SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended September 30, 2001.
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from to .
Commission file number: 0-32709
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CYBER TENNIS, INC.
(Exact name of small business issuer as specified in its charter)
Nevada 88-0360537
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
268 West 400 South, Suite 300, Salt Lake City, Utah 84101
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(Address of principal executive office) (Zip Code)
(801) 575-8073
(Issuer's telephone number)
Check whether the issuer: (1) 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 filing requirements for the past 90 days.
Yes XX No
The number of outstanding shares of the issuer's common stock, $0.001 par value
(the only class of voting stock), as of November 6, 2001 was 2,042,000.
TABLE OF CONTENTS
PART I
ITEM 1. FINANCIAL STATEMENTS..................................................3
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.............4
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K......................................4
SIGNATURES.....................................................................5
INDEX TO EXHIBITS..............................................................6
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PART I
ITEM 1. FINANCIAL STATEMENTS
As used herein, the term "Company" refers to Cyber Tennis, Inc., a Nevada
corporation, and its subsidiaries and predecessors unless otherwise indicated.
Consolidated, unaudited, condensed interim financial statements including a
balance sheet for the Company as of the quarter ended September 30, 2001, and
statements of operations and statements of cash flows for the interim period up
to the date of such balance sheet. The comparable period of the preceding year
are attached hereto as Pages F-1 through F-5 and are incorporated herein by this
reference.
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INDEX TO FINANCIAL STATEMENTS
Unaudited Balance Sheet as of September 30, 2001.............................F-2
Unaudited Statement of Operations for the three and nine months ended September
30, 2001 and 2000 and June 24, 1996 (Date of Inception) to September
30, 2001.....................................................................F-3
Unaudited Statement of Cash Flows for the nine months ended September 30, 2001
and 2000 and June 24, 1996 (Date of Inception) to September 30, 2001.........F-4
Notes to Condensed Financial Statements......................................F-5
F-1
Cyber Tennis, Inc.
(A Development Stage Company)
Balance Sheet for periods ending
September 30, 2001
September 30, 2001
(Unaudited)
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Assets
Cash & cash equivalents $ 0
Total Assets $ 0
-----------
Liabilities and Stockholders' Equity
Current liabilities - Accounts payable $ 713
Current Liabilities - A/P - Related Parties 3,747
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Total Current Liabilities 4,460
Stockholders' equity:
Common stock, $.001 par value, 20,000,000 shares authorized,
2,042,000 shares issued and outstanding 2,042
Additional paid-in capital 324
Accumulated Deficit (6,826)
-----------
Total Stockholders' Equity (Deficit) (4,460)
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Total Liabilities and Stockholders' Equity (Deficit) $ 0
===========
See accompanying notes to Financial Statements
F-2
Cyber Tennis, Inc.
(A Development Stage Company)
Unaudited Statement of Operations
Three and Nine months ended September 30, 2001 and 2000
June 24, 1996 (Date of Inception) to September 30, 2001
Three months ended Nine months ended
September 30, September 30,
Inception
to
September
2001 2000 2001 2000 30, 2001
----------- ----------- ----------- ---------- ------------
Revenues $ 0 $ 0 $ 0 $ 0 $ 0
General and administrative costs 2,608 525 2,932 1,692 6,826
----------- ----------- ----------- ---------- ------------
Income / (Loss) before income taxes (2,608) (525) (2,932) (1,692) (6,826)
Provision for income taxes 0 0 0 0 0
----------- ----------- ----------- ---------- ------------
Net Income / (Loss) $ (2,608) $ (525) $ (2,932) $ (1,692) $ (6,826)
=========== =========== =========== ========== ============
Income / (Loss) per common share - basic 0.00 0.00 0.00 0.00
and diluted
----------- ----------- ----------- ----------
Weighted average common shares - 2,042,000 2,042,000 2,042,000 2,042,000
basic and diluted
----------- ----------- ----------- ----------
See accompanying notes to Financial Statements
F-3
Cyber Tennis, Inc.
(A Development Stage Company)
Unaudited Statement of Cash Flows
Nine months ended September 30, 2001 and 2000, and
June 24, 1996 (Date of Inception) to September 30, 2001
Nine Months Ended
September 30, Inception to
September 30,
2001 2000 2001
--------- --------- -----------
Cash flows from operating activities:
Net loss $ (2,932) $ (1,692) $ (6,826)
Adjustments to reconcile net loss to net cash
(used) in operating activities:
Increase in accounts payable 564 0 713
Increase in related party payables 2,307 1,287 3,747
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Net cash provided by (used in) operating
activities (61) (405) (2,366)
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Cash flows from investing activities 0 0 0
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Cash flows from financing activities
Issuance of Common Stock 0 0 2,042
Decrease in stock subscription receivable 0 360 0
Additional Paid-in Capital 0 0 324
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Net cash provided by financing activities 0 360 2,366
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Net increase in cash $ (61) $ 45 $ 0
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Cash, beginning of period 61 0 0
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Cash, end of period $ 0 $ 45 $ 0
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See accompanying notes to Financial Statements
F-4
Cyber Tennis, Inc.
