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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2000
Commission File Number:
Vacation Ownership Marketing, Inc.
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(Exact name of small business issuer as specified in its charter)
Florida
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(State of other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
2525 Fifteenth Street, Suite 3H
Denver, Colorado 80211
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(Address of principal executive offices including zip code)
(303) 480-5037
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(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act 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___
As of August 31, 2000, the Registrant had 15,000,000 shares of
common stock, no par value per share, outstanding.
Transitional Small Business Disclosure Format (check one):
Yes __ No X
REVIEW REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT
The Board of Directors
Vacation Ownership Marketing, Inc.
Denver, Colorado 80211
We have reviewed the accompanying consolidated balance
sheet of Vacation Ownership Marketing, Inc. as of August
11, 2000, and the related consolidated statements of
income and cash flows for the three months then ended, in
accordance with Statements of Standards for Accounting
and Review Services issued by the American Institute of
Certified Public Accountants. All information included in
these financial statements is the representation of the
management of Vacation Ownership Marketing, Inc.
A review of interim financial statements consists
principally of inquiries of Company personnel responsible
for financial matters and analytical procedures applied
to financial data. It is substantially less in scope than
an audit conducted in accordance with generally accepted
auditing standards, the objective of which is the
expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not
express such an opinion.
Based on our review, we are not aware of any material
modifications that should be made to the accompanying
financial statements in order for them to be in
conformity with generally accepted accounting principles.
/s/Miller and McCollom
Certified Public
Accountants
7400 West 14th Avenue,
Suite 10
Lakewood, CO 80215
October 10, 2000
INDEX
PAGE
NUMBER
Part I. Financial Information
Item I. Financial Statements
Balance Sheets as of August 31, 2000
and May 31, 2000 3
Statement of Operations, Three Months
Ended August 31, 2000 and 1999 4
Statement of Cash Flows, Three Months
Ended August 31, 2000 and 1999 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 7
Part II. Other Information 9
2
Vacation Ownership Marketing, Inc.
BALANCE SHEETS
(Unaudited)
ASSETS
August 31 May 31
2000 1999
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Current Assets
Cash and cash equivalents $ 10,000 $ 10,000
Prepaid expenses - 91,205
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Total Assets $ 10,000 $ 101,205
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ 8,941 $ 784
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Total Liabilities 8,941 784
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Stockholders' Equity:
Common Stock, $.01 par value,
15,000,000 shares authorized
15,000,000 shares issued and
outstanding 150,000 150,000
Additional paid-in capital 2,017,488 2,017,488
Accumulated (deficit) (2,166,429) (2,067,067)
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Total Stockholders' Equity 1,059 100,421
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Total Liabilities and $ 10,000 $ 101,205
Stockholders' Equity
The accompanying notes are an integral part of the financial
statements.
3
Vacation Ownership Marketing, Inc.
STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
August 31, August 31,
2000 1999
Revenues $ - $ -
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Expenses:
Professional fees 91,205 -
Accounting and audit fees 7,657
Administrative and other - 500
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Total Expenses 99,362 -
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Net (Loss) $ (99,362) $ -
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Per Share $ (.01) $ nil
Weighted Average Number
of Shares Outstanding 15,000,000 15,000,000
The accompanying notes are an integral part of the financial
statements.
4
Vacation Ownership Marketing, Inc.
STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended
August 31, August 31,
2000 1999
Cash Flows from Operating
Activities:
Net (loss) $ $ -
(99,362)
Decrease in prepaid expenses 91,205
Increase in accounts payable - 8,157
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Net Cash Provided By Operating - -
Activities
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Cash Flows from Investing
Activities:
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Net Cash (Used in) Investing - -
Activities
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Cash Flows from Financing
Activities:
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Net Cash Provided by Financing - -
Activities
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Increase in Cash - -
Cash, Beginning of Period 10,000 -
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Cash, End of Period $ 10,000 $ -
Interest Paid $ - $ -
Income Taxes Paid $ - $ -
The accompanying notes are an integral part of the financial
statements.
5
Vacation Ownership Marketing, Inc.
NOTES TO FINANCIAL STATEMENTS
August 31, 2000 (Unaudited)
(1) Condensed Financial Statements
The financial statements included herein have been prepared by
Vacation Ownership Marketing, Inc. without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in
the financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted as
allowed by such rules and regulations, and Vacation Ownership
Marketing, Inc. believes that the disclosures are adequate to
make the information presented not misleading. It is suggested
that these financial statements be read in conjunction with the
May 31, 2000 audited financial statements and the accompanying
notes thereto. While management believes the procedures followed
in preparing these financial statements are reasonable, the
accuracy of the amounts are in some respect's dependent upon the
facts that will exist, and procedures that will be accomplished
by Vacation Ownership Marketing, Inc. later in the year.
The management of Vacation Ownership Marketing, Inc. believes
that the accompanying unaudited condensed financial statements
contain all adjustments (including normal recurring adjustments)
necessary to present fairly the operations and cash flows for the
periods presented.
(2) Start-up Costs
The Company adopted Statement of Position No. 98-5 ("SOP 98-5"),
"Reporting the Costs of Start-Up Activities." SOP 98-5 requires
that all non-governmental entities expense the cost of start-up
activities, including organizational costs as those costs are
incurred. Prepaid costs of $91,205 at May 31, 2000 were incurred
and expensed during the quarter ended August 31, 2000.
6
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Vacation Ownership Marketing, Inc. ("Company") was incorporated
in Delaware as Magness Communications Corp. in 1969 and changed
its name to its present name in 1980. Coinciding with the name
change the Company changed its business to the development and
marketing of time-shared condominiums which it continued until
1983. During that year, the Company experienced financial
difficulties and encountered adverse litigation. The Company's
charter expired until May 7, 2000, when a certificate of renewal
was issued. It is management's plan to start a new business or
seek a business combination.
The Company generated no revenues during the quarter ended August
31, 2000, and management does not anticipate any revenues until
following the conclusion of a merger or acquisition, if any, as
contemplated by the Company's business plan.
The Company's capital is limited. The Company anticipates
operational costs will be limited until such time as significant
evaluation work is undertaken regarding prospective mergers or
acquisitions.
At August 31, 2000, the Company had no material commitments for
capital expenditures.
7
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.
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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, thereunto duly authorized.
Vacation Ownership Marketing, Inc.
Date: _____________
By:/s/ Peter Porath
Peter Porath, President
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EXHIBIT INDEX
EXHIBIT METHOD OF FILING
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27. FINANCIAL DATA SCHEDULE Filed herewith electronically
