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: June 30, 2000
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:
Deadman's Point, Inc.
(Exact name of registrant as specified in its charter)
Nevada 88-0422028
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
12691 Apple Valley Road, Apple 92308
Valley, CA (Zip Code)
(Address of principal executive
offices)
(760) 240-2401
(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: 9,840,001
DEADMAN'S POINT, INC.
(A Development Stage Company)
Table of Contents
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Independent Accountant's Review Report 4
Balance Sheet June 30, 2000 and December 31, 1999 5
Statement of Operations for the Three Months Ending June 30, 6
2000 and 1999,for the Six Months Ending June 30, 2000, for
the Period March 30, 1999 (Inception) to June 30, 1999, and
for the Period March 30, 1999 (Inception) to June 30, 2000
Statement of Cash Flows for the Six Months Ending June 30, 7
2000, for the Period March 30, 1999 (Inception) to June 30,
1999, and for the Period from March 30, 1999 (Inception) to
June 30, 2000
Notes to Financial Statements 8
Item 2. Management's Discussion and Plan of Operation 10
PART II - OTHER INFORMATION
Item 6. Exhibits 11
SIGNATURES 12
G. BRAD BECKSTEAD
Certified Public Accountant
330 E. Warm Springs
Las Vegas, NV 89119
702.528.1984
425.928.2877 (efax)
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
Board of Directors
Deadman's Point, Inc.
(a Development Stage Company)
Las Vegas, NV
I have reviewed the accompanying balance sheet of Deadman's
Point, Inc. (a Nevada corporation) (a development stage company)
as of June 30, 2000 and the related statements of operations for
the three months ending June 30, 2000 and 1999, for the six
months ending June 30, 2000, for the period March 30, 1999
(Inception) to June 30, 1999, and for the period March 30, 1999
(Inception) to June 30, 2000, and cash flows for the six months
ending June 30, 2000, for the period March 30, 1999 (Inception)
to June 30, 1999, and for the period March 30, 1999 (Inception)
to June 30, 2000. These financial statements are the
responsibility of the Company's management.
I conducted my reviews in accordance with standards established
by the American Institute of Certified Public Accountants. A
review of interim financial information consists principally of
applying analytical procedures to financial data, and making
inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing
standards, which will be performed for the full year with the
objective of expressing an opinion regarding the financial
statements taken as a whole. Accordingly, I do not express such
an opinion.
Based on my reviews, I am not aware of any material modifications
that should be made to the accompanying financial statements
referred to above for them to be in conformity with generally
accepted accounting principles.
The accompanying financial statements have been prepared assuming
the Company will continue as a going concern. As discussed in
Note 5 to the financial statements, the Company has had limited
operations and has not commenced planned principal operations.
This raises substantial doubt about its ability to continue as a
going concern. Management's plans in regard to these matters are
also described in Note 5. The financial statements do not
include any adjustments that might result from the outcome of
this uncertainty.
I have previously audited, in accordance with generally accepted
auditing standards, the balance sheet of Deadman's Point, Inc. (a
development stage company) as of December 31, 1999, and the
related statements of operations, stockholders' equity, and cash
flows for the period March 30, 1999 (Inception) to December 31,
1999 (not presented herein) and in my report dated March 24,
2000, I expressed an unqualified opinion on those financial
statements.
/s/G. Brad Beckstead, CPA
August 9, 2000
Deadman's Point, Inc.
(a Development Stage Company)
Balance Sheet
June 30, 2000 and December 31, 1999
(unaudited)
June 30, December 31,
2000 1999
Assets
Current assets:
Cash 69 459
Loan to stockholder 9,511 9,511
Total current assets 9,580 9,970
Total Assets 9,580 9,970
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable - 50
Loan from stockholder 6,143 3,125
Total current liabilities 6,143 3,175
Long-term liabilities - -
Total liabilities 6,143 3,175
Stockholders' Equity:
Common stock, $0.001 par value,
25,000,000 shares
9,840 9,840
Additional paid-in capital 9,860 9,860
Deficit accumulated during (16,263) (12,905)
development stage
Total stockholders' equity 3,437 6,795
Total Liabilities and Stockholders' 9,580 9,970
Equity
Deadman's Point, Inc.
