U. S. Securities and Exchange Commission
Washington, D. C. 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 September 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission File No.
0-31377
COLE, INC.
(Name of Small Business Issuer in its Charter)
UTAH 87-0642556
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
4848 South Highland Drive Box #140
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)231-6735
3288 East Fort Union Blvd
Salt Lake City, Utah 84117
(Former Name or Former Address, if changed since last Report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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), and (2) has been subject to such
filing requirements for the past 90 days.
(1) Yes X No (2) Yes No X
---- ---- ---- ----
<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
None, Not Applicable;
APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
September 30, 2000
1,085,051
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this 10-QSB
Quarterly Report were prepared by management and commence on the following page,
together with related Notes. In the opinion of management, the Financial
Statements fairly present the financial condition of the Registrant. The
Financial Statements have been reviewed and are on file with the Company's
Auditor.
<PAGE>
<TABLE>
<CAPTION>
COLE, INC.
[A Development Stage Company]
BALANCE SHEETS
For the Period Ending September 30, 2000 and the Year Ended December 31, 1999
9/30/00 12/31/99
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[Unaudited]
ASSETS
Assets
<S> <C> <C>
Cash $ 5,195 10,196
Property, Plant & Equipment 1,410 0
Less: Accumulated Depreciation (351) 0
------------- ---------
Total Assets $ 6,254 10,196
============= =========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accrued Liabilities $ 138 138
Payable to shareholder 0 3,500
Income Taxes Payable 0 100
------------- ---------
Total Current Liabilities 138 3,738
Total Liabilities 138 3,738
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Stockholders' Deficit:
Common Stock, $.01 par value;
authorized 50,000,000 shares; issued and
outstanding, 1,085,051 shares and
1,050,000 respectively 10,850 10,500
Paid-in Capital 3,155 0
Accumulated Deficit (7,889) (4,042)
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Total Stockholders' Equity 6,116 6,458
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Total Liabilities and Stockholders' Equity $ 6,254 10,196
============= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLE, INC.
[A Development Stage Company]
STATEMENTS OF OPERATIONS
For the Three Months and Nine Months Ended September 30, 2000
and for the period from inception through September 30, 2000
For the
period from
Inception
[11/3/99]
through
Three Months Nine Months 9/30/00
Ended Ended
9/30/00 9/30/00
--------------- --------------- -----------
[Unaudited] [Unaudited]
<S> <C> <C>
Revenues $ 292 $ 398 $ 398
Cost of Sales $ 0 $ 0 $ 0
--------------- --------------- -----------
Gross Margin 292 398 398
General and Administrative Expenses 744 4,245 8,187
--------------- --------------- -----------
Net Income/(Loss) from Operations (452) (3,847) (7,789)
--------------- --------------- -----------
Net Income/(Loss) Before Taxes $ (452) $ (3,847) $ (7,789)
=============== =============== ===========
Income/Franchise taxes 0 0 100
Net Income/ (Loss) (452) (3,847) (7,889)
Income/(Loss) Per Share $ (0.01) $ (0.01) $ (0.01)
=============== =============== ===========
Weighted Average Shares Outstanding 1,085,051 1,068,037 1,064,886
=============== =============== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLE, INC.
[A Development Stage Company]
STATEMENTS OF CASH FLOWS
For the Three Month and Nine Month Periods Ended September 30, 2000
and for the period from inception through September 30, 2000
For the
period from
Inception
[11/3/99]
through
Three Months Nine Months 9/30/00
Ended Ended
9/30/00 9/30/00
------------- -------------- ------------
[Unaudited] [Unaudited]
Cash Flows Used For Operating Activities
------------------------------------------------
<S> <C> <C>
Net Loss $ (452) $ (3,847) $ (7,889)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation 117 351 351
Increase/(Decrease) in accounts payable 0 0 0
Shares issued for forgiveness of debt 0 3,505 3,505
Increase/(Decrease) in Taxes Payable 0 (100) 0
Increase/(Decrease) in loan from shareholder 0 (3,500) 0
Increase in accrued liabilities 0 0 138
------------- -------------- ------------
Net Cash Used For Operating Activities (335) (3,591) (3,895)
============= ============== ============
Cash Flows Provided by Investing Activities
----------------------------------------------------
Increase/(Decrease) in Property, Plant & 0 (1,410) (1,410)
Equipment
Net Cash Used for Investing Activities 0 (1,410) (1,410)
============= ============== ============
Cash Flows Provided by Financing Activities
---------------------------------------------------
Issued stock for cash 0 0 10,500
------------- ------------- ------------
Net Cash Provided by Financing Activities 0 0 10,500
Net Increase/(Decrease) In Cash (335) (5,001) 5,195
Beginning Cash Balance 5,530 10,196 0
Ending Cash Balance $ 5,195$ 5,195 5,195
------------- -------------- ------------
</TABLE>
<PAGE>
COLE, INC.
Notes to the Interim Financial Statements
NOTE 1- BASIS OF PRESENTATION
The accompanying unaudited interim financial statements of Cole, Inc.
have been prepared in accordance with generally accepted accounting
principles and the rule of the Securities and Exchange Commission
("SEC"), and should be read in conjunction with the audited financial
statements and notes thereto contained in this Registration Statement.
In the opinion of management, all adjustments, consisting of normal
recurring adjustments, necessary for a fair presentation of financial
position and the results of operations for interim are not necessarily
indicative of the results to be expected for the full year.
<PAGE>
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has created relationships with a few number of clients.
Furthermore, the Company plans on increasing its client base through
advertisement and by broadening the services in which it currently provides.
The Company has also designed an advertising brochure. The brochure has
been designed to serve as a three-fold mailer that the Company will send out to
attorneys and law offices in surrounding counties.
Results of Operations
The Company's operations during the quarterly period ended September 30,
2000, resulted in $292 in revenues and incurred expenses of $744, stemming
from costs related to sales, and also, general and administrative expenses.
Liquidity
At September 30, 2000, the Company had total current assets of $5,195 and
total liabilities of $138. Management believes that its cash on hand of
$5,195 will be sufficient to allow it to continue its operations for the next
six months.
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
None; not applicable.
Item 2.Changes in Securities.
None; not applicable
Item 3.Defaults Upon Senior Securities.
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
None; not applicable
Item 5.Other Information.
None; applicable
Item 6.Exhibits and Reports on Form 8-K.
None; not applicable
(b)Reports on Form 8-K.
None; Not Applicable.
<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 thereunto duly authorized.
COLE, INC.
Date: 10/12/2000 /S/ JAMES DOOLIN
James Doolin, President and Director
Date: 10/12/2000 /S/ LUKE BRADLEY
Luke Bradley, Secretary and Director
