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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March 31, 2003 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 March 30, 2003
HINDS, INC.
(A DEVELOPMENT STAGE COMPANY)
FINANCIAL STATEMENTS
MARCH 31, 2003
(UNAUDITED)
Michael Johnson & Co., LLC.
9175 Kenyon Ave., #100
Denver, CO 80237
Phone: 303-796-0099
Fax: 303-796-0137
REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Board of Directors
Hinds, Inc.
Casper, WY
We have reviewed the accompanying balance sheet of Hinds, Inc. for March 31,
2003 and the related statement of operations and cash flows for the three months
ended March 31, 2003 and 2002, and May 25, 1999 (inception) to March 31, 2003,
included in the accompanying Securities and Exchange Commission Form 10-QSB for
the period ended March 31, 2003. 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 sheet as of December 31, 2002, and
the related statements of operations, stockholders' equity and cash flows for
the year then ended (not presented herein). In our report dated May 6, 2003, we
expressed an unqualified opinion on those financial statements. In our opinion,
the information set forth in the accompanying balance sheet as of March 31, 2003
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
May 29, 2003
HINDS, INC.
(A Development Stage Company)
Balance Sheets
(Unaudited)
March 31, December 31,
2003 2002
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ASSETS
Current Assets:
Cash $ - $ -
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Total Current Assets - -
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TOTAL ASSETS $ - $ -
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 9,029 $ 9,029
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Total Current Liabilities 9,029 9,029
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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 (11,129) (11,129)
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Total Stockholders' Equity (9,029) (9,029)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - $ -
============ ============
See Accountants' Reveiw Report
F-2
HINDS, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
May 25,
1999
Three-Months Ended (Inception) to
March 31, March 31,
2003 2002 2003
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Revenue:
$ - $ - $ -
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Total Income - - -
Costs and Expenses:
Accounting Fees - - 10,429
Filing Fees - - 486
Office Expenses - - 132
Bank Charges - - 82
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Total Expenses - - 11,129
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Net Loss $ - $ - $ (11,129)
=============== ============== ==============
Per Share Information:
Weighted average number
of common shares outstanding 720,000 720,000
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Net Loss per common share * *
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* - less than $.01 per share
See Accountants' Review Report
F-3
HINDS, INC.
(A Development Stage Company)
Stockholders' Equity (Deficit)
March 31, 2003
(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)
------------ ----------- ----------- --------------- ------------
Net Loss for Year - - - (7,029) (7,029)
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Balance - December 31, 2002 720,000 720 1,380 (11,129) (9,029)
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Net Loss for Period - - - - -
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Balance - March 31, 2003 720,000 $ 720 $ 1,380 $ (11,129) $ (9,029)
============ =========== =========== =============== ============
See Accountants' Review Report
F-4
HINDS, INC.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
Indirect Method
May 25, 1999
Three-Months Ended (Inception) to
March 31, March 31,
2003 2002 2003
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Cash Flows from Operating Activities:
Net Loss $ - $ - $(11,129)
Increase in accounts payable - - 9,029
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Net Cash Used in Operating Activities - - (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 - - -
Beginning Cash & Cash Equivalents - 504 -
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Ending Cash & Cash Equivalents $ - $ 504 $ -
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SUPPLEMENTAL DISCLOSUE OF CASH FLOWS INFORMATION
Cash paid for interest $ - $ - $ -
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Cash paid for Income Taxes $ - $ - $ -
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See Accountants' Review Report
F-5
HINDS, INC.
Notes to Financial Statements
March 31, 2003
(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 March 31, 2003 and the results of
operations for the three-months ended March 31, 2003 and 2002, and May 25, 1999
(inception) to March 31, 2003, and cash flows for the three-months ended March
31, 2003 and 2002 and May 25, 1999 (inception) to March 31, 2003. 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, 2002.
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. This Company's ability to continue as a going concern is dependent
upon it's 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 MARCH 31, 2003 COMPARED TO SAME PERIOD
ENDED MARCH 31, 2002
The Company had no revenues from operations in the period in 2003 or
2002. The Company incurred no expenses in 2003 or in 2002. The Company had
no losses in the quarter in 2003 or in 2002. The Company had no loss per
share in the quarter in 2003 or in 2002.
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.
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
a) The exhibits required to be filed herewith by Item 601 of regulation
S-B, as described in the following index of exhibits, are incorporated
herein by reference, as follows:
Exhibits - #31 CERTIFICATION PURSUANT TO SECTION
302 OF THE SARBANES OXLEY ACT
#32 CERTIFICATION OF DISCLOSURE PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(b) Reports on Form 8-K were filed by the Company for the quarter ended
June 30, 2003:
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 thereunto duly authorized.
Date: June 10, 2003
HINDS, INC.
/s/ Philip Hinds
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Philip Hinds, President