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 March 31, 2001
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the transition period from ------------ to --------------
Commission file number: 000-32313
Desert Sky Consulting, Inc.
--------------------------------------
(Exact name of small business issuer as specified in its charter)
NEVADA 86-1010346
(State or other jurisdiction of
incorporation or organization) I.R.S. Employer Identification No.)
8776 East Shea, Suite B3A323, Scottsdale, AZ 85260
------------------------------------------
(Address of principal executive office) (Zip Code)
(604) 602-9262
---------------------
(Issuer's telephone number)
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 XX No
- ----- -----
The number of outstanding shares of the issuer's common stock, $0.001 par value,
as of March 31, 2001 was 7,000,000.
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TABLE OF CONTENTS
Part I - Financial Information Page
Item 1. Financial Statements:
Condensed Balance Sheets March 31, 2001 (unaudited) and 3
December 31, 2000
Condensed Statements of Operations for the three months ended
March 31, 2001 and 2000 (unaudited), and cummulative from
inception on December 31, 1998 through March 31, 2001(unaudited) 4
Condensed Statements of Cash Flows for the three months ended March
31, 2001 and 2000 (unaudited), and cummulative from inception on
December 31, 1998 through March 31, 2000 (unaudited) 5
Statement of Changes in Stockholders' equity for the period
from December 31, 1998 to March 31, 2001 (unaudited) 6
Notes to Financial Statements (unaudited) 7
Item 2. Plan of operation
Part II - Other Information
Item 1. Legal Proceedings 7
Item 2. Changes in Securities 7
Item 6. Exhibits and Reports on Form 8 7
2
DESERT SLY CONSULTING SERVICES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEET
March, 31 December 31,
2001 2000
(unaudited)
ASSETS
ASSETS $ - $ -
========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable, Officers 1,430 $ 470
Shareholder advances 750 750
--------- ----------
Total Current Liabilities 2,180 1,220
--------- ----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, par value $.001, 25,000,000
shares authorized, 7,000,000 issued and
outstanding 7,000 7,000
(Deficit) accumulated during the
development stage (9,180) (8,220)
--------- ----------
Total Stockholders' Equity (Deficit) (2,180) (1,220)
--------- ----------
$ - $ -
========= ==========
The accompanying notes are an integral part of these financial statements
3
DESERT SLY CONSULTING SERVICES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF OPERATION
(UNAUDITED)
Cummulative
from
December 31,
1998
Three Months Ended (Inception)
March 31, to
2001 2000 March 31, 2001
REVENUES $ - $ - $ -
---------- --------- ---------
EXPENSES
General and administrative 960 960 9,180
---------- --------- ---------
Total expenses 960 960 9,180
---------- --------- ---------
NET (LOSS) $ (960) $ (960) $ (9,180)
========== ========= =========
NET (LOSS) PER SHARE * *
========== ========= =========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 7,000,000 7,000,000
========= =========
* less than $.01 per share
The accompanying notes are an integral part of these financial statements
4
DESERT SKY CONSULTING SERVICES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Cummulative
from
31-Dec
1998
Three Months Ended (Inception)
March 31, to
2001 2000 March 31, 2001
------- ------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net ( loss) $ (960) $ (960) $ (9,180)
Adjustments to reconcile net loss to --------- --------- ---------
net cash used by operating activities:
Common stock issued for services 7,000
Changes in operating assets and
liabilities:
Increase (decrease) in accounts
payable 960 960 2,180
--------- --------- ---------
Net Cash (Used) by Operating
Activities - - -
--------- --------- ---------
NET (DECREASE) IN CASH - - -
CASH AT BEGINNING OF PERIOD, - - -
--------- --------- ---------
CASH AT END OF PERIOD $ - $ - $ -
========= ========= =========
The accompanying notes are an integral part of these financial statements
5
DESERT SKY CONSULTING SERVICES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE PERIOD FROM DECEMBER 31, 1998 (INCEPTION)
TO MARCH 31, 2001
(Deficit)
Accumulated
During the
Common Stock Development
(unaudited) Shares Amount Stage Total
----------------- ---------- ---------
Balances, at inception - $ - $ - $ -
Issuance of stock
at $.001 per share 7,000,000 7,000 7,000
Net (loss) (3,735) (3,735)
--------- --------- --------- ---------
Balances, December 31, 1999 7,000,000 7,000 (3,735) 3,265
Net (loss) (4,485) (4,485)
--------- --------- --------- ---------
Balances, December 31, 2000 7,000,000 7,000 (8,220) (1,220)
Net (loss) (960) (960)
--------- --------- --------- ---------
Balances, March 31, 2001 7,000,000 $ 7,000 $ (9,180) $ (2,180)
--------- --------- --------- ---------
The accompanying notes are an integral part of these financial statements
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Note 1. BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited condensed financial
statements have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form
10-QSB. 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, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation of the
Company's financial position as of March 31, 2001 and the results of its
operations and cash flows for the three months ended March 31, 2001 and 2000.
Operating results for the three months ended March 31, 2001 are not necessarily
indicative of the results that may be expected for the year ended December 31,
2001.
These condensed financial statements should be read in conjunction with the
financial statements and notes thereto contained in the Company's Form 10-SB for
the year ended December 31, 2000
ITEM 2. PLAN OF OPERATION
For the near term, the Company continues to seek merger and/or acquisition
candidates. It has had no operations since inception and is financially
dependent on its shareholders, who have financed its existence to date.
Management of the Company believes that its shareholders will continue to
provide the finances the Company requires, without the need to raise additional
capital.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter covered by this
report.
SIGNATURE
In accordance with Section 12 of the Securities Exchange Act of 1934, the
registrant caused this registration statement to be signed on its behalf by the
undersigned, thereto duly authorized.
Desert Sky Consulting Services, Inc.
(Registrant)
Date: May 3, 2001
By:/s/Kevin Ericksteen
- ----------------------
Kevin Ericksteen
President and Director
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