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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
For quarter ended: October 31, 1999
Commission file number: 000-18081
RAMEX SYNFUELS INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
Nevada 87-0360039
(State or other jurisdiction (IRS Employer Ident. No.)
of incorporation or organization)
2204 W. Wellesley
Spokane, Washington 99205
(Address of principal executive offices) (Zip code)
(509) 328-9633
(Registrant's telephone number)
_X_ Yes, Registrant (1) has filed all reports required to be filed by Section 13
or 15(d) of the Securities Act of 1934 during the preceding 12 months (or for
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.
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date:
Common Stock, $0.01 Par Value
28,138,765 shares as of October 31, 1999
Total pages: 9
****************************************************************************
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC.
QUARTERLY REPORT ON FORM 10-Q
INDEX
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Statement of Financial Position as of October 31, 1999 and
January 31, 1999
Statement of Operations For the Three and Nine Month Periods ended
October 31, 1999 and 1998
Statement of Changes in Stockholders' Equity For the Three
Month Periods Ended October 31, 1999 and 1998
Statement of Cash Flows For the Three and Nine Month Periods
Ended October 31, 1999 and 1998
Notes to Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC. Statement of Financial Position as of
(UNAUDITED) October 31, 1999 and 1998
- --------------------------------------------------------------------------------
ASSETS
<TABLE>
<CAPTION>
(Unaudited)
October 31, January 31,
1999 1999
----------- -----------
<S> <C> <C>
CURRENT ASSET - Cash $ 1,932 $ 6,509
----------- -----------
TOTAL ASSETS $ 1,932 $ 6,509
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 62,801 $ 62,801
Due to officers and directors 2,318 118,294
----------- -----------
Total current liabilities 65,119 181,095
----------- -----------
STOCKHOLDERS' EQUITY
Common stock; $.01 par value; 125,000,000
shares authorized; 16,023,465 shares issued
and outstanding as of January 31, 1999;
28,138,765 shares issued and outstanding
as of October 31, 1999 281,387 160,234
Additional paid-in capital 4,601,390 4,594,929
Accumulated deficit (4,945,964) (4,929,749)
----------- -----------
Total stockholders' equity (63,187) (174,586)
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,932 $ 6,509
=========== ===========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC. Statement of Operations For the Three and
(UNAUDITED) Nine Month Periods Ended October 31, 1999
and 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Month Periods Nine Month Periods
---------------------------- ---------------------------
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1999 1998 1999 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUE $ -0- $ -0- $ -0- $ -0-
-------- -------- -------- --------
GENERAL AND
ADMINISTRATIVE EXPENSES 3,816 3,855 16,215 15,992
-------- -------- -------- --------
NET (LOSS) $(3,816) $(3,855) $(16,215) $(15,992)
======== ======== ======== ========
NET (LOSS) PER SHARE $ (NIL) $ (NIL) $ (NIL) $ (NIL)
======== ======== ======== ========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC. Statement of Changes in Stockholders'
(UNAUDITED) Equity For the Three Month Periods Ended
October 31, 1999 and 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Common Stock Additional
-------------------------- Paid-In Accumulated
Shares Amount Capital Deficit Total
------------- ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Balances as of
July 31, 1998 16,023,465 $ 160,234 $ 4,594,929 $(4,918,999) $ (163,836)
Net (loss) (3,855) (3,855)
------------ ----------- ------------ ------------ -----------
Balances as of
Oct. 31, 1998 16,023,465 $ 160,234 $ 4,594,929 $(4,922,824) $ (167,661)
============ =========== ============ ============ ===========
Balances as of
July 31, 1999 28,138,765 $ 281,387 $ 4,601,390 $(4,942,148) $ (59,371)
Net (loss) (3,816) (3,816)
------------ ----------- ------------ ------------ -----------
Balances as of
Oct. 31, 1999 28,138,765 $ 281,387 $ 4,601,390 $(4,945,964) $ (63,187)
============ =========== ============ ============ ===========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC. Statement of Cash Flows For the Three and
(UNAUDITED) Nine Month Periods Ended October 31, 1999
and 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Month Periods Nine Month Periods
---------------------------- ---------------------------
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (loss) $ (3,816) $ (3,855) $ (16,215) $ (15,992)
Add non cash item:
Common stock issued
For services - - 500 -
Increase in
payables due to
officers and directors 138 3,000 1,138 8,601
---------- ---------- ---------- ----------
Net uses of cash from
operating Activities (3,678) (855) (14,577) (7,391)
---------- ---------- ---------- ----------
CASH FLOWS FROM
FINANCING ACTIVITIES
Sale of common stock - - 10,000 17,000
