U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
SEC File No: 33-14982-LA
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO ___________
FIGHTON SUCCESSION CORPORATION
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(Exact name of registrant as specified in its charter)
California 33-0897453
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(State or other (IRS Employer
jurisdiction of Identification No.)
incorporation)
19900 MacArthur Boulevard, Suite 660, Irvine, California 92612
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(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code: (949) 851-9800
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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 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.
[X] Yes [ ] No
State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date:
5,000,000 Shares as of the date of this report.
Transitional Small Business Disclosure Format (check one):
[ ] Yes [X] No
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FIGHTON SUCCESSION CORPORATION
Form 10-QSB for the Quarter ended September 30, 2000
Table of Contents
Page
----
PART 1 - ITEM 2...............................................................4
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS FOR FIGHTON SUCCESSION CORPORATION.........4
CAUTION REGARDING FORWARD-LOOKING INFORMATION............................4
OVERVIEW OF THE COMPANY..................................................5
PART II - OTHER INFORMATION...................................................6
ITEM 1 - LEGAL PROCEEDINGS...............................................6
ITEM 2 - CHANGES IN SECURITY.............................................6
ITEM 3 - DEFAULTS ON SENIOR SECURITIES...................................6
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.............6
ITEM 5 - OTHER INFORMATION...............................................6
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K................................6
SIGNATURE............................................................7
2
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PART 1 - FINANCIAL INFORMATION
FIGHTON SUCCESSION CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
-----------------------
February 17, 2000
(Inception) to September 30, 2000
---------------------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss $(1,108)
Adjustment to reconcile net loss to net cash
used by operating activities
Increase in accounts payable 750
Capitalized expenses 358
Net cash used by operating activities --
CASH FLOW FROM FINANCING
ACTIVITIES:
Proceeds from issuance of common stock 2,000
Net cash provided by financing activities 2,000
INCREASE IN CASH AND CASH
EQUIVALENTS 2,000
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD --
CASH AND CASH EQUIVALENTS - END OF
PERIOD $ 2,000
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FIGHTON SUCCESSION CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
FOR THE PERIOD FROM FEBRUARY 17, 2000 (INCEPTION)
TO SEPTEMBER 30, 2000
---------------------
<TABLE>
<CAPTION>
DEFICIT
ACCUMULATED
COMMON STOCK ADDITIONAL DURING
ISSUED PAID-IN DEVELOPMENT
SHARES AMOUNT CAPITAL STAGE TOTAL
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Common Stock Issuance 5,000,000 $ 2,000 $ -- $ -- $ 2,000
Fair value of expenses
contributed -- -- 358 -- 358
Net loss for the period
ended
September 30, 2000 -- -- -- (1,108) (1,108)
--------- --------- --------- --------- ---------
BALANCE
SEPTEMBER 30, 2000: 5,000,000 $ 2,000 $ 358 $ (1,108) $ 1,250
--------- --------- --------- --------- ---------
</TABLE>
PART 1 - ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS FOR FIGHTON SUCCESSION CORPORATION.
The following discussion of the financial conditions and results of
operations of the Company should be read in conjunction with the financial
statements, including notes thereto, for the Company.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
---------------------------------------------
This quarterly report contains certain forward-looking statements and
information relating to the Company that are based on the beliefs of the Company
or management as well as assumptions made by and information currently available
to the Company or management. When used in this document, the words
"anticipate," "believe," "estimate," "expect" and "intend" and similar
expressions, as they relate to the Company or its management, are intended to
identify forward-looking statements. Such statements reflect the current view of
the Company regarding future events and are subject to certain risks,
uncertainties and assumptions, including the risks or uncertainties noted.
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Should one or more of these risks or uncertainties materialize, or should
underlying assumption prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended. In each instance, forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.
OVERVIEW OF THE COMPANY
-----------------------
Fighton Succession Corporation (the "Company") was incorporated in
February 2000, under the laws of the State of California, primarily for the
purpose of acquiring or merging with a small to medium size company. The Company
currently has no operations, revenue or activity. The Company filed a Form 10SB
Registration Statement, which became effective on March 23, 2000.
Results of Operations
As of September 30, 2000, the Company is in the development stage and
had conducted minimal activities. Accordingly, the accompanying financial
statements should not be regarded as typical for normal periods of operation.
Additional financing or restructuring will be required in order for the Company
to complete its development stage activities. Management and the Company's
existing shareholder expect to have to continue to contribute capital to support
the Company's operations until a merger or acquisition candidate is located.
The Company had no operations or revenues, or significant assets or
liabilities since its inception in February 2000.
Three Months and Nine Months Ended September 30, 2000, Compared to Periods Ended
June 30, 1999.
Revenue. The Company was recently formed and the Company was not in
existence during the quarter or the nine month period ended September 30, 1999,
the Company had no revenues for the quarter ended September 30, 2000, and has
had no revenues since inception. Similarly, the Company had no cost of sales,
gross profit or other income during the period ended September 30, 2000, or from
its inception. The Company's nominal operating expenses of less than $300 per
months have been paid by its shareholder.
Liquidity and Capital Resources
As of September 30, 2000, the Company had cash, cash equivalents and
net working capital of approximately $500. The sole source of cash has been
contributions by the Company's Shareholder. The Company has relied upon
contributions by its shareholder to fund its operations during the periods
discussed. The Company has not received any capital contribution in cash from
its Shareholder since initial contributions as set forth in the Company's Form
10SB dated March 23, 2000.
The Company anticipates that any need of working capital in future
periods will be limited and will be contributed by the Company's Shareholder.
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The Company believes that existing cash and cash equivalents, cash flow
from operations will be sufficient to meet the Company's presently anticipated
working capital needs for the next 3 months. To the extent the Company uses its
cash resources for its operations, the Company will be required to obtain
additional funds, if available, through borrowings or equity financings. There
can be no assurance that such capital will be available on acceptable terms. If
the Company is unable to obtain sufficient financing, it may be unable to fully
implement its growth strategy.
Material Changes in Operations
The Company has not had any material changes in operations since its
formation or the date of its Form 10 SB Registration Statement.
Year 2000 Compliance
The Company has not experienced any Year 2000 complications.
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
None.
ITEM 2 - CHANGES IN SECURITY
None.
ITEM 3 - DEFAULTS ON SENIOR SECURITIES
None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5 - OTHER INFORMATION
None.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
None.
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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.
September 30, 2000 FIGHTON SUCCESSION CORPORATION
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By:/s/ Tim T. Chang
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Tim T. Chang, President
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