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 June 30, 2000 Commission File No.
000-30763
BUFFTON, INC.
(Exact name of registrant as specified in its charter)
Nevada
(State of organization) (I.R.S. Employer Identification No.)
2080 E. Flamingo Rd., Suite 112, Las Vegas, NV 89119
(Address of principal executive offices)
Registrant's telephone number, including area code (702) 650-5660
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. No X
There are 3,000,000 shares of common stock outstanding as of June
30, 2000.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The unaudited financial statements for the period ending June 30,
2000.
Michael L. Stuck C.P.A., P.C.
7641 E. Gray Road, Suite G
Scottsdale, AZ. 85260
480-607-1084
August 19, 2000
Board of Directors and Stockholders
Buffton, Inc.
Fountain Hills, Arizona
We have compiled the accompanying balance sheets of Buffton, Inc.
as of June 30, 2000 and June 30, 1999, and the related statements
of income, changes in stockholders' equity and cash flows for the
nine months periods then ended, in accordance with the Statement
of Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial
statements information that is the representation of management.
We have not audited or reviewed the accompanying financial
statements and supplementary information, and, accordingly, do
not express an opinion or any other form of assurance on them.
As discussed in Note 1, the Company has been in the development
stage since its inception on May 27, 1998. Realization of the
major portion of its assets is dependent upon the Company's
ability to meet its future financing requirements, and the
success of future operations. The accompanying financial
statements have been prepared assuming the Company will continue
as a going concern.
The December 31, 1999, financial statements were audited by us
and we expressed an unqualified opinion them in our report dated
June 5, 2000. We have not performed any auditing procedures since
that date.
BUFFTON, INC.
(A Development Stage Company)
BALANCE SHEETS
June 30, 2000 and December 31, 1999
Unaudited Audited
June 30, December
2000 31, 1999
ASSETS
Current Assets:
Cash and Cash Equivalents $-0- $-0-
Total Current Assets $-0- $-0-
Other assets;
Organization Expense (net of -0- -0-
amortization)
Total Other Assets -0- -0-
$-0- $-0-
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities; $-0- $-0-
Total Current Liabilities -0- -0-
Stockholders' equity;
Common stock, $.001 par, 25,000,000
shares authorized, 3,000,000
issued and outstanding 3,000 3,000
Preferred stock, $.001 par,
5,000,000 shares authorized,
no shares issued and outstanding -0- -0-
Deficit accumulated during
development stage (3,000) (3,000)
Total Stockholders' Equity -0- -0-
$-0- $-0-
See accompanying accountant's report.
The accompanying notes are an integral part of these statements.
BUFFTON, INC.
(A Development Stage Company)
STATEMENTS OF INCOME
For the Three Months Ended June 30, 2000 and June 30, 1999
the Year Ended December 31, 1999 and the Period May 27, 1998
(inception) to June 30, 2000
May 27,
Unaudited 1998
Six Months Ended Audited (inception) to
June 30, Year Ended June 30,
2000 1999 12/31/99 2000
Revenue $-0- $-0- $-0- $-0-
Cost of Sales -0- -0- -0- -0-
Gross Profit -0- -0- -0- -0-
Operating Expenses
Filing fees -0- -0- -0- 300
Professional fees -0- -0- -0- 2,700
-0- -0- -0- 3,000
Net Income Before Income -0- -0- -0- (3,000)
Taxes
Income Taxes -0- -0- -0- -0-
Net Income/(Loss) $-0- $-0- $-0- $(3,000)
Earnings (Loss) per Common
Share $-0- $-0- $-0- $-0-
Weighted Average Numbers
of
Shares Outstanding 3,000,000 3,000,000 3,000,000 3,000,000
See accompanying accountant's report.
The accompanying notes are an integral part of these statements
BUFFTON, INC.
