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 September 30,2000
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 December 18, 00 - 24,592,500 shares of $.001 par
value Common Stock.
PART I - FINANCIAL INFORMATION
Item 1 Financial Statements
The Consolidated Financial Statements of the Company required to be
filed with this 10-QSB Quarterly Report were prepared by management and
reviewed by the Company's independent auditors, Tanner & Co., and commence on
this page, together with related Notes. In the opinion of management, the
Consolidated Financial Statements fairly present the financial condition of
the Company.
MAXI GROUP, INC.
[Development Stage Companies]
CONDENSED BALANCE SHEETS
[Unaudited]
<TABLE>
ASSETS
<S> <C> <C>
September 30, 2000 Dec. 31, 1999
------------- -------------
CURRENT ASSETS:
Cash on Hand $ 549 $ 4,495
Notes Receivables - -
--------- -------
Total Current Assets $ 549 $ 4,495
--------- -------
TOTAL ASSETS $ 549 $ 4,495
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 810 $ 310
Payable to related parties 4,000 4,000
---------- -------
Total Current Liabilities 4,810 4,310
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock 24,593 24,593
Additional paid-in Capital 70,374 70,374
Deficit accumulated during the
development stage
Accumulated deficit (99,228) (94,782)
-------- --------
Total Stockholders' Deficit (4,261) 185
TOTAL LIABILITIES & Stockholders' Deficit $ 549 $ 4,495
</TABLE>
The accompanying notes are an integral part of these financial statements.
NOTE: The balance sheet at December 31, 1999 was taken from the audited
financial statements at that date and condensed.
MAXI GROUP, INC.
[Development Stage Companies]
CONDENSED STATEMENTS OF OPERATIONS
[Unaudited]
<TABLE>
For the Three For the Three
Months Ended Months Ended
September 30, 2000 September 30, 1999
--------------- -------------
<S> <C> <C>
REVENUE
Interest Income $ 0 $ 40
------- -------
Total Revenue $ 0 $ 40
EXPENSES
General and Administrative Expenses $ - $ 36
Amortization Expense - -
Professional Fees $ 733 $ -
Rent Expense $ - $ -
Travel Expenses $ - $ -
------- -------
Total Expenses $ 733 $ 36
LOSS BEFORE INCOME TAXES $ (733) $ 4
INCOME TAX EXPENSE $ - $ -
NET GAIN (LOSS) $ (733) $ 4
NET LOSS PER SHARE $ (.00) $ (.00)
- basic and diluted
Weighted average shares
- basic and diluted 19,093,000 19,093,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
MAXI GROUP, INC.
[Development Stage Companies]
CONDENSED STATEMENTS OF OPERATIONS
[Unaudited]
<TABLE>
From
For the Nine For the Nine Inception to
Months Ended Months Ended Sept. 30,
Sept. 30, 2000 Sept. 30, 1999 2000.
------------- ------------- -------------
<S> <C> <C> <C>
REVENUE
Interest Income $ 0 $ 72 $ 7,251
-------- -------- ----------
Total Revenue $ 0 $ 72 $ 7,251
EXPENSES
General & Administrative
Expenses $ 26 $ 36 $ 19,605
Amortization Expense - - 160
Professional Fees 4,420 5,455 67,997
Rent Expense - - 1,200
Travel Expense - - $ 17,517
------- ------- ---------
Total Expenses $ 4,446 $ 5,491 $ 106,479
LOSS BEFORE INCOME TAXES $(4,446) $(5,491) $(99,228)
INCOME TAX EXPENSE $ - $ - $ -
NET LOSS $(4,446) $(5,419) $(99,228)
NET LOSS PER SHARE $ (.00) $ (.00) $ (.00)
- basic and diluted
Weighted average shares
- basic and diluted 19,093,000 19,093,000 19,093,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
<TABLE>
For the Nine From Inception
Months Ended On June 17, 1986
September 30, Through Sept.30,
2000 1999 2000
____ ____ ____
<S> <C> <C> <C>
Cash Flows to Operating Activities:
Net income (loss) $ (4,446) $ (5,419) $(99,228)
_________ _________ _________
Adjustments to reconcile net
income to net cash used by
Operating activities:
Amortization expense - - 160
Stock Compensation 2,000
Changes in assets and liabilities
Accounts payable $ 500 $(15,755) $(3,685)
Net Cash Flows to
Operating Activities $ (3,946) (21,174) (100,753)
_________ _________ _________
Cash Flows to Investing Activities:
Organization Costs - - (160)
Investment in subsidiary - - (30,000)
Related Party Payable $ 0 4,000 4,000
_________ _________ _________
Net Cash Flows to Investing
Activities $ 0 4,000 (26,160)
Cash Flows from (to) Financing
Activities:
Proceeds from initial issuance
common stock - - 15,000
Proceeds from common stock - 20,000 116,377
Stock offering Costs - - (8,410)
________ __________ _________
Net cash Flows from (to)
Financing Activities 0 20,000 122,967
________ __________ _________
Net Increase (Decrease) in Cash (3,946) 2,826 (3,946)
Cash at Beginning of Period $ 4,495 1,669 4,495
________ __________ _________
Cash at End of Period $ 549 $ 4,495 $ 549
________ __________ _________
</TABLE>
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 September 30, 2000 and for all periods presented have been made.
