UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended November 30, 2001, Commission File Number 0-31333
SUPER VENTURES CORPORATION
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(Exact name of Registrant as specified in its charter)
Nevada Not Available
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(State of Incorporation) (I.R.S. Employer Identification Number)
14 Pico Crescent, Thornhill, Ontario L4J 8P4
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(address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (905) 731-0189
Not Applicable
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(Former name, address or fiscal year if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes No x
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The total number of shares outstanding of the issuer's common shares, par
value $ .001, as of the date of this report, follow:
10,024,000
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
SUPER VENTURES CORPORATION
(A Development Stage Company)
Interim Financial Statements
November 30, 2001
SUPER VENTURES CORPORATION
(A Development Stage Company)
INTERIM BALANCE SHEET
NOVEMBER 30, 2001
(UNAUDITED)
2001 2000
ASSETS
Current Assets
Cash $ - $ -
-------- -------
Total Current Assets -
-------- -------
Other Assets
Incorporation costs 545 545
-------- -------
Total Other Assets 545 545
-------- -------
TOTAL ASSETS $ 545 $ 545
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 1,500 $ -
Advance from shareholder 545 545
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TOTAL CURRENT LIABILITIES 2,045 545
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Stockholders' Equity
Preferred stock, authorized 5,000,000 shares
par value $ .001: none outstanding
Common stock, authorized 50,000,000 shares,
par value $ .001, issued and outstanding
- 10,024,000( 2000 - 1,000,000) 10,024 1,000
Deficit accumulated during the development stage (11,524) (1,000)
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Total Stockholders' Equity (1,500) -
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 545 $ 545
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The accompanying notes are an integral part of these financial statements
SUPER VENTURES CORPORATION
(A Development Stage Company)
INTERIM STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED NOVEMBER 30, 2001
(UNAUDITED)
From
Inception
to Nov 30,
2001 2000 2001
INCOME $ - $ - $ -
------- -------- -------
OPERATING EXPENSES
Professional Fees - - 1,500
Amortization Expenses - - -
Administrative Expenses - - 10,024
------- -------- -------
Total Operating Expenses - - 11,524
------- -------- -------
Net Loss from Operations $ - $ - $(11,524)
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Weighted average number of shares
outstanding 10,024,000 1,000,000 10,024,000
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Net Loss Per Share $ - $ - $(0.001)
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The accompanying notes are an integral part of these financial statements.
SUPER VENTURES CORPORATION
(A Development Stage Company)
INTERIM STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED NOVEMBER 30, 2001
(UNAUDITED)
Indirect Method
2001 2000
Cash Flows From Operating Activities
Net loss $ - $ -
Adjustments to reconcile net loss to net cash used
operating activities:
Stock issued for services - -
Changes in assets and liabilities
Increase in Advance from Shareholder - -
Increase in Other Assets - -
------- ------
- -
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Net Cash Used in Operating Activities - -
------- ------
Cash Flow From Financing Activities
Issuance of common stock - -
------- ------
Net Cash Provided By Financing Activities - -
------- ------
Increase(decrease) in Cash - -
Cash and Cash Equivalents - Beginning of period - -
------- ------
Cash and Cash Equivalents - End of period $ - $ -
======= ======
Supplemental Cash Flow Information
Interest paid $ - $ -
======= ======
Taxes paid $ - $ -
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The accompanying notes are an integral part of these financial statements
SUPER VENTURES CORPORATION
(A Development Stage Company)
Interim Statement of Changes in Stockholders' Equity
FOR THE THREE MONTHS ENDED NOVEMBER 30, 2001
(UNAUDITED)
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage Totals
Balance - August 31,
2001 10,024,000 $10,024 $ - $(11,524) $(1,500)
Stock issued for
services - - - - -
Net loss for period - - - - -
-------- ----- ------ ------ ------
Balances - November
30, 2001 10,024,000 $10,024 $ - $(11,524) $ (1,500)
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The accompany notes are an integral part of these financial statements.
