UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ended - December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission file number 0-27165
MAS ACQUISITION XVII CORP.
(Name of Small Business Issuer in its charter)
Indiana 35-2082968
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
1710 E. Division St., Evansville, Indiana 47711
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (812) 479-7266
Securities registered under Section 12(b) of the Act: None
Securities registered under Section 12(g) of the Act:
Common Stock, $.001 par value per share
(Title or class)
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 [ ]
As of December 31, 1999, the Registrant has outstanding 8,519,900 shares of Common Stock.
MAS Acquisition XVII Corp.
Form 10-QSB
Quarterly Report
December 31, 1999
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
(1) Financial Statements Page
Balance Sheet at December 31, 1999 and September 30,
1999 (unaudited) F-1
Statements of Operations for the three months
ended December 31, 1999 and 1998 (unaudited) F-2
Statement of Changes in Stockholder's Equity
for the period from inception (October 7, 1996)
to December 31, 1999 (unaudited) F-3
Statements of Cash Flows for the three months
ended December 31, 1999 and 1998 F-4
Notes to Unaudited Financial Statements F-5
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MAS Acquisition XVII Corp.
(A Development Stage Company)
Balance Sheet
As of December 31, 1999 and September 30, 1999
Assets
December 31, September 30,
1999 1999
------------- -----------
Current assets:
Total current assets $ - $ -
Other assets:
Organization costs net of amortization of
$59 and $54 31 36
------- -------
Total assets $ 31 $ 36
======= =======
Liabilities and Stockholders' Equity
Current liabilities:
Total current liabilities $ - $ -
Stockholders' equity:
Preferred stock, $.001 par value
20,000,000 shares authorized,
none issued or outstanding - -
Common stock, $.001 par value,
80,000,000 shares authorized,
8,519,900 shares issued and
outstanding 111 111
Deficit accumulated during the
development stage (80) (75)
------- -------
Total liabilities and stockholders' equity $ 31 $ 36
======= =======
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Read the accompanying notes to the financial statements.
MAS Acquisition XVII Corp.
(A Development Stage Company)
Statements of Operations
For the Three Months Ended December 31, 1999 and 1998
Three Months Three Months
Ended Ended
December 31, December 31,
1999 1998
------------- ------------
Revenue $ - $ -
Costs and expenses:
General and Administrative 5 17
Net (loss) $ (5) $ (17)
Per share information:
Weighted average number
of common shares
outstanding 8,519,900 8,519,800
Basic (loss) per share $ (.00) $ (.00)
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Read the accompanying notes to the financial statements.
MAS Acquisition XVII Corp.
(A Development Stage Company)
Statement of Changes in Stockholders' Equity For the Period From (Inception) October 7, 1996, through December 31, 1999
Deficit Accumulated
During the
Common Stock Development Stage Total
---------------- -------------------- -----
Shares Amount
------ ------
Shares issued at inception
for organization costs
aggregating $90 8,500,000 $ 90 $ - $ 90
Shares issued for
services at $.001
per share during
January, 1997 500 1 1
Gift shares issued
during March, 1997 at
$.001 per share 7,750 8 8
Net (loss) for the period - - (23) (23)
--------- ------- -------- --------
Balance June 30, 1997 8,508,250 99 (23) 76
Net (loss) for the year - - (18) (18)
--------- ------- -------- --------
Balance June 30, 1998 8,508,250 99 (41) 58
Shares issued for
services at $.001
per share during
September, 1998 750 1 1
Gift shares issued
during September, 1998 at
$.001 per share 10,800 11 11
Net (loss) for the year - - (30) (30)
--------- ------- -------- --------
Balance June 30, 1999 8,519,800 $ 111 $ (71) $ 40
Net loss for the period - - (4) (4)
--------- ------- -------- --------
Balance September, 1999 8,519,800 $ 111 $ (75) $ 36
Shares issued for
services at $.001
per share during
October, 1999 100 0 0
Net (loss) for the period - - (5) (5)
--------- ------- -------- --------
Balance December 31, 1999 8,519,900 $ 111 $ (80) 31
========= ======= ======== ========
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Read the accompanying notes to the financial statements.
MAS Acquisition XVII Corp.
(A Development Stage Company)
Statements of Cash Flows
For the Three Months Ended December 31, 1999 and 1998
Three Months Three Months
Ended Ended
December 31, December 31,
1999 1998
------------ -----------
Cash Flows From Operating Activities:
Net (loss) $ (5) $ (17)
Adjustments to reconcile net (loss)
to net cash provided by (used in)
operating activities:
Amortization 5 17
Issuance of common stock for services 0 -
Gift shares issued - -
--------- ---------
Net cash provided by (used in)
operations - -
--------- ---------
Cash flows from investing activities:
Net cash provided by (used in)
investing activities - -
--------- ---------
Cash flows from financing activities:
Net cash provided by (used in)
financing activities - -
--------- ---------
Net increase (decrease) in cash and
cash equivalents - -
--------- ---------
Beginning cash and cash equivalents - -
--------- ---------
Ending cash and cash equivalents $ - $ -
========= =========
Supplemental disclosure of cash flow information:
Cash paid for: Income taxes $ - $ -
Interest $ - $ -
Supplemental schedule of non-cash investing and financing activities:
Common shares issued for organization
costs $ - $ -
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Read the accompanying notes to the financial statements.
