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 March 31, 2001
__________________________________
( ) 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 000-1118344
___________________
ZURICKIRCH CORP
________________________________________________
(Exact name of registrant as specified in charter)
Nevada 84-1405298
____________________________________________ _________________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3960 Howard Hughes Parkway 5th Floor, Las Vegas , Nv 89109
___________________________________________________________ ___________
(Address of principal executive offices) (Zip Code)
1-801-420-6400
__________________________________________________________
Registrant's telephone number, including area code
_____________________________________________________
(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 [ ] No
[X]
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 at March 31, 2001
______________________ ______________________________
Common Stock, $0.001 5,745,000
-1-
INDEX
Page
Number
------
PART I.
ITEM 1. Financial Statements (unaudited).................................3
Balance Sheets...................................................4
March 31, 2001 and December 31, 2000
Statements of Operations
For the three months ended March 31, 2001 and 2000...............5
and the period May 9, 1997 to March 31, 2001
Statements of Cash Flows
For the three months ended March 31, 2001 and 2000...............6
and the period from May 9, 1997 to March 31, 2001
Notes to Financial Statements....................................7
ITEM 2. Management Discussion and Analysis..............................12
PART 2
ITEM 2 Changes in securities ..........................................10
Signatures......................................................10
-2-
PART I - FINANCIAL INFORMATION
- -----------------------------------------------------------------------------
ITEM 1. FINANCIAL STATEMENTS
- -----------------------------------------------------------------------------
The accompanying balance sheets of Zurickirch Corp.(development stage company)
at March 31, 2001 and December 31, 2000, and the statements of operations for
the three months ended March 31, 2001 and 2000 and the period May 9, 1997
(date of development stage) to March 31, 2001, the cash flows for the three
months ended March 31, 2001 and 2000, and the period from May 9, 1997 to March
31, 2001, 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, and
cash flows 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 March 31, 2001, are not necessarily
indicative of the results that can be expected for the year ending December
31, 2001.
-3-
ZURICKIRCH CORP.
(Development Stage Company)
BALANCE SHEETS
March 31, 2001 and December 31, 2000
==============================================================================
Mar 31, Dec 31,
2001 2000
------------- -------------
ASSETS
CURRENT ASSETS
Cash $ 26,205 $ 204
------------- -------------
Total Current Assets 26,205 204
------------- -------------
PROPERTY AND EQUIPMENT - net of accumulated
depreciation - Note 2 3,975 4,200
------------- -------------
$ 30,180 $ 4,404
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable - related parties - Note 3 $ 72,500 $ 76,475
Accrued interest payable - Note 3 66 1,538
Accounts payable - 2,300
------------- -------------
Total Current Liabilities 72,566 80,313
------------- -------------
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; 5,745,000 issued and outstanding at
March 31, 2001; 4,895,000 at December 31, 2000 5,745 4,895
Capital in excess of par value 213,957 139,360
Accumulated deficit during the development stage (262,088) (220,164)
------------- -------------
Total Stockholders' Deficiency (42,386) (75,909)
------------- -------------
$ 30,180 $ 4,404
============= =============
The accompanying notes are an integral part of these financial statements.
-4-
ZURICKIRCH CORP.
(Development Stage Company)
STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2001 and 2000 and the
period May 9, 1997 (date of inception) to March 31, 2001
=============================================================================
Period
Mar 31, Mar 31, May 9, 1997
2001 2000 to Mar 31, 2001
------------ ------------ ---------------
REVENUES $ - $ - $ -
------------ ------------ ------------
EXPENSES
Product development 22,045 - 76,045
Administrative 19,654 - 84,280
Interest expense - - 1,538
Depreciation 225 - 525
------------ ------------ ------------
41,924 - 162,388
------------ ------------ ------------
NET LOSS FROM OPERATIONS (41,924) - (162,388)
DISCONTINUED OPERATIONS - Note 1
Loss from abandoned
business activity - - (99,700)
------------ ------------ ------------
NET LOSS $ (41,924) $ - $ (262,088)
============ ============ ============
NET LOSS PER COMMON SHARE
Basic $ (.01) $ -
============ ============
AVERAGE OUTSTANDING SHARES
Basic 5,745,000 4,460,000
============ ============
The accompanying notes are an integral part of these financial statements.
-5-
ZURICKIRCH CORP.
