800)
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Total Liabilities and Stockholders' Deficit $ 3,073
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See Accompanying Notes to the Financial Statements.
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International Star, Inc.
Statements of Operations
Period Ended Period Ended
March 31, March 31,
2000 2000
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Revenue: .................................. $ -- $ --
Total Revenue -- --
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Expenses:
Mineral development costs .................... 800 23,496
Interest expense ............................. 3,891 1,500
Depreciation expense / equipment abandonment . -- 6,283
General and administrative ................... 71,506 39,039
Legal & accounting fees ...................... 52,705 7,627
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Total Expenses 128,902 77,945
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Net Loss $ (128,902) $ (77,945)
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Weighted Average Shares Common Stock Outstanding ... 27,480,000 27,480,000
Net Loss Per Common Share $ (0.005) $ (0.003)
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See accompanying notes to financial statements
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International Star, Inc.
Statements of Cash Flows
Period Ended Period Ended
March 31, March 31,
2000 2000
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Cash flows used in operating activities:
Net Loss ..... $(128,902) $ (77,945)
Depreciation expense / equipment abandonment .... -- 6,283
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Net cash used in operations ........ (128,902) (71,662)
Changes to operating assets and liabilities:
Increase (decrease) in accounts payable
and accrued interest .......... 4,117 (4,889)
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Cash flows used in operating acitivities .... (124,785) (76,551)
Cash flows from financing activities:
Loans from individuals .......................... 80,000 --
Advances from stockholders / affiliates ......... 40,358 59,139
Loans from stockholders / affiliates ............ 7,500 --
Cash flows from financing acitivities ........ 127,858 59,139
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Net increase (decrease) in cash 3,073 (17,412)
Cash at beginning of period ........ -- 17,412
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Cash at End of Period ........ $ 3,073 $ --
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See accompanying notes to financial statements
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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.
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.
PART II - OTHER INFORMATION
Item 6 - Articles of Incorporation.
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.
International STAR
(Registrant)
/s/ Kamal Alawas
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President, Chief Financial Officer
and Director
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