MAS Acquisition XVII Corp.
(A Development Stage Company)
Notes to Financial Statements As of December 31, 1999
Note 1. SIGNIFICANT ACCOUNTING POLICIES
A. Organization
The Company was incorporated on October 7, 1996, in the State of Indiana. The Company is in the development stage and its intent is to locate suitable business ventures to acquire. The Company has had no significant business activity to date and has chosen June 30, as a year end.
B. Cash and cash equivalents
Cash and cash equivalents consist of cash and other highly liquid debt instruments with an original maturity of less than three months.
C. Intangible assets
The cost of intangible assets is amortized using the straight line method over the estimated useful economic life (five years for organization costs). They are stated at cost less accumulated amortization. The Company reviews for the impairment of long-lived assets and certain identifiable intangibles whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. No such impairment losses have been identified in the periods presented.
D. Net loss per share
Basic loss per share is computed by dividing the net loss for the period by the weighted average number of common shares outstanding for the period.
E. Use of estimates
The preparation of the Company's financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.
MAS Acquisition XVII Corp.
(A Development Stage Company)
Notes to Financial Statements
As of December 31, 1999
(Continued)
Note 2. STOCKHOLDERS' EQUITY
At inception the Company issued 8,500,000 shares of its $.001 par value common stock to an officer as reimbursement of organization costs paid by the officer. Fair value used for this transaction of $90 is based upon the actual cost of incorporation.
During January, 1997 the Company issued 500 shares of its $.001 par value common stock to directors as compensation valued at $1.
During March, 1997 the Company issued 7,750 shares of its common stock to foreign citizens as a gift with an aggregate fair value of $8.
During September, 1998 the Company issued 750 shares of its $.001 par value common stock to directors as compensation valued at $1.
During September, 1998 the Company issued 10,800 shares of its common stock to foreign citizens as a gift with an aggregate fair value of $11.
During October, 1999 the Company issued 100 shares of its common stock to one individual with an aggregate fair value of $0.
Note 3. INCOME TAXES
Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classifications of the assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The deferred tax asset related to the operating loss carryforward has been fully reserved.
The Company's net operating loss carryforwards expire in 2011 through 2013.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS.
The following discussion should be read in conjuction with the information contained in the financial statements of the Company and the Notes thereto appearing elsewhere herein.
Results of Operations - Inception (October 7, 1996) through December 31, 1999.
The Company is considered to be in the development stage as defined in Statement of Financial Accounting Standards No. 7. There have been no operations since inception.
Liquidity and Capital Resources.
The Company has no cash as of December 31, 1999.
Part II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K during the quarter ended December 31, 1999.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAS Acquisition XVII Corp.
Date: January 31, 2000
By: /s/ Aaron Tsai
----------------------------------
Aaron Tsai
President, Chief Executive Officer
Treasurer and Director
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| ARTICLE 5 |
| This schedule contains summary financial information extracted from the Balance Sheet at December 31, 1999 (unaudited) and the Statement of Operations for the three months ended December 31, 1999 (unaudited) and is qualified in its entirety by reference to such financial statements. |
| PERIOD TYPE | 3 MOS |
| FISCAL YEAR END | JUN 30 2000 |
| PERIOD END | DEC 31 1999 |
| CASH | 0 |
| SECURITIES | 0 |
| RECEIVABLES | 0 |
| ALLOWANCES | 0 |
| INVENTORY | 0 |
| CURRENT ASSETS | 31 |
| PP&E | 0 |
| DEPRECIATION | 0 |
| TOTAL ASSETS | 31 |
| CURRENT LIABILITIES | 0 |
| BONDS | 0 |
| PREFERRED MANDATORY | 0 |
| PREFERRED | 0 |
| COMMON | 111 |
| OTHER SE | 0 |
| TOTAL LIABILITY AND EQUITY | 31 |
| SALES | 0 |
| TOTAL REVENUES | 0 |
| CGS | 0 |
| TOTAL COSTS | 0 |
| OTHER EXPENSES | (5) |
| LOSS PROVISION | 0 |
| INTEREST EXPENSE | 0 |
| INCOME PRETAX | (5) |
| INCOME TAX | 0 |
| INCOME CONTINUING | 0 |
| DISCONTINUED | 0 |
| EXTRAORDINARY | 0 |
| CHANGES | 0 |
| NET INCOME | (5) |
| EPS BASIC | 0 |
| EPS DILUTED | 0 |