SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2001
OR
( ) 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 0-29463
Ballistic Ventures, Inc.
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(Exact name of small business issuer as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation or organization)
51-0392750
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(IRS Employer Identification No.)
1283 Crossfield Bend Mississauga, Ontario Cananda L5G 3P5
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(Address of principal executive offices)
905-891-0207
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(Issuer's telephone number)
WhOOdoo.com Inc.
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(Former name, former address and former fiscal year,
if changed since last report)
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 registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes (X) No ( )
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date. As of November 12, 2001 the
registrant had issued and outstanding 20,305,398 shares of common stock.
Transitional Small Business Disclosure Format (check one);
Yes ( ) No (x)
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
INDEX TO FINANCIAL STATEMENTS
Page No.
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Condensed Balance Sheet at
September 30, 2001 (unaudited) 2
Condensed Statements of Operations
for the Three Months ended September 30, 2001
and 2000 and June 1, 2000 (inception)
to September 30, 2002 (unaudited) 3
Condensed Statements of Cash Flow
for the Three months ended September 30, 2001
and 2000 and June 1, 2000 (inception)
to September 30, 2002 (unaudited) 4
Notes to the Condensed Financial
Statements (Unaudited) 5
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BALLISTIC VENTURES, INC.
(a development stage company)
BALANCE SHEET
(Unaudited)
ASSETS September 30,
2001
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Current Assets
Cash $ 143
Prepaid expense 2,500
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Total current assets $ 2,643
=========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 1,500
Loan payable due related party 68,402
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Total current liabilities 69,902
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Stockholders' deficit:
Common stock, $.001 par value, 50,000,000 shares authorized,
20,305,398 shares issued and outstanding 20,305
Additional paid-in capital 52,594
Deficit accumulated during the development stage (140,158)
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Total stockholders' deficit (67,259)
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$ 2,643
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The accompanying notes are an integral part of these financial statements
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BALLISTIC VENTURES, INC.
(a development stage company)
STATEMENTS OF OPERATIONS
(Unaudited)
For the three For the three June 1, 2000
months ended months ended (inception) to
September 30, September 30, September 30,
2001 2000 2001
------------ ------------ ------------
Revenue $ -- $ -- $ --
Miscellaneous income _ 22 2,298
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Total revenue -- 22 2,298
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Selling, general and administrative expenses 5,170 9,190 44,459
Impairment of goodwill -- -- 97,997
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Total expenses 5,170 9,190 142,456
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Net loss $ (5,170) $ (9,168) $ (140,158)
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Net loss per share, basic and fully diluted $ (0.00) $ (0.00)
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Weighted average shares outstanding 20,305,398 20,278,498
============ ============
The accompanying notes are an integral part of these financial statements
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BALLISTIC VENTURES, INC.
(a development stage company)
STATEMENTS OF CASH FLOWS
(Unaudited)
For the three For the three June 1, 2000
months ended months ended (date of inception)
September 30, September 30, to September 30,
2001 2000 2001
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Cash flows from operating activities:
Net loss $ (5,170) $ (9,168) $ (140,158)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Impairment loss on goodwill -- -- 97,997
Changes in assets and liabilities
Accounts receivable and other assets -- 1,271 1,271
Accounts payable (523) (53,259) (79,879)
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Net cash used in operations (5,693) (61,156) (120,769)
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Cash flows from financing activities:
Issuance of common stock -- -- 53,125
Proceeds from loan payable 5,678 27,439 68,402
Payments on short term debt -- (10,000) (10,000)
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Net cash provided by financing activities 5,678 17,439 111,527
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Net increase (decrease) in cash (15) (43,717) (9,242)
Cash at beginning of period 158 44,988 9,385
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Cash at end of period $ 143 $ 1,271 $ 143
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Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ -- $ -- $ --
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Cash paid during the period for taxes $ -- $ -- $ --
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The accompanying notes are an integral part of these financial statements
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BALLISTIC VENTURES, INC.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
September 30, 2001
Note 1 - Basis of Presentation
The accompanying unaudited condensed financial statements
have been prepared in accordance with accounting principles generally accepted
in the United States of America for interim financial information and with the
instructions of Form 10-QSB and Article 310 of Regulation S-B. Accordingly, they
do not include all of the information and footnotes required by accounting
principles generally accepted in the United States of America for complete
financial statements. The preparation requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amount of revenues and expenses during the reporting
period. Actual results may differ from these estimates. In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.
Operating results for the three month period ended September 30, 2001 are not
necessarily indicative of the results that may be expected for the year ending
June 30, 2002.
