UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
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[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________________ to _______________
Commission File No. 33-55254-25
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VisionGlobal Corporation
(Exact name of Small Business Issuer as specified in its charter)
NEVADA 87-0438636
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(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
251 Kearny, 8th Floor
San Francisco, California 94108
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (415) 901-2700
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Indicate by check mark whether the Issuer (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 Issuer
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 latest practicable date.
Class Outstanding as of September 30, 2000
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$.001 PAR VALUE CLASS A COMMON STOCK 23,087,963 SHARES
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<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements.
BASIS OF REPRESENTATION
General
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and, therefore, do not include
all information and footnotes necessary for a complete presentation of financial
position, results of operations, cash flows and stockholders' equity in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature. Operating results for the six
months ended September 30, 2000, are not necessarily indicative of the results
that can be expected for the year ending December 31, 2000.
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<PAGE>
Income Statement- July 1, 2000 through September 30, 2000
<TABLE>
<CAPTION>
<S> <C>
Net Sales
$0
Cost of Goods Sold
$0
Gross Profit
$0
General and administrative expenses
($2,459,915)
Depreciation expense
($130,761)
NET LOSS
($2,590,676)
Net income/(loss) per weighted average share
($0.11)
Weighted average number of common shares
used to compute net income (loss) per
weighted average share
23,087,963
</TABLE>
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<PAGE>
Balance Sheet- Period Ending September
30, 2000
<TABLE>
<CAPTION>
ASSETS
Current Assets
<S> <C>
Cash in the bank
$1,124
Note Subscription
$480,000
Prepaid expenses
$98,065
Total Current Assets
$579,189
Property, Plant, and Equipment
Equipment/Software/Furniture
$1,073,866
Accumulated depreciation
($211,716)
Other Assets
Security deposits
$90,668
TOTAL ASSETS
$1,532,007
LIABILITIES
Current Liabilities
Accounts payable
$529,614
Accrued expenses
$56,000
Current portion of long-term debt
$3,404
Total Current Liabilities
$589,018
Long-term Liabilities
Long-term debt
$16,654
TOTAL LIABILITIES
$605,672
Stockholders' Equity (Deficit)
Common stock $.001 par value
Authorized - 100,000,000 shares
Issued and outstanding 23,087,963 shares
(22,034,250 in 1999)
$22,034
Additional paid-in capital
$21,642,939
Stock subscription
($650,000)
Unamortized stock compensation
($2,651,176)
Deficit accumulated during the
($17,437,462)
development stage
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$1,532,007
</TABLE>
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Issuer has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VisionGlobal Corporation
Dated: November 28, 2000 /s/ Martin Wotton
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Martin G. Wotton,
President and Director
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