UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT TO THE 1934
ACT REPORTING REQUIREMENTS
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000Commission File No.
000-27339
10
BEPARIKO BIOCOM
(Exact name of registrant as specified in its charter)
Nevada 88-0426887
(State of organization) (I.R.S. Employer Identification No.)
8452 Boseck Dr., Suite 272, Las Vegas, NV 89145
(Address of principal executive offices)
Registrant's telephone number, including area code (702) 228-4688
Check whether the issuer (1) filed all reports required to be
file by Section 13 or 15(d) of the Exchange Act during the past
12 months and (2) has been subject to such filing requirements
for the past 90 days. Yes X
There are 5,750,000 shares of common stock outstanding as of May
11, 2000.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The financial statements and supplemental data required by this
Item follow the index of financial statements appearing at Item 6
of this Form 10Q-SB.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This statement includes projections of future results and
"forward-looking statements" as that term is defined in Section
27A of the Securities Act of 1933 as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934 as
amended (the "Exchange Act"). All statements that are included in
this Registration Statement, other than statements of historical
fact, are forward-looking statements. Although Management
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Important factors
that could cause actual results to differ materially from the
expectations are disclosed in this Statement, including, without
limitation, those expectations reflected in forward-looking
statements contained in this Statement.
Plan of Operation
The Company's Plan of Operation has not changed since the filing
of its amended Form 10-SB filed with the SEC on December 20,
1999. The description of the current plan of operation is
incorporated by reference to Section 2 of its amended Form 10-SB.
Competition Bepariko BioCom may encounter
Bepariko is an insignificant participant among firms, which
engage in business combinations with financing of development
stage enterprises. There are many established management and
financial consulting companies and venture capital firms which
have significantly greater financial and personnel resources,
technical expertise and experience than Bepariko. In view of our
company's limited financial resources and management
availability, it will continue to be at a significant competitive
disadvantage.
Year 2000 Compliance
The Company is aware of the on-going issues associated with the
year 2000 programming code in existing computer systems. The
Company has assessed these issues as they relate to the Company,
and since the Company currently has no operating business and
does not use any computers, and since it has no customers,
suppliers or other constituents, it does not believe that there
are any material year 2000 issues to disclose in this report.
Employees
The Company's only employees at the present time are its officers
and directors, who will devote as much time as the Board of
Directors determine is necessary to carry out the affairs of the
Company.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal
proceedings and, to the best of its knowledge, no such action has
been threatened by or against the Company.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
On January 21, 2000, the company completed a public offering that
was registered with the State of Nevada and was in compliance
with federal registration pursuant to the Form SB-2 filed with
the Securities and Exchange Commission being declared effective
on December 22, 1999. Subsequently the company sold 5,000,000
shares of its common stock at a stock price of $0.004 per share
for a total cash raised of $20,000.
At the end of the quarter there were 5,750,000 shares of common
stock outstanding.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most recent quarter.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
FINANCIAL STATEMENTS
Audited financial statements as of March 31, 2000, and for the
three-month periods then ended.
INDEPENDENT AUDITORS' REPORT
Board of Directors April 11, 2000
Bepariko BioCom
Las Vegas, Nevada
I have audited the accompanying Balance Sheets of Bepariko BioCom
(A Development Stage Company), as of March 31, 2000, and December
31, 1999, and the related statements of stockholders' equity for
March 31, 2000, and December 31, 1999, and statements of
operation and cash flows for the three months ending March 31,
2000, and March 31, 1999, and the two years ended December 31,
1999, and December 31, 1998, and the period April 2, 1997
(inception), to March 31, 2000. These financial statements are
the responsibility of the Company's management. My responsibility
is to express an opinion on these financial statements based on
my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Bepariko BioCom (A Development Stage Company), as of March 31,
2000, and December 31, 1999, and statements of operations and
cash flows for the three months ending March 31, 2000, and March
31, 1999, and the two years ended December 31, 1999, and December
31, 1998, and the period Aril 2, 1997 (inception), to March 31,
2000, in conformity with generally accepted accounting
principles.
The accompany financial statements have been prepared assuming
the Company willcontinue as a going concern. As discussed in Note
#5 to the financial statements, the Company has suffered
recurring losses from operations and has no established source of
revenue. This raises substantial doubt about its ability to
continue as a going concern. Management's plan in regard to these
matters is described in Note #5. These financial statements do
not include any adjustments that might result from the outcome of
this uncertainty.
