-----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, F0JXTSQ4tkdzF9SCOeU8slkT2Cepc4vFiN/R2qNFLv0jgCN/h6M1pH8cy1QpHCdA HHeYNgI+1xH/O68gSkTuRQ== /in/edgar/work/20000810/0001079974-00-000097/0001079974-00-000097.txt : 20000921 0001079974-00-000097.hdr.sgml : 20000921 ACCESSION NUMBER: 0001079974-00-000097 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAX DEVELOPMENT INC CENTRAL INDEX KEY: 0001089124 STANDARD INDUSTRIAL CLASSIFICATION: [1400 ] IRS NUMBER: 841474940 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-27337 FILM NUMBER: 690678 BUSINESS ADDRESS: STREET 1: 6025 SOUTH QUEBEC STREET STREET 2: SUITE 150 CITY: ENGLEWOOD STATE: CO ZIP: 80111 10QSB 1 0001.txt 10QSB FOR THE QUARTER ENDED JUNE 30, 2000 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-QSB QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended June 30, 2000 Commission File Number 0-27337 ------------- ------- MAX DEVELOPMENT, INC. ----------------------------------------------------- (Exact name of registrant as specified in its charter) COLORADO 84-1474940 - -------------------------------- ---------------------------------- (State or Other Jurisdiction of (I.R.S. Employer Identification No.) Incorporation or Organization) 6025 S. Quebec Street, Suite 150, Englewood, Colorado 80111 - ----------------------------------------------------- --------- (Address of Principal Executive Office) (Zip Code) (720) 489-8873 --------------------------------------------------- (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report.) Indicate by check 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 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common stock, $.001 par value 2,322,000 - ----------------------------- ---------------------------------------------- Class Number of shares outstanding at August 9, 2000 - -------------------------------------------------------------------------------- This document is comprised of 8 pages. - -------------------------------------------------------------------------------- FORM 10-QSB 2ND QUARTER INDEX Page PART I - FINANCIAL INFORMATION Item 1. Financial Statements * Condensed balance sheet, June 30, 2000 (Unaudited).................3 Condensed statements of operations, three and six months ended June 30, 2000 and 1999 (Unaudited), and April 23, 1998 (inception) through June 30, 2000 (Unaudited)..............4 Condensed statements of cash flows, three and six months ended June 30, 2000 and 1999 (Unaudited), and April 23, 1998 (inception) through June 30, 2000 (Unaudited)..............5 Notes to condensed financial statements (Unaudited)................6 Item 2. Plan of Operation.........................................7 PART II - OTHER INFORMATION.............................................7 Item 1. Legal Proceedings Item 2. Changes in Securities Item 3. Defaults Upon Senior Securities Item 4. Submission of Matters to a Vote of Security Holders Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K Signatures.........................................................8 * The accompanying financial statements are not covered by an Independent Certified Public Accountant's report. 2 Part I. Item 1. Financial information - ------ --------------------- MAX DEVELOPMENT, INC. (A Development Stage Company) Condensed Balance Sheet (Unaudited) June 30, 2000 ASSETS CASH...................................................................$ 17,572 INVESTMENT, less allowance of $15,000.................................. - EQUIPMENT, less accumulated depreciation of $191........................ 667 --------- $ 18,239 ========= LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable, related party (Note B)...............................$ 8 Accounts payable and accrued liabilities, other........................ 550 --------- TOTAL LIABILITIES 558 --------- Preferred stock, $.01 par value; 1,000,000 shares authorized; -0- shares issued and outstanding................................. - Common stock, $.001 par value; 10,000,000 shares authorized; 2,322,000 shares issued and outstanding........................... 2,322 Additional paid-in capital............................................. 74,743 Deficit accumulated during development stage........................... (59,384) --------- TOTAL SHAREHOLDERS' EQUITY 17,681 --------- $ 18,239 ========= See accompanying notes to condensed financial statements 3
MAX DEVELOPMENT, INC. (A Development Stage Company) Condensed Statements of Operations (Unaudited) April 23, 1998 Three Months Ended Six Months Ended (Inception) June 30, June 30, through --------------------------- ------------------------- June 30, 2000 1999 2000 1999 2000 ----------- ------------ ----------- ----------- ----------- COSTS AND EXPENSES Rent....................................$ 3,000 $ 6,000 $ 6,000 $ 6,000 $ 15,000 Professional fees....................... 1,435 7,000 3,513 7,000 23,748 Stock transfer fees..................... 150 870 363 870 1,901 Other................................... 358 237 1,712 275 3,735 ----------- ------------ ----------- ----------- ----------- OPERATING LOSS (4,943) (14,107) (11,588) (14,145) (44,384) NON-OPERATING EXPENSE Loss on write-down of investment......................... - (15,000) - (15,000) (15,000) LOSS BEFORE ----------- ------------ ----------- ----------- ----------- INCOME TAXES (4,943) (29,107) (11,588) (29,145) (59,384) INCOME TAXES (Note C)................... - - - - - ----------- ------------ ----------- ----------- ----------- NET LOSS $ (4,943) $ (29,107) $ (11,588) $ (29,145) $ (59,384) =========== ============ =========== =========== =========== Basic and diluted loss per common share...................$ * $ (0.01) $ * $ (0.01) ___________ ____________ ___________ ___________ ___________ Basic and diluted weighted average common shares outstanding........................ 2,322,000 2,258,333 2,322,000 2,129,167
