-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V/wGdzDVAR6khjfuuB2gm2FrDDpv2FC5BKTNhLrNd2YnNOgqSnAavgwbVfyvbg3Q 4Ke2c/E7fnE4egxn2AxqVA== 0001077048-01-500212.txt : 20020411 0001077048-01-500212.hdr.sgml : 20020411 ACCESSION NUMBER: 0001077048-01-500212 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010930 FILED AS OF DATE: 20011116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALESREPCENTRAL COM INC CENTRAL INDEX KEY: 0001069559 STANDARD INDUSTRIAL CLASSIFICATION: GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES) [3944] IRS NUMBER: 911918742 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-25275 FILM NUMBER: 1794283 BUSINESS ADDRESS: STREET 1: 16099 NORTH 82ND STREET STREET 2: SUITE 1-A CITY: SCOTTSDALE STATE: AZ ZIP: 85260 BUSINESS PHONE: 6612861335 MAIL ADDRESS: STREET 1: 16099 NORTH 82ND STREET STREET 2: SUITE 1-A CITY: SCOTTSDALE STATE: AZ ZIP: 85260 FORMER COMPANY: FORMER CONFORMED NAME: VAN AMERICAN CAPITAL LTD DATE OF NAME CHANGE: 19990119 10QSB 1 salesrep-10qsb_93001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarter ended September 30, 2001 Commission file number 000-25275 SALESREPCENTRAL.COM, INC. (Exact name of registrant as specified in its charter) Nevada 91-1918742 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 8930 E. Raintree Drive. Suite #100 Scottsdale, AZ 85260 (Address of principal executive offices) (Zip Code) (480) 922-8444 Registrant's telephone number, including area code 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 September 30, 2001, there were 15,117,762 shares of common stock outstanding. INDEX PART I - FINANCIAL INFORMATION Page No. Item 1. Financial Statements Balance Sheet as of September 30, 2001 3 Statement of Operations ending September 30, 2001 4 Statement of Cash Flows ending September 30, 2001 5 Statement of Changes in Shareholders Equity Ending September 30, 2001 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation 7-8 PART II - OTHER INFORMATION Item 1. Legal Proceedings 8 Item 2. Changes in Securities 8 Item 3. Defaults by the Company upon its Senior Securities 8 Item 4. Submission of Matter to a Vote of Security Holders 8 Item 5. Other Information 8 SIGNATURES 8 PART I - FINANCIAL INFORMATION SALESREPCENTRAL.COM, INC. BALANCE SHEETS September,30 June, 30 2001 2001 ----------- ----------- ASSETS Current Assets: Cash and cash equivalents $ 11,182 $(18,476) Due from related parties 61,352 83,352 Inventory 2,656 2,656 Other current assets 1,196 1,196 ----------- ----------- TOTAL CURRENT ASSETS 76,386 68,728 ----------- ----------- PROPERTY AND EQUIPMENT, NET 121,036 113,206 OTHER ASSETS: Certificate of deposit 20,000 20,000 ----------- ----------- TOTAL ASSETS $ 217,422 $ 201,934 =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - trade $ 113,887 $ 72,944 Note payable - current portion 8,861 8,861 Line of Credit 21,232 21,232 Accrued liabilities 21,030 21,030 Due from Officer 100,999 103,103 ----------- ----------- TOTAL CURRENT LIABILITIES 266,009 227,172 LONG-TERM LIABILITIES: Note payable-long-term portion 2,982 2,982 ----------- ----------- TOTAL LIABILITIES 268,991 230,154 ----------- ----------- COMMITMENTS: -- -- STOCKHOLDERS' EQUITY: Preferred Stock 15 15 Common stock 15,117 15,117 Additional paid-in capital 1,757,979 1,727,979 Accumulated deficit (1,824,680) (1,801,331) ----------- ----------- (51,569) (28,220) Less: subscription receivable -- -- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY (51,569) (28,220) ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 217,422 $ 201,934 =========== ===========
SALESREPCENTRAL.COM, INC. STATEMENTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 2001 2000 ------------------------ REVENUES $ 43,079 $ 408,668 COST OF REVENUES 27,004 121,736 ------------ ------------ GROSS LOSS 16,075 286,932 GENERAL AND ADMINISTRATIVE EXPENSES 39,424 283,333 RESEARCH AND DEVELOPMENT COSTS - - ------------ ------------ LOSS FROM OPERATIONS (23,349) 3,599 OTHER EXPENSES & INTEREST EXPENSE - (157) MISCELLANEOUS INCOME - - ------------ ------------ - (157) ------------ ------------ NET INCOME (LOSS) $ (23,349) $ 3,442 ============ ============ BASIC LOSS PER COMMON SHARE $ (0.00) $ (0.00) ============ ============ WEIGHTED AVERAGE SHARES OUTSTANDING 15,117,512 15,117,512 ============ ============
