<Page> UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 13 or 15(d) of the Securities Exchange Act of 1934 	For the transition period from ------- to -------- 		Commission File Number 0-27507 ------- CORPORATE DEVELOPMENT CENTERS, INC. -------------------------------------------- (Exact name of small Business Issuer as specified in its charter) Nevada 88-0350448 - ------------------------- ------------------ (State or other jurisdiction of IRS Employer Identification No.) incorporation or organization) 1332 E. Martha Dunyon Circle Draper, Utah					84020 - ----------------------------------- --------------- (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code: 801-576-0814 None ------------------------------------------------------------------------ (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) 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 issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days [X] Yes [ ] No State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 1,234,250 Shares of $.001 par value Common Stock outstanding as of November 6, 2001. <Page> PART 1 - FINANCIAL INFORMATION Item 1. Financial Statements The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-QSB and Item 310 (b) of Regulation S-B, and, therefore, do not include all information and footnotes necessary for a complete presentation of 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 nine months ended September 30, 2001 are not necessarily indicative of the results that can be expected for the year ending December 31, 2001. 2 <Page> CORPORAGE DEVELOPMENT CENTERS, INC. (A DEVELOPMENT STAGE COMPANY) FINANCIAL STATEMENTS SEPTEMBER 30, 2001 AND 2000 - ------------------------------------------------------------ Ted A Madsen, CPA <Page> CORPORATE DEVELOPMENT CENTERS, INC. (A DEVELOPMENT STAGE COMPANY) BALANCE SHEET September 30, 2001 and 2000 ASSETS 2001 2000 -------------- --------------- Cash in bank $ 1,211 $ 6,955 ______________ _______________ TOTAL ASSETS $ 1,211 $ 6,955 ============== =============== LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Liabilities Loan from shareholder $ 20,000 $ 15,000 -------------- --------------- Total Liabilities 20,000 15,000 Stockholders' Equity (Deficit) Common stock, authorized 25,000,000 shares At $.001 par value, issued and outstanding 1,234,250 shares 1,234 1,234 Additional paid-in capital 52,659 51,459 (Deficit) accumulated during the development stage (72,682) (60,738) -------------- --------------- Total Stockholders' Equity (Deficit) (18,789) (8,045) TOTAL LIABILITES & STOCKHOLDER'S EQUITY (DEFICIT) $ 1,211 $ 6,955 ============== =============== 3 <Page> CORPORATE DEVELOPMENT CENTERS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 (With Cumulative Figures From Inception) Nine Months Nine Months Ended Ended From Inception September 30, September 30, August 29, 1995 to 2001 2000 September 30, 2001 ------------ ------------ ------------------ Rental Income $ - $ - $ 17,061 Expenses Advertising - - 1,657 Amortization - 3,170 Cleaning - - 1,803 Consulting - - 3,605 Depreciation - - 2,477 Fees - 350 1,433 Insurance - - 414 Office Expenses 383 - 3,507 Rent 900 900 30,409 Professional Fees 8,874 9,502 27,616 Telephone - - 5,731 Utilities - - 1,200 ------------ ------------ ------------------ Total Expenses 10,157 10,752 83,022 Other Income (Expense) Loss on sale of office furniture - - (5,091) ------------ ------------ ------------------ Total Other Income (Expense) - - (5,091) ------------ ------------ ------------------ Net (loss) before cumulative Effect of change in accounting Principle (10,157) (10,752) (71,052) Cumulative effect on prior years (to December 31, 1998) of expensing unamortized organization costs- Note B - - (1,630) ------------ ------------ ------------------ Net (loss) $ (10,157) $ (10,752) $ (72,682) ============ ============ ================== Net (loss) per common share: (Loss) before cumulative effect of change in accounting principle $ (0.01) $ (0.01) Cumulative effect on Prior years (to December) 31, 1998) of expensing unamortized organization costs 0.00 0.00 ------------ ------------ Net (loss) $ (0.01) $ (0.01) ============ ============ Weighted average shares Outstanding 1,234,250 1,234,250 ============ ============ 4 <Page> CORPORATE DEVELOPMENT CENTERS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 (With Cumulative Figures From Inception) Additional Accum- Common Stock Paid-in ulated Shares Amount Capital (Deficit) Total --------- -------- ----------- ---------- ---------- Balance August 29, 1995 - $ - $ - $ - $ - Issuance of common stock for cash @ .01 per share on August 9, 1995 800,000 800 7,200 8,000 Issuance of common stock for consulting services rendered valued at $2,000 @ .01 per share on August 9, 1995 200,000 200 1,800 2,000 Net (loss) for period (1,920) (1,920) --------- --------- --------- ---------- ---------- Balance December 31, 1995 1,000,000 1,000 9,000 (1,920) 8,080 Issuance of common stock for cash @.08 per share on March 26, 1996 534,250 534 42,206 42,740 (Less) offering costs (12,147) (12,147) Net (loss) for period (21,567) (21,567) --------- --------- ------- -------- -------- Balance, December 31, 1996 1,534,250 1,534 39,059 (23,487) 17,106 Net (loss) for period (15,228) (15,228) --------- --------- ------- -------- -------- Balance December 31, 1997 1,534,250 1,534 39,059 (38,715) 1,878 Issuance of Common Stock for cash @.05 per share on November 11, 1998 200,000 200 9,800 10,000 Cancellation of Common shares on November 11, 1998 (500,000) (500) 500 5 <Page> CORPORATE DEVELOPMENT CENTERS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 (With Cumulative Figures From Inception) Additional Accum- Common Stock Paid-in ulated Shares Amount Capital (Deficit) Total --------- ------ ---------- ------- ----- Net (loss) for period (6,736) (6,736) --------- ------ ---------- ------- ---------- Balance December 31, 1998 1,234,250 1,234 49,359 (45,451) 5,142 Additional paid in capital contributed by shareholder 1,200 1,200 Net (loss) for Period (4,535) (4,535) --------- ------ ---------- ------- ---------- Balance December 31, 1999 1,234,250 1,234 50,559 (49,986) 1,807 --------- ------ ---------- ------- ---------- Additional paid in capital contributed by shareholder 900 900 Net (loss) for period (10,752) (10,752) --------- ------ ---------- ------- --------- Balance, September 30, 2000 1,234,250 1,234 51,459 (60,738) (8,045) Additional paid in capital contributed by shareholder 300 300 Net (loss) for period (1,787) (1,787) --------- ------ ---------- ------- --------- Balance, December 31, 2000 1,234,250 1,234 51,759 (62,525) (9,532) Additional paid in capital contributed by shareholder 900 900 Net (loss) for period (10,157) (10,157) --------- ------ ---------- ------- --------- Balance, September 30, 2001 1,234,250 $ 1,234 $ 52,659 $(72,682) $ (18,789) ========= ====== ========== ======== ========== 6 <Page> CORPORATE DEVELOPMENT CENTERS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 (With Cumulative Figures From Inception) Nine Months Nine Months Ended Ended From Inception September 30, September 30, August 29, 1995 to 2001 2000 September 30, 2001 ------------ ------------ ------------------ CASH FLOWS FROM OPERATING ACTIVITIES Net Loss $ (10,157) $ (10,752) $ (72,682) Non-cash items included in net loss Loss of sale of Equipment - - 5,091 Amortization - - 4,800 Depreciation - - 2,477 Rent 900 900 3,300 Decrease in stock subscription receivable - - - ------------ ------------ ------------------ NET CASH FROM (USED) BY OPERATING ACTIVITIES (9,257) (9,852) (57,014) CASH FLOWS FROM INVESTING ACTIVITIES Organizational costs - - (2,800) Purchase of equipment - - (13,668) Proceeds from sale of equipment - - 6,100 ------------ ------------ ------------------ NET CASH (USED) BY INVESTING ACTIVITIES - - (10,368) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from sale of common stock - - 48,593 Loans from shareholders 5,000 15,000 20,000 ------------ ------------ ------------------ NET CASH FROM FINANCING ACTIVITIES 5,000 15,000 68,593 NET INCREASE (DECREASE) IN CASH (4,257) 5,148 $ 1,211 ================= CASH AT BEGINNING OF PERIOD 5,468 1,807 ------------ ------------ CASH AT END OF PERIOD $ 1,211 $ 6,955 ============ ============ 7 <Page> CORPORATE DEVELOPMENT CENTERS, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2001 AND 2000 NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company was incorporated on August 29, 1995 under the laws of the state of Nevada. The business purpose of the Company is to provide executive office facilities and services and provide corporate registered agent service to Nevada corporations. The Company will adopt accounting policies and procedures based upon the nature of future transactions. NOTE B: ORGANIZATION COSTS Organization costs were capitalized and amortized over 60 months. In January of 1999, the Company adopted a change in accounting principle and elected to charge the previously unamortized amount of organization costs to operations in the current period. The effect of this change has been reflected as a separate line item in the statement of operations. NOTE C: OFFERING COSTS The offering costs which were incurred by the Company in connection with a public stock offering were offset against the net offering proceeds of the stock offering. NOTE D: PUBLIC STOCK OFFERING In March of 1996, the Company completed the stock offering and sold 534,250 shares of its common stock at $.08 per share and received net proceeds of $30,593 from that offering. The net proceeds will be used to provide executive office facilities and services and provide corporate registered agent service to Nevada corporations. NOTE E: INCOME TAXES No provision for income taxes has been recorded in the financial statements as the Company has incurred net operating losses from the date of inception through the current year. The Company has net operating losses totaling $72,682 and $60,738 that may be used to offset future taxable income. NOTE F: OFFICE EQUIPMENT AND DEPRECIATION Office equipment is carried at cost. Expenditures for the maintenance and repair are charged against operations. Renewals and betterments that materially extend the life of the asset are capitalized. 