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 March 31, 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 March 31, 1999 and the results of its operations and changes
in its financial position from December 31, 1998 through March 31, 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
March 31, 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 37,688 35,067
Notes Payable 126,000 126,000
Total Current Liabilities 225,038 222,417
STOCKHOLDERS' EQUITY
Stock authorized; 100,000,000 shares at $.001
par value; 78,059,16 and 38,059,156 shares
issued and outstanding 78,059 38,059
Capital in Excess of Par Value 237,033 237,033
Retained Deficit (540,130) (497,509)
Total Stockholders' Equity 225,038 (222,417)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - $ -
Sunwalker Development, Inc.
Statements of Operations
(unaudited)
For the Three For the Three
Months Ended Months Ended
March 31, March 31,
1999 1998
REVENUE $ - $ -
EXPENSES
Professional Services 40,000 -
Interest 2,621 2,659
Total Expenses 42,621 2,659
NET INCOME (LOSS) - Before Taxes $ (42,621) $ (2,659)
Taxes - -
INCOME (LOSS) $ (42,621) $ (2,659)
Loss Per Common Share $ - $ -
Average Outstanding Shares 78,059,156 38,059,156
Sunwalker Development, Inc.
Statements of Cash Flows
(unaudited)
For the Three For the Three
Months Ended Months Ended
March 31, March 31,
1999 1998
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (42,621) $ (2,659)
(Increase) Decrease
in Accounts Payable/Interest Payable 2,621 2,659
Stock issued for Expenses 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
March 31, 1999
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended March 31, 1999 but has made all the necessary
adjustments to present an accurate financial statements for the three months
presented.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately
$(225,038) as operating capital at March 31, 1999, compared to $(222,417) at
December 31, 1998. 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 March 31, 1999, the registrant had net loss of $(42,621), compared to
net loss of $(2,659) for the same period last year. During the quarter, the
Company issued 40,000,000 for services of a new officer and director that
started in January 1999. The shares were issued at a value of $.001 per share
or $40,000.
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. None
Item 3. Defaults Upon Senior Securities. None
Item 4. Submission of Matters to a Vote of Security Holders. None
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-commercedevelopment 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. As part of its corporate development the
Company subsequently issued 2,600,000 shares in a private placement at par
value.
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 4, 1999
Sunwalker Development, Inc.
/s/ Robert Kropf
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