UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
(x )QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2001
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( )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from _________ to ________
Commission File number 1-10304
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AMEXDRUG CORPORATION
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(Exact name of registrant as specified in charter)
California 95-2251025
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
369 South Doheny Dr., Suite 326, Beverly Hill, Ca. 90211
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(Address of principal executive offices) (Zip Code)
1-310-855-0475
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Registrant's telephone number, including area code
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(Former name, former address, and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), Yes [x ] No [ ] and (2) has been subject to such
filing requirements for the past 90 days. Yes [x ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date
Class Outstanding as of September 30, 2001
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Common Stock, $0.001 1,052,783
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INDEX
Page
Number
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PART I.
ITEM 1. Financial Statements (unaudited).....................................3
Balance Sheets.......................................................4
September 30, 2001 and June 30, 2001
Statements of Operations
For the three months ended September 30, 2001 and 2000 .........5
and the period April 25, 2000 to September 30, 2001
Statements of Cash Flows
For the three months ended September 30, 2001 and 2000 ..........6
and the period April 25, 2000 to September 30, 2001
Notes to Financial Statements........................................7
ITEM 2. Plan of Operations...................................................9
PART II
Signatures.......................................................... 9
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PART I - FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS
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The accompanying balance sheets of Amexdrug Corporation ( development stage
company) at September 30, 2001 and June 30, 2001, and the related statements of
operations, and cash flows for the three months ended September 30, 2001 and
2000 and the period April 25, 2000 to September 30, 2001 have been prepared by
the Company's management and they do not include all information and notes to
the financial statements necessary for a complete presentation of the financial
position, results of operations, cash flows, and stockholders' equity in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature.
Operating results for the quarter ended September 30, 2001, are not necessarily
indicative of the results that can be expected for the year ending June 30,
2002.
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AMEXDRUG CORPORATION
( Development Stage Company)
BALANCE SHEETS
September 30, 2001, and June 30, 2001
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Sept 30, Jun 30,
2001 2001
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ASSETS
CURRENT ASSETS
Cash $ -- $ --
-------- --------
Total Current Assets $ -- $ --
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - related party $ 13,805 $ 11,247
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Total Current Liabilities 13,805 11,247
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STOCKHOLDERS' EQUITY
Common stock
10,000,000 shares authorized, at $0.001 par value;
1,052,783 shares issued and outstanding 1,053 1,053
Capital in excess of par value - dated April 25, 2000 - Note 1 (1,053) (1,053)
Deficit accumulated during the development stage - dated
April 25, 2000 - Note 1 (13,805) (11,247)
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Total Stockholders' Deficiency (13,805) (11,247)
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$ -- $ --
======== ========
The accompanying notes are an integral part of these financial statements.
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AMEXDRUG CORPORATION
( Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three Months Ended September 30, 2001, and 2000 and the Period
April 25, 2000 (Date of Inception of Development Stage) to September 30, 2001
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Three Months
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Sept 30, Sept 30, Apr 25, 2000 to
2001 2000 Sept 30, 2001
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REVENUES $ -- $ -- $ --
EXPENSES 2,558 -- 13,805
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NET LOSS $ (2,558) $ -- $ (13,805)
=========== =========== ===============
NET LOSS PER COMMON
SHARE
Basic $ -- $ --
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AVERAGE OUTSTANDING
SHARES
Basic 1,052,783 1,052,783
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The accompanying notes are an integral part of these financial statements
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AMEXDRUG CORPORATION
( Development Stage Company)
STATEMENT OF CASH FLOWS
For the Three Months Ended September 30, 2001, and 2000 and the
Period April 25, 2000 (Date of Inception of Development Stage) to September 30, 2001
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Apr 25, 2000
Sept 30, Sept 30, to Sept 30,
2001 2000 2001
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CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ (2,558) $ -- $ (13,805)
Adjustments to reconcile net loss to
net cash provided by operating activities
Changes in accounts payable 2,558 -- 13,805
Net Cash Used in Operations -- -- --
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CASH FLOWS FROM INVESTING
ACTIVITIES
-- -- --
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CASH FLOWS FROM FINANCING
ACTIVITIES
-- -- --
-------- ------- -----------
Net Increase (Decrease) in Cash -- -- --
Cash at Beginning of Period -- -- --
-------- ------- -----------
Cash at End of Period $ -- $ -- $ --
======== ======= ===========
The accompanying notes are an integral part of these financial statements
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AMEXDRUG CORPORATION
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
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1. ORGANIZATION
The Company was incorporated under the laws of the state of California on April
30, 1963 with authorized common stock of 10,000,000 shares at a par value of
$.10 and 1,000,000 preferred shares with a par value of $1.00 with the name of
Harlyn Products Inc,. The Company has been engaged in the business of selling
jewelry to department stores and retail jewelry stores.
