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 Quarter ended June 30, 2001
Commission File Number: 000-26249
SNOHOMISH EQUITY CORPORATION
Nevada 33-0507843
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
219 Broadway, Suite 261, Laguna Beach CA 92651
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 248-1765
Shares Registered Section 12(g): Common Stock
As of June 30, 2001: 3,560,500 shares of Common Stock were issued and
outstanding.
Transitional Small Business Disclosure Format (check one): yes [ ] no [X]
1
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.
The Remainder of this Page is Intentionally left Blank
2
SNOHOMISH EQUITY CORPORATION
(a Development Stage Company)
BALANCE SHEETS (UNAUDITED)
for the fiscal year ended December 31, 2000
and for the period ended June 30, 2001
June 30, December 31,
2001 2000
- ---------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Total Current Assets. . . . . . . . . . . . . . . . . $ -0- $ -0-
TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . -0- -0-
--------- ---------
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . $ -0- $ -0-
========= =========
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Account payable . . . . . . . . . . . . . . . . . . . 21,026 10,657
--------- ---------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . 21,026 10,657
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 50,000,000
shares; issued and outstanding, 3,560,500 shares
and 3,560,500 shares . . . . . . . . . . . . . . . 3,560 3,560
Additional Paid In Capital. . . . . . . . . . . . . . 20,945 20,945
Accumulated Surplus (Deficit) . . . . . . . . . . . . (45,531) (35,162)
--------- ---------
Total Stockholders' Equity. . . . . . . . . . . . . . (21,026) (10,657)
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY. . . . . . $ -0- $ -0-
========= =========
The accompanying notes are an integral part
of these financial statements.
3
SNOHOMISH EQUITY CORPORATION
(a Development Stage Company)
STATEMENTS OF OPERATIONS
for the periods ended June 30, 2000
and 2001
From
From April From January Inception
1, 2001 1, 2001 April
through through 8, 1992) to
June 30, June 30, June 30,
2001 2000 2001 2000 2,001
- ------------------------------------------------------------------------------------------------------
Revenues. . . . . . . . . . . . . . $ -0- $ -0- $ -0- $ -0- $ -0-
----------- ----------- ----------- ----------- -----------
Expenses; General & Administrative. 8,569 2,822 10,369 7,167 45,531
----------- ----------- ----------- ----------- -----------
Net Loss from Operations. . . . . . (8,569) (2,822) (10,369) (7,167) (45,531)
Net Income (Loss) . . . . . . . . . $ (8,569) $ (2,822) $ (10,369) $ (7,167) $ (45,531)
=========== =========== =========== =========== ===========
Gain (Loss) per Share . . . . . . . $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.02)
=========== =========== =========== =========== ===========
Weighted Average
Shares Outstanding. . . . . . . 3,560,500 2,010,000 3,560,500 2,010,000 2,173,211
=========== =========== =========== =========== ===========
The accompanying notes are an integral part
of these financial statements.
