U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
_____________________________________________
FORM 10-QSB
(Mark One)
[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
Or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from January 1, 2000 to March 31, 2000
Commission File Number 0-27383
_________________________________________________
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.)
1800 CENTURY PARK EAST SUITE 600 LOS ANGELES CA 90067
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (310) 229-5722
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
----- -----
As of May 15, 2000, the registrant had outstanding 44,127,569 shares
of its Common Stock, $.0001 par value.
<PAGE>
PARA MAS INTERNET, INC.
FORMERLY LAPITOS ACQUISITION CORPORATION
FORM 10-QSB REPORT INDEX
PAGE NO.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Balance Sheet as of March 31, 2000 3
Consolidated Statements of Losses for the Three Months
Ended March 31, 2000 4
Consolidated Statements of Cash Flows
Months Ended March 31, 2000 5
Notes to Unaudited Consolidated Financial Statements
March 31, 2000 6
ITEM 2. MANAGEMENT'S PLAN OF OPERATION 6
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS 7
ITEM 5. OTHER INFORMATION 7
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 7
SIGNATURES. 8
<PAGE> -2-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
PARA MAS INTERNET, INC.
LAPITOS ACQUISITION CORPORATION
(A DEVELOPMENTAL STAGE COMPANY)
CONSOLIDATED BALANCE SHEET
MARCH 31, 2000 DECEMBER 31, 1999
ASSETS
Current assets:
Cash $ 500 $ 500
Organization costs less
accumulated amortization - -
----- -----
$ 500 $ 500
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Advance from related party $ 333 $ 333
Total current liabilities 333 333
Stockholders' equity:
Preferred stock, par value, $.0001
per share; 20,000,000 shares
authorized ; none issued - -
Common stock, par value $.0001 per
share; 100,000,000 shares
authorized; 5,000,000 shares
issued 500 500
Deficit accumulated during
development stage (333) (333)
Total stockholders' equity 167 167
----- -----
$ 500 $ 500
The accompanying notes are an integral part of these statements.
<PAGE> -3-
Para Mas Internet, Inc.
Formerly Lapitos Acquisition Corporation
(A DEVELOPMENTAL STAGE COMPANY)
STATEMENTS OF LOSSES
PERIOD FROM
FEB 28,1999
THREE (DATE OF INCEPTION)
MONTHS ENDED THROUGH
MARCH 31,2000 MARCH 31,2000
(UNAUDITED) (UNAUDITED)
Costs and expenses:
Amortization $ 78 $ 411
--------- ---------
Net Loss $ 78 $ 411
========= =========
Loss per common share
(basic and assuming dilution) $ 0.00 $ 0.00
========= =========
Weighted average common shares
Outstanding 5,000,000 5,000,000
========= =========
The accompanying notes are an integral part of these statements.
<PAGE> -4-
Para Mas Internt, Inc.
Formerly Lapitos Acquisition Corporation
STATEMENTS OF CASH FLOWS
(A DEVELOPMENTAL STAGE COMPANY)
PERIOD FROM
FEBRUARY 28, 1999
THREE (DATE OF INCEPTION)
MONTHS ENDED THROUGH
MARCH 31,2000 MARCH 31,1999
(UNAUDITED) (UNAUDITED)
Cash flows from operating
activities:
Net loss $ (78) $ (411)
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Amortization 78 411
--------- ---------
Net cash provided by operating
activities 0 0
--------- ---------
Cash flows from financing activities:
Issuance of common stock - 500
--------- ---------
Net increase in cash 0
Cash - beginning of period 500 500
--------- ---------
Cash - end of period $ 500 $ 500
========= =========
The accompanying notes are an integral part of these statements.
<PAGE> -5-
PARA MAS INTERNET, INC.
FORMERLY LAPITOS ACQUISITION CORPORATION
(A DEVELOPLMENTAL STAGE COMPANY)
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
(UNAUDITED)
NOTE A
1. Basis of Presentation
---------------------
The accompanying unaudited financial statements have
been prepared by Lapitos Acquisition Corporation. (the
"Company" ") pursuant to the rules and regulations of the U.
S. Securities and Exchange Commission. Certain information
and disclosures normally included in annual financial
statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted
pursuant to such rules and regulations. In the opinion of
management, all adjustments and disclosures necessary for a
fair presentation of these financial statements have been
included. Such adjustments consist of normal recurring
adjustments. This Form 10-QSB Report should be read in
conjunction with annual report of Lapitos Acquisition
Corporation included in the Form 10-SB for the period ended
June 30, 1999, as filed with the U. S. Securities and
Exchange Commission.
The results of operations for the period ended March
31, 2000 are not indicative of the results that may be
expected for the year ended December 31, 2000.
2. Use of Estimates
----------------
The preparation of financial statements in conformity
with generally accepted accounting principles requires
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 revenue and
expenses during the reporting period.
Actual results could differ from those estimates.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
The Company intends to merge with or acquire a business
entity in exchange for the Company's securities. The Company
has no particular acquisition in mind and has not entered
into any negotiations regarding such an acquisition. Neither
the Company's officer and director nor any affiliate has
engaged in any negotiations with any representative of any
company regarding the possibility of an acquisition or
merger between the Company and such other company or
identified any particular acquisition candidate. Management
anticipates seeking out a target company through
solicitation. Such solicitation may include newspaper or
magazine advertisements, mailings and other distributions to
law firms, accounting firms, investment bankers, financial
advisors and similar persons, the use of one or more World
Wide Web sites and similar methods. No estimate can be made
as to the number of persons who will be contacted or
solicited and no assurance can be given that any of the
persons contacted or solicited will be interested in
<PAGE> -6-
consummating a business combination. Management may engage in
such solicitation directly or may employ one or more other
entities to conduct or assist in such solicitation.
Management and its affiliates may pay referral fees to
consultants and others who refer target businesses for
mergers into public companies in which management and its
affiliates have an interest. Payments are made if a business
combination occurs, and may consist of cash or a portion of
the stock in the Company retained by management and its
affiliates, or both. Additionally, the Company's sole
officer and director may receive a referral fee or other
compensation from the target business with which the Company
consummates a business combination. The Company has no full
time employees. The Company's president has agreed to
allocate a portion of his time to the activities of the
Company up to a maximum of 10 hours per month, without cash
compensation. The president anticipates that the business
plan of the Company can be implemented by his devoting no
more than 10 hours per month to the business affairs of the
Company and, consequently, conflicts of interest may arise
with respect to the limited time commitment by such officer.
Management is currently involved with soliciting target
companies on behalf of blank check companies, and is
involved in creating additional blank check companies
similar to this one. A conflict may arise in the event that
another blank check company with which management is
affiliated actively seeks a target company. Management
anticipates that target companies will be located for the
Company and other blank check companies in chronological
order of the date of formation of such blank check companies
or by lot. Other blank check companies that may be formed,
however, may differ from the Company in certain matters such
as place of incorporation, number of shares and
shareholders, working capital, types of authorized
securities, or other characteristics. It may be that a
target company may be more suitable for or may prefer a
certain blank check company formed after the Company. In
such case, a business combination might be negotiated on
behalf of the more suitable or preferred blank check company
regardless of date of formation or choice by lot.
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
<PAGE> -7-
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 Mike M. Mustafoglu
------------------------
Mike M. Mustafoglu
Chairman and CEO
Date: May 16, 2000
<PAGE> -8-
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<FISCAL-YEAR-END> DEC-31-2000
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