SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended September 30, 1999
Commission File Number: 000-27339
BEPARIKO BIOCOM
(Exact name of registrant as specified in its charter)
Nevada 88-0426887
(State of Incorporation) I. R. S. Employer Identification No.)
8452 Boseck Drive, Suite 272, Las Vegas, NV 89145
(Address of principal executive offices)
Registrants Telephone number, including area code
(702) 228-4688
Check whether the issuer (1) filed all reports required to be filed by
Section 13 of 15(d) of the Exchange Act during the past 12 months and (2)
has been subject to such filing requirements for the past 90 days.
(1) Yes (2) No.
There are 750,000 shares of common stock outstanding as of September 30,
1999.
DOCUMENTS INCORPORATED BY REFERENCE:
The Company's Form SB-2 filed on September 2, 1999 and the amended Form
SB-2 filed on October 25, 1999. The Companies Form 10-SB filed on
September 15, 1999, and the amended Form 10-SB filed on October
25, 1999 and the exhibits attached thereto, are incorporated by reference. The
Federal Securities Laws allows for incorporation of documents
previously filed and accepted by reference.
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The financial statements and supplemental data required by this Item
follow the index of financial statements appearing at Item 6 of this
form 10Q-SB.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This statement includes projections of future results and "forward-looking
statements" as that term is defined in Section 27A of the Securities Act
of 1933 as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934 as amended (the "Exchange Act"). All
statements that are included in this Registration Statement, other than
statements of historical fact, are forward-looking statements. Although
Management believes that the expectations reflected in these
forward-looking statements are reasonable; it can give no assurance that
such expectations will prove to have been correct. Important factors that
could cause actual results to differ materially from the expectations are
disclosed in this this Statement, including without limitation, in
conjunction with those forward-looking statements contained in this Statement.
Plan of Operation
The Company's Plan of Operation has not changed since the filing of itsAmended
Form 10-SB dated October 25, 1999. The description of the current
plan of operation is incorporated by reference to Section 2 of that
Amended Form 10-SB filed with the Sec on October 25, 1999.
Competition
The Company is an insignificant participant among firms which engage in
business combinations with, or financing of, development-stage
enterprises. There are many established Management and financial
consulting companies and venture capital firms who have significantly
greater financial and personal resources, technical expertise and
experience than the Company. In view of the Company's limited financial
resources and management availability, the Company will continue to be
at significant competitive disadvantage vis-a-vis the Company's
competitors.
Year 2000 Compliance
Computer programs that have time sensitive software may recognize a date
using "00" as the year 1900 rather than the year 2000. This could result
in a system failure or miscalculations causing disruption of normal
business activities.
The company's potential software suppliers have verified that they will
provide only certified "Year 2000" compatible software for all of the
company's computing requirements. Because the company's products and
services are sold to the general public with no major customers, the
company believes that the "Year 2000" issue will not pose significant
operational problems and will not materially affect future financial
results.
Employees
The Company's only employees at the present time are its officers and
directors, who will devote as much time as the Board of Directors
determine is necessary to carry out the affairs of the Company.
Part II - OTHER INFORMATION
Item 1. DESCRIPTION OF BUSINESS
Background Bepariko BioCom (the "Company") is a Nevada corporation
formed on April 2, 1997. Its principal place of business is located at 8452
Boseck Street, Suite 272, Las Vegas, NV 89128. Bepariko operates on the
calendar fiscal year. The Company was organized to engage in any lawful
corporate business, including but not limited to, participating in Joint
Ventures with and acquisitions of other companies. The Company has
been in the developmental stage since inception and has no operating
history other than organizational matters. The Company was formed for
the purpose of being a multi-fingerprint identification company for
personal security. Bepariko BioCom is working to have a minimum of six
(6) major contracts with internationally recognized customers as soon as
possible. The incorporator was Ms. Leslie Eslick. Family members and
close friends and Mr. Lewis Eslick and Ms. Leslie Eslick have purchased
stock in the Company amounting to 750,000 shares of common stock. All
such sales were made in reliance on section 4(2) of the Securities Act
of 1933, as amended (the "Securities Act").
