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 June 30, 2000
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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 number 000-26119
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ALTRIMEGA HEALTH CORPORATION
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(Exact name of registrant as specified in charter)
Nevada 87-0631750
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3672 East Cove Point Drive, Salt Lake City, Utah 84109
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(Address of principal executive offices) (Zip Code)
801-278-8000
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Registrant's telephone number, including area code
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(Former name, former address, and former fiscal year,
if changed since last report.)
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), Yes [x ] No [ ] and (2) has
been subject to such filing requirements for the past 90 days. Yes [x] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date
Class Outstanding as of June 30, 2000
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Common Stock, $0.001 5,505,000
INDEX
Page
Number
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PART I.
ITEM 1. Financial Statements (unaudited).................... 3
Balance Sheets............................................. 4
June 30, 2000 and December 31, 1999
Statements of Operations
For the three and six months ended
June 30, 2000 and 1999..................................5
and the period September 8, 1998 to June 30, 2000
Statements of Cash Flows
For the six months ended June 30, 2000 and 1999..........6
and the period September 8, 1998 to June 30, 2000
Notes to Financial Statements ............................. 7
ITEM 2. Plan of Operations ................................. 9
PART II. Signatures................................................ 9
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The accompanying balance sheets of Altrimega Health Corporation ( development
stage company) at June 30, 2000 and December 31 1999, and the related
statements of operations for the three and six months ended June 30, 2000 and
1999 and the period September 8, 1998 to June 30, 2000, the statement of
cash flows for the six months ended June 30, 2000 and 1999, and the period
September 8, 1998 to June 30, 2000, have been prepared by the Company's
management and they do not include all information and notes to the financial
statements necessary for a complete presentation of the 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 June 30, 2000, are not necessarily
indicative of the results that can be expected for the year ending December
31, 2000.
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
BALANCE SHEETS
June 30, 2000, and December 31, 1999
==============================================================================
Jun 30, Dec 31,
2000 1999
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ASSETS
CURRENT ASSETS
Cash $ 1,174 $ 4,125
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Total Current Assets 1,174 4,125
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PROPERTY AND EQUIPMENT - Net of
accumulated depreciation - Note 2 2,426 2,626
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ADVANCE DEPOSIT - LEASE - Note 3 - 6,666
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$ 3,600 $ 13,417
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Note payable - Note 4 $ 5,000 $ 5,000
Accounts payable - 1,500
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Total Current Liabilities 5,000 6,500
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STOCKHOLDERS' EQUITY
Preferred stock
10,000,000 shares authorized at $0.001 par
value; none outstanding - -
Common stock
50,000,000 shares authorized at $0.001 par
value; 5,505,000 shares issued and outstanding
on June 30; 5,000,000 on December 31 5,505 5,000
Capital in excess of par value 91,495 41,500
Deficit accumulated during the development stage (98,400) (39,583)
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Total Stockholders' Equity (deficiency) (1,400) 6,917
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$ 3,600 $ 13,417
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The accompanying notes are an integral part of these financial statements.
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three and Six Months Ended June 30, 2000, and 1999
and the Period September 8, 1998 (Date of Inception) to June 30, 2000
=============================================================================
Three Months Six Months Sept 8,
Jun 30, Jun 30, Jun 30, Jun 30, 1998 to
2000 1999 2000 1999 Jun 30, 2000
----------- ----------- ----------- ----------- ------------
REVENUES $ 5,240 $ - $ 6,315 $ - $ 6,315
EXPENSES 48,852 - 65,132 - 104,715
----------- ----------- ----------- ----------- ------------
NET LOSS $ (43,612) $ - $ (58,817) $ - $ (98,400)
=========== =========== =========== =========== ============
NET LOSS PER
COMMON SHARE
Basic $ - $ - $ (0.01) $ -
----------- ----------- ----------- -----------
AVERAGE
OUTSTANDING
SHARES
Basic 5,355,000 4,500,000 5,355,000 4,500,000
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The accompanying notes are an integral part of these financial statements.
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2000, and 1999
and the Period September 8, 1998 (Date of Inception) to June 30, 2000
==============================================================================
Sept 8, 1998
Jun 30, Jun 30, to Jun 30,
2000 1999 2000
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CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (58,817) $ - $ (98,400)
Adjustments to reconcile net loss
to net cash provided by operating
activities
Depreciation and amortization 6,866 - 10,374
Changes in accounts payable (1,500) - -
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Net Cash Used in Operations (53,451) - (88,026)
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CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment - - (2,800)
Advance deposit - lease - - (10,000)
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CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loan - - 5,000
Proceeds from issuance of common
stock 50,500 - 97,000
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Net Increase (Decrease) in Cash (2,951) - 1,174
Cash at Beginning of Period 4,125 - -
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Cash at End of Period $ 1,174 $ - $ 1,174
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The accompanying notes are an integral part of these financial statements.
