U. S. 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 March 31, 2002
|_| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 2-90519
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CENTURY LABORATORIES, INC.
(Name of small business issuer in its charter)
Delaware 72-0510027
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification
No.)
730 2nd Street
Santa Rosa, CA 95402-3588
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (707) 935-6945
Securities registered under Section 12(b) of the Exchange Act:
None
Securities registered under Section 12(g) of the Exchange Act:
Common Stock, par value $0.001 per share
(Title of Class)
On March 31, 2002, 4,108,982 shares of Common Stock, $0.001 par
value, of the registrant were outstanding.
Documents incorporated by reference: None
Transitional Small Business Disclosure Format (check one): Yes |_| No |X|
PART I
Item 1. Financial Statements
CENTURY LABORATORIES, INC.
BALANCE SHEET
March 31, 2002
ASSETS
Cash $ 827
===========
LIABILITIES
Note payable to shareholder $ 15,300
Note payable 7,000
-----------
22,300
-----------
STOCKHOLDERS' DEFICIT
Preferred stock, $.001 par, 10,000,000 shares
authorized, 0 shares outstanding
Common stock, $.001 par, 65,000,000 shares
authorized, 4,108,982 shares issued and
outstanding 4,109
Additional paid in capital 7,753,703
Retained deficit (7,780,939)
-----------
Total Stockholders' Deficit ( 23,127)
-----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 827
===========
CENTURY LABORATORIES, INC.
STATEMENTS OF EXPENSES
For the Three Months Ended March 31, 2002 and 2001
<table>
<c> <s>
,s>
2002 2001
-------- --------
Administrative expenses 41,638 $ 9,390
-------- --------
Net loss $(41,638) (9,390)
======== ========
Basic and diluted net loss
per common share $(.01) $ (.01)
Weighted average common
shares outstanding 3,663,093 1,110,650
</table>
CENTURY LABORATORIES, INC.
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2002 and 2001
<table>
<c> <s>
<s>
2002
2001
--------
--------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(41,638)
$( 9,390)
Adjustments to reconcile net loss to
net cash used in operating activities
Services paid in stock 25,929
--------
--------
NET CASH USED BY OPERATING ACTIVITIES (15,709)
( 9,390)
--------
--------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder loan 2,000
Payments on shareholder loan (3,500)
Sales of stock 20,000
--------
--------
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 16,500
2,000
--------
--------
NET CHANGE IN CASH 791
( 7,390)
Cash balance, beginning 36
8,097
--------
--------
Cash balance, ending $ 827
$ 707
========
========
</table>
CENTURY LABORATORIES, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited interim financial statements of Century
Laboratories, Inc. have been prepared in accordance with accounting principles
generally accepted in the United States of America and the rules of the
Securities and Exchange Commission ("SEC"), and should be read in conjunction
with the audited financial statements and notes thereto contained in Century's
Annual Report filed with the SEC on Form 10-KSB. In the opinion of
management, all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of financial position and the results of
operations for the interim periods presented have been reflected herein. The
results of operations for interim are not necessarily indicative of the
results to be expected for the full year. Notes to the financial statements
which would substantially duplicate the disclosure contained in the audited
financial statements for the most recent fiscal year 2001, as reported in the
10-KSB, have been omitted.
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the registrant has duly caused this report on
Form 10-QSB to be signed on its behalf by the undersigned,
thereunto duly authorized this 3rd day of June,2002.
CENTURY LABORATORIES, INC.
/s/ Robert Bryan
By: Robert Bryan, President