* Less than $.01 per common share See accompanying notes to condensed financial statements 4
MAX DEVELOPMENT, INC. (A Development Stage Company) Condensed Statements of Cash Flows (Unaudited) April 23, 1998 Six Months Ended (Inception) June 30, through ------------------------- June 30, 2000 1999 2000 ----------- ----------- ----------- NET CASH (USED IN) OPERATING ACTIVITIES $ (11,686) $ (14,415) $ (42,357) ----------- ----------- ----------- INVESTING ACTIVITIES Purchase of equipment.................................................... - - (858) Purchase of investment................................................... - (15,000) (15,000) ----------- ----------- ----------- NET CASH (USED IN) INVESTING ACTIVITIES - (15,000) (15,858) ----------- ----------- ----------- FINANCING ACTIVITIES Proceeds from sale of common stock....................................... - 80,500 83,000 Payments for offering costs.............................................. - (6,000) (7,213) ----------- ----------- ----------- NET CASH PROVIDED BY FINANCING ACTIVITIES - 74,500 75,787 ----------- ----------- ----------- NET CHANGE IN CASH....................................................... (11,686) 45,085 17,572 Cash, beginning of period................................................ 29,258 - - CASH, END OF PERIOD......................................................$ 17,572 $ 45,085 $ 17,572 =========== =========== =========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest..............................................$ - $ - $ - =========== =========== =========== Cash paid for income taxes..........................................$ - $ - $ - =========== =========== ===========
See accompanying notes to condensed financial statements 5 MAX DEVELOPMENT, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited) June 30, 2000 Note A: Basis of presentation --------------------- The financial statements presented herein have been prepared by the Company in accordance with the accounting policies in its Form 10-KSB dated December 31, 1999 and should be read in conjunction with the notes thereto. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary to provide a fair presentation of operating results for the interim period presented have been made. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the year. Interim financial data presented herein are unaudited. Note B: Related party transactions -------------------------- The Company leased office space and administrative services from an affiliate on a month-to-month basis during the six months ended June 30, 2000. The Company paid the affiliate $1,000 per month from January through May 2000 for the rent and services. Effective June 1, 2000, the affiliate began providing the office space and services at no charge. The rent and services were valued at $1,000 for June 2000 based on the previous payments. The June 2000 rent is included in the accompanying statements as rent expense with a corresponding credit to additional paid-in capital. The Company owed the affiliate $8 for postage expenses at June 30, 2000, which is included in the accompanying balance sheet at accounts payable, related party. Note C: Income taxes ------------ The Company records its income taxes in accordance with Statement of Financial Accounting Standard No. 109, "Accounting for Income Taxes". The Company incurred net operating losses during the three months ended March 31, 2000 resulting in a deferred tax asset, which was fully allowed for; therefore, the net benefit and expense resulted in $-0- income taxes. 6 Part I. Item 2. Plan of operation - ------- ----------------- MAX DEVELOPMENT, INC. (A DEVELOPMENT STAGE COMPANY) PLAN OF OPERATION - ----------------- The plan of the Company's management, for the next twelve months, is to search for diamond mining prospects in South Africa to be identified by the Company's contacts located in South Africa. Additionally, the Company is open to the evaluation of mining investments located in the United States and has opened its spectrum of possible investments and/or business combinations to companies that may be operating outside of the Company's original business plan. At June 30, 2000 the Company had one employee (its sole officer and director) and, except for any potential mergers and/or acquisitions, does not anticipate materially increasing the number of employees in the next twelve months. RESULTS OF OPERATIONS - --------------------- No income producing operations were conducted during the most recent quarter. Expenses, since year-end consisted of rent, legal, accounting and audit fees, transfer agent fees, printing and general and administrative costs. FINANCIAL CONDITION - ------------------- There have been no material changes to the Company's financial condition during the six months ended June 30, 2000. The common stock offering conducted during 1999 has funded all development stage activity. PART II - OTHER INFORMATION - --------------------------- Items 1 through 5 - No response required. Item 6 - Exhibits and reports on Form 8-K. (a) Exhibits 27 - Financial Data Schedule. There were no reports on Form 8-K. 7 SIGNATURES The financial information furnished herein has not been audited by an independent accountant; however, in the opinion of management, all adjustments (only consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the three and six months ended June 30, 2000 have been included. Pursuant to the requirements 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. MAX DEVELOPMENT, INC. (Registrant) DATE: August 9, 2000 BY: /s/ David C. Olson -------------- ----------------------- David C. Olson President EX-27 2 0002.txt FDS FOR QUARTER ENDED JUNE 30, 2000
5 3-MOS DEC-31-2000 JAN-01-2000 JUN-30-2000 17,572 0 0 0 0 17,572 858 (119) 18,239 558 0 0 0 2,322 15,359 18,239 0 0 0 0 (11,588) 0 0 (11,588) 0 (11,588) 0 0 0 (11,588) (0.00) (0.00)
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