UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended May 31, 2001, Commission File Number 0-31335
MULTIMOD INVESTMENTS, LTD.
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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)
16 Julia Street, Thornhill, Ontario L3T 4R9
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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 x No
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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:
400,000
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
MULTIMOD INVESTMENTS, LTD.
(A Development Stage Company)
Interim Financial Statements
May 31, 2001
MULTIMOD INVESTMENTS, LTD.
(A Development Stage Company)
INTERIM BALANCE SHEET
MAY 31, 2001
(UNAUDITED)
ASSETS
Current Assets
Cash $ -
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Total Current Assets -
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Other Assets
Incorporation costs 545
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Total Other Assets 545
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TOTAL ASSETS $ 545
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Advance from shareholder $ 545
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TOTAL CURRENT LIABILITIES 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 - 400,000 400
Deficit accumulated during the development stage (400)
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Total Stockholders' Equity -
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 545
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The accompanying notes are an integral part of these financial statements
MULTIMOD INVESTMENTS, LTD.
(A Development Stage Company)
INTERIM STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED MAY 31, 2001
(UNAUDITED)
INCOME $ -
OPERATING EXPENSES
Professional Fees -
Amortization Expenses -
Administrative Expenses -
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Total Operating Expenses -
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Net Loss from Operations $ -
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Weighted average number of shares outstanding 400,000
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Net Loss Per Share $ -
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The accompanying notes are an integral part of these financial statements.
MULTIMOD INVESTMENTS, LTD.
(A Development Stage Company)
INTERIM STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED MAY 31, 2001
(UNAUDITED)
Indirect Method
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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-
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Net Cash Used in Operating Activities -
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Cash Flow From Financing Activities
Issuance of common stock -
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Net Cash Provided By Financing Activities -
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Increase(decrease) in Cash -
Cash and Cash Equivalents - Beginning of period -
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Cash and Cash Equivalents - End of period $ -
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Supplemental Cash Flow Information
Interest paid $ -
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Taxes paid $ -
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The accompanying notes are an integral part of these financial statements
MULTIMOD INVESTMENTS, LTD.
(A Development Stage Company)
Interim Statement of Changes in Stockholders' Equity
FOR THE NINE MONTHS ENDED MAY 31, 2001
(UNAUDITED)
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage Totals
Balance - August 31,
2000 400,000 $ 400 $ - $ (400) $ -
Stock issued for
services - - - - -
Net loss for period - - - - -
-------- ----- ------ ------ ------
Balances - May 31,
2001 400,000 $ 400 $ - $ (400) $ -
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The accompany notes are an integral part of these financial statements.
MULTIMOD INVESTMENTS, LTD.
(A Development Stage Company)
Notes To Interim Financial Statements
MAY 31, 2001
(UNAUDITED)
Note 1 - Organization and Summary of Significant Accounting Policies:
Nature of Business
Multimod Investments, Ltd. (the "Company") was incorporated on May 5, 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.
MULTIMOD INVESTMENTS, LTD.
(A Development Stage Company)
Notes To Interim Financial Statements
MAY 31, 2001
(UNAUDITED)
Fair Value of Financial Instruments
The carrying amount of advances for shareholders is considered to be
representative of its respective fair value 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 common stock is 50,000,000 shares of common stock at
$.001 par value. The Company has issued 400,000 of common stock for
services rendered as administrative expenses at a cost of $400 which was
expensed during the fiscal year ended August 31, 2000.
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.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations
None
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
Exhibit 11 - Computation of earnings per common share - see Statements
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.
MULTIMOD INVESTMENTS, LTD.
BY: /s/ M. WINICK
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Marvin N. Winick, President
Dated: June 11, 2001