SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
Quarterly Report under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For Quarter Ended Commission File Number
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September 30, 2001 000-31887
HINDS, INC.
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(Exact name of registrant as specified in its charter)
Wyoming 83-0327511
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(State of incorporation) (I.R.S. Employer
Identification No.)
544 E. Yellowstone, Casper, WY 82601-2609
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: None
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), and (2) has been subject to the filing
requirements for at least the past 90 days.
Yes X No
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Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
720,000 common shares as of September 30, 2002
HINDS, INC.
(A DEVELOPMENT STAGE COMPANY)
FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
(UNAUDITED)
Michael Johnson & Co., LLC.
9175 Kenyon Ave., #100
Denver CO 80237
Phone: 303-796-0099
Fax: 303-796-0137
ACCOUNTANT'S REVIEW REPORT
Board of Directors
Hinds, Inc.
Casper, WY
We have reviewed the accompanying balance sheet of Hinds, Inc. for September 30,
2002 and the related statement of operations for the three and nine-months ended
September 30, 2002 and 2001, and May 25, 1999 (inception) through September 30,
2002, and cash flows for the nine-months ended September 30, 2002 and 2001 and
May 25, 1999 (inception) through September 30, 2002 included in the accompanying
Securities and Exchange Commission Form 10-QSB for the period ended September
30, 2002. These financial statements are the responsibility of the Company's
management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with auditing standards generally accepted in the United States, the objective
of which is the expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are unaware of any material modifications that should be
made to the accompanying financial statements for them to be in conformity with
accounting principles generally accepted in the United States.
We have previously audited, in accordance with auditing standards generally
accepted in the United States, the balance sheets as of December 31, 2001, and
the related statements of operations, stockholders' equity and cash flows for
the year then ended (not presented herein). In our report dated March 28, 2002,
we expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying balance sheet as of
September 30, 2002 is fairly stated in all material respects in relation to the
balance sheet from which it has been derived.
/s/ Michael Johnson & Co, LLC
Michael Johnson & Co, LLC
Denver, CO
November 15, 2002
F-1
HINDS, INC.
(A Development Stage Company)
Notes to Financial Statements
September 30, 2002
(Unaudited)
September 30, December 31,
2002 2001
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ASSETS
Current Assets:
Cash $ - $ -
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Total Current Assets - -
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TOTAL ASSETS $ - $ -
============ ============
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accounts Payable $ 2,000 $ 2,000
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Total Current Liabilities 2,000 2,000
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Stockholders' Equity
Common stock, $.001 par value, 50,000,000 shares $ 720 $ 720
authorized, 720,000 shares issued and outstanding
Additional Paid-In Capital 1,380 1,380
Deficit accumulated during the
development stage (4,100) (4,100)
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Total Stockholders' Equity (2,000) (2,000)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - $ -
============ ============
See accompanying notes.
F-2
HINDS, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
May 25,
1999
Three-Months Ending Nine-Months Ended (Inception) to
September 30, September 30, September 30,
2002 2001 2002 2001 2002
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Revenue:
$ - $ - $ - $ - $ -
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Total Income - - -
Costs and Expenses:
Accounting Fees - - - - 3,400
Filing Fees - - - 300 486
Office Expense - - - - 132
Bank Charges - 24 - 56 82
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Total Expenses - 24 - 356 4,100
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Net Loss $ - $ (24) $ - $ (356) $ (4,100)
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Per Share Information:
Weighted average number
of common shares outstanding 720,000 720,000
Net Loss per common share * *
========== ==============
See Accountant's Review Report
F-3
HINDS, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
Deficit
COMMON STOCKS Additional Accum. During Total
Paid-In Development Stockholders'
# of Shares Amount Capital Stage Equity
------------ ----------- ----------- --------------- ------------
Balance - May 25, 1999 - $ - $ - $ - $ -
Issuance for Cash 690,000 690 1,310 - 2,000
Issuance for Cash 30,000 30 70 - 100
Net Loss for Period - - - (1,510) (1,510)
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Balance - December 31, 1999 720,000 720 1,380 (1,510) 590
------------ ----------- ----------- --------------- ------------
Net Loss for Year - - - (86) (86)
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Balance - December 31, 2000 720,000 720 1,380 (1,596) 504
------------ ----------- ----------- --------------- ------------
Net Loss for Year - - - (2,504) (2,504)
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Balance - December 31, 2001 720,000 720 1,380 (4,100) (2,000)
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Net Loss for Period - - - - -
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Balance - September 30, 2002 720,000 $ 720 $ 1,380 $ (4,100) $ (2,000)
============ =========== =========== =============== ============
See Accountant's Review Report
F-4
HINDS, INC.
