-----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, G0lhjA2JhveYAbJTjXg6b0LucaiElWTx97kqNzA2ZQtZxrKSFMM13AgGgGDmUgcA CRplh0I82btjIY0ASveaVw== /in/edgar/work/20000816/0001010412-00-000204/0001010412-00-000204.txt : 20000922 0001010412-00-000204.hdr.sgml : 20000922 ACCESSION NUMBER: 0001010412-00-000204 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BETHURUM LABORATORIES INC CENTRAL INDEX KEY: 0001075082 STANDARD INDUSTRIAL CLASSIFICATION: [6211 ] IRS NUMBER: 760050046 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-25167 FILM NUMBER: 704360 BUSINESS ADDRESS: STREET 1: 6371 RICHMOND #200 CITY: HOUSTON STATE: TX ZIP: 77057 BUSINESS PHONE: 7132668005 MAIL ADDRESS: STREET 1: 6371 RICHMOND #200 CITY: HOUSTON STATE: TX ZIP: 77057 10QSB 1 0001.txt QUARTERLY REPORT ON FORM 10-QSB FOR THE PERIOD ENDED JUNE 30, 2000 U. S. Securities and Exchange Commission Washington, D. C. 20549 FORM 10-QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2000 ------------- [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ------------- ------------- Commission File No. 0-25167 ------ BETHURUM LABORATORIES, INC. ----------------------------------- (Name of Small Business Issuer in its Charter) UTAH 76-0050046 - ------------------------------- -------------------------- (State or Other Jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 6371 Richmond, #200 Houston, Texas 77057 ------------------------- (Address of Principal Executive Offices) Issuer's Telephone Number: (713) 266-8005 Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (1) Yes X No (2) Yes X No --- --- --- --- (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Check whether the issuer has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes____ No ___ (APPLICABLE ONLY TO CORPORATE ISSUERS) State the number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date: June 30, 2000 Common - 350,750 shares DOCUMENTS INCORPORATED BY REFERENCE NONE. Transitional Small Business Issuer Format Yes X No --- --- PART I - FINANCIAL INFORMATION Item 1. Financial Statements. The Consolidated Financial Statements of the Company required to be filed with this 10-QSB Quarterly Report were prepared by management and commence on the following page, together with related Notes. In the opinion of management, the Consolidated Financial Statements fairly present the financial condition of the Company. BETHURUM LABORATORIES, INC. (A Development Stage Company) FINANCIAL STATEMENTS June 30, 2000 and December 31, 1999 BETHURUM LABORATORIES, INC. (A Development Stage Company) Balance Sheets
ASSETS June 30, December 31, 2000 1999 (Unaudited) CURRENT ASSETS Cash $ - $ - Total Current Assets - - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $ 17,187 $ 14,361 Accrued interest 1,647 1,647 Total Liabilities 18,834 16,008 STOCKHOLDERS' EQUITY (DEFICIT) Common stock; authorized 100,000,000 common shares at $0.001 par value; 350,750 shares issued and outstanding 3,508 3,508 Additional paid-in capital 30,809 28,179 Deficit accumulated during development stage (53,151) (47,695) Total Stockholders' Equity (Deficit) (18,834) (16,008) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ - $ -
BETHURUM LABORATORIES, INC. (A Development Stage Company) Statements of Operations (Unaudited)
From Inception on For the For the April 22, Six Months Ended Three Months Ended 1983 Through June 30, June 30, June 30, 2000 1999 2000 1999 2000 REVENUES $ - $ - $ - $ - $ - EXPENSES General and administrative 5,456 1,893 5,456 268 49,396 Total Expenses 5,456 1,893 5,456 268 49,396 LOSS FROM OPERATIONS (5,456) (1,893) (5,456) (268) (49,396) OTHER EXPENSE Interest expense - - - - (3,755) Total Other Expense - - - - (3,755) NET LOSS $ (5,456)$(1,893) $(5,456) $(268) $ (53,151) BASIC LOSS PER SHARE $ (0.02)$ (0.01) $ (0.02) $(0.00) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 350,750 350,750 350,750 350,750
BETHURUM LABORATORIES, INC. (A Development Company) Statements of Stockholders' Equity (Deficit) From Inception on April 22, 1983 to June 30, 2000
Deficit Accumulated Additional During the Common Stock Paid-in Development Shares Amount Capital Stage Balance on inception - $ - $ - $ - Issuance of common stock for cash at inception at approximately $.05 per share 30,000 30 1,470 - Issuance of common stock for cash at $0.06 per share 250,000 250 14,750 - Common stock issued during reorganization agreement 1,000,000 1,000 (1,000) - Cancellation of common stock from divestiture agreement (975,000) (975) 975 - Net loss from inception on April 22, 1983 through December 31, 1986 - - - (18,049) Balance, December 31, 1986 305,000 305 16,195 - Net loss for the year ended December 31, 1987 - - - (124) Balance, December 31, 1987 305,000 305 16,195 (18,173) Net loss for the year