For further information, refer to the financial statements and
footnotes thereto included in the Company's annual report on Form 10-KSB for the
year ended June 30, 2001 as filed with the Securities and Exchange Commission.
Note 2 - Going Concern
The Company was in the development stage through September 30, 2001.
The accompanying financial statements have been prepared on a going concern
basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business.
On May 31, 2000, the predecessor of the Company discontinued all operations and
the subsequent reorganized Company is inactive. As of September 30, 2001, the
Company had a stockholders' deficit of $67,259 and a deficit accumulated during
the development stage of $140,158. These factors raise substantial doubt about
the Company's ability to continue as a going concern.
Management's plan to alleviate this issue is to raise capital and merge with a
profitable operating company. The Company's continued existence is dependent
upon management funding operations, locating and merging the Company into a
profitable operating company and raising sufficient capital. The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.
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Item 2. Management's Discussion and Analysis or Plan or Operation.
Forward-looking Statement and Information
The Company is including the following cautionary statement in this Form 10-QSB
for any forward-looking statements made by, or on behalf of, the Company.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, expectations, future events or performance and underlying
assumptions and other statements which are other than statements of historical
facts. Certain statements contained herein are forward-looking statements and,
accordingly, involve risks and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in the forward-looking
statements. The Company's expectations, beliefs and projections are expressed in
good faith and are believed by the Company to have a reasonable basis, including
without limitations, management's examination of historical operating trends,
data contained in the Company's records and other data available from third
parties, but there can be no assurance that management's expectations, beliefs
or projections will result or be achieved or accomplished.
Introduction
For the fiscal year ended June 30, 2001, our auditors in Note 3, of the
Financial Statements, have noted that there is substantial doubt about our
ability to continue as a going concern. Our existence is dependent upon
management funding operations, locating and merging us into a profitable
operating company and raising sufficient capital. At this point in time it is
impossible to state an amount of additional funding which we believe would
remove the going concern opinion, as the Company is inactive.
We do not have any business operations or assets and have no written or oral
agreement for the acquisition of a business or asset at this time. We have
neither a history of earnings nor have we paid dividends. We are unlikely to
realize earnings or pay dividends in the immediate or foreseeable future.
There is no assurance that we will be able to identify acquisitions, which will
be profitable. As of the date of this filing, we have not identified any
potential business or assets for acquisition. Moreover, should we identify any
assets or businesses and determine that an acquisition is warranted, we may not
be able to finance the acquisition and additional funds may be required to meet
such obligations.
Our prospects for the future, rest with our management team, and their ability
to find a profitable business venture which can utilize our "shell" company.
We are proactive in reviewing potential projects that could potentially be a
good fit for us. This process does not have a defined time period, other than
the process will begin once all of the filings with the Securities and Exchange
Commission ("SEC") have been completed.
THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2000
The Company is inactive at this time. Operational expenses during the three
months ended September 30, 2001 and 2000 consisted primarily of professional
fees necessary to complete certain corporate filings with the SEC.
PLAN OF OPERATION
Our Plan of Operations is to complete certain filings with the SEC. Once we have
completed the required filings we will seek to find a profitable acquisition for
our Company.
LIQUIDITY AND CAPITAL RESOURCES
Since our inception, we have relied almost exclusively upon the sale of
securities to finance our operations. The only exception is a small loan, from
Lines Overseas Management (Bermuda) Limited ("LOM"), a related party. LOM has
provided temporary financing to pay off the Company's liabilities outstanding at
June 1, 2000, and any subsequent
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operating expenses. LOM is domiciled in Bermuda and had provided financing under
our original business plan.
The Company has minimal operating expenses, and we have a verbal commitment from
LOM to provide us with adequate financing to continue to maintain the Company
until a merger is arranged.
The Company currently has no cash. LOM has paid all of the ongoing daily
expenses of the Company. Since LOM has undertaken to pay all of the ongoing
expenses of the Company, we can continue operations until we find a suitable
acquisition. Both LOM and current management of the Company, understand that the
process of finding a suitable acquisition, may take up to twelve months or
longer to complete.
LOM has verbally committed to provide us with initial funding of $500,000. We do
expect that within the next twelve months we will have to raise additional
funds, and LOM has verbally committed to raise these additional funds. At the
present time, it is impossible to state how much additional financing is
actually required, as it will depend upon the particular acquisition.
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 Report on Form 8-K.
(a) Exhibits.
(b) Reports on Form 8-K.
During the three months ended September 30, 2001 the Company did not
file any reports on Form 8-K.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Ballistic Ventures, Inc.
Date: November 15, 2001 By: /s/ Eric Pinkney
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Eric Pinkney,
President
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