U.S. 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 June 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 No. 000-30771
PACIFIC INTERNATIONAL HOLDING, INC.
(Exact name of small business issuer as specified in its charter)
Utah 87-0439580B
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
633 Franklin Avenue, Suite 265, Nutley, New Jersey 07110
(Address of principal executive offices)
973-743-6126
(Issuer's telephone number)
Not Applicable
(Former name, address and fiscal year, if changed since last report)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
for such shorter period that the issuer was required to file such
reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes [ X] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Check whether the registrant has filed all documents and reports required
to be filed by Sections 12, 13, or 15(d) of the Exchange Act subsequent to
the distribution of securities under a plan confirmed by a court. Yes [ ]
No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the issuer's classes of
common equity, as of June 30, 2000: 4,844,378 shares of common stock.
Transitional Small Business Format: Yes [ ] No [ X ]
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FORM 10-QSB
PACIFIC INTERNATIONAL HOLDING, INC.
INDEX
Page
PART I. Financial Information
Item I. Financial Statements (unaudited) 3
Condensed Balance Sheets - June 30, 2000
(unaudited) and December 31, 1999 5
Condensed Statements of Operations
(unaudited) for the Three Months and Six
Months Ended June 30, 2000 and 1999, and
for the Period from January 13, 1986
(Inception) to June 30, 2000 6
Condensed Statements of Cash Flows
(unaudited) for the Three Months and Six
Months Ended June 30, 2000 and 1999, and
from the Period from January 13, 1986
(Inception) to June 30, 2000 7
Notes to Condensed Financial
Statements 9
Item 2. Management's Discussion and
Analysis of Financial Condition or Plan
of Operation 10
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
(Inapplicable items have been omitted)
2
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PART I.
Financial Information
Item 1. Financial Statements (unaudited)
In the opinion of management, the accompanying unaudited financial
statements included in this Form 10-QSB reflect all adjustments (consisting
only of normal recurring accruals) necessary for a fair presentation of the
results of operations for the periods presented. The results of operations
for the periods presented are not necessarily indicative of the results to
be expected for the full year.
3
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INDEPENDENT ACCOUNTANT'S REVIEW REPORT
Board of Directors and Stockholders
PACIFIC INTERNATIONAL HOLDING, INC.
I have reviewed the accompanying balance sheet of Pacific International
Holding, Inc. (a development stage company) as of June 30, 2000, and the
related statements of operations and cash flows for the three and six month
periods ended June 30, 2000 and 1999. These financial statements are the
responsibility of the management of Pacific International Holding, Inc.
I conducted my review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial statements consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, I do not express such an
opinion.
Based on by review, I am not aware of any material modifications that
should be made to the accompanying financial statements in order for them
to be in conformity with generally accepted accounting principles.
/s/ David T. Thomson
Salt Lake City, Utah
August 3, 2000
4
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PACIFIC INTERNATIONAL HOLDINGS, INC.
