U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission File No.
0-18317
UNISTONE, INC.
(Name of Small Business Issuer in its Charter)
DELAWARE 87-0398535
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)262-8844
N/A
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(Former Name or Former Address, if changed since last Report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes X No
---- ---- ---- ----
<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
On April 30, 1993, Unicom, Inc., a Delaware corporation (the "Company"),
filed its voluntary petition in bankruptcy under Chapter 7 of the Bankruptcy
Code in the U.S., Bankruptcy Court for the District of Delaware. The case is
designated Case No. 93-00503. No assets were available to pay creditors and an
Order Approving Trustee's Report of No Distributio and Closing Estate was signed
by the bankruptcy court judge on April 1, 1994.
APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
November 7, 2000
7,001,288
DOCUMENTS INCORPORATED BY REFERENCE
A description of any "Documents Incorporated by Reference" is contained in
Item 6 of this Report.
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this
10-QSB Quarterly Report were prepared by management and commence on the
following page, together with related Notes. In the opinion of management, the
Financial Statements fairly present the financial condition of the Registrant.
<PAGE>
<TABLE>
<CAPTION>
UNISTONE, INC.
[A Development Stage Company]
BALANCE SHEETS
September 30, 2000 and December 31, 1999
9/30/00 12/31/99
---------------- -----------------
[Unaudited]
<S> <C> <C> <C> <C>
ASSETS
Total Current Assets $ 0 $ 0
---------------- --------------
TOTAL ASSETS $ 0 $ 0
================ ==============
LIABILITIES & STOCKHOLDERS DEFICIT
LIABILITIES
Current Liabilities
Loans from stockholders $ 6,651 $ 2,993
0 30
---------------- --------------
Total Current Liabilities 6,651 $ 3,023
---------------- --------------
TOTAL LIABILITIES 6,651 3,023
================ ==============
STOCKHOLDERS DEFICIT
Common Stock, $.001 par value;
authorized 50,000,000 shares;
issued and outstanding
7,001,288 shares 7,001 7,001
Paid-in Capital 38,598,630 38,598,630
Accumulated Deficit,
prior to bankruptcy (38,591,631) (38,591,631)
Deficit accumulated during
development stage (20,651) (17,023)
---------------- --------------
TOTAL STOCKHOLDERS'DEFICIT (6,651) (3,023)
---------------- --------------
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT $ 0 $ 0
================ ==============
</TABLE>
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the periods. The December 31, 1999 balance sheet
has been derived from the audited financial statements. These interim financial
statements conform with the requirements for interim financial statements and
consequently do not include all the disclosures normally required by generally
accepted accounting principles.
<PAGE>
<TABLE>
<CAPTION>
UNISTONE, INC.
[A Development Stage Company]
STATEMENTS OF OPERATIONS
For the Three and Nine Month Periods Ended September 30, 2000 and 1999
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
9/30/00 9/30/99 9/30/00 9/30/99
------------------ ------------------ ------------------- ----------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUE
Income $ 0 $ 0 $ 0 $ 0
------------------ ------------------ ----------------- ----------------
NET REVENUE 0 0 0 0
OPERATING EXPENSES
General and Administrative Expenses 558 169 3,558 1,743
------------------ ------------------ ----------------- ----------------
TOTAL OPERATING EXPENSES 558 169 3,558 1,743
------------------ ------------------ ------------------ ----------------
NET INCOME BEFORE TAXES $ (558) $ (169) $ (3,558) (1,743)
================== ================== ================== ================
INCOME/FRANCHISE TAXES 0 0 70 0
NET LOSS (558) (169) (3,628) (1,743)
NET LOSS PER SHARE $ (0.01) $ (0.01) $ (0.01) (0.01)
================== ================== ================== ================
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 7,001,288 1,195,250 7,001,288 770,024
================== ================== ================== ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UNISTONE, INC.
[A Development Stage Company]
STATEMENTS OF CASH FLOWS
For the Three and Nine Month Periods Ended September 30, 2000 and 1999
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
9/30/00 9/30/99 9/30/00 9/30/99
----------------- ---------------- ---------------- ---------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
----------------------------------------
Net Loss $ (558) $ (169) $ (3,628) (1,743)
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in loans from shareholder 558 169 3,000 1,743
Increase/(Decrease) in loans from shareholder (30)
----------------- ------------- -------------- --------------
Net Cash Used For Operating Activities $ 0 $ 0 $ 3,658 0
================= ============== ============== ==============
Cash Flows Provided by Financing Activities
-------------------------------------------
Net Increase In Cash 0 0 0 0
Beginning Cash Balance 0 0 0 0
Ending Cash Balance $ 0 $ 0 $ 0 0
================= =============== ============== ===============
</TABLE>
<PAGE>
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations during the period
ending September 30, 2000 or since before April 1993. The Company intends to
continue to seek out the acquisition of assets, property or business that may be
beneficial to the Company and its stockholders.
The Company's only foreseeable cash requirements during the next 12 months
will relate to maintaining the Company in good standing in the State of
Delaware, keeping its reports "current" with the Securities and Exchange
Commission or the payment of expenses associated with reviewing or investigating
any potential business venture. Management does not anticipate that the Company
will have to raise additional funds during the next 12 months, however, if
additional moneys are needed, they may be advance by management or principal
stockholders as loans to the Company. Because the Company has not identified any
such venture as of the date of this Report, it is impossible to predict the
amont of any such loan. However, any such loan will not exceed $25,000 and will
be on terms no less favorable to the Company than would be available from a
commercial lender in an arm's length transaction. As of the date of this
Report, the Company has not begun seeking any acquisition.
Results of Operations.
The Company has had no business operations during the quarterly period
ended September 30, 2000 or since on or before April 1993. During the quarterly
period ended September 30, 2000, the Company received no revenue and incurred
expenses of $558, stemming from general and administrative expenses.
Liquidity.
At September 30, 2000, the Company had total current assets of $0 and total
liabilities of $6,651.
Year 2000.
The Company did not experience any computer problems associated with the
change of year to the year 2000. However, the possiblity exists that the Company
may merge with or acquire a business that has been or will continue to be
negatively affected by the "Y2K" problem. The effect of such problem or the
Company in the future can not be predicted with any accuracy until such time as
the Comnpany identifies a merger or acquisition target.
<PAGE>
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
None; not applicable.
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.
(a)Exhibits.*
None; not Applicable.
(b)Reports on Form 8-K.
None; not applicable.
(c) Documents Incorporated by Reference.
*A summary of any Exhibit is modified in its entirety by reference to the
actual Exhibit.
**These documents have been previously filed with the Securities and
Exchange Commission.
<PAGE>
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.
UNISTONE, INC.
Date: 11/07/00 /S/TRAVIS JENSON
Travis T. Jenson, President and Director
Date:11/07/00 /S/JAMES DOOLIN
James P. Doolin, Secretary, Treasurer and Director
