10QSB: Optional form for quarterly and transition reports of small business issuers
Published on August 13, 2001
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 000-25809
SICLONE INDUSTRIES, INC.
(Exact name of small business issuer as specified in its
charter)
Nevada 87-0429748
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
6269 Jamestown Court, Salt Lake City, Utah 84121
(Address of principal executive offices)
801-566-6627
(Issuer's telephone number)
Not Applicable
(Former name, address and fiscal year, if changed since last report)
Check whether the issuer (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act 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. Yes [ X] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Check whether the registrant has filed all documents and reports
required to be filed by Sections 12, 13, or 15(d) of the
Exchange Act subsequent to the distribution of securities under
a plan confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the issuer's
classes of common equity, as of June 30, 2001: 23,810,000 shares
of common stock.
Transitional Small Business Format: Yes [ ] No [ X ]
FORM 10-QSB
SICLONE INDUSTRIES, INC.
INDEX
Page
PART I. Financial Information
Item I. Financial Statements (unaudited) 3
Condensed Balance Sheets - June 30, 2001 4
(unaudited) and December 31, 2000
Condensed Statements of Operations 5
(unaudited) for the Six Months Ended June
30, 2001 and 2000, and for the Period
from November 1, 1985 (Inception) to June
30, 2001
Statement of Stockholders Equity 6
(Deficit)
Statements of Cash Flows (unaudited) for 10
the Six Months Ended June 30, 2001 and
2000, and from the Period from November
1, 1985 (Inception) to June 30, 2001
Notes to Consolidated Financial 11
Statements
Item 2. Management's Discussion and 12
Analysis of Financial Condition
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 13
(Inapplicable items have been omitted)
2
PART I.
Financial Information
Item 1. Financial Statements (unaudited)
In the opinion of management, the accompanying unaudited
financial statements included in this Form 10-QSB reflect all
adjustments (consisting only of normal recurring accruals)
necessary for a fair presentation of the results of operations
for the periods presented. The results of operations for the
periods presented are not necessarily indicative of the results
to be expected for the full year.
3
SICLONE INDUSTRIES, INC.
(A Development Stage Company)
Balance Sheets
ASSETS
June 30, December 31,
2001 2000
(Unaudited)
CURRENT ASSETS
Cash $ 325 $ 740
Total Current Assets 325 740
TOTAL ASSETS $ 325 $ 740
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 584 $ 1,093
Accounts payable - related party 12,700 10,200
Total Liabilities 13,284 11,293
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock: 5,000,000 shares
authorized at $0.001 par value;
-0- shares issued and outstanding - -
Common stock: 30,000,000 shares
authorized at $0.001 par value;
23,810,000 shares issued and outstanding 23,810 23,810
Additional paid-in capital 583,693 583,693
Deficit accumulated during the development
stage (620,462) (618,056)
Total Stockholders' Equity (Deficit) (12,959) (10,553)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ 325 $ 740
4
SICLONE INDUSTRIES, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
5
SICLONE INDUSTRIES, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
6
SICLONE INDUSTRIES, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit) (Continued)
7
SICLONE INDUSTRIES, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit) (Continued)
8
SICLONE INDUSTRIES, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit) (Continued)
9
SICLONE INDUSTRIES, INC.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
10
The accompanying notes are an integral part of these financial statements.
SICLONE INDUSTRIES, INC.
(A Development Stage Company)
Notes to the Financial Statements
June 30, 2001 and December 31, 2000
NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION
The accompanying unaudited condensed consolidated
financial statements have been prepared by the Company
pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and
footnote disclosures normally included in financial
statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted in
accordance with such rules and regulations. The
information furnished in the interim condensed
consolidated financial statements include normal
recurring adjustments and reflects all adjustments,
which, in the opinion of management, are necessary for a
fair presentation of such financial statements. Although
management believes the disclosures and information
presented are adequate to make the information not
misleading, it is suggested that these interim condensed
consolidated financial statements be read in conjunction
with the Company's most recent audited financial
statements and notes thereto included in its December 31,
2000 Annual Report on Form 10-KSB. Operating results for
the six months ended June 30, 2001 are not necessarily
indicative of the results that may be expected for the
year ending December 31, 2001.
