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 March 31, 2002.
[ ] Transition report under Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition
period from to .
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Commission file number: 0-29635
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CYBER TENNIS, INC.
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(Exact name of small business issuer as specified in its charter)
Nevada 88-0360534
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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
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(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 May 8, 2002 was 2,039,500.
TABLE OF CONTENTS
PART I
ITEM 1. FINANCIAL STATEMENTS.................................................3
Unaudited Balance Sheet as of March 31, 2002..................................4
Unaudited Statement of Operations for the three months ended March 31, 2002 and
2001 and June 24, 1996 (Date of Inception) to March 31, 2002..................5
Unaudited Statement of Cash Flows for the three months ended March 31, 2002 and
2001 and June 24, 1996 (Date of Inception) to March 31, 2002..................6
Notes to Condensed Financial Statements.......................................7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION............8
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.....................................8
SIGNATURES....................................................................9
INDEX TO EXHIBITS............................................................10
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2
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.
Unaudited, condensed interim financial statements including a balance sheet for
the Company as of the quarter ended March 31, 2002, and statements of
operations, and statements of cash flows for the interim period up to the date
of such balance sheet and the comparable period of the preceding year are
attached hereto as Pages 4 through 8 and are incorporated herein by this
reference.
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3
CYBER TENNIS, INC.
(A Development Stage Company)
Balance Sheets
as of March 31, 2002
(Unaudited)
March 31, 2002
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ASSETS
CURRENT ASSETS:
Cash $ -
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TOTAL CURRENT ASSETS -
TOTAL ASSETS $ -
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,094
Accounts payable - Related Party 7,445
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TOTAL CURRENT LIABILITIES 8,539
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value;
authorized 5,000,000 shares; no shares issued -
Common stock, $.001 par value;
authorized 20,000,000 shares; 2,039,500 shares
issued and outstanding on March 31, 2002 2,040
Additional paid-in capital 327
Accumulated deficit during development stage (10,906)
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TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (8,539)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ -
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The accompanying notes are an integral part of these financial statements
4
CYBER TENNIS, INC.
(A Development Stage Company)
Unaudited Statements of Operations
For the Three Months Ended March 31, 2002 and 2001 and
June 24, 1996 (Date of Inception) to March 31, 2002
March 31, March 31, Inception to
2002 2001 March 31, 2002
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Revenue:
None $ - $ - $ -
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Expenses:
General and administrative 2,043 150 10,906
Costs -------------- -------------- -----------------
Operating Profit (Loss) (2,043) (150) (10,906)
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Provision for income taxes - - -
Net loss $ (2,043) $ (150) $ (10,906)
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Net loss per common $ - $ -
share - basic
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Weighted average number of 2,039,500 2,042,000
shares outstanding - basic
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The accompanying notes are an integral part of these financial statements
5
CYBER TENNIS, INC.
(A Developmental Stage Company)
Unaudited Statements of Cash Flows
For the Three Months Ended March 31, 2002 and 2001 and
June 24, 1996 (Date of Inception) to March 31, 2002
March 31, March 31, Inception to March
2002 2001 31, 2002
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) $ (2,043) $ (150) $ (10,906)
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Adjustments to reconcile net (loss) to net cash used
by operating activities:
Services and expenses paid with common stock - - 2,006
Increase in accounts payable 1,845 150 1,095
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Net cash provided (used) by operating activities (198) - (7,805)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contributions by incorporators - - 360
Loans by related parties 198 (52) 7,445
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Net cash provided (used) by financing activities 198 (52) 7,805
Net increase (decrease) in cash - (52) -
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Cash, beginning - 61 -
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Cash, ending $ - $ 9 $ -
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SUPPLEMENTAL SCHEDULE OF NON-CASH
INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for services and expenses $ - $ - $ 2,006
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The accompanying notes are an integral part of these financial statements
6
CYBER TENNIS, INC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2002
1. Basis of Presentation
The accompanying 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 Form 10-KSB for the period ended December 31, 2001, filed with the
Securities and Exchange Commission. 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, 2002.
2. 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 Form 10-KSB for the period ended December 31, 2001, filed with the
Securities and Exchange Commission. Therefore, those footnotes are included
herein by reference.
7
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 has reviewed and evaluated a number of business ventures for
possible acquisition or participation by the Company. The Company has not
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. The
Company continues to investigate, review, and evaluate business opportunities as
they become available and will seek to acquire or become engaged in business
opportunities at such time as specific opportunities warrant. The Company
anticipates that its owners, affiliates, and consultants will provide it with
sufficient capital to continue operations until the end of the year 2002, but
there can be no assurance that this expectation will be fully realized.
The Company has no plans for the purchase or sale of any plant or equipment.
The Company is a development stage company and currently has no employees. The
Company has no current plans to make any changes in the number of employees and
does not anticipate doing so until it acquires a business or an interest in an
operation company.
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 10 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 Form 10-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 2nd day of May, 2002.
CYBER TENNIS, INC.
/s/ Richard Surber
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Richard Surber Date May 2nd 2002
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 February 22, 2000).
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 February 22, 2000).
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