SALESREPCENTRAL.COM, INC. STATEMENT OF CASH FLOWS THREE MONTHS ENDED SEPTEMBER 30, 2001 2000 ----------- ----------- Increase (Decrease) in Cash and Cash Equivalents: CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss $ (23,349)$ 3,442 Adjustments to reconcile net loss to net cash used by operating activities: Depreciation - 7,257 Changes in Assets and Liabilities: Accounts Receivable-trade 31,542 (174,764) Inventory - 1,468 Due from related parties 22,000 13,751 Other current assets 11,115 Accounts payable - trade (19,482) (4,643) Accrued liabilities - (10,730) Deferred Revenue - 97,500 ----------- ----------- NET CASH USED BY OPERATING ACTIVITIES (10,712) (66,719) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment - (22,099) Purchase of certificate of deposit - - Notes receivable - - ----------- ----------- NET CASH USED BY INVESTING ACTIVITIES (10,712) (22,099) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of Debt 1,266 (1,898) Proceeds for loans - - Proceeds from stock transactions - 30,000 ----------- ----------- NET CASH PROVIDED BY FINANCING ACTIVITIES 9,446 28,102 ----------- ----------- Net change in cash and cash equivalents 9,446 (60,716) Cash and cash equivalents at beginning of the period 1,127 62,631 ----------- ----------- Cash and cash equivalents at end of the period $ 10,572 $ 1,915 =========== =========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ - $ (157) =========== ===========
SALESREPCENTRAL.COM, INC. STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE YEAR ENDED JUNE 30, 2001 AND FOR THE THREE MONTH PERIOD ENDED SPETEMBER 30, 2001 (UNAUDITED) Additional Preferred Common Paid In Shares Amount Shares Amount Capital Balance at June 30, 2000 14,525 $15 15,117,512 $15,117 $1,727,979 Additional Capitalization from existing shareholder 0 0 0 0 30,000 Net Loss 0 0 0 0 0 ------- ------ ---------- -------- --------- Balance at June 30, 2001 14,525 $15 15,117,512 $15,117 $1,757,979 ------- ------ ---------- -------- --------- Additional Capitalization from existing shareholder 0 0 0 0 0 Net Loss 0 0 0 0 0 ------- ------ ---------- -------- ---------- Balance at September 30, 2001 14,525 $15 15,117,512 $15,117 $1,757,979 ========= ======= ========== ======= =========
SALESREPCENTRAL.COM, INC. STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE YEAR ENDED JUNE 30, 2001 AND FOR THE THREE MONTH PERIOD ENDED SPETEMBER 30, 2001 (UNAUDITED) (continued) Stock Accumulated Receivable Subscription Total Deficit Balance at June 30, 2000 $ 0 $(1,584,078) $159,033 Additional Capitalization from existing shareholder 0 0 30,000 Net Loss 0 (217,253) (217,253) -------- ---------- --------- Balance at June 30, 2001 $ 0 $(1,801,331) $(28,220) ========= ============ ========= Additional Capitalization from existing shareholder 0 0 Net Loss 0 (23,349) (23,349) --------- ---------- --------- Balance at June 30, 2001 $ 0 $(1,824,680) $(51,569) ========= ============ =========
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THE FOLLOWING DISCUSSION AND ANALYSIS OF OUR FINANCIAL CONDITION AND RESULTS OF OPERATIONS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND RELATED NOTES CONTAINED IN THIS REPORT. THIS DISCUSSION CONTAINS FORWARD- LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT AND SECTION 21E OF THE EXCHANGE ACT. WE MAY IDENTIFY THESE STATEMENTS BY THE USE OF WORDS SUCH AS BELIEVE, EXPECT, ANTICIPATE, INTEND, PLAN AND SIMILAR EXPRESSIONS. THESE FORWARD-LOOKING STATEMENTS INVOLVE SEVERAL RISKS AND UNCERTAINTIES. OUR ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN THESE FORWARD-LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS REPORT, AND WE CAUTION YOU NOT TO RELY ON THESE STATEMENTS WITHOUT ALSO CONSIDERING THE RISKS AND UNCERTAINTIES ASSOCIATED WITH THESE STATEMENTS AND OUR BUSINESS ADDRESSED IN THIS AND OUR ANNUAL REPORT. OVERVIEW SalesRepCentral.com, Inc. (SalesRepCentral/The Company) was incorporated in May of 1999. SalesRepCentral is an online sales community and content provider of online B2B Internet resources for the corporate sales team. Our content is specifically designed to provide comprehensive sales resources, daily training articles, and other features that meet the needs of the sales- professional. We have designed our