UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934.
For the quarter ended September 30, 2001 Commission file number 000-25275
SALESREPCENTRAL.COM, INC.
(Exact name of registrant as specified in its charter)
Nevada 91-1918742
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8930 E. Raintree Drive. Suite #100
Scottsdale, AZ 85260
(Address of principal executive offices) (Zip Code)
(480) 922-8444
Registrant's telephone number, including area code
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
such filing requirements for the past 90 days.
Yes X No ______
As of September 30, 2001, there were 15,117,762 shares of common stock
outstanding.
INDEX
PART I - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheet as of September 30, 2001 3
Statement of Operations
ending September 30, 2001 4
Statement of Cash Flows
ending September 30, 2001 5
Statement of Changes in Shareholders Equity
Ending September 30, 2001 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operation 7-8
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 8
Item 2. Changes in Securities 8
Item 3. Defaults by the Company upon its
Senior Securities 8
Item 4. Submission of Matter to a Vote of
Security Holders 8
Item 5. Other Information 8
SIGNATURES 8
PART I - FINANCIAL INFORMATION
SALESREPCENTRAL.COM, INC.
BALANCE SHEETS
September,30 June, 30
2001 2001
----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents $ 11,182 $(18,476)
Due from related parties 61,352 83,352
Inventory 2,656 2,656
Other current assets 1,196 1,196
----------- -----------
TOTAL CURRENT ASSETS 76,386 68,728
----------- -----------
PROPERTY AND EQUIPMENT, NET 121,036 113,206
OTHER ASSETS:
Certificate of deposit 20,000 20,000
----------- -----------
TOTAL ASSETS $ 217,422 $ 201,934
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable - trade $ 113,887 $ 72,944
Note payable - current portion 8,861 8,861
Line of Credit 21,232 21,232
Accrued liabilities 21,030 21,030
Due from Officer 100,999 103,103
----------- -----------
TOTAL CURRENT LIABILITIES 266,009 227,172
LONG-TERM LIABILITIES:
Note payable-long-term portion 2,982 2,982
----------- -----------
TOTAL LIABILITIES 268,991 230,154
----------- -----------
COMMITMENTS: -- --
STOCKHOLDERS' EQUITY:
Preferred Stock 15 15
Common stock 15,117 15,117
Additional paid-in capital 1,757,979 1,727,979
Accumulated deficit (1,824,680) (1,801,331)
----------- -----------
(51,569) (28,220)
Less: subscription receivable -- --
----------- -----------
TOTAL STOCKHOLDERS' EQUITY (51,569) (28,220)
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 217,422 $ 201,934
=========== ===========
SALESREPCENTRAL.COM, INC.
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED
SEPTEMBER 30,
2001 2000
------------------------
REVENUES $ 43,079 $ 408,668
COST OF REVENUES 27,004 121,736
------------ ------------
GROSS LOSS 16,075 286,932
GENERAL AND ADMINISTRATIVE EXPENSES 39,424 283,333
RESEARCH AND DEVELOPMENT COSTS - -
------------ ------------
LOSS FROM OPERATIONS (23,349) 3,599
OTHER EXPENSES & INTEREST EXPENSE - (157)
MISCELLANEOUS INCOME - -
------------ ------------
- (157)
------------ ------------
NET INCOME (LOSS) $ (23,349) $ 3,442
============ ============
BASIC LOSS PER COMMON SHARE $ (0.00) $ (0.00)
============ ============
WEIGHTED AVERAGE SHARES OUTSTANDING 15,117,512 15,117,512
============ ============
SALESREPCENTRAL.COM, INC.