/s/ Barry L. Friedman
Barry L. Friedman
Certified Public Accountant
Bepariko BioCom
(A Development Stage Company)
BALANCE SHEET
3 Mos. Ending Year Ended Dec.
March 31, 2000 31, 1999
ASSETS
CURRENT ASSETS:
CASH $14,500 0
TOTAL CURRENT ASSETS $14,500 0
OTHER ASSETS; 0 0
TOTAL OTHER ASSETS 0 0
TOTAL ASSETS $14,500 0
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES;
Officers Advances (Note #6) $2,100 $1,500
TOTAL CURRENT LIABILITIES $2,100 $1,500
STOCKHOLDERS' EQUITY;
Preferred stock, $0.001 par 0
value
Authorized 10,000,000 shares
Issued and outstanding at March
31, 2000 -none
Common stock, $0.001 par value, $750
authorized 100,000,000 shares
issued and outstanding at
December 31, 1999 - 750,000
shares
March 31, 2000 - 5,750,000 5,750
Additional paid-in Capital 32,324 17,324
Deficit accumulated during the -25,674 -19,574
development stage
TOTAL STOCKHOLDERS' EQUITY $12,400 $-1,500
TOTAL LIABILITIES AND $14,500 $0
STOCKHOLDERS' EQUITY
The accompanying notes are an integral part of these financial
statements
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF OPERATION
3 Mos. 3 Mos. Year Ended Year Ended
Ended Ended March Dec. 31, Dec. 31, Apr. 2,
March 31, 31, 1999 1999 1998 1997
2000 (Incepti
on) to
March
31, 2000
INCOME:
Revenue $0 $0 $0 $0 $0
EXPENSES:
General, Selling $6,100 $0 $1,500 $0 $25,524
and
Administrative
Amortization 0 98 98 30 150
Total Expenses $6,100 $98 $1,598 $30 $25,674
Net Profit/Loss(-$-6,100 $-98 $-1,598 $-30 $-25,674
)
Net Profit/Loss $-.0013 $-.001 $-.0002 NIL $-.0250
(-) Per weighted
Share (Note 2)
Weighted average 4,596,154 750,000 750,000 750,000 1,069,63
Number of common 5
Shares
outstanding
The accompanying notes are an integral part of these financial
statements
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Common Shares Stock Amount Additional paid- Accumulated
in Capital Deficit
Balance, 750,000 $750 $17,324 $-17,976
December 31, 1997
Net loss, Year -1,598
Ended
December 31, 1998
Balance, 750,000 $750 $17,324 $-19,574
December 31, 1999
January 21, 2000 5,000,000 5,000 15,000 0
Issued for Cash
Net Loss January 1, -6,100
2000 to
March 31, 2000
Balance, 5,750,000 $5,750 $32,324 $-25,674
March 31, 2000
The accompanying notes are an integral part of these financial
statements
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF CASH FLOWS
3 Mos. ended 3 Mos. Ended Year Ended Year Ended Apr. 2, 1997
March 31, 2000 March 31, 1999 December 31, December 31, (Inception) to
1999 1998 March 31, 2000
Cash Flows from
Operating Activities:
Net Loss $-6,100 $-98 $-1,598 $-30 $-25,674
Adjustment to
Reconcile net loss to
cash provided by
operating activities:
Amortization 0 +98 +98 +30 +150
Changes in Assets and
Liabilities:
Organization Costs 0 0 0 0 -150
Increase in current
Liabilities:
Officers Advances +600 0 +1,500 0 +2,100
Net cash used in $5,500 $0 $0 $0 $-23,574
operating Activities
Cash Flows from 0 0 0 0 0
Investing Activities
Cash Flows from
Financing Activities:
Issuance of common +20,000 0 0 0 +38,074
stock
Net increase $+14,500 $0 $0 $0 $+14,500
(decrease) in cash
Cash, Beginning of 0 0 0 0 0
period
Cash, end of period $14,500 $0 $0 $0 $14,500
The accompanying notes are an integral part of these financial
statements
Bepariko BioCom
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
March 31, 2000, and December 31, 1999
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized April 2, 1997, under the laws of the
State of Nevada as Bepariko BioCom. The Company currently has no
operations and in accordance with SFAS #7, is considered a
development company.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Method
The Company records income and expenses on the accrual method.
Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles 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 financial statements and the
reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
Cash and equivalents
The Company maintains a cash balance in a non-interest-bearing
bank that currently does not exceed federally insured limits. For
the purpose of the statements of cash flows, all highly liquid
investments with the maturity of three months or less are
considered to be cash equivalents. There are no cash equivalents
as of March 31, 2000.
