FORM 10-QSB/A
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
Of the Securities Exchange Act of 1934
For Quarter Ended December 31, 2000
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Commission File Number 33-30743
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PIERCE INTERNATIONAL DISCOVERY, INC.
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(Exact name of registrant as specified in its charter)
NEVADA 84-1121360
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
6975 SOUTH UNION PARK CENTER, STE 600
SALT LAKE CITY UT 84047
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(Address of principal executive offices)
Registrant's telephone number
including area code (801) 256-9600
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Former Address, 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 such shorter period that the
registrant was required to file such reports)
Yes X No
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and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
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26,003,008
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(Number of shares of common stock the registrant had
outstanding as of January 30, 2001)
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INDEX
Page
PART I. Number
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ITEM 1. Financial Statements (unaudited). . . . . . . . . . . . . 3
Balance Sheets-December 31, 2000 and
June 30, 2000 . . . . . . . . . . . . . . . . . . . . . . 4
Statements of Operations
For the three and six months ended
December 31, 2000 and 1999. . . . . . . . . . . . . . . . 5
Statements of Cash Flows
For the six months ended
December 31, 2000 and 1999. . . . . . . . . . . . . . . . 6
Notes to the Financial Statements . . . . . . . . . . . . 7
ITEM 2. Plan of Operations. . . . . . . . . . . . . . . . . . . . 9
PART II. Other Information . . . . . . . . . . . . . . . . . . . . 9
Signatures. . . . . . . . . . . . . . . . . . . . . . . . 10
PART 1
ITEM 1 - FINANCIAL STATEMENTS
The accompanying balance sheets of Pierce International Discovery,
Inc. (a development stage company) at December 31, 2000 and June 30, 2000,
the statements of operations and the statements of cash flows for the three
and six months ended December 31, 2000 and 1999 have been prepared by the
Company's management. 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 December 31, 2000 are not
necessarily indicative of the results that can be expected for the year
ending June 30, 2001.
Pierce International Discovery, Inc.
Balance Sheets
December 31, June 30,
2000 2000
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ASSETS
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TOTAL ASSETS $ - $ -
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STOCKHOLDERS' EQUITY (DEFICIT)
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STOCKHOLDERS' EQUITY (DEFICIT)
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Preferred Stock, 10,000,000 shares authorized,
no par value; -
-
Common Stock 750,000,000 shares authorized,
$.001 par value; 26,003,008 shares
issued and outstanding, respectively 26,003 26,003
Additional Paid in Capital 1,269,364 1,269,364
Accumulated deficit during development stage (1,295,367) (1,295,367)
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Total Stockholders' Equity - -
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TOTAL STOCKHOLDERS' EQUITY (DEFICIT) $ - $ -
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The accompanying notes are an integral part of these financial statements
4
Pierce International Discovery, Inc.
Statements of Operations
(unaudited)
For the Three For the Six
Months Ended Months Ended
December 31, December 31,
2000 1999 2000 1999
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REVENUE $ - $ - $ - $ -
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EXPENSES - - - -
- ------- ---------- ---------- ---------- ----------
NET LOSS-before
other income - - - -
OTHER INCOME-(loss)
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Net gain (loss) from transfer
of assets for payment of
liabilities - - - -
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INCOME (LOSS) $ - $ - $ - $ -
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Gain (Loss) Per
Common Share
Basic
loss before other income $ - $ - $ - $ -
Other income - - - -
Net income - - - -
========== ========== ========== ==========
Average Outstanding
Shares
Basic 26,003,008 26,003,008 26,003,008 26,003,008
The accompanying notes are an integral part of these financial statements
5
Pierce International Discovery, Inc.
