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 March 31, 2004
[ ] 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 May 19, 2004
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
March 31, 2004
(Unaudited)
ASSETS
Current Assets
Cash $ --
----------
Total current assets --
----------
Total assets $ --
==========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
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
Additional Paid-in Capital 4,825
(Deficit) accumulated
during the development
stage (7,825)
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Total shareholders' equity
(deficit) --
----------
Total Liabilities and
Shareholders' Equity (Deficit) $ --
==========
See accompanying note to financial statements.
Cyber Grind, Inc.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
Three Months Three Months March 10, 2000
Ended Ended (Inception) to
March 31, 2004 March 31, 2003 March 31, 2004
-------------- -------------- --------------
Revenue $ -- $ -- $ --
Expenses:
General and
Administrative $ -- $ -- $ 7,825
--------- --------- ----------
(Loss) from
operations -- -- (7,825)
Income taxes -- -- --
--------- --------- ----------
Net (loss) $ -- $ -- $ --
========= ========= ==========
Basic (Loss) per
Common
Share $ -- $ -- $ (7,825)
========= ========= ==========
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 March 31, 2004
(Unaudited)
(Deficit)
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage Total
------- ------ ---------- ----------- ------
Balance-
December 31,
2003 3,000,000 $ 3,000 $ -- $ (7,825) $ --
Net (loss) for
the three
month ended
March 31,
2004 -- -- -- -- --
--------- ------ -------- ------- -------
Balance-
March 31,
2004 3,000,000 $ 3,000 $ -- $ (7,825) $ --
========= ======= ======== ======== =======
See accompanying note to financial statements.
Cyber Grind, Inc
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Three Months March 10, 2000
Ended Ended (Inception) to
March 31, 2004 March 31, 2003 March 31, 2004
-------------- -------------- --------------
Net (loss) $ -- $ -- $ (7,825)
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: -- -- (6,075)
Net cash from financing
Activities:
Common stock
issuance for cash -- -- 1,250
Loan from shareholder -- -- 4,825
--------- -------- -------
-- -- 6,075
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
March 31, 2004
(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 March 31,
2004 Stockholders' Equity (Deficit) changed only by the amount
of the net loss. Operating results for the three months period
ended March 31, 2004 are not necessarily indicative of the
results that may be expected for the year ended December 31,
2004. For further information refer to the audited financial
statements and footnotes included in the Company's Form 10-KSB
filing for December 31, 2003.
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 (May 20, 2004) the Company has had no revenues.
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 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 calendar
2004, and the first half of calendar 2005 absent other funding
being obtained, the Company's primary funding source will be its
shareholder group who will provide funding for corporate expenses.
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
The Company has no assets, revenues or operations. As the Company
grows it will implement all appropriate controls and procedures.
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 March 31, 2004.
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: May 19, 2004 -----------------------
- ------------------- Jaak Olesk, President