United States
Securities and Exchange Commission
Washington, DC 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended Commission File Number
June 30, 1997 33-26109
AMAZON NATURAL TREASURES, INC.
(Exact name of registrant as specified in its charter)
UTAH
(State or other jurisdiction of incorporation or organization
87-0460880
(I.R.S. Employer Identification No.)
4011 W. Oquendo Avenue, Suite C
LAS VEGAS, NEVADA 89118
(Address of principal executive offices)
4386 South Eastern Avenue
LAS VEGAS, NEVADA 89119
(Former Address of principal executive office)
(702) 795-4333
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12 (b) of the Act:
None
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 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
State the number of shares outstanding of each of the registrants classes of
common stock, as of the latest practicable date.
<PAGE>
June 30, 1997
Common Voting Stock 25,394,300
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The unaudited financial statements of the Registrant required to be filed with
this 10-QSB Quarterly Report were prepared by management, and are attached
hereto as an exhibit, together with the Related Notes. In the opinion of
management, the Financial Statements fairly present the financial condition of
the Registrant.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
STATEMENTS
Liquidity and Capital Resources
Since the reverse acquisition of Amazon Natural Treasures, Inc. (NV), the
Company has had limited operations and has made preparation to launch more
extensive operations in the near future. Currently, the Company's capital
resources are improving for this purpose. To finance these activities, the
Company seeks to do a private placement of securities.
Results of Operations
The Company does have limited operations and costs attributed to development of
future operations. In the quarter ended June 30, 1996, the Company lost $97,775.
In the quarter ended June 30, 1997, the Company lost $343,418 which is offset by
the assets in the amount of $495,945.
Plan of Operation
In March 1996, the Board of Directors approved an exchange of common shares with
Amazon Natural Treasures, Inc. (NV), a privately held Nevada Company. Amazon
Natural Treasures, Inc., is a PhytoTherapy Health Maintenance Company. They
produce and distribute health supplements derived from plants and related
species for the cure and treatment of human illnesses and diseases. The Board of
Directors felt this would offer shareholders a viable business opportunity for
the future.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None; not applicable.
<PAGE>
ITEM 2. CHANGES IN SECURITIES
None; not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None; not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None; not applicable.
ITEM 5. OTHER INFORMATION
None; not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
None; not applicable.
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 thereto duly authorized.
Dated this 15th day of August 1997.
AMAZON NATURAL TREASURES, INC.
(the "Registrant")
By: /s/ Michael A. Sylver
Michael A. Sylver
President and Chief Financial Officer
<PAGE>
AMAZON NATURAL TREASURES, INC.
FINANCIAL STATEMENTS
JUNE 30, 1997
<PAGE>
CONTENTS
Page No.
ACCOUNTANT'S COMPILATION REPORT 1
FINANCIAL STATEMENT:
BALANCE SHEET 2
STATEMENT OF INCOME (LOSS) AND RETAINED EARNINGS 3
BALANCE SHEET SCHEDULES 4
SCHEDULE OF OPERATING EXPENSES 5
<PAGE>
BOARD OF DIRECTORS
AMAZON NATURAL TREASURES, INC.
LAS VEGAS, NEVADA
We have compiled the accompanying balance sheet of AMAZON NATURAL TREASURES,
INC.
as of June 30, 1997, and the related statement of income and retained earnings
(deficit) for the three months and six months then ended, and the accompanying
supporting schedules which are presented only for supplementary analysis
purposes, in accordance with Statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements and
supporting schedules information that is the representation of management. We
have not audited or reviewed the accompanying financial statements and,
accordingly, do not express an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures and the
statement of cash flows required by generally accepted accounting principles. If
the omitted disclosures and the statement of cash flows were included in the
financial statements, they might influence the user's conclusions about the
company's financial position, results of operations, and cash flows.
Additionally, in accordance with generally accepted accounting principles,
income taxes are an expense of business enterprises earning income subject to
tax. Management has elected to omit a provision for federal income tax expense,
and has informed us that the effects of this position and results of operations
have not been determine. Accordingly, these financial statements are not
designed for those who are not informed about such matters.