8 <Page> CORPORATE DEVELOPMENT CENTERS, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2001 AND 2000 NOTE F: OFFICE EQUIPMENT AND DEPRECIATION (CONTINUED) Depreciation of the equipment is provided for using the straight-line method over the estimated useful lives for both federal income tax and financing reporting. All of the office equipment was sold and the existing operations were discontinued in 1997. The sale of the equipment resulted in a loss of $5,091. NOTE G: RELATED PARTY TRANSACTIONS The Company retained a shareholder to assist with the formation of the Company and issued 200,000 shares of its common stock for these services. These services were valued at $2,000 or $.01 per share. The Company paid cash to a shareholder in the amount of $2,500 in connection with the formation of the Company and the preparation and implementation of the business plan. The Company has maintained an office at the office of a shareholder during the 1999 and 2000 fiscal year. The fair market vale of this office rent has been reflected in the statement of operations at $100 per month. The shareholder has agreed to contribute this amount to the Company as additional paid in capital. A shareholder loaned $15,000 to the company in January of 2000 and also $5,000 in January of 2001, in order to assist the Company with working capital needs. NOTE H: USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principals requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financials statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. NOTE I: CANCELLATION OF SHARES In November of 1998, in order to have a more favorable capital structure, certain shareholders/officers elected to cancel previously issued shares of common stock. Of the 500,000 shares that were cancelled, 400,000 shares were previously purchased by these shareholders/ officers at $.01 per share and 100,000 were issued to a shareholder/officer for services rendered and valued at $.01 per share. 9 <Page> Item 2. Management's Discussion and Analysis or Plan of Operations Plan of Operations The Company was incorporated in the state of Nevada on August 29, 1995. At its inception, the Company was formed for the purpose of offering full service executive office space combined with other business services such as reception desk services, photo copying services, postal services and other services needed for a business executive to operate a free standing office. The Company initiated its business plan in 1996 but proved unprofitable and closed operations in 1997. Since that time, the Company has been investigating ways to get back into the executive office space business. The Company has also been investigating other products and/or services in which it might engage that have potential for profit. For the next 12 months, the Company will continue to seek out business opportunities in which it can engage and/or operating companies that it can acquire. At September 30, 2001, the Company had working capital of $1,211, enough to meet the cash requirements of the Company for approximately three months. We believe the Company will need to raise an additional $7,000 by selling additional shares or by borrowing in order to have sufficient capital to meet its needs for the next 12 months. Since the cease of operations in 1997, the Company has had extremely limited working capital which it has obtained through additional investment in the Company by principal shareholders. The Company can only continue to exist by the continued willingness of principal shareholders to fund the maintaining of the Company. In January, 2001, the Company borrowed $5,000 from a shareholder in order to continue meeting the cash demands of the Company. Management believes that funding sources will continue to be available to meet the anticipated needs of the Company's operations through at least the next 12 months. Even though the Company does not at the present time have any understandings or agreements with any persons or entities to provide such funding, shareholders having an interest in seeing that the Company remains a viable business entity have been willing to provide funds to the Company in the past either through purchasing additional stock or by loaning money to the Company. However, there can be no assurances to that effect, as the Company has no revenues and the Company's need for capital may change dramatically if it acquires an interest in a business opportunity during that period. It should also be noted that the Company is now obligated to satisfy the costs associated with filing the required reports under the Exchange Act of 1934. It appears at the present time that these costs will also have to be met through the continued sale of stock or by borrowing additional funds. The Company's current operating plan is to (i) handle the administrative and reporting requirements of a public company; and (ii) search for potential business, products, technologies and companies for acquisition. 10 <Page> CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 From time to time, the Company will make written and oral forward-looking statements about matters that involve risk and uncertainties that could cause actual results to differ materially from projected results. Important factors that could cause actual results to differ materially include, among others: - - General domestic economic and political conditions - - Changes in laws and government regulations, including without limitation regulations of the Securities and Exchange Commission - - The availability and timing of receipt of necessary outside capital - - Other risk factors described from time to time in the Company's filings with the Securities and Exchange Commission. Many of these factors are beyond the Company's ability to control and predict. Investors are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update its forward-looking statements, whether as a result of receiving new information, the occurrence of future events, or otherwise. 11 <Page> 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. (a) Exhibits None (b) Reports on Form 8-K None 12 <page> SIGNATURES In accordance with the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CORPORATE DEVELOPMENT CENTERS, INC . Date: November 6, 2001 By: /S/ Richard M. Bench Richard M. Bench, President 13