(A Development Stage Company)
Statements of Cash Flow
(Unaudited)
Indirect Method
May 25, 1999
Nine-Months Ended (Inception) to
September 30, September 30,
2002 2001 2002
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Cash Flows from Operating Activities:
Net Loss $ - $ (356) $ (4,100)
Adjustments to reconcile changes in net assets to
net cash used by operating activities:
Increase in accounts payable - - 2,000
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Net Cash Used in Operating Activities - (356) (2,100)
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Cash Flows from Financing Activities:
Proceeds from stock issuance - - 2,100
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Net Cash Provided by Financing Activities - - 2,100
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Net Increase in Cash & Cash Equivalents - (356) -
Beginning Cash & Cash Equivalents - 504 -
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Ending Cash & Cash Equivalents $ - $ 148 $ -
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SUPPLEMENTAL DISCLOSUE OF CASH FLOW INFORMATION
Cash paid for interest $ - $ - $ -
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Cash paid for Income Taxes $ - $ - $ -
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See Accountant's Review Report
F-5
HINDS, INC.
(A Development Stage Company)
Notes to Financial Statements
September 30, 2002
(Unaudited)
Note 1 - Presentation of Interim Information:
-----------------------------------
In the opinion of the management of Hinds, Inc., the accompanying unaudited
financial statements include all normal adjustments considered necessary to
present fairly the financial position as of September 30, 2002 and the results
of operations for the three and nine-months ended September 30, 2002 and 2001,
and May 25, 1999 (inception) through September 30, 2002, and cash flows for the
nine-months ended September 30, 2002 and 2001, and May 25, 1999 (inception)
through September 30, 2002. Interim results are not necessarily indicative of
results for a full year.
The financial statements and notes are presented as permitted by Form 10-QSB,
and do not contain certain information included in the Company's audited
financial statements and notes for the fiscal year ended December 31, 2001.
Note 2 Going Concern:
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The Company's financial statements have been presented on the basis that it is a
going concern, which contemplated the realization of assets and the satisfaction
of liabilities in the normal course of business.
The Company is in the development stage and has not earned any revenue from
operations. The Company's ability to continue as a going concern is dependent
upon its ability to develop additional sources of capital or locate a merger
candidate and ultimately, achieve profitable operations. The accompanying
financial statements do not include any adjustments that might result from the
outcome of these uncertainties. Management is seeking new capital to revitalize
the Company.
F-6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
RESULTS OF OPERATIONS FOR QUARTER ENDED SEPTEMBER 30, 2002 COMPARED TO SAME
PERIOD ENDED SEPTEMBER 30, 2001
The Company had no revenues from operations in the period in 2002 or 2001.
The Company incurred no expenses in the period in 2002 compared to $24 in
expenses in the period in 2001 and had no loss in the period in 2002 compared a
loss of ($24) in the period in 2001. Loss per share was nominal in the period in
2002 and none in the period in 2001.
RESULTS OF OPERATIONS FOR NINE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO SAME
PERIOD ENDED SEPTEMBER 30, 2001.
The Company had no revenues from operations in the period in 2002 or 2001.
The Company incurred no expenses in the period in 2002 compared to $356 in 2001.
The Company had no loss in the period in 2002 compared to ($356) in the period
in 2001. Loss per share in the period in 2002 and 2001 was nominal.
LIQUIDITY AND CAPITAL RESOURCES
The Company had no cash capital at the end of the period and no assets. The
Company will be forced to either borrow or make private placements of stock in
order to fund operations. No assurance exists as to the ability to achieve loans
or make private placements of stock.
The Company's financial statements have been presented on the basis that it is a
going concern, which contemplated the realization of assets and the satisfaction
of liabilities in the normal course of business.
The Company is in the development stage and has not earned any revenue from
operations. The Company's ability to continue as a going concern is dependent
upon its ability to develop additional sources of capital or locate a merger
candidate and ultimately, achieve profitable operations. The accompanying
financial statements do not include any adjustments that might result from the
outcome of these uncertainties. Management is seeking new capital to revitalize
the Company.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULT 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
No reports on Form 8-K were made for the period for which this report
is filed.
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 thereunto duly authorized.
Date: November 18, 2002
HINDS, INC.
/s/ Philip Hinds
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Philip Hinds, President