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, 2003
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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
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Commission File number 000-30695
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TURINCO, INC.
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(Exact name of registrant as specified in charter)
Nevada 87-0618509
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1981 East Murray Holiday Rd, Salt Lake City, Utah 84117
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(Address of principal executive offices) (Zip Code)
801-272-9294
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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, 2003
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Common Stock, $0.001 802,000
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INDEX
Page
Number
PART I.
ITEM 1. Financial Statements (unaudited)...............................3
Balance Sheets.................................................4
March 31, 2003 and December 31, 2002
Statements of Operations
For the three months ended March 31, 2003 and 2002.......5
and the period June 16, 1977 to March 31, 2003
Statements of Cash Flows
For the three months ended March 31, 2003 and 2002.........6
and the period June 16, 1977 to March 31, 2003
Notes to Financial Statements..................................7
ITEM 2. Plan of Operations............................................10
PART II. Signatures....................................................10
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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 Turinco, Inc. ( development stage company) at
March 31, 2003 and December 31 2002, and the related statements of operations,
and statements cash flows, for the three months ended March 31, 2003 and 2002
and the period June 16, 1977 to March 31, 2003, 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, 2003, are not necessarily
indicative of the results that can be expected for the year ending December 31,
2003.
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TURINCO, INC.
( Development Stage Company)
BALANCE SHEETS
March 31, 2003 and December 31, 2002
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Mar 31, Dec 31,
2003 2002
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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 88,539 86,644
Deficit accumulated during the development stage (89,341) (87,446
-------- --------
Total Stockholders' Equity (deficiency) -- --
-------- --------
$ -- $ --
======== ========
The accompanying notes are an integral part of these
financial statements.
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TURINCO, INC.
( Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2003, and 2002 and the
Period June 16, 1977 (Date of Inception) to March 31, 2003
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Mar 31, Mar 31, Jun 16, 1977 to
2003 2002 Mar 31, 2003
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REVENUES $ -- $ -- $ --
EXPENSES 1,895 1,634 89,341
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NET LOSS $ (1,895) $ (1,634) $ (89,341)
========= ========= ==============
NET LOSS PER COMMON
SHARE
Basic $ -- $ --
--------- ---------
AVERAGE OUTSTANDING
SHARES
Basic 802,000 802,000
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The accompanying notes are an integral part of
these financial statements.
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TURINCO, INC.
( Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2003, and 2002 and the
Period June 16, 1977 (Date of Inception) to March 31, 2003
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Jun 16, 1977
Mar 31, Mar 31, to Mar 31,
2003 2002 2003
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CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ (1,895) $ (1,634) $ (89,341)
Adjustments to reconcile net loss to
net cash provided by operating activities
Contributions to capital - expenses 1,895 1,634 12,341
Issuance of common stock for services -- -- 19,500
Net Cash Used in Operations -- -- (57,500)
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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
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Issuance of 150,000 common shares for expenses - related parties - 1999 7,500
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Contributions to capital - expenses - related parties - 2001-2002 12,341
---------
The accompanying notes are an integral part of these financial statements.
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TURINCO, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
March 31, 2003
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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
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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 March 31, 2003, the Company had a net operating loss carry forward of
$89,341. The tax benefit of approximately $26,802 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 starting in 2003 through 2024.
Basic and Diluted Net Income (Loss) Per Share
- ---------------------------------------------
Basic net income (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding. Diluted net income (loss) per
share amounts are computed using the weighted average number of common shares
and common equivalent shares outstanding as if shares had been issued on the
exercise of the preferred share rights unless the exercise becomes antidilutive
and then only the basic per share amounts are shown in the report.
Financial Instruments
- ---------------------
The carrying amounts of financial instruments are considered by management to be
their estimated fair values.
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TURINCO, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2003
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Statement of Cash Flows
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For the purposes of the statement of cash flows, the Company considers all
highly liquid investments with a maturity of three months or less to be cash
equivalents.
Financial and Concentrations Risk
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The Company does not have any concentration or related financial credit risk.
Revenue Recognition
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Revenue is recognized on the sale and delivery of a product or the completion of
a service provided.
Advertising and Market Development
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The company expenses advertising and market development costs as incurred.
Estimates and Assumptions
- -------------------------
Management uses estimates and assumptions in preparing financial statements in
accordance with accounting principles generally accepted in the United States of
America. 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.
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. 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
$12,341.
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TURINCO, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2003
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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.
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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.
PART 2 - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
99.1 Certification, dated May 2, 2003, required by Section 906 of the Public
Company Accounting Reform and Investor Protection Act of 2002 (18 U.S.C ss.
1350, as adopted). Attached hereto
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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.
Turinco, Inc.
[Registrant]
S/David Colette
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David Colette- President & Treasurer
May 2, 2003
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CERTIFICATION
I, as Chief Executive Officer and Chief Financial Officer, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of the Company;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers, if any, and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and I(we) have:
(a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
(b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report ("Evaluation Date"); and
(c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;
5. The registrant's other certifying officers, if any, and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):
(a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
(b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers, if any, and I have indicated in
this quarterly report whether or not there were any significant changes in
internal controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
Date: May 2, 2003 S/ David Colette
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David Colette, CEO & CFO
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