FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
Of the Securities Exchange Act of 1934
For Quarter Ended September 30, 2000
Commission File Number 33-30743
PIERCE INTERNATIONAL DISCOVERY, INC.
(Exact name of registrant as specified in its charter)
NEVADA 84-1121360
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
6975 SOUTH UNION PARK CENTER, STE 600
SALT LAKE CITY UT 84047
(Address of principal executive offices)
Registrant's telephone number
including area code (801) 256-9600
Former Address, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the
registrant was required to file such reports)
Yes X No
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
26,003,008
(Number of shares of common
stock the registrant had
outstanding as of November 13, 2000)
PART 1
ITEM 1 - FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared by
the Company, pursuant to the rules and regulations of the Securities and
Exchange Commission.
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 September 30, 2000 and the results of its operations and
changes in its financial position from June 30, 2000 through September 30,
2000 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.
PIERCE INTERNATIONAL DISCOVERY, INC.
Balance Sheets
ASSETS
September 30, June 30,
2000 2000
TOTAL ASSETS $ - $ -
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Account Payable 956
Total Liabilities 956
Stockholders' Equity
Preferred Stock, 10,000,000 shares authorized,
no par value; 0 shares issued and outstanding - -
Common Stock 750,000,000 shares authorized,
$.001par value; 26,003,008 shares issued and outstanding
26,003 26,003
Additional Paid in Capital 1,269,364
1,269,36
Accumulated deficit (1,296,323) (1,295,367)
Total Stockholders' Equity (956) -
TOTAL STOCKHOLDERS' EQUITY $ - $ -
PIERCE INTERNATIONAL DISCOVERY, INC.
Statements of Operations
For the Three
Months Ended
September 30,
2000 1999
REVENUE $ - $ -
EXPENSES 956 -
NET LOSS-before
other income (956) -
OTHER INCOME-(loss)
Net gain (loss) from transfer
of assets for payment of
liabilities - -
INCOME (LOSS) $ (956) $ -
Gain (Loss) Per
Common Share
Basic
loss before other income $ - $-
Other income - -
Net income - -
Average Outstanding
Shares
Basic 26,003,008 26,003,008
PIERCE INTERNATIONAL DISCOVERY, INC.
Statements of Cash Flows
For the Three Months Ended September 30, 2000 and 1999
(unaudited)
For the Three
Months Ended
September 30,
2000 1999
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Profit (loss) $ (956) $-
Adjustments to reconcile
net loss to cash provided
by operating activities
Depreciation - -
Common shares issued
for services - -
Profit (loss) on transfer of
assets for payment of debt - -
Changes in accounts payable 956 -
Net used in operations - -
CASH FLOWS FROM
INVESTING ACTIVITIES
Proceeds from sale of assets - -
CASH FLOWS FROM
FINANCING ACTIVITIES
Issuance of common shares
for payment of debt - -
Proceeds from issuance
of common stock - -
Net Increase (Decrease)
In Cash - -
Cash at beginning of period - -
Cash at end of period $ - $ -
SCHEDULE OF NONCASH INVESTING AND
FINANCING ACTIVITIES:
Cash Paid For:
Interest $ - $ -
Taxes $ - $ -
PIERCE INTERNATIONAL DISCOVERY, INC.
Notes to the Financial Statements
NOTE 1 - ORGANIZATION
The Company was incorporated under the laws of the state of Colorado on
April 19, 1989 with authorized common stock of 750,000,000 shares with no
par value and preferred stock of 10,000,000 shares with no par value.
The Company has been inactive since 1996 and is considered a
development stage company.
In 1999, the Company created, and later merged with, a Nevada
subsidiary. The Company is now a Nevada Corporation.
NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
The Company recognizes income and expenses based on the accrual method
of accounting.
Income Taxes
At June 30, 2000, the Company had a net operating loss carryforward of
over $1,000,000. The tax benefit from the carryforward have been fully offset
by a valuation reserve because the use of the future tax benefit is
undeterminable since the Company has no operations. The loss carryforward
expires starting in the years 2000 through 2013.
Earning (loss) Per Share
Earnings (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding using the treasury stock
method in accordance with FASB statement No. 128.
Estimates and Assumptions
Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of the assets and
liabilities, the disclosure of contingent assets and liabilities, and the
reported revenues and expenses. Actual results could vary from the estimates
that were assumed in preparing these financial statements.
NOTE 3 - REVERSE STOCK SPLIT / SUBSEQUENT EVENTS
In 1999, the Company affected a 1 for 1,000 stock split, with
shareholders holding no less than 100 shares after the split.
ITEM 2 - PLAN OF OPERATION
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately $(956) as
operating capital at September 30, 2000. The Registrant intends to raise
additional funds as needed through private placements with accredited and
sophisticated investors.
Results of Operation. Due to the lack of operations during the quarter
ended September 30, 2000, the registrant had a net loss of $(956), compared to
no net income for the same period last year.
Plan of Operations. The Company is currently in the process of looking
for business opportunities to acquire or merge with. There is no guarantee
that management will be successful in finding such an opportunity. The
Company is also in the process of bringing all of its periodic reports current
for filing with the Securities and Exchange Commission. During this process,
the Company intends to raise operational capital through private placements.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings. None
Item 2. Changes in Securities. None
Item 3. Defaults Upon Senior Securities. None
Item 4. Submission of Matters to a Vote of Security Holders. None
Item 5. Other Information. None
Item 6. Exhibits and Reports on Form 8-K. None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
mended, this report has been signed below by the following persons on behalf
of the Registrant and in the capacities and on the dates indicated:
PIERCE INTERNATIONAL DISCOVERY, INC.
Date: November 13, 2000 /s/
Lionel Drage, President and Director