First Amendment
File No.: 0-30873
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-SB
General Form for Registration of Securities
of Small Business Issuers
Under Section 12(b) or (g) of
the Securities Exchange Act of 1934
DOMESTIC FUNDINGS, INC.
(Name of Small Business Issuer)
Delaware 11-3522227
(State or Other I.R.S. Employer
Jurisdiction of Identification
Incorporation or Number
Organization)
1040 East 22nd Street, Brooklyn, New York 11210
(Address of Principal Executive Offices including Zip Code)
(718) 692-2743
(Issuer's Telephone Number)
Securities to be Registered Under Section 12(b) of the Act: None
Securities to be Registered Under
Section 12(g) of the Act: Common Stock, $.0001 Par Value
(Title of Class)
1
<PAGE>
PART F/S
Financial Statements.
Attached are audited financial statements for the Company for the period
ended December 31, 1999 and unaudited financial statements for the Company for
the five months ended May 31, 2000. The following financial statements are
attached to this report and filed as a part thereof.
1) Table of Contents - Financial Statements
2) Report of Independent Certified Public Accountants
3) Balance Sheet - 12/31/99
4) Stockholders' Equity - 12/31/99
5) Statement of Cash Flows - 12/31/99
6) Notes to Financial Statements
7) Balance Sheet - 5/31/00
8) Statement of Income and Expenses - 5/31/00
9) Stockholders' Equity - 5/31/00
10) Statement of Cash Flows - 5/31/00
2
<PAGE>
INDEX TO FINANCIAL STATEMENTS
DOMESTIC FUNDINGS, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
Report of Independent
Certified Public Accountants F-2
Financial Statements:
Balance Sheet - 12/31/99 F-3
Statement of Stockholders' Equity - 12/31/99 F-4
Statement of Cash Flows - 12/31/99 F-5
Notes to Financial Statement - 12/31/99 F-6
Balance Sheet - 5/31/00 F-7
Statement of Income and Expenses - 5/31/00 F-8
Statement of Stockholders' Equity - 5/31/00 F-9
Statement of Cash Flows - 5/31/00 F-10
3
<PAGE>
DON FUCHS
Certified Public Accountant
370 Brook Avenue
Passaic, New Jersey 07055
(973) 777-9895
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT
The Board of Directors
Domestic Fundings, Inc.
1040 East 22nd Street
Brooklyn, New York 11210
Gentlemen:
I have audited the accompanying balance sheet of Domestic Fundings, Inc. (a
development stage company) as of December 31, 1999, and the related Statements
of Cash Flows, and Stockholders' Equity for the period December 19, 1997
(inception) to December 31, 1999. These financial statements are the
responsibility of the Company's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing
standards. These standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Domestic Fundings, Inc. as
of December 31, 1999, and the Statements of Cash Flows, and Stockholders' Equity
for the period December 19, 1997 (inception) to December 31, 1999, in conformity
with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company is a development stage
company, and has no income since inception which raises substantial doubt about
its ability to continue as a going concern. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
DON FUCHS
CERTIFIED PUBLIC ACCOUNTANT
June 14, 2000
4
<PAGE>
DOMESTIC FUNDINGS, INC.
(A development stage company)
BALANCE SHEET
DECEMBER 31, 1999
ASSETS
Current Assets:
Cash ............................................................. $1,500
------
Total Current Assets ...................................... $1,500
------
Other Assets:
Organization Costs ............................................... 400
------
Total Other Assets ........................................ 400
------
TOTAL ASSETS .............................................. $1,900
------
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accrued Expenses ................................................. $ 400
------
TOTAL CURRENT LIABILITIES ................................. 400
------
Stockholder's Equity - Note 3:
Common Stock, par value $.0001; authorized
50,000,000 shares, issued and outstanding
5,000,000 shares ................................................. 500
Preferred Stock, par value $.0001; authorized
10,000,000 shares, none issued and outstanding ................... 0
Additional Paid-In Capital ....................................... 1,000
------
TOTAL STOCKHOLDER'S EQUITY ................................ 1,500
------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY ................ $1,900
------
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
DOMESTIC FUNDINGS, INC.
(A development stage company)
STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE PERIODS INDICATED
<TABLE>
<CAPTION>
Stock Additional
Common Issued Paid-In
Shares Amount Capital Total
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Issuance of Shares
on December 19, 1997
at par value of
$.0001 per share 5,000,000 $ 500 $ 1,000 $ 1,500
--------- --------- --------- ---------
Total Stockholders'
Equity - December
31, 1999 5,000,000 $ 500 $ 1,000 $ 1,500
--------- --------- --------- ---------
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
DOMESTIC FUNDINGS, INC.
(A development stage company)
STATEMENT OF CASH FLOWS
FROM INCEPTION TO DECEMBER 31, 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 0
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities
Increase (Decrease) In Organization Expense $ (400)
Accrued Expenses 400
-----
Total 0
------
Net Cash Provided By Operating Activities 0
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of Common Stock For Cash 1,500
-----
Net Cash Provided By Financing Activities 1,500
------
NET INCREASE IN CASH 1,500
CASH BALANCE - BEGINNING OF PERIOD 0
------
CASH BALANCE - DECEMBER 31, 1999 $1,500
------
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
DOMESTIC FUNDINGS, INC.