STATEMENT OF CASH FLOWS
THREE MONTHS ENDED
SEPTEMBER 30,
2001 2000
----------- -----------
Increase (Decrease) in Cash and Cash Equivalents:
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (23,349)$ 3,442
Adjustments to reconcile net loss to net
cash used by operating activities:
Depreciation - 7,257
Changes in Assets and Liabilities:
Accounts Receivable-trade 31,542 (174,764)
Inventory - 1,468
Due from related parties 22,000 13,751
Other current assets 11,115
Accounts payable - trade (19,482) (4,643)
Accrued liabilities - (10,730)
Deferred Revenue - 97,500
----------- -----------
NET CASH USED BY OPERATING ACTIVITIES (10,712) (66,719)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment - (22,099)
Purchase of certificate of deposit - -
Notes receivable - -
----------- -----------
NET CASH USED BY INVESTING ACTIVITIES (10,712) (22,099)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Debt 1,266 (1,898)
Proceeds for loans - -
Proceeds from stock transactions - 30,000
----------- -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES 9,446 28,102
----------- -----------
Net change in cash and cash equivalents 9,446 (60,716)
Cash and cash equivalents at beginning of the period 1,127 62,631
----------- -----------
Cash and cash equivalents at end of the period $ 10,572 $ 1,915
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid $ - $ (157)
=========== ===========
SALESREPCENTRAL.COM, INC.
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE
YEAR ENDED JUNE 30, 2001 AND FOR THE THREE MONTH PERIOD
ENDED SPETEMBER 30, 2001 (UNAUDITED)
Additional
Preferred Common Paid In
Shares Amount Shares Amount Capital
Balance at June 30, 2000 14,525 $15 15,117,512 $15,117 $1,727,979
Additional Capitalization
from existing shareholder 0 0 0 0 30,000
Net Loss 0 0 0 0 0
------- ------ ---------- -------- ---------
Balance at June 30, 2001 14,525 $15 15,117,512 $15,117 $1,757,979
------- ------ ---------- -------- ---------
Additional Capitalization
from existing shareholder 0 0 0 0 0
Net Loss 0 0 0 0 0
------- ------ ---------- -------- ----------
Balance at
September 30, 2001 14,525 $15 15,117,512 $15,117 $1,757,979
========= ======= ========== ======= =========
SALESREPCENTRAL.COM, INC.
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE
YEAR ENDED JUNE 30, 2001 AND FOR THE THREE MONTH PERIOD
ENDED SPETEMBER 30, 2001 (UNAUDITED)
(continued)
Stock Accumulated
Receivable Subscription Total
Deficit
Balance at June 30, 2000 $ 0 $(1,584,078) $159,033
Additional Capitalization from existing
shareholder 0 0 30,000
Net Loss 0 (217,253) (217,253)
-------- ---------- ---------
Balance at June 30, 2001 $ 0 $(1,801,331) $(28,220)
========= ============ =========
Additional Capitalization from existing
shareholder 0 0
Net Loss 0 (23,349) (23,349)
--------- ---------- ---------
Balance at June 30, 2001 $ 0 $(1,824,680) $(51,569)
========= ============ =========
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
THE FOLLOWING DISCUSSION AND ANALYSIS OF OUR FINANCIAL CONDITION AND RESULTS
OF OPERATIONS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND
RELATED NOTES CONTAINED IN THIS REPORT. THIS DISCUSSION CONTAINS FORWARD-
LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT
AND SECTION 21E OF THE EXCHANGE ACT. WE MAY IDENTIFY THESE STATEMENTS BY THE
USE OF WORDS SUCH AS BELIEVE, EXPECT, ANTICIPATE, INTEND, PLAN AND SIMILAR
EXPRESSIONS. THESE FORWARD-LOOKING STATEMENTS INVOLVE SEVERAL RISKS AND
UNCERTAINTIES. OUR ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE
ANTICIPATED IN THESE FORWARD-LOOKING STATEMENTS AS A RESULT OF VARIOUS
FACTORS. THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS
REPORT, AND WE CAUTION YOU NOT TO RELY ON THESE STATEMENTS WITHOUT ALSO
CONSIDERING THE RISKS AND UNCERTAINTIES ASSOCIATED WITH THESE STATEMENTS AND
OUR BUSINESS ADDRESSED IN THIS AND OUR ANNUAL REPORT.
