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:
JobSort, Inc.
(Exact name of registrant as specified in its charter)
Nevada 88-040212
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
5161 Blossom Avenue, Las Vegas, 89122
Nevada (Zip Code)
(Address of principal executive
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
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Independent Accountant's Review Report 4
Balance Sheet June 30, 2000 and March 31, 2000 5
Income Statement for the Quarter Ended June 30, 2000; the 6
Quarter Ended March 31, 2000 and the period March 31, 1999 to
June 30, 2000.
Statement of Cash Flows for the Quarter Ended June 30, 2000; 7
the Quarter Ended March 31, 2000 and the period March 31,
1999 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 ACCOUNTANT'S REVIEW REPORT
Board of Directors
JobSort, Inc.
(a Development Stage Company)
Las Vegas, NV
I have reviewed the accompanying balance sheet of JobSort,
Inc. (a Nevada corporation) (a development stage company) as
of June 30, 2000 and the related statements of operations
for the three-month and six-month periods ending June 30,
2000 and 1999 and for the period October 15, 1998
(Inception) to June 30, 2000, and cash flows for the six
months ending June 30, 2000 and 1999 and for the period
October 15, 1998 (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 JobSort,
Inc. (a development stage company) as of December 31, 1999,
and the related statements of operations, stockholders'
equity, and cash flows for the year then ended and for the
period October 15, 1998 (Inception) to December 31, 1999
(not presented herein) and in my report dated March 27,
2000, I expressed an unqualified opinion on those financial
statements.
/s/G. Brad Beckstead, CPA
August 11, 2000
JobSort, Inc.
(a development stage company)
Balance Sheet
(unaudited)
June 30, December
31,
2000 1999
Assets
Current assets:
Cash 20 1,354
Loan to stockholders 2,000 900
Total current assets 2,020 2,254
Total Assets 2,020 2,254
Liabilities and Stockholders' Equity
Current liabilities:
Loan from stockholders 365 365
Total current liabilities 365 365
Long-term liabilities - -
Total liabilities 365 365
Stockholders' Equity:
Common stock, $0.001 par value, 25,000,000
shares authorized, 1,355,300 shares issued and
outstanding 1,355 1,355
Additional paid-in capital 18,755 18,755
Treasury stock (100) (100)
Deficit accumulated during development stage (18,355) (18,121)
Total stockholders' equity 1,655 1,889
Total Liabilities and Stockholders' Equity 2,020 2,254
JobSort, Inc.
(a development stage company)
Statement of Operations
For the Three Months and Six Months Ending June 30, 2000 and
1999, and For the Period October 15, 1998
(Inception) to June 30, 2000
October
15, 1998
Three Months Six Months (Inception)
Ending June 30, Ending June 30, to
June 30,
2000 1999 2000 1999 2000
Revenue - - - - -
Expenses:
General 57 7,636 234 17,213 18,355
administrati
ve expenses
Total 57 7,636 234 17,213 18,355
expenses
Net loss (57) (7,636) (234) (17,213) (18,355)
Weighted
average
number of
common 1,355,300 1,355,300 1,355,300 1,355,300 1,355,300
shares
outstanding
Net loss per - - - - -
share
JobSort, Inc.
(a development stage company)
Statement of Cash Flows
For the Six Months Ending June 30, 2000 and 1999
and For the Period October 15, 1998 (Inception) to June 30, 2000
October 15,
1998
(Inception)
to
June 30, June 30, June 30,
2000 1999 2000
Cash flows from
operating activities
Net loss (234) (17,213) (18,355)
Adjustments to
reconcile net income to
net cash used
by operating
activities:
Company expenses paid - - 350
by stockholders
Common stock issued for - 8,000 8,000
services provided
(Increase) decrease in:
Loan to stockholders (1,100) (550) (2,000)
Increase (decrease) in:
Loan from stockholders - 70 365
Net cash used by (1,334) (9,693) (11,640)
operating activities
Cash flows from - - -
investing activities
Net cash provided - - -
(used) by investing
activities
Cash flows from
financing activities
Issuance of common - 9,760 11,660
stock
Net cash provided by - 9,760 11,660
financing activities
Net (decrease) increase (1,334) 67 20
in cash
Cash - beginning 1,354 1,638 -
Cash - ending 20 1,705 20
Supplemental
disclosures:
Interest paid - - -
Income taxes paid - - -
Non-cash investing and
financing activities:
Company expenses paid - - 350
by stockholders
Common stock issued for - 8,000 8,000
services provided
Excess common stock - 100 100
issued in 504 offering
Excess common stock - (100) (100)
received into treasury
Total non-cash - 8,000 8,350
investing and financing
activities
JobSort, Inc.
(a Development Stage Company)
Notes to Financial Statements
June 30, 2000
Note 1 - History and organization of the company
The Company was organized October 15, 1998 (Date of
Inception) under the laws of the State of Nevada, as
JobSort, 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 from 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 March 31, 2000, the Company had no
dilutive common stock equivalents such as stock options or
warrants.
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 October 15, 1998, the Company issued 1,000,000 shares of
its $0.001 par value common stock for $2,350. Of the total,
$1,000 is considered common stock and $1,350 is additional
paid-in capital. The consideration paid for the common
stock represents $2,000, which was deposited into the
Company's corporate bank account in November 1998, and a
cancelled loan in the amount of $350. The cancelled loan
was owed to the founding stockholders for the initial
organizational and incorporation costs.
On January 20, 1999, the Company issued 355,300 shares of
its $0.001 par value common stock to stockholders in
exchange for cash of $9,760 and for services rendered in the
amount of $8,000. The 504 offering raised a total of
$17,760 of which $355 is considered common stock and $17,405
is additional paid-in capital. One stockholder was issued
100 additional shares of $0.001 par value common stock in
error and the Company intends to have these 100 shares of
common stock rescinded.
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. Therefore, the officers of the Company have
committed to advancing cash to the Company to cover the
operating costs. The advances do not bear any interest and
are due when the Company has sufficient cash to repay the
officers.
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
JobSort, Inc. ("Jobsort" or the "Company"), was organized by
the filing of articles of incorporation with the Secretary
of State of the State of Nevada on October 15, 1998. The
Company is a developmental stage company with a principal
business objective to 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. This service will be offered via a Company-
owned website, www.jobsort.com, whereby both prospective
employers and employees will have access. Initially, the
Company will concentrate its efforts on the Las Vegas,
Nevada job market.
Results of Operations
The Company has not generated any revenues since its
inception. The Company has limited operating history. The
Company was organized on October 15, 1998. Activities to
date have been limited primarily to organization, initial
capitalization, finding and securing a management team and
board of directors, the development of a business plan and
web site operations and commencing with initial operational
plans.
As of June 30, 2000, the Company has developed a business
plan, recruited and retained a management team, developed a
web site at www.jobsort.com 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 October 15, 1998, the Company issued
1,000,000 shares of its $0.001 par value common shares for
cash of $2,000 and a cancelled loan in the amount of $350.
On January 20, 1999, the Company issued 355,300 shares of
its common stock for cash of $9,760 and in exchange for
services rendered of $8,000.
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
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.
23 Consent of Experts and Counsel
Consents of independent public accountants
27 Financial Data Schedule
Financial Data Schedule of JobSort, 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.
JobSort, Inc.
(Registrant)
Date: August 18, 2000
By:/s/ Paige Gamble
Paige Gamble, President
By:/s/ Anna M. Lotter
Anna M. Lotter, Secretary, Treasurer and Director