U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Quarterly Report Under
the Securities Exchange Act of 1934
For Quarter Ended: December 31, 1999
Commission File Number: 000-24447
PARPUTT ENTERPRISES, INC.
(Exact name of small business issuer as specified in its charter)
Colorado
(State or other jurisdiction of incorporation or organization)
88-1446188
(IRS Employer Identification No.)
12835 E. Arapahoe Road
Tower I, Penthouse
Englewood, Colorado
(Address of principal executive offices)
80112
(Zip Code)
(303) 768-9221
(Issuer's Telephone Number)
2851 South Parker Road, Suite 720
Aurora, Colorado 80014
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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 number of shares of the registrant's only class of common stock issued and
outstanding, as of December 31, 1999, was 500,000 shares.
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS.
The unaudited financial statements for the three month period ended
December 31, 1999 are attached hereto.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the Company's
unaudited financial statements and notes thereto included herein. In connection
with, and because it desires to take advantage of, the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995, the Company cautions
readers regarding certain forward looking statements in the following discussion
and elsewhere in this report and in any other statement made by, or on the
behalf of the Company, whether or not in future filings with the Securities and
Exchange Commission. Forward looking statements are statements not based on
historical information and which relate to future operations, strategies,
financial results or other developments. Forward looking statements are
necessarily based upon estimates and assumptions that are inherently subject to
significant business, economic and competitive uncertainties and contingencies,
many of which are beyond the Company's control and many of which, with respect
to future business decisions, are subject to change. These uncertainties and
contingencies can affect actual results and could cause actual results to differ
materially from those expressed in any forward looking statements made by, or on
behalf of, the Company. The Company disclaims any obligation to update forward
looking statements.
The Company generated no revenues during the three month period ending
December 31, 1999. Management of the Company anticipates that the Company will
not generate any significant revenues until the Company accomplishes its
business objective of merging with a nonaffiliated entity or acquiring assets
from the same.
The Company's securities are currently not liquid. There are no market
makers in the Company's securities and it is not anticipated that any market
will develop in the Company's securities until such time as the Company
successfully implements its business plan of engaging in a business opportunity,
either by merger or acquisition of assets. The Company presently has no liquid
financial resources to offer such a candidate and must rely upon an exchange of
its stock to complete such a merger or acquisition.
Because the Company is not required to pay rent or salaries to any of its
officers or directors, management believes
2
<PAGE>
that the Company has sufficient funds to continue operations through the
foreseeable future.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS - NONE
ITEM 2. CHANGES IN SECURITIES - NONE
ITEM 3. DEFAULTS UPON SENIOR SECURITIES - NONE
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS -
NONE.
ITEM 5. OTHER INFORMATION - NONE.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -
(a) Exhibits
EX-27 Financial Data Schedule
(b) Reports on Form 8-K
None.
3
<PAGE>
<TABLE>
PARPUTT ENTERPRISES, INC.
(A Development Stage Company)
Unaudited
Balance Sheet
<CAPTION>
Unaudited Audited
December 31, September 30,
1999 1999
--------- -----------
<S> <C> <C>
ASSETS
Current Assets - Cash $ 0 $ 0
--------- -----------
TOTAL ASSETS $ 0 $ 0
========= ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities $ 0 $ 0
--------- -----------
SHAREHOLDERS' EQUITY
Common Stock, $.0001 Par Value;
100,000,000 Shares Authorized,
500,000 Issued and Outstanding at
December 31, 1999 and September 30,
1999, respectively $ 50 $ 50
Preferred Stock, $.001 Par Value;
25,000,000 Shares Authorized,
No Shares Issued and Outstanding 0 0
Additional Paid In Capital
on Common Stock 450 450
Deficit Accumulated During
the Development Stage (500) (500)
--------- -----------
Total Shareholders' Equity $ 0 $ 0
--------- -----------
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY $ 0 $ 0
========= ===========
</TABLE>
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<PAGE>
<TABLE>
PARPUTT ENTERPRISES, INC.
