United States
Securities and Exchange Commission
Washington, DC 20549
FORM 10Q SB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE
EXCHANGE ACT
Commission file Number 0 - 30915
DIGICOMM SERVICES, INC.
(FORMERLY NEMO ENTERPRISES, INC.)
Exact name of small business issuer as specified in its charter
Colorado 98 - 0219157
(State or other jurisdiction of IRS Employer
incorporation or organization) Identification Number
3215 MATHERS AVENUE, WEST VANCOUVER, BC V7K 2K6 CANADA
(Address of principal executive office)
(604) 913-8355
Issuer's telephone number
NEMO ENTERPRISES, INC., 404 Scott Point Drive, Salt Spring Island, BC V8K 2R2
(Former name, former address and former fiscal year, if changed
since last report)
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PAST FIVE YEARS
Check whether the registrant filed all documents and reports required
To be filed by Section 12, 13 or 15 (d) of the Exchange Act after the
distribution of
Securities under a plan confirmed by a court. Yes ____ No ____
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the Issuer's
common equity as of the last practicable date: 1,350,000 shares
Transitional Small Business Disclosure Format (check one) Yes ___ No X
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
The financial statements for the three month period ended June 30, 2002 follow:
DIGICOMM SERVICES, INC.
(FORMERLY NEMO ENTERPRISES, INC.)
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEET
AS AT JUNE 30, 2002
(PREPARED BY MANAGEMENT)
ASSETS
CURRENT ASSETS $ 0
TOTAL ASSETS 0
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
DUE TO RELATED PARTY 415
TOTAL CURRENT LIABILITIES 415
STOCKHOLDERS' EQUITY:
COMMON STOCK, $0.001 PAR
VALUE; 50,000,000 SHARES
AUTHORIZED AND 1,350,000
SHARES ISSUED AND OUTSTANDING 1,350
PREFERRED SHARES $0.001 PAR VALUE:
NONE ISSUED AND OUTSTANDING 0
ADDITIONAL PAID-IN CAPITAL 3,350
DEFICIT ACCUMULATED DURING
THE DEVELOPMENT STAGE (5,115)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) ( 415)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 0
SEE ATTACHED NOTES
DIGICOMM, SERVICES, INC.
(FORMERLY NEMO ENTERPRISES, INC.)
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTH AND NINE MONTH PERIODS
ENDED JUNE 30, 2002 AND 2001
(PREPARED BY MANAGEMENT)
THREE MONTHS NINE MONTHS
2002 2001 2002 2001
REVENUES: 0 0 0 0
OPERATING EXPENSES:
OFFICE EXPENSE 415 349 415 349
TOTAL OPERATING EXPENSES 415 349 415 349
NET (LOSS) FOR THE PERIOD ( 415) ( 349) ( 415) ( 349)
NET (LOSS) PER SHARE ( 0.00) ( 0.00) ( 0) ( 349)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 1,350,000 1,350,000 1,350,000 1,350,000
SEE ATTACHED NOTES
DIGICOMM SERVICES, INC.
(FORMERLY NEMO ENTERPRISES, INC.)
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIODS
ENDING JUNE 30, 2002 AND 2001
(PREPARED BY MANAGEMENT)
2002 2001
CASH FLOWS FROM (TO)
OPERATING ACTIVITIES: $ ( 415) $( 349)
NON -WORKING CAPITAL
ITEMS INCREASE (DECREASE)
DUE TO RELATED PARTY 415 0
TOTAL CASH FLOWS FROM (TO)
OPERATING ACTIVITIES 0 ( 349)
CASH FLOWS FROM (TO)
FINANCING ACTIVITIES: 0 0
CASH FLOWS FROM (TO) INVESTING ACTIVITIES 0 0
NET INCREASE (DECREASE) IN CASH 0 ( 349)
CASH, BEGINNING OF PERIOD 0 786
CASH, END OF PERIOD $ 0 $ 437
NOTES TO JUNE 30, 2002 FINANCIAL STATEMENTS
(PREPARED BY MANAGEMENT)
NOTE 1 - BASIS OF PRESENTATION The accompanying financial
statements have been prepared in accordance with US Securities
and Exchange Commission ("SEC") requirements for interim
financial statements. Therefore, they do not include all of the
information and footnotes required by generally accepted
accounting principles for complete financial statements. The
financial statements should be read in conjunction with the year
ended September 30, 2001 financial statements of Digicomm
Services, Inc. ("Registrant") included in the Form 10K SB filed
with the SEC.
The results of operations for the interim period shown in this
report are not necessarily indicative of the results to be
expected for the full year. In the opinion of management, the
information contained herein reflects all adjustments necessary
to make the results of operations for the interim periods a fair
statement of such operation. All such adjustments are of a
normal recurring nature.
NOTE II - RELATED PARTY TRANSACTIONS
A related party has advanced the Company the sum of $415 to
defray accounting and filling fees. The advance is non- interest
bearing and with no defined terms of repayment.
Item 2. Management's Discussion and Analysis or Plan of
Operation.
The Company's business plan is to continue to seek, investigate,
and, if warranted, acquire one or more properties or businesses,
and to pursue other related activities intended to enhance
shareholder value. The acquisition of a business opportunity may
be made by purchase, merger, exchange of stock, or otherwise, and
may encompass assets or a business entity, such as a corporation,
joint venture, or partnership. The Company has very limited
capital, and it is unlikely that the Company will be able to take
advantage of more than one such business opportunity.
The Company intends to seek opportunities demonstrating the
potential of long-term growth as opposed to short-term earnings.
At the present time the Company has not identified any business
opportunity that it plans to pursue, nor has the Company reached
any agreement or definitive understanding with any person
concerning an acquisition.
Liquidity and Capital Resources
Digicomm Services, Inc. remains in the development stage and,
since inception, has experienced some small expenses for the
preparation of financial statements and periodic reports as
required by the Securities Exchange Act of 1934. Consequently,
our balance sheet for the period ending June 30, 2001 reflects
current assets of $ 0.00 in the form of cash, and total assets
of $ 0.00.
Digicomm Services, Inc. will carry out its plan of business as
discussed above. We cannot predict to what extent liquidity and
capital resources will be diminished prior to the consummation
of a business combination.
We believe that our existing capital will not be sufficient to
meet our cash needs, including the costs of compliance with the
continuing reporting requirements of the Securities Exchange Act.
The Company's sole Officer and Director has agreed to supply what
small funds that are necessary to continue to compile and file
the above mentioned reports. There is no assurance, however,
that the available funds will ultimately prove to be adequate to
allow it to complete a business combination, and once a business
combination is completed, the Company's needs for additional
financing are likely to increase substantially.
No commitments to provide additional funds other than those
mentioned above, have been made by management or other
stockholders. Accordingly, there can be no assurance that any
such additional funds will be available.
Irrespective of whether the cash assets prove to be inadequate to
meet operational needs, the Company might seek to compensate
providers of services by issuances of stock in lieu of cash.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Securities Holders
None
Item 6. Exhibits and Reports on Form 8K
None
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
DIGICOMM SERVICES, INC.
Dated August 15, 2002 /S/ Inge L.E. Kerster
Inge L. E.
Kerster, President and Director