U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter ended April 30, 2002
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[ ] 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 No. 000-26753
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ASYST CORPORATION
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(Name of Small Business Issuer in its Charter)
UTAH 87-0416131
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(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
6170 South 380 West, #150
Murray, Utah 84107
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(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 263-1661
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 Company was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
(1) Yes X No (2) Yes X No
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(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PAST FIVE YEARS)
Check whether the issuer has filed all documents and reports required to
be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution
of securities under a plan confirmed by a court. Yes____ No ___
(APPLICABLE ONLY TO CORPORATE ISSUERS)
State the number of shares outstanding of each of the Issuer's
classes of common equity, as of the latest practicable date:
April 30, 2002
Common - 449,072 shares
DOCUMENTS INCORPORATED BY REFERENCE
NONE.
Transitional Small Business Issuer Format Yes X No
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Condensed Financial Statements of the Company required
to be filed with this 10-QSB Quarterly Report were prepared by management and
commence on the following page, together with related Notes. In the opinion
of management, the Condensed Financial Statements fairly present the
financial condition of the Company.
Asyst Corporation
Condensed Balance Sheets
(Unaudited)
ASSETS
April 30,
2002
Current Assets
Current Assets $ 0
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Total Current Assets 0
TOTAL ASSETS $ 0
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable $ 15,420
Shareholder loan 20,382
Bank overdraft balance 1,939
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Total Current Liabilities 37,741
Stockholders' Deficit
Common stock 449
Additional paid in capital 298,493
Accumulated deficit (353,048)
Income accumulated during the development
Stage 16,365
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Total Stockholders' Deficit (37,741)
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TOTAL LIABILITIES AND
STOCKHOLDERS' DEFICIT $ 0
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See accompanying notes
Asyst Corporation
Condensed Statements of Operations
(Unaudited)
For the Three For the Three
Months Ended Months Ended
April 30, 2002 April 30, 2001
Revenues $ 0 $ 0
Operating expense 2,548 1,964
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Operating loss (2,548) (1,964)
Income/Franchise taxes (437) 0
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Net income (loss) $ (2,985) $ (1,964)
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Net Income (loss) per Share $ (0.01) $ (0.01)
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Weighted Average Number of Shares
Outstanding 449,072 449,072
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See accompanying notes
Asyst Corporation
Condensed Statements of Operations
(Unaudited)
For the
Development
For the Nine For the Nine Stage Period
Months Ended Months Ended Through
April 30, 2002 April 30, 2001 April 30, 2002
Revenues $ 0 $ 0 $ 0
Operating expense 11,021 9,336 43,955
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Operating loss (11,021) (9,336) (43,955)
Realized gain on disposal
of investments 0 68,407 68,407
Interest Expense 0 0 (7,650)
Income/Franchise Taxes (473) 0 (437)
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Net income (loss) $ (11,458) $ 59,071 $ 16,365
Other Comprehensive Income
(loss)
Unrealized holding loss
during period 0 (15,000) (108,750)
Reclassification
adjustment for realized
gain 0 (68,407) (68,407)
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Total comprehensive income
(loss) $ (11,458) $ (24,336) $(160,792)
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Net Income (loss) per Share$ (0.03) $ 0.07 $ 0.04
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Weighted Average Number of
Shares Outstanding 449,072 449,107 395,931
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See accompanying notes
Asyst Corporation
Condensed Statements of Cash Flows
(Unaudited)
For the
Development
For the Nine For the Nine Stage Period
Months Ended Months Ended Through
April 30, 2002 April 30, 2001 April 30, 2002
Cash Flows Used for
Operating Activities:
Net Income (Loss) $ (11,458) $ 59,066 $ 16,365
Adjustments to reconcile
net loss to net cash used
for operating activities:
Gain on disposal of
investments (68,407) (68,407)
Expenses paid by
shareholder 9,341 19,870
Issued stock for expenses 0 10,750
Increase (decrease) in
current liabilities 11,458 0 21,030
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Net Cash Flows Used
for Operating Activities 0 0 (392)
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Net Increase (Decrease) in
Cash 0 0 (392)
Beginning Cash Balance 0 0 392
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Ending Cash Balance $ 0 $ 0 $ 0
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Supplemental disclosure:
Investment of $90,000 was disposed of as settlement of debt on September 30,
1999.
See accompanying notes
Asyst Corporation
Notes to Condensed Financial Statements
April 30, 2002
PRELIMINARY NOTE
The accompanying condensed consolidated financial statements have been
prepared without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted.
These interim financial statements include all adjustments, which in the
opinion of management, are necessary in order to make the financial statements
not misleading. It is suggested that these condensed financial statements be
read in conjunction with the financial statements and notes thereto included
in the Company's Annual Report on Form 1O-KSB for the year ended July 31,
2001.
Item 2. Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
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The Company has not engaged in any material operations during the fiscal
years ended July 31, 2001 or 2000 or during the nine months ended April 30,
2002.
The Company's plan of operation for the next 12 months is to:(i)
consider guidelines of industries in which the Company may have an interest;
to (ii) adopt a business plan regarding engaging in business in any selected
industry; and to (iii) commence such operations through funding and/or the
acquisition of an operating company engaged in any industry selected.
The Company's only foreseeable cash requirements during the next 12
months will relate to maintaining the Company in good standing in the State
of Utah. Expenses of the Company were paid by a principal stockholder,
Michael Vardakis, pursuant to his Agreement to pay expenses, through February
2, 2002; thereafter, the Company may be required to seek loans or advances
from directors or executive officers or principal stockholders of the Company,
or to raise funds through the placement of "restricted securities."
Considering the present financial position of these, none of these
possibilities can presently be determined to be available to the Company when
and if needed.
Results of Operations.
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At April 30, 2002, the Company had $0 in assets and $37,741 in
liabilities. The Company had no revenues for the three months ended April
30, 2002 and 2001, with net losses of ($2,985) and ($1,964), respectively.
The Company had no revenues for the nine months ended April 30, 2002 and
2001, with net losses and income of ($11,458) and $59,071, respectively.
Liquidity.
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At April 30, 2002, the Company had no current assets, with total
current liabilities of $37,741. Total stockholder's deficit was ($37,741).
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None; not applicable.
Item 2. Changes in Securities.
None; not applicable.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5. Other Information.
None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
10-KSB Annual Report for the year ended July 31, 2001.*
10-SB Registration Statement, as amended.*
*Incorporated by reference.
(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 thereunto duly authorized.
ASYST CORPORATION
Date: 6/14/02 By/s/Bob Hall
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Bob Hall, Director
and President
Date: 6/13/02 By/s/Mike Vardakis
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Mike Vardakis, Director
and Secretary/Treasurer
Date: 6/13/02 By/s/Matthew C. Lords
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Matthew C. Lords, Director