UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB/A
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
Commission File Number 000-29929
TROYDEN CORPORATION
(Exact name of small business as specified in its charter)
Nevada 33-0786959
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
1135 Terminal Way, Suite 209, Reno, Nevada 89502
(Address of principal executive offices)
(619) 960-6699
(Issuer's telephone number)
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.
Common Stock 310,000 shares outstanding
$.001 Par Value as of March 31, 2000
Traditional Small Business Disclosure Format (Check one): Yes [ ] No [X]
<PAGE>
TROYDEN CORPORATION
REPORT ON FORM 10-QSB
QUARTER ENDED MARCH 31, 2000
TABLE OF CONTENTS
PART I. Financial Information
Item 1. Financial Statements
- Accountant's Review Report
- Balance sheets as of March 31, 2000 and December 31, 1999
- Statements of Operations for the three months ended March
31, 2000, and year ended December 31, 1999
- Statements of Cash Flows three months ended March 31, 2000,
and year ended December 31, 1999
- Notes to the Financial Statements
Item 2. Management's discussion and analysis of financial condition and
results of operations
PART II. Other Information
Signatures
<PAGE>
PART I.
Item 1:
Accountant's Review Report
We have reviewed the accompanying balance sheet of Troyden Corporation as of
March 31, 2000, and the related statements of operations, changes in
stockholders' equity, and cash flows for the three months ended March 31, 2000,
in accordance with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants. All
information included in these financial statements is the representation of the
management of Troyden Corporation.
A review consists principally of inquiries of company personnel and analytical
procedures applied to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the accompanying March 31, 2000 financial statements in order for
them to be in conformity with generally accepted accounting principles.
The financial statements for the year ended December 31, 1999, were audited by
us, and we expressed an unqualified opinion on them in our report dated January
25, 2000, but we have not performed any auditing procedures since that date.
CONSIDINE & CONSIDINE
An Accountancy Corporation
May 23, 2000
<PAGE>
<TABLE>
<CAPTION>
TROYDEN CORPORATION
BALANCE SHEETS
3 MONTHS 12 MONTHS
ENDED ENDED
03/31/00 12/31/99
<S> <C> <C>
ASSETS
CURRENT ASSETS $ 0 $ 0
OTHER ASSETS
Organization Costs (Note 3) 50 75
---------- ----------
TOTAL ASSETS 50 75
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable 500 0
Stockholder Advance (Note 4) 5,475 0
Accrued Income Taxes (Note 5) 16,830 16,460
---------- ----------
22,805 16,460
STOCKHOLDERS' EQUITY
Common Stock (Note 6) 3,010 3,010
Accumulated Deficit ( 27,765) ( 19,395)
---------- ----------
( 22,755) ( 16,385)
---------- ----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 50 75
========== ==========
</TABLE>
See Accompanying Notes and Accountant's Review Report
<PAGE>
<TABLE>
<CAPTION>
TROYDEN CORPORATION
STATEMENTS OF OPERATIONS
3 MONTHS 12 MONTHS
ENDED ENDED
03/31/00 12/31/99
REVENUE
<S> <C> <C>
Management Fees $ 0 $ 0
OPERATING EXPENSES
Amortization 25 25
Penalties & Interest 370 1,303
Professional Services 5,975 0
------------ ---------
6,370 1,328
------------ ---------
LOSS BEFORE TAX ( 6,370) (1,328)
INCOME TAX EXPENSE (Note 5) 0 800
------------ ---------
NET LOSS $ (6,370) $ (2,128)
============ =========
</TABLE>
See Accompanying Notes and Accountant's Review Report
<PAGE>
<TABLE>
<CAPTION>
TROYDEN CORPORATION
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
3 MONTHS 12 MONTHS
ENDED ENDED
3/31/00 12/31/99
<S> <C> <C>
COMMON STOCK - BEGINNING OF YEAR$ 3,010 $3,000
Common Stock Issued 0 10
-------- ---------
COMMON STOCK - END OF YEAR 3,010 3,010
ACCUMULATED DEFICIT - BEGINNING OF YEAR (19,395) (17,267)
Net Loss ( 6,370) (2,128)
-------- ---------
ACCUMULATED DEFICIT - END OF YEAR (25,765) (19,395)
TOTAL SHAREHOLDERS' EQUITY $(22,755) $(16,385)
======== =========
</TABLE>
See Accompanying Notes and Accountant's Review Report
<PAGE>
<TABLE>
<CAPTION>
TROYDEN CORPORATION
STATEMENTS OF CASH FLOWS
3 MONTHS 12 MONTHS
ENDED ENDED
