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 for the transitionperiod from ______to ______.
Commission file number: 0-29321
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ASWAN INVESTMENTS, INC.
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(Exact name of small business issuer as specified in its charter)
Nevada 87-0643635
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1403 East 900 South, Salt Lake City, Utah 84105
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(Address of principal executive office) (Zip Code)
(801) 582-9609
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(Issuer's telephone number)
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 XX
The number of outstanding shares of the issuer's common stock, $0.001 par value
(the only class of voting stock), as of May 12, 2000 was 6,044,500.
<PAGE>
TABLE OF CONTENTS
PART I
ITEM 1. FINANCIAL STATEMENTS..................................................3
Unaudited Balance Sheet as of March 31, 2000...................................4
Unaudited Statement of Operations for the three months ended
March 31, 2000 and the period since Date of Inception to March 31, 2000........5
Unaudited Statement of Cash Flows for the three months ended
March 31, 2000 and the period since Date of Inception to March 31, 2000........6
Notes to Consolidated Unaudited Financial Statements...........................7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.............8
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K......................................8
SIGNATURES.....................................................................9
INDEX TO EXHIBITS.............................................................10
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2
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
As used herein, the term "Company" refers to Aswan Investments Inc., a Nevada
corporation, and its subsidiaries and predecessors unless otherwise indicated.
Unaudited consolidated interim financial statements including a balance sheet
for the Company as of the quarter ended March 31, 2000, statement of operations,
and statement of cash flows for the interim period up to the date of such
balance sheet and the period since inception are attached hereto as Pages 4
through 6 and are incorporated herein by this reference.
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3
<PAGE>
Aswan Investments, Inc.
(A Developmental Stage Company)
Unaudited Balance Sheet
As of March 31, 2000
<TABLE>
<CAPTION>
March 31, 2000
(unaudited)
------------------------
<S> <C>
ASSETS
Current Assets - cash $ 535
------------------------
Total Current Assets 535
========================
LIABILITIES AND STOCK HOLDERS' EQUITY
Current Liabilities:
Accounts Payable/Related Parties $ 170
Accrued Expenses 1,850
------------------------
Total Current Liabilities 2,020
------------------------
Stockholders' equity
Preferred stock ($.001 par value, 5,000,000
shares authorized; no shares issued and
outstanding -
Common stock ($.001 par value 45,000,000
shares authorized; 6,044,500 shares issued and
outstanding March 31, 2000 6,045
Additional paid in capital 338
Accumulated Deficit (7,868)
------------------------
Total stockholders' equity (1,485)
------------------------
TOTAL LIABILITIES AND EQUITY $ 535
========================
</TABLE>
The accompanying notes are an integral part of these financial statements
4
<PAGE>
Aswan Investments, Inc.
(A Developmental Stage Company)
Unaudited Statements of Operations
For The Three Months Ended
<TABLE>
<CAPTION>
December 7, 1999
January 1 to (inception) to
March 31, 2000 March 31, 2000
---------------------- -----------------------
<S> <C> <C>
Revenues $ - $ -
General and Administrative Costs (6,957) (7,868)
---------------------- -----------------------
Net Loss $ (6,957) $ (7,868)
====================== =======================
Loss per common share-basic and diluted $ - $ -
====================== =======================
Weighted average common shares basic and diluted 4,987,000 4,130,000
====================== =======================
</TABLE>
The accompanying notes are an integral part of these financial statements
5
<PAGE>
Aswan Investments, Inc.
(A Developmental Stage Company)
Unaudited Statements of Cash Flows
<TABLE>
<CAPTION>
December 7,
January 1 1999 (inception)
to to March 31,
March 31, 2000 2000
-------------------- ----------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ (6,957) $ (7,868)
Adjustments to reconcile Net Loss to Net Cash
provided by (used in) operations:
Stock compensation expense 5,007 5,007
Decrease in stock subscription receivable 465 465
Increase in accounts payable and accrued expenses 2,020 2,020
Net cash provided by (used in ) Operating Activities 535 (376)
-------------------- ----------------------
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock - 910
-------------------- ----------------------
NET CASH INCREASE FOR PERIOD 535 535
-------------------- ----------------------
CASH, BEGINNING OF PERIOD - -
-------------------- ----------------------
CASH, END OF PERIOD $ 535 $ 535
==================== ======================
</TABLE>
The accompanying notes are an integral part of these financial statements
6
<PAGE>
ASWAN INVESTMENTS, INC
NOTES TO CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
March 31, 2000
1. Basis of Presentation
The accompanying consolidated unaudited condensed financial statements have been
prepared by management in accordance with the instructions in Form 10-QSB and,
therefore, do not include all information and footnotes required by generally
accepted accounting principles and should, therefore, be read in conjunction
with the Company's initial registration statement on Form 10-SB, filed with the
Securities and Exchange Commission on February 3, 2000. These statements do
include all normal recurring adjustments which the Company believes necessary
for a fair presentation of the statements. The interim operations results are
not necessarily indicative of the results for the full year ended December 31,
2000.
2. Year 2000 Compliance
As of May 12, 2000 the Company has not had or become aware of any significant
problems associated with Year 2000 issues.
3. Additional footnotes included by reference
Except as indicated in Notes above, there have been no other material changes in
the information disclosed in the notes to the financial statements included in
the Company's initial registration statement on Form 10-SB, filed with the
Securities and Exchange Commission on February 3, 2000. Therefore, those
footnotes are included herein by reference.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Plan of Operations
The Company's plan of operation for the coming year is to identify and acquire a
favorable business opportunity. The Company does not plan to limit its options
to any particular industry, but will evaluate each opportunity on its merits.
The Company anticipates that its owners, affiliates, and consultants will
provide it with sufficient capital to continue operations until the end of the
second quarter of 2000, but there can be no assurance that this expectation will
be fully realized.
The Company does not expect to generate any meaningful revenue or incur
operating expenses unless and until it acquires an interest in an operating
company.
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits Exhibits required to be attached by Item 601 of Regulation S-B are
listed in the Index to Exhibits on page 10 of this Form 10-QSB, and are
incorporated herein by this reference.
(b) Reports on Form 8-K. No reports on Form 8-K were filed during the period
covered by this Form 10- QSB.
8
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, hereunto duly
authorized, this 12th day of May, 2000.
ASWAN INVESTMENTS, INC.
Signature Date
- --------- ----
/s/ Ruairidh Campbell May 12, 2000
- --------------------------
Ruairidh Campbell
President and Director
9
<PAGE>
INDEX TO EXHIBITS
EXHIBIT PAGE
NO. NO. DESCRIPTION
- ------- ---- -----------
3(i) * Articles of Incorporation of the Company (incorporated
herein by reference from Exhibit No. 3(i) of the Company's
Form 10-SB as filed with the Securities and Exchange
Commission on February 3, 2000).
3(ii) * Bylaws of the Company, as amended (incorporated herein by
reference from Exhibit 3(ii) of the Company's Form 10-SB as
filed with the Securities and Exchange Commission on
February 3, 2000).
27 * Financial Data Schedule "CE"
10
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
UNAUDITED CONDENSED FINANCIAL STATEMENTS FILED WITH THE COMPANY'S MARCH 31,
2000, QUARTERLY REPORT ON FORM 10-QSB AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001104672
<NAME> Aswan Investments, Inc.
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<CASH> 535
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 535
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 535
<CURRENT-LIABILITIES> 2,020
<BONDS> 0
0
0
<COMMON> 6,045
<OTHER-SE> (7,530)
<TOTAL-LIABILITY-AND-EQUITY> 511
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 6,957
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,957)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,957)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
