UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10QSB
(X) Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the quarterly period ended
September 30, 2000
( ) Transition report pursuant of Section 13 or 15(d) of the
Securities Exchange Act of 1939 for the transition period ____
to______
COMMISSION FILE NUMBER 000-1109664
------------
RUSSIAN IMPORTS.COM
-----------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 91-2021602
(State or other jurisdiction of (IRS Employer ID No.)
incorporation or organization)
827 State Street, Suite 26,
Santa Barbara, CA 93101 Telephone: 805 899 1299
-----------------------------------------------------------------
(Address of Principal Executive Offices including
Registrant's zip code and telephone number)
NONE
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Former name, former address and former fiscal year, if changed.
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of 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
--- ---
The number of shares of the registrant's common stock as of
September 30, 2000: 1,957,100 shares.
Transitional Small Business Disclosure Format
(check one): Yes No X
--- ---
TABLE OF CONTENTS PAGE
----------------- ----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
(a) Balance Sheet 3
(b) Statement of Operations 4
(c) Statement of Changes in Financial Position 5
(d) Statement of Shareholders' Equity 6
(e) Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations 8
Item 3. Risks
PART II. OTHER INFORMATION 9
Item 1. Legal Proceedings
Item 2. Changes in Securities and Use of Proceeds
Item 3. Defaults On Senior Securities
Item 4. Submission of Items to a Vote
Item 5. Other Information
Item 6
(a) Exhibits
(b) Reports on Form 8K
SIGNATURES 10
FINANCIAL DATA SCHEDULE 11
2
[CAPTION]
RUSSIAN-IMPORTS.COM
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
September 30,
2000
-------------
Assets: ............................................ $ --
=======
Liabilities - Accounts Payable ..................... $ --
-------
Stockholders' Equity:
Common Stock, Par value $.001
Authorized 100,000,000 shares,
Issued 1,950,000 shares at June 30, 2000 1,957
Paid-In Capital .................................. --
Retained Deficit .................................
(1,950)
-------
Total Stockholders' Equity .................... --
-------
Total Liabilities and
Stockholders' Equity ........................ $ --
=======
The accompanying notes are an integral part of these financial
statements.
F-2 <PAGE>
[CAPTION]
<TABLE>
RUSSIAN-IMPORTS.COM
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
<S> <C> <C>
Cumulative
Since
Inception
For the period ended of
September 30, 2000 Development
----------------- Stage
----------
Revenues: .................................. $ -- $ --
Expenses:
Professional fees $ 1,000 $ 1,000
General and Administrative Expenses: .... 957 957
Total 1,957 1,957
----- ----------
Net Loss .............................. $ (1,957) $ (1,957)
----- ----------
Loss per share ............................. $ -- $ --
===== ==========
The accompanying notes are an integral part of these financial statements.
</TABLE>
F-3 <PAGE>
[CAPTION]
<TABLE>
RUSSIAN-IMPORTS.COM
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE PERIOD ENDED SEPTEMBER 30, 2000
<S> <C> <C> <C> <C> <C>
Common Stock Additional
Number of Shares Amount Paid in Retained
Capital (Deficit) Total
----------------- -------- --------- --------- -----
Common Stocks issued 1,957,000 $1,957 $ -- $ 1,950 $ --
Net loss for
Balance 9/30/2000 1,957,000 $1,957 $ -- $ (1,950) $ --
----------------- -------- --------- --------- -----
The accompanying notes are an integral part of these financial statements.
F-4 <PAGE>
</TABLE>
[CAPTION]
<TABLE> RUSSIAN-IMPORTS.COM
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
<S> <C> <C>
Cumulative
Since
Inception
For the period ended of
September 30, 2000 Development
-------------------- Stage
------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Operating Activities
Net Loss ............................................ $(1,957) $ (1,957)
------- ------------
Net Cash Used provided by operating activities . ... (1,957) (1,957)
------- ------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Common stocks issued 1,957 1,957
------- ------------
Net Cash Provided by
Financing Activities .............................. 1,957 1,957
------- ------------
Cash and Cash Equivalents
at Beginning of Period ............................ -- --
------- ------------
Cash and Cash Equivalents
at End of Period .................................. $ -- $ --
======= ============
The accompanying notes are an integral part of these financial statements.
F-6 <PAGE>
</TABLE>
[CAPTION]
RUSSIAN-IMPORTS.COM
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2000
NOTE 1. DESCRIPTION OF THE BUSINESS
Russian-Imports was incorporated under the laws of the state of
California on February 1, 2000. The purpose for which the
Corporation is organized is to engage in any lawful act or
activity for which a corporation may be organized under the
General Corporation Law of the State of California including,
without limitation, to provide sales of imported Russian lacquer
boxes, crystal and matroshka dolls on the Internet.