On March 21, 1997 the Company filed for bankruptcy in the United States
Bankruptcy Court, Central District of California in the Los Angeles Division
under Chapter 11, with Howard M. Ehrenberg as trustee, and emerged from
bankruptcy on April 24, 2000 under Chapter 7 with no remaining assets or
liabilities.
The bankruptcy settlement included a name change from "Harlyn Products Inc." to
"Amexdrug Corporation", a change in officers, a change in the par value of the
common shares from $.10 to $.001, a cancellation of the authorized and any
outstanding preferred shares, a reverse common stock split of one hundred shares
of outstanding stock for one share, and the issuance of 1,000,000 post split
common shares in exchange for $100,000 which was paid into the bankruptcy court.
The total of the post split outstanding shares, following completion of the
terms of the settlement, was 1,052,783. Amended articles of incorporation
completing the terms of the bankruptcy was filed by the trustee on June 22,
2000.
This report has been prepared showing the name "Amedrug Corporation" and the
common stock, after the stock split, at a par value of $.001, from inception.
The retained earnings (deficit) and the capital in excess of par value has been
restated and dated April 25, 2000 with the statement of operations to begin on
April 25, 2000.
After April 25, 2000 the Company has been in the development stage.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
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The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
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The Company has not yet adopted a policy regarding payment of dividends.
Income Taxes
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On September 30, 2001 the Company had a post-bankruptcy net operating loss carry
forward of $13,805. The tax benefit of approximately $4,141 from the carry
forward have been fully offset by a valuation reserve because the use of the
future tax benefit is doubtful since the Company has no operations. The loss
carryforward will expire in 2022.
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AMEXDRUG CORPORATION
NOTES TO FINANCIAL STATEMENTS
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Earnings (Loss) Per Share
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Earnings (loss) per share amounts are computed based on the weighted average
number of shares actually outstanding.
Financial Instruments
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The carrying amounts of financial instruments, including accounts payable, are
considered by management to be their estimated fair values.
Estimates and Assumptions
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Management uses estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.
Comprehensive Income
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The Company adopted Statement of Financial Accounting Standards No. 130. The
adoption of this standard had no impact on the total stockholder's equity.
Recent Accounting Pronouncements
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The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.
3. GOING CONCERN
The Company intends to acquire interests in various business opportunities
which, in the opinion of management, will provide a profit to the Company
however the Company does not have the working capital necessary to service its
debt and to be successful in this effort.
Continuation of the Company as a going concern is dependent upon obtaining
additional working capital and the management of the Company has developed a
strategy, which it believes will accomplish this objective through additional
equity funding which will enable the Company to operate for the coming year.
4. RELATED PARTY TRANSACTIONS
Related parties have acquired 95% of the outstanding common capital stock.
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ITEM 2. PLAN OF OPERATIONS
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The Company's management is seeking and intends to acquire interests in various
business opportunities which, in the opinion of management, will provide a
profit to the Company but it does not have the working capital to be successful
in this effort.
Continuation of the Company as a going concern is dependent upon obtaining the
working capital necessary for its planned activity. The management of the
Company has developed a strategy, which they believe can obtain the needed
working capital through additional equity funding and long term debt which will
enable the Company to continue operations for the coming year.
Liquidity and Capital Resources
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The Company will need additional working capital to finance its planned
activity.
Results of Operations
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The Company has had no operations during this reporting period.
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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 by the
undersigned there unto duly authorized.
AMEXDRUG CORPORATION
[Registrant]
/s/ Jack Amin
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Jack Amin - President
November 7, 2001
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