U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission File No.
2-86724D
ENCIBAR, INC.
(Name of Small Business Issuer in its Charter)
UTAH 87-0396692
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)262-8844
N/A
-----------
(Former Name or Former Address, if changed since last Report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 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.
(1) Yes X No (2) Yes X No
---- ---- ---- ----
<PAGE>
APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
September 30, 2000
1,904,190
DOCUMENTS INCORPORATED BY REFERENCE
A description of any "Documents Incorporated by Reference" is contained in
Item 6 of this Report.
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this
10-QSB Quarterly Report were prepared by management and commence on the
following page, together with related Notes. In the opinion of management, the
Financial Statements fairly present the financial condition of the Registrant.
<PAGE>
<TABLE>
<CAPTION>
Encibar, Inc.
BALANCE SHEETS
For the Period Ending September 30, 2000 and the Year Ended March 31, 2000
09/30/2000 03/31/2000
----------------- ----------
[Unaudited]
ASSETS
Assets
<S> <C> <C>
Cash $ 9,052 $ 0
Equipment 5,501 0
Less Accumulated Depreciation (275) 0
----------------- ---------
Total Assets $ 14,278 $ 0
================= =========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Loans from stockholders $ 3,892 $ 1,341
Accounts Payable 2,266 2,266
Income Taxes Payable 0 0
----------------- ---------
Total Current Liabilities 6,158 3,607
Notes Payable $ 16,000 $ 0
----------------- ---------
Total Liabilities 22,158 3,607
Stockholders' Deficit:
Common Stock, $.001 par value;
authorized 100,000,000 shares; issued and
outstanding, 1,904,190 shares 1,904 1,904
Paid-in Capital 252,575 252,575
Accumulated Deficit (262,359) (258,086)
----------------- ---------
Total Stockholders' Deficit (7,880) (3,607)
----------------- ---------
Total Liabilities and Stockholders' Deficit $ 14,278 0
================= =========
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the periods. The March 31, 2000 balance sheet has
been derived from the audited financial statements. These interim financial
statements conform with the requirements for interim financial statements and
consequently do not include all the disclosures normally required by generally
accepted accounting principles.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ENCIBAR, INC.
STATEMENTS OF OPERATIONS
For the Three and Six Month Periods Ended September 30, 2000 and 1999, and for the Period
from Reactivation [March 22, 1999] through September 30, 2000
Three Months Three Months Six Months Six Months Reactivation
Ended Ended Ended Ended through
9/30/2000 9/30/1999 9/30/2000 9/30/1999 09/30/2000
---------------- --------------- ------------- ------------- ----------
[Unaudited] [Unaudited] [Unaudited] [Unaudited] [Unaudited]
REVENUE
<S> <C> <C> <C> <C> <C>
Income $ 212 $ 0 $ 212 $ 0 212
---------------- --------------- ------------- ------------- ----------
NET REVENUE 212 0 212 0 0
Operating Expenses
Operating Expense 3,100 661 4,486 2,115 6,411
---------------- --------------- ------------- ------------- ----------
Total Operating Expenses 3,100 661 4,486 2,115 6,411
---------------- --------------- ------------- ------------- ----------
Net Income Before Taxes $ (2,888) $ (661) $ (4,274)$ (2,115) (6,199)
================ =============== ============= ============= ==========
Income/Franchise taxes 0 0 0 0 1,284
Net loss (2,888) (661) (4,274) (2,115) (7,483)
Loss Per Share $ (0.01) $ (0.01)$ (0.01)$ (0.01) (0.01)
================ =============== ============= ============= ==========
Weighted Average Shares Outstanding 1,904,190 1,087,224 1,904,190 19,510,971 1,785,398
================ =============== ============= ============= ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ENCIBAR, INC.
STATEMENTS OF CASH FLOWS
For the Three and Six Month Periods Ended September 30, 2000 and 1999, and for the Period
from Reactivation [March 22, 1999] through September 30, 2000
Three Months Three Months Six Months Six Months Reactivation
Ended Ended Ended Ended through
9/30/2000 9/30/1999 9/30/2000 9/30/1999 09/30/2000
---------------- --------------- ------------- ------------- ----------
[Unaudited] [Unaudited] [Unaudited] [Unaudited] [Unaudited]
Cash Flows Used For Operating Activities
---------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Loss $ (2,888) $ (661) $ (4,274) $ (2,115) $ (7,483)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation 275 0 275 0 275
Increase/(Decrease) in Accounts Payable 0 0 0 0 0
Increase/(Decrease) in loans from shareholder 1,950 661 2,552 2,115 5,761
-------------- -------------- --------------- ----------- ----------
Net Cash Used For Operating Activities (663) 0 (1,447) 0 (1,447)
============== ============== =============== =========== ==========
Cash Flows Provided by Investing Activities
Cash used to purchase equipment (5,501) 0 (5,501) 0 (5,501)
----------- -------------- --------------- ----------- ----------
Net cash used for investing activities (5,501) 0 (5,501) 0 (5,501)
Cash Flows Provided by Financing Activities
Notes payable 0 0 16,000 0 16,000
----------- -------------- --------------- ----------- ----------
Net cash from financing activities 0 0 16,000 0 16,000
Net Increase/(Decrease) in cash (6,164) 0 9,052 0 9,052
Beginning Cash Balance 15,216 0 0 0 0
Ending Cash Balance $ 9,052 $ 0 $ 9,052 $ 0 $ 9,052
-------------- -------------- --------------- ----------- ----------
</TABLE>
<PAGE>
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
To further the Company's business model, management purchased a trailer and
began renting it to customers. Managment is currenty seeking to acquire at least
two snowmobiles, and also, Management is finalizing terms for liability
insurance coverage. Advertising through the Company's webpage and local
newspapers will continue to be Managment's plan on establishing a client base.
Results of Operations.
The Company received $212 in revenue during the quarterly period ended
Sepetmber 30, 2000, and incurred expenses of $3,100, stemming from general and
administrative expenses.
Liquidity.
At September 30, 2000, the Company had total current assets of $14,278 and
total liabilities of $22,158.
<PAGE>
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
None; not applicable.
Item 2.Changes in Securities.
None; not applicable.
Item 3.Defaults Upon Senior Securities.
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5.Other Information.
None; not applicable
Item 6.Exhibits and Reports on Form 8-K.
(a)Exhibits.*
None; Not Applicable.
(b)Reports on Form 8-K.
None; Not Applicabe.
<PAGE>
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.
ENCIBAR, INC.
Date:10/03/2000 /S/ SARAH EDSON
Sarah K. Edson, President and Director
Date:10/09/2000 /S/ LISA HOWELLS
Lisa J. Howells, Vice President, Treasurer and Director