Income Taxes
Income taxes are provided for using the liability method of
accounting in accordance with Statement of Financial Accounting
Standards No. 109 (SFAS #109) "Accounting for Income Taxes". A
deferred tax asset or liability is recorded for all temporary
difference between financial and tax reporting. Deferred tax
expense (benefit) results from the net change during the year of
deferred tax assets and liabilities.
Reporting on Costs of Start-up Activities
In April 1998, the American Institute of Certified Public
Accountants issued Statement of Position 98-5 ("SOP 98-5"),
"Reporting the Costs of Start-up Activities" which provides
guidance on the financial reporting of start-up costs and
organizational costs. It requires costs of start-up activities
and organization costs to be expensed as incurred. SOP 98-5 is
effective for fiscal years beginning after December 15, 1998,
with initial adoption reported as the cumulative effect of a
change in accounting principal.
Loss Per Share
Net loss per share is provided in accordance with Statement of
Financial Accounting Standards No. 128 (SFAS #128) "Earnings Per
Share". Basic loss per share is computed by dividing losses
available to common stockholders by the weighted average number
of common shares outstanding during the period. Diluted loss per
share reflects per share amounts that would have resulted if
dilative common stock equivalents had been converted to common
stock. As of March 31, 2000, the Company had no dilative common
stock equivalents such as stock options.
Year End
The Company has selected December 31st as its year-end.
Year 2000 Disclosure
Computer programs that have time sensitive software may recognize
a date using "00" as the year 1900 rather than the year 2000.
This could result in a system failure or miscalculations causing
disruption of normal business activities.
The company's potential software suppliers have verified that
they will rpovide only certified "Year 2000" compatible software
for all of the company's computing requirements. Because the
company's products and services are sold to the general public
with no major customers, the company believes that the "Year
2000" issue will not pose significant operational problems and
will not materially affect future financial results.
NOTE 3 - INCOME TAXES
There is no provision for income taxes for the period ended
December 31, 1999, due to the net loss and no state income tax in
Nevada, the state of the Company's domicile and operations. The
Company's total deferred tax asset as of December 31, 1999 is as
follows:
Net operation loss carry forward $19,574
Valuation allowance $19,574
Net deferred tax asset $ 0
The federal net operation loss carry forward will expire in 2017
to 2019.
This carry forward may be limited upon the consummation of a
business combination under IRC Section 381.
NOTE 4 - STOCKHOLDERS' EQUITY
Common Stock
The authorized common stock of the corporation consists of
100,000,000 shares with a par value of $0.001 per share.
Preferred Stock
The authorized preferred stock of the corporation consists of
10,000,000 shares with a par value of $0.001 per share.
On July 24, 1997, the Company issued 750,000 shares of its $0.001
par value common stock in consideration of $18,074.00 in cash to
its directors.
On January 21, 2000, the company completed a public offering that
was registered with the State of Nevada pursuant to N.R.S. 90.490
and was in compliance with federal registration pursuant to the
Form SB-2 filed with the Securities and Exchange Commission being
declared effective on December 22, 1999. Subsequently the company
sold 5,000,000 shares of its common stock at a stock price of
$0.004 per share for a total cash raised of $20,000.
NOTE 5 - GOING CONCERN
The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern
which contemplates the realization of assets and liquidation of
liabilities in the normal course of business. However, the
Company does not have significant cash or other material assets,
nor does it have an established source of revenues sufficient to
cover its operating costs and to allow it to continue as a going
concern. It is the intent of the Company to seek a merger with an
existing, operating company. Until that time, the
stockholders/officers and or directors have committed to
advancing the operating costs of the Company interest free.
NOTE 6 - RELATED PARTY TRANSACTIONS
The Company neither owns nor leases any real or personal
property. An officer of the corporation provides office services
without charge. Such costs are immaterial to the financial
statements and accordingly, have not been reflected therein. The
officers and directors of the Company are involved in other
business activities and may, in the future, become involved in
other business opportunities. If a specific business
opportunity becomes available, such persons may face a conflict
in selecting between the Company and their other business
interests. The Company has not formulated a policy for the
resolution of such conflicts.
NOTE 7 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to acquire any
additional share of common stock.
EXHIBITS
a) The exhibits, consisting of the Company's Articles of
Incorporation, are attached to the Company's Amended Form 10-SB,
filed on December 20, 1999. These exhibits are incorporated by
reference to that Form.
b) The exhibits, consisting of the Company's Bylaws, are
attached to the Company's Amended Form 10-SB, filed on December
20, 1999. These exhibits are incorporated by reference to that
Form.
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the Registrant has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized.
Bepariko Biocom
By: /s/ Lewis Eslick
Lewis Eslick, President