SALESREPCENTRAL.COM, INC.
FOR THE QUARTER ENDED
MARCH 31, 2002
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 March 31, 2002 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.)
8585 E Hartford Drive Suite #114
Scottsdale, AZ 85255
(Address of principal executive offices) (Zip Code)
877-808-7737
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 March 31, 2002, 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 March 31, 2002 3
Statement of Operations
ending March 31, 2002 4
Statement of Cash Flows
ending March 31, 2002 5
Statement of Changes in Shareholders Equity
Ending March 31, 2002 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
March 31, March 31,
2002 2001
----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents $ 10,110 $ 36,121
Due from related parties 61,575 78,050
Accounts Receivable - Trade - 516,092
Inventory 2,656 2,819
Other current assets 2,525 5,594
----------- -----------
TOTAL CURRENT ASSETS 76,866 638,676
----------- -----------
PROPERTY AND EQUIPMENT, NET 130,651 118,742
OTHER ASSETS:
Certificate of deposit 20,000 20,000
----------- -----------
TOTAL ASSETS $ 227,517 $ 777,418
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable - trade $ 121,439 $ 247,495
Note payable - current portion 6,671 110,957
Line of Credit 21,233
Accrued liabilities 300
Due from Officer 101,005
----------- -----------
TOTAL CURRENT LIABILITIES 250,249 358,752
LONG-TERM LIABILITIES:
Note payable-long-term portion 2,982 6,075
----------- -----------
TOTAL LIABILITIES 253,330 364,827
----------- -----------
COMMITMENTS: -- --
STOCKHOLDERS' EQUITY:
Preferred Stock 15 15
Common stock 15,117 15,117
Additional paid-in capital 1,757,979 1,757,979
Accumulated deficit (1,827,144) (1,360,520)
----------- -----------
(25,813) 412,591
Less: subscription receivable -- --
----------- -----------
TOTAL STOCKHOLDERS' EQUITY (25,813) 412,591
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 227,517 $ 777,418
=========== ===========
SALESREPCENTRAL.COM, INC.
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED
MARCH 31,
2002 2001
------------ ------------
REVENUES $ 83,408 $ 451,285
COST OF REVENUES 31,119 49,987
------------ ------------
GROSS INCOME 52,189 401,298
GENERAL AND ADMINISTRATIVE EXPENSES 14,864 309,373
RESEARCH AND DEVELOPMENT COSTS - -
------------ ------------
INCOME FROM OPERATIONS 37,323 91,925
OTHER EXPENSES & INTEREST EXPENSE - 9,144
MISCELLANEOUS INCOME - -
------------ ------------
- -
------------ ------------
NET INCOME (LOSS) $ 37,323 $ 101,069
============ ============
BASIC LOSS PER COMMON SHARE $ (0.00) $ (0.01)
============ ============
WEIGHTED AVERAGE SHARES OUTSTANDING 15,117,512 15,117,512
============ ============
SALESREPCENTRAL.COM, INC.
STATEMENT OF CASH FLOWS
NINE MONTHS ENDED
MARCH 31,
2002 2001
----------- -----------
Increase (Decrease) in Cash and Cash Equivalents:
CASH AND CASH WQUILALENTS USED BY OPERATING
ACTIVITIES: 22,784 (25,931)
----------- -----------
NET CASH USED BY OPERATING ACTIVITIES 22,784 (25,931)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment - (25,515)
Purchase of certificate of deposit - -
Notes receivable - -
----------- -----------
NET CASH USED BY INVESTING ACTIVITIES (9,615) (25,515)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Debt (3,796) -
Proceeds for loans - -
Proceeds from stock transactions - -
----------- -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES (3,796) 24,936
----------- -----------
Net change in cash and cash equivalents 9,615 (26,510)
Cash and cash equivalents at beginning of the period 1,127 62,631
----------- -----------
Cash and cash equivalents at end of the period $ 10,500 $ 36,121
=========== ===========
SALESREPCENTRAL.COM, INC.
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE
YEAR ENDED JUNE 30, 2001 AND FOR THE NINE MONTH PERIOD
ENDED MARCH 31, 2002 (UNAUDITED)
Additional
Preferred Common Paid In
Shares Amount Shares Amount Capital
Balance at June 30, 2001 14,525 $15 9,798,150 $ 9,789 $1,240,187
Additional Capitalization
from existing shareholder 0 0 0 0 0
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 March 31, 2002 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 NINE MONTH PERIOD
ENDED MARCH 31, 2002 (UNAUDITED)
(continued)
Stock Accumulated
Receivable Subscription Total
Deficit
Balance at June 30, 2001 $ 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 (25,813) 5,755
--------- ------------ ---------
Balance at March 31, 2002 $ 0 $(1,827,144) $(22.465)
========= ============ =========
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 Website features 6 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
Website 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 Website also
provides banner advertising, promotional spotlights and channel sponsorships.
RESULTS OF OPERATIONS:
REVENUES
Total revenues for the three months ending March 31, 2002 decrease to $83,408
compared to $451,285 for the three months ending March 31, 2001. The
decrease in revenue is determined to be the cause of overall continuing,
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 March 31, 2002 was a net
income of $37,323 compared to a net income of $101,069 for the same three
months ending March 31, 2001.
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 has recently settled a lawsuit with Eller Media, Inc. for
$125,000 payable at $2,500.00 per month installments for thirty-six months
with a balloon payment for the remaining balance thereafter.
SalesRepCentral has paid a judgement for approximately $2600.00 awarded to
Mindi S. Osborn, a former bookkeeper for the company, which resulted from a
dispute over professional charges.
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 remains pending SEC & 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: May 15, 2002