UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT TO THE 1934
ACT REPORTING REQUIREMENTS
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
Commission File No. 000-30763
BUFFTON, INC.
(Exact name of registrant as specified in its charter)
Nevada
(State of organization) (I.R.S. Employer Identification No.)
2080 E. Flamingo Rd., Suite 112, Las Vegas, NV 89119
(Address of principal executive offices)
Registrant's telephone number, including area code (702) 650-5660
Check whether the issuer (1) filed all reports required to be
file by Section 13 or 15(d) of the Exchange Act during the past
12 months and (2) has been subject to such filing requirements
for the past 90 days. No X
There are 3,000,000 shares of common stock outstanding as of
September 30, 2000.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INDEPENDENT AUDITORS' REPORT
Board of Directors October 19, 2000
Buffton, Inc.
Las Vegas, Nevada
We have compiled the accompanying balance sheets of Buffton,
Inc. as of September 30, 2000 and September 30, 1999, and the
related statements of income, changes in stockholders' equity and
cash flows for the nine months then ended, in accordance with the
Statement of Standards for Accounting and Review Services issued
by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of
financial statements information that is the representation of
management. We have not audited or reviewed the accompanying
financial statements and supplementary information, and,
accordingly, do not express an opinion or any other form of
assurance on them.
As discussed in Note 1, the Company has been in the
development stage since its inception on May 27, 1998.
Realization of the major portion of its assets is dependent upon
the Company's ability to meet its future financing requirements,
and the success of future operations. The accompanying financial
statements have been prepared assuming that the Company will
continue as a going concern.
The financial statements for the year ended December 31,
1999, were audited by us and we expressed an unqualified opinion
on the statements in their report dated June 5, 2000. We have
not performed any auditing procedures since that date.
BUFFTON, INC.
(a development stage enterprise)
Balance Sheets
September 30, 2000 and December 31, 1999
<TABLE>
<S> <C> <C>
ASSETS
Unaudited Audited
September 30, December 31,
2000 1999
CURRENT ASSETS
Cash $ -0- $ -0-
PROPERTY AND EQUIPMENT -0- -0-
-------- ---------
-0- -0-
======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Loan payable $ -0- $ -0-
-------- --------
TOTAL CURRENT LIABILITIES -0- -0-
-------- --------
STOCKHOLDERS' EQUITY
Common stock, $.001 par value,
20,000,000, shares authorized,
3,000,000 shares issued and
outstanding 3,000 3,000
Preferred stock, $.001 par
value,
5,000,000 shares authorized, no
shares issued and outstanding -0- -0-
Deficit accumulated during
development stage (3,000) (3,000)
-------- --------
TOTAL STOCKHOLDERS' EQUITY -0- -0-
-------- --------
$ -0- $ -0-
======== ========
</TABLE>
See accompanying accountant's report.
The accompanying notes are an integral part of these financial
statements.
BUFFTON, INC.
(a development stage enterprise)
STATEMENTS OF INCOME
For the Nine Months Ended September 30, 2000 and September 30, 1999
the Year Ended December 31, 1999 and the Period May 27, 1998
(inception) to September 30, 2000
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
May 27,
Unaudited Unaudited 1998
Three Months Ended Nine Months Ended Audited (inception) to
September 30 September 30 Year Ended September 30
2000 1999 2000 1999 12/31/99 2000
REVENUE $ -0- $ -0- $ -0- $ -0- $ -0- $ -0-
COSTS OF SALES -0- -0- -0- -0- -0- -0-
-------- -------- -------- -------- -------- --------
GROSS PROFIT -0- -0- -0- -0- -0- -0-
OPERATING EXPENSES
Filing Fees -0- -0- -0- -0- -0- 300
Professional Fees -0- -0- -0- -0- -0- 2,700
-------- -------- -------- -------- -------- --------
-0- -0- -0- -0- -0- 3,000
-------- -------- -------- -------- -------- --------
NET INCOME (LOSS)
BEFORE
INCOME TAXES (-0-) (-0-) (-0-) (-0-) (-0-) (3,000)
INCOME TAXES -0- -0- -0- -0- -0- -0-
NET INCOME (LOSS) $ (-0-) $ (-0-) $ (-0-) $ (-0-) $ (-0-) $(3,000)
======== ======== ======== ======== ======== ========
EARNINGS PER SHARE OF
COMMON STOCK $ -0- $ -0- $ -0- $ -0- $ -0-
WEIGHTED AVERAGE
NUMBER
OF SHARES OUTSTANDING 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
</TABLE>
See accompanying accountant's report.
The accompanying notes are an integral part of these financial statements.
BUFFTON, INC.
(a development stage enterprise)
Statements Of Stockholders' Equity
September 30, 2000
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Deficit
Accumulated
Paid in During
Preferred Stock Common Stock Capital Development
Shares Amount Stock Amount Amount Stage Total
-------- ------- -------- -------- -------- --------- --------
Balance May 27, 1998 -0- $ -0- -0- $ -0- $ -0- $ -0- $ -0-
Stock issued -0- -0- 3,000,000 3,000 -0- -0- 3,000
Retained Earnings
(Loss) -0- -0- -0- -0- -0- (3,000) (3,000)
-------- ------- --------- ------- ------- -------- --------
Balance December 31, -0- -0- 3,000,000 3,000 -0- (3,000) -0-
1998
Retained Earnings
(Loss) -0- -0- -0- -0- -0- -0- -0-
-------- ------- --------- ------- ------- -------- --------
Balance December 31, -0- -0- 3,000,000 3,000 -0- (3,000) -0-
1999
Retained Earnings
(Loss) -0- -0- -0- -0- -0- -0- -0-
-------- ------- --------- ------- ------- -------- --------
Balance September 30,
2000 -0- -0- 3,000,000 $3,000 $ -0- $(3,000) $ -0-
======== ======= ========= ======= ======= ======== ========
</TABLE>
See accompanying accountant's report.
