UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT TO THE 1934
ACT REPORTING REQUIREMENTS
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
Commission File No. 000-29097
SOLO & HURST, INC.
(Exact name of registrant as specified in its charter)
Nevada 86-0930437
(State of organization) (I.R.S. Employer Identification No.)
11260 North 92nd, Suite 1118, Scottsdale, Arizona 85260
(Address of principal executive offices)
Registrant's telephone number, including area code (480) 870-0000
Check whether the issuer (1) filed all reports required to be
file by Section 13 or 15(d) of the Exchange Act during the past
12 months and (2) has been subject to such filing requirements
for the past 90 days. No X
There are 3,000,000 shares of common stock outstanding as of
September 30, 2000.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INDEPENDENT AUDITORS' REPORT
Board of Directors October 20, 2000
Solo & Hurst, Inc.
Las Vegas, Nevada
We have compiled the accompanying balance sheets of Solo &
Hurst, Inc., as of September 30, 2000 and September 30, 1999, and
the related statements of income, changes in stockholders' equity
and cash flows for the nine months then ended, in accordance with
the Statement of Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of
financial statements information that is the representation of
management. We have not audited or reviewed the accompanying
financial statements and supplementary information, and,
accordingly, do not express an opinion or any other form of
assurance on them.
As discussed in Note 1, the Company has been in the
development stage since its inception on February 25, 1998.
Realization of he major portion of its assets is dependent upon
the Company's ability to meet its future financing requirements,
and the success of future operations. The accompanying financial
statements have been prepared assuming that the Company will
continue as a going concern.
The financial statements for the year ended December 31,
1999, were audited by us and we expressed an unqualified opinion
on the statements in their report dated January 3, 2000. We have
not performed any auditing procedures since that date.
/s/ Michael L. Stuck, C.P.A.
Certified Public Accountant
Solo & Hurst, Inc.
(A Development Stage Company)
BALANCE SHEET
<TABLE>
<S> <C> <C>
Unaudited Audited
September 30, December 31, 1999
2000
ASSETS
Current Assets
Cash -0- -0-
Property and Equipment -0- -0-
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities
Loan payable -0- -0-
Total current liabilities -0- -0-
STOCKHOLDERS' EQUITY
Common stock $.001 par value,
20,000,000 shares authorized,
3,000,000 shares issued and
outstanding 3,000 3,000
Preferred stock $.001 par value, -0- -0-
5,000,000 shares authorized, no
shares issued and outstanding
Deficit accumulated during (3,000) (3,000)
development stage
TOTAL STOCKHOLDERS' EQUITY -0- -0-
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY -0- -0-
</TABLE>
The accompanying notes are an integral part of these financial
statements.
Solo & Hurst, Inc.
(A Development Stage Company)
STATEMENT OF OPERATION
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Unaudited Unaudited Unaudited Unaudited February
Three Three Nine Months Nine Months 25, 1998
months Months Ended Ended Audited (inception)
Ended Ended September September Year Ended to
September September 30, 2000 30, 1999 12/31/99 September
30, 2000 30, 1999 30, 2000
Revenue $-0- -0- -0- -0- -0- -0-
Cost of Sales -0- -0- -0- -0- -0- -0-
Gross Profit -0- -0- -0- -0- -0- -0-
Operating Expenses 300
Filing Fees -0- -0- -0- -0- -0- 2,700
Professional Fees -0- -0- -0- -0- -0- 3,000
-0- -0- -0- -0- -0-
Net Income (Loss)
Before Income Taxes (-0-) (-0-) (-0-) (-0-) (-0-) (3,000)
Income Taxes -0- -0- -0- -0- -0- -0-
Net Income (Loss) $(-0-) (-0-) (-0-) (-0-) (-0-) $(3,000)
Earnings per share of
common stock -0- -0- -0- -0-
Weighted average
numbers of shares 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
outstanding
</TABLE>
The accompanying notes are an integral part of these financial statements.
Solo & Hurst, Inc.
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Deficit
Accumulated
Paid in During
Preferred Stock Common Stock Cpaital Development
Stock Amount Stock Amount Amount Stage Total
Balance February
25, 1998 -0- -0- -0- -0- -0- -0- $-0-
Stock Issued -0- -0- 3,000,000 3,000 -0- -0- 3,000
Retained Earnings
(Loss) -0- -0- -0- -0- -0- (3,000) (3,000)
Balance December
31, 1998 -0- -0- 3,000,000 3,000 -0- (3,000) -0-
Retained Earnings
(Loss) -0- -0- -0- -0- -0- -0- -0-
Balance December
31, 1999 -0- -0- 3,000,000 3,000 -0- (3,000) -0-
Retained Earnings
(Loss) -0- -0- -0- -0- -0- -0- -0-
Balance September
30, 2000 -0- -0- 3,000,000 $3,000 -0- $(3,000) -0-
</TABLE>
The accompanying notes are an integral part of these financial statements.
