U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ended September 30, 2000
Commission File Number 000-30645
PARA MAS INTERNET, INC.
(Exact name of small business issuer as specified in its charter)
NEVADA 59-3383240
(State of Incorporation) (IRS Employer Identification No.)
7 East Redwood Street 5th Floor Baltimore, Maryland 21202
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (410) 779-1006
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 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
As of November 6, 2000, the registrant had outstanding 44,127,570 shares of
its Common Stock, $.0001 par value.
PARA MAS INTERNET, INC.
FORM 10-QSB REPORT INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Balance Sheet as of September 30, 2000.
Consolidated Statements of Losses for the Three Months Ended September 30,
2000 and 1999
Consolidated Statements of Cash Flows for the Three Months Ended September
30, 2000 and 1999
Notes to Unaudited Consolidated Financial Statements September 30, 2000
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
ITEM 5. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
<TABLE>
<CAPTION>
PARA MAS INTERNET, INC.
CONSOLIDATED BALANCE SHEETS
<S> <C> <C>
September June 30,
30, 2000 2000
ASSETS (Unaudited)
CURRENT ASSETS:
Cash $ - $ -
Total current assets $ - $ -
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND DEFICIENCY IN STOCKHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 2,432 $ 2,169
Note payable 15,000 15,000
------- -------
Total current liablities 17,432 17,169
DEFICIENCY IN STOCKHOLDERS' EQUITY :
Preferred stock, par value, $.001 per share;
authorized 10,000,000 shares; 69,450 shares
issued at September 30, 2000 and 68,4000
shares issued at June 30, 2000 69,450 68,400
Common stock, par value, $.001 per share;
authorized, 100,000,000 shares; 44,127,570
shares issued at September 30, 2000 and
at June 30, 2000 44,128 44,128
Additional paid in capital 1,415,949 1,415,949
Accumulated deficit (1,546,959) (1,545,646)
------------ ------------
(17,432) (17,169)
------------ ------------
$ - $ -
============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
PARA MAS INTERNET, INC.
STATEMENT OF LOSSES
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<CAPTION>
September September
30, 2000 30, 1999
<S> <C> <C>
Other (income) expense:
Internet expense $ 263 $ 1,100
--------- --------
Other expense 263 1,100
Net loss (263) (1,100)
Preferred stock dividends 1,050 1,050
Net loss available to common ---------- --------
shareholders $ (1,313) $(2,150)
========== =========
Loss per share:
Basic and diluted $ (.00) $ (.00)
========== =========
Basic and diluted 44,127,695 4,127,569
=========== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
PARA MAS INTERNET, INC.
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<CAPTION>
September September
30, 2000 30, 1999
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (263) $ (1,100)
Change in assets and liabilities:
Adjustments to reconsile net loss to net
cash provided by operating activities:
Increase (decrease) in:
Accounts payable and accrued expenses 263 1,100
Net cash provided (used)by operating
activities - -
Cash flows from investing activities - -
Cash flows from financing activities - -
Net decrease in cash equivalents - -
Cash - beginning of period - -
Cash - end of period $ - $ -
Supplemental Disclosure of Cash Flow
Information:
Cash paid during the period for interest $ - $ -
Cash paid during the period for taxes - -
Preferred stock dividends paid in
additional preferred shares 1,050 1,050
</TABLE>
The accompanying notes are an integral part of these statements.
PARA MAS INTERNET, INC.
NOTES TO UNAUDITED CONSOLDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(UNAUDITED)
NOTE A
1. Basis of Presentation
The accompanying unaudited consoldated financial statements have been prepared
in accordance with the instructions to Form 10-QSB, and therefore, do not
include all the information necessary for a fair presentation of financial
position, results of operations and cash flows in conformity with generally
accepted accounting principles.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three month period ended September 30, 2000 are not
necessarily indicative of the results that may be expected for the year ended
June 30, 2001. The unaudited condensed consolidated financial statements
should be read in conjunction with the consolidated financial statements and
footnotes thereto included in the Company's June 30, 2000 annual report
included in SEC Form 10-KSB
Item 2. MANAGEMENT'S PLAN OF OPERATION
Description of the Company
The Company's business objective was to become the electronic gateway to the
emerging online Hispanic market in the United States. Subsequent to September
30, 2000, the Company's principle shareholder sold controlling interest in the
Company to International Bible Games, Inc., which is more fully described in a
Current Report filed on November 6, 2000 on Form 8-K dated November 1, 2000.
Forward Looking Statements
This Form 10-QSB contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements included herein that address activities, events or developments
that the Company expects, believes, estimates, plans, intends, projects or
anticipates will or may occur in the future, are forward-looking statements.
Actual events may differ materially from those anticipated in the forward-
looking statements. Important risks that may cause such a difference include:
general domestic and international economic business conditions, increased
competition in the Company's markets and products. Other factors may include,
availability and terms of capital, and/or increases in operating and supply
costs. Market acceptance of existing and new products, rapid technological
changes, availability of qualified personnel also could be factors. Changes
in the Corporation's business strategies and development plans and changes
in government regulation could adversely affect the Company. Although the
Company believes that the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions could be
inaccurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by the Corporation that the
objectives and expectations of the Company would be achieved.
Plan of Operation
The Company is still in the development stage and is yet to earn revenues from
operations.
Revenues.
The Company generated no revenues from operations form its inception.
Costs and expenses
During the three months ended September 30, 2000 and 1999, the Company incurred
expenses of $ 263 during the first three months of 2000 as compared to $ 1,100
in 1999. The expenses are comprised primarily of accrued interest on a debt
obligation of the Company.
Liquidity and Capital Resources
As of March 31, 2000, the Registrant had a deficiencey in working capital of
$17,432 compared to $17,169 at June 30, 2000, a decrease in working capital of
$263. The decrease in working capital was due to increases in accounts
payable and accrued expenses of $263 during the quarter ended September 30,
2000.
The Company had no transactions affecting cash flow for the three months ended
September 30, 2000 and 1999.
While the Company has raised capital to meet its working capital and
financing needs in the past, additional financing is required in order to meet
the Company's projected cash flow deficits from operations and development.
The Company is seeking financing in the form of equity in order to provide the
necessary working capital. The Company currently has no commitments for
financing. There are no assurances the Company will be successful in raising
the funds required.
The Company believes that its existing capital resources, which include
advances from the Company's principal shareholder, will be sufficient to fund
its current level of operating activities, capital expenditures and other
obligations through the next 12 months. However, if during that period or
thereafter, the Company is not successful in generating sufficient liquidity
from operations or in raising sufficient capital resources, on terms acceptable
to the Company, this could have a material adverse effect on the Company's
business, results of operations, liquidity and financial condition.
Product Research and Development
The Company does not anticipate performing research and development for any
products during the next twelve months.
Acquisition or Disposition of Plant and Equipment
The Company does anticipate the sale of any significant property, plant or
equipment during the next twelve months. The Company does not anticippate the
acquisition of any significant property, plant or equipment during the next 12
months, other than computer equipment and peripherals used in the Company's
day-to-day operations. The Company believes it has sufficient resources
available to meet these acquisition needs.
Number of Employees
During the period ended September 30, 2000, the Company had no full time
employees and anticipates no significant changes, subject to the change in
control on November 1, 2000.
PART II. OTHER INFORMATION.
ITEM 1. LEGAL PROCEEDINGS.
None.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Furnish the exhibits required by Item 601 of Regulation S-B.
None.
(b) Reports on Form 8-K.
None
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.
Para Mas Internet, Inc.
By: s/s Mary Weins
Secretary
Dated: November 20, 2000
