UNITED STATES 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 March 31, 2000.
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 (No fee required) for the transition period from _____________ to
_______________.
Commission file number:
TRIPLE S PARTS, INC.
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(Name of Small Business Issuer in Its Charter)
Nevada 88-0354194
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
7410 SW Oleson Rd., #325, Portland, Oregon 97223
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(Address of Principal Executive Offices) (Zip Code)
(503) 641-2105
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(Issuer's Telephone Number, Including Area Code)
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 [ ] No [x]
The number of shares outstanding of Registrant's common stock ($0.001 par value)
as of the latest practicable date 285,000 shares as of March 31, 2000.
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TABLE OF CONTENTS
PART 1
Page
ITEM 1. FINANCIAL STATEMENTS 3
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION 7
PART II
ITEM 5. OTHER 8
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 8
SIGNATURES 9
<PAGE>
Item 1. FINANCIAL STATEMENTS
Unless otherwise indicated, the term "Company" refers to Triple S
Parts, Inc. The accompanying unaudited financial statements have been prepared
in accordance with the instructions to Form 10-Q and, therefore, do not include
all information and footnotes necessary for a complete presentation of 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.
The statements herein should be read in connection with audited financial
statements for the 6 months ended June 30, 2000 and June 30, 1999 and for the
years ended December 1999 and December 1998.
<PAGE>
<TABLE>
<CAPTION>
TRIPLE S PARTS, INC.
(A Development Stage Company)
UNAUDITED BALANCE SHEETS
ASSETS
------
March 31,
----------------------
2000 1999
------ - ----
<S> <C> <C>
ASSETS
Cash $ 7,992 $ 0
--------- ------
TOTAL ASSETS $ 7,992 $ 0
======== ======
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
---------------------------------------
CURRENT LIABILITIES
Accounts payable $ 5,000 $ 0
------- -----
Total Current Liabilities $ 5,000 $ 0
------- -----
CONTINGENCIES 0 0
STOCKHOLDERS' (DEFICIT)
Common stock: $0.0005 par value, 50,000,000 shares
authorized; shares issued and outstanding were 285,500 shares
at March 31, 2000, and 275,000 shares at March 31, 1999 143 138
Capital in excess of par 43,037 217
(Deficit) accumulated during the development stage (40,188) (355)
--------- ------
Total Stockholders' (Deficit) 2,992 0
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) $ 7,992 $ 0
======= ======
</TABLE>
<TABLE>
<CAPTION>
TRIPLE S PARTS, INC.
(A Development Stage Company)
UNAUDITED STATEMENTS OF OPERATIONS
For The Three From
Months Inception on
Ended March 31, February 22,
1996
Through
2000 1999 March 31
<S> <C> <C> <C>
---------- --------- ------------------
REVENUE $ 0 $ 0 $ 0
----------- ---------- -----------------
OPERATING EXPENSES
Professional Fees:
Director 0 0 0
Website 0 0 0
Legal and accounting 5,000 0 7,424
General and administrative expenses 44 0 1,013
Total operating expenses 5,044 0 40,188
(Loss) from Operations (5,044) 0 (40,188)
NET (LOSS) $ (5,044) $ 0 (40,188)
BASIC (LOSS) PER SHARE $ (0.00) $ N/A $ N/A
=========== ========= ================
Weighted average shares outstanding during the period 285,500 275,000 N/A
=========== ========= ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TRIPLE S PARTS, INC.
