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 March 31, 2002
Commission File Number: 0-30891
NETPARTS.COM, INC.
(Exact name of Registrant as specified in its charter)
Nevada 91-1980526
(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 March 31, 2002, 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 ended March 31, 2002,
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
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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. We were incorporated for the purpose of creating a series of 16
specialized auto salvage yards, each one handling only one make of vehicle. We
have not launched operations or achieved our funding goals during 2002, due to
the impact of market and economic decline of the past six months. Our start up
venture must be postponed until a more favorable economy and market conditions
recover. We have essentially suspended developmental efforts for the remainder
of 2002.
Secondary and tertiary auto markets are derivatives of the primary market
for new cars and trucks. While we note that since September 11, 2001, auto
manufacturers have been selling at massive discounts to support their dealers,
we do not see how such a trend can be sustainable. We expect an automobile
recession in the first quarter of 2002. It is foreseeable that a business such
as ours may have to await the later quarters of 2002 for conditions favorable to
our funding and launch.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
We have not launched operations. We are a development stage company. We have had
minimal revenues to date. Our General and Administrative 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. Due to our current lack of business development, our
realization of quotation on OTCBB is doubtful now, and may be delayed by the
Staff of the NASD. It is doubtful that we can become attractive to our potential
investors before our common stock is quotable.
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS. 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
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Q Report for the Quarter ended March 31, 2002, has been signed below by
the following persons on behalf of the Registrant and in the capacity and on the
date indicated.
Dated: May 13, 2002 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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NETPARTS.COM, INC.
MARCH 31, 2002
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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NETPARTS.COM, INC.
(a Development Stage Company)
BALANCE SHEETS
March 31, December 31,
2002 2001
(Unaudited)
- --------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . 0 0
------------ ----------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
============ ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 400 $ 400
Accounts payable - related parties . . . . . . . . . . 97,512 42,019
------------ ----------
TOTAL CURRENT LIABILITIES. . . . . . . . . . . . . . . 97,912 42,419
------------ ----------
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) . . . . . . . . . . . . . (203,047) (147,554)
Total Stockholders' Equity . . . . . . . . . . . . . . (97,912) (42,419)
------------ ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . $ 0 $ 0
============ ==========
The accompanying notes are an integral part
of these financial statements.
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NETPARTS.COM, INC.
(a Development Stage Company)
STATEMENTS OF OPERATIONS
(UNAUDITED)
From
Inception on
From January From January April 21,
1, 2002 to 1, 2001 to 1999 through
March 31, March 31, March 31,
2002 2001 2002
----------- ----------- -----------
Revenues. . . . . . . . . . $ -0- $ -0- $ 1,000
----------- ----------- -----------
General and Administrative
Expenses. . . . . . . . 55,493 6,556 180,670
----------- ----------- -----------
Net Loss from Operations. . (55,493) (6,556) (179,670)
Net Income (Loss) . . . . . $ (55,493) $ (6,556) $ (179,670)
=========== =========== ===========
Loss per Share. . . . . . . $ (0.01) $ (0.00) $ (0.04)
=========== =========== ===========
Weighted Average
Shares Outstanding. . . 7,135,000 7,135,000 4,529,500
=========== =========== ===========
The accompanying notes are an integral part
of these financial statements.
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NETPARTS.COM, INC.
(a Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
From
Inception
From January From January April 21,
1, 2002 to 1, 2001 to 1999 through
March 31, March 31, March 31,
2002 2001 2002
- -------------------------------------------------------------------------------------
Operating Activities
Net Income (Loss) . . . . . . . . . . . . . . $(55,493) $(6,556) $(203,047)
Items not affecting cash:
Increase in accounts payable. . . . . . . . . 0 0 400
Increase in accounts payable - related party. 55,493 6,529 97,512
Stock issued for services . . . . . . . 0 0 5,135
--------- -------- ----------
Net Cash from Operations. . . . . . . . . . . 0 (27) (100,000)
Cash from financing activities
Sale of Common Stock. . . . . . . . . . . . . 0 0 100,000
--------- -------- ----------
Cash Increase (Decrease). . . . . . . . . . . 0 (27) 0
Beginning Cash. . . . . . . . . . . . . . . . 0 1,191 0
Cash as of Statement Date . . . . . . . . . . $ 0 $ 1,164 $ 0
========= ======== ==========
Cash Paid For:
Interest. . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
Taxes . . . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
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
March 31, 2002
NOTES TO FINANCIAL STATEMENTS
NetParts.com, Inc. ("the Company") has elected to omit substantially all
footnotes to the financial statements for the period ended March 31, 2002, 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, 2001.
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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