U.S. Securities and Exchange Commission
Washington D.C. 20549
Form 10-QSB
[X] Quarterly Report Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
For the Quarter Ended June 30, 2000
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Commission file number: 000-27867
Dendo Global Corp.
(name of small business issuer as specified in its charter)
Nevada 87-0533626
------------------------------- ----------------------
(State of other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
227 South Ninth Avenue
Pocatello, Idaho 83201
(Address of principal executive offices)
Registrant's telephone no., including area code: (208) 233-8001
N/A
Former name, former address, and former
fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Exchange Act: None
Securities registered pursuant to Section 12(g) of the Exchange Act: None
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 preceding 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 X No___.
Common Stock outstanding at August 6, 2000 - 26,500,000 shares of $.001 par
value Common Stock.
PART I - FINANCIAL INFORMATION
Item 1 Financial Statements
The Consolidated Financial Statements of the Company required to be filed
with this 10-QSB Quarterly Report were prepared by management and reviewed by
the Company's independent auditors, Pritchett, Siler & Hardy, and commence on
this page, together with related Notes. In the opinion of management, the
Consolidated Financial Statements fairly present the financial condition of
the Company.
Dendo Global Corp.
[Development Stage Company]
CONDENSED BALANCE SHEETS
[Unaudited]
ASSETS
June 30, 2000 Dec. 31, 1999
--------------- -------------
CURRENT ASSETS:
Cash $ 8,526 $ 11,630
------------ -----------
Total Current Assets 8,526 11,630
TOTAL ASSETS $ 8,526 $ 11,630
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
June 30, 2000 Dec. 31, 1999
--------------- --------------
CURRENT LIABILITIES:
Accounts Payable $ 0 $ 0
--------------- --------------
Total Current Liabilities $ 0 0
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock; authorized 50,000,000
shares at $0.001 par value; 2,775 2,775
$0.001 par value; 2,775,000
shares issued and outstanding
Additional paid-in Capital 70,398 70,398
Deficit accumulated during the
development stage ( 64,647) ( 61,543)
--------------- --------------
Total Stockholders' Equity 8,526 11,630
TOTAL LIABILITIES & EQUITY $ 8,526 $ 11,630
The accompanying notes are an integral part of these financial statements.
NOTE: The balance sheet at December 31, 1999 was taken from the audited
financial statements at that date and condensed.
Dendo Global Corp.
[Development Stage Companies]
CONDENSED STATEMENTS OF OPERATIONS
[Unaudited]
For the Three Months Ended
June 30,
2000 1999
----------- ----------
REVENUE $ 0 $ 0
---------- ----------
Total Revenue $ 0 $ 0
OPERATING EXPENSES
General and Administrative $ 937 $ 3,300
---------- ----------
Total Expenses $ 937 $ 3,300
LOSS FROM OPERATION $ (937) $ (3,300)
OTHER INCOME
Interest Income $ 21 $ 136
---------- ----------
Total Other Income $ 21 $ 136
INCOME TAXES CURRENT 0 0
LOSS FROM CONTINUING OPERATIONS $ ( 916) $ (3,164)
DISCONTINUED OPERATIONS: 0 0
NET LOSS ($ 916) $ (3,164)
NET LOSS PER SHARE (.00) (.00)
The accompanying notes are an integral part of these financial statements.
Dendo Global Corp.
[Development Stage Companies]
CONDENSED STATEMENTS OF OPERATIONS
[Unaudited]
For the Six From Inception
Months Ended On March 28, 1988
June 30, Through June 30,
2000 1999 2000
---------- -------- ------------------
REVENUE $ 0 $ 0 $ 0
--------- -------- ----------
Total Revenue $ 0 $ 0 $ 0
OPERATING EXPENSES
General and Administrative $ 3,152 $ 5,523 $ 19,955
--------- -------- ----------
Total Expenses $ 3,152 $ 5,523 $ 19,955
LOSS FROM OPERATION $ (3,152) $ (5,523) $ ($19,955)
OTHER INCOME
Interest Income $ 48 $ 157 $ 349
--------- -------- ----------
Total Other Income $ 48 $ 157 $ 349
INCOME TAXES CURRENT 0 0 0
LOSS FROM CONTINUING OPERATIONS $ ( 3,104) $( 5,366) $ (19,606)
DISCONTINUED OPERATIONS: 0 0 $ (45,041)
NET LOSS $ ( 3,104) $( 5,366) $ (64,647)
NET LOSS PER SHARE (.00) (.00) (.06)
The accompanying notes are an integral part of these financial statements.
Dendo Global Corp.
[Development Stage Company]
STATEMENTS OF CASH FLOWS
[Unaudited]
For the Six From Inception
Months Ended On March 28, 1998
June 30, Through June 30,
2000 1999 2000
-------- -------- -----------------
Cash Flows to Operating Activities:
Net income (loss) $ (3,104) $ (5,523) $ (64,647)
Adjustments to reconcile net
income to net cash used by
Operating activities:
Amortization and depreciation - - 10,339
Non-cash expense - - 8,545
Changes in assets and liabilities
Other current assets 336
Accounts payable $ 0 $ 3,322 0
Net Cash Flows to
Operating Activities $ (3,104) (2,201) (45,763)
Cash Flows to Investing Activities:
Organization costs - - (330)
Purchase of equipment - - (6,023)
Payment of software development - - (12,531)
Net Cash (Used) by Investing
Activities $ - - (18,884)
Cash Flows from (to) Financing
Activities:
Proceeds from common stock
issuance - - 77,500
Costs of issuing stock - - (4,327)
Proceeds from capital lease - - 8,500
Payments on capital lease - - (8,500)
Net cash Flows from(to)
Financing Activities $ 0 0 $ 73,173
Net Increase (Decrease) in Cash (3,104) ($3,143) 8,526
Cash at Beginning of Period $ 11,630 $29,943 $ -
Cash at End of Period $ 8,526 $24,599 $ 8,526
Dendo Global Corp.
