UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
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(Mark one)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934
For the quarterly period ended June 30, 2003
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF EXCHANGE
ACT
For the transition period from to
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Commission file number 0-30411
Cyber Grind, Inc.
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(Name of Small Business Issuer in its charter)
Nevada 95-4791521
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Law Offices of Jaak Olesk
9300 Wilshire Boulevard, Suite 300
Beverly Hills, California 90212
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(Address of principal executive offices) (Zip code)
(310) 278-0100
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(Issuer's telephone number)
State the number of shares outstanding of each of the issuer's
classes of common equity, as of August 22, 2003
Common stock 3,000,000 shares
Transitional Small Business Disclosure Format
(Check one): Yes [ ] No [ X]
TABLE OF CONTENTS
PAGE
PART I- FINANCIAL INFORMATION
Item 1. Financial Statements 3-6
Item 2. Plan of Operation 7-8
Item 3. Controls and Procedures 8
Item 4. Quantitative and Qualitative
Disclosure About Market Risk 8
PART II- OTHER INFORMATION
Item 1. Legal Proceedings. 8
Item 2. Changes in Securities. 8
Item 3. Defaults Upon Senior Securities. 8
Item 4. Submission of Matters to a Vote of
Security Holders. 8
Item 5. Other Information. 8
Item 6. Exhibits and Report on Form 8-K. 8
SIGNATURES. 9
PART I- FINANCIAL INFORMATION
Item 1. Financial Statements.
Cyber Grind, Inc.
(A Development Stage Company)
BALANCE SHEET
June 30, 2003
(Unaudited)
ASSETS
Current Assets
Cash $ --
----------
Total current assets --
----------
Total assets $ --
==========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Loan from shareholder $ 2,825
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Total current liabilities
Shareholders' Equity
Common stock,
25,000,000 shares authorized
at $0.001 par value; issued and
outstanding 3,000,000 shares 3,000
(Deficit) accumulated
during the development
stage (5,825)
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Total shareholders' equity
(deficit) (2,825)
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Total Liabilities and
Shareholders' Equity (Deficit) $ --
==========
See accompanying note to financial statements.
Cyber Grind, Inc.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
Three and Six Three and Six March 10, 2000
Months Ended Months Ended (Inception) to
June 30, 2003 June 30, 2002 June 30, 2003
-------------- -------------- --------------
Revenue $ -- $ -- $ --
Expenses:
General and
Administrative $ -- $ -- $ 5,825
--------- --------- ----------
(Loss) from
operations -- -- (5,825)
Income taxes -- -- --
--------- --------- ----------
Net (loss) $ -- $ -- $ --
========= ========= ==========
Basic (Loss) per
Common Share $ -- $ -- $ (5,825)
========= ========= ==========
Diluted (Loss) per
Common share $ -- $ -- $ --
========= ========= ==========
Weighted average
(basic and diluted)
common shares
outstanding 3,000,000 3,000,000 3,000,000
========= ========= ==========
See accompanying note to financial statements.
Cyber Grind, Inc.
(A Development Stage Company)
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
For the three month period ended June 30, 2003
(Unaudited)
(Deficit)
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage Total
-------- -------- ---------- -------------- --------
Balance-
March 31, 2003 3,000,000 $ 3,000 $ -- $ (5,825) $(2,825)
Net (loss)
for the three
months ended
June 30, 2003 -- -- -- -- --
--------- ------ -------- -------- --------
Balance-
June 30, 2003 3,000,000 $ 3,000 $ -- $ (5,825) $ (2,825)
========= ======= ======== ======== ========
See accompanying note to financial statements.
Cyber Grind, Inc
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Six Months March 10, 2000
Ended Ended (Inception) to
June 30, 2003 June 30, 2002 June 30, 2003
-------------- -------------- --------------
Net (loss) $ -- $ -- $ (5,825)
Adjustments to
reconcile net loss to
cash used by
operating activities:
Shares issued for services -- -- 1,750
Increase (decrease) in
Liabilities -- -- --
Accrued expenses -- -- --
--------- -------- --------
Net cash (used) by
operating activities: -- -- (4,075)
Net cash from financing
Activities:
Common stock
issuance for cash -- -- 1,250
Loan from shareholder -- -- 2,825
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-- -- 4,075
Increase (decrease) in cash -- -- --
Cash at beginning of period $ -- $ -- $ --
--------- -------- -------
Cash at end of period $ -- $ -- $ --
========= ======== =======
Supplemental cash flows information:
Cash paid during the period for:
Income Taxes $ -- $ $
========= ======== =======
Interest $ -- $ -- $ --
========= ======== =======
Non-cash financing transactions:
Common shares issued
for services $ -- $ -- $ 1,750
========= ======== =======
See accompanying note to financial statements.
Cyber Grind, Inc.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)
BASIS OF PRESENTATION
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The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10 QSB and
Item 310(b) of Regulation S-B. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. During the three month
period ended June 30, 2003 Stockholders' Equity (Deficit) changed only by the
amount of the net loss. Operating results for the three months period ended
June 30, 2003 are not necessarily indicative of the results that may be
expected for the year ended December 31, 2003. For further information
refer to the audited financial statements and footnotes included in the
Company's Form 10-KSB filing for December 31, 2002.
The Company's financial statements have been presented on the basis that
is a going concern, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. From
inception to date the Company has only incurred net losses and has had no
revenues. These factors, among others, raise substantial doubt as to the
Company's ability to continue as a going concern.
Cyber Grind, Inc. ("the Company") was incorporated in the state of Nevada on
March 10, 2000. The Company is a development stage enterprise. From
inception on March 10, 2000 to date (August 22, 2003) the Company has had no
revenues. The Company's business plan and business purpose is to acquire and
develop precious metals claims and/or properties.
Item 2. Plan of Operation
The Company, which has no employees, is a development stage enterprise. From
inception to date the Company has had no revenues. The Company's business
plan and business purpose is to acquire and develop precious metals claims
and/or properties.
The Company's management is seeking funding from a variety of sources.
However, there can be no assurance management will be successful in these
endeavors. For the remainder of calendar2003, and the first three quarters
of calendar 2004 absent other funding being obtained, the Company's primary
funding source will its Vancouver, British Columbia, Canada based ownership
group.
Forward-Looking Statements
This Form 10-QSB includes "forward-looking statements" within the meaning of
the "safe-harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Such statements are based on management's current expectations and
are subject to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. All statements, other than statements of historical facts
included in this Form, regarding the Company's financial position, business
strategy, and plans and objectives of management of the Company for future
operations, are forward-looking statements.
Item 3. Controls and Procedures
(a) The Company's shares are not publicly traded at this time.
(b) Not applicable.
Item 4. Quantitative and Qualitative Disclosure about Market Risk
The Company's shares are not publicly traded at this
time.
PART II- OTHER INFORMATION
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Item 1. Legal Proceedings
The Company is not a party to any pending legal proceeding. Management
is not aware of any threatened litigation, claims or assessments.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Report on Form 8-K
No Exhibits
There were no reports filed on Form 8-K during the three month period
ended June 30, 2003.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Cyber Grind, Inc.
/s/ Jaak Olesk
Dated: August 22, 2003 -----------------------
- ---------------------- Jaak Olesk, President