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
June 30, 2000
Preferred Stock Common Stock Paid In Deficit Total
Stock Amount Stock Amount Capital Accumulate
Amount d During
Developmen
t Stage
Balance May 27, 1998 -0- -0- -0- -0- -0- -0- -0-
Stock issued -0- -0- 3,000,000 3,000 -0- -0- 3,000
Retained Earnings (Loss) -0- -0- -0- -0- -0- -0- -0-
Balance December 31, 1998-
Audited -0- $-0- 3,000,000 $3,000 $-0- $(3,000) $-0-
Retained Earnings (Loss) -
Audited -0- -0- -0- -0- -0- -0- -0-
Balance December 31, 1999-
Audited -0- -0- 3,000,000 $3,000 -0- (3,000) -0-
Retained Earnings (Loss) -
Unaudited -0- -0- -0- -0- -0- -0- -0-
Balance June 30, 2000 -
Unaudited -0- -0- 3,000,000 $3,000 $-0- $(3,000) $-0-
See accompanying accountant's report.
The accompanying notes are an integral part of these statements
BUFFTON, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Three Months Ended June 30, 2000 and June 30, 1999,
the Year Ended December 31, 1999, and the Period May 27, 1998
(inception) to June 30, 2000
May 27,
Unaudited 1998
Six Months Ended Audited (inception) to
June 30, Year Ended June 30,
2000 1999 12/31/99 2000
Net Income (Loss) $-0- $-0- $-0- $(3,000)
Adjustments to reconcile net
income to
net cash provided by operating -0- -0- -0- -0-
activities:
Cash Provided by Operations -0- -0- -0- -0-
Cash Used in Investing -0- -0- -0- -0-
Activities
Cash Provided by Financing
Activities
Stock issued -0- -0- -0- 3,000
Net Change in Cash -0- -0- -0- -0-
Beginning Balance -0- -0- -0- -0-
Ending Cash Balance $-0- $-0- $-0- $-0-
See accompanying accountant's report.
The accompanying notes are an integral part of these statements.
BUFFTON, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 2000, June 30, 1999 and December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Operations
The Company was organized under the laws of the state of
Nevada in 1998 and is authorized to do business in the United
States. The Company has no revenue from operations during the
period covered by this financial statement.
Method of Accounting
These financial statements are prepared on the accrual basis
of accounting in accordance with generally accepted accounting
principles. Consequently, revenues are recognized when earned
and expenses are recognized when the obligation is actually
incurred.
Income Taxes and Cash Flows
The Company accounts for income taxes and the statement of
cash flows in accordance with Financial Accounting Standards
Board Statement No. 109 and No. 95.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid
investments with a maturity of three months or less when
purchased.
NOTE 2 - CASH
The Company has no bank accounts at this time.
NOTE 3 - EARNINGS PER SHARE
Earnings per sharee has been computed by dividing net
income/(loss) by the weighted average number of common shares
outstanding for the period. There are no items which are
deemed to be common stock equivalents during the audit period.
NOTE 4 - COMMON STOCK
As of June 30, 2000, December 31, 1999 and June 30, 1999, the
Company had 3,000,000 shares of common stock, par value
$0.001, issued and outstanding.
NOTE 5 - LEASE COMMITMENTS
The Company currently has no commitments for leases or
contingencies.
NOTE 6 - 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 these estimates.
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 Form 10-SB filed with the SEC on June 7, 2000. The
description of the current plan of operation is incorporated by
reference to Section 2 of its Form 10-SB.
Competition
The Company is an insignificant participant among firms which
engage in business combinations with, or financing of,
development-stage enterprises. There are many established
management and financial consulting companies and venture capital
firms which have significantly greater financial and personal
resources, technical expertise and experience than the Company.
In view of the Company's limited financial resources and
management availability, the Company will continue to be at
significant competitive disadvantage vis-a-vis the Company's
competitors.
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
No issues of securities and no changes in the existing securities
took place during the period covered by this report. At the
end of the quarter there were 6,000,000 shares of common stock
outstanding.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
EXHIBITS
a) The exhibit consisting of the Company's Articles of
Incorporation is attached to the Company's Form 10-SB, filed on
June 7, 2000. This exhibit is incorporated by reference to that
Form.
b) The exhibit consisting of the Company's Bylaws is attached
to the Company's Form 10-SB, filed on June 7, 2000. This exhibit
is incorporated by reference to that Form.
Reports on Form 8-K: None
27 Financial Data Schedule
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.
Buffton, Inc.
By: /s/ John C. Mueller
John C. Mueller, President