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, 2001
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:
CobraTech International, Inc.
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(Exact name of registrant as specified in its charter)
Nevada 88-0422028
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
6511 Jasper Road, Sechelt, BC V0N 3A8
- ------------------------------- ----------
(Address of principal executive (Zip Code)
offices)
(604) 885-0401
---------------------------------------------------
(Registrant's telephone number, including area code)
N/A
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(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:
8,840,001
COBRATECH INTERNATIONAL, INC.
(A Development Stage Company)
Table of Contents
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements--------------------------------------- 3
Balance Sheet June 30, 2001 and December 31, 2000----------------- 4
Statement of Operations for the Three and Six Months Ending June
30, 2001 and 2000, and for the Period March 30, 1999 (Inception)
to June 30, 2001-------------------------------------------------- 5
Statement of Cash Flows for the Six Months Ending June
30, 2001 and 2000 and for the Period from March 30, 1999
(Inception) to June 30, 2001-------------------------------------- 6
Notes to Financial Statements-------------------------------------- 7
Item 2. Management's Discussion and Plan of Operation-------------- 9
PART II - OTHER INFORMATION
Item 6. Exhibits--------------------------------------------------- 10
SIGNATURES--------------------------------------------------------- 11
G. BRAD BECKSTEAD
Certified Public Accountant
330 E. Warm Springs
Las Vegas, NV 89119
702.257.1984
702.362.0540 (fax)
INDEPENDENT ACCOUNTANT'S REVIEW REPORT
Board of Directors
Cobra Tech International, Inc.
[formerly Dead Man's Point, Inc.]
(a Development Stage Company)
Las Vegas, NV
I have reviewed the accompanying balance sheet of Cobra Tech
International, Inc. (a Nevada corporation) (a development stage
company) as of June 30, 2001 and the related statements of
operations for the three and six months ended June 30, 2001 and
2000 and for the period March 30, 1999 (Inception) to June 30,
2001, and statements of cash flows for the six month period ending
June 30, 2001 and 2000 and for the period March 30, 1999
(Inception) to June 30, 2001. 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 2 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 2. 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 Cobra Tech International,
Inc. (a development stage company) as of June 30, 2001, and the
related statements of operations, stockholders' equity, and cash
flows for the year then ended (not presented herein) and in my
report dated April 9, 2001, I expressed an unqualified opinion on
those financial statements.
/s/ G. Brad Beckstead
July 25, 2001
G. BRAD BECKSTEAD
Certified Public Accountant
330 E. Warm Springs
Las Vegas, NV 89119
702.257.1984
702.362.0540 (fax)
July 25, 2001
To Whom It May Concern:
The firm of G. Brad Beckstead, CPA, consents to the inclusion of
my report of July 25, 2001, on the Financial Statements of Cobra
Tech International, Inc. for the three months ending June 30,
2001, in any filings which are necessary now or in the near future
to be filed with the US Securities and Exchange Commission.
Signed,
/s/ G. Brad Beckstead
G. Brad Beckstead, CPA
Cobra Tech International, Inc.
(A Development Stage Company)
Balance Sheet
as of
June 30, 2001
and December 31, 2000
and
Statements of Operations,
and
Cash Flows
for the Three and Six Months Ending
June 30, 2001 and 2000,
and For the Period
March 30, 1999 (Inception) to June 30, 2001
TABLE OF CONTENTS
Page
Independent Accountant's Review Report 1
Balance Sheet 2
Income Statement 3
Statement of Cash Flows 4
Footnotes 5
Cobra Tech International, Inc.
[formerly Dead Man's Point, Inc.]
(a Development Stage Company)
Balance Sheet
(unaudited)
June 30, December 31,
2001 2000
---------- ----------
Assets
Current assets:
Cash $ 19 $ 19
Loan to stockholder 9,511 9,511
---------- ----------
Total current assets 9,530 9,530
---------- ----------
$ 9,530 $ 9,530
========== ==========
Liabilities and Stockholders' Equity
Current liabilities
Loan from stockholder $ 8,334 $ 8,334
---------- ----------
Total current liabilities 8,334 8,334
---------- ----------
Stockholders' Equity:
Common stock, $0.001 par value, 25,000,000
shares authorized, 8,840,001 shares issued and
outstanding 8,840 8,840
Additional paid-in capital 10,860 10,860
(Deficit) accumulated during development stage (18,504) (18,504)
---------- ----------
1,196 1,196
---------- ----------
$ 9,530 $ 9,530
========== ==========
The accompanying Notes are an integral part of these financial statements.
Cobra Tech International, Inc.
[formerly Dead Man's Point, Inc.]
(a Development Stage Company)
Statement of Operations
(unaudited)
For the Three and Six Months Ending June 30, 2001 and 2000
and For the Period March 30, 1999 (Inception) to June 30, 2001
March 30,
1999
(Inception)
Three Months Ending Six Months Ending to
June 30, June 30, June 30,
------------------- -------------------
2001 2000 2001 2000 2001
--------- --------- --------- --------- ---------
Revenue $ - $ - $ - $ - $ -
--------- --------- --------- --------- ---------
Expenses:
General and administrative
expenses - 2,968 - 3,358 18,504
--------- --------- --------- --------- ---------
Total expenses - 2,968 - 3,358 18,504
--------- --------- --------- --------- ---------
Net (loss) $ - $ (2,968) $ - $ (3,358) $(18,504)
========= ========= ========= ========= =========
Weighted average number of
common shares outstanding 8,840,001 8,840,001 8,840,001 8,840,001 8,840,001
========= ========= ========= ========= =========
Net (loss) per share $ - $ (0.00) $ - $ (0.00) $ (0.00)
========= ========= ========= ========= =========
The accompanying Notes are an integral part of these financial statements.