(A Development Stage Company)
BALANCE SHEETS
ASSETS
June 30, December 31,
2000 1999
(unaudited)
CURRENT ASSETS:
Cash in bank $ 3,110 $ 615
Total Current Assets 3,110 615
TOTAL ASSETS $ 3,110 $ 615
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ - $ -
State franchise tax payable - 100
Accrued interest payable 70 -
Short term loan - related party 4,000 -
Total Current Liabilities 4,070 100
STOCKHOLDERS' EQUITY: (DEFICIT)
Common stock $.001 par value, 60,000,000 shares
authorized 4,844,378 shares issued and outstanding
both periods 4,844 4,844
Additional paid-in capital 39,948 38,948
Deficit accumulated during the development stage (44,752) (43,277)
Total Stockholders' Equity (Deficit) (960) 515
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,110 $ 615
The accompanying notes are an integral part of these financial statements
See Independent Accountant's Review Report
5
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PACIFIC INTERNATIONAL HOLDINGS, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three For the Six
Months Ended Months Ended Cumulative
June 30, June 30, During the
_______________________________ Development
2000 1999 2000 1999 Stage
REVENUE
Mill lease Income $ - $ - $ - $ - $ 4,000
EXPENSES:
General and administrative 1,360 1,556 1,405 4,588 31,768
Franchise tax expense - - - - 900
Mill lease costs - - - - 5,400
Write-off millsite lease and
uncollectible loan - - - - 11,025
Amortization expense - - - - 783
_______ _______ _______ _______ ________
Total Expenses 1,360 1,556 1,405 4,588 49,876
NET INCOME (LOSS) FROM
OPERATIONS (1,360) (1,556) (1,405) (4,588) (45,876)
OTHER INCOME (EXPENSE)
Miscellaneous expense - - - - (601)
Interest expense (70) (132) (70) (289) (975)
_______ _______ _______ ________ ________
NET INOCME (LOSS) BEFORE
EXTRAORDINARY ITEM (1,430) (1,688) (1,475) (4,877) (47,452)
Extraordinary Item -
Forgiveness of debt - - - - -
NET INCOME (LOSS) $ (1,430) $ (1,688) $(1,475)$(4,877) $ (44,752)
INCOME (LOSS) PER SHARE $ (0.00) $ (0.00) $ (0.00)$ (0.00) $ (0.01)
The accompanying notes are an integral part of these financial statements
See Independent Account's Review Report
6
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PACIFIC INTERNATIONAL HOLDINGS, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three For the Six
Months Ended Months Ended Cumulative
June 30, June 30 During the
_____________________________________ Development
2000 1999 2000 1999 Stage
CASH FLOWS FROM OPERATING ACTIVITIES
Cash paid for Millsite Lease $ - $ - $ - $ - $ (4,000)
Cash paid for organization costs - - - - (783)
Cash paid for interest - - - - (426)
Cash paid for expenses (1,360) (1,387) (1,505) (4,991) (23,147)
Net cash provided (used) from
operating activities (1,360) (1,387) (1,505) (4,991) (28,356)
CASH FLOWS FROM (USED) IN INVESTING:
ACTIVITIES
Loan to stockholder - - - - (3,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock
for cash - - - - 5,944
Note payable - - - - 5,000
Payments on note payable - (172) - (421) (5,000)
Cash contributed by stockholder - 1,001 - - 21,822
Loans from related party 4,000 - 4,000 4,901 6,700
Net cash Provided (Used)
by financing activities 4,000 829 4,000 4,480 34,466
NET CASH PROVIDED (USED)
DURING PERIOD (2,640) (558) 2,495 (511) 3,110
CASH - BEGINNING OF PERIOD 470 967 615 920 -
CASH - ENDING OF PERIOD $ 3,110 $ 490 $ 3,110 $ 409 $ 3,110
RECONCILIATION OF NET INCOME (LOSS) TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
NET INCOME (LOSS) $ (1,430)$(1,688) $(1,475) $(4,877) $ (44,752)
Adjustment to reconcile net
income (loss) to net cash
provided (uses) by operating
activities - - - - 783
Amortization of organization costs
Forgiveness of debt - - - - (2,700)
7
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Write-off of Millsite Lease and
uncollectible loan - - - - 11,025
Stock issued for payment of
expenses - - - - 8,000
Changes in assets and liabilities
(Increase) decrease in stock
subscriptions receivable - - - - (782)
(Increase) decrease in
organization costs - - - - -
(Increase) decrease in prepaid
expenses - 585 - 585 -
(Increase) decrease in due
from officer - - - - -
Increase (decrease) in franchise
tax payable - - (100) - -
Increase (decrease) in accrued
interest payable 70 31 70 28 70
Increase (decrease) in accounts
payable - (315) - (727) -
Total adjustments 70 301 (30) (114) 16,396
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $ (1,360) $(1,387) $(1,505) $(4,991) $ (28,356)
The accompanying notes are an integral part of these financial statements.
See Independent Accountant's Review Report
8
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PACIFIC INTERNATIONAL HOLDING, INC.
(A Development Stage Company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the
Company without audit. In the opinion of management, all adjustments
(which include only normal recurring adjustments) necessary to present
fairly the financial position, results of operation and cash flows at
June 30, 2000 and for all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested
that these condensed financial statements be read in conjunction with
the financial statements and notes thereto included in the Company's
December 31, 1999 audited financial statements. The results of
operations for the periods ended June 30, 2000 and 1999 are not
necessarily indicative of the operating results for the full year.
