<PAGE>
U.S. Securities and Exchange Commission
Washington D.C. 20549
Form 10-QSB
[X] Quarterly Report Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
For the Quarter Ended March 31, 2000
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Commission file number 33-08070-LA
MAXI GROUP, INC.
(name of small business issuer as specified in its charter)
Nevada 87-0420448
(State of other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
836 Slate Canyon Drive, Provo, UT 84606
(Address of principal executive offices)
Registrant's telephone no., including area code: 801-356-3735
Former name, former address, and former
fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Exchange Act: None
Securities registered pursuant to Section 12(g) of the Exchange Act: None
Check whether the Issuer (1) has 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___.
Common Stock outstanding at May 15, 2000 - 24,592,500 shares of $.001 par
value Common Stock.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1 Financial Statements
MAXI GROUP, INC.
[Development Stage Companies]
CONDENSED BALANCE SHEETS
[Unaudited]
<TABLE>
<S> <C>
ASSETS
March 31, 1999
--------------
CURRENT ASSETS:
Cash on Hand $ 4,495
--------------
TOTAL ASSETS $ 4,495
==============
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
March 31, 2000
--------------
CURRENT LIABILITIES:
Accounts payable $ 810
Payable to related parties 4,000
--------------
Total Current Liabilities $ 4,810
--------------
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock 24,593
Additional paid-in Capital 70,374
development stage
Accumulated deficit (90,282)
Total Stockholders' Deficit (315)
--------------
TOTAL LIABILITIES & Stockholders' Deficit $ 4,495
==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
MAXI GROUP, INC.
[Development Stage Companies]
CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
From
For the Three For the Three Inception
Months Ended Months Ended March 31,
March 31, 2000 March 31, 1998 1999.
--------------- --------------- -----------
<S> <C> <C> <C>
REVENUE
Interest Income 0 15 7,251
--------------- --------------- -----------
EXPENSES
General and
Administrative Expenses 500 130 19,579
Amortization Expense - - 160
Professional Fees - 2,295 64,007
Rent Expense - - 1,200
Travel Expenses - - 17,515
--------------- --------------- -----------
Total Expenses 500 3,055 102,533
LOSS BEFORE INCOME TAXES (500) (3,055) (95,282)
--------------- --------------- -----------
INCOME TAX EXPENSE - - -
--------------- --------------- -----------
NET LOSS (500) (3,055) (95,282)
=============== =============== ===========
NET LOSS PER SHARE
BASIC AND DILUTED (.00) (.00) (.00)
=============== =============== ===========
WEIGHTED AVERAGE SHARES
BASIC AND DILUTED (.00) (.00) (.00)
=============== =============== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
MAXI GROUP, INC.
[Development Stage Companies]
Statement of Cash Flows
<TABLE>
For the Three From Inception
Months ended On June 17, 1986
March 31 Through March 31
2000 1999 2000
-------------------------------------------
<S> <C> <C> <C>
Cash Flows from Operating
Activities:
Net loss $ (500) $ (3,500) $ (95,282)
Adjustments to reconcile net
loss to net cash used in
Operating activities:
Amortization Expense - - 160
Accounts Payable 500 (10,794) (6,635)
Net Cash Flows used in
Operating Activities 0 (13,849) (99,232)
-------------- ------------ -----------
Cash Flows from Investing
Activities:
Organization Costs - - (160)
Investment in subsidiary - - (30,000)
Related Party Payable 0 0 4,000
-------------- ------------ -----------
Net Cash Flows to Investing
Activities 0 0 (26,160)
-------------- ------------ -----------
Cash Flows from Financing
Activities:
Proceeds form common stock - 20,000 133,377
Stock offering costs - - (8,410)
-------------- ------------ -----------
Net cash flows provided by
Financing Activities 0 20,000 124,967
-------------- ------------ -----------
Net Increase in Cash 0 6,151 4,495
Cash at Beginning of Period 4,495 1,669 -
-------------- ------------ -----------
Cash at End of Period $ 4,495 $ 7,820 $ 4,495
</TABLE>
<PAGE>
MAXI GROUP, INC.
