-----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, I1IjpjGWWWygLfekixeeu6BWCjFhDxJNFEOX2v+6tQjtD8uR49+RrjjoI5YqW59y TsAcONBhB1IlQjDaYtfI5A== 0001084047-00-000004.txt : 20000203 0001084047-00-000004.hdr.sgml : 20000203 ACCESSION NUMBER: 0001084047-00-000004 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 20000128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNOVATIVE SOFTWARE TECHNOLOGIES INC CENTRAL INDEX KEY: 0001084047 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 954691878 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-27465 FILM NUMBER: 515853 BUSINESS ADDRESS: STREET 1: 827 STATE STREET SUITE 26 CITY: SANTA BARBARA STATE: CA ZIP: 93101 BUSINESS PHONE: 8055609828 MAIL ADDRESS: STREET 1: 827 STATE STREET SUITE 26 CITY: SANTA BARBARA STATE: CA ZIP: 93101 10QSB 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10QSB (X) Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended SEPTEMBER 30, 1999 ( ) Transition report pursuant of Section 13 or 15(d) of the Securities Exchange Act of 1939 for the transition period ____ to______ COMMISSION FILE NUMBER 000-1084047 ----------- INNOVATIVE SOFTWARE TECHNOLOGIES, INC. ------------------------------------------ (Exact name of registrant as specified in its charter) California 95-4691878 - ---------------------------------- ---------------------------------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 827 State Street, Suite 26, Santa Barbara, CA 95682 Telephone 805 899 1299 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices, including Registrant's zip code and telephone number) NONE - -------------------------------------------------------------- Former name, former address and former fiscal year, if changed 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 --- --- The number of shares of the registrant's common stock as of September 30, 1999: 17,910,120 shares. Transitional Small Business Disclosure Format (check one): Yes No X --- --- TABLE OF CONTENTS ----------------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements (a) Balance Sheet (b) Statement of Operations (c) Statement of Changes in Financial Position (d) Statement of Shareholders' Equity (e) Notes to Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 3. Risks PART II. OTHER INFORMATION Item 1. Legal Proceedings Item 2. Changes in Securities and Use of Proceeds Item 3. Defaults On Senior Securities Item 4. Submission of Items to a Vote Item 5. Other Information Item 6 (a) Exhibits (b) Reports on Form 8K SIGNATURES FINANCIAL DATA SCHEDULE INNOVATIVE SOFTWARE TECHNOLOGIES, INC. (a development stage company) BALANCE SHEET AS OF SEPTEMBER 30, 1999 AND DECEMBER 31, 1998 (unaudited) September 30, 1999 December 31, 1998 ------------------ ----------------- ASSETS Current assets Cash $ 1,000 $ 1,000 ----------------- ----------------- Total current assets $ 1,000 $ 1,000 ----------------- ----------------- Total assets $ 1,000 $ 1,000 ================= ================= LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' equity Common stock (no par value) 20,000,000 shares authorized September 30, 1999 - 1,077,100 issued; December 31, 1998 1,077,100 issued $ 2,084 $ 2,019 Paid in capital 16,825 16,825 Deficit accumulated during development stage (17,893) ( 17,502) -------- -------- Total shareholders' equity $ 400 $ 9 Total liabilities and shareholders' equity $ 1,000 $ 1,000 ================ ================ INNOVATIVE SOFTWARE TECHNOLOGIES, INC. (A Development Stage Company) STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND FOR THE PERIOD FROM INCEPTION MAY 27, 1998 TO SEPTEMBER 30, 1998 (unaudited) From inception Nine months ended Nine months ended Nine months ended May 27 to September 30, 1999 September 30, 1998 September 30, 1999 September 30, 1998 ------------------ ------------------ ------------------- ----------------- Sales $ -0- $ -0- $ -0- $ -0- ------------------ ------------------ ------------------- ------------------ Total income: $ -0- $ -0- $ -0- $ -0- Expenses Administrative (391) $ (17,502) $ (391) $ (17,502) ------------------ ------------------ ------------------- ------------------ Total expenses (391) $ (17,502) $ (391) $ (17,502) Loss from operations (391) $ (17,502) $ (391) $ (17,502) ------------------ ------------------ ------------------- ------------------ Net loss $ (391) $ (17,502) $ (391) $ (17,502) ================== ================== =================== ==================
INNOVATIVE SOFTWARE TECHNOLOGIES, INC. (a development stage company) STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND THE PERIOD FROM INCEPTION MAY 27 TO SEPTEMBER 30, 1998 (unaudited) From inception Nine months ended May 27 to September 30, 1999 September 30, 1998 ------------------ ------------------ Funds provided from (used for)operations Net (loss) during development stage $ ( 391) $ (17,502) Accounts payable 391 600 Stocks issued for services - 15,702 Funds provided by (used for) operating activities - 237 Funds provided from (used for) financing activities Proceeds from sale of stock 2,200 - ------------------ ------------------ Net funds provided from (used for) all activities 7,500 $ 215,012 Cash balance at beginning of year 1,000 - ------------------ ------------------ Cash balance at end of period $ 1,000 $ 1,000 ================== ==================
