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 quarterly period ended March 31, 2002
[ ] TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 for the transition period from
________________ to _______________
Commission File Number 000-31379
Northstar Ventures, Inc.
(Exact Name of Small Business Issuer as
specified in its Charter)
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Nevada 91-2016816
(State or other Jurisdiction of I.R.S. Employer
Incorporation or Organization Identification Number
83-888 Ave. 51, Coachella, CA 92236
(Address of principal executive offices) (Zip Code)
(760) 398-9700
(Issuer's telephone number)
Check whether the Issuer (1) 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 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 No X
Indicate the number of shares outstanding of each
of the issuer's classes of Common Equity, as of the
latest practicable date.
<s> <c>
Common Stock, $.001 par value 473,250
Title of Class Number of Shares Outstanding
at March 31, 2002
No exhibits included.
2
Item 1. Financial Statements
Northstar Ventures, Inc.
BALANCE SHEET
March 31 December 31,
2002 2001
-------- ------------
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ASSETS
======
--------- ---------
TOTAL ASSETS $ -0- $ -0-
========== ==========
LIABILITIES & SHAREHOLDERS' EQUITY
==================================
Current liabilities:
Convertible Promissory $ 50,000 $ 40,000
Note Payable (note 4)
-------- --------
TOTAL LIABILITIES $ 50,000 $ 40,000
-------- --------
SHAREHOLDERS' EQUITY
Preferred stock, $0.001 par value:
20,000,000 shares authorized;
no shares issued and outstanding $ -0- $ -0-
Common stock, $0.001 par value:
80,000,000 shares authorized;
issued & outstanding 473,250
at 3/31/02 and 12/31/01
(NOTES 2 &3) 4,000 4,000
Retained earnings/(accum. deficit) ( 54,000) ( 44,000)
-------- --------
TOTAL SHAREHOLDERS' EQUITY(DEFICIT)$( 50,000) $ ( 40,000)
-------- --------
TOTAL LIABILITIES & EQUITY $ -0- $ -0-
======== ========
The accompanying notes are an integral part of
these financial statements
3
Northstar Ventures, Inc.
STATEMENT OF OPERATIONS
For Three Month & Year to Date Period March 31,
2002 and 2001
<CAPTION
Three Months Ended Year to Date Ended
March 31, March 31,
2002 2001 2002 2001
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Revenues $ -0- $ -0- $ -0- $ -0-
General and administrative
expenses 10,000 10,000 10,000 10,000
-------- -------- -------- -------
Income/(Loss) from Operations $( 10,000) $( 10,000) $( 10,000) $(10,000)
Other income/(expenses) -0- -0- -0- -0-
-------- -------- -------- --------
Gain (loss) from continuing
operations $( 10,000) $( 10,000) $( 10,000) $(10,000)
Gain (loss) from discontinued
operations -0- -0- -0- -0-
-------- -------- -------- --------
Net income (loss) $( 10,000) $( 10,000) $( 10,000) $(10,000)
======== ======== ======== ========
Per share information:
- ----------------------
Basic (loss) per common share
Continuing operations $ (0.02) $ (0.02) $ (0.02) $ (0.02)
------ ------ ------ ------
Discontinued operations $ (0.00) $ (0.00) $ (0.00) $ (0.00)
------ ------ ------ ------
Basic weighted average number
common stock shs outstanding 473,250 473,250 473,250 473,250
========= ========= ========= =========
Diluted (loss) per common share
Continuing operations $ (0.02) $ (0.02) $ (0.02) $ (0.02)
------ ------ ------ ------
Discontinued operations $ (0.00) $ (0.00) $ (0.00) $ (0.00)
------ ------ ------ ------
Diluted weighted average number
common stock shs outstanding 473,250 473,250 473,250 473,250
========= ========= ========= =========
The accompanying notes are an integral part of
these financial statements
4
Northstar Ventures, Inc.
STATEMENT OF CASH FLOWS
For Three Month & Year to Date Period March 31,
2002 and 2001
Three Months Ended Year to Date Ended
March 31, March 31,
2002 2001 2002 2001
------------------- ------------------
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Operating Activities:
Net income (loss) $( 10,000)$( 10,000)$( 10,000)$( 10,000)
Cash provided (used) on changes in:
current assets/decrease(increases) &
current liabilities/(decr.)incr.
Increase in Notes Payable (NOTE 4) 10,000 10,000 10,000 10,000
-------- -------- -------- --------
Net cash provided (used) by
Operating activities $ -0- $ -0- $ -0- $ -0-
Cash provided (used) by
Financing activities $ -0- $ -0- $ -0- $ -0-
Cash provided (used) by
Investing activities $ -0- $ -0- $ -0- $ -0-
-------- -------- -------- --------
Net increase in cash $ -0-)$ -0- $ -0- $ -0-
CASH, BEGINNING OF PERIOD -0- -0- -0- -0-
-------- -------- -------- --------
CASH, END OF PERIOD $ -0- $ -0- $ -0- $ -0-
======== ======== ======== ========
The accompanying notes are an integral part of
these financial statements
5
Northstar Ventures, Inc.
