FORM 1O-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended February 28, 1999
Commission File Number: 0-19631
VDS ENTERPRISES, INC.
(exact name of registrant as specified in its charter)
Florida 65-0283601
(State or other jurisdiction of (IRS Employer I.D. No.)
Incorporation of organization)
12956 La Rochelle Circle, Palm Beach Gardens, FL 33410
(Address of principal executive offices)
(561) 622-8034
(Registrant's telephone number, including area code)
Not Applicable
__________________________________________________
(former name, address and former fiscal year, if changed from 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 and Exchange Act of 1934
during the preceding 12 months (or for such short period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
38: $3
YES NO X
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
44: Common Stock, as of the latest practicable date.
As of August 14, 2000 there were 2,626,943 shares of Common
Stock outstanding.
INDEX
PART I - FINANCIAL INFORMATlON
Item 1. Financial Statements.
The condensed financial statements as of February 28, 1999 included herein have
been prepared by VDS Enterprises, Inc. ("Company") without audit, pursuant to
the rules and regulations of the Securities and Exchange Commission. The
condensed financial statements as of August 31, 1998 have been derived from
audited financial statements. Certain information and footnote disclosures,
normally included in financial statements prepared in accordance with generally
accepted accounting principles, have been condensed or omitted pursuant to such
rules and regulations. These condensed financial statements should be read in
conjunction with the financial statements and notes thereto, included in the
Company's latest annual report on Form 10-K.
In the opinion of management of the Company, the condensed financial
statements reflect all the adjustments necessary to present fairly the
financial position of the company as of February 28, 1999 and the
consolidated results of operations and cash flows for the three months
ended February 28, 1999. The results of operations for such interim periods
are not necessarily indicative of the results for the full year.
Condensed Balance Sheets as of February 28, 1999 (Unaudited) and
August 31, 1998 4
Condensed Statements of Operations for the Three Months Ended
February 28, 1999 and 1998 (Unaudited) 5
Condensed Statement of Changes in Shareholders' Equity for the
Three Months ended February 28, 1999 and 1998 (Unaudited) 6
Condensed Statement of Cash Flow for the Three Months ended
February 28, 1999 and 1998 (Unaudited) 7
Notes to Condensed Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations. 9
PART II - OTHER INFORMATION 10-11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Registrant:
VDS ENTERPRISES, INC.
By: ___________________________
Regis Vogel
President
Date: June 6, 2000
VDS ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEET
February 28, 1999 and August 31, 1998
February 28, 1999 August 31, 1998
(Unaudited) (Derived from
Audited Fin.
Statements)
ASSETS
Organizational Costs $ 18,361 $ 18,361
Less accumulated amortization (18,361) (18,361)
----------- -----------
Total Assets $ 0 $ 0
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accrued expenses $ 3,750 $3,750
---------- ------------
Deficiency in assets:
Common Stock, par value $0.001 per share;
10,000,000 shares authorized,
2,626,943 share issued
and outstanding in 1998 and 1997 respectively 2,626 2,626
Additional Paid-In Capital (Note 2) 17,486 17,486
Deficit accumulated during the
development stage (23,862) (23,862)
-------------- -------------
Total Deficiency in Assets (3,750) (3,750)
--------------- -------------
Total Liabilities and Deficiency in Assets $0 $0
========= ========
See Accompanying Notes to Condensed Financial Statements
VDS ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF OPERATIONS
For the three months ended February 28, 1999 and 1998
(Unaudited)
1999 1998
Revenues $ 0 $ 0
---------- --------
Total Revenues $ 0 $ 0
====== =====
Expenses: $ 0 $ 0
---------- ---------
Total Expenses $ 0 $ 0
---------- ---------
Results of Operations $ 0 $ 0
====== =====
See Accompanying Notes to Condensed Financial Statements
VDS ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the three months ended February 28, 1999 and 1998
