UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM 10-Q SB
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter report ended June 30, 2000 or ( ) TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to ___________
Commission File number 000-29595
WESTNET COMMUNICATION GROUP, INC.
(Exact name of small business issuer as registrant as specified in charter)
Nevada 88-0441332
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2921 N. Tenaya Way, Suite 218, Las Vegas, NV 89128
(Address of principal executive office)
Registrants telephone no., including area code (702) 947-4877
Check 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), Yes [X] No [ ] and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuers classes of
common stock, as of the last practicable date.
Class Outstanding as of June30, 2000
Common Stock 3,500,000
Transition Small Business Disclosure Format: Yes [ ] No [X]
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TABLE OF CONTENTS
PART 1. FINANCIAL INFORMATION
Heading Page
Item 1. Consolidated Financial Statements 1
Consolidated Balance Sheet June 30, 2000 2
Consolidated Statements of Operations
six months ended June 30, 2000 3
Consolidated Statement of Stockholder s Equity 4
Consolidated Statements of Cash Flows six months
Ended June 30, 2000 5
Notes to Consolidated Financial Statements 6
Item 2. Managements Discussion and Analysis and
Result of Operations 7
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 7
Item 2. Changes in Security 7
Item 3. Defaults Upon Senior Securities 8
Item 4. Submission of Matter to a Vote of 8
Securities Holders
Item 5. Other Information 8
Item 6. Exhibits and Reports on Form 8-K 8
Signatures S-1
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PART 1 FINANCIAL INFORMATION
Item 1. Financial Statement
The accompanying unaudited financial statements have been prepared in
accordance with the instructions for Form 10-Q pursuant to the rules and
regulations of the Securities and Exchange Commission and, therefore, do not
include all information and footnotes necessary for a complete presentation of
the financial position, results of operations, cash flows, and stockholders
equity in conformity with generally accepted accounting principles. In the
opinion of management, all adjustments considered necessary for a fair
presentation of the results of operations and financial position have been
included and all such adjustments are of a normal recurring nature.
The unaudited balance sheet of the Company as of June 30, 2000, the
unaudited statement of operations and cash flows for the six months ended June
30, 2000 and the audited statements of stockholders equity for the period from
inception through December 31, 1999 and the unaudited stockholders equity for
the period from January 1, 2000 through March 31, 2000 are attached hereto and
incorporated herein by this reference.
Operating results for the quarter ended June 30, 2000 are not necessarily
indicative of the results that can be expected for the year ending December 31,
2000.
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WESTNET COMMUNICATIONS GROUP, INC.
Balance Sheet
(Unaudited)
June 30,
2000
Assets
Current Assets:
Cash $ 55,944
Total Current Assets 55,944
Total Assets $ 55,944
Liabilities & Stockholders' Equity
Current Liabilities:
Payables $ -
Total Current Liabilities -
Stockholders' Equity:
Common Stock, $.001 par value;
authorized 25,000,000 shares,
with 3,500,000 issued
and outstanding at June 30, 2000. 3,500
Paid in Capital 66,000
Accumulated Deficit (13,556)
Total Stockholders' Equity 55,944
Total Liabilities and Stockholders' Equity $ 55,944
See Accompanying Notes to the Financial Statements.
WESTNET COMMUNICATIONS GROUP, INC.
Statement of Income
(Unaudited) (Unaudited)
Six Months Three Months
Ended Ended
June 30, 2000 June 30, 2000
Interest Income: $ 969 $ 549
Expenses:
General and administrative 25 -
Total Expenses 25 549
Net Income $ 944 $ 549
Weighted Average Shares
Common Stock Outstanding 3,500,000 3,500,000
Net Income Per Common Share
(primary and fully dilutive) $ 0.00 $ 0.00
See Accompanying Notes to the Financial Statements.
WESTNET COMMUNICATIONS GROUP, INC.
Statement of Stockholders' Equity
From Inception (October 14, 1999) through June 30, 2000
Common Common
Stock Stock Paid-In
Shares Amount Capital
Founders shares
issued for services,
valued at $ .01 per
share 450,000 $ 450 $ 4,050
Common Stock issued
for cash at .05
per share 1,300,000 1,300 63,700
Net loss for the period
from inception,
(October 14, 1999)
through December 31, 1999 - - -
May 10, 2000 Common
Stock split 2 for 1 1,750,000 1,750 (1,750)
Net income for the six
months ended June 30, 2000 - - -
Balances at June 30, 2000 3,500,000 $ 3,500 $ 66,000
Accumulated Total
Deficit Equity
Founders shares
issued for services,
valued at $ .01
per share $ - $ 4,500
Common Stock issued fo
r cash at .05 per share - 65,000
Net loss for the period
from inception,
(October 14, 1999)
through December 31, 1999 (14,500) (14,500)
May 10, 2000 Common
Stock split 2 for 1 - -
Net income for the six
months ended June 30, 2000 944 944
Balances at June 30, 2000 $(13,556) $ 55,944
WESTNET COMMUNICATIONS GROUP, INC.
Statement of Cash Flows
(Unaudited)
Six Months
Ended
June 30, 2000
Cash Flows used in Operating Activities:
Net Income $ 944
Net Cash Flows used in Operating Activities 944
Net Increase in Cash 944
Cash at Beginning of Period 55,000
Cash at End of Period $55,944
See Accompanying Notes to the Financial Statements.
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Going Concern and Ability of the Company to Continue
The Company was originally incorporated as Westnet Communications Group,
Inc., in the State of Nevada on October 14, 1999 for the purpose of developing
and operating a special interest worldwide web site community. Prior to the full
implementation of the Companys business plan, management determined that its
capital resources were inadequate to succeed in its plan. By majority
shareholder resolution, the Company began to investigate possibilities for
investing in an existing business enterprise or forming a business combination
or alliance with a Company in a similar business.
Liquidity and Capital Resources
The Company had no income from operations in the period to which this
report relates nor have we any ready sources of additional capital. Our officers
and shareholders from time to time borne expenses on behalf of the Company. We
expect that our current cash reserves will be adequate to sustain us for the
next 12 months while we continue to search for a suitable acquisition or
business combination with an operating company.
On June 28, 2000 the Company filed with the Securities and Exchange
Commission a registration statement on Form SB-2 with respect to 3,500,000
shares of its common stock held by selling shareholders (the Offering). The
Company will not realize any procedures from any sales of securities under the
offering.
Results of Operations
We had no business operations during the period to which this report
relates.
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
ON May 10, 2000 the Company forward split its outstanding common stock on a
2 for 1 basis from 1,750,000 to 3,500,000 common shares outstanding. As of June
30, 2000 there were 3,500,000 shares of common stock issued and outstanding.
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ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO BE A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON 8-K
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed in its behalf by the
undersigned hereto duly authorized.
WESTNET COMMUNICATION GROUP, INC.
Dated: January 24, 2002
By: /S/ Scott Thomasson
Scott Thomasson
President
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