FINANCIAL NOTES
PERIOD ENDING THREE MONTHS
March 31, 2002
GENERAL.
The condensed consolidated financial statements of
Northstar Ventures, Inc. included herein, have been
prepared without audit pursuant to the rules and
regulations of the Securities and Exchange
Commission. Although certain information normally
included in financial statements prepared in
accordance with generally accepted accounting
principles has been condensed or omitted,
Northstar Ventures, Inc. believes that the
disclosures are adequate to make the information
presented not misleading. The condensed financial
statements for the three month period ended March
31, 2002 should be read in conjunction with the
financial statements and notes thereto included in
this report and the Northstar Ventures, Inc.'s
Annual Report on Form 10-KSB for the fiscal year
ended December 31, 2001.
The condensed consolidated financial statements
included herein reflect all normal recurring
adjustments that, in the opinion of management, are
necessary for fair presentation. The results for
the interim period are not necessarily indicative
of trends or of results to be expected for a full
year.
The Company has not commenced operations and has
no working capital.
NOTE 1-ORGANIZATION
Northstar Ventures, Inc. was organized under the
laws of the State of Nevada on December 3, 1998.
The Company was incorporated primarily to evaluate
negotiate, structure and complete a merger with,
or an acquistion of, prospects consisting of
private companies, partnerships, or sole
proprietorships. Northstar maly seek to acquire a
controlling interest in such entities in
contemplation of later completing an acquisition.
The Company is not limited to any operation or
geographic area in seeking out opportunities.
Management has not identified any particular
industry within which the Company will seek an
acquisition or merger.
6
Northstar will continue to seek the acquisition of
assets, property, or business that may benefit the
Company and its stockholders. Management
anticipates that any such acquisition would
require an issuance of common stock shares as the
sole consideration for the acquisition. The
Company does not intend to restrict its research
to any particular business or industry, and, the
areas in which it will seek out acquisitions,
mergers, or reorganizations, will be restriction
free.
NOTE 2-SUMMARY OF SIGNIGICANT ACCOUNTING POLICIES
The Articles of Incorporation authorize Northstar
Ventures, Inc. to issue up to 80,000,000 shares of
Common Stock and 20,000,000 of Preferred Stock,
with a par value of $.001 per share.
On December 15, 1998, 473,250 shares of Common
Stock were issued to individuals in return for
services rendered.
As of December 31, 1998, 1999, 2000, 2001 and March 31,
2002, 473,250 shares of Common Stock were issued
and outstanding.
No Preferred Stock shares have been issued from
the date of inception (December 3, 1998) through
the period ending March 31, 2002.
NOTE 3-RELATED PARTY TRANSACTIONS
On December 15, 1998, 376,500 shares of Common
Stock were issued to related parties, and, 96,750
shares of Common Stock were issued to associates
in return for services rendered. These individuals
include officers of Northstar.
NOTE 4-CONVERTIBLE PROMISSORY NOTE PAYABLE $50,000
An accrual of $10,000 for administrative support
for the years 1998 through March 31, 2002.
NOTE 5-GOING CONCERN AND INCIDENTAL COSTS
The Company has had no business activities.
Incidental costs to maintain legal registrations
of the Company in the State of Nevada and with
the Security and Exchange Commission have been
paid or assumed by the current officers/directors.
This will continue for the foreseeable future.
7
Item 2. MANAGEMENTS DISSCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
The Company has not commenced operations and has
no working capital.
Capital and Source of Liquidity.
Northstar does not expect to purchase any plant or
significant equipment.
Other than incidental costs mentioned previously
in Financial Note 5 that pertain to maintaining
the Company's legal registration, there are no
major cash requirements.
For the three month periods ended March 31, 2002
and 2001, Northstar did not pursue any financing
activities.
For the three month periods ended March 31, 2002 and
March 31, 2001, Northstar did not pursue any
investing activities.
Results of Operations. For the three months ended
March 31, 2002 and 2001, Northstar has not received
any revenues from operations.
General and administrative expenses for the three
months ended March 31, 2002 were $10,000, resulting
in a loss from operations of $(10,000). These
expenses consisted solely in the accrual of $10,000
for support services.
General and administrative expenses for the three
months ended March 31, 2001 were $10,000, resulting
in a loss from operations of $(10,000). These
expenses consisted solely in the accrual of $10,000
for support services.
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.
Date: September 25, 2002
By: /s/ Dempsey K. Mork
-----------------
Dempsey K. Mork
President and Chief
Executive Officer