-----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, AtH9BOgloADc8S2ar33ae3Ski/dwBgOPUKOlptUD4Xz+c2kfgeYqqMzj6tHULy9B 0Xw+5k7muFsCvzAEYqG20w== 0001010412-99-000203.txt : 19990817 0001010412-99-000203.hdr.sgml : 19990817 ACCESSION NUMBER: 0001010412-99-000203 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990816 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: 99691522 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 QUARTERLY REPORT ON FORM 10-QSB FOR THE PERIOD ENDED JUNE 30, 1999 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, 1999 ------------- [ ] 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, 1999 Common - 3,507,500 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, 1999 and December 31, 1998 BETHURUM LABORATORIES, INC. (A Development Stage Company) Balance Sheets
ASSETS June 30, December 31, 1999 1998 (Unaudited) CURRENT ASSETS Cash $ - $ - Total Current Assets - - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $ 14,613 $ 15,711 Total Liabilities 14,613 15,711 STOCKHOLDERS' EQUITY (DEFICIT) Common stock: authorized 100,000,000 common shares at $0.001 par value; 3,507,500 shares issued and outstanding 3,508 3,508 Additional paid-in capital 25,416 22,425 Deficit accumulated during development stage (43,537) (41,644) Total Stockholders' Equity (Deficit) (14,613) (15,711) 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, Three Months Ended Six Months Ended 1983 Through June 30, June 30, June 30, 1999 1998 1999 1998 1999 REVENUES $ - $ - $ - $ - $ - EXPENSES General and administrative 268 7,101 1,893 7,474 41,429 Total Expenses 268 7,101 1,893 7,474 41,429 LOSS FROM OPERATIONS (268) (7,101) (1,893) (7,474) (41,429) OTHER EXPENSE Interest expense - (75) - (147) (2,108) Total Other Expense - (75) - (147) (2,108) NET LOSS $ (268) $ (7,176)$ (1,893)$ (7,621)$(43,537) BASIC LOSS PER SHARE $ (0.00) $ (0.00)$ (0.00)$ (0.00)
BETHURUM LABORATORIES, INC. (A Development Company) Statements of Stockholders' Equity (Deficit) From Inception on April 22, 1983 to June 30, 1999
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 $.005 per share 300,000 300 1,200 - Issuance of common stock for services at $0.01 per share 2,500,000 2,500 12,500 - Common stock issued during reorganization agreement 10,000,000 10,000 (10,000) - Cancellation of common stock from divestiture agreement (9,750,000) (9,750) 9,750 - Net loss from inception to December 31, 1986 - - - (18,049) Balance, December 31, 1986 3,050,000 3,050 13,450 (18,049) Net loss for the year ended December 31, 1987 - - - (124) Balance, December 31, 1987 3,050,000 3,050 13,450 (18,173) Net loss for the year ended December 31, 1988 - - - (134) Balance, December 31, 1988 3,050,000 3,050 13,450 (18,307) Net loss for the year ended December 31, 1989 - - - (144) Balance, December 31, 1989 3,050,000 3,050 13,450 (18,451) Net loss for the year ended December 31, 1990 - - - (156) Balance, December 31, 1990 3,050,000 3,050 13,450 (18,607) Net loss for the year ended December 31, 1991 - - - (169) Balance, December 31, 1991 3,050,000 3,050 13,450 (18,776) Net loss for the year ended December 31, 1992 - - - (182) Balance, December 31, 1992 3,050,000 3,050 13,450 (18,958) Net loss for the year ended December 31, 1993 - - - (196) Balance, December 31, 1993 3,050,000 3,050 13,450 (19,154) Net loss for the year ended December 31, 1994 - - - (213) Balance, December 31, 1994 3,050,000 3,050 13,450 (19,367) Net loss for the year ended December 31, 1995 - - - (229) Balance, December 31, 1995 3,050,000 3,050 13,450 (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 3,050,000 3,050 13,923 (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 3,050,000 $ 3,050 $17,090 $ (26,403) Expenses paid on the Company's behalf - - 1,218 - Common stock issued for services at $0.01 per share 457,500 458 4,117 - Net loss for the year ended December 31, 1998 - - - (15,241) Balance, December 31, 1998 3,507,500 $ 3,508 $22,425 $ (41,644) Net loss for the six months ended June 30, 1999 (unaudited) - - - (1,893) Balance, June 30, 1999 (unaudited) 3,507,500 $ 3,508 $25,416 $ (43,537)
BETHURUM LABORATORIES, INC. (A Development Stage Company) Statements of Cash Flows (Unaudited)