Solo & Hurst, Inc.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2000 and September 30, 1999
the Year Ended December 31, 1999
and the Period February 25, 1998 (inception) to September 30, 2000
<TABLE>
<S> <C> <C> <C> <C> <C>
Unaudited Unaudited Unaudited Unaudited February
Three Three Nine Months Nine Months Audited 25, 1998
Months Months Ended Ended Year Ended (inception)
Ended Ended September September December to
September September 30, 2000 30, 1999 31, 1999 September
30, 2000 30, 2000 30, 2000
Net Income/(Loss) -0- -0- -0- -0- -0- $(3,000)
Adjustments to
reconcile net income
to net cash provided
by operating -0- -0- -0- -0- -0- -0-
activities:
--------- -------- -------- --------- -------- ---------
Cash From Operations -0- -0- -0- -0- -0- (3,000)
--------- -------- -------- --------- -------- ---------
Cash From Investing
Activities -0- -0- -0- -0- -0- -0-
--------- -------- -------- --------- -------- ---------
Cash From Financing
Activities
Stock Issued -0- -0- -0- -0- -0- 3,000
--------- -------- -------- --------- -------- ---------
Net Increase in Cash -0- -0- -0- -0- -0- -0-
Beginning Cash -0- -0- -0- -0- -0- -0-
Balance
--------- -------- -------- --------- -------- ---------
Ending Cash Balance -0- -0- -0- -0- -0- -0-
========= ======== ======== ========= ======== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
Solo & Hurst, Inc.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000, December 31, 1999 and Sepember 30, 1999
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Operations
The Company was organized under the laws of the State of Nevada in
1998 and is authorized to do business in the United State. The
Company has no revenue from operations during the period covered
by this financial statement.
Method of Accounting
These financial statements are prepared on the accrual basis of
accounting in accordance with generally accepted accounting
principles. Consequently, revenues are recognized when earned
and expenses are recognized when the obligation is actually
incurred.
Income Taxes and Cash Flows
The Company accounts for income taxes and the statement of cash
flows in accordance with Financial Accounting Standards Board
Statement No. 109 and No. 95.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid investments
with a maturity of three months or less when purchased.
NOTE 2: CASH
The Company has no bank accounts at this time.
NOTE 3 - EARNINGS PER SHARE
Earnings per share has been computed by dividing net income/(loss)
by the weighted average number of common shares outstanding for
the period. There are no items which are deemed to be common
stock equivalents during the audit period.
NOTE 4: COMMON STOCK
As of September 30, 2000, December 31, 1999 and September 30, 1999,
the Company had 3,000,000 shares of common stock, par value
$.001, issued and outstanding.
NOTE 5: LEASE COMMITMENTS
The Company currently has no commitments for leases or
contingences.
NOTE 6: USE OF ESTIMATES
The preparation of financial statements in conformity with
Generally Accepted Accounting Principles requires management to
make estimates and assumptions that affect certain reported
amounts and disclosures. Accordingly, actual results could
differ from these estimates.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This statement includes projections of future results and
"forward-looking statements" as that term is defined in Section
27A of the Securities Act of 1933 as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934 as
amended (the "Exchange Act"). All statements that are included in
this Registration Statement, other than statements of historical
fact, are forward-looking statements. Although Management
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Important factors
that could cause actual results to differ materially from the
expectations are disclosed in this Statement, including, without
limitation, those expectations reflected in forward-looking
statements contained in this Statement.
Plan of Operation
The Company's Plan of Operation has not changed since the filing
of its Form 10-SB filed with the SEC on January 24, 2000. The
description of the current plan of operation is incorporated by
reference to Section 2 of its Form 10-SB.
Competition
The Company will remain an insignificant participant among the
firms which engage in the acquisition of business opportunities.
There are many established venture capital and financial concerns
which have significantly greater financial and personnel
resources and technical expertise than the Company. In view of
the Company's combined extremely limited financial resources and
limited management availability, the Company will continue to be
at a significant competitive disadvantage compared to the
Company's competitors.
Employees
The Company has no full time or part-time employees. None of the
officers and directors anticipates devoting more than ten (10%)
percent of his or her time to Company activities. The Company's
President and Secretary have agreed to allocate a portion of said
time to the activities of the Company, without compensation.
These officers anticipate that the business plan of the Company 8
can be implemented by their devoting minimal time 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 officers. See "Item 5 - Directors, Executive Officers,
Promoters and Control Persons - Resumes" on the Form 10-SB filed
with the SEC on January 24, 2000.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal
proceedings and, to the best of its knowledge, no such action has
been threatened by or against the Company.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
No issues of securities and no changes in the existing securities
took place during the period covered by this report. At the end
of the quarter there were 3,000,000 shares of common stock
outstanding.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most recent quarter.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
EXHIBITS
a) The exhibit consisting of the Company's Articles of
Incorporation is attached to the Company's Form 10-SB, filed on
January 24, 2000. This exhibit is incorporated by reference to
that Form.
b) The exhibit consisting of the Company's Bylaws is attached
to the Company's Amended Form 10-SB, filed on January 24, 2000.
This exhibit is incorporated by reference to that Form.
Reports on Form 8-K: None
27 Financial Data Schedule
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.
Solo & Hurst, Inc.
By: /s/ Valerie J. Sams
Valerie J. Sams, President
Date: November 3, 2000
