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, 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 333-42936
___________________
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 Park Way, 5th Floor, Las Vegas, Nevada 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 [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 at September 30, 2001
_______________________ ____________________________________
Common Stock, $0.001 6,745,000
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INDEX
Page
Number
PART I.
ITEM 1. Financial Statements (unaudited)..............................3
Balance Sheets
September 30, 2001 and December 31, 2000.....................4
Statements of Operations
For the three and nine months ended September 30, 2001 and
2000 and the period May 9, 1997 to September 30, 2001........5
Statements of Cash Flows
For the nine months ended September 30, 2001 and 2000
and the period May 9, 1997 to September 30, 2001..............6
Notes to Financial Statements.................................7
ITEM 2. Plan of Operations............................................9
PART 2
ITEM 2 Changes in securities........................................ 9
Signatures....................................................9
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PART I - FINANCIAL INFORMATION
______________________________________________________________________________
ITEM 1. FINANCIAL STATEMENTS
______________________________________________________________________________
The accompanying balance sheets of Zurickirch Corp. (development stage
company) at September 30, 2001 and December 31, 2000, and the statements of
operations for the three and nine months ended September 30, 2001 and 2000 and
the period May 9, 1997 (date of inception) to June 30, 2001, the cash flows
for the nine months ended September 30, 2001 and 2000, and the period May 9,
1997 to September 30, 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 September 30, 2001, are not
necessarily indicative of the results that can be expected for the year ending
December 31, 2001.
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ZURICKIRCH CORP.
(Development Stage Company)
BALANCE SHEETS
September 30, 2001 and December 31, 2000
==============================================================================
Sept 30, Dec 31,
2001 2000
----------- ------------
ASSETS
CURRENT ASSETS
Cash $ 10,788 $ 204
----------- ------------
Total Current Assets 10,788 204
----------- ------------
PROPERTY AND EQUIPMENT - net of accumulated
depreciation - Note 2 3,525 4,200
----------- ------------
$ 14,313 $ 4,404
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable - related parties - Note 3 $ 29,500 $ 76,475
Accrued interest payable -related parties - Note 3 471 1,538
Accounts payable - 2,300
----------- ------------
Total Current Liabilities 29,971 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;
6,745,000 issued and outstanding at September 30,
2001; 4,895,000 at December 31, 2000 6,745 4,895
Capital in excess of par value 328,047 139,360
Accumulated deficit during the development stage (350,450) (220,164)
----------- ------------
Total Stockholders' Deficiency (15,658) (75,909)
----------- ------------
$ 14,313 $ 4,404
=========== ============
The accompanying notes are an integral part of these financial statements.
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ZURICKIRCH CORP.
(Development Stage Company)
STATEMENT OF OPERATIONS
For the Three and Nine Months Ended September 30, 2001 and 2000 and the
period May 9, 1997 (date of inception) to September 30, 2001
==============================================================================
Period
Three Months Nine Months May 9, 1997
Sept 30, Sept 30, Sept 30, Sept 30, to Sept 30,
2001 2000 2001 2000 to 2001
------------ ------------ ------------ ------------ ------------
REVENUES $ - $ - $ - $ - $ -
------------ ------------ ------------ ------------ ------------
EXPENSES
Product development 372 3,244 56,636 25,488 110,635
Administrative 26,989 26,325 72,570 38,973 137,197
Interest expense 405 - 405 - 1,943
Depreciation 225 - 675 - 975
------------ ------------ ------------ ------------ ------------
27,991 29,569 130,286 64,461 250,750
------------ ------------ ------------ ------------ ------------
NET LOSS FROM
OPERATIONS (27,991) (29,569) (130,286) (64,461) (250,750)
DISCONTINUED OPERATIONS
Loss from abandoned
business activity - - - - (99,700)
------------ ------------ ------------ ------------ ------------
NET LOSS $ (27,991) $ (29,569) $ (130,286) $ (64,461) $ (350,450)
============ ============ ============ ============ ============
NET LOSS PER
COMMON SHARE
Basic $ - $ (.01) $ (.02) $ (.01)
------------ ------------ ------------ ------------
AVERAGE
OUTSTANDING SHARES
Basic (in 1000's) 6,745 4,895 6,745 4,895
------------ ------------ ------------ ------------
The accompanying notes are an integral part of these financial statements.
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ZURICKIRCH CORP.
(Development Stage Company)
STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2001 and 2000,
and the Period May 9, 1997 (date of inception) to September 30, 2001
==============================================================================
Period
May 9, 1997
Sept 30, Sept 30, to Sept 30,
2001 2000 2001
------------ ------------ -----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (130,286) $ (64,461) $ (350,450)
Adjustments to reconcile net loss
to net cash provided by operating
activities
Changes in accounts payable (50,342) 31,050 29,971
Common capital stock issued
for services - - 1,030
Contribution to capital - expenses - 90 990
Depreciation 675 - 975
------------ ------------ -----------
Net Cash From (Used) in Operations (179,953) (33,321) (317,484)
------------ ------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase office equipment - (4,500) (4,500)
------------ ------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from contributions to
capital - related parties 15,000 - 15,000
Proceeds from issuance of common stock 175,537 43,475 317,772
------------ ------------ -----------
Net Increase (Decrease) in Cash 10,584 5,654 10,788
Cash at Beginning of Period 204 - -
------------ ------------ -----------
Cash at End of Period $ 10,788 $ 5,654 $ 10,788
============ ============ ===========
NON CASH FLOWS FROM OPERATING AND FINANCING 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.
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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.
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 September 30, 2001, the Company had a net operating loss carry forward of
$350,450. The income tax benefit of approximately $105,135 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.
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.
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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 975
-------
3,525
-------
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 58% of the common stock issued by the Company.
On September 30, 2001 related parties had loaned the Company $29,500.
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.
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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's plan of operation focuses on products which have been designed
as a result of the belief that natural medicines and nutritional supplements
offer a better alternative to traditional nutritional supplements currently
being produced by providing specialized combinations of nutrients. Prior to
the formation of the Company an officer completed the development of the
Company's initial product line, and had established relationships with
suppliers to manufacturer, bottle, and package the product line.
The Company is now seeking to establish a distributor network with marketing
firms involved in the nutritional supplement industry throughout the United
States and to market the products through the internet and various retail
markets including health food stores and direct sales through to toll-free
numbers.
Proposed Activities
-------------------
The company plans to complete the manufacturing and distribution arrangements
with selected brokers and to continue its efforts to directly market its
products to other retail markets and continue to develop additional
nutritional products.
Results of Operations
----------------------
The Company has had no operations during this reporting period.
______________________________________________________________________________
PART 2 - OTHER
ITEM 2 CHANGES IN SECURITIES
______________________________________________________________________________
None
___________________________________________________________________________
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 October 17, 2001 By /s/ John Chris Kirch
____________________________________
, President
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