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.
002-98748-D
FORMULA FOOTWEAR, INC.
(Name of Small Business Issuer in its Charter)
UTAH 33-0317292
(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
None, Not Applicable;
-----------
(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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
None, Not Applicable;
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
4,267,288
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.
In the opinion of management, the Financial Statements fairly present the
financial condition of the Registrant.
<PAGE>
<TABLE>
<CAPTION>
Formula Footwear, Inc.
BALANCE SHEETS
September 30, 2000 and March 31, 2000
09/30/2000 03/31/2000
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[Unaudited]
ASSETS
<S> <C> <C>
Assets $ 0 $ 0
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Total Assets $ 0 $ 0
============== ==========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Loans from stockholders $ 4,518 $ 1,250
Accounts Payable 0 1,304
Income Taxes Payable 0 0
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Total Current Liabilities 4,518 2,554
Total Liabilities 4,518 2,554
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Stockholders' Deficit:
Common Stock, $.001 par value;
authorized 50,000,000 shares; issued and
outstanding, 4,267,288 shares 4,268 4,268
Paid-in Capital 351,753 351,753
Accumulated Deficit (360,539) (358,575)
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Total Stockholders' Deficit (4,518) (2,554)
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Total Liabilities and Stockholders' Deficit $ 0 $ 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>
Formula Footwear, Inc.
STATEMENTS OF OPERATIONS
For the Three and Six Month Periods Ended September 30, 2000 and 1999
Three Three Six Six From the Beginning of
Months Months Months Months Development Stage on
Ended Ended Ended Ended April 1, 1989 through
09/30/2000 09/30/1999 09/30/2000 09/30/1999 September 30, 2000
------------- ------------- ---------- ---------- ---------------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
REVENUE
<S> <C> <C> <C> <C> <C>
Income $ 0 $ 0 $ 0 $ 0 $ 0
------------- ------------- --------- ----------- -----------------
NET REVENUE 0 0 0 0 0
Operating Expenses
Operating Expenses 1,921 2,820 1,964 4,370 8,716
------------- ------------- --------- ---------- -----------------
Total Operating Expenses 1,921 2,820 1,964 4,370 8,716
------------- ------------- --------- ---------- -----------------
Net Income Before Taxes $ (1,921) $ (2,820) (1,964) (4,370)
============= ============= ========= ========== =================
Income/Franchise taxes 0 0 0 0 0
Net loss (1,921) (2,820) (1,964) (4,370) (8,716)
Loss Per Share $ (0.01) $ (0.01) $ (0.01) $ (0.01) $ (0.01)
============= ============= ========= ========== =================
Weighted Average Shares Outstanding 4,267,288 1,029,718 4,267,288 9,130,625
============= ============= ========= ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Formula Footwear, Inc.
STATEMENTS OF CASH FLOWS
For the Three and Six Month Periods Ended September 30, 2000 and 1999
Three Three Six Six From the Beginning of
Months Months Months Months Development Stage on
Ended Ended Ended Ended April 1, 1989 through
09/30/2000 09/30/1999 09/30/2000 09/30/1999 September 30, 2000
------------- ------------- ---------- ---------- ---------------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
Cash Flows Used For Operating
Activities
-----------------------------------------
<S> <C> <C> <C> <C> <C>
Net Loss $ (1,921) $ (2,820) $ (1,964) $ (4,370) (360,539)
Adjustments to reconcile net loss to net
cash
used in operating activities:
Loss from discountinued operations 351,823
Shares issued for forgiveness of debt 0 0 300 3,538
Increase/(Decrease) in accounts payable 0 (1,304) 0 (1,304)
Increase/(Decrease) in loans from 1,921 2,820 3,268 4.070 6,482
shareholder
------------ ------------ --------- ----------- --------------------
Net Cash Used For Operating Activities 0 0 0 0 0
============ ============ ========= =========== ====================
Cash Flows Provided by Financing Activities 0 0 0 0 0
--------------------------------------------
Net Increase In Cash 0 0 0 0 0
Beginning Cash Balance 0 0 0 0 0
Ending Cash Balance $ 0 $ 0 0 0 0
------------ ------------ --------- ----------- --------------------
</TABLE>
<PAGE>
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations in the period ending
September 30, 2000, or since before approximately 1989. The Company intends to
continue to seek out the acquisition of assets, property or business that may be
beneficial to the Company and its stockholders.
The Company's only foreseeable cash requirements during the next 12 months
will relate to maintaining the Company in good standing in the State of Utah,
keeping its reports "current" with the Securities and Exchange Commission or the
payment of expenses associated with reviewing or investigating any potential
business venture. Management does not anticipate that the Company will have to
raise additional funds during the next 12 months, however, if additional moneys
are needed, they may be advanced by management or principal stockholders as
loans to the Company. Because the Company has not identified any such venture as
of the date of this Report, it is impossible to predict the amont of any such
loan. However, any such loan will not exceed $25,000 and will be on terms no
less favorable to the Company than would be available from a commercial lender
in an arm's length transaction. As of the date of this Report, the Company has
not begun seeking any acquisition.
Results of Operations.
The Company has had no operations during the quarterly period ended
September 30, 2000, or since on or before approximately 1989. During the
quarterly period covered by this Report, the Company received no revenue and
incurred expenses of $1,921, stemming from general and administrative expenses.
Liquidity
At September 30, 2000, the Company had total current assets of $0 and total
liabilities of $4,518.
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; applicable
Item 6.Exhibits and Reports on Form 8-K.
None; not applicable
(b)Reports on Form 8-K.
None; Not Applicable.
<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.
FORMULA FOOTWEAR, INC.
Date: 10/02/00 /S/ JAMES DOOLIN
James Doolin, President and Director
Date: 10/02/00 /S/ HAROLD T.JENSON
Harold T.Jenson, Vice President and Director