ended December 31, 1988 - - - (134) Balance, December 31, 1988 305,000 305 16,195 (18,307) Net loss for the year ended December 31, 1989 - - - (144) Balance, December 31, 1989 305,000 305 16,195 (18,451) Net loss for the year ended December 31, 1990 - - - (156) Balance, December 31, 1990 305,000 $ 305 $ 16,195 $ (18,607) Net loss for the year ended December 31, 1991 - - - (169) Balance, December 31, 1991 305,000 305 16,195 (18,776) Net loss for the year ended December 31, 1992 - - - (182) Balance, December 31, 1992 305,000 305 16,195 (18,958) Net loss for the year ended December 31, 1993 - - - (196) Balance, December 31, 1993 305,000 305 16,195 (19,154) Net loss for the year ended December 31, 1994 - - - (213) Balance, December 31, 1994 305,000 305 16,195 (19,367) Net loss for the year ended December 31, 1995 - - - (229) Balance, December 31, 1995 305,000 305 16,195 (19,596) Expenses paid on the Company's behalf - - 473 - Net loss for the year ended December 31, 1996 - - - (6,385) Balance, December 31, 1996 305,000 305 16,195 (25,981) Expenses paid on the Company's behalf - - 3,167 - Net loss for the year ended December 31, 1997 - - - (422) Balance, December 31, 1997 305,000 $ 305 $ 19,835 $ (26,403) Expenses paid on the Company's behalf - - 1,218 - Common stock issued for services at $0.10 per share 45,750 46 4,529 - Net loss for the year ended December 31, 1998 - - - (15,241) Balance, December 31, 1998 350,750 351 25,582 (41,644) Expenses paid on the Company's behalf (unaudited) - - 5,754 - Net loss for the year ended December 31, 1999 (unaudited) - - - (6,051) Balance, December 31, 1999 350,750 $ 351 $ 31,336 $ (47,695) Expenses paid on Company's behalf (unaudited) - - 2,630 - Net loss for the six months ended June 30, 2000 (unaudited) - - - (5,456) Balance, June 30, 2000 (unaudited) 350,750 $ 351 $ 33,966 $ (53,151)
BETHURUM LABORATORIES, INC. (A Development Stage Company) Statements of Cash Flows (Unaudited)
From Inception on For the For the April 22, Six Months Ended Three Months Ended 1983 Through June 30, June 30, June 30, 2000 1999 2000 1999 2000 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (5,456) $ (1,893) $ (5,456) $ (268) $ (47,695) Adjustments to reconcile net loss to net cash (used) by operating activities: Common stock issued for services - - - - 4,575 Changes in operating assets and liabilities: Increase (decrease) in accounts payable 2,826 (1,098) 3,609 (2,303) 17,187 Increase in accrued interest - - - - 1,647 Net Cash (Used) by Operating Activities (2,630) (2,991) (1,847) (2,591) (29,742) CASH FLOWS FROM INVESTING ACTIVITIES - - - - - CASH FLOWS FROM FINANCING ACTIVITIES Issuance of common stock - - - - 16,500 Additional paid-in capital 2,630 2,991 1,847 2,571 13,242 Net Cash Provided by Financing Activities 2,630 2,991 1,847 2,571 29,742 NET INCREASE IN CASH - - - - - CASH AT BEGINNING OF PERIOD - - - - - CASH AT END OF PERIOD $ - $ - $ - $ - $ - CASH PAID FOR: Interest $ - $ - $ - $ - $ - Income taxes $ - $ - $ - $ - $ -
BETHURUM LABORATORIES, INC. (A Development Stage Company) Notes the Financial Statements June 30, 2000 and December 31, 1999 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Organization The financial statements presented are those of Bethurum Laboratories, Inc., (development stage company). The Company was incorporated in the State of Utah on April 22, 1983, under the name Lion Resources, Inc. The Company was incorporated for the purpose of seeking business opportunities by mergers, acquisitions and/or asset purchases. On October 24, 1983, the Company acquired 100% of the outstanding stock of Bethurum Laboratories, Inc. (a Texas corporation) (BLI), through the issuance of 10,000,000 shares of its restricted common stock. In connection with the acquisition, the Company changed its name to "Bethurum Laboratories, Inc." on October 27, 1983. In January 1985, the acquisition agreement was canceled due to non-performance of BLI. Ownership of BLI was returned to its former shareholders, and the shares issued by the Company in connection with the acquisition were canceled, with the exception of 250,000 shares, which were not returned. On October 24, 1983, and in conjunction with the acquisition agreement, the Company's shareholders approved a forward split agreement, whereby the outstanding common shares were exchanged at a rate of 1.6667 shares for every 1 share outstanding. This increased the outstanding shares to 2,500,000 immediately prior to the acquisition agreement. All references to shares outstanding and loss per share have been retroactively restated to restate the forward stock split. b. Accounting Method The Company's financial statements are prepared using the accrual method of accounting. The Company has selected a December 31 year end. c. Basic Loss Per Common Share Basic loss per common share has been calculated based on the weighted average number of shares of common stock outstanding during the period. d. Provision for Taxes At June 30, 2000, the Company had net operating loss carryforwards of approximately $53,000 that may be offset against future taxable income through 2019. No tax benefit has been reported in the financial statements because the Company believes that there is a 50% chance or greater the net operating loss carryforwards will expire unused. Therefore, the potential tax benefits of the loss carryforwards are offset by a valuation allowance of the same amount. e. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. f. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. g. Unaudited Financial Statements The accompanying unaudited financial statements include all of the adjustments which, in the opinion of management, are necessary for a fair presentation. Such adjustments are of a normal recurring nature. NOTE 2 - GOING CONCERN The Company's financial statements are prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other material assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. It is the intent of the Company to seek a merger with an existing, operating company. Until that time, the stockholders have committed to covering the operating costs of the Company. NOTE 3 - SUBSEQUENT EVENT On July 31, 2000, the Company approved a 1-for-10 reverse split of its outstanding common stock. All references to common stock have been retroactively restated to reflect the reverse stock split. Item 2. Management's Discussion and Analysis or Plan of Operation. Plan of Operation. - ------------------ The Company has not engaged in any material operations or had any revenues from operations during the last two fiscal years. On June 15, 2000, the Company's Board of Directors adopted a Business Plan providing for Bethurum to develop and market wireless telecommunications networks in the developing markets in third world countries and to raise the necessary capital to engage in this industry. During the next 12 months, the Company's only foreseeable cash requirements will relate to maintaining the Company in good standing, which may be advanced by management or principal stockholders as loans to the Company. Any such sums should be nominal. Results of Operations. - --------------------- At June 30, 2000, the Company had $0 in assets and $18,834 in liabilities. The Company had no revenues for the three months ended June 30, 2000 and 1999, with $5,456 and $268 in expenses, for net losses of ($5,456) and ($268), respectively. The Company had no revenues for the six months ended June 30, 2000 and 1999, with $5,456 and $1,893 in expenses, for net losses of ($5,456) and ($1,893), respectively. The Company incurred losses of ($5,456) for the period ended June 30, 2000; and ($268) for the period ended June 30, 1999. Primarily all of these expenses were utilized for attorney's fees, accounting fees and filing fees to maintain the Company in good standing and to file its reports with the Securities and Exchange Commission. Liquidity. - --------- At June 30, 2000, the Company had no current assets, with total current liabilities of $18,834. Total stockholder's equity was ($18,834). During the period ended June 30, 2000, capital contributions by a principal stockholder amounted to $2,630; and, the amount of $5,754 was similarly contributed during the year ended December 31, 1999. PART II - OTHER INFORMATION Item 1. Legal Proceedings. None; not applicable. Item 2. Changes in Securities. On July 30, 2000, the Company approved a 1 for 10 reverse split of its outstanding common stock, effective on August 14, 2000. Item 3. Defaults Upon Senior Securities. None; not applicable. Item 4. Submission of Matters to a Vote of Security Holders. None; not applicable. Item 5. Other Information. None; not applicable. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits. Annual Report for the year ended December 31, 1999.* (b) Reports on Form 8-K. 8-K Current Report dated July 19, 2000, filed with the Securities and Exchange Commission on August 7, 2000. *Incorporated herein by reference. 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. BETHURUM LABORATORIES, INC. Date: 8/16/2000 By/s/William A. Silvey, Jr. --------- ------------------------ William A. Silvey, Jr., Director and President Date: 8/16/2000 By/s/W. Scott Thompson --------- ------------------------ W. Scott Thompson, Director Secretary EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 6-MOS DEC-31-2000 JUN-30-2000 0 0 0 0 0 0 0 0 0 18834 0 0 0 3508 (22342) 0 0 0 0 5456 0 0 0 0 0 (5456) 0 0 0 (5456) (0.02) (0.02)
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