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 June 30, 2001
Commission File Number: 0-30891
NETPARTS.COM, INC.
(Exact name of small business issuer as specified in its charter)
Nevada Optional
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
3131 Southwest Freeway #46, Houston TX 77098
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 521-9395
As of June 30, 2001, 7,135,000 shares of Common Stock were issued and
outstanding.
Transitional Small Business Disclosure Format (check one): yes [ ] no [X]
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
The financial statements, for the three months and six months ended June
30, 2001, included herein have been prepared by the Company, without audit
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnotes disclosure normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such rules and regulations, although
the Company believes that the disclosures are adequate to make the information
not misleading.
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NETPARTS.COM, INC.
BALANCE SHEETS
December 31, 2000 and June 30, 2001
June 30, December 31,
2001 2000
(Unaudited)
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . $ 1,146 $ 1,191
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . 1,146 1,191
------------ ----------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 1,146 $ 1,191
============ ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 33,646 $ 20,233
------------ ----------
TOTAL CURRENT LIABILITIES. . . . . . . . . . . . . . . 33,646 20,233
------------ ----------
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 100,000,000
shares; issued and outstanding, 7,135,000 shares. . 7,135 7,135
Additional paid-in capital . . . . . . . . . . . . . . 98,000 98,000
Accumulated equity (deficit) . . . . . . . . . . . . . (137,635) (124,177)
Total Stockholders' Equity . . . . . . . . . . . . . . (32,500) (19,042)
------------ ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . $ 1,146 $ 1,191
============ ==========
The accompanying notes are an integral part
of these financial statements.
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NETPARTS.COM, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
for the periods ended June 30, 2000 and
2001
From
Inception on
From April From April From January From January April 21,
1, 2001 to 1, 2000 to 1, 2001 to 1, 2000 to 1999 through
June 30, June 30, June 30, June 30, June 30,
2001 2000 2001 2000 2001
----------- ----------- ----------- ----------- ----------
Revenues. . . . . . . . . . $ -0- $ -0- $ -0- $ -0- $ 1,000
----------- ----------- ----------- ----------- ----------
General and Administrative
Expenses. . . . . . . . 6,902 5,000 13,458 15,700 138,644
----------- ----------- ----------- ----------- ----------
Net Loss from Operations. . (6,902) (5,000) (13,458) (15,700) (137,644)
Net Income (Loss) . . . . . $ (6,902) $ (5,000) $ (13,458) $ (15,700) $(137,644)
=========== =========== =========== =========== ==========
Loss per Share. . . . . . . $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.20)
=========== =========== =========== =========== ==========
Weighted Average
Shares Outstanding. . . 7,135,000 7,135,000 7,135,000 7,135,000 695,600
=========== =========== =========== =========== ==========
The accompanying notes are an integral part
of these financial statements.
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NETPARTS.COM, INC.
STATEMENTS OF CASH FLOWS
June 30, 2000 and 2001
From
Inception
From January From January (April
1, 2001 to 1, 2000 to 21, 1999) to
June 30, June 30, June 30,
2001 2000 2001
--------- --------- ----------
Operating Activities
Net Income (Loss). . . . . . . . $(13,458) $(15,700) $(137,635)
Items not affecting cash:
Increase in accounts payable . . 13,413 8,700 33,646
Stock issued for services. 0 0 5,135
--------- --------- ----------
Net Cash from Operations . . . . (45) (7,000) (98,854)
Cash from financing activities
Sale of Common Stock . . . . . . 0 0 100,000
--------- --------- ----------
Cash Increase (Decrease) . . . . (45) (7,000) 1,146
Beginning Cash . . . . . . . . . 1,191 8,200 -0-
Cash as of Statement Date. . . . $ 1,146 $ 1,200 $ 1,146
========= ========= ==========
The accompanying notes are an integral part
of these financial statements.
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NETPARTS.COM, INC.
(A Development Stage Company)
Notes to the Financial Statements
June 30, 2001
NOTES TO FINANCIAL STATEMENTS
NetParts.com, Inc. ("the Company") has elected to omit substantially all
footnotes to the financial statements for the six months ended June 30, 2001,
since there have been no material changes (other than indicated in other
footnotes) to the information previously reported by the Company in their
Audited Financial Statements for the Fiscal year ended December 31, 2000.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments which
are, in the opinion of management, necessary to properly reflect the results of
the period presented. The information presented is not necessarily indicative
of the results from operations expected for the full fiscal year.
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ITEM 2. DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION. Our plan of operation is unchanged from our previous
report.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Financial Condition. We have not launched operations. We are a development stage
company. We have had no revenues to date. Our activities to date have involved
our corporate organization, business plan development, initial funding, auditing
and preparation of this 1934 Registration of our common stock for tradability
on the OTCBB.
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEDINGS. None
ITEM 2. CHANGES IN SECURITIES. None
ITEM 3. DEFAULTS ON SENIOR SECURITIES. None
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS. None
ITEM 5. OTHER INFORMATION. None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Q Report for the Quarter ended June 30, 2001, has been signed below by
the following persons on behalf of the Registrant and in the capacity and on the
date indicated.
Dated: July 16, 2001
NETPARTS.COM, INC.
by
/s/Donald Jackson Wells /s/Joseph A. Kane
Donald Jackson Wells Joseph A. Kane
president/director secretary/treasurer/director
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