---------- ---------- ---------- ----------
NET INCREASE (DECREASE)
IN CASH (3,678) (855) (4,577) 9,609
CASH AT BEGINNING OF PERIOD 5,610 11,745 6,509 1,281
---------- ---------- ---------- ----------
CASH AT END OF PERIOD $ 1,932 $ 10,890 $ 1,932 $ 10,890
========== ========== ========== ==========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
Ramex Synfuels International, Inc. Notes to Financial Statements
(Unaudited) as of October 31, 1999
- --------------------------------------------------------------------------------
NOTE 1 - MANAGEMENT OPINION:
The financial statements of Ramex Synfuels International, Inc.,
("Ramex") included herein have been prepared without audit, pursuant
to the rules and regulations of the Securities and Exchange
Commission. Although, certain information normally included in
financial statements prepared in accordance with generally accepted
accounting principles has been condensed or omitted, Ramex believes
that the disclosures are adequate to make the5 information presented
not misleading. The condensed financial statements should be read in
conjunction with the financial statements and notes thereto included
in Ramex's annual report on Form 10-K for the fiscal year ended
January 31, 1999.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Results of Operations
During the nine month period ending October 31, 1999, the Company's only
activity was to evaluate the Ramex Oil Shale Gasification Process and search
for potential financing entities for the Process and possible other ventures.
Obtaining additional financing is crucial to the ongoing development of
the process as well as the corporate existence. Management is considering a
possible restructure of the Corporation as a means of further financing
possibilities. Any changes in corporate structure are subject to shareholder
approval and at the present no specific changes have been proposed.
Liquidity and Capital Resources:
As of October 31, 1999 Ramex's current assets were $1,932. The Company
had no income during the nine month period ended October 31, 1999 and had
total expenses of $16,215 , an increase of $223 compared to the same nine
month period in the previous fiscal year. Said expenses were incurred in the
course of minimal daily operations of the Company and for consulting services.
Since there is no certainty of the success of the negotiations for funding
for the further research, laboratory testing and since the Registrant has no
significant source of income at this time, uncertainties do exist with
respect to the future levels of Liquidity and Capital which will be necessary
to fund the Company's operations and its ability to maintain adequate levels
thereof.
Subsequent to the end of the quarter, Ramex announced it had entered into a
letter of intent with "Sports.Sports.Com Inc., a Florida Corporation, doing
business on the world wide web as Sportsend.Com, to pursue the acquisition
through a stock for stock transaction that would be finalized by the execution
of a definitive agreement and plan of reorganization. Final execution will be
pending Ramex shareholder approval.
PART II OTHER INFORMATION.
Item 1. Legal Proceedings.
The officers and directors of the Registrant certify that to the best of
their knowledge, neither the Registrant nor any of its officers or directors are
parties to any material legal proceedings or litigation other than those
referenced herein, if any, or others that were reported in prior reports on Form
10-Q. The officers and directors of the registrant do not know of any other
litigation being threatened or contemplated.
Item 2. Changes in Securities.
NONE
<PAGE>
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None
Item 5. Other Information.
None.
Item 6 Exhibits and Reports on Form 8-K
No reports were filed on Form 8-K in the quarter ending October 31, 1999.
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.
RAMEX SYNFUELS INTERNATIONAL, INC.
Dated: November 21 , 1999 /s/ Maynard M. Moe
------------------------------------
Maynard M. Moe, President and
Chief Executive Officer
Dated: November 21 1999 /s/ Kerry L. Weger
------------------------------------
Kerry L. Weger,
Secretary-Treasurer and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
RAMEX SYNFUELS INTERNATIONAL, INC.
This schedule contains summary financial information extracted from the
Statement of Financial Condition at October 31, 1999 (Unaudited) and the
Statement of Income for the Nine Month Period ended October 31, 1999 (Unaudited)
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-31-2000
<PERIOD-START> AUG-01-1999
<PERIOD-END> OCT-31-1999
<CASH> 1,932
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,932
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,932
<CURRENT-LIABILITIES> 65,119
<BONDS> 0
0
0
<COMMON> 281,387
<OTHER-SE> (344,574)
<TOTAL-LIABILITY-AND-EQUITY> 1,932
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,816
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (3,816)
<INCOME-TAX> 0
<INCOME-CONTINUING> (3,816)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,816)
<EPS-BASIC> 0.00
<EPS-DILUTED> 0.00
</TABLE>
