SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2000
Commission file number 000-29419
VCM TECHNOLOGY LIMITED
(Exact name of registrant as specified in its charter)
Nevada 88-0448325
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1850 E. Flamingo Rd #111
Las Vegas, Nevada 89119
(Address of principal executive offices (zip code)
(702) 866-5842
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the last 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
Indicate the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.
Class Outstanding at
June 30, 2000
Common Stock, par value $0.001 5,000,000
<PAGE>
<TABLE>
ITEM 1. FINANCIAL STATEMENTS
VCM TECHNOLOGY LIMITED
(A Development Stage Company)
BALANCE SHEET
June 30, 2000
(Unaudited)
ASSETS
June 30, 2000
-------------
<S> <C>
CURRENT ASSETS
Cash $ 0
-------------
TOTAL CURRENT ASSETS $ 0
-------------
OTHER ASSETS $ 0
-------------
TOTAL OTHER ASSETS $ 0
-------------
TOTAL ASSETS $ 0
===========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
VCM TECHNOLOGY LIMITED
(A Development Stage Company)
BALANCE SHEET
June 30, 2000
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, 2000
-------------
<S> <C>
CURRENT LIABILITIES
Officers Advances (Note #6) $ 1,132
-----------
TOTAL CURRENT LIABILITIES $ 1,132
-----------
STOCKHOLDERS' EQUITY (Note #1)
Preferred stock, $.001 par value
Authorized 5,000,000 shares
Issued and outstanding at
June 30, 2000-None $ 0
Common stock, par value $.001
Authorized 20,000,000 shares
issued and outstanding at
June 30, 2000-5,000,000 shares $ 5,000
Additional paid in Capital 5,000
Deficit accumulated during
the development stage (11,132)
-----------
TOTAL STOCKHOLDERS' EQUITY $ (1,132)
-----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 0
=========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
VCM TECHNOLOGY LIMITED
(A Development Stage Company)
STATEMENT OF OPERATIONS
June 30, 2000
(Unaudited)
June 30, 2000
-----------
<S> <C>
INCOME
Revenue $ 0
-----------
EXPENSES
General and
Administrative $ 1,132
-----------
Total Expenses $ 1,132
-----------
Net Loss $ (1,132)
Net Profit
or Loss(-)
Per weighted
Share (Note #1) $ (.0002)
=========
Weighted average
Number of common
shares outstanding 5,000,000
=========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
VCM TECHNOLOGY LIMITED
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
June 30, 2000
(Unaudited)
Additional Accumu-
Common Stock Paid-in lated
Shares Amount capital Deficit
---------- -------- ------------ -------------
<S> <C> <C> <C> <C>
Balance,
January 1, 2000 5,000,000 5,000 $ 0 $ 0
Net loss ended
June 30, 2000 0 0 0 (1,132)
----------- ------- ------------ -------------
Balance,
June 30, 2000 5,000,000 5,000 $ 0 $ (1,132)
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
VCM TECHNOLOGY LIMITED
(A Development Stage Company)
STATEMENT OF CASH FLOWS
June 30, 2000
(Unaudited)
June 30, 2000
------------
<S> <C>
Cash Flows from
Operating Activities:
Net Loss $ (1,132)
Amortization 0
Stock issued for services 0
Changes in assets and
Liabilities
Shareholder advances 1,132
------------
Net cash used in
operating activities $ 0
Cash Flows from
investing activities
organization costs 0
Cash Flows from
Financing Activities: 0
------------
Net increase(decrease)
in cash $ 0
Cash, beginning of Period 0
------------
Cash, end of period $ 0
=========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
VCM TECHNOLOGY LIMITED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 2000
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized June 19,1979, under the laws of the State of
Nevada, as Vegas Valley X-Ray, LTD. The Company currently has no operations
and, in accordance with SFAS #7, is considered a development stage company.
On June 19, 1979, the company issued 2,000 shares of its no par value
common stock for services of $ 10,000.
On January 18, 2000, the State of Nevada approved the Company's restated
Articles of Incorporation, which increased its capitalization from 25,000
common shares to 20,00,000 common shares. The par value was changed from no
par value to $.001. The Company also added 5,000,000 shares of preferred
stock with a par value of $.001.
On January 18, 2000, the Company changed it's name from Vegas Valley X-
Ray, LTD. to VCM Technology Limited.
On January 31, 2000, the Company forward split its common stock 2,500:1,
thus increasing the number of outstanding common stock shares from 2,000
shares to 5,000,000 shares.
NOTE 2 - ACCOUNTING POLICIES AND PROCEDURES
Accounting policies and procedures have not been determined except as
follows:
1. The Company uses the accrual method of accounting.
2. Earnings per share is computed using the weighted average number of
common shares outstanding.
3. The Company has not yet adopted any policy regarding payment of
dividends. No dividends have been paid since inception.
NOTE 3 - GOING CONCERN
The Company's financial statements are prepared using the generally
accepted accounting principles applicable to a going concern, which
contemplates the realization of assets and liquidation of liabilities in the
normal course of business. However, the Company has no current source of
revenue. Without realization of additional capital, it would be unlikely for
the Company to continue as a going concern. It is management's plan to seek
additional capital through a merger with an existing operating company.
<PAGE>
VCM TECHNOLOGY LIMITED
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS CONTINUED
June 30, 2000
NOTE 4 - RELATED PARTY TRANSACTIONS
The Company neither owns or leases any real or personal property. Office
services are provided without charge by an officer and or director of the
Company. Such costs are immaterial to the financial statements and
accordingly, have not been reflected therein. The officers and directors of
the Company are involved in other business activities and may, in the future,
become involved in other business opportunities. If a specific business
opportunity becomes available, such persons may face a conflict in selecting
between the Company and their other business interests. The Company has not
formulated a policy for the resolution of such conflicts. The Company has
formulated no policy for the resolution of such conflicts.