Cobra Tech International, Inc.
[formerly Dead Man's Point, Inc.]
(a Development Stage Company)
Statement of Cash Flows
(unaudited)
For the Six Months Ending June 30, 2001 and 2000
and For the Period March 30, 1999 (Inception) to June 30, 2001
March 30,
1999
Six Months Ending (Inception)
June 30, to
------------------- June 30,
2001 2000 2001
--------- -------- --------
Cash flows from operating activities
Net (loss) $ - $ (3,358) $(18,504)
Depreciation expense - - -
Adjustments to reconcile net (loss) to net cash
used by operating activities:
Accounts payable - (50) -
--------- -------- --------
Net cash used by operating activities - (3,408) (18,504)
--------- -------- --------
Cash flows from investing activities
- - -
--------- -------- --------
Net cash used by investing activities - - -
--------- -------- --------
Cash flows from financing activities
Loan from stockholder - 3,018 (1,177)
Issuance of common stock - - 19,700
--------- -------- --------
Net cash provided by financing activities - 3,018 18,523
--------- -------- --------
Net (decrease) increase in cash - (390) 19
Cash - beginning 19 459 -
Cash - ending $ 19 $ 69 $ 19
========= ======== ========
Supplemental disclosures:
Interest paid $ - $ - $ -
========= ======== ========
Income taxes paid $ - $ - $ -
========= ======== ========
The accompanying Notes are an integral part of these financial statements.
Note 1 - Basis of Presentation
The interim financial statements included herein, presented in
accordance with United States generally accepted accounting
principles and stated in US dollars, have been prepared by the
Company, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information and
footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules
and regulations, although the Company believes that the
disclosures are adequate to make the information presented not
misleading.
These statements reflect all adjustments, consisting of normal
recurring adjustments, which, in the opinion of management, are
necessary for fair presentation of the information contained
therein. It is suggested that these consolidated interim
financial statements be read in conjunction with the financial
statements of the Company for the year ended December 31, 2000 and
notes thereto included in the Company's 10-KSB annual report. The
Company follows the same accounting policies in the preparation of
interim reports.
Results of operations for the interim periods are not indicative
of annual results.
Note 2 - Going concern
These consolidated financial statements have been prepared in
accordance with generally accepted accounting principles
applicable to a going concern which contemplates the realization
of assets and the satisfaction of liabilities and commitments in
the normal course of business. As at June 30, 2001, the Company
has not recognized revenue to date and has accumulated operating
losses of approximately $18,000 since inception. The Company's
ability to continue as a going concern is contingent upon the
successful completion of additional financing arrangements and its
ability to achieve and maintain profitable operations. Management
plans to raise equity capital to finance the operating and capital
requirements of the Company. Amounts raised will be used to
further development of the Company's products, to provide
financing for marketing and promotion, to secure additional
property and equipment, and for other working capital purposes.
While the Company is expending its best efforts to achieve the
above plans, there is no assurance that any such activity will
generate funds that will be available for operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern. These financial
statements do not include any adjustments that might arise from
this uncertainty.
Note 3 - Related party transactions
The Company does not lease or rent any property. Office services
are provided without charge by a director. 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.
Item 2. Management's Discussion and Plan of Operation
General
CobraTech International,Inc.("COBB" or the "Company"),a Nevada corporation,
was incorporated on March 30, 1999. We plan to develop a western-themed
resort facility with entertainment, Old West shooting range, campground,
RV Park, Camp Store, stables 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 will immerse visitors in the old
west of the 1800s. The Company has controlling interest in the land
selected for development as well as approval for the project. The
management team brings experience and an understanding and passion for
the true Old West.
Results of Operations
COBB has not generated any revenues since inception. The Company has a
limited operating history and activities to date have been limited
primarily to raising the capital necessary to begin the development
phase of the project. In management's estimation, it would not be
prudent to begin construction until enough capital has been raised to
ensure its successful completion.
As of June 30, 2001, 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.
Future Business
Management plans in the following quarter to study design and development
plans in relation to a final cash flow and feasibility analysis to
determine the best course of action. Determinations will need to be made
as to which sections of the theme park to develop first based on their
ability to generate revenue. We expect capital expenditures will begin
in the next three months when we will need to make equipment purchases
and begin excavation of the site. The Company expects to be operational
within six months of the initial ground breaking. Currently, there is
political acceptance for shooting ranges in California. It is possible
that at some time in the future political sentiment may shift. We do not
believe that future gun laws would impact our ability to execute our
business plan.
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. On August 20, 1999, the Company
canceled the subscription receivable and deposited $9,500 into the
corporate checking account.
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. 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.
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.
13 Annual or Quarterly Reports
(a) Form 10-QSB for the Quarter ended March 31,
2001. Incorporated by reference to the Company's
Quarterly Report for Small Business Issuers on
Form 10-QSB, previously filed with the Commission.
(b) Form 10-KSB for the Year ended December 31,
2000. Incorporated by reference to the Company's
Quarterly Report for Small Business Issuers on
Form 10-QSB, previously filed with the Commission.
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.
CobraTech International, Inc.
- ---------------------------------------------------------------------------
(Registrant)
Date: August 10, 2001
By: /s/ John Devlin
John Devlin, President and Director