From Inception on For the For the April 22, Three Months Ended Six Months Ended 1983 Through June 30, June 30, June 30, 1999 1998 1999 1998 1999 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (268) $ (7,176) $ (1,893) $(7,621) $(43,537) Adjustments to reconcile net loss in operating activities: Common stock issued for services - - - - 4,575 Increase (decrease) in accounts payable (2,303) 7,176 (1,098) 7,621 14,613 Net Cash Used by Operating Activities (2,571) - (2,991) - (24,349) CASH FLOWS FROM INVESTING ACTIVITIES - - - - - CASH FLOWS FROM FINANCING ACTIVITIES Issuance of common stock - - - - 16,500 Additional paid-in capital 2,571 - 2,991 - 7,849 Net Cash Provided by Financing Activities 2,571 - 2,991 - 24,349 NET INCREASE (DECREASE) 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, 1999 and December 31, 1998 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Organization The financial statements presented are those of Bethurum Laboratories, Inc., a 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 reorganization 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 reorganization 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 Share The computation of basic loss per share of common stock is based on the weighted average number of shares outstanding during the period of the financial statements. d. Provision for Taxes At June 30, 1999, the Company had net operating loss carryforwards of approximately $43,500 that may be offset against future taxable income from the year 1998 through 2014. 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, int he 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. 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 quarter or the two most recent calendar years. The Company's plan of operation for the next 12 months is to continue to seek the acquisition of assets, properties or businesses that may benefit the Company and its stockholders. Management anticipates that to achieve any such acquisition, the Company will issue shares of its common stock as the sole consideration for any such acquisition. During the next 12 months, the Company's only foreseeable cash requirements will relate to maintaining the Company in good standing or the payment of expenses associated with reviewing or investigating any potential business venture. Such funds may be advanced by management or stockholders as loans to the Company. Because the Company has not identified any such venture as of the date of this Report, it is impossible to predict the amount of any such loans or advances. However, any such loans or advances should not exceed $25,000 and will be on terms no less favorable to the Company than would be available from a commercial lender in an arm's length transaction. As of the date of this Report, the Company is not involved in any negotiations respecting any such acquisition. Results of Operations. - ---------------------- Other than restoring and maintaining its good corporate standing in the State of Utah, compromising and settling its debts and seeking the acquisition of assets, properties or businesses that may benefit the Company and its stockholders, the Company has had no material business operations during the two most recent calendar years. At June 30, 1999, the Company had $0 in assets and $14,613 in liabilities. The Company had no revenues for the six months ended June 30, 1999 and 1998, with $1,893 and $7,621 in expenses, for net losses of ($1,893) and ($7,621). Liquidity - --------- At June 30, 1999, the Company had no current assets, with total current liabilities of $14,613. Total stockholder's equity was ($14,613). A stockholder contributed to capital in 1999 $2,991. Year 2000. - --------- Because the Company is not presently engaged in any substantial business operations, management does not believe that computer problems associated with the change of year to the year 2000 will have any material effect on its operations. However, the possibility exists that the Company may merge with or acquire a business that will be negatively affected by the "year 2000" problem. The effect of such problem or the Company in the future can not be predicted with any accuracy until such time as the Company identifies a merger or acquisition target. 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. No matter was submitted to a vote of the Company's security holders during the first quarter of the calendar year covered by this Report or during the two previous calendar years. Item 5. Other Information. None; not applicable. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits. None. (b) 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. BETHURUM LABORATORIES, INC. Date: 8/15/99 By /s/William A. Silvey, Jr. ------------------------ William A. Silvey, Jr., Director and President Date: 8/15/99 By /s/ W. Scott Thompson ------------------------ W. Scott Thompson, Director Secretary Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated: BETHURUM LABORATORIES, INC. Date: 8/15/99 By /s/William A. Silvey, Jr. ------------------------ William A. Silvey, Jr., Director and President Date: 8/15/99 By /s/ W. Scott Thompson ------------------------ W. Scott Thompson, Director Secretary EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS DEC-31-1999 JUN-30-1999 0 0 0 0 0 0 0 0 0 14613 0 0 0 3508 (18121) 0 0 0 0 0 1893 0 0 0 0 0 0 0 0 (1893) (0.00) (0.00)
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