SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1O-QSB
[X] Quarterly Report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 2000
OR
[ ] Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _____________ to ______________
Commission File Number: 0-30623
SALES STRATEGIES, INC.
(Exact name of Registrant as Specified in its Charter)
NEVADA 88-0443498
(State or other jurisdiction (IRS Identification Number)
of incorporation)
16133 Ventura Boulevard
Suite 635
Encino, CA 91436
(818) 981-1796
(Address, including zip code, and telephone number, including area code,
of Registrant's principal executive offices)
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Indicate by check mark whether the registrant (1) has filed all reports
required to filed by Section 13 or 15(d) or the Securities Exchange Act of 1934
during the preceding 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 stock as the latest practicable date: As of November 6, 2000 -
2,000,000 shares of Common Stock, $.001 par value per share.
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SALES STRATEGIES, INC.
INDEX
Part I. Financial Information
Item 1. Financial Statements (unaudited)
Balance Sheets......................................... 3
Statement of Operations ............................... 4-5
Statements of Cash Flows .............................. 6
Notes to Consolidated Financial Statements ............ 7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operation............................................... 10
Part II. Other Information
Item 1. Legal Proceedings .................................... 10
Item 2. Changes in the Rights
of the Company's Security Holders ...................... 10
Item 3. Defaults by the Company on its Senior Securities ....... 10
Item 4. Results of Votes of Security Holders ................... 10
Item 5. Other Information ...................................... 10
Item 6. Exhibits and Reports on Form 8-K ....................... 10
Signatures ......................................................... 11
2
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
SALES STRATEGIES, INC.
(A Development Stage Company)
BALANCE SHEETS
September 30, December 31,
2000 1999
------------- --------------
(unaudited) (audited)
ASSETS
TOTAL ASSETS $ - $ -
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
TOTAL LIABILITIES $ - $ -
------------- ------------
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value;
75,000,000 shares authorized;
2,000,000 shares issued and
outstanding 2,000 2,000
Additional paid-in capital 3,500 3,500
Deficit accumulated during the
the development stage (5,500) (5,500)
------------- ------------
TOTAL STOCKHOLDERS' EQUITY - -
------------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS'
----------------------------------
EQUITY $ - $ -
------ ============= ===============
The accompanying notes are an integral part of the financial statements.
3
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SALES STRATEGIES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months
Ended
September 30,
----------------------
2000 1999
---------- ----------
REVENUE $ - $ -
GENERAL, SELLING
AND ADMINISTRATIVE EXPENSES - -
---------- ----------
LOSS BEFORE TAXES - -
PROVISION FOR INCOME TAXES - -
---------- ----------
NET LOSS $ - $ -
========== ==========
NET LOSS PER COMMON
SHARE - basic and diluted $ - $ -
========== ==========
The accompanying notes are an integral part of the financial statements.
4
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SALES STRATEGIES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS (continued)
(Unaudited)
For the Period
From
For The Nine Months October 17, 1995
Ended September 30, (inception) to
------------------------ September 30,
2000 1999 2000
--------- ---------- ---------------
REVENUE $ - $ - $ -
ADMINISTRATIVE EXPENSES - - 5,500
--------- ---------- ----------------
NET LOSS $ - $ - $ (5,500)
========= ========== ===============
NET LOSS PER COMMON SHARE
- basic and diluted $ - $ - $ (0.00)
========= ========== ===============
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING
- basic and diluted 2,000,000 2,000,000 2,000,000
========= ========== ===============
The accompanying notes are an integral part of the financial statements.
5
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SALES STRATEGIES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Period
From
For Nine Months Ended October 17, 1995
September 30, (inception) to
------------------------ September 30,
2000 1999 2000
--------- ---------- ---------------
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net loss $ - $ - $ (5,500)
--------- --------- -------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of common
stock for cash - - 5,500
--------- --------- -------------
Net change in cash
and cash equivalents - - -
--------- --------- -------------
Cash and cash equivalents
- beginning of period - - -
--------- --------- -------------
Cash and cash equivalents
- ending of period $ - $ - $ -
========= ========= =============
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the year -
Interest paid $ - $ - $ -
========= ========= =============
Income taxes paid $ - $ - $ -
========= ========= =============
Non cash investing and
Financing activities: None
The accompanying notes are an integral part of the financial statements.
6
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SALES STRATEGIES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000 (UNAUDITED)
NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
--------------------
Sales Strategies, Inc. (the "Company") is currently a development
stage company under the provisions of Statement of Financial
Accounting Standards ("SFAS") No. 7. The Company was incorporated
under the laws of the State of Nevada on October 17, 1995. It is
management's' objective to seek a merger with an existing
operating company.
Basis of Presentation
---------------------
The accompanying financial statements have been prepared in
conformity with generally accepted accounting principles, which
contemplate continuation of the Company as a going concern.