(A development stage company)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
NOTE 1 - BASIS OF PRESENTATION
Domestic Fundings, Inc. was organized under the laws of the State of
Delaware on December 19, 1997 and has adopted a fiscal year ending December
31st. The Company has not yet begun operations and is therefore considered a
development stage company. Consequently, a Statement of Income and Expenses has
not been included.
NOTE 2 - ORGANIZATION COSTS
Expenses incurred in connection with the formation of the Company have been
capitalized and are being amortized over a period of five years on the
straight-line method.
NOTE 3 - CAPITALIZATION
The Company is authorized to issue 50,000,000 common shares with a par
value of $.0001, and 10,000,000 blank check preferred shares with a par value of
$.0001. On December 19, 1997, the Company issued a total of 5,000,000 shares of
its common stock to three individuals, for a total consideration of $1,500
($.0003 per share).
NOTE 4 - CONFLICTS OF INTEREST
Certain conflicts of interest have existed and will continue to exist
between management, their affiliates and the Company. Management have other
interests including business interests to which they devote their primary
attention. Management may continue to do so notwithstanding the fact that
management time should be devoted to the business of the Company and in
addition, management may negotiate an acquisition resulting in a conflict of
interest and possibly, a breach of directors' duty of loyalty to the Company.
NOTE 5 - COMMITMENTS AND CONTINGENCIES
Pursuant to oral agreement, the Company currently utilizes the office of
its sole officer and director, Nachum Blumenfrucht, at 1040 East 22nd Street,
Brooklyn, New York 11210, rent-free.
Management believes no material commitments or contingencies exist relating
to computer operations.
8
<PAGE>
DOMESTIC FUNDINGS, INC.
(A development stage company)
BALANCE SHEET
(Unaudited)
MAY 31, 2000
ASSETS
Current Assets:
Cash $ 1,425
-------
Total Current Assets $ 1,425
-------
Other Assets:
Organization Costs 367
-------
Total Other Assets 367
-------
TOTAL ASSETS $ 1,792
-------
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accrued Expenses $ 400
TOTAL CURRENT LIABILITIES 400
-------
Stockholder's Equity:
Common Stock, par value $.0001; authorized
50,000,000 shares, issued and outstanding
5,000,000 shares $ 500
Preferred Stock, par value $.0001; authorized
10,000,000 shares, none issued and outstanding 0
Additional Paid-In Capital 1,000
Retained Deficit (108)
-------
TOTAL STOCKHOLDER'S EQUITY 1,392
-------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 1,792
-------
9
<PAGE>
DOMESTIC FUNDINGS, INC.
(A development stage company)
STATEMENT OF INCOME AND EXPENSES
(Unaudited)
FOR THE PERIOD JANUARY 1, 2000 TO MAY 31, 2000
INCOME $ -0-
EXPENSES:
Bank Charges $ 75
Amortization of Organization Expense 33
------
TOTAL EXPENSES 108
------
NET LOSS $ (108)
------
10
<PAGE>
DOMESTIC FUNDINGS, INC.
(A development stage company)
STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited)
FOR THE PERIOD JANUARY 1, 2000 TO MAY 31, 2000
<TABLE>
<CAPTION>
Stock Additional
Common Issued Paid-In Retained
Shares Amount Capital Deficit Total
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Issuance of Shares
on December 19, 1997
at par value of
$.0001 per share 5,000,000 $ 500 $ 1,000 $ 1,500
--------- --------- --------- ---------
Total Stockholders'
Equity - December
31, 1999 5,000,000 500 1,000 1,500
--------- --------- --------- ---------
Net Loss For the Period
May 31, 2000 (108) (108)
--------- ---------
Total Stockholders'
Equity - May 31, 2000 5,000,000 $ 500 $ 1,000 (108) $ 1,392
--------- --------- --------- --------- ---------
</TABLE>
11
<PAGE>
DOMESTIC FUNDINGS, INC.
(A development stage company)
STATEMENT OF CASH FLOWS
(Unaudited)
FOR THE PERIOD JANUARY 1, 2000 TO MAY 31, 2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (108)
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities:
Amortization 33
-------
Net Cash Used By Operating Activities (75)
-------
NET DECREASE IN CASH (75)
CASH BALANCE - BEGINNING OF PERIOD 1,500
-------
CASH BALANCE - MAY 31, 2000 $ 1,425
-------
12
<PAGE>
DOMESTIC FUNDINGS, INC.
NOTES TO FINANCIAL STATEMENTS
Unaudited
May 31, 2000
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of Management, all adjustments considered
necessary for a fair presentation have been included. These adjustments were
considered usual and normal in nature. For the period ended May 31, 2000, the
Company had no operational activities other than the preparation for the public
offering as presented in the Balance Sheet. The recovery of assets and the
continuation of the Company as a going concern are dependent upon the Company's
ability to obtain additional financing and upon future profitable operations.
For further information, refer to the financial statements and footnotes
included in the Company's registration statement on Form 10-SB.
13
<PAGE>
SIGNATURES
In accordance with Section 12 of the Securities Exchange Act of 1934, the
Registrant caused this registration statement to be signed on its behalf by the
undersigned thereunto duly authorized.
Domestic Fundings, Inc.
By: /s/ Nachum Blumenfrucht
Nachum Blumenfrucht
July 17, 2000
14