INNOVATIVE SOFTWARE TECHNOLOGIES, INC. (a development stage company) STATEMENT OF SHAREHOLDERS' EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 (unaudited) Common stock ------------------------------------------- Number of shares Amount Deficiency ---------- ------ ---------- Balance December 31, 1998 1,077,100 17,902 ( 17,502) Net (loss) during development stage (17,983) ---------- ------ ---------- Balance September 30, 1999 1,077,100 17,902 (391) ============ ========= =============
INNOVATIVE SOFTWARE TECHNOLOGIES, INC. (a development stage company) NOTES TO FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 (unaudited) 1. GENERAL The financial statements have been prepared by management without audit and should be read in conjunction with the financial statements and notes thereto for the year 1998. The Company is still in the development stage and the results of interim periods are not indicative of the results for the year. The accompanying financial statements reflect, in the opinion of management, all adjustments necessary for the fair presentation of the interim financial statements. In the opinion of management, all such adjustments are of a normal and recurring nature. The Company has been in the development stage since inception. The Company's activities have consisted of developing its plan of operations. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. The Company uses the accrual method of accounting. B. Revenues and directly related expenses are recognized in the period when the goods are shipped to the customers. C. The Company considers all short term, highly liquid investments that are readily convertible, within three months, to known amounts as cash equivalents. The Company currently has no cash equivalents. D. Primary Earnings Per Share amounts are based on the weighted average number of shares outstanding at the dates of the financial statements. Fully Diluted Earnings Per Shares shall be shown on stock options and other convertible issues that may be exercised within ten years of the financial statement dates. E. Depreciation: The cost of property and equipment is depreciated over the estimated useful lives of the related assets. The cost of leasehold improvements is depreciated (amortized) over the lesser of the length of the related assets or the estimated lives of the assets. Depreciation is computed on the straight-line method for reporting purposes and for tax purposes. F. Estimates: The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 3. OTHER MATTERS AMENDMENT TO ARTICLES OF INCORPORATION: The Company originally issued 1,077,000 common shares of stock, when the Company was acting as its own transfer agent. However, the Company's new transfer agent refused to recognize the issue of 77,000 of the 1,077,000 common shares of stock, due to the fact that the Company's articles of incorporation had not been amended to provide for an increase in capital. On March 1, 1999, the Company amended its articles of incorporation to authorize capital of 20,000,000 common shares. Since the filing of this amendment was delayed, this resulted in a a difference between the shares outstanding on December 31, 1998 as shown on the official share register of the transfer agent and the Company's audited financial statements. SUBSEQUENT EVENTS: On November 26, 1999, the Company effected an 8-1 forward split of its common shares of stock, resulting in outstanding shares of 17,910,120. PART I. FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations THIS ANALYSIS CONTAINS FORWARD-LOOKING COMMENTS WHICH ARE BASED ON CURRENT INFORMATION. ACTUAL RESULTS IN THE FUTURE MAY DIFFER MATERIALLY. The Company is engaged in the business of providing sales of computer related software and related services. The Company has not yet commenced operations, but is in the process of developing its web site at www.innovative-software.net. PART II. OTHER INFORMATION Item 1. Legal proceedings NONE Item 2. Changes in securities and use of proceeds NONE Item 3. Defaults on senior securities NONE Item 4. Submission of items to a vote NONE Item 5. Other information NONE Item 6. a) Exhibits NONE b) Reports on 8K NONE SIGNATURES In accordance with the requirements of the Securities and Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Innovative Software Technologies, Inc. Dated: December 17, 1999 By: /s/ Jeffrey Volpe --------------------------- Jeffrey Volpe, President Dated: December 17, 1999 By: /s/ Agata Gotova ------------------------------------- Agata Gotova, Chief Financial Officer [TYPE]EX-27 2 [DESCRIPTION]FINANCIAL DATA SCHEDULE [TEXT] [ARTICLE] 5 [MULTIPLIER] 1 [PERIOD-TYPE] 9-MOS [FISCAL-YEAR-END] DEC-31-1999 [PERIOD-START] JAN-01-1999 [PERIOD-END] SEP-30-1999 [CASH] 0 [SECURITIES] 0 [RECEIVABLES] 0 [ALLOWANCES] 0 [INVENTORY] 0 [CURRENT-ASSETS] 1000 [PP&E] 1000 [DEPRECIATION] 0 [TOTAL-ASSETS] 1000 [CURRENT-LIABILITIES] 1000 [BONDS] 0 [PREFERRED-MANDATORY] 0 [PREFERRED] 0 [COMMON] 2084 [OTHER-SE] (17983) [TOTAL-LIABILITY-AND-EQUITY] 1000 [SALES] 0 [TOTAL-REVENUES] 0 [CGS] 0 [TOTAL-COSTS] 0 [OTHER-EXPENSES] 0 [LOSS-PROVISION] (391) [INTEREST-EXPENSE] 0 [INCOME-PRETAX] (391) [INCOME-TAX] 0 [INCOME-CONTINUING] (391) [DISCONTINUED] 0 [EXTRAORDINARY] 0 [CHANGES] 0 [NET-INCOME] (391) [EPS-BASIC] (.00) [EPS-DILUTED] (.00) -----END PRIVACY-ENHANCED MESSAGE-----