Statements of Cash Flows
For the Six Months Ended December 31, 2000 and 1999
(unaudited)
For the Six
Months Ended
December 31,
2000 1999
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CASH FLOWS FROM
OPERATING ACTIVITIES
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Net Profit (loss) $ - $ -
Adjustments to reconcile
net loss to cash provided
by operating activities
Depreciation - -
Common shares issued
for services - -
Profit (loss) on transfer of
assets for payment of debt - -
Changes in accounts payable - -
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Net used in operations - -
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CASH FLOWS FROM
INVESTING ACTIVITIES
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Proceeds from sale of assets - -
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CASH FLOWS FROM
FINANCING ACTIVITIES
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Issuance of common shares
for payment of debt - -
Proceeds from issuance
of common stock - -
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Net Increase (Decrease) In Cash - -
Cash at beginning of period - -
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Cash at end of period $ - $ -
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SUPPLEMENTAL SCHEDULE OF NONCASH ACTIVITIES:
- --------------------------------------------
Cash Paid for:
Interest
Taxes $ - $ -
$ - $ -
The accompanying notes are an integral part of these financial statements
6
Pierce International Discovery, Inc.
Notes to the Financial Statements
NOTE 1 - BACKGROUND AND ORGANIZATION
The Company was incorporated under the laws of the State of Colorado
on April 19, 1989. The Company was in the business of seeking mineral
leases for potential development but has had no operations for several
years.
In 2000, the Company created, and later merged with, a Nevada
subsidiary. The Company is now a Nevada Corporation.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and Cash Equivalents
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For the purposes of the statement of cash flows, the Company considers
all highly liquid debt instruments with maturity of three months or
less to be cash equivalents.
Use of Estimates in Financial Statements
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The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and revenues and expenses during the
reporting period. In these financial statements, assets, liabilities
and earnings involve extensive reliance on management's estimates.
Actual results could differ from those estimates.
Income Taxes
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The Company adopted Statement of Financial Accounting Standards No.
109 "Accounting for Income Taxes" and has applied the provisions of
the statement which resulted in no significant adjustment.
Statement of Financial Accounting Standards No. 109 "Accounting for
Income Taxes" requires an asset and liability approach for financial
accounting and reporting for income tax purposes. This statement
recognizes (a) the amount of taxes payable or refundable for the
current year and (b) deferred tax liabilities and assets for future
tax consequences of events that have been recognized in the financial
statements or tax returns.
Deferred income taxes result from temporary differences in the
recognition of accounting transactions for tax and financial reporting
purposes. There were no temporary differences at June 30, 2000 and
earlier years, accordingly, no deferred tax liabilities have been
recognized for all years.
Pierce International Discovery, Inc.
Notes to the Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-(Continued)
Income Taxes-(continued)
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The Company had cumulative net operating loss carryforwards over
$1,000,000 at June 30, 2000. No effect has been shown in the
financial statements for the net operating loss carryforwards as the
likelihood of future tax benefit from such net operating loss
carryforwards is not presently determinable.
Earnings Per Share
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The computation of earnings per share of common stock is based on the
weighted average number of shares outstanding during the period.
NOTE 3 - REVERSE STOCK SPLIT
In 1999, the shareholders of the Company authorized a 1 for 750
reverse stock split. All shareholders holding at least 100 shares
were not to be reversed below that number. The financial statements
have been restated to show the reverse stock split.
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ITEM 2 - PLAN OF OPERATION
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ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately $0
as operating capital at December 31, 2000. The Registrant intends to raise
additional funds as needed through private placements with accredited and
sophisticated investors.
Results of Operation. Due to the lack of operations during the
quarter ended December 31, 2000, the registrant had net loss of $0,
compared to net loss of $0 for the same period last year.
Plan of Operations. The Company is currently in the process of
looking for business opportunities to acquire or merge with. There is no
guarantee that management will be successful in finding such an
opportunity. The Company is also in the process of bringing all of its
periodic reports current for filing with the Securities and Exchange
Commission. During this process, the Company intends to raise operational
capital through private placements.
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 Reports on Form 8-K. None
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, this report has been below by following persons on behalf of
the Registrant and in the capacities and on the dates indicated:
Pierce International Discovery, Inc.
/s/ Lionel L. Drage
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Lionel L. Drage, President and Director