NOTE 2 - SHORT TERM LOAN - RELATED PARTY
The short term loan is with a director of the Company. The loan is to
be repaid within 12 months or sooner. The loan origination date is
April 27, 2000. The loan is unsecured and carries interest at 10% per
annum.
9
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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION OR PLAN OF OPERATION
Forward-Looking Statement Notice
When used in this report, the words "may," "will," "expect," "anticipate,"
"continue," "estimate," "project," "intend," and similar expressions are
intended to identify forward-looking statements within the meaning of
Section 27a of the Securities Act of 1933 and Section 21e of the Securities
Exchange Act of 1934 regarding events, conditions, and financial trends
that may affect the Company's future plans of operations, business
strategy, operating results, and financial position. Persons reviewing
this report are cautioned that any forward-looking statements are not
guarantees of future performance and are subject to risks and uncertainties
and that actual results may differ materially from those included within
the forward-looking statements as a result of various factors. Such
factors are discussed under the "Item 2. Management's Discussion and
Analysis of Financial Condition or Plan of Operations," and also include
general economic factors and conditions that may directly or indirectly
impact the Company's financial condition or results of operations.
Three Month periods Ended June 30, 2000 and 1999
The Company had no revenue from continuing operations for the three-month
periods ended June 30, 2000 and 1999.
General and administrative expenses for the three month periods ended June
30, 2000 and 1999, consisted of general corporate administration, legal and
professional expenses, and accounting and auditing costs. These expenses
were $1,360 and $1,556 for the three-month periods ended June 30, 2000 and
1999, respectively.
As a result of the foregoing factors, the Company realized a net loss of
$1,430 for the three months ended June 30, 2000, as compared to a net loss
of $1,688 for the same period in 1999.
Six Month periods Ended June 30, 2000 and 1999
The Company had no revenue from continuing operations for the six-month
periods ended June 30, 2000 and 1999.
General and administrative expenses for the three month periods ended June
30, 2000 and 1999, consisted of general corporate administration, legal and
professional expenses, and accounting and auditing costs. These expenses
were $1,405 and $4,588 for the six-month periods ended June 30, 2000 and
1999, respectively.
As a result of the foregoing factors, the Company realized a net loss of
$1,475 for the six months ended June 30, 2000, as compared to a net loss of
$4,877 for the same period in 1999.
Liquidity and Capital Resources
At June 30, 2000, the Company had $3,110 cash in hand as compared to a cash
in hand of approximately $615 at December 31, 1999.
Management believes that the Company has sufficient cash and short-term
investments to meet the anticipated needs of the Company's operations
through at least the next 12 months. However, there can be no assurances
to that effect, as the Company has no significant revenues and the
Company's need for capital may change dramatically if it acquires an
interest in a business opportunity during that period. The Company's
current operating plan is to (i) handle the administrative and reporting
requirements of a pubic company, and (ii) search for potential businesses,
products, technologies and companies for acquisition. At present, the
Company has no understandings, commitments or agreements with respect to
the acquisition of any business venture, and there can be no assurance that
the Company will identify a business venture suitable for acquisition in
the future. Further, there can be no assurance that the Company would be
successful in consummating any acquisition on favorable terms or that it
will be able to profitably manage any business venture it acquires.
10
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PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
Reports on Form 8-K: No reports on Form 8-K were filed by the Company
during the quarter ended June 30, 2000.
Exhibits: Included only with the electronic filing of this report is the
Financial Data Schedule for the six month period ended June 30, 2000
(Exhibit ref. No. 27).
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SIGNATURES
In accordance with the Exchange Act, the registrant caused this report to
be signed on its behalf by the undersigned thereunto duly authorized.
PACIFIC INTERNATIONAL HOLDING, INC.
Date: August 9, 2000 By:/s/ Kitty Chow, President
Date: August 9, 2000 By:/s/ Kuen Chu, Secretary and Treasurer
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