(a Development Stage Company)
Statement of Operations
(unaudited)
For the Three Months Ending June 30, 2000 and 1999,
For the Six Months Ending June 30, 2000,
For the Period March 30, 1999 (Inception) to June 30, 1999,
and For the Period March 30, 1999 (Inception) to June 30, 2000
Six Months March 30, March 30,
1999 1999
Three Months Ending June Ending (Inception)
30, to to
June 30, June 30, June 30,
2000 1999 2000 1999 2000
Revenue - - - - -
Expenses:
General 2,968 10,310 3,358 10,310 16,263
administrative
expenses
Total expenses 2,968 10,310 3,358 10,310 16,263
Net loss (2,968) (10,310) (3,358) (10,310) (16,263)
Weighted average
number of
common shares 9,840,001 9,840,001 9,840,001 9,840,001 9,840,001
outstanding
Net loss per share - - - - -
DEADMAN'S POINT
Statement of Cash Flows
(unaudited)
For the Six Months Ending June 30, 2000,
For the Period March 30, 1999 (Inception) to June 30, 1999,
and For the Period March 30, 1999 (Inception) to June 30, 2000
Six Months March 30, March 30,
1999 1999
Ending (Inception) (Inception)
to to
June 30, June 30, June 30,
2000 1999 2000
Cash flows from operating
activities
Net loss (3,358) (10,310) (16,263)
Adjustments to reconcile net
income to net cash used
by operating activities:
(Increase) decrease in:
Loan to stockholder - - (9,511)
Increase (decrease) in:
Accounts payable (50) -
Loan from stockholder 3,018 - 6,143
Net cash used by operating (390) (10,310) (19,631)
activities
Cash flows from investing
activities
Net cash provided (used) by - - -
investing activities
Cash flows from financing
activities
Issuance of common stock - 10,450 10,450
Common stock rescissions - - (250)
Subscription receipts - - 9,500
Net cash provided by financing - 10,450 19,700
activities
Net (decrease) increase in cash (390) 140 69
Cash - beginning 459 - -
Cash - ending 69 140 69
Supplemental disclosures:
Interest paid - - -
Income taxes paid - - -
Non-cash investing and
financing activities:
Common stock issued for - 9,500 9,500
subscription receivable
Deadman's Point, Inc.
(a Development Stage Company)
Notes to Financial Statements
June 30, 2000
Note 1 - History and organization of the company
The Company was organized March 30, 1999 (date of inception)
under the laws of the State of Nevada, as Deadman's Point, Inc.
The Company has limited operations and in accordance with SFAS
#7, the Company is considered a development stage company.
Note 2 - Accounting policies and procedures
Accounting policies and procedures have not been determined
except as follows:
Accounting method
The Company reports income and expenses on the accrual method.
Estimates
The preparation of financial statements in conformity with
generally accepted accounting principals 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 form those estimates.
Cash and equivalents
The Company maintains a cash balance in a non-interest-bearing
account 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 June 30, 2000.
Reporting in the costs of start-up activities
Statement of Position 98-5 (SOP 98-5), "Reporting on the Costs
of Start-Up Activities" which provides guidance on the
financial reporting of start-up costs and organizational costs.
It requires most costs of start-up activities and
organizational costs to be expensed as incurred. SOP 98-5 is
effective for its fiscal years beginning after December 15,
1998. With the adoption of SOP 98-5, there has been little or
no effect on the Company's financial statements.
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 dilutive common stock equivalents had been
converted to common stock. As of June 30, 2000, the Company
had no dilutive common stock equivalents such as stock options.
Dividends
The Company has not yet adopted any policy regarding payment of
dividends. No dividends have been paid since inception.
Year end
The Company has adopted December 31 as its fiscal year end.
Note 3 - 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
differences between financial and tax reporting. Deferred tax
expense (benefit) results from the net change during the year of
deferred tax assets and liabilities. There is no provision for
income taxes for the period ended June 30, 2000, due to the net
loss and no state income tax in Nevada, the state of the
Company's domicile and operations.
