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 quarter 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: 000-32329
ALNILAM CORPORATION
(Exact name of Registrant as specified in charter)
NEVADA 91-2081398
State or other jurisdiction of I.R.S. Employer I.D. No.
incorporation or organization
22601 PACIFIC COAST HIGHWAY, SUITE 270, MALIBU, CA 90265
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (714) 430-9209
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 past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such fling requirements for the past 90 days. (1) Yes
[X] No [ ] (2) Yes [X] No [ ]
State the number of shares outstanding of each of the Issuer's classes of
common equity as of the latest practicable date: At August 10, 2001, there
were 1,000,000 shares of the Registrant's Common Stock outstanding.PART I
ITEM 1. FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared by
the Company, without audit, 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
pursuant to such rules and regulations, although the Company believes that the
disclosures are adequate to make the information presented not misleading.
In the opinion of the Company, all adjustments, consisting of only normal
recurring adjustments, necessary to present fairly the financial position of
the Company as of June 30, 2001, and the results of its operations and changes
in its financial position from May 10, 2000, through June 30, 2001, have been
made. The results of its operations for such interim period is not
necessarily indicative of the results to be expected for the entire year.
See Accompanying Notes
Alnilam Corporation
(A Development Stage Company)
Balance Sheet
June
30, 2001
Assets
Current Assets
Cash (Note 1) $ 4,270
--------
Total Assets $ 4,270
========
Liabilities & Stockholders' Equity
Current Liabilities
Accounts Payable $ -
Interest Payable 1,237
Note Payable - related party (Note 3) 14,835
--------
Total Current Liabilities 16,072
Stockholders' Equity
Common Stock 100,000,000 Shares
authorized at $0.001 par value;
1,000,000 shares issued and outstanding 1,000
Capital in Excess of Par Value 9,000
Deficit accumulated during development stage (21,802)
--------
Total Stockholders' Equity (11,802)
--------
Total Liabilities and Stockholders'
Equity $ 4,270
========
Alnilam Corporation
(A Development Stage Company)
Statements of Operations
Unaudited
For the Period
May 10, 2000
(Inception)
Three Months Ended Nine Months Ended through
June June June June June
30, 2001 30, 2000 30, 2001 30, 2000 30, 2001
Revenue $ - $ - $ - $ - $ -
Expenses
Interest Expense $ 371 $ - $ 1,113 $ - $ 1,237
General
& Administrative 1,802 - 18,409 - 20,565
------- ------ ------ ------- ------
Total Expenses 2,173 - 19,522 - 21,802
------- ------ ------ ------- ------
Net (Loss)
Before Taxes $ (2,173) $ - $ (19,522) $ - $ (21,802)
Taxes (Note 2) - - - - -
------- ------ ------ ------- ------
Income (Loss) $ (2,173) $ - $ (19,522) $ - $ (21,802)
======= ====== ====== ======= ======
Loss Per
Common Share $ - $ - $ (0.02) $ -
Average Outstanding
Shares (Note 1) 1,000,000 - 968,526 -
======= ====== ====== =======
Alnilam Corporation
(A Development Stage Company)
Statements of Cash Flows
Unaudited
May 10, 2000
(Inception)
Three Months Ended Nine Months Ended through
June June June June June
30, 2001 30, 2000 30, 2001 30, 2000 30, 2001
Cash Flows from Operating Activities
Net Income (Loss) $ (2,173) $ - $ (19,522) $ - $ (21,802)
Increase (Decrease) in Taxes
Payable/Interest Payable (129) - 1,112 - 1,237
Stock Issued for Services - - 495 - 2,635
----
Net Cash (Used) by
Operating Activities (2,302) - (17,915) - (17,930)
Cash Flows from Investing Activities - - - - -
Cash Flows from Financing Activities
Issuance of Note Payable for Cash - - - - 14,835
Issuance of Common Stock for Cash - - 2,200 - 7,365
Net Cash Provided by
Financing Activities - - 2,200 - 22,200
Increase (Decrease) in Cash
and Cash Equivalents (2,302) - (15,715) - 4,270
Cash and Cash Equivalents
at Beginning of Period 6,572 - 19,985 - -
Cash and Cash Equivalents
at End of Period $ 4,270 $ - $ 4,270 $ - $ 4,270
Disclosure for Operating Activities
Interest $ - $ - $ - $ - $ -
Income Taxes - - - - -
Alnilam Corporation
(A Development Stage Company
Notes to the Financial Statements
June 30, 2001
NOTE 1 - Summary of Significant Accounting Policies
Organization
Alnilam Corporation (the "Company") was incorporated under the laws of Nevada
on May 10, 2000 as Alnilam Corporation for the purpose of seeking and
consummating a merger or acquisition with a business entity organized as a
private corporation, partnership, or sole proprietorship.
