UNITED STATES
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 September 30, 2002
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[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________ to __________
Commission File No. 33-55254-36
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MICRO-ECONOMICS, INC.
(Exact name of Registrant as specified in its charter)
NEVADA 87-0485314
- ------------------------------- ---------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1800 E. SAHARA, SUITE 107
LAS VEGAS, NEVADA 89104
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (801) 485-7775
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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 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. [X] Yes [ ] No
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
Class Outstanding as of November, 2002
$.001 PAR VALUE CLASS A COMMON STOCK 1,000,000 SHARES
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and, therefore, do not include
all information and footnotes necessary for a complete presentation of financial
position, results of operations, cash flows and stockholders' equity in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature. Operating results for the quarter
ended September 30, 2002, are not necessarily indicative of the results that can
be expected for the year ending December 31, 2002.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The Company has not received any income nor incurred any expenses other
than accounting fees, has had limited operational history and has yet to engage
in business of any kind. All risks inherent in new and inexperienced enterprises
are inherent in the Company's business. The Company has not made a formal study
of the economic potential of any business. At the present, the Company has not
identified any assets or business opportunities for acquisition.
As of November, 2002, the Company has no liquidity and no presently
available capital resources, such as credit lines, guarantees, etc. and should a
merger or acquisition prove unsuccessful, it is possible that the Company may be
dissolved by the State of Nevada for failing to file reports, at which point the
Company would no longer be a viable corporation under Nevada law and would be
unable to function as a legal entity. Should management decide not to further
pursue its acquisition activities, management may abandon its activities and the
shares of the Company would become worthless. However, the Company's officers,
directors and major shareholder have made an oral undertaking to make loans to
the Company in amounts sufficient to enable it to satisfy its reporting
requirements and other obligations incumbent on it as a public company, and to
commence, on a limited basis, the process of investigating possible merger and
acquisition candidates. The Company's status as a publicly-held corporation may
enhance its ability to locate potential business ventures. The loans will be
interest free and are intended to be repaid at a future date, if or when the
Company shall have received sufficient funds through any business acquisition.
The loans are intended to provide for the payment of filing fees, printing and
copying fees and other miscellaneous fees.
Based on current economic and regulatory conditions, Management believes
that it is possible, if not probable, for a company like the Company, without
assets or liabilities, to negotiate a merger or acquisition with a viable
private company. The opportunity arises principally because of the high legal
and accounting fees and the length of time associated with the registration
process of "going public". However, should any of these conditions change, it is
very possible that there would be little or no economic value for anyone taking
over control of the Company.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
The Company has no market risk sensitive instruments or market risk
exposures.
MICRO-ECONOMICS, INC.
(A Development Stage Company)
BALANCE SHEETS
9/30/02 12/31/01
Unaudited Audited
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ASSETS
CURRENT ASSETS
Cash in bank $ 0 $ 0
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TOTAL CURRENT ASSETS 0 0
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$ 0 $ 0
=================== ==================
LIABILITIES & EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 0 $ 0
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TOTAL CURRENT LIABILITIES 0 0
STOCKHOLDERS' EQUITY (DEFICIT)
Common Stock $.001 par value:
Authorized - 25,000,000 shares
Issued and outstanding 1,000,000 shares 1,000 1,000
Additional paid-in capital 666 666
Deficit accumulated during
the development stage (1,666) (1,666)
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TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 0 0
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$ 0 $ 0
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MICRO-ECONOMICS, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
3/14/90
(Date of
Three months ended Nine months ended inception) to
9/30/02 9/30/01 9/30/02 9/30/01 9/30/02
----------- ----------- ----------- ---------- -------------
Net sales $ 0 $ 0 $ 0 $ 0 $ 0
Cost of sales 0 0 0 0 0
----------- ----------- ----------- ---------- -------------
GROSS PROFIT 0 0 0 0 0
General & administrative expenses 0 0 0 0 1,666
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NET LOSS $ 0 $ 0 $ 0 $ 0 $ (1,666)
=========== =========== =========== ========== =============
Net income (loss) per weighted average share $ .00 .00 .00 $ .00
=========== =========== =========== ==========
Weighted average number of common shares
used to compute net income (loss) per
weighted average share 1,000,000 1,000,000 1,000,000 1,000,000
=========== =========== =========== ==========
MICRO-ECONOMICS, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
3/14/90
(Date of
Three months ended Nine months ended inception) to
9/30/02 9/30/01 9/30/02 9/30/01 9/30/02
----------- ----------- ----------- ---------- -------------
OPERATING ACTIVITIES
Net income (loss) $ 0 $ 0 $ 0 $ 0 $ (1,666)
Changes in assets and liabilities:
Accounts payable 0 0 0 0 0
----------- ----------- ----------- ---------- -------------
NET CASH USED BY
OPERATING ACTIVITIES 0 0 0 0 (1,666)
INVESTING ACTIVITIES 0 0 0 0 0
----------- ----------- ----------- ---------- -------------
NET CASH USED BY
INVESTING ACTIVITIES 0 0 0 0 0
FINANCING ACTIVITIES
Proceeds from sale of common stock 0 0 0 0 1,000
Capital contribution 666
----------- ----------- ----------- ---------- -------------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 0 0 0 0 1,666
----------- ----------- ----------- ---------- -------------
INCREASE IN CASH
AND CASH EQUIVALENTS 0 0 0 0 0
Cash and cash equivalents
at beginning of year 0 0 0 0 0
----------- ----------- ----------- ---------- -------------
CASH & CASH EQUIVALENTS
AT END OF PERIOD $ 0 $ 0 $ 0 $ 0 $ 0
=========== =========== ========== =========== =============
Item 6. Exhibits and Reports on Form 8-K.