LAS VEGAS, NEVADA
August 13, 1997
<PAGE>
AMAZON NATURAL TREASURES, INC.
BALANCE SHEET
JUNE 30, 1997
ASSETS
CURRENT ASSETS
Cash in bank $ 111,322
Petty cash 1,000
Inventory-bottles/bagged 101,140
Inventory-birds 10,507
Prepaid insurance 7,765
231,734
PROPERTY AND EQUIPMENT-AT COST
Office furniture and equipment 15,450
Clean room & equipment 93,140
Laboratory equipment 21,540
Computer equipment 218
Automobiles 7,590
137,938
Less: accumulated depreciation (33,890)
104,048
OTHER ASSETS
Construction in process 73,472
Refundable deposits 42,885
Organization costs-net 13,806
Prepaid logos, trademarks, etc. 25,000
Licenses 5,000
160,163
TOTAL ASSETS $ 495,945
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 95,612
Payroll taxes payable 4,791
Notes payable-related parties 26,790
127,193
STOCKHOLDERS' EQUITY
COMMON STOCK
<PAGE>
500,000,000 common shares authorized
at $0.001 par value 26,262,171 shares
issued and outstanding 26,262
ADDITIONAL PAID IN CAPITAL 924,594
RETAINED EARNINGS (DEFICIT) (582,104)
368,752
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 495,945
See Accountant's Compilation Report
<PAGE>
AMAZON NATURAL TREASURES, INC.
STATEMENT OF INCOME (LOSS) AND RETAINED EARNINGS
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997
CURRENT TO-DATE
BALANCE BALANCE
INCOME
Sales-non-taxable $ 5,441 $ 21,992
Interest income 771 774
6,212 22,766
COST OF SALES
Purchases 1,392 5,912
Processing costs 1,156
Shipping expense 7,196 7,387
Commissions 175
8,588 14,630
GROSS PROFIT (2,376) 8,135
OPERATING EXPENSES 281,554 351,553
OPERATING INCOME (283,930) (343,418)
NET INCOME (LOSS) $ (283,930) $ (343,418)
BEGINNING RETAINED (238,686)
ENDING RETAINED EARNINGS $ (582,104)
See Accountant's Compilation Report
<PAGE>
AMAZON NATURAL TREASURES, INC.
BALANCE SHEET SCHEDULES
JUNE 30, 1997
SCHEDULE OF ACCUMULATED DEPRECIATION
FURNITURE AND FIXTURES $ (22,815)
LABORATORY EQUIPMENT (10,545)
ACCUMULATED DEPRECIATION COMPUTER EQUIPMENT (24)
AUTOMOBILES (506)
$ (33,890)
See Accountant's Compilation Report
<PAGE>
AMAZON NATURAL TREASURES, INC.
SCHEDULE OF OPERATING EXPENSES
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997
CURRENT TO-DATE
BALANCE BALANCE
Accounting-outside $ 26,765 $ 26,765
Advertising 362 362
Amortization 442 885
Auto & truck 3,242 3,996
Auto lease 11,150 11,850
Bank charges 479 640
Bank charges-credit cards 228 545
Casual labor 9,651 13,061
Clean room supplies 2,961 2,961
Consulting fees 76,127 84,917
Depreciation 6,504 11,415
Dues & subscriptions 1,283 1,283
Entertainment 2,450 2,450
Equipment rental 2,335 2,335
Furniture lease 127 127
Insurance-group 391 391
Insurance-general 1,903 1,903
Interest 490 1,274
Janitorial 439 439
Laboratory supplies 50 50
Legal 11,468 13,139
Licenses & taxes 1,532 2,032
Moving expense 240
Nevada business tax 1,257 1,257
Office expenses 9,558 12,540
Penalties 21 21
Printing 150 150
Postage 2,111 2,111
Professional services 2,002 5,050
Promotional 32,506 32,631
Rent 12,725 29,261
Repairs & maintenance 1,736 1,857
Research & development 3,410 3,410
Salaries & wages 18,899 27,299
Taxes-payroll 2,585 3,504
<PAGE>
Telephone 12,845 13,448
Travel 20,580 34,699
Utilities 789 1,255
$ 281,554 $ 351,553
See Accountant's Compilation Report
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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