Russian-Imports has been in the development stage since its
formation on February 1, 2000. Planned principal operations have
only recently commenced since then, but Russian-Imports has not
generated any significant revenue.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
A. Russian-Imports uses the accrual method of accounting.
B. Revenues and are recognized and recorded when ordered goods
are paid for by credit card. Expenses are realized and recorded
when invoiced.
C. Russian-Imports considers all short term, highly liquid
investments that are readily convertible, within three months,
to known amounts as cash equivalents. Russian-Imports currently
has no cash equivalents.
D. Primary Earnings Per Share amounts are based on the weighted
average number of shares outstanding at the dates of the
financial statements. Fully Diluted Earnings Per Shares shall be
shown on stock options and other convertible issues that may be
exercised within ten years of the financial statement dates.
E. Estimates: The preparation of the financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
NOTE 3. INCOME TAXES
Russian-Imports has adopted the provisions of SFAS No. 109
"Accounting for Income Taxes". SFAS 109 requires recognition of
deferred tax liabilities and assets for the expected future tax
consequences of events that have been included in the financial
statements or tax returns. Under this method, deferred tax
liabilities and assets are determined based on the differences
between the financial statement and tax basis of assets and
liabilities using enacted tax rates in effect for the year in
which the differences are expected to reverse. Russian-Imports
has incurred losses that can be carried forward to offset future
earnings if conditions of the Internal Revenue Codes are met.
Russian-Imports shares office space and telephone services of the
President of Russian-Imports at no charge.
NOTE 5. FISCAL YEAR END. Russian-Imports's fiscal year end is
December 31st.
NOTE 6. RELATED PARTY TRANSACTIONS. Russian-Imports issued
unregistered common stock to its President, in exchange for
services as President, Secretary and Treasurer, and to non
management consultants and employees in exchange for their
services. The issuance of shares were recorded at their fair
market value of par value. This is deemed appropriate, rather
than recording the issuance of shares at the offering price,
since Russian-Imports's shares have no current book value.
SUBSEQUENT EVENTS: On November 26, 1999, the Company effected an
8-1 forward split of its common shares of stock, resulting in
outstanding shares of 17,910,120.
7
PART I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
THIS ANALYSIS CONTAINS FORWARD-LOOKING COMMENTS WHICH ARE BASED
ON CURRENT INFORMATION. ACTUAL RESULTS IN THE FUTURE MAY DIFFER
MATERIALLY.
The Company is engaged in the business of providing sales of
computer related software and related services. The Company has
not yet commenced operations, but is in the process of developing
its web site at www.innovative-software.net.
8
PART II. OTHER INFORMATION
Item 1. Legal proceedings NONE
Item 2. Changes in securities and use of proceeds NONE
Item 3. Defaults on senior securities NONE
Item 4. Submission of items to a vote NONE
Item 5. Other information NONE
Item 6.
a) Exhibits NONE
b) Reports on 8K NONE
9
SIGNATURES
In accordance with the requirements of the Securities and
Exchange Act of 1934, the registrant caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
RUSSIAN-IMPORTS.COM
Dated: November 14, 2000 By: Agata Gotova
-------------------------
Agata Gotova, President
Dated: November 14, 2000 By: Agata Gotova
-------------------------
Agata Gotova, Chief
Financial Officer
10
[TYPE]EX-27
<SEQUENCE>2
[DESCRIPTION]FINANCIAL DATA SCHEDULE
[ARTICLE] 5
[MULTIPLIER] 1
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-2000
[PERIOD-END] SEP-30-2000
[CASH] 0
[SECURITIES] 0
[RECEIVABLES] 0
[ALLOWANCES] 0
[INVENTORY] 0
[CURRENT-ASSETS] 0
[PP&E] 0
[DEPRECIATION] 0
[TOTAL-ASSETS] 0
[CURRENT-LIABILITIES] 0
[BONDS] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 1957
[OTHER-SE] (0)
[TOTAL-LIABILITY-AND-EQUITY] 0
[SALES] 0
[TOTAL-REVENUES] 0
[CGS] 0
[TOTAL-COSTS] 0
[OTHER-EXPENSES] 0
[LOSS-PROVISION] (1957)
[INTEREST-EXPENSE] 0
[INCOME-PRETAX] (1957)
[INCOME-TAX] 0
[INCOME-CONTINUING] (1957)
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] (1957)
[EPS-BASIC] (.00)
[EPS-DILUTED] (.00)
