UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly Report under Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended June 30, 2003
[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from ---- to -----
Commission File Number 0-49915
JavaJuice.net
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(Exact name of registrant as specified in its charter)
Nevada 88-0474056
- --------------------------- -----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization Identification No.)
150 Freeport Blvd. #8, Sparks, Nevada 89431
- --------------------------------------- -------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(775) 849-5078
None
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Former Name, Address and Fiscal Year, if Changed Since Last Report
Check whether the issuer: (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 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
The number of shares outstanding of the registrant's common stock as
of June 30, 2003 was 1,700,000. Registrant's original registration
statement on Form 10SB and all exhibits thereto, filed under SEC
File Number 0-49915, are incorporated herein by reference. The
Form 10SB can be found in its entirety on the SEC website at www.sec.gov.
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PART 1
Item 1. Financial Information
- -----------------------------
The consolidated financial statements for JavaJuice.net (the Company)
included herein are unaudited but reflect, in management's opinion,
all adjustments, consisting only of normal recurring adjustments that
are necessary for a fair presentation of the Company's financial
position and the results of its operations for the interim periods
presented. Because of the nature of the Company's business, the
results of operations for the six months ended June 30, 2003 are
not necessarily indicative of the results that may be expected
for the full fiscal year. The financial statements included herein
should be read in conjunction with the financial statements and notes
thereto included in the Form 10KSB for the year ended December 31, 2002.
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JavaJuice.net
June 30, 2003
3
JavaJuice.net
(A Development Stage Enterprise )
Balance Sheet
June 30 December 31
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2003 2002
---- ----
ASSETS
------
Current Assets
- --------------
Cash $ 32,115 $ 32,647
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Total Current Assets 32,115 32,647
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Total Assets $ 32,115 $ 32,647
========== ==========
LIABILITIES
-----------
Current Liabilities
- -------------------
Accounts Payable - -
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Total Current Liabilities - -
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Total Liabilities - -
STOCKHOLDERS' EQUITY
--------------------
Common Stock 1,700 1,700
25,000,000 authorized shares,
par value $.001
1,700,000 shares issued and
outstanding
Additional Paid-in-Capital 38,300 38,300
Deficit accumulated during
the development stage (7,885) (7,353)
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Total Stockholders' Equity 32,115 32,647
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Total Liabilities and
Stockholders' Equity $ 32,115 $ 32,647
========== ==========
See accompanying notes to Financial Statements.
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JavaJuice.net
(A Development Stage Enterprise)
Statement of Operations
For the Three For the Six From Inception
Months Ended Months Ended (September 13,2000)
June 30,2003 June 30,2003 to
June 30, 2003
------------- ------------ ----------------
Revenues:
- ---------
Revenues $ - $ - $ -
----------- ---------- -------------
Total Revenues - - -
Expenses:
- ---------
Professional Fees - - 2,850
Operating Expenses 449 532 5,035
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Total Expenses 449 532 7,885
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Net loss from Operations (449) (532) (7,885)
Provision for Income Taxes:
- ---------------------------
Income Tax Benefit - - -
Net Income (Loss) $ (449) $ (532) $ (7,885)
========== ========== =============
Basic and Diluted
Earnings Per Common Share $ (0.00) $ (0.00) $ (0.00)
---------- ---------- -------------
Weighted Average number of
Common Shares used in per
share calculations 1,700,000 1,700,000 15,366,269
========== ========== =============
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JavaJuice.net
(A Development Stage Enterprise)
Statement of Stockholders' Equity
Deficit
Accumulated
$0.001 Paid-In During the Stockholders'
Shares Par Value Capital Development Stage Equity
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Balance,
September 13,
2000 - $ - $ - $ - $ -
Stock Issued
for Cash 1,000,000 1,000 4,000 - 5,000
Net Income
(Loss) (1,969) (1,969)
--------- -------- ---------- ------------ -----------
Balance
December 31,
2001 1,000,000 $ 1,000 $ 4,000 $ (1,969) $ 3,031
========= ======== ========== =========== =========
Stock Issued
for Cash 700,000 700 34,300 35,000
Net Income
(Loss) (5,384) (5,384)
--------- -------- ---------- ------------ ----------
Balance
December 31,
2002 1,700,000 $ 1,700 $ 38,300 $ (7,353) $ 32,647
Net Income
(Loss) (532) (532)
--------- -------- ---------- ------------ ----------
Balance
June 30,
2003 1,700,000 $ 1,700 $ 38,300 $ (7,885) $ 32,115
========= ======== ========== =========== =========
See accompanying notes to Financial Statements.
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Java.Juice.net
(A Development Stage Enterprise}
Statement of Cash Flows
From Inception
For the Six (September 13,2000)
Months Ended to
June 30,2003 June 30,2003
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Cash Flows from Operating
Activities:
- -----------
Net Income (Loss) $ (532) $ (7,885)
Accounts Payable - -
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Net Cash Provided from
Operating Activities (532) (7,885)
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Cash Flows from
Investing Activities:
- ---------------------
Other Assets - -
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Net Cash Used in
Investing Activities - -
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Cash Flows from
Financing Activities:
- ---------------------
Sales of Common Stock - 40,000
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Net Cash Provided from
Financing Activities - 40,000
----------- ------------
Net Increase in Cash (532) 32,115
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Cash Balance, Begin Period 32,647 -
----------- ------------
Cash Balance, End Period $ 32,115 $ 32,115
=========== ============
Supplemental Disclosures:
Cash Paid for interest $ - $ -
=========== ============
Cash Paid for income taxes $ - $ -
=========== ============
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JavaJuice.net
Notes to Financial Statements
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- -----------------------------------------------------
Organization
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JavaJuice.net (the Company) was incorporated under the laws of the
State of Nevada on September 13, 2001 for the purpose to promote and
carry on any lawful business for which a corporation may be incorporated
under the laws of the State of Nevada. The company has a total of
25,000,000 authorized shares with a par value of $.001 per share and
with 1,700,000 shares issued and outstanding as of June 30, 2003. The
Company has been inactive since inception and has little or no operating
revenues or expenses.