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
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1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on
September 8, 1998 with the name of Mega International Health Corporation
with authorized common stock of 50,000,000 shares with a par value of $0.001
and preferred stock of 10,000,000 shares with a par value of $0.001. The board
of directors will determine the powers and rights of the preferred stock when
it is issued. On June 23, 1999 the name was changed to Altrimega Health
Corporation.
The Company was organized for the purpose of marketing nutritional products.
The Company is in the development stage.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
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The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
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The Company has not adopted a policy regarding payment of dividends.
Property and Equipment
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The equipment consists of office furniture and equipment which is being
depreciated over 5 and 7 years.
Income Taxes
- ------------
On June 30, 2000 the Company had a net operating loss carryforward of
$98,400. The tax benefit from the loss carry forward has been fully offset
by a valuation reserve because the use of the future tax benefit is doubtful,
since the Company has no operations on which to project future net profits.
The loss carryover will expire in 2022.
Basic and Diluted Net Income (Loss) Per Share
- ---------------------------------------------
Basic net income (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding. Diluted net income (loss) per
share amounts are computed using the weighted average number of common shares
and common equivalent shares outstanding as if shares had been issued on the
exercise of the preferred share rights unless the exercise becomes
antidilutive and then only the basic per share amounts are shown in the
report.
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
==============================================================================
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
Comprehensive Income
- --------------------
The Company adopted Statement of Financial Accounting Standards No. 130. The
adoption of this standard had no impact on the total stockholder's equity.
Recent Accounting Pronouncements
- --------------------------------
The Company does not expect that the adoption of other recent accounting
pronouncements will
have a material impact on its financial statements.
Estimates and Assumptions
- -------------------------
Management uses estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.
Financial Instruments
- ---------------------
The carrying amounts of financial instruments, including cash, advance
deposits, property and equipment and accounts payable, are considered by
management to be their estimated fair values.
3. ADVANCE DEPOSIT - LEASE
The Company paid an advance deposit on the lease of office and storage space.
The terms of the lease is $833 per month for twelve months.
4. NOTE PAYABLE
The note payable consists of a no interest, demand loan, of $5,000 received
from a related party.
5. COMMON STOCK SUBSCRIPTIONS RECEIVED
The Company received common stock subscriptions for 150,000 shares which were
issued in during the second quarter 2000.
ALTRIMEGA HEALTH CORPORATION
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
=============================================================================
6. RELATED PARTY TRANSACTIONS
70% of the outstanding common stock was issued to a related parties.
7. GOING CONCERN
The company will need additional working capital for its planned activity and
continuation of the Company as a going concern is dependent upon obtaining
sufficient working capital to be successful in that effort and the
management of the Company has developed a strategy, which it believes will
accomplish this objective through additional equity funding, and long term
financing, which will enable the Company to operate for the coming year.
There is no assurance that the Company will be successful in this effort.
ITEM 2. PLAN OF OPERATIONS
The Company was organized for the purpose of marketing nutritional products
and has completed the development of its initial product line, and has
established relationships with suppliers of the various nutrients comprising
the ALTRIMEGA Health products. The Company has established a relationship
with a Utah nutritional manufacturer, which will provide the Company with
packaging, warehousing and distribution services. The Company's products were
created as a result of the belief by management that a substantial "niche"
market exists in the nutritional supplement industry, for unique and effective
products. Management believes its natural medicines and nutritional
supplements offer a better alternative to traditional nutritional supplements
currently being produced by providing specialized combinations of nutrients.
Products
- --------
The Company has initially created natural medications and nutritional
supplements in the following categories:
1. Weight-loss and fat management.
2. Cardiovascular conditions.
3. Antioxidant protection.
4. Memory enhancement and senility prevention.
5. Prostate protection and BHP reversal.
6. Impotency reversal and sexual enhancement.
7. Detoxification procedures.
8. Daily nutritional requirements.
Additional products and programs, covering a variety of health needs, are in
development, and will be introduced into the market as the Company's financial
situation and operating and marketing results dictate.
Working Capital Needs
- ---------------------
The Company does not have the working capital to be successful in its plans
outlined above.
Continuation of the Company as a going concern is dependent upon obtaining the
working capital to provide working capital for its planned activity. The
management of the Company has developed a strategy, which they believe can
obtain the needed working capital through additional equity funding and long
term debt which will enable the Company to be successful in its planned
efforts.
Liquidity and Capital Resources
- -------------------------------
The Company will need additional working capital to finance its planned
activity.
Results of Operations
- ---------------------
The Company has not started operations during this reporting period.
PART II - SIGNATURES
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 there unto duly authorized.
ALTRIMEGA HEALTH CORPORATION
[Registrant]
Dated August 10, 2000 By /s/ Howard Abrams
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Howard Abrams, President