(A Development Stage Company)
Notes to Financial Statements
September 30, 2001
1. Organization
The Company was organized under the laws of the State of Nevada on
June 24, 1996 and had no significant operations or activity until June
24, 1996 (date of inception). The Company was originally formed for
the purpose of specializing in Internet "virtual mall" development.
The Company's main area of focus was directed towards the development
of a virtual shopping mall specializing in the sale of wholesale
related goods on the Internet. However, due to a lack of necessary
funding, plans for a theme based virtual store were abandoned. The
Company became a "blank check" or "shell" company during the last
quarter of 1996 and currently seeks to identify and complete a merger
or acquisition with a private entity whose business presents an
opportunity for Company shareholders. The Company has not yet entered
into any agreement, nor does it have any commitment or understanding
to enter into or become engaged in a transaction, as of the date of
this filing.
2. Unaudited Financial Statements
The unaudited financial statements include the accounts of the Company
and include all adjustments (consisting of normal recurring items),
which are, in the opinion of management, necessary to present fairly
the financial position as of September 30, 2001, the results of
operations for the three and nine months ended September 30, 2001 and
2001, and cash flows for nine months ended September 30, 2001 and
2000. The results of operations for the nine months ended September
30, 2001, are not necessarily indicative of the results to be expected
for the entire year.
3. Basis of Presentation
The accompanying consolidated unaudited condensed financial statements
have been prepared by management in accordance with the instructions
in Form 10-QSB and, therefore, do not include all information and
footnotes required by generally accepted accounting principles and
should, therefore, be read in conjunction with the Company's initial
registration statement on Form 10-SB, filed with the Securities and
Exchange Commission on May 9, 2001. These statements do include all
normal recurring adjustments which the Company believes necessary for
a fair presentation of the statements. The interim operations results
are not necessarily indicative of the results for the full year ended
December 31, 2001.
4. Related Party Transactions
At the conclusion of the third quarter, the Company owed Hudson
Consulting Group, Inc. $3,746.76 for services rendered in preparing
disclosure documents and general administrative tasks and cash
advances with regard to daily operations. Richard Surber is president
of both Hudson Consulting Group, Inc. and the Company.
5. Additional footnotes included by reference
Except as indicated in Notes above, there have been no other material
changes in the information disclosed in the notes to the financial
statements included in the Company's initial registration statement on
Form 10-SB, filed with the Securities and Exchange Commission on May
9, 2001. Therefore, those footnotes are included herein by reference.
F-5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Plan of Operations
The Company's plan of operation for the coming year is to identify and acquire a
favorable business opportunity. The Company does not plan to limit its options
to any particular industry, but will evaluate each opportunity on its merits.
The Company anticipates that its owners, affiliates, and consultants will
provide it with sufficient capital to continue operations for the next twelve
months, but there is no guarantee that such funds will be provided.
The Company does not expect to generate any meaningful revenue or incur
operating expenses unless and until it acquires an interest in an operating
company.
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits Exhibits required to be attached by Item 601 of Regulation S-B
are listed in the Index to Exhibits on page 6 of this Form 10-QSB, and
are incorporated herein by this reference.
(b) Reports on Form 8-K. No reports on Form 8-K were filed during the
period covered by this Form10-QSB.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, hereunto duly
authorized, this 6th day of November, 2001.
Cyber Tennis, Inc.
/s/ Richard D. Surber
______________________
Richard D. Surber
President and Director
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INDEX TO EXHIBITS
EXHIBIT PAGE
NO. NO. DESCRIPTION
3(i) * Articles of Incorporation of the Company
(incorporated herein by reference from
Exhibit No. 3(i) of the Company's Form 10-SB
as filed with the Securities and Exchange
Commission on May 9, 2001).
3(ii) * Bylaws of the Company, as amended
(incorporated herein by reference from
Exhibit 3(ii) of the Company's Form 10-SB as
filed with the Securities and Exchange
Commission on May 9, 2001).
* Incorporated herein by reference from the referenced filings previously made
by the Company.
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