SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[X] Quarterly Report under Section 13 or 15(d)
of the Securities Exchange Act of 1934
2THEMAX.COM, INC.
(Exact name of registrant as it appears in its charter)
000-30551
(Commission File Number)
NEVADA 88-0458906
(State or jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
6200 West Lanning Lane, Las Vegas, Nevada 89108
(Address of Principal Executive Office)
(702) 562-7551
Registrant's telephone number, including area code
Securities registered pursuant to Section 12 (b) of the Act:
None
Securities registered pursuant to Section 12 (b) of the Act:
Class A Common Stock $0.001 Par Value
Indicate by check mark whether the registrant (1) has filed all
reports to be filed by Section 13 or 15 (d) of the Securities
Exchange Act of 1934 during the preceding 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. Yes X No
At the end of the quarter ending September 30, 2000 there were
1,500,000 issued and outstanding shares of the registrants
common stock.
There is no active market for the registrant's securities.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
See attached Exhibit 1
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION.
Results of Operations
The Company has had no operations during this quarter.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities
None
Item 3. Default Upon 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.
Unaudited Financial Statements as of September 30, 2000.
<PAGE>
2THEMAX.COM, INC.
FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
<PAGE>
2THEMAX.COM, INC.
BALANCE SHEET
September 30,2000
(unaudited)
ASSETS $ -
=========
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities $ -
---------
STOCKHOLDER'S EQUITY
Common stock, $0.001 par value;
25,000,000 shares authorized,
1,500,000 shares issued and
outstanding 1,500
Subscription of Stock Receivable (1,500)
---------
Total stockholder's equity -
---------
Total liabilities and stockholder's
Equity $ -
=========
The accompanying notes are an integral part of these financial
statements.
<PAGE>
2THEMAX.COM, INC.
STATEMENT OF OPERATIONS
April 20, 2000
July 1, 2000 to (inception) to
September 30, 2000 September 30, 2000
---------------------------------------
(unaudited) (unaudited)
Revenue $ - $ -
General and administrative expenses - 1,500
---------- ------------
Loss from operations before
provision for income taxes - (1,500)
Provision for income taxes - -
---------- ------------
Net loss $ - $ (1,500)
=========== =============
Net loss per share -
basic and diluted $ - $ -
=========== =============
Weighted average number of common
Shares outstanding 1,500,000 1,500,000
=========== =============
The accompanying notes are an integral part of these financial
statements.
<PAGE>
2THEMAX.COM, INC.
STATEMENT OF STOCKHOLDER'S EQUITY
APRIL 20, 2000 (INCEPTION) TO SEPTEMBER 30, 2000
(UNAUDITED)
Deficit
Accumulated
During the
Common Stock Development
Shares Amount Stage Total
---------------- --------- ------
Balance, April 20, 2000 - $ - $ - $ -
Issuance of shares for
Services - April 20,
2000 1,500,000 1,500 - 1,500
Net Loss - - ( 1,500) ( 1,500)
--------- -------- ---------- --------
Balance, September
30, 2000 1,500,000 $ 1,500 $( 1,500) $ -
========= ======= ========= =======
The accompanying notes are an integral part of these financial
statements.
<PAGE>
2THEMAX.COM, INC.
STATEMENT OF CASH FLOWS
APRIL 20, 2000 (INCEPTION) TO SEPTEMBER 30, 2000
(UNAUDITED)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (1,500)
Stock issued for services 1,500
------------
NET CASH USED IN OPERATING ACTIVITIES -
------------
CASH AND CASH EQUIVALENTS - April 20, 2000 -
CASH AND CASH EQUIVALENTS - September 30, 2000 $ -
===========
SUPPLEMENTAL INFORMATION:
During the initial period April 20 to September 30, 2000, the Company paid no
cash for interest or income taxes.
The accompanying notes are an integral part of these financial
statements.
<PAGE>
2THEMAX.COM, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Nature of Operations
2THEMAX.COM, INC. (the "Company") is currently a development-stage company
under the provisions of the Financial Accounting Standards Board ("FASB")
Statement of Financial Accounting Standards ("SFAS") NO. 7. The Company was
incorporated under the laws of the state of Nevada on April 20, 2000.
Unaudited Information
In the opinion of management, the accompanying unaudited financial statements
include all adjustments (consisting of normal recurring adjustments and
accruals) necessary for a fair presentation of the Company's balance sheet,
results of operations and cash flows for the periods presented. The results
of the operations for the period ended September 30, 2000 may not be
indicative of the total results for the full year.
Use of Estimate
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 Equivalent
The Company considers all highly liquid investments purchased with original
maturities of three months or less to be cash equivalents.
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
The Company calculates earnings per share in accordance with SFAS No. 128,
"Earnings Per Share", which requires presentation of basic earnings per share
("BEPS") and diluted earnings per share ("DEPS"). The computation of BEPS is
computed by dividing income available to common stockholders by the weighted
average number of outstanding common shares during the period. DEPS gives
effect to all dilutive potential common shares outstanding during the period.
The computation of DEPS does not assume conversion, exercise or contingent
exercise of securities that would have an antidilutive effect on earnings.
As of September 30, 2000, the Company has no securities that would effect
loss per share if they were to be dilutive.
2THEMAX.COM, INC.
NOTES TO FINANCIAL STATEMENT
SEPTEMBER 30, 2000
NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (Continued)
Comprehensive Income
SFAS No. 130, "Reporting Comprehensive Income", establishes standards for the
reporting and display of comprehensive income and its components in the
financial statements. The Company had no items of other comprehensive income
and therefore has not presented a statement of comprehensive income.
NOTE 2 - INCOME TAXES
The components of the provision for income taxes for the period from April
20, 2000 (inception) to September 30, 2000, are as follows:
Current Tax Expense
U.S. Federal $ -
State and Local -
Total Current -
Deferred Tax Expense
U.S. Federal -
State and Local -
Total Deferred -
Total Tax Provision (Benefit) from
Continuing Operations $ -
The reconciliation of the effective income tax rate to the Federal statutory
rate is as follows:
Federal Income Tax Rate 34.0 %
Effect of Valuation Allowance ( 34.0)%
Effective Income Tax Rate 0.0 %
At September 30, 2000, the Company had net carryforward losses of $1,500.
Because of the current uncertainty of realizing the benefits of the tax
carryforward, a valuation allowance equal to the tax benefits for deferred
taxes has been established. The full realization of the tax benefit
associated with the carryforward depends predominantly upon the Company's
ability to generate taxable income during the carryforward period.
2THEMAX.COM, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
NOTE 2 - INCOME TAXES
Deferred tax assets and liabilities reflect the net tax effect of temporary
differences between the carrying amount of assets and liabilities for
financial reporting purposes and amounts used for income tax purposes.
Significant components of the Company's deferred tax assets and liabilities
as of September 30, 2000 are as follows:
Deferred Tax Assets
Loss Carryforward $ 500
Less: Valuation Allowance ( 500)
Net Deferred Tax Assets $ -
Net operating loss carryforwards expire in 2020.
NOTE 3 - COMMON STOCK
On April 20, 2000, the Company issued 1,500,000 shares of common stock for
services valued at $1,500.
SIGNATURES
Pursuant to the requirements 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.
Dated: September 12, 2000 2THEMAX.COM, INC.
By: /s/ Catherine S. Ratelle
Catherine S. Ratelle, President
