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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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AMENDED
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 31, 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 Sheet
Assets
March 31,
2000
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(unaudited)
Current Assets:
Cash ........................................................ $ 136
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Total Current Assets ... 136
Fixed Assets:
Equipment & fixtures ........................................ --
Less accumulated depreciation ............................... --
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Net Fixed Assets ... --
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Total Assets ... $ 136
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Liabilities and Shareholders' Deficit
Current Liabilities:
Payables and accrued interest ............................... $ 19,456
Loans from individuals ...................................... --
Advances from affiliates / stockholders .................... 181,065
Loan from affiliate / stockholder ........................... 57,500
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Total Current Liabilities ..... 258,021
Stockholders' Equity:
Common Stock, $.001 par value; authorized
100,000,000 shares, issued and outstanding 27,480,000 on
December 31, 1999 and 1998.................................. 27,480
Excess of par value over paid in capital ... (12,480)
Accumulated Deficit ... (272,885)
Total Stockholders' Deficit ... (257,885)
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Total Liabilities and Stockholders' Deficit $ 136
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See Accompanying Notes to the Financial Statements.
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International Star, Inc.
Statements of Operations
3 Months 3 Months
Period Ended Period Ended
March 31, March 31,
2000 1999
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(unaudited) (unaudited)
Revenue: .......................................... $ -- $ --
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Total Revenue -- --
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Expenses:
Mineral development costs .................... -- --
Interest expense ............................. 1,725 --
Depreciation expense / equipment abandonment.. -- --
General and administrative ................... 4,284 7,938
Legal & accounting fees ...................... 76 151
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Total Expenses 6,085 8,089
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Net Loss $ (6,085) $ (8,089)
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Weighted Average Shares Common Stock Outstanding .. 27,480,000 27,480,000
Net Loss Per Common Share $ (0.000) $ (0.000)
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See accompanying notes to financial statements
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International Star, Inc.
Statements of Cash Flows
3 Months 3 Months
Period Ended Period Ended
March 31, March 31,
2000 1999
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(unaudited) (unaudited)
Cash flows used in operating activities:
Net Loss ...... $ (6,085) $ (8,089)
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Net cash used in operations ........ (6,085) (8,089)
Changes to operating assets and liabilities:
Increase (decrease) in accounts payable
and accrued interest .......... 1,725 8,089
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Cash flows used in operating acitivities .... (4,360) --
Cash flows from financing activities:
Advances from stockholders / affiliates ......... 1,423 --
Cash flows from financing acitivities ......... 1,423 --
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Net increase (decrease) in cash.... (2,937) --
Cash at beginning of period ....... 3,073 --
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Cash at End of Period ........ $ 136 $ --
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See accompanying notes to financial statements
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Notes to Interim Financial Statements
The interim unaudited financial statements should be read in connection
with the audited financial statements ended December 31, 1999. The amount of the
net loss is a reflection of the available funding to the Company. The size of
the Company's losses is limited to available funding to the Company.
International Star, Inc. is not currently operating any activities which would
produce revenues in the next quarter.
The Company is maintaining its mineral lease properties, although the
current low level of precious metals prices would make it extremely difficult to
obtain funding to commercially develop the mineral leases at this time.
The Company has relied on stockholder advances and loans from individuals
to conduct the development of its mineral property and explore various business
opportunities. The ability of the Company to continue is a function of its
ability to attract outside equity capital. International Star, Inc. owes a total
of $80,000 in notes, which will mature on February 15, 2001. The Company is
negotiating to convert the notes and accrued interest into common stock. It has
no ability to meet its liabilities by cash flow. The Company will attempt to
convert all of its debt into common stock to allow it to obtain additional
capital for future business opportunities.
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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