ALAMO FINANCIAL SERVICES, INC.
FINANCIAL STATEMENTS
MARCH 31, 2000
DECEMBER 31, 1999
DECEMBER 31, 1998
DECEMBER 31, 1997
ALAMO FINANCIAL SERVICES, INC.
FINANCIAL STATEMENTS
CONTENTS
Page
Independent Auditor's Report 1
Financial Statements
Balance Sheet 2
Statement of Operations 3
Statement of Stockholders' Equity 4
Statement of Cash Flows 5
Notes to Financial Statements 6
KURT D. SALIGER, C.PA.
Certified Public Accountant
INDEPENDENT AUDITOR'S REPORT
Board of Directors
Alamo Financial Services, Inc.
Las Vegas, Nevada
I have audited the accompanying balance sheets of Alamo Financial
Services, Inc. (a development stage company), as of March 31, 2000;
December 31, 1999; December 31, 1998; and December 31, 1997 and the
related statements of operations, stockholders' equity and cash flows
for the three month period ended March 31, 2000 and the years ended
December 31, 1999; December 31, 1998 and December 31, 1997. These
financial statements are the responsibility of the Company's management.
My responsibility is to express an opinion on these financial statements
based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Alamo
Financial Services, Inc. at March 31, 2000; December 31, 1999; December
31, 1998 and December 31, 1997 and the results of their operations and
their cash flows for the three month period ended March 31, 2000; and
years ended December 31, 1999; December 31, 1998; December 31, 1997 in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming
the Company will continue as a going concern. As discussed in Note 3 to
the financial statements, the Company has had no operations and has no
established source of revenue. This raises substantial doubt about its
ability to continue as a going concern. Management's plan in regard to
these matters are also described in Note 3. The financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.
Kurt D. Saliger C.P.A. June 27, 2000
5000 W. Oakey , Suite A-4 , Las Vegas, Nevada 89146
Phone: (702) 367-1988 Fax: (702) 870-8388
ALAMO FINANCIAL SERVICES, INC.
(A Development Stage Company )
BALANCE SHEETS
ASSETS
MARCH DECEMBER DECEMBER DECEMBER
31, 2000 31, 1999 31, 1998 31, 1997
CURRENT ASSETS
Cash $0 $0 $0 $0
-------- -------- --------- ---------
TOTAL CURRENT ASSETS $0 $0 $0 $0
-------- -------- --------- ---------
TOTAL ASSETS $0 $0 $0 $0
======== ======== ========= =========
LIABILITIES AND
STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Accounts Payable $0 $0 $0 $0
------- -------- --------- ---------
TOTAL CURRENT LLIABILITIES $0 $0 $0 $0
STOCKHOLDERS EQUITY
Common stock, no par value
authorized
25,000,000 shares;
issued and outstanding
5,000,000 shares $2,700 $2,700 $2,700 $2,700
Additional pad in capital $0 $0 $0 $0
Deficit Accumulated during
development stage ($2,700) ($2,700) ($2,700) ($2,700)
-------- -------- -------- --------
TOTAL STOCKHOLDERS' EQUITY $0 $0 $0 $0
-------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $0 $0 $0 $0
======== ======== ======== ========
See accompanying notes to financial statements.
ALAMO FINANCIAL SERVICES, INC.
(A Development Stage Company )
STATEMENT OF OPERATIONS
JAN 1 JAN 1 JAN 1 JAN 1 JUNE 13, 1995
TO TO TO TO (INCEPTION)
DECMEBER DECEMBER DECEMBER MARCH TO MARCH
31, 1997 31, 1998 31, 1999 31, 2000 31, 2000
INCOME
Revenue $0 $0 $0 $0 $0
-------- -------- -------- --------- -------------
TOTAL INCOME $0 $0 $0 $0 $0
EXPENSES
General and
Administrative $0 $0 $0 $0 $2,700
-------- -------- -------- --------- -------------
TOTAL EXPENSES $0 $0 $0 $0 $2,700
-------- -------- -------- --------- -------------
NET PROFIT
(LOSS) $0 $0 $0 $0 ($2,700)
======== ======== ======== ========= =============
NET PROFIT
(LOSS)
PER SHARE $0.0000 $0.0000 $0.0000 $0.0000 ($0.0005)
======== ======== ======== ========= =============
AVERAGE NUMBER
OF SHARES OF
COMMON STOCK
OUTSTANDING 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
========= ========= ========= ========= =============
See accompanying notes to financial statements.
