UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
[x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________ to ___________ .
Commission File number 000-26119
ALTRIMEGA HEALTH CORPORATION
________________________________________________________
(Exact name of registrant as specified in charter)
Nevada 87-0631750
________________________________ ____________________________________
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
3672 East Cove Point Drive, Salt Lake City, Utah 84109
______________________________________________________ ___________
(Address of principal executive offices) (Zip Code)
801-278-8000
___________________________________________________
Registrant's telephone number, including area code
___________________________________________________________________
(Former name, former address, and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), Yes[ x ] No[ ] and (2) has
been subject to such filing requirements for the past 90 days. Yes[ x ] No[ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the last practicable date.
Class Outstanding as of March 31, 2000
_____________________ ____________________________________
Common Stock, $0.001 5,000,000
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<PAGE>
INDEX
Page
Number
-------
PART I.
ITEM 1. Financial Statements (unaudited)............................3
Balance Sheets .............................................4
March 31, 2000 and December 31, 1999
Statements of Operations
For the three months ended March 31, 2000 and 1999.......5
and the period from September 8, 1998 to March 31, 2000
Statements of Cash Flows
For the three months ended March 31, 2000 and 1999.........6
and the period from September 30, 1998 to March 31, 2000
Notes to Financial Statements...............................7
ITEM 2. Plan of Operations..........................................10
PART II.
ITEM 1. Legal Proceedings ............................................10
ITEM 2. Changes In Securities and Use of Proceeds.................... 10
ITEM 3. Defaults Upon Senior Securities...............................10
ITEM 4. Submission of Matters to a Vote of Security Holders...........10
ITEM 5. Other Information ............................................10
ITEM 6. Exhibits and Reports on Form 8-K..............................10
SIGNATURES...............................................................11
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<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The accompanying balance sheets of Altrimega Health Corporation (a development
stage company) at March 31, 2000 and December 31 1999, and the statements of
operations for the three months ended March 31, 2000 and 1999 and the period
from September 8, 1998 to March 31, 2000, and the cash flows for the three
months ended March 31, 2000 and 1999, and the period from September 8, 1998
to March 31, 2000, have been prepared by the Company's management and they do
not include all information and notes to the financial statements necessary
for a complete presentation of the financial position, results of operations,
cash flows, and stockholders' equity in conformity with generally accepted
accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature.
Operating results for the quarter ended March 31, 2000, are not necessarily
indicative of the results that can be expected for the year ending December
31, 2000.
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<PAGE>
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
BALANCE SHEETS
March 31, 2000 and December 31, 1999
(unaudited)
Mar 31, Dec 31,
------------- -------------
ASSETS
CURRENT ASSETS
Cash $ 7,352 $ 4,125
------------- -------------
Total Current Assets 7,352 4,125
------------- -------------
PROPERTY AND EQUIPMENT - Net of
accumulated depreciation - Note 2 2,526 2,626
------------- -------------
ADVANCE DEPOSIT - LEASE - Note 3 3,334 6,666
------------- -------------
$ 13,212 $ 13,417
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Note payable - Note 4 $ 5,000 $ 5,000
Accounts payable 1,500 1,500
------------- -------------
Total Current Liabilities 6,500 6,500
------------- -------------
STOCKHOLDERS' EQUITY
Preferred stock
10,000,000 shares authorized at $0.001 par
value; none outstanding - -
Common stock
50,000,000 shares authorized at $0.001 par
value; 5,000,000 shares issued and outstanding 5,000 5,000
Common stock subscriptions received - Note 5 15,000 -
Capital in excess of par value 41,500 41,500
Deficit accumulated during the development stage (54,788) (39,583)
------------- -------------
Total Stockholders' Equity 6,712 6,917
------------- -------------
$ 13,212 $ 13,417
============= =============
The accompanying notes are an integral part of these financial statements.
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<PAGE>
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2000 and 1999 and the Period
September 8, 1998 (Date of Inception) to March 31, 2000
September 8, 1998
Three Months Three Months (Date of Inception)
Mar 2000 Mar 1999 to Mar 31, 2000
------------ ------------ ----------------
REVENUES $ 1,075 $ - $ 1,075
EXPENSES 16,280 - 55,863
------------ ------------ ----------------
NET LOSS $ (15,205) $ - $ (54,788)
============ ============ ================
NET LOSS PER COMMON SHARE
Basic $ -
============
AVERAGE OUTSTANDING SHARES
Basic 5,000,000
============
The accompanying notes are an integral part of these financial statements.
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<PAGE>
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2000 and 1999 and the Period
September 8, 1998 (Date of Inception) to March 31, 2000
September 8,1998
Three months Three Months (Date of Inception)
Mar 2000 Mar 1999 to March 31, 2000
------------ ------------ ------------------
CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ (15,205) $ - $ (54,788)
Adjustments to reconcile net
loss to net cash provided by
operating activities
Depreciation and amortization 3,432 - 6,940
Changes in accounts payable - - 1,500
------------ ------------ ------------------
Net Cash Used in Operations (11,773) - (46,348)
------------ ------------ ------------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of equipment - - (2,800)
Advance deposit - lease - - (10,000)
------------ ------------ ------------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from loan - - 5,000
Proceeds from stock
subscriptions received 15,000 - 15,000
Proceeds from issuance of
common stock - - 46,500
------------ ------------ ------------------
Net Increase in Cash 3,227 - 7,352
Cash at Beginning of Period 4,125 - -
------------ ------------ ------------------
Cash at End of Period $ 7,352 $ - $ 7,352
============ ============ ==================
The accompanying notes are an integral part of these financial statements.
