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Previous: XELOS INC, 10SB12G, EX-23.1, 2000-12-05 |
Next: BLACKROCK 2012 TERM TRUST, N-2/A, 2000-12-05 |
XELOS, INC
(A Development Stage Company)
Audited Financial Statements
June 28, 1999 (Inception) through November 30, 2000
BAUM & COMPANY, P.A.
Certified Public Accountants
1515 University Drive - Suite 209
Coral Springs, Florida 33071
INDEPENDENT AUDITORS REPORT
The Board of Directors
Xelos, Inc.
We have audited the accompanying balance sheet of Xelos, Inc.( A Development Stage Company) as of November 30, 2000 and the related statement of income, cash flows and changes in stockholders equity for the year ended November 30, 2000 and the period from June 28, 1999 (Date of Inception) to November 30, 1999. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we 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. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements present fairly, in all material respects, the financial position of Xelos, Inc. (A Development Stage Company) at November 30, 2000 and the statement of income, cash flows and changes in stockholders equity for the year then ended and the period from June 28, 1999 (Date of Inception) to November 30, 1999 in conformity with generally accepted accounting principles.
Coral Springs, Florida
December 4, 2000
XELOS, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
NOVEMBER 30, 2000
ASSETS
Current Assets
|
Cash in Bank |
$ 200 |
|
Total Assets |
$ 200 |
LIABILITIES AND STOCKHOLDERS EQUITY
|
Liabilities |
$ - 0 - |
Stockholders Equity
Common Stock, $.0001 par value, authorized
|
50,000,000 shares, 2,000,000 issued and outstanding |
200 |
|
Total Liabilities and Stockholders Equity |
$ 200 |
See accompanying notes to financial statements.
XELOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF INCOME
YEAR ENDED NOVEMBER 30, 2000
AND THE PERIOD FROM JUNE 28, 1999 (DATE OF INCEPTION)
TO NOVEMBER 30, 1999
|
Operations During Development Stage Inception to |
|||
|
2000 |
1999 |
November 30, 2000 |
|
|
Revenue |
$ - 0 - |
$ - 0 - |
$ - 0 - |
|
Expenses |
- 0 - |
- 0 - |
- 0 - |
|
Net Income (Loss) |
$ - 0 - |
$ - 0 - |
$ - 0 - |
|
Net Income per weighted Average of shares |
$ nil |
$ nil |
$ nil |
|
Weighted average of shares |
2,000,000 |
2,000,000 |
2,000,000 |
See accompanying notes to financial statements.
XELOS, INC
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
YEAR ENDED NOVEMBER 30, 2000
|
Common |
Stock |
Retained Earnings During Developmental Stage |
Total Stockholders Equity |
|
|
Shares |
Amount |
Period |
Equity |
|
|
Beginning Balance June 28, 1999 (Inception) |
- 0- |
$ - 0 - |
$ - 0 - |
$ - 0 - |
|
Issuance of Common Stock |
2,000,000 |
200 |
- 0 - |
200 |
|
Net Income November 30, 1999 |
- 0 - |
- 0 - |
- 0 - |
- 0 - |
|
Balance November 30, 1999 |
2,000,000 |
200 |
- 0 - |
- 0 - |
|
Net Income November 30, 2000 |
- 0 - |
- 0 - |
- 0 - |
- 0 - |
|
Balance November 30, 2000 |
2,000,000 |
$ 200 |
$ - 0 - |
$ - 0 - |
See accompanying notes to financial statements.
XELOS, INC
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
YEAR ENDED NOVEMBER 30, 2000
AND THE PERIOD FROM JUNE 28, 1999 (DATE OF INCEPTION)
TO NOVEMBER 30, 1999
|
Operations During Development Stage Inception to |
|||
|
2000 |
1999 |
November 30, 2000 |
|
|
Cash Flows From operations: Net Income |
$ - 0 - |
$ - 0 - |
$ - 0 - |
|
Net Cash provided for operations |
- 0 - |
- 0 - |
- 0 - |
|
Cash flows from financing activities: |
|||
|
(Increase) Decrease in subscription receivable |
200 |
(200) |
- 0 - |
|
Issuance of common stock |
- 0 - |
200 |
200 |
|
Net Increase (Decrease) in cash |
200 |
- 0 - |
200 |
|
Cash - Beginning |
- 0 - |
- 0 - |
- 0 - |
|
Cash - Ending |
$ 200 |
$ - 0 - |
$ 200 |
See accompanying notes to financial statements.
XELOS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
NOTE 1 SIGNIFICANT ACCOUNTING POLICIES
Organization and Operations
The Company was organized under the laws of the State of Florida on June 28, 1999.
The Company is in the development stage. The Company is a "shell" whose sole purpose is to locate and consummate a reverse merger or reverse acquisition with an unidentified private entity.
Basis of Accounting
The Company's policy is to prepare its financial statements using the accrual basis of accounting in accordance with generally accepted accounting principles.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
NOTE 2 CAPITAL TRANSACTIONS
The Company on November 20, 2000 amended its articles of incorporation to change its par value of common stock from $ .001 to $ .0001.
NOTE 3 SUBSEQUENT EVENTS
The Company is anticipating the filing of a Form 10-SB pursuant to the Securities and Exchange Act of 1934, section 12(b) or (g).
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