[As adopted in Release No. 34-32231, April 28, 1993, 58 F.R. 26509]
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2000
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[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from to
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Commission file number 0-730
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HITCHIN' POST INCORPORATED
----------------------------------------------------
(Exact name of small business issuer as
specified in its charter)
Nevada 33-0885759
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(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
44489 Town Center Way, #D415 Palm Desert, CA 92260
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(Address of principal executive offices)
(760) 773-9227
Issuer's telephone number
(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 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
<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes_____ No ______
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practical date: September 30, 2000 4,000,000
----------------------------
Transitional Small Business Disclosure Format (check one). Yes ; No X
<PAGE>
PART I
Item 1. Financial Statements
INDEPENDENT ACCOUNTANT'S REPORT
Hitchin' Post Incorporated
(A Development Stage Company)
We have reviewed the accompanying balance sheet of Hitchin' Post
Incorporated (a development stage company) as of September 30, 2000 and December
31, 1999, and the related statements of operations for the three and nine
months, and cash flows for the nine month periods ended September 30, 2000 and
1999. These financial statements are the responsibility of the Company's
management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statement taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements for them to be in
conformity with generally accepted accounting principles.
Respectfully submitted
/s/ ROBISON, HILL & CO.
Certified Public Accountants
Salt Lake City, Utah
October 20, 2000
3
<PAGE>
HITCHIN' POST INCORPORATED
(A Development Stage Company)
BALANCE SHEETS
(Unaudited)
September 30, December 31,
-------------------
2000 1999
------- -------
ASSETS ................................................. $ -- $ --
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts Payable ..................................... $ 500 $ --
Accrued expenses ..................................... -- --
------- -------
Total Liabilities ................................. 500 --
------- -------
Stockholders' Equity ................................... -- --
Common stock (par value $.001),
100,000,000 shares
authorized, issued 4,000,000
shares at September 30, 2000
and December 31, 1999 ................................ 4,000 1,000
Paid-In Capital ........................................ 1,890 440
Retained deficit ....................................... (1,200) (1,200)
Deficit accumulated during development stage ........... (5,190) (240)
------- -------
Total Stockholders' Equity ........................ 500 --
------- -------
Total Liabilities and Stockholders' Equity ........ $ -- $ --
======= =======
See accompanying notes and accountants' report
4
<PAGE>
HITCHIN' POST INCORPORATED
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Cumulative
Since
For the Three Months For the Nine Months June 5, 1999
Ended Ended Inception of
September 30, September 30, Development
-------------------- ------------------
2000 1999 2000 1999 Stage
--------- --------- --------- ------- -------
<S> <C> <C> <C> <C> <C>
Revenues .................. $ -- $ -- $ -- $ -- $ --
--------- --------- --------- ------- -------
Expenses
Selling, general and
administrative expenses 3,500 -- 4,950 240 5,190
--------- --------- --------- ------- -------
Net Loss ............ $ (3,500) $ -- $ (4,950) $ (240) $(5,190)
========= ========= ========= ======= =======
Basic & Diluted loss per
share ..................... $ -- $ -- $ -- $ -- $ --
========= ========= ========= ======= =======
</TABLE>
See accompanying notes and accountants' report
5
<PAGE>
HITCHIN' POST INCORPORATED
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Cumulative
Since
June 5, 1999
For the nine months ended Inception
September 30, of
Development
-------------------
2000 1999 Stage
------- --------- -------
Cash Flows from Operating Activities:
<S> <C> <C> <C>
Net Loss .................................... $(4,950) $ -- $(2,190)
Common stock issued for services &
payment of accounts payable ............ 3,000
------- --------- -------
Increase (Decrease) in Accounts Payable ..... 500 -- 300
------- --------- -------
Net cash used in operating activities ... (1,450) -- (1,890)
------- --------- -------
Cash Flows from Investing Activities:
Net cash provided by investing activities -- -- --
------- --------- -------
Cash Flows from Financing Activities:
Capital contributed by shareholder .......... 1,450 -- 1,890
------- --------- -------
Net cash provided by
financing activities ................... 1,450 -- 1,890
------- --------- -------
Net change in cash and cash equivalents ......... -- -- --
Cash and cash equivalents at beginning of year .. -- -- --
------- --------- -------
Cash and cash equivalents at end of year ........ $ -- $ -- $ --
======= ========= =======
Supplemental Disclosure of Cash Flow
Information:
Cash paid during the year for:
Interest ................................ $ -- $ -- $ --
Franchise and income taxes .............. $ -- $ -- $ 300
Supplemental Disclosure of Non-Cash Investing
and Financing Activities: None
</TABLE>
See accompanying notes and accountants' report.
