UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
(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 TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the transition period from to Commission File number
000-30721
GOLDEN HOLE, INC.
(Exact name of registrant as specified in charter)
Nevada 87-0621339
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10826 Omaha Trace, Union, KY 41091
(Address of principal executive offices) (Zip Code)
859-384-9430
Registrant's telephone number, including area code
N/A
(Former name, former address, and former fiscal year, if changed since last
report.)
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), Yes [ x ] No [ ] and (2) has been subject to
such filing requirements for the past 90 days. Yes [x ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date.
Outstanding as of September 30, 2000
Common Stock, $0.001 465,000
<PAGE>
INDEX
Page
Number
PART I.
ITEM 1. Financial Statements ( unaudited)............................3
Balance Sheets...............................................4
September 30, 2000 and June 30, 2000
Statements of Operations
For the three months ended September 30, 2000 ..............5
Statements of Cash Flows
For the three months ended September 30, 2000 ...............6
Notes to Financial Statements................................7
ITEM 2.Plan of Operations............................................9
PART II. Signatures....................................................9
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The accompanying balance sheets of Golden Hole, Inc. ( development stage
company) at September 30, 2000 have been prepared by the Company's management
and they do not include all information and notes to the financial statements
necessary for a complete presentation of the financial position, results of
operations, cash flows, and stockholders' equity in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature.
Operating results for the quarter ended September 30, 2000, are not
necessarily indicative of the results that can be expected for the year ending
December 31, 2000.
<PAGE>
GOLDEN HOLE, INC.
( Development Stage Company)
BALANCE SHEETS
September 30, 2000, and June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
SEP 30, Jun 30,
2000 2000
------- -------
ASSETS
CURRENT ASSETS
Cash $ - $ -
------- -------
Total Current Assets $ - $ -
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ - $ -
------- -------
Total Current Liabilities - -
======= =======
STOCKHOLDERS' EQUITY
Common stock
100,000,000 shares authorized, at $0.001 par
value; 465,000 shares issued and outstanding
on March 31, 2000; 375,000 on Dec 31, 1997 465 465
Capital in excess of par value 33,535 33,535
Deficit accumulated during the development stage (35,000) (35,000)
------- -------
Total Stockholders' Equity (deficiency) (1,000) (1,000)
$ - $ -
======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
GOLDEN HOLE, INC.
( Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three Months Ended September 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
Sep 30 Jun 30
2000 2000
REVENUES $ - $ -
EXPENSES -
NET LOSS $ - $ -
NET LOSS PER COMMON
SHARE
Basic $ - $ -
AVERAGE OUTSTANDING
SHARES
Basic 334,000 334,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
GOLDEN HOLE, INC.
( Development Stage Company)
STATEMENT OF CASH FLOWS For
the Period Ended September 30, 2000, and
June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
Sep 30, Jun 30,
2000 2000
CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ - $ -
Adjustments to reconcile net loss to
net cash provided by operating activities - -
Net Cash Used in Operations - -
CASH FLOWS FROM INVESTING
ACTIVITIES
- -
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issuance of common stock
- -
Net Increase (Decrease) in Cash - -
Cash at Beginning of Period - -
Cash at End of Period $ - $ -
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
GOLDEN HOLE, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on
December 11, 1985 with the name of "Nostromo Construction Corporation." with
authorized common stock of 2,500 shares at a par value of $0.01. On October 16,
1998 the authorized capital stock was increased to 100,000,000 shares with a par
value of $.001 in connection with a name change to "Golden Hole, Inc."
On August 15, 1998 the Company completed a forward common stock split of
150 shares for each outstanding share. This report has been prepared showing
after stock split shares with a par value of $.001 from inception.
The Company is in the development stage and has been engaged in the
activity of seeking developmental mining properties and was inactive after 1998.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
The Company has not adopted a policy regarding payment of dividends.
Income Taxes
At September 30, 2000 the Company had a net operating loss carry forward of
$34,000. The tax benefit from the loss carry forward has been fully offset by a
valuation reserve because the use of the future tax benefit is undeterminable
since the Company has no operations. The net operating loss will expire in 2019.
Basic and Diluted Net Income (Loss) Per Share
Basic net income (loss) per share amounts are computed based on the
weighted average number of shares actually outstanding. Diluted net income
(loss) per share amounts are computed using the weighted average number of
common shares and common equivalent shares outstanding as if shares had been
issued on the exercise of the preferred share rights unless the exercise becomes
antidilutive and then only the basic per share amounts are shown in the report.
Comprehensive Income
The Company adopted Statement of Financial Accounting Standards No. 130.
The adoption of this standard had no impact on the total stockholder's equity.
<PAGE>
GOLDEN HOLE, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Recent Accounting Pronouncements
The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.
Financial Instruments
The carrying amounts of financial instruments are considered by management
to be their estimated fair values.
Estimates and Assumptions
Management uses estimates and assumptions in preparing financial statements
in accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.
3. RELATED PARTY TRANSACTIONS
The statement of changes in stockholder's equity shows 465,000 shares of
common stock outstanding of which 159,000 shares were acquired by related
parties.
4. GOING CONCERN
The Company will need additional working capital to be successful in its
planned operations.
Continuation of the Company as a going concern is dependent upon obtaining
additional working capital for any future planned activity and the management of
the Company has developed a strategy, which it believes will accomplish this
objective through equity funding, and long term financing, which will enable the
Company to operate for the coming year.
There can be no assurance that the Company can be successful in this
effort.
<PAGE>
ITEM 2. PLAN OF OPERATIONS
The Company's management is seeking and intends to acquire interests in
various business opportunities which, in the opinion of management, will provide
a profit to the Company but it does not have the working capital to be
successful in this effort.
Continuation of the Company as a going concern is dependent upon obtaining
the working capital to provide working capital for its planned activity. The
management of the Company has developed a strategy, which they believe can
obtain the needed working capital through additional equity funding and long
term debt which will enable the Company to be successful in its planned efforts.
Liquidity and Capital Resources
The Company will need additional working capital to finance its planned
activity.
Results of Operations
The Company has had no operations during this reporting period.
PART 2 - SIGNATURES
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.
GOLDEN HOLE, INC.
[Registrant]
Dated: 02nd October, 2000 /s/ Gregory F. Martini
------------------------- ----------------------
BY: GREGORY F. MARTINI
ITS: President, Vice-President and
sole-Director
Dated: 02nd October, 2000 /s/ Gregory F. Martini
------------------------- ----------------------
BY: GREGORY F. MARTINI
ITS: Secretary/Treasurer
<PAGE>
