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 October 31, 2000.
DOTCOM VISIONS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-0803437
---------- ----------
(State of (I.R.S. Employer
Incorporation) Identification Number)
216 South Alma School Rd., Suite 10
Mesa, Arizona 85210
(Address of Principal Executive Offices and Zip Code)
480-898-1846
(Registrants telephone number)
Former name, former address and former fiscal year, if changed since last
report: No changes.
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock, par
value $.0001 per share
Indicate by mark (X) 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 |_|
Transitional Small Business Disclosure Format (Check one):
Yes No X
Number of shares outstanding of each of the registrant's classes of common
stock as of October 31, 2000: Common Stock: 14,580,000.
PART I
ITEM 1. Financial Statements
CONTENTS
DOTCOM VISIONS, INC.
Accountants' Compilation Report Page 3
Balance Sheet 4
Statement of Operations 5
Statement of Stockholders' Equity 6
Statement of Cash Flows 7
Notes to Financial Statements 8
To the Board of Directors
DotCom Visions, Inc. (a development stage company)
Las Vegas, Nevada
We have compiled the accompanying balance sheet of DotCom Visions, Inc. (a
developmental stage company) as of October 31, 2000, and the related
statements of operations, stockholders' equity, and cash flows for the three
months then ended October 31, 1999, in accordance with Statements of
Standards for Accounting and Review Services issued by the American Institute
of Certified Public Accountants,
A compilation is limited to presenting in the form of financial statements
information that is the representation of management. We have not audited or
reviewed the accompanying financial statements and, accordingly, do not
express an opinion or any other form of assurance on them.
The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 3 to the financial
statements, the Company has had no operations and has no established source
of revenue. This raises substantial doubt about its ability to continue as a
going concern. Management's plan in regard to these matters are also
described in Note 3. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Ovist & Howard, CPA's
Certified Public Accountants
December 4, 2000
Henderson, Nevada
DOTCOM VISIONS, INC. (A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
OCTOBER 31, 2000
ASSETS
CURRENT ASSETS:
Cash $ 3,973
----------
Total Current Assets $ 3,973
PROPERTY AND EQUIPMENT (Note 2)
Equipment 585
Allowance for Depreciation $ (77)
-----------
Net Property Equipment 508
TOTAL ASSETS $ 4,481
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,461
----------
Total Current Liabilities $ 1,461
LONG-TERM DEBT (Note 4 and 6) 51,000
STOCKHOLDERS' EQUITY:
Common stock, $.0001 par value, authorized
75,000,000 shares; issued and outstanding at
October 31, 2000-14,580,000 shares 519
Preferred stock, $.0001 par value, authorized
50,000,000 shares; no shares issued or
outstanding at October 31, 2000 -0-
Additional paid-in-capital 7,851
Deficit accumulated during development stage $ (56,350)
---------
Total Stockholders' Equity (47,980)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 4,481
=========
See accompanying accountants' compilation report
and notes to financial statements
<PAGE>
DOTCOM VISIONS, INC. (A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED OCTOBER 31, 2000, AND THE
PERIOD FROM MAY 7, 1998 (INCEPTION) TO OCTOBER 31, 2000.
Three Period from
Months Ended May 7, 1998 (Inception)
October 31, 2000 to October 31, 2000
---------------- --------------------
INCOME:
Revenue $ -0- $ -0-
EXPENSES:
Accounting expense -0- 800
Amortization -0- 58
Bank charges -0- 319
Filing fees -0- 69
Marketing -0- 2,678
Office expense -0- 103
Transfer fees -0- 500
Organizational costs -0- 50,089
Licenses and fees -0- 640
Tax expense 22 70
Legal fees -0- 500
Courier service -0- 45
Depreciation expense 29 78
Rent expense -0- 400
------- ------
Total Expenses (51) (56,350)
NET LOSS $ (51) $ (56,350)
========= =========
See accompanying accountants' compilation report
and notes to financial statements
<PAGE>
DOTCOM VISIONS, INC. (A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS' EQUITY PERIOD FROM MAY 7, 1998 (INCEPTION) TO
OCTOBER 31, 2000.
Additional Deficit Accumulated
Common Stock Paid-In During Development
Shares Amount Capital Stage
------ ------ ------- -----
May 7, 1998
issued for cash 1,000,000 $ 100 $ -0- $ -0-
July 31, 1998
issued from sale of
private placement 43,000 4 4,296 -0-
Net loss,
May 7, 1998 (inception)
to April 30, 1999 -0- -0- -0- (4,972)
October 31, 1999
Stock split 10:1 10,430,000 -0- -0- -0-
March 15, 2000
issued for cash 1,450,000 145 1,305 -0-
March 17, 2000
issued for cash 2,500,000 205 2,250 -0-
March 17, 2000
issued for
services rendered 200,000 20 -0- -0-
Net loss twelve months
ended April 30, 2000 -0- -0- -0- (51,294)
Net loss three months
ended July 30, 2000 -0- -0- -0- (33)
Net loss, three months
ended October 31, 2000 -0- -0- -0- (51)
---- ---- ---- ----
Balance,
October 31, 2000 14,580,000 $ 519 $7,851 $(56,350)
========== ===== ====== ========
See accompanying accountants' compilation report
and notes to financial statements
<PAGE>
DOTCOM VISIONS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED OCTOBER 31, 2000 AND THE PERIOD FROM MAY 7, 1998
(INCEPTION) TO OCTOBER 31, 2000.