(A Development Stage Company)
Unaudited
Statement of Operations
<CAPTION>
For the For the November 4, 1996
Three Months Three Months (Inception)
Ended Ended Thru
December 31, December 31, December 31,
1999 1998 1999
------------ ------------ -------------
<S> <C> <C> <C>
Revenue $ 0 $ 0 $ 0
------------ ------------ -------------
Expenses 0 0 500
------------ ------------ -------------
Net (Loss) Accumulated
During The Development
Stage $ 0 $ 0 $ (500)
============ ============ ==============
Net (Loss) Per Share $ ($0.00) $ ($0.00) $ ($0.00)
============ ============ ==============
Common Shares
Outstanding 500,000 500,000 500,000
============ ============ ==============
</TABLE>
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<PAGE>
<TABLE>
PARPUTT ENTERPRISES, INC.
(A Development Stage Company)
Unaudited
Cash Flow Statement
<CAPTION>
For the For the November 6, 1996
Three Months Three Months (Inception)
Ended Ended Thru
December 31, December 31, December 31,
1999 1998 1999
------------ ------------ --------------
<S> <C> <C> <C>
Net (Loss) Accumulated During
The Development Stage $ 0 $ 0 $ (500)
Issuance of Common Stock For
Cash Advances & Services 0 0 500
------------ ------------ -------------
Net Cash Flows
From Operations 0 0 0
Cash Flows From
Financing Activities:
Issuance of Common Stock 0 0 0
------------ ------------ -------------
Net Cash Provided
by Financing Activities 0 0 0
------------ ------------ -------------
Net Increase (Decrease) in Cash 0 0 0
Cash At Beginning of Period 0 0 0
------------ ------------ -------------
Cash At End of Period $ 0 $ 0 $ 0
============ ============ =============
Supplementary Disclosure of
Cash Flow Information:
Noncash Financing Activities:
Common Stock Issued For
Cash Advances & Services $ 0 $ 0 $ 500
============ ============ =============
</TABLE>
6
<PAGE>
<TABLE>
PARPUTT ENTERPRISES, INC.
(A Development Stage)
Unaudited
Statement of Shareholders' Equity
<CAPTION>
Deficit
Accumulated
Number of Additional During the
Shares Common Paid In Development
Common Stock Stock Capital Stage Total
------------ ------ ---------- ----------- -------
<S> <C> <C> <C> <C> <C>
Balance at
November 4, 1996 0 $ 0 $ 0 $ 0 $ 0
Issuance of Common Stock:
November 4, 1996 For
Cash Advances and
Services At $.001 Per
Share 500,000 $ 50 450 0 500
Net (Loss) (500) (500)
------------ ------ ---------- ---------- -------
Balance at September
30, 1997, 1998,
& 1999 500,000 50 450 (500) 0
Net (Loss) 0 0
------------ ------ ---------- ---------- -------
Balance at
December 31, 1999 500,000 50 $ 450 $ (500) $ 0
============ ====== ========== ========== =======
</TABLE>
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<PAGE>
PARPUTT ENTERPRISES, INC.
Notes to Unaudited Financial Statements
For The Three Month Period Ended December 31, 1999
- --------------------------------------------------
Note 1 - Unaudited Financial Information
- ----------------------------------------
The unaudited financial information included for the three month interim period
ended December 31, 1999, were taken from the books and records without audit.
However, such information reflects all adjustments (consisting only of normal
recurring adjustments, which are of the opinion of management, necessary to
reflect properly the results of interim period presented). The results of
operations for the three month period ended December 31, 1999, are not
necessarily indicative of the results expected for the fiscal year ended
September 30, 2000.
Note 2 - Financial Statements
- -----------------------------
Management has elected to omit substantially all footnotes relating to the
condensed financial statements of the Company included in the report. For a
complete set of footnotes, reference is made to the Company's Form 10-SB as
filed with the Securities and Exchange Commission and the audited financial
statements for the fiscal year ended September 30, 1999, included therein.
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<PAGE>
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
PARPUTT ENTERPRISES, INC.
(Registrant)
Dated: February 9, 2000
By: s/Andrew I. Telsey
--------------------
Andrew I. Telsey,
President
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<PAGE>
PARPUTT ENTERPRISES, INC.
EXHIBIT INDEX TO QUARTERLY REPORT ON FORM 10-QSB
FOR THE QUARTER ENDED DECEMBER 31, 1999
EXHIBITS Page No.
EX-27 Financial Data Schedule..............................................11
10
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTH PERIOD ENDED DECEMBER 31,
1999, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-END> DEC-31-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 50
<OTHER-SE> (50)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
