FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
Of the Securities Exchange Act of 1934
For Quarter Ended June 30, 2000
Commission File Number 0-14047
MAXUM DEVELOPMENT, INC.
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2392188
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
6975 SOUTH UNION PARK DRIVE #600
SALT LAKE CITY, UTAH 84047
(Address of principal executive offices)
Registrant's telephone number
including area code (801) 256-9600
489 Sullivan Avenue, South Windsor CT 06074
Former Address, if changed since last report
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 such shorter period that the
registrant was required to file such reports)
Yes X No
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
5,798,697
(Number of shares of common
stock the registrant had
outstanding as of September 20, 1999)
PART 1
ITEM 1 - FINANCIAL STATEMENTS
The condensed 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 condensed or
omitted pursuant to such rules and regulations, although the Company
believes that the disclosures are adequate to make the information presented
not misleading.
In the opinion of the Company, all adjustments, consisting of only normal
recurring adjustments, necessary to present fairly the financial position of
the Company as of June 30, 2000 and the results of its operations and changes
in its financial position from March 31, 2000 through June 30, 2000 have been
made. The results of its operations for such interim period is not
necessarily indicative of the results to be expected for the entire year.
MAXUM DEVELOPMENT, INC.
Balance Sheet
ASSETS
June 30, December 31,
2000 1999
(unaudited)
CURRENT ASSETS
Interest receivable $ 11,250 7,500
TOTAL ASSETS $ 11,250 $ 7,500
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 300 $ 300
Notes Payable 39,000 39,000
Interest Payable 5,853 4,875
Total Current Liabilities 45,153 44,175
STOCKHOLDERS' EQUITY
Common Stock 10,000,000 shares
authorized at $.001 par value;
5,798,697 shares issued and outstanding 5,799 5,799
Capital in Excess of Par Value 1,075,301 1,075,301
Accumulated Deficit During Development
Stage (965,003) (967,775)
Less: Subscriptions Receivable (150,000) (150,000)
Total Stockholders' Equity (33,903) (36,675)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 11,250 7,500
MAXUM DEVELOPMENT, INC.
Statements of Operations
(unaudited)
For the Three For the Three For the Six For the Six
Months Ended Months Ended MonthsEnded Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
REVENUE $1,875 $1,875 3,750 $ 3,750
EXPENSES
Interest 488 490 978 980
Dues and Fees - - - -
Total Expenses 488 490 978 980
NET INCOME
(LOSS) -
Before Taxes $ 1,387 $1,387 $2,772 2,770
Taxes - - - -
INCOME (LOSS) $ 1,387 $ 1,387 $2,772 $ 2,770
Loss Per Common
Share $ - $ - $ - $ -
Average
Outstanding
Shares 5,798,697 5,798,697 5,798,697 5,798,697
MAXUM DEVELOPMENT, INC.
Statements of Cash Flows
(unaudited)
For the Six For the Six
Months Ended Months Ended
June 30, June 30,
2000 1999
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ 2,772 $ 2,770
Increase (Decrease)
in Accounts Payable/Interest Payable 978 980
Interest receivalbe (3,750 (3,750)
- -
CASH FLOWS FROM
INVESTING ACTIVITIES - -
CASH FLOWS FROM
FINANCING ACTIVITIES - -
- -
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - -
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD - -
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ - $ -
CASH PAID DURING THE PERIOD FOR:
Interest $ - $ -
Income Taxes (Including
Interest & Penalties) $ - $ -
MAXUM DEVELOPMENT, INC.
Notes to the Financial Statements
June 30, 2000
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended June 30, 2000but has made all the necessary
adjustments to present an accurate financial statements for the six months
presented.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately $(33,903)
as operating capital at June 30, 2000, compared to $(36,675) for the period
December 31, 1999. The Registrant intends to raise additional funds as
needed through private placements with accredited and sophisticated investors.
Results of Operation. Due to the lack of operations during the quarter
ended June 30, 2000, the registrant had net income of $1,387, compared to
$1,385 for the same period last year. The registrant had net income of $2,772
for the six months ended June 30, 2000, compared to $2,770 for the same
period last year.
Plan of Operations. The Company is currently in the process of looking
for business opportunities to acquire or merge with. There is no guarantee
that management will be successful in finding such an opportunity. The
Company is also in the process of bringing all of its eriodic reports
current for filing with the Securities and Exchange Commission. During this
process, the Company intends to raise operational capital through private
placements.
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 on Form 8-K. None
SIGNATURES
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 authorized officer.
Dated July 14, 2000
Maxum Development, Inc.
/s/ Paul Adams
