-----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, VWsg7JiCrF11y47v6Q6Y8CkPSBGvvn+tvjOpw57IsuHkxFpL7FEaE2k8j38C6gLj dDN6EJAeRz5CsiXLYTXj0w== 0001081372-99-000004.txt : 19990702 0001081372-99-000004.hdr.sgml : 19990702 ACCESSION NUMBER: 0001081372-99-000004 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAS ACQUISITION IX CORP CENTRAL INDEX KEY: 0001081372 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 352070344 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-25791 FILM NUMBER: 99657361 BUSINESS ADDRESS: STREET 1: 1710 E DIVISION ST CITY: EVANSVILLE STATE: IN ZIP: 47711 MAIL ADDRESS: STREET 1: 1710 E DIVISION ST CITY: EVANSVILLE STATE: IN ZIP: 47711 10QSB 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-QSB [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period ended - June 30, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission file number 0-25791 MAS ACQUISITION IX CORP. (Name of Small Business Issuer in its charter) Indiana 35-2070344 (State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification Number) 1710 E. Division St., Evansville, Indiana 47711 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (812) 479-7266 Securities registered under Section 12(b) of the Act: None Securities registered under Section 12(g) of the Act: Common Stock, $.001 par value per share (Title or class) 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 June 30, 1999, the Registrant has outstanding 8,519,800 shares of Common Stock. MAS Acquisition IX Corp. Form 10-QSB Quarterly Report June 30, 1999 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
(1) Financial Statements Page Balance Sheet at June 30, 1999 (unaudited) F-1 Statements of Operations for the three months ended June 30, 1999 and the period from inception (October 7, 1996) to June 30, 1999 (unaudited) F-2 Statement of Changes in Stockholder's Equity for the period from inception (July 31, 1996) to June 30, 1999 (unaudited) F-3 Statements of Cash Flows for the three months ended June 30, 1999 and the period from inception (October 7, 1996) to June 30, 1999 (unaudited) F-4 Notes to Unaudited Financial Statements F-5
MAS Acquisition IX Corp. (A Development Stage Company) Balance Sheet As of June 30, 1999 Assets Current assets: Total current assets $ - Other assets: Organization costs net of amortization of $40 40 ------- Total assets $ 40 ======= Liabilities and Stockholders' Equity Current liabilities: Total current liabilities $ - Stockholders' equity: Preferred stock, $.001 par value 20,000,000 shares authorized, none issued or outstanding - Common stock, $.001 par value, 80,000,000 shares authorized, 8,519,800 shares issued and outstanding 111 Deficit accumulated during the development stage (71) ------- Total liabilities and stockholders' equity $ 40 ======= Read the accompanying notes to the financial statements. MAS Acquisition IX Corp. (A Development Stage Company) Statements of Operations For the Three Months Ended June 30, 1999 and the Period From Inception (October 7, 1996) to June 30, 1999 Three Months Inception Ended to June 30, June 30, 1999 1999 ------------- ---------- Revenue $ - $ - Costs and expenses: General and Administrative 5 71 Net (loss) $ (5) $ (71) Per share information: Weighted average number of common shares outstanding 8,519,800 8,519,800 Basic (loss) per share $ (.00) $ (.00) Read the accompanying notes to the financial statements. MAS Acquisition IX Corp. (A Development Stage Company) Statement of Changes in Stockholders' Equity For the Period From (Inception) October 7, 1996, through June 30, 1999 Deficit Accumulated During the Common Stock Development Stage Total ---------------- -------------------- ----- Shares Amount ------ ------ Shares issued at inception for organization costs aggregating $90 8,500,000 $ 90 $ - $ 90 Shares issued for services at $.001 per share during January, 1997 500 1 1 Gift shares issued during March, 1997 at $.001 per share 7,750 8 8 Net (loss) for the period - - (18) (18) --------- ------- -------- -------- Balance March 31, 1997 8,508,250 99 (18) 81 Net (loss) for the year - - (18) (18) --------- ------- -------- -------- Balance March 31, 1998 8,508,250 99 (36) 63 Shares issued for services at $.001 per share during September, 1998 750 1 1 Gift shares issued during September, 1998 at $.001 per share 10,800 11 11 Net (loss) for the year - - (30) (30) --------- ------- -------- -------- Balance March 31, 1999 8,519,800 $ 111 $ (66) $ 45 Net loss for the period - - (5) (5) --------- ------- -------- -------- Balance June 30, 1999 8,519,800 $ 111 $ (71) $ 40 ========= ======= ======== ======== Read the accompanying notes to the financial statements. MAS Acquisition IX Corp. (A Development Stage Company) Statements of Cash Flows For the Three Months Ended June 30, 1999 and the Period From Inception (October 7, 1996) to June 30, 1999 Three Months Inception Ended to June 30, June 30, 1999 1999 ------------ ----------- Cash Flows From Operating Activities: Net (loss) $ (5) $ (71) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Amortization 5 50 Issuance of common stock for services 2 Gift shares issued - 19 --------- --------- Net cash provided by (used in) operations - - --------- --------- Cash flows from investing activities: Net cash provided by (used in) investing activities - - --------- --------- Cash flows from financing activities: Net cash provided by (used in) financing activities - - --------- --------- Net increase (decrease) in cash and cash equivalents - - --------- --------- Beginning cash and cash equivalents - - --------- --------- Ending cash and cash equivalents $ - $ - ========= ========= Supplemental disclosure of cash flow information: Cash paid for: Income taxes $ - $ - Interest $ - $ - Supplemental schedule of non-cash investing and financing activities: Common shares issued for organization costs $ - $ 90 Read the accompanying notes to the financial statements. MAS Acquisition IX Corp. (A Development Stage Company) Notes to Financial Statements As of June 30, 1999 Note 1. SIGNIFICANT ACCOUNTING POLICIES A. Organization The Company was incorporated on October 7, 1996, in the State of Indiana. The Company is in the development stage and its intent is to locate suitable business ventures to acquire. The Company has had no significant business activity to date and has chosen March 31, as a year end. B. Cash and cash equivalents Cash and cash equivalents consist of cash and other highly liquid debt instruments with an original maturity of less than three months. C. Intangible assets The cost of intangible assets is amortized using the straight line method over the estimated useful economic life (five years for organization costs). They are stated at cost less accumulated amortization. The Company reviews for the impairment of long-lived assets and certain identifiable intangibles whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. No such impairment losses have been identified in the periods presented. D. Net loss per share Basic loss per share is computed by dividing the net loss for the period by the weighted average number of common shares outstanding for the period. E. Use of estimates The preparation of the Company's financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. MAS Acquisition IX Corp. (A Development Stage Company) Notes to Financial Statements As of June 30, 1999 (Continued) Note 2. STOCKHOLDERS' EQUITY At inception the Company issued 8,500,000 shares of its $.001 par value common stock to an officer as reimbursement of organization costs paid by the officer. Fair value used for this transaction of $90 is based upon the actual cost of incorporation. During January, 1997 the Company issued 500 shares of its $.001 par value common stock to directors as compensation valued at $1. During March, 1997 the Company issued 7,750 shares of its common stock to foreign citizens as a gift with an aggregate fair value of $8. During September, 1998 the Company issued 750 shares of its $.001 par value common stock to directors as compensation valued at $1. During September, 1998 the Company issued 10,800 shares of its common stock to foreign citizens as a gift with an aggregate fair value of $11. Note 3. INCOME TAXES Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classifications of the assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The deferred tax asset related to the operating loss carryforward has been fully reserved. The Company's net operating loss carryforwards expire in 2011 through 2013. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS. The following discussion should be read in conjuction with the information contained in the financial statements of the Company and the Notes thereto appearing elsewhere herein. Results of Operations - Inception (October 7, 1996) through June 30, 1999. The Company is considered to be in the development stage as defined in Statement of Financial Accounting Standards No. 7. There have been no operations since inception. Liquidity and Capital Resources. The Company has no cash as of June 30, 1999. Part II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K The Company did not file any reports on Form 8-K during the quarter ended June 30, 1999. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MAS ACQUISITION IX CORP. Date: July 1, 1999 By: /s/ Aaron Tsai ---------------------------------- Aaron Tsai President, Chief Executive Officer Treasurer and Director EX-27 2
5 This schedule contains summary financial information extracted from the Balance Sheet at June 30, 1999 (unaudited) and the Statement of Operations for the three months ended June 30, 1999 (unaudited) and is qualified in its entirety by reference to such financial statements. 3-MOS MAR-31-1999 JUN-30-1999 0 0 0 0 0 40 0 0 40 0 0 0 0 111 0 40 0 0 0 0 (5) 0 0 (5) 0 0 0 0 0 (5) 0 0
-----END PRIVACY-ENHANCED MESSAGE-----