Exhibit 99.1 CEO Certification
Exhibit 99.2 CFO Certification
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MICRO-ECONOMICS, INC.
Dated: November 5, 2002 s/Krista Nielson
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Krista Nielson, President, CEO and Director
Dated: November 5, 2002 s/Sasha Belliston
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Sasha Belliston, Secretary/Treasurer, CFO and Director
Exhibit 99.1 CEO Certification
In connection with the quarterly report on Form 10-QSB for the quarter ended
September 30, 2002 (Report), as filed with the Securities and Exchange
Commission, on the date hereof, the undersigned Chief Executive Officer of
Micro-Economics, Inc. (the "Company"), certifies to the best of my knowledge,
pursuant to 18 USC 1350, as adopted pursuant to ss.302 and promulgated as 18 USC
1350 pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:
1. The Report referenced above has been read and reviewed by the undersigned.
2. The Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934.
3. The Report referenced above does not contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make
the statements made, in light of the circumstances under which such
statements were made, not misleading.
4. I acknowledge that the management of the Company is solely responsible for
the fair presentation in the financial statements of the financial
position, results of operations and cash flows of the Company in conformity
with accounting principles generally accepted in the United States of
America.
Based upon my knowledge, the financial statements, and other such financial
information included in the report, fairly present the financial condition and
results of operations of the Company as of and for the period ended September
30, 2002.
In my opinion, the accompanying interim financial statements, prepared in
accordance with the instructions for Form 10-QSB, are unaudited and contain all
material adjustments, consisting only of normal recurring adjustments necessary
to present fairly the financial condition, results of operations and cash flows
of the Company for the respective interim periods presented. The current period
results of operations are not necessarily indicative of results which ultimately
will be reported for the full fiscal year.
Additionally, I acknowledge that the Company's Board of Directors and Management
are solely responsible for adopting sound accounting practices, establishing and
maintaining a system of internal control and preventing and detecting fraud. The
Company's system of internal accounting control is designed to assure, among
other items, that 1) recorded transactions are valid; 2) valid transactions are
recorded; and 3) transactions are recorded in the proper period in a timely
manner to produce financial statements which present fairly the financial
condition, results of operations and cash flows of the Company for the
respective periods being presented.
/s/ Krista Nielson
Krista Nielson, President,
CEO and Director
Dated: November 14, 2002
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Exhibit 99.2 CFO Certification
In connection with the quarterly report on Form 10-QSB for the quarter ended
September 30, 2002 (Report), as filed with the Securities and Exchange
Commission, on the date hereof, the undersigned Chief Financial Officer of
Micro-Economics, Inc. (the "Company"), certifies to the best of my knowledge,
pursuant to 18 USC 1350, as adopted pursuant to ss.302 and promulgated as 18 USC
1350 pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:
1. The Report referenced above has been read and reviewed by the undersigned.
2. The Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934.
3. The Report referenced above does not contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make
the statements made, in light of the circumstances under which such
statements were made, not misleading.
4. I acknowledge that the management of the Company is solely responsible for
the fair presentation in the financial statements of the financial
position, results of operations and cash flows of the Company in conformity
with accounting principles generally accepted in the United States of
America.
Based upon my knowledge, the financial statements, and other such financial
information included in the report, fairly present the financial condition and
results of operations of the Company as of and for the period ended September
30, 2002.
In my opinion, the accompanying interim financial statements, prepared in
accordance with the instructions for Form 10-QSB, are unaudited and contain all
material adjustments, consisting only of normal recurring adjustments necessary
to present fairly the financial condition, results of operations and cash flows
of the Company for the respective interim periods presented. The current period
results of operations are not necessarily indicative of results which ultimately
will be reported for the full fiscal year.
Additionally, I acknowledge that the Company's Board of Directors and Management
are solely responsible for adopting sound accounting practices, establishing and
maintaining a system of internal control and preventing and detecting fraud. The
Company's system of internal accounting control is designed to assure, among
other items, that 1) recorded transactions are valid; 2) valid transactions are
recorded; and 3) transactions are recorded in the proper period in a timely
manner to produce financial statements which present fairly the financial
condition, results of operations and cash flows of the Company for the
respective periods being presented.
/s/ Sasha Belliston
Sasha Belliston, CFO and Director
Dated: November 14, 2002
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