UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to __________
Commission File Number: 0-29804
CENTER STAR GOLD MINES, INC.
(Exact name of Registrant as specified in charter)
NEVADA 82-0255758
State or other jurisdiction of I.R.S. Employer I.D. No.
incorporation or organization
5814 South 900 East, Salt Lake City, UT 84117
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (801) 269-9500
Former Address: 4970 South 900 East, Suite F104, Salt Lake City, UT 84117
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 past 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. (1) Yes
[X] No [ ] (2) Yes [X] No [ ]
State the number of shares outstanding of each of the Issuer's classes of
common equity as of the latest practicable date: At July 14, 1999, there were
3,249,960 shares of the Registrant's Common Stock outstanding.
PART I
Item 1. Financial Statements
The financial statements included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been omitted. However, in
the opinion of management, all adjustments (which include only normal
recurring accruals) necessary to present fairly the financial position and
results of operations for the periods presented have been made. The results
for interim periods are not necessarily indicative of trends or of results to
be expected for the full year. These financial statements should be read in
conjunction with the financial statements and notes thereto included in the
Company's registration statement on Form 10-SB, as amended.
<PAGE>
Center Star Gold Mines, Inc.
(A Development Stage Company)
Balance Sheets
June December
30, 1999 31, 1998
ASSETS
Current Assets
Cash $ -0- $ -0-
Total Assets $ -0- $ -0-
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable $ 1,395 $ 500
Total Current Liabilities 1,395 500
Stockholders' Equity
Common Stock; $.001 Par Value,
50,000,000 Shares Authorized;
3,249,760 Shares Issued and
Outstanding Retroactively Restated 3,250 3,250
Paid In Capital 436,008 436,008
Accumulated Deficit (440,653) (439,758)
Total Stockholder' Equity (1,395) (500)
Total Liabilities & Stockholders' Equity $ -0- $ -0-
<PAGE>
Center Star Gold Mines, Inc.
(A Development Stage Company)
Statement of Operations
For the
Period From
For three For three For six For six June 2, 1998
Months Months Months Months (Inception)
ended June ended June ended June ended June to
30, 1999 30, 1998 30, 1999 30, 1998 June 30,
1999
Revenues
Transfer Fees $ -0- $ -0- $ -0- $ -0- $ -0-
Operating Expenses
Legal &
Accounting -0- -0- -0- -0- 4,400
Fees 895 -0- 895 -0- 1,885
Consulting Fees -0- -0- -0- -0- 663
Total Operating Expenses 895 -0- 895 -0- 6,948
(Loss) from Operations -0- -0- -0- -0- (6,948)
Other Income
Forgiveness of Debt -0- -0- -0- -0- 3,624
Net (Loss) $ (895) $ -0- $ (895) $ -0- $ (3,324)
Net (Loss) Per Share $ .00 $ .00 $ .00 $ .00 $ .00
Weighted Average
Number of Shares 3,249,960 1,250,000 3,249,960 1,167,632 3,249,960
<PAGE>
Center Star Gold Mines, Inc.
(A Development Stage Company)
Statements of Cash Flows
For the
Period From
For six For six June 2, 1998
Months Months (Inception)
ended June ended June to
30, 1999 30, 1998 30, 1999
Cash Flows from Operating Activities
Net (Loss) $ (895) $ -0- $ (3,324)
Adjustments to Reconcile Net
Income to Net Loss Used by
Operating Activities:
Forgiveness of Debt -0- -0- (3,624)
Non Cash Consulting Fees -0- -0- 663
Increase in Accounts Payable 895 -0- 1,395
Net Cash Used by Operating Activities -0- -0- (4,890)
Cash Flows from Financing Activities
Advances from Officer -0- -0- 4,890
Net Cash Used from
Financing Activities -0- -0- 4,890
Net Decrease in Cash -0- -0- -0-
Cash at Beginning of Year -0- -0- -0-
Cash at End of Year $ -0- $ -0- $ -0-
Disclosures from Operating Activities
Interest $ -0- $ -0- $ -0-
Taxes -0- -0- -0-
<PAGE>
Center Star Gold Mines, Inc.
(A Development Stage Company)
Notes to Financial Statements
NOTE #1 - Organization
The Company was incorporated on May 1, 1961, under the laws of the State of
Idaho. On July 21, 1998, the Company filed Articles of Merger in the state of
Nevada wherein Center Star Gold Mines, Inc., an Idaho Corporation, merger with
Center Star Gold Mines, Inc., a Nevada Corporation, incorporated on June 2,
1998.
The purpose for which the Company is organized is to transact any lawful
business or to promote or conduct any legitimate object or purpose under and
subject to the laws of the state of Nevada.
Since its incorporation in the State of Nevada the Company is considered to be
in the development stage.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The Company had no revenues from operations during the fiscal year ended
December 31, 1998, or during the first two quarters ended June 30, 1999, and
has had no significant revenues from operations since its inception.
The Company has no plans to raise or seek additional funding, but intends
to seek a new business venture or enterprise for the Company. The Company has
no significant operating costs or capital obligations.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
CENTER STAR GOLD MINES, INC.
Date: July 16, 1999 By /s/ Howard M. Oveson, President
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<PERIOD-END> JUN-30-1999
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