UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 1999
or
[ ] TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission File Number:
JobSort, Inc.
(Exact name of registrant as specified in its charter)
Nevada 88-0408212
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5161 Blossom Avenue, Las Vegas, 89122
(Address of principal executive (Zip Code)
offices)
(702) 431-1848
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed
since last report)
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 [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12,
13 or 15(d) of the Securities Exchange Act of 1934
subsequent to the distribution of securities under a plan
confirmed by a court.
Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest
practicable date:
1,355,300
JobSort, Inc.
(A Development Stage Company)
Table Of Contents
Part I - Financial Information 1
Item 1. Unaudited Financial Statements 1
Balance Sheet As At September 30, 1999 1
Statement Of Operations For The Three Months Ending 2
September 30, 1999 And The Period From October 15,1998
(Date Of Inception) To September 30, 1999
Statement Of Cash Flows For The Three Months Ending 3
September 30, 1999 And The Period From October 15, 1998
(Date Of Inception) To September 30, 1999
Notes to Financial Statements 4
Item 2. Management's Discussion and Analysis or Plan of 6
Operation
Part II - Other Information 7
Item 6. Exhibits 7
Signatures 8
Part I - Financial Information
Item 1. Unaudited Financial Statements
JobSort, Inc.
(A Development Stage Company)
Balance Sheet As At September 30, 1999
September
30, 1999
ASSETS
CURRENT ASSETS
Cash 1,581
Total Current Assets 1,581
OTHER ASSETS
Organization Costs net of 190
Amortization
Total Other Assets 190
TOTAL ASSETS 1,771
LIABILITIES & EQUITY
CURRENT LIABILITIES
Officers' Advances (Note #6) -0-
Total Current Liabilities -0-
STOCKHOLDERS' EQUITY
Common Stock, $0.001 par value; 1,355
authorized 25,000,000 shares;
1,355,300 shares issued and
outstanding
Additional Paid in Capital 18,410
Deficit accumulated during (17,994)
development stage
Total Stockholders' Equity 1,771
TOTAL LIABILITIES & OWNER'S EQUITY 1,771
Unaudited Financial Statements
See accompanying notes to financial statements
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JobSort, Inc.
(A Development Stage Company)
Statement Of Operations For The Three Months Ending
September 30, 1999 And The Period From October 15, 1998
(Date Of Inception) To September 30, 1999
Three Months October 15,
ending 1998 (Date
September of
30, 1999 Inception)
to
September
30, 1999
REVENUE
Services -0- -0-
COSTS AND EXPENSES
Selling, General and Administrative 123 17,949
Amortization of Organization Costs 12 45
Total Costs and Expenses 136 17,994
Net Ordinary Income or (Loss) (136) (17,994)
Weighted average number of common 1,355,300 1,355,300
shares outstanding
Net Loss Per Share -0- -0-
Unaudited Financial Statements
See accompanying notes to financial statements
-2-
JobSort, Inc.
(A Development Stage Company)
Statement Of Cash Flows For The Three Months Ending
September 30, 1999 And The Period From October 15, 1998
(Date Of Inception) To September 30, 1999
Three October 15,
Months 1998 (Date
ending of
September Inception)
30, 1999 to
September
30, 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss (136) (17,994)
Amortization 12 45
Issue Common Stock for Corporate -0- 8,000
Services
CHANGES IN ASSETS AND LIABILITIES:
Organization Costs -0- (235)
CASH FLOWS FROM INVESTING ACTIVITIES -0- -0-
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of Common Stock -0- 11,765
Net increase (decrease) in cash (124) 1,581
Cash and cash equivalents, beginning 1,705 -0-
of period
Cash and cash equivalents, end of 1,581 1,581
period
Unaudited Financial Statements
See accompanying notes to financial statements
-3-
JobSort, Inc.
(A Development Stage Company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 1999
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized on October 15, 1998, under the
laws of the State of Nevada, as JobSort, Inc. The Company
has yet to generate any revenues and in accordance with
Statement of Financial Accounting Standards No. 7 (SFAS #7),
the Company is considered a developmental stage company.