products and services to enhance interaction and communication within the sales-team by offering a complete on- line sales solution. Our web-portal was developed exclusively for the sales community including professional sales-representatives, sales-managers and corporate executives. The site is designed to create a user-friendly, informative and personalized experience while providing members with the convenience of transacting business on-line. The portal was designed by former sales-professionals and provides all of the latest tools used by sales-professionals to facilitate the sales process. SalesRepCentral's web-site features 11 content channels offering exclusive products and services that also provide value-added features allowing the sales-professional to perform his job more effectively. Visitors to our web- site will find comprehensive content developed specifically for the sales- professional combining education, sales tools and resources, services and strategic partnerships in one easy-to-use location. Other features of our Internet-site include employment and job-placement, a full-service travel agency, leasing and lending services and sales leads. Our web-site also provides banner advertising, promotional spotlights and channel sponsorships. RESULTS OF OPERATIONS: REVENUES Total revenues for the three months ending September 30, 2001 increased to $43,079 compared to $408,668 for the three months ending September 30, 2001. The decrease in revenue is determined to be the cause of overall deteriorating market conditions and economic factors and a significant decrease in internet related spending. NET INCOME The Company's net income for the three months ending September 30, 2001 was a net loss of $23,349 compared to a net income of $3,442 for the same three months ending September 30, 2000. LIQUIDITY AND CAPITAL RESOURCES Since inception, SalesRepCentral has financed operations primarily through the private sales of equity. We believe that we have the financial resources and sales activity needed to meet our presently anticipated business requirements, including capital expenditures and strategic operating programs for the current year. Thereafter, if cash generated by operations is insufficient to satisfy our liquidity requirements, we may need to seek alternative financing such as selling additional equity or debt securities or obtaining additional credit facilities. However, depending on market conditions, we may consider alternative financing even if our financial resources are adequate to meet presently anticipated business requirements. The sale of additional equity or convertible debt securities may result in additional dilution to our stockholders. Financing may not be available on terms acceptable to us or at all. PART II ITEM 1. LEGAL PROCEEDINGS SalesRepCentral is currently engaged in a lawsuit were Eller Media, Inc. is the Plantiff. Eller Media is suing SalesRepCentral.com, Inc. alleging that monies are due for airport advertising that SalesRepCentral.com, Inc. claims was cancelled. The case is being defended by Meckler, Bulger & Tilson in Chicago, Illinois and is currently awaiting trial and or a settlement between the parties. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS We did not enter into any agreements, which would result in the sale or issuance of any potentially dilutive securities during the period covered by this filing. ITEM 3. ADDITIONAL CONTRIBUTED CAPITAL None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY VOTERS No matters were submitted to a vote of security holders during the period covered by this filing. ITEM 5. OTHER INFORMATION SUBSEQUENT EVENTS On August 14, 2001 SalesRepCentral.com, Inc. executed an Agreement and Plan of Merger (Agreement) with Interactive Motorsport Inc., a Delaware corporation (Interactive), wherein Interactive will merge with SalesRep Subsidiary Corp. and become a wholly owned subsidiary of SalesRepCentral. The transaction is pending stockholder approval. ITEM 6. EXHIBITS AND 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 on its behalf by the undersigned, thereunto duly authorized. SALESREPCENTRAL.COM, INC. (Registrant) By: /s/ Ralph Massetti Ralph Massetti President Date: November 16, 2000 -----END PRIVACY-ENHANCED MESSAGE-----