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SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
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MARCH 31, 2000 0-13597
ASDAR INC.
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(Exact Name of Registrant)
NEVADA 88-0195105
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
8632 SOUTH HIGHWAY 287
CORSICANA, TEXAS 75110
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(Address of Principal Executive Offices)
Registrant's telephone number including area code: (888) 488-6882
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Former Address (1750 Barbara Lane, Leucadia, CA 92024): N/A
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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 proceeding 12 months (or for such shorter
period that the registrant was required to file such report), and (2) has
been subject to such filing requirements in the past 90 days:
YES X NO
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Indicate the number of shares outstanding for each of the issuer's
classes of Stock as of the last practical date:
At June 30, 2000, there were 4,025,999 shares of common stock at
$0.001 par value outstanding.
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ASDAR INC.
TABLE OF CONTENTS
PART I FINANCIAL STATEMENTS
ITEM 1 FINANCIAL STATEMENTS (UNAUDITED)
Balance Sheets. . . . . . . . . . . . . . . . . . . . . . .3
Statements of Operations. . . . . . . . . . . . . . . . . .4
Statements of Cash Flows. . . . . . . . . . . . . . . . . .5
Notes to Financial Statements . . . . . . . . . . . . . . .6
ITEM 2 MANAGEMENT'S DISCUSSION AND FINANCIAL CONDITION
AND RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . .6
PART II OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . .7
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . .8
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ASDAR INC.
Balance Sheets
June 30,2000 (Unaudited) & December 31, 1999
March December
31, 2000 31, 1999
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ASSETS
Current Assets
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Cash $ 2,250 $ 0
Equipment 221,330 0
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Total Assets $ 223,583 $ 0
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Current Liabilities
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Accounts Payable 237,854 120,400
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Total Current Liabilities 237,854 120,400
Stockholders' Equity
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Common Stock, 50,000,000 Shares
Authorized, at $0.001 Par Value;
2,004,499 & 1,894,499 Shares Issued
& Outstanding Respectively 4,025 49,949
Paid In Capital 7,539,278 4,311,951
Treasury Stock (199,167) (199,167)
Accumulated Deficit (7,358,407) (4,360,633)
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Total Stockholders' Equity ( 14,271) ( 297,900)
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Total Liabilities & Stockholders' Equity $ 223,583 $ 0
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See Accompanying Notes
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ASDAR INC.
Statements of Operations (Unaudited)
For the Three Months Periods Ended March 31, 2000 & 1999
For the Three Months Period For the Three Months Period
April 1, April 1, January 1, January 1,
to June to June to June to June
30, 2000 30, 1999 30, 2000 30, 1999
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Revenues $ -0- $ -0- $ -0- $ -0-
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Expenses
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Consulting Fees ( 3,000) 6,000 ( 3,781) 10,000
General & Administrative Expenses 234,584 30 235,099 1,552
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Total Expenses 237,584 6,030 231,318 11,552
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Net Loss ($ 237,584) ($ 6,030) ($ 231,318) ($ 11,552)
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Loss Per Share ($ 0.06) ($ 0.00) ($ 0.06) ($ 0.01)
Weighted Average Shares Outstanding 3,959,734 1,789,499 3,855,300 1,789,499
See Accompanying Notes
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ASDAR INC.
Statements of Cash Flows (Unaudited)
For the Three Months Periods Ended June 30, 1999 & 1998
June June
30, 2000 30, 1999
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Cash Flows from Operating Activities
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Net Loss ($ 237,584) ($ 12,557)
Adjustments to Reconcile Net Loss to Net
Cash Used by Operating Activities;
Non Cash Expenses 76,000 500
Increase in Accounts Payable ( 161,584) 12,000
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Net Cash Used by Operating Activities -0- ( 57)
Cash Flows from Investing Activities -0- -0-
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Cash Flows from Financing Activities -0- -0-
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Increase in Cash 1,572 ( 57)
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Cash at Beginning of Period 678 2,427
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Cash at End of Period $ 2,250 $ 2,370
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Disclosures from Operating Activities
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Interest $ -0- $ -0-
Taxes -0- -0-
See Accompanying Notes
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ITEM I
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NOTE #1 - Basis of Presentation
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The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01
of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three months
period ending June 30, 2000, are not necessary indicative of the results
that may be expected for the year ended December 31, 2000. For further
information, refer to the financial statements and footnotes thereto
included in the Company's annual report on Form 10-K for the year ended
December 31, 1999.
ITEM II
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Management's Discussion and Analysis of Financial Condition and Results of
Operation
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Liquidity & Capital Resources
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The Company has been inactive for the current year, except for the
development of certain proprietary technology which, if successful, will
provide a scalable server platform to build server applications on top of.
However, the development is expected to take several months and no revenues
will be forthcoming in the current year. The Company is dependent upon its
officers, directors and shareholders for cash for any purpose, including the
development of the scalable server.
Results Of Operations
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The Company had no operations other than the development of a scalable
server platform to build servers on top of, and continued attempts by
management to make additional acquisitions. The Company did acquire TekMaster,
Ltd. to develop the scalable server platform for 2,000,000 shares of the
Company's restricted common stock and an agreement to fund said development.
In addition, the Company has aggressively pursued additional acquisitions,
and has thereby incurred additional expenses in so doing. The Company has
relied on and continues to rely on its officers, directors, and shareholders
for the necessary cash to continue operations.
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PART II - OTHER INFORMATION
Item 1 Legal Proceedings . . . . . . . . . . . . . . . . . . . . . None
Item 2 Changes in the Rights of the Company's
Security Holders. . . . . . . . . . . . . . . . . . . . . . None
Item 3 Defaults by the Company on its Senior
Securities. . . . . . . . . . . . . . . . . . . . . . . . . None
Item 4 Results of Votes of Security Holders. . . . . . . . . . . . None
Item 5 Other Information . . . . . . . . . . . . . . . . . . . . . None
Item 6 Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . None
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
ASDAR INC.
Date: August 28, 2000 By: /S/ Stephen J. Nemergut
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Stephen J. Nemergut
President, Secretary and Director