(Unaudited)
1999 1998
Shareholders' Equity:
Beginning of period $ 0 $ 0
Additions
Shareholder contributions 0 0
Deductions
Results of Operations for the three months
ended February 28, 1999 and 1998 0 $ 0
----------- ------------
Ending balance at end of period $ 0 $ 0
======= =======
See Accompanying Notes to Condensed Financial Statements
VDS ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF CASH FLOW
For the three months ended February 28, 1999 and 1998
(Unaudited)
1999 1998
CASH FLOW FROM OPERATING ACTIVITIES
Net loss $ 0 $ 0
Adjustment to reconcile net loss to
Net cash used by operating activities:
None $( 0 ) $( 0 )
---------- ----------
Net cash used by operating activities $ 0 $ 0
CASH FLOW FROM INVESTING ACTIVITIES $ 0 $ 0
Shareholders' contribution to paid in capital $ 0 $ 0
CASH FLOW FROM FINANCING ACTIVITIES $ 0 $ 0
---------- ----------
NET INCREASE (DECREASE) IN CASH $ 0 $ 0
Cash Beginning of Period $ 0 $ 0
---------- ----------
Cash End of Period $ 0 $ 0
====== ======
See Accompanying Notes to Condensed Financial Statements
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business Activity
VDS Enterprises, Inc. (the Company) was organized under the laws
of the State of Florida on September 13, 1991. The Company is a development
stage entity, which has been inactive since inception. The Company's only
transactions are related to its initial formation and organization.
The Company intends to acquire an operating entity, however, it has not yet
targeted an acquisition.
Organizational Costs
Organizational costs consist of expenditures incurred in the formation of the
company. These costs were fully amortized ratably over a period of five years.
Basis of Presentation
The accompanying unaudited condensed financial statements of VDS
Enterprises, Inc. presented herein do not include all disclosures required by
generally accepted accounting principles for complete financial statements.
In the opinion of management these financial statements include all adjustments
necessary for a fair presentation of the results of interim periods.
The interim condensed financial statements should be read in conjunction
with the financial statements and footnotes that are included in the Company's
Annual Report on Form 10-K filed with the Securities and Exchange
Commission August 14, 2000.
NOTE 2 GOING CONCERN
As shown in the accompanying financial statements, the Company has an
accumulated deficit of $ 20,112 as of February 28, 1999. As a result, the
Company has no assets. The management of the Company intends to actively
pursue a business combination through a merger, or an acquisition. The
financial statements do not include any adjustments that might be necessary
should the Company be unable to continue as a going concern.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
The Registrant has not, as of the end of the three month period ended February
28, 1999, commenced active business operations. As of February 28, 1999 the
Registrant had no assets or liabilities, Shareholders' Equity or other
financial resources.
The Registrant has no reasonable basis for comparison with respect to its
quarterly financial results in that the Company has not yet commenced its
business operations.
PART II OTHER INFORMATION
Item 1. Legal Proceedings
Not Applicable
Item 2. Changes in Securities
The issued and outstanding common stock after the recapitalization consists of
2,626,943 shares, par value $0.001.
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security-Holders
Not Applicable
Item 5. Other information
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
Exhibits
27.1 Financial Data Schedule
Reports on Form 8-K
Not Applicable
VDS FINANCIAL DATA SCHEDULE 2-99 QTR
PERIOD TYPE 6-MOS
FISCAL YEAR END AUGUST 31, 1999
PERIOD END FEBRUARY 28, 1999
CASH 0
SECURITIES 0
RECEIVABLES 0
ALLOWANCES 0
INVENTORY 0
CURRENT ASSETS 0
PP&F 0
DEPRECIATION 0
TOTAL ASSETS 0
CURRENT LIABILITIES 3,750
BONDS 0
PREFERRED MANDATORY0
PREFERRED 0
COMMON 2,626
OTHER SE (6,376)
TOTAL LIABILITY AND
STOCKHOLDER EQUITY 0
SALES 0
TOTAL REVENUES 0
CGS 0
TOTAL COSTS 0
OTHER EXPENSES 0
LOSS PROVISION 0
INTEREST EXPENSE 0
INCOME PRETAX 0
INCOME TAX 0
INCOME CONTINUING 0
CHANGES 0
NET INCOME 0
EPS-PRIMARY .00
EPS-DILUTED .00
10
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