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED & CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Condensed Financial Statements - The accompanying financial statements have
been prepared by the Company without audit. In the opinion of management,
all adjustments (which include only normal recurring adjustments) necessary
to present fairly the financial position, results of operations and cash
flows at March 31, 2000 and for all periods presented have been made.
NOTE 2 - RELATED PARTY TRANSACTIONS
The Company owed an officer $4,000 related cash advances made during the year
ended December 31, 1998. The advances are non-interest bearing and have no
specific repayment terms. The officer has agreed to accept unregistered
common stock in exchange for the advances at $.001 per share.
NOTE 3 - COMMON STOCK
The initial issuance of the Company's common sotkc occurred in June 1986.
During april 1988, the Company completed the sale of 215,000 shares of its prev-
iously authorized but unissued common stock. This offering was registered with
the Securities and Exchange Commission on Form S-18, in accordance with the
Securities Act of 1933. The stock was sold at an offering price of $.50 per
share. Proceeds net of offering costs amounted to $65,480. The proceeds were
deposited in an interest bearing account.
In November 1991, the Company issued 200,000 shares at $.50 per share to the
Company's president. The Company received $1,000 in cash and $9,000 receivable
due on demand for such issuance.
During the year ended December 31, 1993, the Company received back and can-
celed 200,000 shares common stock and the related subscription agreement with an
officer of the Company. The amounts previously paid for the stock ($2,567) were
applied to the purchase of 1,827,000 shares of restricted common stock during
June 1993 by the same officer.
In 1997 the Company issued 200,000 shares at $.01 per share to the Company's
president. The Company received $2,000 in cash for such issuance.
<PAGE>
ITEM 2 Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The Company's plan of operation for the next 9 months is to formulate a busi-
ness plan detailing the industries or field in which the Company desires to
concentrate its efforts. During the next 12 months, the Company's only
foreseeable cash requirements will relate to maintaining the company in good
standing or the payment of expenses associated with reviewing or investigat-
ing any potential business venture, which the company expects to pay from
advances from management.
Liquidity and Capital Resources
At March 31, 2000 the Company's assets consist primarily of cash from the
issuance of common stock. The Company has no other resources. The Company
has incurred losses since inception and has expended all of its working
capital. Management is proposing to raise additional funds through loans
and/or through sales of its common stock or through a proposed acquisition of
another company by issuing common stock. There is no assurance the Company
will be successful in raising this additional capital.
Results of Operations
For the three-month period ended March 31, 2000, the Company incurred nominal
general and administrative expenses totaling $500 for transfer fees compared
to $3,055 for the respective period of 1999 which was primarily professional
fees.
<PAGE>
PART II - OTHER INFORMATION
ITEM I Legal Proceedings
None.
ITEM 2 Change in Securities
None.
ITEM 3 Defaults on Senior Securities
None.
ITEM 4 Submission on Matters to a Vote of Security Holders
None.
ITEM 5 Other Information
None.
ITEM 6 Exhibits and Reports on Form 8-K
(A) Exhibits
None.
(B) 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, hereunto duly authorized.
Maxi Group, Inc.
Date: 05/15/00 By /s/ Mathew Evans
Mathew Evans
Sole Officer and Director
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000799511
<PERIOD-TYPE> 03-MOS
<FISCAL-YEAR-END> DEC-31-00
<PERIOD-END> MAR-31-00
<CASH> 4,495
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,495
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,495
<CURRENT-LIABILITIES> 4,810
<BONDS> 0
0
0
<COMMON> 24,593
<OTHER-SE> (24,908)
<TOTAL-LIABILITY-AND-EQUITY> 4,495
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 500
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (500)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (500)
<EPS-BASIC> (.00)
<EPS-DILUTED> (.00)
</TABLE>