4
SNOHOMISH EQUITY CORPORATION
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED)
for the period from inception of the Development Stage on
April 8, 1992 through December 31, 1992,
for the fiscal years ended December 31, 1993 through 2000
and for the period ended June 30, 2001
Additional Accumulated Total Stock-
Common Par Paid-In Equity holders' Equity
Stock Value Capital (Deficit) (Deficit)
--------- ------ -------- ---------- ----------
Balance on April 8, 1992. . . . . . 2,000,000 $2,000 $ 6,000 $ $ 8,000
Net Loss during 1992. . . . . . . . 0 0 0 (1,170) 0
Balance at December 31, 1992. . . . 2,000,000 2,000 6,000 (1,170) 6,830
Net Loss during 1993. . . . . . . . 0 0 0 (1,600) 0
Balance at December 31, 1993. . . . 2,000,000 2,000 6,000 (2,770) 5,230
Net Loss during 1994. . . . . . . . 0 0 0 (1,600) 0
Balance at December 31, 1994. . . . 2,000,000 2,000 6,000 (4,370) 3,630
Net Loss during 1995. . . . . . . . 0 0 0 (1,600) 0
Balance at December 31, 1995. . . . 2,000,000 2,000 6,000 (5,970) 2,030
Net Loss during 1996. . . . . . . . 0 0 0 (1,600) 0
Balance at December 31, 1996. . . . 2,000,000 2,000 6,000 (7,570) 430
Net Loss during 1997. . . . . . . . 0 0 0 (430) 0
Balance at December 31, 1997. . . . 2,000,000 2,000 6,000 (8,000) 0
Shares issued for services rendered 10,000 10 990 0 0
Net Loss during 1998. . . . . . . . 0 0 0 (1,000) 0
Balance at December 31, 1998. . . . 2,010,000 2,010 6,990 (9,000) 0
Net Loss during 1999. . . . . . . . 0 0 0 (16,681) 0
Balance at December 31, 1999. . . . 2,010,000 2,010 6,990 (25,681) (16,681)
Shares issued for satisfaction of
Payables-related party . . . . 1,550,500 1,550 13,955 0 0
Net Loss during 2000. . . . . . . . 0 0 0 (9,481) 0
Balance at December 31, 2000. . . . 3,560,500 3,560 20,945 (35,162) (10,657)
Net Loss during period. . . . . . . 0 0 0 (10,369) 0
Balance at June 30, 2001. . . . . . 3,560,500 3,560 20,945 (45,531) (21,026)
The accompanying notes are an integral part
of these financial statements.
5
SNOHOMISH EQUITY CORPORATION
(a Development Stage Company)
STATEMENTS OF CASH FLOWS
for the periods ended June 30, 2000 and 2001
From
From January Inception
1, 2001 April
through 8, 1992) to
June 30, June 30,
2001 2000 2,001
--------- -------- ---------
Operating Activities
Net Income (Loss) $(10,364) $(7,167) $(45,531)
Increase in accounts payable . . . . . 10,364 7,167 21,026
Shares issue for services and payables.
Cash (used) in operations 0 0 16,505
-------------------------------------------
Net Cash from Operations . . . . . . . 0 0 (8,000)
Financing activities:
Stock issued for cash. . . . . . . . . 0 0 8,000
Cash at beginning of Period. . . . . . 0 0 0
Increase (Decrease) in Cash. . . . . . 0 0 0
Cash at End of Period. . . . . . . . . $ 0 $ 0 $ 0
==========================================
The accompanying notes are an integral part
of these financial statements.
6
SNOHOMISH EQUITY CORPOATION
(A Development Stage Company)
Notes to the Financial Statements
June 30, 2001
NOTES TO FINANCIAL STATEMENTS
Snohomish Equity Corporation ("the Company") has elected to omit substantially
all footnotes to the financial statements for the period 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 Annual
Report filed on Form 10-KSB 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.
7
ITEM 2. DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION FOR THE NEXT TWELVE MONTHS. We have had no activity
since inception except for our Registration of our common stock, pursuant to
section 12(g) of the Securities Exchange Act of 1934.
(1) CASH REQUIREMENTS AND OF NEED FOR ADDITIONAL FUNDS, TWELVE MONTHS.
For the near term, twelve months, we continue to seek business opportunities. We
have enjoyed no revenues since our inception and are financially dependent on
our shareholders, who have financed our existence to date. Management believes
that our shareholders will continue to provide the finance we may require,
without the need of additional capital.
(2) SUMMARY OF PRODUCT RESEARCH AND DEVELOPMENT. None.
(3) EXPECTED PURCHASE OR SALE OF PLANT AND SIGNIFICANT EQUIPMENT. None.
(4) EXPECTED SIGNIFICANT CHANGE IN THE NUMBER OF EMPLOYEES. None.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
We have had no revenues or activity since our inception except for our
Registration of our common stock, pursuant to section 12(g) of the Securities
Exchange Act of 1934.
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. Previous officers having resigned without comment,
Special Cousel William Stocker serves as Interim Custodian of this inactive,
non-trading corporation.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. None
8
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 person on behalf of the Registrant and in the capacity and on the
date indicated.
Dated: August 15, 2001
SNOHOMISH EQUITY CORPORATION
by
/s/William Stocker
William Stocker
attorney at law
custodian
9