UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended: July 31, 2000 Commission File Number: 33-18437-LA
INTERACTIVE MOTORSPORTS, INC.
(Exact name of registrant as specified in its charter)
Nevada 88-0230400
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(State or other jurisdiction of I.R.S. Employer Identification No.
incorporation or organization)
3675 Pecos-McCloud Road, Las Vegas 89121
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(Address of principal executive offices) (Zip Code)
61-2-9417 7226
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
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 proceeding 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.
[x] Yes [ ] No
Indicate the number of shares outstanding of each of the issuer/s classes of
common stock as of the last practicable date:
Date: July 31, 2000
Common Stock - Number of shares
outstanding at July 31, 2000 4,165,705
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INTERACTIVE MOTORSPORTS, INC
INDEX
PART I FINANCIAL INFORMATION
Item 1 Financial Statements
Balance Sheets
Statement of Operations
Statement of Cash Flows
Notes of Consolidated Financial Statements (Unaudited)
Item 2 Management Discussion and Analysis of Financial
PART II OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K
Signature Page
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INTERACTIVE MOTORSPORTS, INC
BALANCE SHEETS
July 31, October 31,
2000 2000
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<S> <C> <C>
CURRENT ASSETS
Notes Receivable ....................................... 20,750 20,750
MINING PROPERTIES ......................................................... 0 0
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TOTAL ASSETS .............................................................. 20,750 20,750
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July 31, October 31,
2000 2000
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CURRENT LIABILITIES
Accounts Payable ....................................... 68,685 64,835
Unsecured Loans ........................................ 15,000 15,000
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TOTAL CURRENT LIABILITIES ................................................. 83,685 79,835
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STOCKHOLDERS' EQUITY
Common Stock, Par Value $0.01 per share
Authorized .............. 50,000,000 shares
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For property .............750,000 shares issued
For services .............273,000 shares issued
for cash .................3,142,705 shares issued
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Total Issued ..............4,165,705 shares 41,657 41,657
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Capital Surplus ........................................................... 128,833 128,833
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Total Paid in Capital ..................................................... 170,490 170,490
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DEFICIT ACCUMULATED DURING DEVELOPMENT STAGE .............................. 233,426 229,576
TOTAL STOCKHOLDERS EQUITY ................................................. -62,936 -59,086
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ................................ 20,750 20,750
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INTERACTIVE MOTORSPORTS, INC
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2000
Year Ended October 31, 1999
INCOME
Sales .................................................. 0 0
Received for Lease ..................................... 0 0
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TOTAL INCOME .............................................................. $ 0 $ 0
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EXPENSES
Administration ......................................... 3,850 20,850
Financial .............................................. 0 0
Property ............................................... 0 0
Organization ........................................... 0 0
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Total Expenses ............................................................ $ 3,850 $ 20,850
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Loss from Operations ...................................................... $ 3,850 $ 20,850
Average Shares Outstanding ................................................ 4,165,705 4,165,705
Loss per Share ............................................................ $ 0.00092 $ 0.00501
Deficit at Beginning of Period ............................................ $ 229,576 $ 208,726
Deficit at End of Period .................................................. $ 233,426 $ 229,576
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INTERACTIVE MOTORSPORTS, INC
STATEMENT OF CASH FLOWS
Six Months Ended April 30, 2000
Year Ended October 31, 1999
Cash Received from Subscription to Companies Shares ....................... 0 0
Cash Received from Officers ............................................... 3,850 20,850
Cash Received from Operations ............................................. 0 0
Total Cash Received During Period ......................................... 3,850 20,850
Cash Used in Operations ................................................... 3,850 20,850
Increase in Cash .......................................................... 0 0
Cash at Beginning of Period ............................................... 0 0
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INTERACTIVE MOTORSPORTS, INC.
Notes to Financial Statements
1. Basis of Preparation
The unaudited information included herein includes, in the opinion of
management, all adjustments necessary for a fair presentation of the
results of operations for the period covered hereby.
The preparation of the Company's financial statements requires
management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual
results could differ from these estimates.
Management's Discussion and Analysis of
Financial Conditions and Results of Operations.
Results of Operations
The Company had no business operations during the period to
which this report relates.
Liquidity and Capital Resources
The Company had no income from operations in the period to
which this report relates. As of July 31, 2000 shareholders
and other parties had provided cash and/or other services to
the value of $3,850.00.
Part 11 - Other Information
Item 6 - Exhibits and reports in Form 8-K
Form 8-K advising Change of Name of corporation filed on June
29, 2000
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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.
Interactive Motorsports, Inc.
(Registrant)
By /s/ Francis F. Joslin
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President, Chief Financial Officer and Director