Three Period from
Months Ended May 7, 1998 (Inception)
October 31, 2000 to October 31, 2000
---------------- -------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Loss $ (51) $ (56,350)
Depreciation 29 77
Changes in assets and liabilities:
Equipment -0- 8,370
Increase in Current Liabilities -0- 1,461
CASH FLOWS FROM INVESTING ACTIVITIES -0- -0-
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock for cash -0- 8,370
Note payable -0- 51,000
Note receivable 500 -0-
Net Increase In Cash (478) 3,973
CASH - Beginning of Period 3,495 -0-
CASH - End of Period $ 3,973 $ 3,973
======== ========
See accompanying accountants' compilation report
and notes to financial statements
<PAGE>
DOTCOM VISIONS, INC. (A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 2000.
SEE ACCOMPANYING ACCOUNTANTS' REPORT
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY:
The Company was organized May 7, 1998, under the laws of the State of
Delaware, as Ace Legal Courier Services, Inc. The Company has no operations
and in accordance with SFAS #7, the Company is considered a development stage
company.
NOTE 2 - ACCOUNTING POLICIES AND PROCEDURES:
Accounting policies and procedures have not been determined except as
follows:
1.The Company uses the accrual method of accounting.
2.Earnings per share is computed using the weighted average number of
shares of common stock outstanding
3.The Company has not yet adopted any policy regarding payment of
dividends. No dividends have been paid since inception.
4.The Company has adopted a fiscal year end of April 30.
5.Equipment is recorded at cost. Depreciation is provided using the
straight-line method over the estimated useful lives of the asset.
NOTE 3 - GOING CONCERN:
The Company's financial statements are prepared using the generally accepted
accounting principals applicable to a going concern, which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. However, the Company has no current source of revenue. Without
realization of additional capital, it would be unlikely for the Company to
continue as a going concern. It is management's plan to raise substantial
amounts of equity funds for use in its administrative and general business
activities.
NOTE 4 - RELATED PARTY ACCOUNTS AND TRANSACTIONS:
Included in long-term debt at October 31, 2000 are loans from the officers-
stockholders of the Company totaling $51,000.
NOTE 5 - SUBSEQUENT EVENT:
DotCom Visions, Inc. is currently in the process of filing Form 10SB with the
Securities and Exchange Commission. Fees of $5,000 will be due and payable
upon the completion of the filing.
NOTE 6 - LONG-TERM NOTES PAYABLE:
Long-term notes payable at October 31, 2000 consist of the following:
Notes payable to stockholders with no stated interest rate or maturity date,
unsecured $51,000.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN
OF OPERATIONS
Overview
Quarter ended October 31, 2000 focused primarily on continuing activities to
develop and expand the Company's proposed business plan as detailed in the
"Plan of Operations" section of this document. There have been no operating
revenues since inception.
THIS REPORT CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES SUCH AS THE DEPENDENCE OF THE COMPANY ON AND THE ADEQUACY OF
CASH FLOWS. THESE FORWARD-LOOKING STATEMENTS AND OTHER STATEMENTS MADE
ELSEWHERE IN THIS REPORT ARE MADE IN RELIANCE ON THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995.
Plan of Operations
The Company's continued plan of operation will revolve around developing its
business plan of becoming actively engaged in providing start-up and ongoing
management services to business-to-business ("B2B") e-commerce companies
through a network of partner and/or similarly related companies. The extent
and specific nature of these services are not known at this time, but will be
better determined as the Company progresses with its business plan and
evaluates the actual needs for the services of its partner companies. The
mission of the Company is to become a premier B2B e-commerce company
"network" by establishing an e-commerce presence in major segments of the
economy through companies that are inter-related and provide a combined
synergistic group that derives direct benefits from these relationships. The
Company plans to focus on two sectors of B2B e-commerce companies, namely
Market Makers and Infrastructure Service Providers. The Company defines
Market Makers as companies that bring buyers and sellers together by creating
Internet-based markets for the exchange of goods, services, and information.
The Company defines Infrastructure Service Providers as businesses that sell
software and services to other businesses engaged in e-commerce. The Company
believes that a primary focus on the above described aspects of the B2B e-
commerce industry will enable rapid exploitation of new opportunities and the
ability to attract and develop leading B2B e-commerce companies within the
defined sectors described above. To date, the Company has no relationships
with any B2B e-commerce company(s) (partner company(s)), and has provided no
management services to any such company(s).
The Company filed a Form 10SB in the third quarter of the year 2000, and as
of the date of this 10QSB is in the process of filing a SB-2 with the
Securities and Exchange Commission (SEC). These documents can be viewed at
the SEC's web site at www.sec.gov and will provide additional information
regarding the Company. The Company plans to continue filing quarterly and
annual reports as required by the SEC to maintain the status of a "reporting
company" as defined by the SEC.
Results of Operations
The Company was not operating during the full fiscal quarter ended October
31, 2000 or October 31, 1999 therefor a comparable analysis of the two
periods is not meaningful.
Total operating expenses of $ 51.00 for the three months ended October 31,
2000 resulted from tax expenses and courier services.
Liquidity and Capital Resources
Management believes the current cash, $3,973.00, available to the Company
will be sufficient for the next twelve months or until such a time the
Company initiates operations.
If, and when, the Company begin operations additional funding will be
required. Management is in the process of determining how much, and when, the
next round of financing will take place. There are no assurances at this time
that the funds will be available to the Company, or if available, on terms
favorable to the Company. Management plans to continue managing cash flow
focused on conserving cash resources until additional funds can be raised.
The inability of the Company to raise additional funds will have a negative
material impact on the future prospects of the business.
PART II
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS 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 ON FORM 8-K
(a) Exhibits
(27.1) Financial Data Schedule.
(b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
DOTCOM VISIONS, INC.
(Registrant)
/s/ John Hoffman 12/14/00
-----------------------------
John Hoffman
