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 September 30, 1999
Commission File Number 33-3275-D
SUNWALKER DEVELOPMENT, INC.
(Exact name of registrant as specified in its charter)
UTAH 87-0431533
(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
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 No X
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
2,814,377
(Number of shares of common
stock the registrant had
outstanding as of November 4, 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 September 30,1999 and the results of its operations and
changes in its financial position from June 30, 1999 through September 30,
1999 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.
Sunwalker Development, Inc.
Balance Sheet
ASSETS
September 30, December 31,
1999 1998
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable - related party $ 60,000 $ 60,000
Taxes Payable 1,350 1,350
Interest Payable 42,930 35,067
Notes Payable 126,000 126,000
Total Current Liabilities 230,280 222,417
STOCKHOLDERS' EQUITY
Stock authorized; 100,000,000 shares at $.001
par value; 78,059,156 and 38,059,156 shares
issued and outstanding 78,059 38,059
Capital in Excess of Par Value 237,033 237,033
Retained Deficit (545,372) (497,509)
Total Stockholders' Equity (230,280) (222,417)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - $ -
Sunwalker Development, Inc.
Statements of Operations
(unaudited)
For the Three For the Three For the Nine For the Nine
Months Ended Months Ended Months Ended Months Ended
September 30, September 30, September 30,eptember 30,
1999 1998 1999 1998
REVENUE $ - $ - $ - $ -
EXPENSES
Professional
Services - - 40,000 -
Interest 2,612 2,659 7,863 7,976
Total Expenses 2,612 2,659 47,863 7,976
NET INCOME
(LOSS) - Before
Taxes $ (2,612) $(2,659) (47,863) (7,976)
Taxes - - - -
INCOME (LOSS) $ (2,612) $(2,659) $ (47,863) (7,976)
Loss Per Common
Share $ - $ - $ - -
Average
Outstanding
Shares 78,059,156 38,059,156 78,059,156 38,059,156
Sunwalker Development, Inc.
Statements of Cash Flows
(unaudited)
For the Nine For the Nine
Months Ended Months Ended
September 30, September 30,
1999 1998
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (47,863) (7,976)
Increase (Decrease)
in Accounts Payable/Interest Payable 7,863 7,976
Stock issued for services 40,000 -
- -
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) $ - $ -
Sunwalker Development, Inc.
Notes to the Financial Statements
September 30, 1999
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended September 30, 1999 but has made all the necessary
adjustments to present an accurate financial statements for the six months
presented.
NOTE 2 - SUBSEQUENT EVENTS \ CURRENT BOARD ACTIONS
The Company has entered into a number of transactions that has affected
the corporate structure and business of its operations.
A special meeting of shareholders was held on May 6, 1999 to authorize
the board of directors to 1) change the Company's domicile, 2) vote to
recapitalize the capital structure of the Company, and 3) any other matters
which properly came before the shareholders. The notice indicated that it was
the intent of management to create a Nevada subsidiary and eventually merge
into that subsidiary, making the Company a Nevada Corporation.
The domicile of the Company was changed to Nevada on September 6, 1999.
On October 8, 1999, the board of directors approved a reverse split of 1
for 1,000 shares, anyone under 100 being exempt. The board also changed the
name of the Company to i.shopper.com merged into a new business which
specializes in internet website design, sales, consulting, and online
shopping. The Company issued 125,000 shares of common stock in the merger.
Additionally, 2,600,000 shares were issued at par value pursuant to
a private placement of restricted common stock.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately
$(230,280) as operating capital at September 30, 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 September 30, 1999, the registrant had net loss of $(2,612), compared to
net loss of $(2,659) for the same period last year. The registrant had net
loss of $(47,863) for the six months ended September 30, 1999, compared to
$(7,976) for the same period last year.
Plan of Operations. Effective October 8, 1999 the Company merged with
Ecenter, Inc. Subsequently, the Company changed its names to iShopper.com,
Inc. As a result of the merger, the Company has two new wholly-owned
subsidiaries. Outbound Enterprises, Inc. and iShopper Internet Services, Inc.
Through these subsidiaries the Company will be engaged in the business of
providing cost effective e-commerce development and support for all sizes of
businesses. This includes low cost solutions for small businesses that would
normally have the resources to create an e-commerce solution, as well as,
fully customized and specialized e-commerce sites for large organizations.
iShopper.com's clients are able to market their products in multiple
languages and accept payments in multiple currencies. A total of 125,000
shares were issued pursuant to the merger.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings. None
Item 2. Changes in Securities.
On October 8, 1999, the board of directors approved a reverse
split of 1 for 1000 shares, anyone under 100 being exempt. The board also
changed the name of the Company to i.shopper.com merged into a new business
which specializes in internet website design and sales and consulting, and
online shopping. The Company issued 125,000 shares of common stock in the
merger.
Item 3. Defaults Upon Senior Securities. None
Item 4. Submission of Matters to a Vote of Security Holders.
A special meeting of shareholders was held on May 6, 1999 to
authorize the board of directors to 1) change the Company's domicile, 2) vote
to recapitalize the capital structure of the Company, and 3) any other matters
which properly came before the shareholders. The notice indicated that it was
the intent of management to create a Nevada subsidiary and eventually merge
into that subsidiary, make the Company a Nevada Corporation.
Item 5. Other Information.
Effective October 8, 1999 the Company merged with Ecenter, Inc.
Subsequently, the Company changed its names to iShopper.com, Inc. As a result
of the merger, the Company has two new wholly-owned subsidiaries. Outbound
Enterprises, Inc. and iShopper Internet Services, Inc. Through these
subsidiaries the Company will be engaged in the business of providing cost
effective e-commerce development and support for all sizes of businesses.
This includes low cost solutions for small businesses that would normally have
the resources to create an e-commerce solution, as well as, fully customized
and specialized e-commerce sites for large organizations. iShopper.com's
clients are able to market their products in multiple languages and accept
payments in multiple currencies. A total of 125,000 shares were issued
pursuant to the merger. Additionally, 2,600,000 shares were issued at par
value pursuant to a private placement of restricted common stock.
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 November 12, 1999
Sunwalker Development, Inc.
/s/ Robert Kropf
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