Item 2. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal proceedings and,
to the best of its knowledge, no such action by or against the Company has
been threatened.
Item 3. DESCRIPTION OF PROPERTY.
The Company neither owns nor leases any real property at this time. The
Company does have the use of a limited amount of office space from, Mr.
Lewis Eslick, a director and officer, at no cost to the Company, and
Management expects this arrangement to continue. The Company pays its
own charges for long distance telephone calls and other miscellaneous
secretarial, photocopying, and similar expenses. This is a verbal
agreement between Mr. Eslick, a director and officer and the Board of
Directors.
Item. 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most recent quarter.
FINANCIAL STATEMENTS
The unaudited financial statements for the quarter ended September 30,
1999 were prepared for the company by its executive officers.
AMENDED UNAUDITED QUARTERLY REPORT
Board of Directors October 25, 1999
Bepariko BioCom
Las Vegas, Nevada
The executive officers have reviewed the accompanying Balance Sheets of
Bepariko BioCom, (A Development Stage Company), as of September 30,
They have been compared to December 30 1998, December 30 1997,
and from Inception to September 30, 1999, and the related statements of
operations, stockholders' equity and cash flows for the times reviewed.
The financial statements are the responsibility of the Company's
management.
It is the opinion of the executive officers, the amended financial
statements referred to above present fairly, in all material respects,
the financial position of Bepariko BioCom as of September 30, 1999. The
results of the Company's operations and cash flows for the Quarter ended
September 30, 1999 are 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 suffered recurring losses
from operations and has no established source of revenue. This raises
substantial doubt about its ability to continue as a going concern.
Management's plan in regard to these matters is also described in Note #5
The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
AMENDED QUARTERLY FINANCIAL STATEMENTS
September 30, 1999
BEPARIKO BIOCOM
(A Development Stage Company)
FINANCIAL STATEMENTS
September 30, 1999
TABLE OF CONTENTS PAGE NO.
ASSETS 7
LIABILITIES AND STOCKHOLDERS' EQUITY 8
STATEMENT OF OPERATIONS 9-10
STATEMENT OF STOCKHOLDERS' EQUITY 11
STATEMENT OF CASH FLOWS 12-13
NOTES TO FINANCIAL STATEMENTS 14-18
Bepariko BioCom
(A Development Stage Company)
BALANCE SHEET
ASSETS
September December December
30, 1999 31, 1998 31, 1997
CURRENT ASSETS $ 0 $ 0 $ 0
TOTAL CURRENT ASSETS $ 0 $ 0 $ 0
OTHER ASSETS
Organization Costs (Net) $ 0 $ 98 $ 128
TOTAL OTHER ASSETS $ 0 $ 98 $ 128
TOTAL ASSETS $ 0 $ 98 $ 128
The accompanying notes are an integral part of these financial
statements
Bepariko BioCom
(A Development Stage Company)
BALANCE SHEET
LIABILITIES AND STOCKHOLDERS' EQUITY
September December December
30, 1999 31, 1998 31, 1997
CURRENT LIABILITIES
Officers Advances
(Note #5) $ 925 $ 0 $ 0
TOTAL CURRENT LIABILITIES $ 925 $ 0 $ 0
STOCKHOLDERS' EQUITY (Note #4)
Preferred Stock
Par Value $0.001
Authorized 10,000,000
shares
Issued and outstanding
At September 30, 1999
- None $ 0 $ 0 $ 0
Common stock
Par value $0.001
Authorized 100,000,000
shares
Issued and outstanding at
December 31, 1997 -
750,000 shares 750
December 31, 1998 750
750,000 shares
September 30, 1999 -
750,000 shares $ 750
Additional Paid-In
Capital 17,324 17,324 17,324
Deficit accumulated during
Development stage -18,999 -17,976 -17,946
TOTAL STOCKHOLDERS' EQUITY $ -925 $ 98 $ 128
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 0 $ 98 $ 128
See accompanying notes to financial statements &
report
