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 June 30, 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.)
413 Petroleum St., Florence, Colorado 81226
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(Address of Principal Executive Offices) (Zip Code)
909-208-3451
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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 ($0.0005 par
value) 285,000 shares as of the latest practicable date October 12, 2000.
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TABLE OF CONTENTS
PART 1
Page
ITEM 1. FINANCIAL STATEMENTS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
PART II
ITEM 5. OTHER
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES
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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 June 30, 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.
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<TABLE>
<CAPTION>
TRIPLE S PARTS, INC.
(A Development Stage Company)
UNAUDITED BALANCE SHEETS
ASSETS
------
June 30,
----------
2000 1999
---------- ------
<S> <C> <C>
ASSETS
Cash $ 147,832 $ 0
TOTAL ASSETS $ 147,832 $ 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 June 30, 2000, and 275,000 shares at June 30, 1999 143 138
Capital in excess of par 182,877 217
(Deficit) accumulated during the development stage (40,188) (355)
Total Stockholders' (Deficit) 142,832 0
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) $ 147,832 $ 0
</TABLE>
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<TABLE>
<CAPTION>
TRIPLE S PARTS, INC.
(A Development Stage Company)
UNAUDITED STATEMENTS OF OPERATIONS
For the
Three months From
Ended Inception on
June 30, February 22
1996
Through
2000 1999 June 30, 2000
------------- ------------- ---------------
<S> <C> <C> <C>
REVENUE $ 0 $ 0 $ 0
OPERATING EXPENSES
Professional Fees:
Director 0 0 30,000
Website 0 0 1,750
Legal and accounting 0 0 7,425
General and administrative expenses 0 0 1,013
Total operating expenses 0 0 40,188
(Loss) from Operations 0 0 (40,188)
NET (LOSS) $ 0 $ 0 $ (40,188)
BASIC (LOSS) PER SHARE $ N/A $ N/A $ N/A
Weighted average shares outstanding
during the period 285,500 275,000 N/A
====== ====== =========
</TABLE>
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<TABLE>
<CAPTION>
TRIPLE S PARTS, INC.
(A Development Stage Company)
UNAUDITED STATEMENTS OF CASH FLOWS
For the
Three months From
Ended Inception on
June 30, February 22
1996
Through
2000 1999 June 30, 2000
------------- ------------- ---------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net (loss) $ 0 $ 0 $ (40,188)
Changes in operating asset and liability
accounts:
Stock issued for services 0 0 31,500
Accounts and interest payable 0 0 5,000
Net Cash (Used) in Operating Activities 0 0 (3,688)
CASH FLOWS FROM INVESTING
ACTIVITIES 0 0 0
CASH FLOWS FROM FINANCING
ACTIVITIES
Contribution of capital 139,840 0 151,520
Net Cash Provided by Financing Activities 139,840 0 151,520
NET INCREASE (DECREASE) IN CASH 139,840 0 147,832
CASH AT BEGINNING OF PERIOD 7,992 0 0
CASH AT END OF PERIOD $ 147,832 $ 0 $ 147,832
</TABLE>
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
For the three month period ended June 30, 2000, the Company sustained a
loss of $0.0 or $0.02 per share (basic and diluted).
All risks inherent in new and inexperienced enterprises are inherent in
the Company's business. 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".
To that end, on or about April 18, 2000, a majority interest of the
Company's stock was purchased from the majority shareholders of the Company for
$158,000 by a private party, FMS Group. As a condition of the purchase, the
Company's present officers and directors agreed to remain with the Company
in their officials capacities until the Company has consummated a merger but
no later than December 31, 2000. However, the Company changed its address
and its telephone number. Further, on April 19, 2000, the Company entered
into an agreement with Telenet World Communications, Inc. ("TWCI"), a Utah
corporation that was trading on the Over The Counter Bulletin Board Stock
Exchange ("OTCBB"), whereby the Company would become a wholly owned subsidiary
of TWCI. However, the parties were unable to consummate the proposed transaction
and the agreement was amicably, mutually rescinded by the parties on August 10,
2000.
Quantitative and Qualitative Disclosures About Market Risk.
The Company has no market risk sensitive instruments or market risk
exposures.
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Results of Operations
The Company's "Total Liabilities and Stockholder's Equity" for quarter
ending June 30, 2000 was, $147,832. The Company's "Total Liabilities and
Stockholder's Equity" for quarter ending June 30, 1999 was $0. The Company's
"Total Liabilities and Stockholder's Equity" for the year ending December 31,
1999 was $8,036. The significant increase is the result of the majority
shareholders putting additional money in the Company.
Capital Resources and Liquidity
During the second 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 5. Other Information.
Events Subsequent to the Second Quarter.
On August 25, 2000, pursuant to corporate resolution, the Company enacted a
3 to 1 forward split of its common stock.
On August 31, the Company's majority shareholders, entered into an
Agreement for Shares and Services whereby the Company's majority shareholders
would acquire Advanced Hyperbaric Technologies Inc., a private New Jersey
corporation. A copy of said agreement is attached hereto as an Exhibit. The
parties have entered into said agreement contemplating entering into a more
definitive acquisition agreement and a plan of reorganization agreement sometime
during the 3rd quarter of this calendar year.
Item 6. Exhibits and Reports on Form 8-K.
None
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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:___________________