03/31/00 12/31/99
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ ( 6,370) $( 2,128)
ADJUSTMENTS TO RECONCILE NET LOSS TO
NET CASH USED BY OPERATING ACTIVITIES
Depreciation and Amortization 25 25
Increase in Accounts Payable 500 0
Increase in Accrued Taxes 370 2,103
--------------- ----------
895 2,128
--------------- ----------
NET CASH USED BY OPERATING ACTIVITIES ( 5,475) 0
CASH FLOWS FROM INVESTING ACTIVITIES 0 0
CASH FLOWS FROM FINANCING ACTIVITIES
Advances Received from Stockholder 5,475 0
--------------- ----------
NET INCREASE IN CASH 0 0
CASH, BEGINNING 0 0
--------------- ----------
CASH, ENDING $ 0 $ 0
=============== ==========
SUPPLEMENTAL DISCLOSURES
Interest Paid $ 0 $ 0
Income Taxes Paid $ 0 $ 0
</TABLE>
See Accompanying Notes and Accountant's Review Report
<PAGE>
TROYDEN CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 THE COMPANY
Troyden Corporation has existed as a development stage company which is seeking
business acquisition opportunities not yet identified.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The financial statements have been prepared using the
accrual method in conformity with generally accepted accounting principles.
Cash - The Company considers financial instruments with a fixed maturity date of
less than three months to be cash equivalent.
Organization Costs - The costs associated with the formation of Troyden
Corporation have been capitalized and are being amortized over a five year
period using the straight-line method.
Deferred Taxes - The Company has adopted Statement of Financial Accounting
Standards No. 109 (SFAS 109), Accounting for Income Taxes. SFAS 109 is an asset
and liability approach that requires the recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been
recognized in the Company's financial statements or tax returns. In estimating
future tax consequences, SFAS 109 generally considers all expected future events
other than enactments of changes in the tax law or rates. Management has
elected not to recognize any deferred tax due to its relative immateriality to
the overall financial statements.
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 at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
NOTE 3 ORGANIZATION COSTS
Organization costs are shown net of $450 and $425 in amortization for March 31,
2000, and December 31, 1999, respectively.
NOTE 4 STOCKHOLDER ADVANCE
The Stockholder Advance represents amounts lent by Larry Davis, President of the
Company. The advance is due on demand.
<PAGE>
NOTE 5 INCOME TAXES
Income Tax Expense is calculated as follows:
<TABLE>
<CAPTION>
3 MONTHS 12 MONTHS
ENDED ENDED
03/31/00 12/31/99
------------ ------------
<S> <C> <C>
LOSS BEFORE TAX $ (6,370) $ (1,328)
TAXES:
Federal0 0
State 0 0
------------ ------------
INCOME TAX EXPENSE0 0
ADD:Prior Year's Tax Due16,460 14,367
Interest and Penalties 370 1,293
LESS:Taxes Paid 0 0
------------ ------------
ACCRUED INCOME TAX $16,830 $ 16,460
============ ============
</TABLE>
NOTE 6 COMMON STOCK
There are 50,000,000 shares of $.001 par common stock authorized, with
310,000 shares issued and outstanding. The outstanding shares are
owned by 31 shareholders.
Item 2: Management's discussion and analysis of financial condition and results
of operations
For the three months ended March 31, 2000, the Company has had no business
operations and had no full time employees. We have no assets and have had
recurring operating losses for several years and are reliant on financing to
continue operations. The Company had an operating net loss of $6,370 for the
quarter ended March 31, 2000. Management believes that our current cash needs
can be met with loans from management or shareholders for at least twelve
months.
The Company intends to concentrate its acquisition efforts on properties or
businesses that we believe to be undervalued or that we believe may realize a
substantial benefit from being publicly owned. Investors should expect that any
acquisition candidate may have little or no operating history, or a history of
losses or low profitability.
PART II - SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
TROYDEN CORPORATION
Date: May 23, 2000 By: /s/ Larry Davis
----------------