6
<PAGE>
HITCHIN' POST INCORPORATED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(Unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF ACCOUNTING POLICIES
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles and with Form 10-QSB
requirements. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments considered
necessary for a fair presentation have been included. Operating results for the
nine month period ended September 30, 2000, are not necessarily indicative of
the results that may be expected for the year ended December 31, 2000.
Organization and Basis of Presentation
The Company was incorporated under the laws of the state of Nevada on May
23, 1996. The Company ceased all operating activities during the period from May
23, 1996 to June 5, 1999 and was considered dormant. Since June 5, 1999, the
Company is in the development stage, and has not commenced planned principal
operations.
Nature of Business
The Company has no products or services as of September 30, 2000. The
Company was organized as a vehicle to seek merger or acquisition candidates. The
Company intends to acquire interests in various business opportunities, which in
the opinion of management will provide a profit to the Company.
Cash and Cash Equivalents
For the purpose of reporting cash flows, the Company considers all highly
liquid debt instruments purchased with maturity of three months or less to be
cash equivalents to the extent the funds are not being held for investment
purposes.
Pervasiveness of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles required management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
7
<PAGE>
HITCHIN' POST INCORPORATED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (continued)
(Unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Loss per Share
The reconciliations of the numerators and denominators of the basic income
(loss) per share computations are as follows:
Per-Share
Income Shares Amount
------ ------ ------
(Numerator) (Denominator)
For the three months ended September 30, 2000
---------------------------------------------
Basic Income per Share
Income to common shareholders $ 3,500 4,000,000 $ -
=========== ============= ===========
For the nine months ended September 30, 2000
--------------------------------------------
Basic Loss per Share
Loss to common shareholders $ (4,950) 4,000,000 $ -
=========== ============= ===========
For the three months ended September 30, 1999
---------------------------------------------
Basic Loss per Share
Loss to common shareholders $ - 1,000,000 $ -
=========== ============= ===========
For the nine months ended September 30, 1999
--------------------------------------------
Loss to common shareholders $ (240) 1,000,000 $ -
=========== ============= ===========
The effect of outstanding common stock equivalents are anti-dilutive for
September 30, 2000 and 1999 and are thus not considered.
Concentration of Credit Risk
The Company has no significant off-balance-sheet concentrations of credit
risk such as foreign exchange contracts, options contracts or other foreign
hedging arrangements.
8
<PAGE>
HITCHIN' POST INCORPORATED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (continued)
(Unaudited)
NOTE 2 - INCOME TAXES
As of September 30, 2000, the Company had a net operating loss carryforward
for income tax reporting purposes of approximately $3,000 that may be offset
against future taxable income through 2011. Current tax laws limit the amount of
loss available to be offset against future taxable income when a substantial
change in ownership occurs. Therefore, the amount available to offset future
taxable income may be limited. No tax benefit has been reported in the financial
statements, because the Company believes there is a 50% or greater chance the
carry-forward will expire unused. Accordingly, the potential tax benefits of the
loss carry-forward are offset by a valuation allowance of the same amount.
NOTE 3 - DEVELOPMENT STAGE COMPANY
The Company has not begun principal operations and as is common with a
development stage company, the Company has had recurring losses during its
development stage.
NOTE 4 - COMMITMENTS
As of September 30, 2000 all activities of the Company have been conducted
by corporate officers from either their homes or business offices. Currently,
there are no outstanding debts owed by the company for the use of these
facilities and there are no commitments for future use of the facilities.
NOTE 5 - STOCK SPLIT
On November 11, 1999 the Board of Directors authorized 1,000 to 1 stock
split, changed the authorized number of shares to 100,000,000 shares and the par
value to $.001 for the Company's common stock. As a result of the split, 999,000
shares were issued. All references in the accompanying financial statements to
the number of common shares and per-share amounts for 2000 and 1999 have been
restated to reflect the stock split.
NOTE 6 - STOCK ISSUED
On July 10, 2000 the Board of Directors authorized the issuance of
3,000,000 shares of stock to unrelated parties as payment for services.
9
<PAGE>
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
The Company did not file a report on Form 8-K during the three months
ended September 30, 2000.
10
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, hereunto duly
authorized.
HITCHIN' POST INCORPORATED
--------------------------
(Registrant)
DATE: November 14, 2000 By: /s/
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David Sitko, CEO/President
(Principal Financial and
Accounting Officer)
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