NOTE 2 - GOING CONCERN
The Company's financial statements are prepared using
generally accepted accounting principles applicable to a
going concern which contemplates the realization of
assets and liquidation of liabilities in the normal
course of business. However, the Company has little cash
and has experienced losses from inception. Without
realization of additional adequate financing, it would be
unlikely for the Company to pursue and realize its
objectives. The Company intends to seek a merger with an
existing operating company. In the interim, an officer
of the Company has committed to meeting its operating
expenses.
11
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION OR PLAN OF OPERATION
Forward-Looking Statement Notice
When used in this report, the words "may," "will," "expect,"
"anticipate," "continue," "estimate," "project," "intend," and
similar expressions are intended to identify forward-looking
statements within the meaning of Section 27a of the Securities
Act of 1933 and Section 21e of the Securities Exchange Act of
1934 regarding events, conditions, and financial trends that may
affect the Company's future plans of operations, business
strategy, operating results, and financial position. Persons
reviewing this report are cautioned that any forward-looking
statements are not guarantees of future performance and are
subject to risks and uncertainties and that actual results may
differ materially from those included within the forward-looking
statements as a result of various factors. Such factors are
discussed under the "Item 6. Management's Discussion and
Analysis of Financial Condition or Plan of Operations," and also
include general economic factors and conditions that may directly
or indirectly impact the Company's financial condition or results
of operations.
Six Month periods Ended June 30, 2000 and 1999
The Company had no revenue from continuing operations for the six-
month periods ended June 30, 2001 and 2000.
General and administrative expenses for the six month periods
ended June 30, 2001 and 2000, consisted of general corporate
administration, legal and professional expenses, and accounting
and auditing costs. These expenses were $2,406 and $2,719 for
the six-month periods ended June 30, 2001 and 2000, respectively.
As a result of the foregoing factors, the Company realized a net
loss of $2,406 for the six months ended June 30, 2001, as
compared to a net loss of $2,719 for the same period in 2000.
Liquidity and Capital Resources
At June 30, 2001, the Company had cash on hand of $325 compared
to $740 at December 31, 2000. The Company has accounts payable
in the amount of $13,284 for the period ending June 30, 2001 and
$11,293 at December 31, 2000.
Management believes that the Company has sufficient cash and
short-term investments to meet the anticipated needs of the
Company's operations through at least the next 12 months.
However, there can be no assurances to that effect, as the
Company has no significant revenues and the Company's need for
capital may change dramatically if it acquires an interest in a
business opportunity during that period. The Company may accept
loans from officers, seek equity financing or other debt
financing arrangements if necessary. The Company's current
operating plan is to (i) handle the administrative and reporting
requirements of a pubic company, and (ii) search for potential
businesses, products, technologies and companies for acquisition.
At present, the Company has no understandings, commitments or
agreements with respect to the acquisition of any business
venture, and there can be no assurance that the Company will
identify a business venture suitable for acquisition I the
future. Further, there can be no assurance that the Company
would be successful in consummating any acquisition on favorable
terms or that it will be able to profitably manage any business
venture it acquires.
12
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
Reports on Form 8-K: No reports on Form 8-K were filed by the
Company during the quarter ended June 30, 2001.
Exhibits: None
SIGNATURES
In accordance with the Exchange Act, the registrant caused this
report to be signed on its behalf by the undersigned thereunto
duly authorized.
SICLONE INDUSTRIES, INC.
Date: August 10, 2001 By: /s/ Bradley S. Shepherd
Bradley S. Shepherd,
President, Secretary and Treasurer
13