Income (Loss) Per Share
The computation of income or (loss) per share of common stock is based on the
weighted average number of shares outstanding at the date of the financial
statements.
Cash and Cash Equivalents
The Company considers all highly liquid investments with an original maturity
of three months or less when purchased to be cash equivalents.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
NOTE 2 - Income Taxes
The Company adopted Statement of Financial Standards No. 109 "Accounting for
Income taxes" in the fiscal year ended September 30, 2000.
Statement of Financial Accounting Standards No. 109 "Accounting for Income
Taxes" requires an asset and liability approach for financial accounting and
reporting for income tax purposes. This statement recognizes (a) the amount
of taxes payable or refundable for the current year and (b) deferred tax
liabilities and assets for future tax consequences of events that have been
recognized in the financial statements or tax returns.
Deferred income taxes result from temporary differences in the recognition of
accounting transactions for tax and financial reporting purposes. There were
no temporary differences for the current year accordingly, no deferred tax
liabilities have been recognized.
Alnilam Corporation
(A Development Stage Company)
Notes to the Financial Statements
June 30, 2001
NOTE 2 - Income Taxes (continued)
No provision for income taxes has been recorded due to net operating loss
carryforward totaling approximately $2,200 that will be offset against future
taxable income. The NOL carryforward begins to expire in the year 2020. No
tax benefit has been reported in the financial statements.
Deferred tax assets and the valuation account at September 30, 2000 is
as follows:
Deferred tax asset:
NOL $ 660
Valuation Allowance (660)
Total $ -
NOTE 3 - Note Payable Related Party
The Company issued a promissory note in the amount of $14,835 to
Mezzanine Capital Ltd., on September 1, 2000. The note is unsecured and
carries an interest rate of 10% per annum. The principal and interest of the
note shall be due and payable on September 1, 2001. The amount of accrued
principal and interest as of June 30, 2001 is $16,072.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Company is a development stage company. Since its inception, the
Company has had no operations. The Company was organized for the purpose of
engaging in any lawful activity permitted under Nevada state law; however, the
Company does not have any significant cash or other material assets, nor does
it have an established source of revenues sufficient to cover operating costs
and to allow it to continue as a going concern. The Company intends to take
advantage of any reasonable business proposal presented which management
believes will provide the Company and its stockholders with a viable business
opportunity. The board of directors will make the final approval in
determining whether to complete any acquisition, but will submit the proposal
to the shareholders for final approval.
The original shareholders contributed a total of $10,000 in cash and
services as capital contributions for stock of the Company and Mezzanine
Capital Ltd. loaned $14,835 to the Company for operating expenses.
The investigation of specific business opportunities and the negotiation,
drafting, and execution of relevant agreements, disclosure documents, and
other instruments will require substantial management time and attention and
will require the Company to incur costs for payment of accountants, attorneys,
and others. If a decision is made not to participate in or complete the
acquisition of a specific business opportunity, the costs incurred in a
related investigation will not be recoverable. Further, even if an agreement
is reached for the participation in a specific business opportunity by way of
investment or otherwise, the failure to consummate the particular transaction
may result in a the loss to the Company of all related costs incurred.
Currently, management is not able to determine the time or resources that
will be necessary to locate and acquire or merge with a business prospect.
There is no assurance that the Company will be able to acquire an interest in
any such prospects, products, or opportunities that may exist or that any
activity of the Company, regardless of the completion of any transaction, will
be profitable. If and when the Company locates a business opportunity,
management of the Company will give consideration to the dollar amount of that
entity's profitable operations and the adequacy of its working capital in
determining the terms and conditions under which the Company would consummate
such an acquisition. Potential business opportunities, no matter which form
they may take, will most likely result in substantial dilution for the
Company's shareholders due to the likely issuance of stock to acquire such an
opportunity.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Alnilam Corporation
Date: August 14, 2001 By: /s/ Jason Daggett, President and
Principal Financial and Accounting Officer
