Securities and Exchange Commission
Washington, D. C. 20549
Form 10-QSB
[X] Quarterly Report Under Section 13 pr 15(d) of the Securities Exchange
Act of 1934
For Quarter Ended: September 30, 2000
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File No. 000-30991
SKINOVATION PHARMACEUTICAL INCORPORATED
(Name of registrant in its charter)
NEVADA 87-0458170
(State of incorporation) (I. R. S. Employer Identification No.)
525 SOUTH 300 EAST
SALT LAKE CITY, UTAH 84111
(801) 323-2395
(Address and telephone number of principal executive offices and
principal place of business)
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), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [ ]
As of October 23, 2000 the Registrant had a total of 708,000 shares of
common stock issued and outstanding.
<PAGE>
Table of Contents
PART I
Item 1: Financial Statements ...............................................3
Item 2: Management's Discussion and Analysis or Plan of Operations..........8
PART II: OTHER INFORMATION
Item 2: Changes in Securities ..............................................9
Item 6: Exhibits and Reports filed on Form 8-K..............................9
Signatures..................................................................10
<PAGE> 2
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Skinovation Pharmaceutical, Inc.
(A Development Stage Company)
Financial Statements
September 30, 2000
<PAGE> 3
Skinovation Pharmaceutical, Inc.
(A Development Stage Company)
Balance Sheets
ASSETS
September 30, December 31,
2000 1999
------------- -------------
(Unaudited)
CURRENT ASSETS $ - $ -
------------- -------------
TOTAL ASSETS $ - $ -
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable - Related Party $ 28,776 28,776
------------- -------------
Total Liabilities 28,776 28,776
------------- -------------
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; 50,000,000
shares authorized; 708,000 and 653,000 shares
issued and outstanding, respectively 708 653
Additional Paid in Capital 25,148 19,703
Deficit Accumulated During the Development Stage (54,632) (49,132)
------------- -------------
Total Stockholders' Equity (28,776) (28,776)
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - $ -
============= =============
<PAGE> 5
Skinovation Pharmaceutical, Inc.
(A Development Stage Company)
Statement of Operations
(Unaudited)
<TABLE>
<CAPTION>
From
For the three For the three For the nine For the nine Inception on
months ended months ended months ended months ended January 15,1988
September 30, September 30, September 30, September 30, to September 30,
2000 1999 2000 1999 2000
------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
REVENUES $ - $ - $ - $ - $ 27,937
------------- ------------- ------------- ------------- --------------
EXPENSES
General & Administrative 5,500 3,550 5,500 10,650 119,644
------------- ------------- ------------- ------------- --------------
TOTAL EXPENSES 5,500 3,550 5,500 10,650 119,644
------------- ------------- ------------- ------------- --------------
NET LOSS BEFORE
DISCONTINUED OPERATIONS (5,500) (3,550) (5,500) (10,650) (91,707)
------------- ------------- ------------- ------------- --------------
GAIN ON DISPOSAL OF
OPERATIONS - - - - 37,075
------------- ------------- ------------- ------------- --------------
NET INCOME(LOSS) $ (5,500) $ (3,550) $ (5,500) $ (10,650) $ (54,632)
============= ============= ============= ============= ==============
NET LOSS PER SHARE $ (0.008) $ (0.005) $ (0.008) $ (0.016) $ (0.172)
------------- ------------- ------------- ------------- --------------
WEIGHTED AVERAGE
SHARES OUTSTANDING 695,500 653,000 668,556 653,000 318,455
============= ============= ============= ============= ==============
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
Skinovation Pharmaceutical, Inc.
(A Development Stage Company)
Statement of Cash Flows
(Unaudited)
From
For the nine months ended Inception on
September 30, January 15, 1988
-------------------------- to September 30,
2000 1999 2000
------------ ------------- -------------
<S> <C> <C> <C>
Cash Flows from Operating Activities
Net Loss $ (5,500) $ (3,550) $ (54,632)
Less Non-Cash Items:
Shares issued for services 5,500 - 10,433
Shares issued for debt payment - - 1,424
Increase(Decrease) in accounts payable - 3,550 28,776
Loss on disposal of PP&E - - 5,263
------------ ------------- -------------
Net Cash Provided(Used) by
Operating Activities - - (8,736)
------------ ------------- -------------
Cash Flows from Investing Activities
Cash paid for PP&E - - (5,264)
------------ ------------- -------------
Net Cash Provided(Used) by
Investing Activities - - (5,264)
------------ ------------- -------------
Cash Flows from Financing Activities
Cash paid for offering costs - - (7,000)
Shares issued for cash - - 21,000
------------ ------------- -------------
Net Cash Provided(Used) by
Financing Activities - - 14,000
------------ ------------- -------------
Increase in Cash - - -
------------ ------------- -------------
Cash and Cash Equivalents at
Beginning of Period - - -
------------ ------------- -------------
Cash and Cash Equivalents at
End of Period $ - $ - $ -
============ ============= =============
Supplemental Non-Cash Financing Transactions:
Stock issued for debt payment $ - $ - $ 1,424
Stock issued for services $ - $ - $ 10,433
Cash Paid For:
Interest $ - $ - $ -
Income Taxes $ - $ - $ -
</TABLE>
<PAGE> 6
Skinovation Pharmaceutical, Inc.
