SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the period ended December 31, 2001
OR
[ ] 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: 000-49622
CAP Central Access Point, INC.
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(Exact Name of Small Business Issuer as Specified in Its Charter)
Nevada 88-0504522
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(State or Other Jurisdiction (I.R.S. Employer Identification Number)
of Incorporation or Organization)
2921 North Tenaya Way, Suite 323, Las Vegas, NV 89128 (702)947-4877
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(Address of principal executive offices)
(702)947-4877
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(Registrant's Telephone Number, Including Area Code)
n/a
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(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
Indicate by check 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), and (2) has been subject to such filing
requirements for the past 90 days. Yes [ ] No [X]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check whether the registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by
the court. Yes [ ] No [ ] N/A
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of February 1, 2002: 12,700,000
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements
[LETTERHEAD]
Randy Simpson CPA, P.C.
11775 South Nicklaus Road
Sandy, Utah 84092
Fax & Phone (801) 572-3009
Board of Directors and Stockholders
CAP Central Access Point, Inc.
(A Development Stage Company)
Las Vegas, NV
INDEPENDENT AUDITORS' REVIEW
I have reviewed the accompanying balance sheet of CAP Central Access Point, Inc.
(A Development Stage Company) as of December 31, 2001, and the related
statements of operations, stockholders' equity and cash flows for the three
months ending December 31, 2001, in accordance with Statements on Standards of
Accounting and Review Services issued by the American Institute of Certified
Public Accountants. All information included in these financial statements is
the representation of the management of CAP Central Access Point, Inc.
A review consists principally of inquiries of company personnel and analytical
procedures applied to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on my review, I am not aware of any material modifications that should be
made to the accompanying financial statements in order for them to be in
conformity with generally accepted accounting principles.
Randy Simpson, CPA, P.C.
A Professional Corporation
January 23, 2001
Sandy, Utah
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CAP CENTRAL ACCESS POINT, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
December 31, September 30,
2001 2001
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ASSETS (Unaudited) (Audited)
Current Assets:
Cash $ 5,377 $ 13,072
Prepaid fees 568 --
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Total Current Assets 5,945 13,072
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Total Assets $ 5,945 $ 13,072
========= =========
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ -- $ --
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Total Current Liabilities -- --
Stockholders' Equity:
Common stock, $.001 par value; authorized
50,000,000 shares, issued and outstanding
12,700,000 shares at September 30, 2001 12,700 12,700
Paid-in Capital 6,900 6,900
Accumulated Deficit (13,655) (6,528)
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Total Stockholders' Equity 5,945 13,072
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Total Liabilities and Stockholders' Equity $ 5,945 $ 13,072
========= =========
See Accompanying Notes to the Financial Statements.
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CAP CENTRAL ACCESS POINT, INC.
(A DEVELOPMENT STAGE COMPANY)
Unaudited
STATEMENTS OF OPERATIONS
Three Months From Inception From Inception
Ended (August 8, 2001) to (August 8, 2001) to
December 31, 2001 September 30, 2001 December 31, 2001
---------------- ---------------- -----------------
Income: $ - $ - $ -
---------------- ---------------- ----------------
Total Income - - -
Expenses:
General and adminstrative
-organizational 7,127 6,528 13,655
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Total Expenses 7,127 6,528 13,655
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Net Loss $ (7,127) $ (6,528) $ (13,655)
================ ================ ================
Net Loss Per Common Share
(basic and fully dilutive) $ (0.001) $ (0.001) $ (0.001)
================ ================ ================
Weighted Average Shares
Common Stock Outstanding 12,700,000 12,700,000 12,700,000
================ ================ ================
See Accompanying Notes to the Financial Statements.
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CAP CENTRAL ACCESS POINT, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS' EQUITY
FROM INCEPTION (AUGUST 8, 2001) THROUGH December 31, 2001
Unaudited
Common Common
Stock Stock Paid-In Accumulated Total
Shares Amount Capital Deficit Equity
--------------- ----------- ---------- ------------ -----------
Issuance of common stock for cash of $100 and
organizational services of $2500. 2,500,000 $ 2,500 $ 100 $ - $ 2,600
Issuance of common stock issued for cash 10,200,000 10,200 6,800 - 17,000
Net loss from August 8, 2001 ( inception )
to September 30, 2001 - - - (6,528) (6,528)
Net loss thee months ending December 31, 2001 - - - (7,127) (7,127)
--------------- ----------- ---------- ------------ -----------
Balances at December 31, 2001 12,700,000 $ 12,700 $ 6,900 $ (13,655) $ 5,945
=============== =========== ========== ============ ===========
See Accompanying Notes to the Financial Statements.