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF OPERATIONS
3 Mos 3 Mos 9 Mos 9 Mos
Ended Ended Ended Ended
Sep. 30 Sep. 30 Sep. 30 Sep. 30
1999 1998 1999 1998
REVENUE $ 0 $ 0 $ 0 $ 0
EXPENSES
General, Selling and
Administrative $ 575 $ 0 $ 925 $ 0
Amortization 0 7 98 22
TOTAL EXPENSES $ 575 $ 7 $ 1,023 $ 22
NET PROFIT/LOSS (-) $ -575 $ -7 $ -1,023 $ -22
Net Profit/Loss(-)
per weighted share
(Note #2) $-.0008 $ NIL $ -.0014 $ NIL
Weighted average
Number of common
shares outstanding 750,000 750,000 750,000 750,000
See accompanying notes to financial statements &
audit report
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF OPERATIONS
(CONTINUED)
Year Apr 2 1997 Apr 2 1997
Ended to (Inception)
Dec. 31 1998 Dec 31 1997 to
Sep 30 1999
REVENUE $ 0 $ 0 $ 0
EXPENSES
General, Selling and
Administrative $ 0 $ 17,924 $ 18,849
Amortization 30 22 150
TOTAL EXPENSES $ 30 $ 17,946 $ 18,999
NET PROFIT/LOSS (-) $ -30 $ -17,946 $ -18,999
Net Profit/Loss(-)
per weighted share
(Note #2) $ NIL $ -.0239 $ -0253
Weighted average
Number of common
shares outstanding 750,000 750,000 750,000
The accompanying notes are an integral part of these financial
Statements.
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Additional Accumu-
Common Stock paid-in lated
Shares Amount Capital Deficit
July 24, 1997
Issued for Cash 750,000 $ 750 $ 17,324 $ 0
Net loss
April 2, 1997 to
December 31, 1997 -17,946
Balance,
December 31, 1997 750,000 $ 750 $ 17,324 $-17,946
Net Loss Year Ended
December 31, 1998 -30
Balance,
December 31, 1998 750,000 750 17,324 -17,976
Net Loss
January 1, 1999 to
September 30, 1999 -1,023
Balance,
September 30, 1999 750,000 $ 750 $17,324 $-18,999
See accompanying notes to financial statements &
audit report
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF CASH FLOWS
3 Mos 3 Mos 9 Mos 9 Mos
Ended Ended Ended Ended
Sep. 30 Sep. 30 Sep. 30 Sep. 30
1999 1998 1999 1998
Cash Flow from Operating
Activities Net Loss $ -575 $ 17 $ -1,023 $ -22
Adjustment to reconcile
Net loss to net cash
Provided by operating
Activities
Amortization +0 +7 +98 +22
Changes in Assets and
Liabilities
Organization Costs 0 0 0 0
Increase in Current
Liabilites
Officers Advances +575 0 +925 +0
Net cash used in
Operating Activities 0 0 0 0
Cash Flows from
Investing Activities 0 0 0 0
Cash Flows from
Financing Activities
Issuance of Common
Stock 0 0 0 0
Net increase (decrease)
In cash 0 0 0 0
Cash, beginning of
Period 0 0 0 0
Cash, end of period 0 0 0 0
Bepariko BioCom
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(CONTINUED)
Apr 2 1997
Year Ended Year Ended (Inception)
December 31 December 31 to Sept 30
1998 1997 1999
Cash Flows from
Operating Activities
Net Loss $ -30 $ -17,946 $ -18,999
Adjustment to
Reconcile net loss
To net cash provided by
Operating activites
Amortization +30 +22 +150
Changes in assets and
Liabilities
Organization Costs 0 -150 -150
Increase In Current
Liabilities
Officers Advances 0 0 +925
Net cash used in
Operating activities $ 0 $-18,074 $-18,074
Cash Flows from
Investing Activities 0 0 0
Cash Flows from
Financing Activities
Issuance of Common
Stock 0 +18,074 +18,074
Net Increase
(decrease) in cash $ 0 $ 0 $ +0
Cash,
Beginning of period 0 0 0
Cash, End of Period $ 0 $ 0 $ 0
See accompanying notes to financial statements &
audit report
Bepariko BioCom
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
September 30, 1999, December 31, 1998, and December 31, 1997
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized April 2, 1997 under the laws of the State of
Nevada as Bepariko BioCom. The Company currently has no operations and
is considered a development company.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Method
The Company records income and expenses on the accrual method.