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2000
GENERAL
-------
Skinovation Pharmaceuticals, Inc.(the Company) has elected to omit
substantially all footnotes to the financial statements for the nine months
ended September 30, 2000 since there have been no material changes (other than
indicated in other footnotes) to the information previously reported by the
Company in their General Form for Registration of Securities Report filed on
the Form 10-SB for the six months ended June 30, 2000.
UNAUDITED INFORMATION
---------------------
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments
which are of a normal recurring nature and are, in the opinion of management,
necessary to properly reflect the results of the interim period presented.
The information presented is not necessarily indicative of the results from
operations expected for the full fiscal year.
<PAGE> 7
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
In this report references to "Skinovation," "we," "us," and "our" refer
to Skinovation Pharmaceutical Co., Inc.
Forward Looking Statements
This form 10-QSB contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. For this
purpose any statements contained in this Form 10-QSB that are not statements
of historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate" or "continue" or comparable terminology are intended
to identify forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, and actual results may differ
materially depending on a variety of factors, many of which are not within
Skinovation's control. These factors include but are not limited to economic
conditions generally and in the market which Skinovation may participate;
competition within Skinovation's chosen market and failure by Skinovation to
successfully develop business relationships.
Plan of Operations
Since inception, we have had no revenues and have experienced losses. We
have financed our operations primarily through the sale of our common stock or
by loans from shareholders. As of September 30, 2000, we had no cash on hand
and total current liabilities of $28,776. The account payable is for legal
and accounting fees paid on our behalf by Mutual Ventures Corporation, a
related party. We have no material commitments for the next twelve months.
We believe that our current cash needs for at least the next twelve months can
be met by loans from our directors, officers and shareholders.
Our management intends to actively pursue business opportunities during
the next twelve months. All risks inherent in new and inexperienced
enterprises are inherent in our business. We have not made a formal study of
the economic potential of any business. At the present, we have not
identified any assets or business opportunities for acquisition.
Based on current economic and regulatory conditions, management believes
that it is possible, if not probable, for a company like ours, without many
assets or liabilities, to negotiate a merger or acquisition with a viable
private company. The opportunity arises principally because of the high legal
and accounting fees and the length of time associated with the registration
process of "going public". However, should any of these conditions change, it
is very possible that there would be little or no economic value for anyone
taking over control of Skinovation.
Potential investors must recognize that because of our limited capital
available for investigation and management's limited experience in business
analysis we may not discover or adequately evaluate adverse facts about the
business opportunity to be acquired. Also, we intend to concentrate our
acquisition efforts on properties or businesses that we believe to be
undervalued or that we believe may realize a substantial benefit from being
publicly owned. Investors should expect that any acquisition candidate may
have little or no operating history, or a history of losses or low
profitability.
It is emphasized that our management may effect transactions having a
potentially adverse impact upon our shareholders pursuant to the authority and
discretion of our management to complete acquisitions without submitting any
proposal to the stockholders for their consideration.
Should a merger or acquisition prove unsuccessful, it is possible that we
may decide not to pursue further acquisition activities and management may
abandon its activities and our shares would become worthless.
<PAGE> 8
PART II: OTHER INFORMATION
ITEM 2: CHANGES IN SECURITIES
The following discussions describe the common shares sold without
registration by Skinovation from June 30, 2000 through September 30, 2000.
On July 19, 2000 we issued 30,000 common shares valued at $3,000 to
Principal Holdings, Inc. The shares were issued for consulting services
provided to us by Principal Holdings. We relied on an exemption from the
registration requirements of the Securities Act of 1933 by reason of Section
4(2) as a private transaction not involving a public distribution.
On August 14, 2000 we issued an aggregate of 25,000 common shares valued
at $2,500 to our officers in consideration for their services rendered in that
capacity. 5,000 shares were issued to John Peters, our President, 10,000
shares, each, were issued to Anita Patterson, our Director, and Jeanne Ball,
our Secretary/Treasurer and a Director. We relied on an exemption from the
registration requirements of the Securities Act of 1933 by reason of Section
4(2) as a private transaction not involving a public distribution.
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
(a) Part I Exhibits.
----------------
Exhibit Description
-------- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K. None.
--------------------
<PAGE> 9
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, who is duly authorized.
11/7/00
Date_________________________ Skinovation Pharmaceutical Incorporated
/s/ John W. Peters
By: ____________________________________
John Peters, President and Director