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CAP CENTRAL ACCESS POINT INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
Unaudited
Three Months From Inception From Inception
Ending (August 8, 2001) to (August 8, 2001) to
December 31, 2001 September 30, 2001 December 31, 2001
----------------- ------------------- -------------------
Cash Flows Used In Operating Activities:
Net Loss $ (7,127) $ (6,528) $ (13,655)
Expenses not requiring cash:
Common stock issued for organizational costs - 2,500 2,500
Changes to Operating Assets:
Increase in prepaid fees (568) - (568)
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Cash flows used in operating activities (7,695) (4,028) (11,723)
Cash Flows from Financing Activities:
Common stock issued for cash - 17,100 17,100
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Net Cash Provided by Financing Activities - 17,100 17,100
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Net Increase (decrease) in Cash (7,695) 13,072 5,377
Cash at Beginning of Period 13,072 - -
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Cash at End of Period $ 5,377 $ 13,072 $ 5,377
============== ============== =============
See Accompanying Notes to the Financial Statements.
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CAP CENTRAL ACCESS POINT, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
1. ORGANIZATION AND ACCOUNTING POLICIES
CAP Central Access Point, Inc. (the Company), a development stage company, was
organized on August 8, 2001 and has not yet begun operations. The Company's
accounting policies are as follows:
a. The Company uses the accrual method of accounting.
b. Earnings per share is computed using the weighted average number of shares
of common stock outstanding.
c. The Company has not yet adopted any policy regarding payment of dividends.
d. No dividends have been paid since inception.
2. COMMON STOCK
On August 8, 2001, 2,500,000 shares were issued to the Company founders for
services rendered in regard to preparation of the Company's registration
statement. On September 9, 2001, 10,200,000 shares were issued for cash.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN
OF OPERATION
We have only recently organized and commenced operations, and have extremely
limited financial resources. We are considered to be a company in the
development stage, as we have no revenues from business operations. We expect to
raise additional capital over the next 12 months by selling our common stock or
perhaps other securities of the Company, but we have not formulated a specific
plan and have no commitments from any underwriter or prospective investor. When
we issue new equity securities, the proportionate ownership of then-existing
security holders will be diminished ("dilution"). If we do not succeed in
raising capital, our business may fail.
We have not yet determined the total amount of capital that will be needed to
fund our operations to the point of producing revenues. However, we do not plan
to incur any significant operating costs until such time as we have worked out a
detailed budget and cash flow projections, and have received commitments for the
required financing from private investors, underwriters, banks, venture capital
firms, or some combination of sources. We have filed this registration statement
on behalf of the selling shareholders in part because we hope and expect that
our status as a public company will facilitate our capital formation efforts,
although we cannot be certain of realizing such a benefit.
Initially, the primary marketing effort will continue to be the officers' direct
contacts with prospective location owners and managers, at nominal cost to the
company. The scope of implementation of our longer-term marketing strategy (see
"DESCRIPTION OF BUSINESS - Marketing and Sales" above) will depend upon the
success of our capital formation efforts, of which we are currently uncertain.
We believe a minimum expenditure on marketing during the next 12 months of about
$50,000 will be necessary in order to capture a meaningful level of advertiser
interest, and perhaps an additional $100,000 to secure sufficient advertiser
orders to produce a consistent revenue stream.
We expect to begin placements of fully-operational ICK units by the summer of
2002. These units will be prototypical in the sense that they will incorporate
substantially all of the design functionality (described under
On January 29, 2002 our registration statement under the Securities Act of 1933,
as amended, became effective (see Part II, Item 5 - Other Information). We are
in the process of applying for listing on the NASD Over-the-Counter Bulletin
Board (OTC-BB) market. We expect that such listing will facilitate our capital
formation efforts, but we cannot be certain of that result or even that we will
be successful in achieving the listing.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
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ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 5. OTHER INFORMATION.
At 4:00 p.m. EST on January 29, 2002, the Company's registration statement on
Form SB-2 under the Securities Act of 1933, as amended, became effective. The
registration statement was filed on behalf of certain selling shareholders, and
no proceeds were or will be realized by the Company.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CAP CENTRAL ACCESS POINT, INC.
Date: February 11, 2002 By: /s/ Mark Svensson
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Mark Svensson
President, Treaurer and a Director
Date: February 11, 2002 By: /s/ Michael Lee
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Michael Lee
Secretary and a Director
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