The accompanying notes are an integral part of these financial statements.
BUFFTON, INC.
(a development stage enterprise)
Statements Of Cash Flows
For the Nine Months Ended September 30, 2000 and September 30, 1999
the Year Ended December 31, 1999
and the Period May 27, 1998 (inception) to September 30, 2000
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
May 27
Unaudited Unaudited Audited 1998 (inception)
to
Three Months Ended Nine Months Ended Year Ended September 30
September 30 September 30
2000 1999 2000 1999 12/31/00 2000
-------- -------- -------- -------- -------- -----------
Net Income (Loss) $ -0- $ -0- $ -0- $ -0- $ -0- $(3,000)
Adjustments to
reconcile net
income
to net cash
provided
by operating
activities: -0- -0- -0- -0- -0- -0-
-------- ------- -------- -------- -------- --------
Cash From -0- -0- -0- -0- -0- -0-
Operations
-------- ------- -------- -------- -------- --------
Cash From Investing
Activities -0- -0- -0- -0- -0- -0-
-------- ------- -------- -------- -------- --------
Cash From Financing
Activities Stock
Issued -0- -0- -0- -0- -0- 3,000
-------- ------- -------- -------- -------- --------
Net Increase in -0- -0- -0- -0- -0- -0-
Cash
Beginning Cash -0- -0- -0- -0- -0- -0-
Balance
-------- ------- -------- -------- -------- --------
Ending Cash Balance $ -0- $ -0- $ -0- $ -0- $ -0- $ -0-
======== ======= ======== ======== ======== ========
</TABLE>
See accompanying accountant's report.
The accompanying notes are an integral part of these financial statements.
BUFFTON, INC.
(a development stage enterprise)
Notes to Financial Statements
September 30, 2000, December 31, 1999 and September 30, 1999
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Operations
The Company was organized under the laws of the state
of Nevada in 1998 and is authorized to do business in
the United States. The Company has no revenue from
operations during the period covered by this financial
statement.
Method of Accounting
These financial statements are prepared on the accrual
basis of accounting in accordance with generally
accepted accounting principles. Consequently, revenues
are recognized when earned and expenses are recognized
when the obligation is actually incurred.
Income Taxes and Cash Flows
The Company accounts for income taxes and the statement
of cash flows in accordance with Financial Accounting
Standards Board Statement No. 109 and No. 95.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid
investments with a maturity of three months or less
when purchased.
NOTE 2: CASH
The Company has no bank accounts at this time.
NOTE 3 - EARNINGS PER SHARE
Earnings per share has been computed by dividing net
income/(loss) by the weighted average number of common
shares outstanding for the period. There are no items
which are deemed to be common stock equivalents during
the audit period.
NOTE 4: COMMON STOCK
As of September 30, 2000, December 31, 1999 and
September 30, 1999, the Company had 3,000,000 shares of
common stock, par value $0.001, issued and outstanding.
NOTE 5 - LEASE COMMITMENTS
The Company currently has no commitments for leases or
contingencies.
NOTE 6 - USE OF ESTIMATES
The preparation of financial statements in conformity
with Generally Accepted Accounting Principles requires
management to make estimates and assumptions that
affect certain reported amounts and disclosures.
Accordingly, actual results could differ from these
estimates.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This statement includes projections of future results and
"forward-looking statements" as that term is defined in Section
27A of the Securities Act of 1933 as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934 as
amended (the "Exchange Act"). All statements that are included in
this Registration Statement, other than statements of historical
fact, are forward-looking statements. Although Management
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Important factors
that could cause actual results to differ materially from the
expectations are disclosed in this Statement, including, without
limitation, those expectations reflected in forward-looking
statements contained in this Statement.
Plan of Operation
The Company's Plan of Operation has not changed since the filing
of its Form 10-SB filed with the SEC on June 7, 2000. The
description of the current plan of operation is incorporated by
reference to Section 2 of its Form 10-SB.
Competition
The Company is an insignificant participant among firms which
engage in business combinations with, or financing of,
development-stage enterprises. There are many established
management and financial consulting companies and venture capital
firms which have significantly greater financial and personal
resources, technical expertise and experience than the Company.
In view of the Company's limited financial resources and
management availability, the Company will continue to be at
significant competitive disadvantage vis-a-vis the Company's
competitors.
Employees
The Company's only employees at the present time are its officers
and directors, who will devote as much time as the Board of
Directors determine is necessary to carry out the affairs of the
Company.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal
proceedings and, to the best of its knowledge, no such action has
been threatened by or against the Company.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
No issues of securities and no changes in the existing securities
took place during the period covered by this report. At the end
of the quarter there were 3,000,000 shares of common stock
outstanding.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most recent quarter.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
EXHIBITS
a) The exhibit consisting of the Company's Articles of
Incorporation is attached to the Company's Form 10-SB, filed on
June 7, 2000. This exhibit is incorporated by reference to that
Form.
b) The exhibit consisting of the Company's Bylaws is attached
to the Company's Form 10-SB, filed on June 7, 2000. This exhibit
is incorporated by reference to that Form.
Reports on Form 8-K: None
27 Financial Data Schedule
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the Registrant has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized.
Buffton, Inc.
By: /s/ John C. Mueller
John C. Mueller, President
Date: October 31, 2000