Note 4 - Stockholders' equity
The Company is authorized to issue 25,000,000 shares of $0.001
par value common stock.
On March 31, 1999, the Company issued 9,500,000 shares of its
$0.001 par value common stock to a stockholder in exchange for a
subscription receivable in the amount of $9,500.
On April 1, 1999, the Company issued 340,001 shares of its $0.001
par value common stock to stockholders in exchange for cash of
$10,200. Of the total amount, $340 is considered common stock
and $9,860 is additional paid in capital.
On August 20, 1999, the Company canceled the subscription
receivable and deposited $9,500 into the corporate checking
account.
There have been no other issuances of common stock.
Note 5 - 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.
Without realization of additional capital, it would be unlikely
for the Company to continue as a going concern. Because 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, the stockholders/officers will continue
advancing enough cash to cover the operating costs the company.
The advances do not bear any interest. Additionally, the Company
intends to sell additional shares of its $0.001 par value common
stock when it is listed on the NASDAQ bulletin board.
Note 6 - Related party transactions
The Company does not lease or rent any property. Office services
are provided without charge by a director/stockholder. 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 shares of common stock.
Note 8 - Year 2000 issue
The Company uses a significant number of computer software
programs and operating systems in its internal operations,
including applications used in financial business systems and
various administrative functions. Although the Company's
software applications contain source code that appropriately
interpreted the calendar year 2000, failure by the Company to
make any future modifications resulting from "Year 2000" could
result in systems interruptions or failures that could have a
material adverse effect on the Company's business. The Company
has not incurred, nor anticipates that it will incur material
expenses to make its computer software programs and operating
systems "Year 2000" compliant. However, there can be no
assurance that unanticipated costs necessary to update software,
or potential systems interruptions, will not exceed the Company's
expectations and have a material adverse effect on the Company's
business, financial condition and results of operations.
Item 2. Management's Discussion and Plan of Operation
General
Dead Man's Point, Inc. plans to create a western-themed resort facility
with entertainment, attractions and hotel rooms for overnight lodging, to
be located in the Southern California region of the United States. The
Company seeks to create a facility that depicts life in the old-west of
the 1800s.
Results of Operations
The Company was organized on March 30, 1999 and has not generated any
revenues since inception. The Company has limited operating history and
activities to date have been limited primarily to organization, initial
capitalization, finding and securing an appropriate, experienced
management team and board of directors, the development of a business
plan and commencing with initial operational plans.
As of June 30, 2000, the Company has developed a business plan, recruited
and retained a management team and raised capital via a private placement
offering of stock made pursuant to Section 4(2) of the Securities Act of
1933, as amended, and an offering made in reliance upon an exemption from
the registration provisions of the Securities Act of 1933, as amended, in
accordance with Regulation D, Rule 504. As a start-up and development
stage company, the Company has no new products or services to announce.
Liquidity and Capital Resources
To date, the Company has attained cash from offerings of its common
stock. On March 31, 1999, the Company issued 9,500,000 shares of its
$0.001 par value common shares for a subscription receivable of
$9,500.00. On April 1, 1999, the Company issued 340,001 shares of its
common stock for cash of $10,200.00.
The Company has yet to generate any revenues. Without the realization of
additional capital, it would be unlikely for the Company to continue as a
going concern. It is management's plan to seek additional capital
through a private offering of its securities once it gets listed on the
NQB's "Pink Sheets" or the OTC-BB. The Company does not have significant
cash or other material assets nor does it have an established source of
revenue sufficient to cover its operating costs to allow it to continue
as a going concern indefinitely. Until that time, the officers have
committed to advance the operating costs the company interest free.
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.
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
September 29, 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 2, 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.
23 Consent of Experts and Counsel
Consents of independent public accountants
27 Financial Data Schedule
Financial Data Schedule of Deadman's Point, Inc.
ending June 30, 2000
SIGNATURES
Pursuant to the requirements of the Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Deadman's Point, Inc.
(Registrant)
Date: August 14, 2000
By:
John A. Schaffer, President
By:
/s/Kathy J. Schaffer, Secretary
By:
/s/Dorothy J. Cornish, Treasurer