SUPER VENTURES CORPORATION
(A Development Stage Company)
Notes To Interim Financial Statements
November 30, 2001
(UNAUDITED)
Note 1 - Organization and Summary of Significant Accounting Policies:
Nature of Business
Super Ventures Corporation (the "Company") was incorporated on May 9, 2000
under the laws of the State of Nevada. The Company's primary business
operations are to and engage in internet related businesses. The Company is
searching for a viable entity upon which to merge and/or acquire. The Company
intends on going public in order to raise the funds required in order to
fulfill its business objectives.
The Company's fiscal year end is August 31,
Basis of Presentation - Development Stage Company
The Company has not earned any revenue from limited principal operations.
Accordingly, the Company's activities have been accounted for as those of
a "Development Stage Enterprise" as set forth in Financial Accounting
Standards Board Statement No. 7 ("SFAS 7"). Among the disclosures required
by SFAS 7 are that the Company's financial statements be identified as
those of a development stage company, and that the statements of operations,
stockholders' equity (deficit) and cash flows disclose activity since
the date of the Company's inception.
Basis of Accounting
The accompanying financial statements have been prepared on the accrual
basis of accounting in accordance with generally accepted accounting
principles.
Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considered all
cash and other highly liquid investments with initial maturities of three
months or less to be cash equivalents.
Net earning (loss) per share
Basic and diluted net loss per share information is presented under the
requirements of SFAS No. 128, Earnings per Share. Basic net loss per share
is computed by dividing net loss by the weighted average number of shares
of common stock outstanding for the period, less shares subject to
repurchase. Diluted net loss per share reflects the potential dilution of
securities by adding other common stock equivalents, including stock
options, shares subject to repurchase, warrants and convertible preferred
stock, in the weighted-average number of common shares outstanding for a
period, if dilutive. All potentially dilutive securities have been excluded
from the computation, as their effect is anti-dilutive.
SUPER VENTURES CORPORATION
(A Development Stage Company)
Notes To Interim Financial Statements
November 30, 2001
(UNAUDITED)
Fair Value of Financial Instruments
The carrying amounts of accounts payable and advance for shareholder are
considered to be representative of their respective fair values because of the
short-term nature of these financial instruments.
Income Taxes
The Company accounts for income taxes under SFAS No. 109, which requires the
asset and liability approach to accounting for income taxes. Under this
method, deferred tax assets and liabilities are measured based on
differences between financial reporting and tax bases of assets and
liabilities measured using enacted tax rates and laws that are expected to
be in effect when differences are expected to reverse.
Note 2 - Capital Stock Transactions
The authorized capital is 50,000,000 shares of common stock at $.001 par value.
The Company has issued at total of 10,024,000 shares of common stock for
services rendered as administrative expenses at a cost of $10,024 which has
been expensed in prior periods.
Note 3 - Advance from Shareholder
An officer of the Company advanced cash to the Company for start-up
incorporation costs of $545. This advance was unsecured, bears no interest,
and is due on demand.
Note 4 - Going Concern:
The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles, which contemplates continuation
of the Company as a going concern. The Company operations are in the
development stage and the Company has generated no income.
The future success of the Company is likely dependent on its ability to
attain additional capital to develop its proposed products and ultimately,
upon its ability to attain future profitable operations. There can be no
assurance that the Company will be successful in obtaining such financing,
or that it will attain positive cash flow from operations.
PART II - OTHER INFORMATION
Item 2 - Management's Discussion and Analysis of Financial Conditions and
Results of Operations
None
Item 6 - Exhibits and Reports on Form 8-K
Exhibit 11 - Computation of earnings per common share - see Statement
of Operations
Reports on Form 8-K - None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized.
SUPER VENTURES CORPORATION
BY: /s/ M. WINICK
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Marvin N. Winick, President
Dated: May 22, 2002