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ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on
September 8, 1998 with the name of Mega International Health Corporation with
authorized common stock of 50,000,000 shares with a par value of $0.001 and
preferred stock of 10,000,000 shares with a par value of $0.001. The board of
directors will determine the powers and rights of the preferred stock when it
is issued. On June 23, 1999 the name was changed to Altrimega Health
Corporation.
The Company was organized for the purpose of marketing nutritional products.
The Company is in the development stage.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
- ------------------
The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
- ----------------
The Company has not adopted a policy regarding payment of dividends.
Property and Equipment
- ----------------------
The equipment consists of office furniture and equipment which is being
depreciated over 5 and 7 years.
Income Taxes
- ------------
On March 31, 2000 the Company had a net operating loss carryforward of
$54,788. The tax benefit from the loss carry forward has been fully offset by
a valuation reserve because the use of the future tax benefit is doubtful,
since the Company has no operations on which to project future net profits.
The loss carryover will expire in 2022.
Basic and Diluted Net Income (Loss) Per Share
- ---------------------------------------------
Basic net income (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding. Diluted net income (loss) per
share amounts are computed using the weighted average number of common shares
and common equivalent shares outstanding as if shares had been issued on the
exercise of the preferred share rights unless the exercise becomes
antidilutive and then only the basic per share amounts are shown in the
report.
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<PAGE>
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
Comprehensive Income
- --------------------
The Company adopted Statement of Financial Accounting Standards No. 130. The
adoption of this standard had no impact on the total stockholder's equity on
February 29, 1999.
Recent Accounting Pronouncements
- --------------------------------
The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.
Estimates and Assumptions
- -------------------------
Management uses estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.
Financial Instruments
- ----------------------
The carrying amounts of financial instruments, including cash, advance
deposits, property and equipment and accounts payable, are considered by
management to be their estimated fair values.
3. ADVANCE DEPOSIT - LEASE
The Company paid an advance deposit on the lease of office and storage space.
The terms of the lease is $833 per month for twelve months starting September
1, 1999. The deposit is being amortized at the rate of $833 per month.
4. NOTE PAYABLE
The note payable consists of a no interest, demand loan, of $5,000 received
from a related party.
5. COMMON STOCK SUBSCRIPTIONS RECEIVED
The Company received common stock subscriptions for 150,000 shares which were
issued in April 2000.
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<PAGE>
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
6. RELATED PARTY TRANSACTIONS
70% of the outstanding common stock was issued to a related parties.
7. GOING CONCERN
The company will need additional working capital for its planned activity and
continuation of the Company as a going concern is dependent upon obtaining
sufficient working capital to be successful in that effort and the management
of the Company has developed a strategy, which it believes will accomplish
this objective through additional equity funding, and long term financing,
which will enable the Company to operate for the coming year.
There is no assurance that the Company will be successful in this effort.
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<PAGE>
ITEM 2. PLAN OF OPERATION
The Company's management intends to acquire interests in various business
opportunities which, in the opinion of management, will provide a profit to
the Company but it does not have the working capital to be successful in this
effort.
Continuation of the Company as a going concern is dependent upon obtaining the
working capital to provide working capital for its planned activity. The debt
shown in the balance sheet is due to related parties and they have agreed to
withheld any collection action during the coming year and the management of
the Company has developed a strategy, which they believe can obtain the needed
working capital through additional equity funding and long term debt which
will enable the Company to be successful in its planned efforts.
Liquidity and Capital Resources
- --------------------------------
The Company will need additional working capital to to finance its planned
activity.
Results of Operations
- ---------------------
The Company has had no operations during this reporting period.
PART II
ITEM 1. LEGAL PROCEEDINGS
There are presently no material pending legal proceedings to which the Company
is a party to, to the best of its knowledge, no such actions against the
Company are contemplated or threatened.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
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
Exhibit 27 - Financial Data Schedules
(b) Reports on Form 8-K
No report on Form 8-K was filed by the Company during the three month period
ended March 31, 2000.
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<PAGE>
SIGNATURES
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 there unto duly authorized.
ALTRIMEGA HEALTH CORPORATION
[Registrant]
Dated April 26, 2000 By:/s/ Howard Abrams
------------------------------
Howard Abrams, President
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<PERIOD-END> MAR-31-2000
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<ALLOWANCES> 0
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<PP&E> 2,800
<DEPRECIATION> (274)
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0
0
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<OTHER-SE> 1,712
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<CGS> 0
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<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (15,205)
<INCOME-TAX> 0
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<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (15,205)
<EPS-BASIC> 0
<EPS-DILUTED> 0
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