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 March 31, 2002
------------------------------
( )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 000-30695
---------
TURINCO, INC.
-------------------------------------------------------
(Exact name of registrant as specified in charter)
Nevada 87-0618509
- ------------------------------- --------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1981 East Murray Holiday Rd, Salt Lake City, Utah 84117
- -------------------------------------------------- ---------------
(Address of principal executive offices) (Zip Code)
801-272-9294
-------------------
Registrant's telephone number, including area code
-------------------------------
(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 March 31, 2002
--------- --------------------------------
Common Stock, $0.001 802,000
INDEX
Page
Number
PART I.
ITEM 1. Financial Statements (unaudited)..............................3
Balance Sheets................................................4
March 31, 2002 and December 31, 2001
Statements of Operations
For the three months ended March 31, 2002 and 2001 .....5
and the period June 16, 1977 to March 31, 2002
Statements of Cash Flows
For the three months ended March 31, 2002 and 2001 .......6
and the period June 16, 1977 to March 31, 2002
Notes to Financial Statements.................................7
ITEM 2. Plan of Operations............................................9
PART II. Signatures....................................................9
PART I - FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
ITEM 1. FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
The accompanying balance sheets of Turinco, Inc. ( development stage company) at
March 31, 2002 and December 31 2001, and the related statements of operations,
and statements cash flows, for the three months ended March 31, 2002 and 2001
and the period June 16, 1977 to March 31, 2002, have been prepared by the
Company's management in conformity with accounting principles generally accepted
in the United States of America. 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 March 31, 2002, are not necessarily
indicative of the results that can be expected for the year ending December 31,
2002.
3
TURINCO, INC.
( Development Stage Company)
BALANCE SHEETS
March 31, 2002, and December 31, 2001
- ----------------------------------------------------------------------------------
Mar 31, Dec 31,
2002 2001
-------- --------
ASSETS
CURRENT ASSETS
Cash $ -- $ --
-------- --------
Total Current Assets $ -- $ --
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ -- $ --
-------- --------
Total Current Liabilities -- --
-------- --------
STOCKHOLDERS' EQUITY
Common stock
100,000,000 shares authorized, at $0.001 par value;
802,000 shares issued and outstanding 802 802
Capital in excess of par value 84,848 83,214
Deficit accumulated during the development stage (85,650) (84,016)
-------- --------
Total Stockholders' Equity (deficiency) -- --
-------- --------
$ -- $ --
======== ========
The accompanying notes are an integral part of these
financial statements.
4
TURINCO, INC.
( Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2002, and 2001 and the
Period June 16, 1977 (Date of Inception) to March 31, 2002
- -------------------------------------------------------------------
Mar 31, Mar 31, Jun 16, 1977 to
2002 2001 Mar 31, 2002
--------- --------- -------------
REVENUES $ -- $ -- $ --
EXPENSES 1,634 409 85,650
--------- --------- ---------
NET LOSS $ (1,634) $ (409) $ (85,650)
========= ========= =========
NET LOSS PER COMMON
SHARE
Basic $ -- $ --
--------- ---------
AVERAGE OUTSTANDING
SHARES
Basic 802,000 802,000
--------- ---------
The accompanying notes are an integral part of
these financial statements.
5
TURINCO, INC.
( Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2002, and 2001 and the
Period June 16, 1977 (Date of Inception) to March 31, 2002
- --------------------------------------------------------------------------------------------
Jun 16, 1977
Mar 31, Mar 31, to Mar 31,
2002 2001 2002
-------- -------- --------
CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ (1,634) $ (409) $(85,650)
Adjustments to reconcile net loss to
net cash provided by operating activities
Contributions to capital - expenses 1,634 409 8,650
Issuance of common stock for services -- -- 19,500
Net Cash Used in Operations -- -- (57,500)
-------- -------- --------
CASH FLOWS FROM INVESTING
ACTIVITIES
-- -- --
-------- -------- --------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issuance of common stock
-- -- 57,500
-------- -------- --------
Net Increase (Decrease) in Cash -- -- --
Cash at Beginning of Period -- -- --
-------- -------- --------
Cash at End of Period $ -- $ -- $ --
======== ======== ========
NON CASH FLOWS FROM OPERATING ACTIVITIES
Issuance of 96,000 common shares for services - related parties - 1981 $ 12,000
--------
Contributions to capital - expenses - related parties - 1999-2000 2,733
--------
Issuance of 150,000 common shares for expenses - related parties - 1999 7,500
--------
Contributions to capital - expenses - related parties - 2001-2002 8,650
--------
The accompanying notes are an integral part of these financial statements.
6
TURINCO, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on June 16,
1977 with authorized common stock of 2,500 shares with a par value of $0.25. On
October 16, 1998 the authorized capital stock was increased to 100,000,000
shares with a par value of $0.001.
On October 16, 1998 the Company completed a forward common stock split of eight
shares for each outstanding share. This report has been prepared showing after
stock split shares with a par value of $.001 from inception.
The Company is in the development stage and has been engaged in the activity of
seeking developmental mining properties however it became inactive after 1982.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
- ------------------
The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
- ---------------
The Company has not yet adopted a policy regarding payment of dividends.
Income Taxes
- ------------
On March 31, 2002, the Company had a net operating loss carry forward of
$85,650. The tax benefit of approximately $25,695 from the loss carry forward
has been fully offset by a valuation reserve because the use of the future tax
benefit is undeterminable since the Company has no operations. The net operating
loss will expire in 2023.
Basic Net Income (Loss) Per Share
- ----------------------------------
Basic net income (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding after the stock split.
Financial Instruments
- ---------------------
The carrying amounts of financial instruments are considered by management to be
their estimated fair values.
7
TURINCO, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Estimates and Assumptions
- -------------------------
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
- --------------------
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
- --------------------------------
The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.
3. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
Officers-directors have acquired 21% of the outstanding common stock of the
Company and have made contributions to capital by payment of Company expenses of
$11,383.
4. 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 there is insufficient working capital for any future planned activity
and to service its debt.
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, long term debt, and contributions to capital by officers, which
will enable the Company to conduct operations for the coming year.
8
- --------------------------------------------------------------------------------
ITEM 2. PLAN OF OPERATIONS
- --------------------------------------------------------------------------------
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
- -------------------------------
The Company will need additional working capital to finance its planned
activity.
Results of Operations
- ---------------------
The Company has had no operations during this reporting period.
PART 2 - SIGNATURES
- --------------------------------------------------------------------------------
SIGNATURES
- --------------------------------------------------------------------------------
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.
Turinco, Inc.
[Registrant]
S/ David Colette
-------------------------------------
David Colette- President
S/ Stefani Shaner
-------------------------------------
Stefani Shaner- Treasurer
May 9, 2002
9