On October 17, 1998, the Company issued 1,000,000 shares of
its $0.001 par value common stock for cash of $ 2,000.00 to
its directors.
On January 20, 1999, the Company completed a public offering
that was exempt from federal registration pursuant to
Regulation D, Rule 504 of the Securities Act of 1933, as
amended. The Company sold 195,300 shares of common stock at
a price of $0.05 per share for a total amount raised of
$9,765.00. In addition, the Company issued 160,000 shares of
common stock for corporate services to the Company valued at
$0.05 per share or $ 8,000.00.
NOTE 2 - ACCOUNTING POLICIES AND PROCEDURES
Accounting policies and procedures have not been determined
except as follows:
1. The Company uses the accrual method of accounting.
2. The cost of organization, $235.00, is being amortized
over a period of 60 months (October 15, 1998 through October
14, 2003).
3. Earnings per share is computed using the weighted
average number of shares of common stock outstanding.
4. The Company has not yet adopted any policy regarding
payment of dividends. No dividends have been paid since
inception.
-4-
5. The cost of equipment is depreciated over the estimated
useful life of the equipment utilizing the straight-line
method of depreciation.
6. The Company experienced a loss for its first fiscal tax
year. The Company will review its need for a provision for
federal income tax after each operating quarter and each
period for which a Statement of Operations is issued.
7. The Company has adopted December 31 as its fiscal year
end.
NOTE 3 - GOING CONCERN
The Company's financial statements are prepared using the
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 has yet to generate any
revenue. Additionally, the Company does not have significant
cash or other material assets, nor does it an established
source of revenue sufficient to cover its operating costs
and to allow it to continue as a going concern indefinitely.
It is the intent of the Company to seek to raise additional
capital via a private placement offering pursuant to
Regulation "D", Rule 505/506, once the Company is trading on
the "Pink Sheets" or the OTC-BB. Without realization of
additional capital, it would be unlikely for the Company to
continue as a going concern. Until that time, the officers
and/or directors have committed to advancing the operating
costs of the Company interest free.
-5-
JobSort, Inc.
(A Development Stage Company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 1999
NOTE 4 - RELATED PARTY TRANSACTION
The Company neither owns nor leases any real or personal
property. A director 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 5 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to acquire any
additional shares of common stock.
NOTE 6 - OFFICERS ADVANCES
While the Company plans to seek additional capital
eventually through a private offering, until that time, the
officers and/or directors have committed to advancing the
operating costs of the Company interest free. As of
September 30, 1999, the amount advanced is zero.
NOTE 7 - YEAR 2000 ISSUE
The Year 2000 issue arises because many computerized systems
use two digits rather than four to identify a year. Date-
sensitive systems may recognize the year 2000 as 1900 or
some other date, resulting in errors when information using
year 2000 dates is processed. In addition, similar problems
may arise in systems which use certain dates in 1999 to
represent something other than a date. The effects of the
Year 2000 issue may be experienced before, on, or after
January 1, 2000 and if not addressed, the impact on
operations and financial reporting may range from minor
errors to significant systems failure which could affect an
entity's ability to conduct normal business operations. It
is not possible to be certain that all aspects of the Year
2000 issue affecting the entity, including those related to
the efforts of customers, suppliers, or other third parties
will be fully resolved.
-6-
JobSort, Inc.
(A Development Stage Company)
Item 2. Management's Discussion and Analysis or Plan of
Operation
A. Management's Plan of Operation
(1) In its initial approximately eleven-and-a-half months
operating period ended September 30, 1999, the Company
incurred a net loss of $17,994 for selling, general and
administrative expenses related to start-up operations. It
has yet to receive any revenues from operations. On October
17, 1998, founding shareholders purchased 1,000,000 shares
of the Company's authorized treasury stock for cash.