(Development Stage Company)
STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2001 and 2000, and the
Period May 9, 1997 (date of inception) to March 31, 2001
============================================================================
Period
Mar 31, Mar 31, May 9, 1997
2001 2000 to Mar 31, 2001
------------ ------------ ---------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (41,924) $ - $ (262,088)
Adjustments to reconcile net loss
to net cash provided by operating
activities
Changes in accounts payable (2,300) - 66
Common capital stock issued
for services - - 1,030
Contribution to capital - - 990
Depreciation 225 - 525
------------ ------------ ---------------
Net Cash From (Used)
in Operations (43,999) - (259,477)
------------ ------------ ---------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase office equipment - - (4,500)
------------ ------------ ---------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable 70,000 - 72,500
Proceeds from issuance of
common stock - - 217,682
------------ ------------ ---------------
Net Increase (Decrease)in Cash 26,001 - 26,205
Cash at Beginning of Period 204 - -
------------ ------------ ---------------
Cash at End of Period $ 26,205 $ - $ 26,205
============ ============ ===============
NON CASH FLOWS FROM OPERATING ACTIVITIES
Issuance of 1,030,000 common
shares for services - 1997 $ 1,030
-------
Contributions to capital by
officer - expenses 990
-------
The accompanying notes are an integral part of these financial statements.
-6-
ZURICKIRCH CORP.
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
=============================================================================
1. ORGANIZATION
The Company was incorporated under the laws of the state of Nevada on May 9,
1997 with authorized common stock of 50,000,000 shares with a par value of
$.001 and preferred stock of 10,000,000 shares with a par value of $.001 with
the name "Weston Caribbean Corp". On March 9, 2000 the name was changed to
"Zuric Kirch Acquisitions, Inc." and on April 17, 2000 to "ZuricKirch Corp."
The Company has been in the business of the development of resort properties
in the Caribbean however during 1998 the business purpose was changed to the
health products industry. The company sustained a loss of $99,700 (with no
adjustment for income tax - see note 2) during its investigation of a
potential development property in the Caribbean.
The Company is in the development stage.
During May, 2000 the Company completed a private placement offering of 435,000
common shares of its capital stock for cash of $43,565.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
- ------------------
The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
- ---------------
The Company has not yet adopted a policy regarding payment of dividends.
Income Taxes
- ------------
On March 31, 2001, the Company had a net operating loss carry forward of
$262,088. The income tax benefit of $78,626 from the loss carry forward has
been fully offset by a valuation reserve because the use of the future tax
benefit is undeterminable since the Company has no operations. The loss
carryover expires in the years from 2013 through 2022.
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.
-7-
ZURICKIRCH CORP.
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS - continued
===========================================================================
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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, after the stock split. 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.
Property and Equipment
- ----------------------
The property and equipment outlined below is depreciated using the straight
line method over five years.
Office furniture and equipment $ 4,500
Less Accumulated Depreciation 525
-----------
Net 3,975
-----------
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.
Financial Instruments
- ----------------------
The carrying amounts of financial instruments, including cash and accounts
payable, are considered by management to be their estimated fair values.
3. RELATED PARTY TRANSACTIONS
Related parties have acquired 70% of the common stock issued by the
Company.
During January through March 2001 related parties advanced $70,000 to the
Company for 8% interest bearing, demand, notes payable.
-8-
ZURICKIRCH CORP.
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS - continued
4. GOING CONCERN
The Company does not have sufficient working capital to service its debt
and to develop the products for the health care field, however, the
management has developed a strategy to obtain the additional working capital
needed through additional equity funding and long term debt which will enable
the Company to conduct operations for the coming year.
-9-
ITEM 2. PLAN OF OPERATIONS
- ------------------------------------------------------------------------------
The Company has been in the business of the development of resort properties
in the Caribbean however during 1998 the business purpose was changed to the
health products industry. The company sustained a loss of $99,700 (with no
adjustment for income tax - see note 2) during its investigation of a
potential development property in the Caribbean.
The Company is in the development stage.
During May, 2000 the Company completed a private placement offering of 435,000
common shares of its capital stock for cash of $43,565.
Results of Operations
- ----------------------
The Company has had no operations during this reporting period.
- -----------------------------------------------------------------------------
PART 2 - OTHER
ITEM 2 CHANGES IN SECURITIES
---------------------------------------------------------------------------
During the three months ended March 31, 2001 the Company issued 840,000
restricted common shares as payment of debt.
- -----------------------------------------------------------------------------
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.
ZURICKIRCH CORP.
[Registrant]
Dated May 7, 2001 By /s/ John Chris Kirch
-----------------------------
, President