(A Development Stage Company)
UNAUDITED STATEMENTS OF CASH FLOWS
For The Three From
Months Inception on
Ended March 31, February 22,
1996
Through
March 31,
2000 1999 2000
---------- --------- ------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) $ (5,044) $ 0 $ (40,188)
Changes in operating asset and liability accounts:
Stock issued for services 0 0 31,500
Accounts payable 5,000 0 5,000
---------- --------- -----------
Net Cash (Used) in Operating Activities (44) 0 (3,688)
CASH FLOWS FROM INVESTING ACTIVITIES 0 0 0
---------- --------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Contribution of capital 0 0 11,680
Net Cash Provided by Financing Activities 0 0 11,680
NET INCREASE (DECREASE) IN CASH (44) 0 7,992
---------- --------- -----------
CASH AT BEGINNING OF PERIOD 8,036 0 0
---------- --------- -----------
CASH AT END OF PERIOD $ 7,992 $ 0 7,992
========== ========= ===========
</TABLE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The Company has not received any income nor incurred any expenses other
than accounting fees, has had limited operational history and has yet to engage
in business of any kind. All risks inherent in new and inexperienced enterprises
are inherent in the Company's business. The Company has not made a formal study
of the economic potential of any business. At the present, the Company has not
identified any assets or business opportunities for acquisition.
As of the period ended March 31, 2000, the Company has no liquidity and
no presently available capital resources, such as credit lines, guarantees,
etc. and should a merger or acquisition prove unsuccessful, it is possible that
the Company may be dissolved by the State of Nevada for failing to file reports,
at which point the Company would no longer be a viable corporation under Nevada
law and would be unable to function as a legal entity. Should management decide
not to further pursue its acquisition activities, management may abandon its
activities and the shares of the Company would become worthless. However, the
Company's officers, directors and major shareholder have made an oral
undertaking to make loans to the Company in amounts sufficient to enable it to
satisfy its reporting requirements and other obligations incumbent on it as a
public company, and to commence, on a limited basis, the process of
investigating possible merger and acquisition candidates. The Company's status
as a publicly held corporation may enhance its ability to locate potential
business ventures. The loans will be interest free and are intended to be
repaid at a future date, if or when the Company shall have received sufficient
funds through any business acquisition. The loans are intended to provide for
the payment of filing fees, printing and copying fees and other miscellaneous
fees.
Based on current economic and regulatory conditions, Management
believes that it is possible, if not probable, for a company like the Company,
without assets or liabilities, to negotiate a merger or acquisition with a
viable private company. The opportunity arises principally because of the high
legal and accounting fees and the length of time associated with the
registration process of "going public". However, should any of these conditions
change, it is very possible that there would be little or no economic value for
anyone taking over control of the Company.
On February 23, 2000, the Company contracted with Seville Consulting
Group, Inc., Power Network, Inc. and East European Enterprises, Inc. to provide
general business and financial consulting services for the Company, whose
responsibilities are primarily, but not limited to, seeking out a
merger/acquisition candidate for the Company. Said services shall commence
after July 1st 2000, as set forth in the Agreement(Exhibit 10)
Quantitative and Qualitative Disclosures About Market Risk.
The Company has no market risk sensitive instruments or market risk
exposures.
Results of Operations
The Company's Total Liabilities and Stockholders Equity for quarter
ending March 31, 2000 was, $7,992. The Company's Total Liabilities and
Stockholders Equity for quarter ending March 31, 1999 was $0. The Company's
Total Liabilities and Stockholders Equity for the year ending December 31, 1999
was $8,036. The decrease in the stockholders equity is a result of ordinary
expenses.
Capital Resources and Liquidity
During the first quarter of 2000, the Company did not issue any
unregistered shares.
PART II
Item 1. Legal Proceedings.
The Company is not aware of any pending legal proceedings in which the
Company is involved at this time.
Item 2. Changes in Securities.
On February 23, 2000, Seville Consulting Group, Inc., Power Network,
Inc. and East European Enterprises, Inc. agreed to provide general business
consulting services for the Company. As compensation for said services, each
shall be issued 200,000 shares of the Company=s restricted common stock. Said
services shall commence after July 1, 2000.
Item 6. Exhibits and Reports on Form 8-K.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities Exchange Act
of 1934, the registrant has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized.
Triple S Parts, Inc.
/s/____________________________
By: Tracie Poland, President
Date:___________________