Accounting Estimates - Certain information and footnote disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted. It
is suggested that these condensed financial statements be read in conjunction
with the financial statements and notes thereto included in the Company's
December 31, 1999 audited financial statements. The results of operations for
the period ended September 30, 2000 are not necessarily indicative of the
operating results for the full year.
NOTE 2 - RELATED PARTY TRANSACTIONS
At December 31, 1998 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 - DISCONTINUED OPERATIONS
None.
NOTE 4 - COMMON STOCK
The initial issuance of the Company's common stock occurred in
September 1986. During April 1988, the Company completed the sale of 215,500
shares of its previously 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 canceled 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 September 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.
On May 11, 1999, the Company issued 22,000,000 shares of common stock to
Mathew Evans in exchange for $20,000 and $2,000 note receivable. The note
receivable was exchanged for $2000 salary payment to Mr. Evans for services
rendered during the fiscal 1999 year as the Company's sole officer and
director.
NOTE 5 - GOING CONCERN
The accompanying financial statements have been prepared in
conformity with generally accepted accounting principles which contemplate
continuation of the Company as a going concern. However, the Company has
incurred losses since inception and has expended all of its working capital
and has not yet been successful in establishing profitable operations. These
factors raise substantial doubt about the ability of the Company to continue
as a going concern. In this regard, management is proposing to raise
additional funds through loans and/or through additional sales of its common
stock or through a proposed acquisition of another company by issuing common
stock. There is no assurance that the Company will be successful in raising
this additional capital. The form the outcome of these uncertainties.
NOTE 6 - CONTINGENCIES
None.
NOTE 7 - SUBSEQUENT EVENTS
None.
PART I FINANCIAL INFORMATION
ITEM 2 Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The Company is presently attempting to determine which industries or areas
where the Company should concentrate its business efforts, and at that
determination, will formulate its business plan and commence operations. For
the next three months the Company's only foreseeable cash requirements will
relate to maintaining Maxi in good standing or the payment of expenses
associated with reviewing or investigating any potential business venture,
which the Company expects to pay from advances from management.
Liquidity and Capital Resources
At September 30, 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 business enterprise by issuing common stock. There is
no assurance the Company will be successful in raising this additional
capital.
Results of Operations
Three-months and nine-months periods ended September 30, 2000 and September
30, 1999.
For the three-month period ended September 30, 2000, the Company
incurred nominal general and administrative expenses totaling $733 for
transfer fees and accounting expenses compared to $36 for the respective
period of 1999 which was for professional fees. For the nine-month period
ended September 30, 2000, the Company incurred nominal general &
administrative and professional fees totaling $4,446 compared to $5,491 for
the respective period of 1999. The Company's only operation to date has been
the preliminary investigation of
potential acquisitions.
The Company's only operation to date has been the preliminary
investigation of potential acquisitions.
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: 12/18/00 By /s/ Mathew Evans
-----------------
Mathew Evans
Sole Officer and Director
