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 AND EXCHANGE ACT OF 1934
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For the Quarter Ended July 31, 2001, Commission File Number 0-32887
MYOCASH, INC.
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(Exact name of Registrant as specified in its charter)
Nevada n/a
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(State of Incorporation) (I.R.S. Employer Indentification 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 and 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:
5,000,000
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
MYOCASH, INC.
UNAUDITED INTERIM BALANCE SHEET
AS AT July 31, 2001
ASSETS
<Table>
Current Assets
Cash .................................................. $ --
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Total Current Assets .................................. --
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OTHER - AT COST
Goodwill .............................................. --
Incorporation costs ................................... --
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Total Other Assets --
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TOTAL ASSETS $ --
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</Table>
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MYOCASH, INC.
UNAUDITED INTERIM BALANCE SHEET
AS AT July 31, 2001
<Table>
LIABILITIES
Accounts payable ...................................... $ --
LONG-TERM
Due to shareholders --
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Total Liabilities ..................................... --
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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 5,000
Additional paid-in capital ............................ --
Deficit, accumulated during the development stage (5,000)
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--
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ --
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</Table>
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MYOCASH, INC.
INTERIM UNAUDITED STATEMENT OF OPERATIONS
From Inception(November 30, 2000) to July 31, 2001
FROM
THREE INCEPTION
MONTHS (Nov 17, 2000)
ENDED TO
JULY 31, JULY 31,
2001 2001
REVENUE .......................................... $ -- $ --
-------- --------
OPERATING EXPENSES
Professional fees -- --
Amortization expenses
General and administrative 4,900 5,000
-------- --------
Total Operating Expenses 4,900 5,000
-------- --------
NET LOSS FROM OPERATIONS $ (4,900) $ (5,000)
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MYOCASH, INC.
INTERIM UNAUDITED STATEMENT OF CASH FLOWS
From Inception(November 17, 2000) to July 31, 2001
FROM
THREE INCEPTION
MONTHS (Nov 17, 2000)
ENDED TO
JULY 31, JULY 31,
2001 2001
Cash Flows From Operating Activities
Net income(loss) for the period .................... $ (4,900) $ (5,000)
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Adjustments to reconcile net loss to net cash
in operating activities:
Stock issued for services .......... 4,900 5,000
Changes in assets and liabilities
Accounts receivable ............................. -- --
Accounts payable ................................ -- --
-------- -------
4,900 5,000
-------- -------
Net Cash Provided By(Used in) Operating Activities -- --
-------- -------
Cash Flows From Investing Activities
Purchase of goodwill .................................. -- --
Incorporation costs ................................... -- --
-------- -------
Net Cash Used in Investing Activities ................. -- --
-------- -------
Cash Flow From Financing Activities
Advances from shareholders ............................ -- --
Issuance of common stock .............................. -- --
-------- -------
-- --
-------- -------
Increase(decrease) in Cash ......................... -- --
Cash and Cash Equivalents - Beginning of period . -- --
-------- -------
Cash and Cash Equivalents - End of period ......... $ -- $ --
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Supplementary Information
Interest paid ................................ . $ -- $ --
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Taxes paid ..................................... $ -- $ --
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MYOCASH, INC.
INTERIM UNAUDITED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
From Inception(November 17, 2000) to July 31, 2001
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage Totals
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Balance - November
17, 2000 -- $ -- $ -- $ -- $ --
Stock issued for
services 4,455,000 4,455 -- -- 4,455
Stock issued for
incorporation costs 545,000 545 -- -- 545
Net loss for period (5,000) (5,000)
--------- ------- --------- -------- --------
BALANCE - July 31,
2001 5,000,000 $ 5,000 $ -- $ (5,000) $ --
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MYOCASH, INC.
(A Development Stage Company)
Notes To Unaudited Interim Financial Statements
July 31, 2001
Note 1 - Organization and Summary of Significant Accounting Policies:
Nature of Business
MYOCASH, INC., Inc. (the "Company") was incorporated on November 17,
2000 under the laws of the State of Nevada. The Company's primary business
operations are to and engage in the acquisition of a technology based
company. 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 December 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.
MYOCASH, INC.
(A Development Stage Company)
Notes To Unaudited Interim Financial Statements
July 31, 2001
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.
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 5,000,000 of common stock
of which 4,455,000 was for services rendered as administrative expenses by
the founders at a cost of $4,455 and $ 545 for incorporation costs which
were expensed during this interim period.
MYOCASH, INC.
(A Development Stage Company)
Notes To Unaudited Interim Financial Statements
July 31, 2001
Note 3 - 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 or Plan Of Operation
Not applicable.
PART II - OTHER INFORMATION
Item 1: Legal Proceedings
There are no legal proceedings applicable.
Item 2: Changes in Securities and Use of Proceeds
Not Applicable
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
The registrant has changed its head office to 14 Pico Crescent, Thornhill,
Ontario L4J 8P4 effective immediately.
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.
MYOCASH, INC.
BY: /s/ Marvin Winick
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Marvin Winick, President
Dated: December 9, 2002