3045 Corporation
United States Securities and Exchange Commission
Washington, DC 20549
FORM 10-QSB
[ x ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended May 31, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from __________ to __________
Commission File Number 333-94265
3045 Corporation
Florida 06-1562447
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
3045 N. Federal Hwy, Suite 60, Fort Lauderdale, Florida 33306
954-565-1400
(Address and telephone of executive office)
Check whether the issuer (1) filed all reports to be filed by Section 13 or
15(d) of the 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 [ ]
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the last practicable date: As of May 31, 2000,
1,037,000 shares of the registrant's common stock were issued and outstanding.
Transitional Small Business Disclosure Format (Check one): Yes [ ] No [ x ]
Item 1. Financial Statements.
3045 Corporation
A Development Stage Company
Balance Sheets
May 31, November 30,
2000 1999
(Unaudited) (Audited)
-------------------------------
ASSETS
Current Assets:
Cash and Cash Equivalents $ 128 $ 8,331
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Total Current Assets 128 8,331
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Total Assets $ 128 $ 8,331
==========================================================================
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable
Loan Payable $ 20,900 $ 15,500
Accrued Liabilities 567 8,267
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Total Current Liabilities 21,467 23,767
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Equity
Common Stock 5,350 5,350
Retained Earnings (26,689) (20,686)
Stock Subscriptions Receivable - (100)
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Total Equity (21,339) (15,436)
--------------------------------------------------------------------------
Total Liabilities and Equity $ 128 $ 8,331
==========================================================================
The accompanying notes to financial statements are an integral part hereof.
3045 Corporation
A Development Stage Company
Statements of Operations
(Unaudited)
SIX MONTHS ENDED ONE MONTH ENDED
MAY 31, 2000 NOVEMBER 30, 1999
(Unaudited) (Audited)
-----------------------------
REVENUES
General and Administrative
Expenses $ 6,003 $ 20,686
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Operating Loss (6,003) (20,686)
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Net Loss $(6,003) $(20,686)
==========================================================================
Net Loss per share $(0.006) $ (0.04)
==========================================================================
The accompanying notes to financial statements are an integral part hereof.
3045 Corporation
A Development Stage Company
Statements of Cash Flows
SIX MONTHS ENDED ONE MONTH ENDED
MAY 31, 2000 NOVEMBER 30, 1999
(Unaudited) (Audited)
---------------------------------
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Loss $(6,003) $(20,686)
Adjustments to reconcile net
loss to net cash used by
operating activities:
Common stock exchanged
For services - 3,750
(Decrease) Increase in Accrued Liabilities (7,700) 8,267
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NET CASH USED BY
DEVELOPMENT STAGE
OPERATING ACTIVITIES (13,703) (8,669)
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CASH FLOWS FROM
FINANCING ACTIVITIES
Proceeds from note payable to
Officer/shareholder 5,400 15,500
Sale of Common Stock 100 1,500
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NET CASH PROVIDED BY
FINANCING ACTIVITIES 5,500 17,000
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NET DECREASE IN CASH
EQUIVALENTS FOR THE
PERIOD AND CUMULATIVE
DURING THE DEVELOPMENT
STAGE (8,203) 8,331
CASH AND EQUIVALENTS - BEGINNING OF PERIOD 8,331 -
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CASH AND EQUIVALENTS - END OF PERIOD $ 128 $ 8,331
==========================================================================
The accompanying notes to financial statements are an integral part hereof.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
In the opinion of management, the interim financial statements contain all
adjustments, consisting only of normal recurring adjustments, necessary to
present fairly the financial position of 3045 Corporation ("Company" or
"3045") as of May 31, 2000, and the results of its interim operations and
cash flows for the six months ended May 31, 2000, in accordance with
generally accepted accounting principles. The results for interim periods
are not necessarily indicative of results for a full year.
3045 Corporation (A Development Stage Company) (the Company) is a
Florida corporation formed in October 1999, primarily to provide information
services related to the mortgage industry through the internet.
The Company has been devoting its efforts to activities such as raising
capital, establishing sources of information, and developing markets for
its planned operations. The Company has not yet generated any revenues and, as
such, it is considered a development stage company.
Part 1, Item 2
Management's Discussion and Analysis
Plan of Operation
The Company anticipates being able to satisfy its cash requirements for the
next twelve months. If it becomes necessary for the Company to raise additional
funds in the next twelve months, the founder, Kim A. Naimoli, who has necessary
funds, will advance funds as needed, and/or the Company will sell additional
common stock.
As of the first quarter, The Company had launched a web site:
(http://hammer.prohosting.com/~ snaimoli/). Effective with the second quarter,
the Company established a more traditional web site: (www.3045Corp.com) and
anticipates internet activity in the near future. Additional web-site
enhancement is planned, including but not limited to indexing with numerous
search engines, addition of mortgage payment calculators, mortgage amortization
calculators and other related mortgage analysis tools.
The Company plans on contacting mortgage brokers, mortgage bankers,
correspondent mortgage lenders to affiliate with the Company in order to
provide referrals to consumers accessing the Company's web site. The Company
will start in the state of Florida and extend its marketing efforts to other
states when the time is appropriate.
On May 24, 2000 the Company contracted with and appointed Florida Atlantic
Stock Transfer, Inc. as Transfer agent and Registrar. This represents one of the
final steps necessary to begin regular trading. At this time, the Company is
awaiting the assignment of a stock symbol which will enable the Company to
conduct regular trading.
There are no expectations of purchasing or selling of plant and significant
equipment. The Company has unlimited and unrestricted of plant and
equipment belonging to the founder, Kim A. Naimoli. Such plant and equipment is
sufficient to meet the operational and technical needs of the Company for at
least the next twelve months.
There are no expected significant changes in the number of employees.
Signatures
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
3045 Corporation
(Registrant)
Date: June 19, 2000 __ /s/ Kim A. Naimoli _
Kim A. Naimoli, President