OVERVIEW
SalesRepCentral.com, Inc. (SalesRepCentral/The Company) was incorporated in
May of 1999. SalesRepCentral is an online sales community and content
provider of online B2B Internet resources for the corporate sales team. Our
content is specifically designed to provide comprehensive sales resources,
daily training articles, and other features that meet the needs of the sales-
professional. We have designed our products and services to enhance
interaction and communication within the sales-team by offering a complete on-
line sales solution.
Our web-portal was developed exclusively for the sales community including
professional sales-representatives, sales-managers and corporate executives.
The site is designed to create a user-friendly, informative and personalized
experience while providing members with the convenience of transacting
business on-line. The portal was designed by former sales-professionals and
provides all of the latest tools used by sales-professionals to facilitate
the sales process.
SalesRepCentral's web-site features 11 content channels offering exclusive
products and services that also provide value-added features allowing the
sales-professional to perform his job more effectively. Visitors to our web-
site will find comprehensive content developed specifically for the sales-
professional combining education, sales tools and resources, services and
strategic partnerships in one easy-to-use location. Other features of our
Internet-site include employment and job-placement, a full-service travel
agency, leasing and lending services and sales leads. Our web-site also
provides banner advertising, promotional spotlights and channel sponsorships.
RESULTS OF OPERATIONS:
REVENUES
Total revenues for the three months ending September 30, 2001 increased to
$43,079 compared to $408,668 for the three months ending September 30, 2001.
The decrease in revenue is determined to be the cause of overall
deteriorating market conditions and economic factors and a significant
decrease in internet related spending.
NET INCOME
The Company's net income for the three months ending September 30, 2001 was a
net loss of $23,349 compared to a net income of $3,442 for the same three
months ending September 30, 2000.
LIQUIDITY AND CAPITAL RESOURCES
Since inception, SalesRepCentral has financed operations primarily through
the private sales of equity. We believe that we have the financial resources
and sales activity needed to meet our presently anticipated business
requirements, including capital expenditures and strategic operating programs
for the current year. Thereafter, if cash generated by operations is
insufficient to satisfy our liquidity requirements, we may need to seek
alternative financing such as selling additional equity or debt securities or
obtaining additional credit facilities. However, depending on market
conditions, we may consider alternative financing even if our financial
resources are adequate to meet presently anticipated business requirements.
The sale of additional equity or convertible debt securities may result in
additional dilution to our stockholders. Financing may not be available on
terms acceptable to us or at all.
PART II
ITEM 1. LEGAL PROCEEDINGS
SalesRepCentral is currently engaged in a lawsuit were Eller Media, Inc. is
the Plantiff. Eller Media is suing SalesRepCentral.com, Inc. alleging that
monies are due for airport advertising that SalesRepCentral.com, Inc. claims
was cancelled. The case is being defended by Meckler, Bulger & Tilson in
Chicago, Illinois and is currently awaiting trial and or a settlement between
the parties.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
We did not enter into any agreements, which would result in the sale or
issuance of any potentially dilutive securities during the period covered by
this filing.
ITEM 3. ADDITIONAL CONTRIBUTED CAPITAL
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY VOTERS
No matters were submitted to a vote of security holders during the period
covered by this filing.
ITEM 5. OTHER INFORMATION
SUBSEQUENT EVENTS
On August 14, 2001 SalesRepCentral.com, Inc. executed an Agreement and Plan
of Merger (Agreement) with Interactive Motorsport Inc., a Delaware
corporation (Interactive), wherein Interactive will merge with SalesRep
Subsidiary Corp. and become a wholly owned subsidiary of SalesRepCentral. The
transaction is pending stockholder approval.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
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.
SALESREPCENTRAL.COM, INC.
(Registrant)
By: /s/ Ralph Massetti
Ralph Massetti
President
Date: November 16, 2000