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, 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: 000-32767
NORICOM, INC.
--------------------------------------
(Exact name of small business issuer as specified in its charter)
NEVADA 86-1024812
(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)
(480)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 June 30, 2001 was 1,000,000.
1
Part I PAGE
NORICOM, INC.
(A DEVELOPMENT STAGE COMPANY)
TABLE OF CONTENTS
Part I Financial Information Page
Item 1. Financial Statements:
Condensed Balance Sheets
June 30, 2001 (unaudited) and December 31, 2000 3
Condensed Statements of Operations for the three and six months ended
June 30, 2001 and 2000 (unaudited), and cummulative
from inception on July 16, 1998 through June 30, 2001(unaudited) 4
Condensed Statements of Cash Flows for the three and six months ended
June 30, 2001 and 2000 (unaudited), and cummulative
from inception on July 16,1998 through June 30, 2001(unaudited) 5
Statement of Changes in Stockholders' equity for the period from
inception on July 16, 1998 to June 30, 2001 (unaudited) 6
Notes to Financial Statements (unaudited) 7
Item 2. Plan of operation 7
Part II - Other Information
Item 1. Legal Proceedings 7
Item 2. Changes in Securities 7
Item 6. Exhibits and Reports on Form 7
2
NORICOM, INC.
( a Development Stage Company)
CONDENSED BALANCE SHEETS
June 30, DECEMBER 31,
2001 2000
(unaudited)
ASSETS
TOTAL ASSETS $ - $ -
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Shareholder advances $9,090 $5,555
---------- ----------
Total Current Liabilities 9,090 5,555
---------- ----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, par value $.001, 25,000,000 shares
authorized, 1,000,000 issued and outstanding 1,000 1,000
Paid-in capital 1,800 1,800
(Deficit) accumulated during the development stage (11,890) (8,355)
---------- ---------
Total Stockholders' Equity (Deficit) (9,090) (5,555)
---------- ---------
$ - $ -
========== =========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
3
NORICOM, INC.
( a Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
Cummulative
from
July 16,
1998
(Inception)
For the Three Months Ended For the Six Months Ended to
June 30, June 30, June 30,
2001 2000 2001 2000 2001
REVENUE $ - $ - $ - $ - $ -
----------- ----------- ----------- ----------- ------------
EXPENSES:
General and administrative 2,575 675 3,535 1,635 11,890
----------- ----------- ----------- ----------- ------------
Total Expenses 2,575 675 3,535 1,635 11,890
----------- ----------- ----------- ----------- ------------
NET (LOSS) $ (2,575)$ (675)$ (3,535)$ (1,635) $ (11,890)
=========== =========== =========== =========== ============
NET (LOSS) PER COMMON SHARE-Basic * * * *
=========== =========== =========== ===========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 1,000,000 1,000,000 1,000,000 1,000,000
=========== =========== =========== ===========
* Less than $.01 per share
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
4
NORICOM, INC.
( a Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
Cummulative
from
July 16,
1998
(Inception)
For The Six Months Ended to
June 30, June 30,
2001 2000 2001
--------- --------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) from operations $ (3,535)$ (1,635) $ (11,890)
Adjustments to reconcile net (loss) to net
cash used by operating activities:
Changes in:
Shareholder advances 3,535 1,635 9,090
--------- --------- ------------
Net Cash (Used) by Operating Activities - - (2,800)
--------- --------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock 2,800
--------- --------- ------------
Net Cash From Financing Activities - - 2,800
--------- --------- ------------
NET INCREASE IN CASH - - -
CASH, beginning of period - - -
--------- --------- ------------
CASH, end of period $ - $ - $ -
========= ======== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
5
NORICOM, INC.
( a Development Stage Company)
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(Deficit)
Accumulated
During the
Common Stock Paid-in Development
Shares Amount Capital Stage Total
-------------------- --------- ----------- --------
(audited)
Balances, at inception - $ - $ - $ - $ -
Proceeds from sale of common
stock at $.001 per share 200,000 200 1,800 2,000
Proceeds from sale of common
stock At $.001 per share 800,000 800 800
Net (loss) for the period (2,385) (2,385)
---------- -------- --------- ----------- --------
Balances, December 31, 1998 1,000,000 1,000 1,800 (2,385) 415
Net (loss) for the year (2,985) (2,985)
---------- -------- --------- ----------- --------
Balances, December 31, 1999 1,000,000 1,000 1,800 (5,370) (2,570)
Net (loss) for the year (2,985) (2,985)
---------- -------- --------- ----------- --------
Balances, December 31, 2000 1,000,000 1,000 1,800 (8,355) (5,555)
(unaudited)
Net (loss) for the three months
ended March 31 2001 (960) (960)
---------- -------- --------- ----------- --------
Balances, March 30, 2001 1,000,000 1,000 1,800 (9,315) (6,515)
Net (loss) for the three months
ended June 30, 2001 (2,575) (2,575)
---------- -------- --------- ----------- --------
Balances, June 30, 2001 1,000,000 $ 1,000 $ 1,800 $ (11,890) $ (9,090)
========== ========= ========= ========= ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
6
Note 1. BASIS OF PRESENTATION
In the opinion of management, 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-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 June 30, 2001 and results of its operations and cash
flows for the three and six months ended June 30, 2001 and 2000 have been made.
Operating results for the six months ended June 30, 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 until it achieves its indicated business plan.
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.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized, this 01 day of August, 2001.
By: /s/Kevin Ericksteen
- -----------------------
Kevin Ericksteen
President and Director
7