Estimates
The preparation of this financial statement is in conformity with
generally accepted accounting principles. It 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 bank 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 September 30, 1999.
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 difference between financial
and tax reporting. Deferred tax expense (benefit) results from the net
change during the year of deferred tax assets and liabilities.
Reporting on Costs of Start-up Activities
In April 1998, the American Institute of Certified Public Accountants
issued Statement of Position 98-5 ("SOP 98-5"), "Reporting the Costs of
Start-up Activities" which provides guidance on the financial
reporting of start-up costs and organizational costs. It requires costs
of start-up activities and organization costs to be expensed as incurred.
SOP 98-5 is effective for fiscal years beginning after December 15, 1998,
with initial adoption reported as the cumulative effect of a change in
accounting principal.
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 dilative common stock equivalents had been
converted to common stock. As of June 15, 1999, the Company had no
dilative common stock equivalents such as stock options.
Year End
The Company has selected December 31st as its fiscal year-end.
Year 2000 Disclosure
Computer programs that have time sensitive software may recognize a date
using "00" as the year 1900 rather than the year 2000. This could result
in a system failure or miscalculations causing disruption of normal
business activities.
The company's potential software suppliers have verified that they will
provide only certified "Year 2000" compatible software for all of the
company's computing requirements. Because the company's products and
services are sold to the general public with no major customers, the
company believes that the "Year 2000" issue will not pose significant
operational problems and will not materially affect future financial
results.
NOTE 3 - INCOME TAXES
There is no provision for income taxes for the period ended December 31,
1998, due to the net loss and no state income tax in Nevada, the state of
the Company's domicile and operations. The Company's total deferred tax
asset as of December 31, 1998, is as follows:
Net operation loss carry forward $ 17,976
Valuation allowance $ 17,976
Net deferred tax asset $ 0
The federal net operating loss carry forward will expire in 2017 to
2018.
NOTE 4 - STOCKHOLDERS' EQUITY
Common Stock
The authorized common stock of the corporation consists of 100,000,000,
shares with a par value $.001 per share.
Preferred Stock
The authorized preferred stock of the corporation consists of 10,000,000
shares with a par value of $0.001 per share.
On July 24, 1997, the Company issued 750,000 shares of its $0.001 par
value common stock in consideration of $750.00 in cash to its directors.
NOTE 5 - GOING CONCERN
The Company's financial statements are prepared using 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. However, the Company does not have significant cash
or other material assets, nor does it have an established source of
revenues sufficient to cover its operating costs and to allow it to
continue as a going concern. The stockholders/officers and or directors
have committed to advancing the operating costs of the Company interest
free.
NOTE 6 - RELATED PARTY TRANSACTIONS
The Company neither owns nor leases any real or personal property. An
officer of the corporation provides office services without charge.
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
share of common stock.
To Whom It May Concern: October 25, 1999
The Executive Officers of Bepariko BioCom have prepared these financial
statements as of September 30, 1999.
Very truly yours,
/s/Lewis M. Eslick
Lewis M. Eslick
President and Chairman of the Board