NOTE 5 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to issue any additional shares
of common stock or preferred stock of the Company.
NOTE 6 - OFFICERS ADVANCES
While the Company is seeking additional capital through a merger with an
existing operating company, an officer of the Company has advanced funds on
behalf of the Company to pay for any costs incurred by it. These funds are
interest free.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The Company has registered its common stock on a Form 10-SB registration
statement filed pursuant to the Securities Exchange Act of 1934 (the
"Exchange Act") and Rule 12(g) thereof. The Company files with the
Securities and Exchange Commission periodic and episodic reports under Rule
13(a) of the Exchange Act, including quarterly reports on Form 10-QSB and
annual reports Form 10-KSB. As a reporting company under the Exchange Act,
the Company may register additional securities on Form S-8 (provided that it
is then in compliance with the reporting requirements of the Exchange Act)
and on Form S-3 (provided that is has during the prior 12 month period timely
filed all reports required under the Exchange Act), and its class of common
stock registered under the Exchange Act may be traded in the United States
securities markets provided that the Company is then in compliance with
applicable laws, rules and regulations, including compliance with its
reporting requirements under the Exchange Act.
We are currently seeking to engage in a merger with or acquisition of an
unidentified foreign or domestic company which desires to become a reporting
("public") company whose securities are qualified for trading in the United
States secondary market. We meet the definition of a "blank check" company
contained in Section (7)(b)(3) of the Securities Act of 1933, as amended. We
have been in the developmental stage since inception and have no operations
to date. Other than issuing shares to our original stockholders, we have not
commenced any operational activities.
We will not acquire or merge with any entity which cannot provide audited
financial statements at or within a reasonable period of time after closing
of the proposed transaction. We are subject to all the reporting
requirements included in the Exchange Act. Included in these requirements is
our duty to file audited financial statements as part of our Form 8-K to be
filed with the Securities and Exchange Commission upon consummation of a
merger or acquisition, as well as our audited financial statements included
in our annual report on Form 10-K (or 10-KSB, as applicable). If such
audited financial statements are not available at closing, or within time
parameters necessary to insure our compliance with the requirements of the
Exchange Act, or if the audited financial statements provided do not conform
to the representations made by the target business, the closing documents may
provide that the proposed transaction will be voidable at the discretion of
our present management.
We will not restrict our search for any specific kind of businesses, but may
acquire a business which is in its preliminary or development stage, which is
already in operation, or in essentially any stage of its business life. It is
impossible to predict at this time the status of any business in which we may
become engaged, in that such business may need to seek additional capital,
may desire to have its shares publicly traded, or may seek other perceived
advantages which we may offer.
<PAGE>
A business combination with a target business will normally involve the
transfer to the target business of the majority of our common stock, and the
substitution by the target business of its own management and board of
directors.
We have, and will continue to have, no capital with which to provide the
owners of business opportunities with any cash or other assets. However,
management believes we will be able to offer owners of acquisition candidates
the opportunity to acquire a controlling ownership interest in a publicly
registered company without incurring the cost and time required to conduct an
initial public offering. Our officer and director has not conducted market
research and is not aware of statistical data to support the perceived
benefits of a merger or acquisition transaction for the owners of a business
opportunity.
Our Officer and Director has agreed that they will advance any additional
funds which we need for operating capital and for costs in connection with
searching for or completing an acquisition or merger. Such advances will be
made without expectation of repayment unless the owners of the business which
we acquire or merge with agree to repay all or a portion of such advances.
There is no minimum or maximum amount the Officer and Director will advance
to us. We will not borrow any funds for the purpose of repaying advances
made by such Officer and Director, and we will not borrow any funds to make
any payments to our promoters, management or their affiliates or associates.
The Board of Directors has passed a resolution which contains a policy that
we will not seek an acquisition or merger with any entity in which our
officer, director, stockholder or his affiliates or associates serve as
officer or director or hold more than a 10% ownership interest.
COMPUTER SYSTEMS REDESIGNED FOR YEAR 2000
Many existing computer programs use only two digits to identify a year in
such program's date field. These programs were designed and developed
without consideration of the impact of the change in century for which four
digits will be required to accurately report the date. If not corrected,
many computer applications could fail or create erroneous results by or
following the year 2000 ("Year 2000 Problem"). Many of the computer programs
containing such date language problems have not been corrected by the
companies or governments operating such programs. The Company does not have
operations and does not maintain computer systems. However, it is
impossible to predict what computer programs will be effected, the impact any
such computer disruption will have on other industries or commerce or the
severity or duration of a computer disruption.
Before the Company enters into any business combination, it will inquire as
to the status of any target company's Year 2000 Problem, the steps such
target company has taken to correct any such problem and the probable impact
on such target company of any computer disruption. However, there can be no
assurance that the Company will not combine with a target company that has
an uncorrected Year 2000 Problem or that any such Year 2000 Problem
corrections are sufficient.
<PAGE>
The extent of the Year 2000 Problem of a target company may be impossible
to ascertain and its impact on the Company is impossible to predict.
PART II -- OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no legal proceedings against the Company and the Company is unaware
of such proceedings contemplated against it.
ITEM 2. CHANGES IN SECURITIES
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
ITEM 5. OTHER INFORMATION
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits
There were no exhibits filed by the Company during the quarter.
Reports on Form 8-K
There were no reports on Form 8-K filed by the Company during the quarter.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VCM TECHNOLOGY LIMITED
By:/s/ Debra K. Amigone
Debra K. Amigone, President
Dated: July 12, 2000
