U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: December 31, 2000
Commission file no.: 000-29197
United Service Attendants, Inc.
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(Name of Small Business Issuer in its Charter)
Florida 65-0950421
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(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
4718 Lillian Avenue
Palm Beach Gardens, FL 33418
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (561) 694-9321
Securities to be registered under Section 12(b) of the Act:
Title of each class Name of each exchange
on which registered
None None
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Securities to be registered under Section 12(g) of the Act:
Common Stock, $.0001 par value per share
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(Title of class)
Copies of Communications Sent to:
Donald F. Mintmire
Mintmire & Associates
265 Sunrise Avenue, Suite 204
Palm Beach, FL 33480
Tel: (561) 832-5696 - Fax: (561) 659-5371
Indicate by Check whether the issuer (1) filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the past 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
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As of December 31, 2000, there are 5,650,000 shares of voting stock of
the registrant issued and outstanding.
PART I
Item 1. Financial Statements
United Service Attendants, Inc.
INDEX TO THE FINANCIAL STATEMENTS
Independent Accountant's Review Report.......................................F-1
Balance Sheet................................................................F-2
Statement of Operations and Accumulated Deficit..............................F-3
Statement Changes in Stockholders' Equity....................................F-4
Statement of Cash Flows......................................................F-5
Notes to Financial Statements................................................F-6
Dorra Shaw & Dugan
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
The Board of Directors and Stockholders
United Service Attendants, Inc.
Palm Beach, Florida
We have reviewed the accompanying balance sheet of United Service Attendants,
Inc. (a Florida corporation and a development stage company) as of December 31,
2000, and the related statements of Operation and Deficit accumulated during the
development stage, and Cash Flows for the three months then ended, in accordance
with Statements on Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants. All information included in
these financial statements is the representation of the management of United
Service Attendants, Inc.
A review consists principally of inquiries of company personnel and analytical
procedures applied to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, 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 upon our review, we are not aware of any material modifications that
should be made to the accompanying financial statements in order for them to be
in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As shown in the financial statements,
the Company has incurred net losses since its inception. The Company's financial
position and operating results raise substantial doubt about its ability to
continue as a going concern. Management's plan regarding those matters also are
described in Note D. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
/s/ Dorra Shaw & Dugan
Certified Public Accountants
February 10, 2001
270 South County Road * Palm Beach, FL 33480
Telephone (561) 822-9955 * Fax (561) 832-7580
Website: dsd-cpa.cpm
F-1
UNITED SERVICE ATTENDANTS, INC.
(A Development Stage Company)
BALANCE SHEET
December 31, 2000
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ASSETS
Current Assets:
Cash $ 850
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TOTAL CURRENT ASSETS 850
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$ 850
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LIABILITIES
Current Liabilities:
Accrued expenses $ -
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TOTAL CURRENT LIABILITIES -
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-
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STOCKHOLDERS' EQUITY
Common stock - $.0001 par value - 50,000,000 shares authorized
5,650,000 shares issued and outstanding 565
Preferred stock - No par value - 10,000,000 shares authorized
No shares issued or outstanding -
Additional paid-in-capital 10,365
Deficit accummulated during the development stage
(10,080)
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TOTAL STOCKHOLDERS' EQUITY 850
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$ 850
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See Accompanying Notes to Financial Statements
F-2
UNITED SERVICE ATTENDANTS, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS AND DEFICIT
ACCUMULATED DURING THE DEVELOPMENT STAGE
For the three months ended December 31, 2000
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Revenues $ -
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Operating expenses:
Professional fees 2,500
Total operating expenses 2,500
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Loss before income taxes (2,500)
Income taxes -
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Net loss (2,500)
Deficit accumulated during the
development stage - October 1, 2000 (7,850)
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Deficit accumulated during the
development stage - December 31, 2000 $ (10,350)
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Net loss per share $ (0.0004)
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See Accompanying Notes to Financial Statements
F-3
UNITED SERVICE ATTENDANTS, INC.
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
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Additional
Number of Preferred Common Paid - In Deficit
Shares Stock Stock Capital Accumulated Total
- --- ---------------------------------------- ------------ ----------- --------------------- ----------- ------------
Beginning balance:
May 11, 1994 - Services 4,650,000 $ - $ 465 $ 465 $ - $ 930
(Date of Inception)
November 14, 1999 - Stock
Split - 5000 to 1
Issuance of Common Stock:
December 29, 1999 1,000,000 - 100 9,900 - 10,000
Deficit accumulated during the
development stage - - - - (10,080) (10,080)
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Balance - December 31, 2000 5,650,000 $ - $ 565 $ 10,365 $ (10,080)$ 850
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See Accompanying Notes to Financial Statements
F-4
UNITED SERVICE ATTENDANTS, INC.