Development Stage Enterprise
- ----------------------------
The Company is a development stage enterprise, as defined in Financial
Accounting Standards Board No. 7. The Company is devoting all of its
present efforts in securing and establishing a new business, and its
planned principal operations have not commenced, and, accordingly, no
revenue has been derived during the organizational period.
Federal Income Tax
- ------------------
The Company has adopted the provisions of Financial Accounting Standards
Board Statement No. 109, Accounting for Income Taxes. The Company accounts
for income taxes pursuant to the provisions of the Financial Accounting
Standards Board Statement No. 109, Accounting for Income Taxes, which
requires an asset and liability approach to calculating deferred income
taxes. The asset and liability approach requires the recognition of
deferred tax liabilities and assets for the expected future tax
consequences of temporary differences between the carrying amounts and
the tax basis of assets and liabilities.
Use of Estimates
- ----------------
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure on contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ
from those estimates.
Accounting Method
- -----------------
The Company's financial statements are prepared using the accrual method
of accounting. Revenues are recognized when earned and expenses when
incurred. Fixed assets are stated at cost. Depreciation and amortization
using the straight-line method for financial reporting purposes and
accelerated methods for income tax purposes.
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JavaJuice.net
Notes to Financial Statements
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
- -------------------------------------------------------------
Earnings per Common Share
- -------------------------
The Company adopted Financial Accounting Standards (SFAS) No. 128,
Earnings Per Share, which simplifies the computation of earnings per
share requiring the restatement of all prior periods.
Basic earnings per share are computed on the basis of the weighted
average number of common shares outstanding during each year.
Diluted earnings per share are computed on the basis of the weighted
average number of common shares and dilutive securities outstanding.
Dilutive securities having an anti-dilutive effect on diluted earnings
per share are excluded from the calculation.
Cash and Cash Equivalents
- -------------------------
The Company considers all highly liquid debt instruments with a maturity
of three months or less at the time of purchase to be cash equivalents.
Cash and cash equivalents consist of checking accounts and money market
funds.
Fair Value of Financial Instruments
- -----------------------------------
The carrying amounts of financial instruments including cash and cash
equivalents, accounts receivable and payable, accrued and other current
liabilities and current maturities of long-term debt approximate fair
value due to their short maturity.
NOTE 2 - COMMON STOCK
- -----------------------
A total of 1,000,000 shares of stock were issued pursuant to a stock
subscription agreement for $0.005 per share for a total of $5,000 to
the original officers and directors.
In March of 2002 the company completed a 504 offering whereby 700,000
shares of common stock was sold for $35,000.
NOTE 3 - RELATED PARTIES
- --------------------------
The Company has no significant related party transactions and/or
relationships any individuals or entities.
NOTE 4 - SUBSEQUENT EVENTS
- --------------------------
There were no other material subsequent events that have occurred
since the balance sheet date that warrants disclosure in these
financial statements.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf the undersigned thereunto duly authorized.
JavaJuice.net,
a Nevada corporation (Registrant)
Dated: August 4, 2003 By:/s/ Laure P. Mazany, President,
CEO, Secretary, Treasurer, CFO and
Chairman of the Board of Directors
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CERTIFICATION PURSUANT TO SECTION 302 OF THE ACT
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I, Laura P. Mazany hereby certify that:
1. I have reviewed this quarterly report on Form 10-QSB of
JavaJuice.net.
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this quarterly report.
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of JavaJuice.net as of, and for, the periods presented in
this quarterly report.
4. As the sole officer and director of JavaJuice.net,
I am solely responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for JavaJuice.net and have:
(a) designed such disclosure controls and procedures to
ensure that material information relating to JavaJuice.net
including its consolidated subsidiaries,
is made known to us by others within those entities,
particularly during the period in which this quarterly
report is being prepared;
(b) evaluated the effectiveness of JavaJuice.net's
disclosure controls and procedures as of a date within
90 days prior to the filing date of this quarterly report
(the "Evaluation Date"); and
(c) presented in this quarterly report our conclusions
about the effectiveness of the disclosure controls and
procedures based on our evaluation as of the Evaluation Date;
5. I have disclosed, based on my most recent evaluation, to our
auditors:
(a) all significant deficiencies in the design or operation of
internal controls which could adversely affect our ability to
record, process, summarize and report financial data and have
identified for our auditors any material weaknesses in internal
controls; and
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(b) any fraud, whether or not material, that involves management
or other employees who have a significant role in our internal
controls.
6. I have indicated in this quarterly report whether or not there
were significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent to the
date of our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.
Dated: August 4, 2003 /s/ Laura P. Mazany
----------------------------------------
Laura P. Mazany, Chief Executive Officer,
President, Treasurer, Chief Financial
Officer, Secretary, and Chairman of
the Board of Directors
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