Additionally, on January 20, 1999, the Company completed an
offering of three-hundred fifty-five thousand and three-
hundred (355,300) shares of the Common Stock of the Company
to approximately thirty-seven (37) unaffiliated
shareholders. This offering was made in reliance upon an
exemption from the registration provisions of Section 4(2)
of the Securities Act of 1933, as amended, pursuant to
Regulation D, Rule 504 of the Act. As of September 30,
1999, the Company has one million three hundred fifty-five
thousand three hundred (1,355,300) shares of its $0.001 par
value common voting stock issued and outstanding which are
held by approximately thirty-nine (39) shareholders of
record. Management fully anticipates that the proceeds from
the sale of all of the Common Shares sold in this offering
delineated above will be sufficient to provide the
Company's capital needs for the next approximately six (6)
months.
In addition, management of the Company believes that the
need for additional capital going forward will be derived
somewhat from internal revenues and earnings generated from
the sale of its products and services. If the Company is
unable to begin to generate more revenues from its current
products and services than it has to date, however,
management believes the Company will need to raise
additional funds to meet its cash requirements. It is the
intent of the Company to seek to raise additional capital
via a private placement offering pursuant to Regulation "D",
Rule 505/506, once the Company is trading on the "Pink
Sheets" or the OTC-BB. In the mean time, management of the
Company plans to advance funds to the Company on an as-
needed basis although there is no definitive or legally
binding arrangement to do so. The Company currently has no
arrangements or commitments for accounts and accounts
receivable financing. There can be no assurance that any
such financing can be obtained or, if obtained that it will
be on reasonable terms.
This is a development stage company. The Company believes
that its initial revenues will be primarily dependent upon
the Company's ability to cost effectively and efficiently
provide an efficient two-way job matching databank that
establishes a new method by which prospective employers and
employees might make an optimal employment match. The
Company designates as its priorities for the first twelve
(12) months of operations as developing and marketing its
services and web site to establish its business in the
staffing industry. Realization of sales of the Company's
services during the fiscal year ending December 31, 2000 is
vital to its plan of operations. There are no guarantees
that the Company will be able to Compete successfully or
that the competitive pressures the Company may face will not
have a material adverse effect on the Company's business,
results of operations and financial condition. Additionally,
a superior competitive service could force the Company out
of business.
As of September 30, 1999, the Company has yet to generate
any revenues. In addition, the Company does not expect to
generate any revenues over the next approximately six (6) to
twelve (12) months.
(2) No engineering, management or similar report has been
prepared or provided for external use by the Company in
connection with the offer of its securities to the public.
(3) The Company has yet to incur any research and
development costs from October 15, 1998 (date of inception)
through September 30, 1999. In addition, the Company does
not anticipate incurring any research and development
expenses through the fiscal and calendar year ending
December 31, 1999.
(4) The Company currently does not expect to purchase or
sell any of its facilities or equipment.
(5) Management does not anticipate any significant changes
in the number of employees in the next approximately six (6)
months.
B. Segment Data
As of September 30, 1999, the Company has not generated any
sales revenue. Accordingly, no table showing percentage
breakdown of revenue by business segment or product line is
included.
-7-
Part II - Other Information
Item 6. Exhibits
Exhibit Name and/or Identification of Exhibit
Number
3. Articles of Incorporation & By-Laws
(a) Articles of Incorporation of the Company
filed October 15, 1998. Incorporated by reference
to the exhibits to the Company's General Form For
Registration Of Securities Of Small Business
Issuers on Form 10-SB, previously filed with the
Commission.
(b) By-Laws of the Company adopted October 17,
1998. Incorporated by reference to the exhibits
to the Company's General Form For Registration Of
Securities Of Small Business Issuers on Form 10-
SB, previously filed with the Commission.
27. Financial Data Schedule
Financial Data Schedule of JobSort, Inc., ending
September 30, 1999
-8-
Signatures
In accordance with the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
JobSort, Inc.
(Registrant)
Date: February 23, 2000
By: /s/Paige Gamble
Paige Gamble, Chairman of the Board, President and Chief
Executive Officer
By: /s/Anna M. Lotter
Anna M. Lotter, Director, Secretary, Treasurer
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