U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] TRANSACTION REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-9249
UNITED TRANS-WESTERN, INC.
(Exact name of registrant as specified in its charter)
Delaware 75-1519286
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3795 Carey Road,
Suite 600,
Victoria, British Columbia, Canada V8Z 6T8
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (250) 475-6000
Check whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange l Act during the
preceding 12 months (or for such shorter period that the registrant
was required to file suchT reports). amd (2) has been subject to
such filing requirements for the past 90 days.
Yes [x] No [ ]
State the number of shares outstanding of each of the issuer's class
of common equity, as of the latest practicable date:
Class: Common Stock, $.01 par value
Outstanding at March 31, 2000: 8,859,155 shares
UNITED TRANS-WESTERN , INC.
INDEX
PART I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements,
Consolidated Balance Sheet at March 31, 2000 1
Consolidated Statements of Operations for the,
Three Months Ended March 31, 2000 and 1999 2
Consolidated Statements of Cash Flows for the
Three Months Ended March 31, 2000 and 1999 3
Notes to Consolidated Financial Statements 4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 5
PART II. OTHER INFORMATION
Items 1 through 6 6
SIGNATURES 7
UNITED TRANS-WESTERN, INC.
CONSOLIDATED BALANCE SHEET
AS AT MARCH 31, 2000
(Unaudited)
ASSETS
2000
----
CURRENT ASSET
Cash $ 46
------------
INVESTMENTS 109,560
------------
$ 109,606
============
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 107,045
Accruals to related parties 274,850
Due to Kentucky Financial Inc. - Note 2 101,130
------------
483,025
------------
SHAREHOLDERS' EQUITY
Authorized: 50,000,000 commons shares with a par value of $.01
Issued: 8,859,155 shares 88,588
Additional paid-in capital 2,521,366
Deficit (2,983,373)
-------------
(373,419)
-------------
$ 109,606
=============
1
UNITED TRANS-WESTERNS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000
(Unaudited)
3 MONTHS 3 MONTHS
2000 1999
---- ----
REVENUE $ - $ -
--------- ---------
OPERATING COSTS AND EXPENSES
General and administrative 35,089 39,158
--------- ----------
LOSS FROM OPERATIONS (35,089) (39,158)
--------- ----------
OTHER INCOME AND EXPENSE
Loss on equity investment (98,000) -
Interest - 15
Sale of joint venture
interest - Note 1 - -
--------- -----------
(98,000) 15
--------- -----------
NET LOSS $(133,089) $ (39,173)
========== ===========
NET INCOME (LOSS) PER COMMON SHARE $ (0.02) $ - *
========== ===========
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 8,859,155 8,859,155
========== ===========
* Less than $(0.01) per share
2
UNITED TRANS-WESTERN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000
(Unaudited)
3 MONTHS 3 MONTHS
2000 1999
-------- --------
OPERATING ACTIVITIES
Net Loss for the Period $(133,089) $ (39,173)
Increase (Decrease) in non-cash
working capital items
- Loss on equity investment (98,000) -
- Increase in accounts payable 35,135 39,277
--------- ------------
46 104
--------- ------------
INVESTING FINANCING ACTIVITIES - -
NET INCREASE IN CASH 46 104
CASH, beginning of period - 13
--------- -------------
CASH, end of period $ 46 $ 117
========= =============
3
UNITED TRANS-WESTERN, INC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS AT MARCH 31, 2000
NOTE 1. UNAUDITED INFORMATION
The consolidated balance sheet as of March 31, 2000 and the
consolidated statements of operations for the three month periods
ended March 31, 2000 and 1999 were taken from the Company's books
and records without audit. However, in the opinion of management,
such information includes all adjustments (consisting only of normal
recurring accruals) which are necessary to properly reflect the
consolidated financial position of the Company as of March 31, 2000
and the results of operations for the three months ended
March 31, 2000 and 1999.
Certain information and notes included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted, although management
believes that the disclosures are adequate to make the information
presented not misleading. Interim period results are not necessarily
indicative of the results to be achieved for and entire year.
These financial statements should be read in conjunction with the
financial statements and notes to financial statements included in
the Company's financial statements for the year ended
December 31, 1999.
NOTE 2. DUE TO RELATED PARTIES
Kentucky Financial Inc. is related to a former officer and
director of the Company. Kentucky advances funds and makes payments
on behalf of the Company from time to time. The balance owing to
Kentucky as at March 31, 2000 was $101,130. The balance is due on
demand without interest. Other amounts due related parties, which
total $274,850 at March 31, 2000, are for advances for operating
expenses and management fees from directors and stockholders. These
amounts are due on demand without interest.
4
UNITED TRANS-WESTERN, INC.
MANAGEMENT DISCUSSION
AS AT MARCH 31, 2000
It is the intention of the registrant to establish shredding and
grinding facilities for the purpose of supplying LandStar, Inc.
crumb rubber in the quantities and to specifications required for
their rubber activation business. During the quarter, the registrant
continued to interact with the management of LandStar, Inc. for the
purpose of advancing this proposed activity. No operations have
been established to date.
The registrant had no gross revenue from operations during the
quarter. Limited funding has been provided by directors and officers
to meet the needs of day to day operations.
The registrant owns 8,500,000 sharesof LandStar, Inc. which represents
approximately 23% of the issued and outstanding shares. Operating
losses of LandStar, Inc. in the first quarter have resulted in a
loss on this equity investment of $98,000.
5
UNITED TRANS-WESTERN, INC.
PART II.
OTHER INFORMATION
Item 1 Legal Proceedings
none
Item 2 Changes in Securities
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 of Form 8-K
none
6
UNITED TRANS-WESTERN, INC.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereto duly authorized.
on August 7, 2000
UNITED TRANS-WESTERN, INC.
BY: /s/ Michael Pinch
-------------------------
Michael Pinch
President
BY: /s/ Glenn Rozon
-------------------------
Glenn Rozon
Secretary
7