ALAMO FINANCIAL SERVICES, INC.
(A Development Stage Company )
STATEMENT OF STOCKHOLDERS EQUITY
Common Stock
- ------------
(DEFICIT)
ACCUMULATED
NUMBER ADDITIONAL DURING
OF PAID IN DEVELOPMENT
SHARES AMOUNT CAPITAL STAGE
------ ------ ---------- -----------
JUNE 13, 1996
ISSUED FOR SERVICES
(NOTE 2) 5,000,000 $2,700 $0
NET INCOME, 6-13-96
(INCEPTION) TO 12-31-96 ($2,700)
--------- ------ ---------- -----------
BALANCE, DEC. 31, 1996 5,000,000 $2,700 $0 ($2,700)
NET INCOME, 12-31-97 $0
--------- ------ ---------- -----------
BALANCE, DEC. 31,1997 5,000,000 $2,700 $0 ($2,700)
NET INCOME, 12-31-98 $0
--------- ------- ---------- -----------
BALANCE DEC. 31, 1998 5,000,000 $2,700 $0 ($2,700)
NET INCOME, 12-31-99 $0
--------- ------- ---------- -----------
BALANCE DEC. 31, 1999 5,000,000 $2,700 $0 ($2,700)
NET INCOME, 03-31-00 $0
---------- ------- ---------- -----------
BALANCE MARCH 31, 2000 5,000,000 $2,700 $0 ($2,700)
========= ======= ========== ===========
See accompanying notes to financial statements.
ALAMO FINANCIAL SERVICES, INC.
(A Development Stage Company )
STATEMENT OF CASH FLOWS
JAN 1
TO
DECEMBER JAN 1 JAN 1 JUNE 13, 1996
31, 1998 TO TO (INCEPTION)
AND DECEMBER DECEMBER TO MARCH 31,
DECEMBER 31, 1999 31, 2000 2000
31, 1997
CASH FLOWS FROM
OPERATING ACTIVITIES
NET (LOSS) $0 $0 $0 ($2,700)
ACCOUNTS PAYABLE $0 $0 $0 $0
CASH FLOWS FROM
OPERATING ACTIVITIES
ISSUE COMMON STOCK $0 $0 $0 $2,700
-------- ------- -------- ---------
NET INCREASE
(DECREASE) IN CASH $0 $0 $0 $0
CASH, BEGINNING OF PERIOD $0 $0 $0 $0
-------- -------- --------- ---------
CASH, END OF PERIOD $0 $0 $0 $0
======== ======== ========= =========
See accompanying notes to financial statements.
ALAMO FINANCIAL SERVICES, INC.
(A Development Stage Company )
NOTES TO FINANCIAL STATEMENTS
June 13, 1996 (inception) to March 31, 2000
NOTE 1 - ORGANIZATION AND ACCOUNTING POLICIES
The Company was incorporated June 13, 1996 under the laws of the
State of Nevada. The Company was organized to engage in any lawful
activity. The Company currently has no operations and, in accordance
with SFAS #7, is considered a development stage company.
The Company has not determined its accounting policies and
procedures, except as follows:
1. The Company uses the accrual method of accounting and has
adopted a calendar year end for its accounting period.
2. Earnings per share is computed using the weighted average
number of shares of common stock outstanding.
3. The Company has not yet adopted any policy regarding payment
of dividends. No dividends have been paid since inception.
NOTE 2 - ISSUANCE OF COMMON STOCK
The Company issued 5,000,000 shares of common stock for services
of $2,700 on June 13, 1996.
The Company has authorized 25,000,000 shares of common stock and
has issued and outstanding 5,000,000 shares.
NOTE 3 - GOING CONCERN
The Company's financial statements are prepared using the
generally accepted accounting principles applicable to a going concern,
which contemplates the realization of assets and liquidation of
liabilities in the normal course of business. However, the Company has
no current source of revenue. Without realization of additional capital,
it would be unlikely for the Company to continue as a going concern.
NOTE 4 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to acquire any
additional shares of common stock.