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED & CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Condensed Financial Statements - The accompanying financial statements
have been prepared by the Company without audit. In the opinion of
management, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and
cash flows at June 30, 2000 and 1999, and for all periods presented have been
made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and notes there-to included in the Company's December 31, 1999,
audited financial statements. The results of operations for the period ended
June 30, 2000 and 1999, are not necessarily indicative of the operation
results for the full year.
NOTE 2 - Going Concern
The accompanying financial statements of Dendo Global Corp., have been
prepared on a going-concern basis, which contemplates profitable operations
and the satisfaction of liabilities in the normal course of business. There
are uncertainties that raise substantial doubt about the ability of the
Company to continue as a going concern. As shown in the statement of
operations, the Company has had no revenues from operations and has a
stockholders' equity of $8,526 as of June 30, 2000.
The Company's continuation as a going concern is dependent upon its
ability to satisfactorily meet its debt obligations, secure adequate new
financing and generate sufficient cash flows from operations to meet it
obligations. The financial statements do not include any adjustments that
might result from the outcome of these uncertainties.
NOTE 3 - Income Taxes
The Company has net operating loss carryforwards of approximately $61,500
which begin to expire in the year 2019. The amount of net operating loss
carryforward that can be used in any one year will be limited by significant
changes in the ownership of the company and by the applicable tax laws which
are in effect at the time such carryforwards can be utilized.
NOTE 4 -Common Stock
Change in Control - During August 1998, an individual purchased 2,500,000
shares of common stock of the Company giving him 90% controlling interest in
the Company. Total proceeds from the sale of stock amounted to $25,000 (or
$.01 per share). The former officer and director resigned and the individual
was elected as the new president and board member.
Preferred Stock - The Company has authorized 5,000,000 shares of
preferred stock, $.001 par value with such rights, preferences and
designations and to be issued in such series as determined by the Board of
Directors. No shares are issued or outstanding at June 30, 2000.
NOTE 5 - Related Party Transactions
Rent - The Company has not had a need to rent office space. An officer
of the Company is allowing the Company to use his office as a mailing address,
as needed, at no expense to the Company.
Management Compensation - The Company had previously agreed to pay its
former president 35% of sales as partial compensation or in lieu of regular
compensation for services to be rendered ($700 minimum per month). Management
reserved the right to change this arrangement at any time. During 1999, the
Company transferred the remaining net assets of the Company, valued at $8,545
to the former president in payment of compensation owed to him.
No compensation has been paid to the Company's current officers and
directors as the services provided by them to date have only been nominal.
NOTE 6 - Supplemental Cash Flow Information
The Company paid no interest during the period ending June 30, 2000. No
income taxes were paid during the periods ended June 30, 2000 and 1999, and
since inception.
NOTE 7 - Subsequent Event
None.
ITEM 2.
Management's Discussion and Analysis of Financial Condition
And Results of Operations
Plan of Operation
Dendo has not engaged in any material operations or had any revenues from
operations during the last two fiscal years. The Company is presently
attempting to determine which industries or areas where the Company should
concentrate its business efforts, and at that determination, will formulate
its business plan and commence operations.
During the next five months, the Company's only foreseeable cash requirements
will relate to maintaining the Company in good standing or the payment of ex-
penses associated with reviewing or investigating any potential business ven-
ture, which the Company expects to pay from advances from management.
Liquidity and Capital Resources
During the period ended June 30, 2000, cash in the bank was $8,526
compared to $24,599 for the period ended June 30, 1999, with liabilities of $0
and $0 respectively. $25,000 was provided by subscriptions for the purchase
of 2,500,000 shares of Dendo's common stock at a price of $0.01 per share
during 1998.
Results of Operations
Three-months and Six - months periods ended June 30, 2000 and June 30, 1999.
Dendo has had no material operations for over five years. It incurred
losses of ($916), for the three-month period ended June 30, 2000; and ($3,164)
for the period ended June 30, 1999.
There were no revenues during the periods ended June 30, 2000 and 1999.
General and administrative expenses were $937 during June 30, 2000, and
$3,300 during the period ended June 30, 1999. These expenses are primarily
legal and accounting costs.
PART II - OTHER INFORMATION
ITEM I Legal Proceedings
None.
ITEM 2 Change in Securities
None.
ITEM 3 Defaults on Senior Securities
None.
ITEM 4 Submission on Matters to a Vote of Security Holders
None.
ITEM 5 Other Information
None.
ITEM 6 Exhibits and Reports on Form 8-K
(A) Exhibits
None.
(B) Reports on Form 8-K;
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
Dendo Global Corp.
Date: 08/09/00 By /s/ Cornelius Hofman
-------------------------
Cornelius Hofman
President and Chief Executive Officer