-----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, S9lrp7OXwpiqdZaNb8ntZPtLlDthqp7DazbSq2EjYF4Rqescwc+Lap3repIDHSrh lj/dyNvcr63Ks+KksPbMOQ== 0001010412-01-500055.txt : 20010522 0001010412-01-500055.hdr.sgml : 20010522 ACCESSION NUMBER: 0001010412-01-500055 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BETHURUM LABORATORIES INC CENTRAL INDEX KEY: 0001075082 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [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: 1645016 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 q10301.txt 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 March 31, 2001 -------------- [ ] 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: March 31, 2001 Common - 3,300,750 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 March 31, 2001 and December 31, 2000 BETHURUM LABORATORIES, INC. (A Development Stage Company) Balance Sheets
ASSETS March 31, December 31, 2001 2000 (Unaudited) CURRENT ASSETS Cash $ - $ - Total Current Assets - - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $ 5,420 $ 3,007 Total Liabilities 5,420 3,007 STOCKHOLDERS' EQUITY (DEFICIT) Common stock; authorized 100,000,000 common shares at $0.001 par value; 3,300,750 shares issued and outstanding 3,301 3,301 Additional paid-in capital 346,174 346,174 Subscription receivable (100,000)(100,000) Deficit accumulated during development stage (254,895)(252,482) Total Stockholders' Equity (Deficit) (5,420) (3,007) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ - $ -
BETHURUM LABORATORIES, INC. (A Development Stage Company) Statements of Operations (Unaudited)
From Inception on April 22, For the Three Months Ended 1983 Through March 31, March 31, 2001 2000 2001 REVENUES $ - $ - $ - EXPENSES General and administrative 2,413 - 291,140 Total Expenses 2,413 - 291,140 LOSS FROM OPERATIONS (2,413) - (291,140) OTHER (EXPENSE) INCOME Other income - - 40,000 Interest expense - - (3,755) Total Other (Expense) Income - - 36,245 NET LOSS $ (2,413) $ - $ (254,895) BASIC AND DILUTED LOSS PER SHARE $ (0.00) $ (0.00) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 3,300,750 3,507,500
BETHURUM LABORATORIES, INC. (A Development Company) Statements of Stockholders' Equity (Deficit) From Inception on April 22, 1983 to March 31, 2001
Deficit Accumulated Additional Stock During the Common Stock Paid-in Subscription Development Shares Amount Capital Receivable 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 16,668 - (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 - - 5,754 - - Net loss for the year ended December 31, 1999 - - - - (6,051) Balance, December 31, 1999 350,750 $ 351 $ 31,336 $ - $ (47,695) Expenses paid on Company's behalf - - 5,288 - - Common stock issued for cash at $0.01 per share 1,250,000 1,250 11,250 - - Common stock issued for cash at $0.12 per share 1,700,000 1,700 298,300 (100,000) - Net loss for the year ended December 31, 2000 - - - - (204,787) Balance, December 31, 2000 3,300,750 $ 3,301 $ 346,174 $(100,000) $(252,482) Net loss for the three months ended March 31, 2001 (unaudited) - - - - (2,413) Balance, March 31, 2001 (unaudited) 3,300,750 $ 3,301 $ 346,174 $(100,000) $(254,895)
BETHURUM LABORATORIES, INC. (A Development Stage Company) Statements of Cash Flows (Unaudited)
From Inception on April 22, For the Three Months Ended 1983 Through March 31, March 31, 2001 2000 2001 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (2,413) $ - $ (254,895) 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 2,413 (783) 5,420 Net Cash (Used) by Operating Activities - (783) (244,900) CASH FLOWS FROM INVESTING ACTIVITIES - - - CASH FLOWS FROM FINANCING ACTIVITIES Issuance of common stock - - 229,000 Additional paid-in capital - 783 15,900 Net Cash Provided by Financing Activities - 783 244,900 NET INCREASE IN CASH - - - CASH AT BEGINNING OF PERIOD - - - CASH AT END OF PERIOD $ - $ - $ - CASH PAID FOR: Interest $ - $ - $ - Income taxes $ - $ - $ - SCHEDULE OF NON-CASH FINANCING ACTIVITIES Common stock issued for services $ - $ - $ 4,575
BETHURUM LABORATORIES, INC. (A Development Stage Company) Notes the Financial Statements March 31, 2001 and December 31, 2000 NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed consolidated financial statements include normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company's most recent audited financial statements and notes thereto included in its December 31, 2000 Annual Report on Form 10-KSB. Operating results for the three months ended March 31, 2001 are not necessarily indicative of the results that may be expected for the year ending December 31, 2001. 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. 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. The Company's plan of operation is to develop, acquire and operate wireless telecommunication networks in developing markets throughout the world; however, the Company has not had any business operations or made any acquisitions in this industry to date. 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 March 31, 2001, the Company had $0 in assets and $5,420 in liabilities. The Company had no revenues for the three months ended March 31, 2001 and 2000, with $2,413 and $0 in expenses, for net losses of ($2,413) and ($0), respectively. The Company incurred losses of ($2,413) for the period ended March 31, 2001. 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 March 31, 2001, the Company had no current assets, with total current liabilities of $5,420. Total stockholder's equity was ($5,420). PART II - OTHER INFORMATION Item 1. Legal Proceedings. None; not applicable. Item 2. Changes in Securities. None; not applicable. Item 3. Defaults Upon Senior Securities. None; not applicable. Item 4. Submission of Matters to a Vote of Security Holders. Pursuant to an S-4 Registration Statement and Joint Proxy Statement and Prospectus of the Company and its subsidiary filed with the Securities and Exchange Commission and granted an effective date of October 11, 2000, the stockholders of the Company voted on November 10, 2000, to re-domicile the Company to the British Virgin Islands. Of the 3,300,750 shares of the Company entitled to vote, 2,726,350 voted for the proposal, with none against and none abstaining. On September 22, 2000, Bethurum Laboratories, Ltd. was incorporated in the British Virgin Islands as an International Business Company for the sole purpose of changing the domicile of the Company. On November 13, 2000, the Company filed Articles of Merger with the State of Utah, and on November 22, 2000, the Company filed Articles of Merger and a Plan of Merger with the Registry of Companies in the British Virgin Islands. Copies of this documentation were filed as exhibits to the Company's 8-K Current Report dated November 22, 2000. 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, 2000.* S-4 Registration Statement and Joint Proxy Statement and Prospectus with an effective date of October 11, 2000.* (b) Reports on Form 8-K. None. *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: 5/21/01 By/s/William A. Silvey, Jr. ---------- ------------------------ William A. Silvey, Jr., Director and President Date: 5/21/01 By/s/W. Scott Thompson ---------- ------------------------ W. Scott Thompson, Director Secretary -----END PRIVACY-ENHANCED MESSAGE-----