However, the Company has no established source of revenue. This
factor raises substantial doubt about the Company's ability to
continue as a going concern. Without realization of additional
capital, it would be unlikely for the Company to continue as a
going concern. The financial statements do not include any
adjustments relating to the recoverability and classification of
recorded asset amount, or amounts and classification of
liabilities that might be necessary should the Company be unable
to continue in existence. It is management's' objective to seek
additional capital through a merger with an existing operating
company.
Use of Estimates
----------------
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
Cash and Cash Equivalents
-------------------------
The Company considers all highly liquid investments purchased
with original maturities of three months or less to be cash
equivalents.
7
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SALES STRATEGIES, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000 (UNAUDITED)
NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Concentration of Credit Risk
----------------------------
The Company places its cash in what it believes to be
credit-worthy financial institutions. However, cash balances
exceed FDIC insured levels at various times during the year.
Income Taxes
------------
Income taxes are provided for based on the liability method of
accounting pursuant to SFAS No. 109, "Accounting for Income
Taxes". Deferred income taxes, if any, are recorded to reflect
the tax consequences on future years of differences between the
tax bases of assets and liabilities and their financial reporting
amounts at each year-end.
Earnings Per Share
------------------
During 1998, the Company adopted SFAS No. 128, "Earnings Per
Share", which requires presentation of basic loss per share and
diluted loss per share. The computation of basic loss per share
is computed by dividing loss available to common stockholders by
the weighted average number of outstanding common shares during
the period. Diluted loss per share gives effect to all dilutive
potential common shares outstanding during the period. The
computation of diluted LPS does not assume conversion, exercise
or contingent exercise of securities that would have an
antidilutive effect on earnings.
Comprehensive Income
--------------------
In June 1998, the Financial Accounting Standards Board ("FASB")
issued SFAS No. 130, "Reporting Comprehensive Income". SFAS No.
130 establishes standards for the reporting and display of
comprehensive income and its components in the financial
statements. As of September 30, 2000, the Company has no items
that represent comprehensive income and therefore, has not
included a schedule of comprehensive income in the accompanying
financial statements.
Impact of Year 2000 Issue
-------------------------
As of September 30, 2000, the Company does not have any computer
systems or customers and suppliers. Therefore, the issue of the
year 2000 has no effect on the Company's current activities.
8
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SALES STRATEGIES, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000 (UNAUDITED)
NOTE 2 - RELATED PARTY TRANSACTIONS
The Company neither owns nor leases any real or personal
property. A shareholder of the Company provides office services
without charge. Such costs are immaterial to the financial
statement 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 business opportunity becomes
available for the Company, 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.
NOTE 3 STOCKHOLDERS' EQUITY
In April 2000, the Company restated its Articles of Incorporation
to designate 10,000,000 shares of preferred stock with a par
value of 0.001 and increase the authorized number of common stock
from 25,000 to 75,000,000 shares with a par value of $0.001.
The Board of Directors is authorized to provide from time to time
for the issuance of shares of preferred stock in series and to
fix and determine from time to time, before issuance, the
designation and relative rights and preferences of the shares of
each series of preferred stock and the restrictions or
qualifications. As of February 2000, no preferred stock nor
designations of preferred stock have been determined.
In April 2000, the Company completed a forward split of its
common stock 2000:1, thus increasing the number of outstanding
and issued shares of the Company's common stock from 1,000 to
2,000,000.
9
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION
The Company has not commenced business activities and has no assets or
operations. The Company is dependent upon its officers to meet any de-minimis
costs which may occur.
Hagit Bernstein, an officer and director of the Company, has agreed to
provide the necessary funds, without interest, for the Company to comply with
the Securities Exchange Act of 1934, as amended, provided that she is an officer
and director of the Company when the obligation is incurred. All advances are
interest-free.
In addition, since the Company has had no operating history nor any
revenues or earnings from operations, with no significant assets or financial
resources, the Company will in all likelihood sustain operating expenses without
corresponding revenues, at least until the consummation of a business
combination. This may result in the Company incurring a net operating loss which
will increase continuously until the Company can consummate a business
combination with a profitable business opportunity. There is assurance that the
Company can identify such a business opportunity and consummate such a business
combination.
PART II. Other Information
Item 1. Legal Proceedings - None.
Item 2. Changes in the Rights of the Company's Security Holders - None.
Item 3. Defaults by the Company on its Senior Securities - None.
Item 4. Results of Votes of Security Holders - None.
Item 5. Other Information - None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit
Number Description
------- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K
None
10
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SIGNATURES
Pursuant to the requirement 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.
SALES STRATEGIES, INC.
Registrant
Date: November 10, 2000 /s/ Hagit Bernstein
---------------------------------
Hagit Bernstein
President
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