(A Development Stage Company)
Statement of Cash Flows
For the three months ended December 31, 2000
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Operating Activities:
Net loss $ (2,500)
Adjustments to reconcile net loss to net cash
used by operating activities:
Increase in:
Accrued expenses (1,500)
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Net cash used by operating activities (4,000)
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Net decrease in cash (4,000)
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Cash - October 1, 2000 $ 4,850
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Cash - December 31, 2000 $ 850
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See Accompanying Notes to Financial Statements
F-5
UNITED SERVICE ATTENDANTS, INC.
NOTES TO FINANCIAL STATEMENTS
Note A - Summary of Significant Accounting Policies:
Organization
United Service Attendants, Inc. (a development stage company) is a Florida
Corporation organized to provide service attendants at airports. The Company
failed in its attempt to implement its initial business plan and during December
1994 abandoned its efforts. The Company had no operations for the period prior
to December 1994. The Company was inactive and there were no transactions from
December 1994 to the date of reinstatement by the State of Florida on October
13, 1999 that affect the balances reflected in the financial statements as of
October 1, 1999.
The Company has a new business plan, which was adopted on or about November 1,
1999, which is to engage in seeking potential operating businesses and business
opportunities with the intent to acquire or merge with such businesses. The
assets of the Company will be used for its expenses of operation to implement
this plan.
Accounting Method
The Company's financial statements are prepared using the accrual method of
accounting. The Company has elected a September 30 year-end.
Start - Up Costs
Start - up and organization costs are being expensed as incurred.
Loss Per Share
The computation of loss per share of common stock is based on the weighted
average number of shares outstanding at the date of the financial statements.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.
Interim Financial Statements
The December 31, 2000 interim financial statements include all adjustments,
which in the opinion of management are necessary in order to make the financial
statements not misleading.
F-6
UNITED SERVICE ATTENDANTS, INC
NOTES TO FINANCIAL STATEMENTS
Note B - Stockholders' Equity:
On May 11, 1994, the Company issued 930 shares of common stock, in lieu of cash,
for the fair market value of services rendered by its initial stockholders. On
November 14, 1999, the company effected a forward stock split at the rate of
5,000 to 1, increasing issued and outstanding stock to 4,650,000. On December
29, 1999, the company sold a total of 1,000,000 additional shares of common
stock for the sum of $10,000.
The $2,500 in professional fees includes the costs and expenses of legal and
accounting service associated with the preparation and filing of the
registration statement.
At December 31, 2000, the Company had authorized 50,000,000 shares of $.0001 par
value common stock and had 5,650,000 shares of common stock issued and
outstanding. In addition, the Company authorized 10,000,000 shares of preferred
stock with the specific terms; conditions, limitations and preferences to be
determined by the Board of Directors. None of the preferred stock was issued and
outstanding as of December 31, 2000.
Note C - Income Taxes:
The Company has a net operating loss carry forward of $9,000 that may be offset
against future taxable income. If not used, the carry forward will expire in
2020.
The amount recorded as deferred tax assets, cumulative as of December 31, 2000
is $1,400, which represents the amounts of tax benefits of loss carry-forwards.
The Company has established a valuation allowance for this deferred tax asset of
$1,400, as the Company has no history of profitable operations.
Note D - Going Concern:
The Company's financial statements are prepared using generally accepted
accounting principles applied to a going concern which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. The Company has incurred losses from its inception through December
31, 2000. It has not established revenues sufficient to cover operating costs
and to allow it to continue as a going concern. Management plans currently
provide for experts to secure a successful acquisition or merger partner so that
it will be able to continue as a going concern. In the event such efforts are
unsuccessful, contingent plans have been arranged to provide that the current
Director of the Company is to fund required future filings under the 34 Act, and
existing shareholders have expressed an interest in additional funding if
necessary to continue the Company as a going concern.
F-7
Item 2. Management's Discussion and Analysis or Plan of Operation
The Company is considered a development stage company with limited
assets or capital, and with no operations or income since approximately 1996.
The costs and expenses associated with the preparation and filing of this
registration statement and other operations of the Company have been paid for by
a shareholder, specifically William W. Wilson. Mr. Wilson has agreed to pay
future costs associated with filing future reports under Exchange Act of 1934 if
the Company is unable to do so. It is anticipated that the Company will require
only nominal capital to maintain the corporate viability of the Company and any
additional needed funds will most likely be provided by the Company's existing
shareholders or its sole officer and director in the immediate future. Current
shareholders have not agreed upon the terms and conditions of future financing
and such undertaking will be subject to future negotiations, except for the
express commitment of Mr. Wilson to fund required 34 Act filings. Repayment of
any such funding will also be subject to such negotiations. However, unless the
Company is able to facilitate an acquisition of or merger with an operating
business or is able to obtain significant outside financing, there is
substantial doubt about its ability to continue as a going concern.
In the opinion of management, inflation has not and will not have a
material effect on the operations of the Company until such time as the Company
successfully completes an acquisition or merger. At that time, management will
evaluate the possible effects of inflation on the Company as it relates to its
business and operations following a successful acquisition or merger.
Management plans currently provide for experts to secure a successful
acquisition or merger partner so that it will be able to continue as a going
concern. In the event such efforts are unsuccessful, contingent plans have been
arranged to provide that the current Director of the Company is to fund required
future filings under the 34 Act, and existing shareholders have expressed an
interest in additional funding if necessary to continue the Company as a going
concern.
Plan of Operation
During the next twelve months, the Company will actively seek out and
investigate possible business opportunities with the intent to acquire or merge
with one or more business ventures. In its search for business opportunities,
management will follow the procedures outlined in Item 1 above. Because the
Company has limited funds, it may be necessary for the sole officer and director
to either advance funds to the Company or to accrue expenses until such time as
a successful business consolidation can be made. Management intends to hold
expenses to a minimum and to obtain services on a contingency basis when
possible. Further, the Company's directors will defer any compensation until
such time as an acquisition or merger can be accomplished and will strive to
have the business opportunity provide their remuneration. However, if the
Company engages outside advisors or consultants in its search for business
opportunities, it may be necessary for the Company to attempt to raise
additional funds. As of the date hereof, the Company has not made any
arrangements or definitive agreements to use outside advisors or consultants or
to raise any capital. In the event the Company does need to raise capital most
likely the only method available to the Company would be the private sale of its
securities. Because of the nature of the Company as a development stage company,
it is unlikely that it could make a public sale of securities or be able to
borrow any significant sum from either a commercial or private lender. There can
be no assurance that the Company will able to obtain additional funding when and
if needed, or that such funding, if available, can be obtained on terms
acceptable to the Company.
The Company does not intend to use any employees, with the possible
exception of part-time clerical assistance on an as-needed basis. Outside
advisors or consultants will be used only if they can be obtained for minimal
cost or on a deferred payment basis. Management is convinced that it will be
able to operate in this manner and to continue its search for business
opportunities during the next twelve months.
Results of Operations -For the Three Months Ending December 31, 2000
Financial Condition, Capital Resources and Liquidity
For the three months ending December 31, 2000, the Company had assets
totaling $850 and liabilities of $0.00. The Company's working capital is
presently minimal and there can be no assurance that the Company's financial
condition will improve. The Company is expected to continue to have minimal
working capital or a working capital deficit as a result of current liabilities.
Net Operating Losses
The Company has net operating loss carry-forwards of $9,000 expiring in
2020. The company has a $1,400 deferred tax asset resulting from the loss
carry-forwards, for which it has established a 100% valuation allowance. Until
the Company's current operations begin to produce earnings, it is unclear as to
the ability of the Company to utilize such carry-forwards.
Year 2000 Compliance
The Company did not experience any material negative impact to its
operations as a result of the Year 2000 calendar change. The Company did not
experience any material impact to its financial condition as a result of
becoming Year 2000 compliant. The Company does not anticipate any material
disruption in its operations in the future as a result of the Year 2000 calendar
change.
Forward-Looking Statements
This Form 10-QSB includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, included or incorporated by reference in
this Form 10-QSB which address activities, events or developments which the
Company expects or anticipates will or may occur in the future, including such
things as future capital expenditures (including the amount and nature thereof),
business strategy, expansion and growth of the Company's business and
operations, and other such matters are forward-looking statements. These
statements are based on certain assumptions and analyses made by the Company in
light of its experience and its perception of historical trends, current
conditions and expected future developments as well as other factors it believes
are appropriate in the circumstances. However, whether actual results or
developments will conform with the Company's expectations and predictions is
subject to a number of risks and uncertainties, general economic market and
business conditions; the business opportunities (or lack thereof) that may be
presented to and pursued by the Company; changes in laws or regulation; and
other factors, most of which are beyond the control of the Company.
Consequently, all of the forward-looking statements made in this Form 10-QSB are
qualified by these cautionary statements and there can be no assurance that the
actual results or developments anticipated by the Company will be realized or,
even if substantially realized, that they will have the expected consequence to
or effects on the Company or its business or operations. The Company assumes no
obligations to update any such forward-looking statements.
PART II
Item 1. Legal Proceedings.
The Company knows of no legal proceedings to which it is a party or to
which any of its property is the subject which are pending, threatened or
contemplated or any unsatisfied judgments against the Company.
Item 2. Changes in Securities and Use of Proceeds
None
Item 3. Defaults in Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted during the quarter ending December 31, 2000,
covered by this report to a vote of the Company's shareholders, through the
solicitation of proxies or otherwise.
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:
Exhibit No. Description
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3(i).1 Articles of Incorporation filed May 11, 1994
3(i).2 Articles of Amendment filed November 9, 1999
3(ii).1 By-laws
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Incorporated herein by reference to the Company's Registration Statement on Form
10-SB.
(b) No Reports on Form 8-K were filed during the quarter ended December
31, 2000.
Signatures
In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
there unto duly authorized.
United Service Attendants, Inc.
(Registrant)
Date: February 12, 2001 BY: /s/ William W. Wilson
-----------------------------------------
William W. Wilson, President
In accordance with the Exchange Act, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.
Date Signature Title
February 12, 2001 BY: /s/ William W. Wilson
--------------------
William W. Wilson President, Secretary,
Treasurer and Director