-----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, ATvk3QF+1IuL9oSfbmgHPBr09SuexFVSvm0c9AYAp47U0cRsv8+5aXXxHe/vs0HL RDqy0k+sXR1Awj3YJPIWXA== 0001125282-01-500470.txt : 20010516 0001125282-01-500470.hdr.sgml : 20010516 ACCESSION NUMBER: 0001125282-01-500470 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BAYNON INTERNATIONAL CORP CENTRAL INDEX KEY: 0001089598 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 880285718 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-26653 FILM NUMBER: 1638626 BUSINESS ADDRESS: STREET 1: 266 CEDAR STREET CITY: CEDAR GROVE STATE: NJ ZIP: 07009 BUSINESS PHONE: 9732392952 MAIL ADDRESS: STREET 1: 266 CEDAR STREET CITY: CEDAR GROVE STATE: NJ ZIP: 07009 10QSB 1 b311604_10qsb.txt QUARTERLY REPORT FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2001 --------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from .................to......................... Commission file number 000-26653 --------- BAYNON INTERNATIONAL CORPORATION -------------------------------- (Exact name of registrant as specified in its charter) Nevada 88-0285718 ------ ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 266 Cedar Street, Cedar Grove, New Jersey 07009 ------------------------------- ---------- (Address of principal executive (Zip Code) offices) (973) 239-2952 -------------- (Registrant's telephone number, including area code) Not applicable (Former name, former address and former fiscal year, if changed since last report) 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 --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at May 14, 2001 ----- --------------------------- Common Stock, $.001 par value 10,532,692 BAYNON INTERNATIONAL CORPORATION
Index Page No. ----- -------- Part I Financial Information Item 1 Financial Statements: Balance Sheets - March 31, 2001 and December 31, 2000 3 Statements of Operations - For the Three Months Ended March 31, 2001 and 2000 4 Statements of Cash Flows - For the Three Months Ended March 31, 5 2001 and 2000 Notes to Financial Statements 6 Item 2 Management's Discussion and Analysis of Financial Condition and 7 Results of Operations Part II Other Information Item 1 Legal Proceedings 8 Item 2 Changes in Securities and Use of Proceeds 8 Item 3 Defaults Upon Senior Securities 8 Item 4 Submission of Matters to a Vote of Security Holders 8 Item 5 Other Information 8 Item 6 Exhibits and Reports on Form 8-K 8
BAYNON INTERNATIONAL CORPORATION BALANCE SHEETS
March 31, December 31, 2001 2000 --------- ----------- (Unaudited) (Audited) Current Assets: Cash and cash equivalents $ 29,727 $ 42,208 ---------- -------------- Total Current Assets 29,727 42,208 ---------- -------------- Total Assets $ 29,727 $ 42,208 ========== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 4,484 $ 13,800 ---------- -------------- Total Current Liabilities 4,484 13,800 ---------- -------------- Total Liabilities 4,484 13,800 ---------- -------------- Stockholders' Equity: Common stock, $.001 par value, 50,000,000 shares authorized, 10,532,692 shares issued and outstanding at March 31, 2001 and December 31, 2000 10,533 10,533 Additional paid-in-capital 53,000 53,000 Retained earnings (deficit) (38,290) (35,125) ---------- -------------- Total Stockholders' Equity 25,243 28,408 ---------- -------------- Total Liabilities and Stockholders' Equity $ 29,727 $ 42,208 ========== ==============
See accompanying notes to financial statements BAYNON INTERNATIONAL CORPORATION STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months Ended March 31, 2001 2000 ---- ---- Revenues $ - $ - Cost of Revenues - - ------------ ------------- Gross Profit - - Other Costs: General and administrative expenses 3,641 631 ------------ ------------- Total Other Costs 3,641 631 Other Income and Expense: Interest income 476 729 ------------ ------------- Net Income (Loss) before Income Taxes (3,165) 98 Income Taxes - - ------------ ------------- Net Income (Loss) $ (3,165) $ 98 ============ ============= Earnings (Loss) per Share: Basic and diluted earnings (loss) per common share $ - $ - ============ ============= Basic and diluted common shares outstanding 10,532,692 10,532,692 ============ =============
See accompanying notes to financial statements BAYNON INTERNATIONAL CORPORATION STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Months Ended March 31, 2001 2000 ---- ---- Cash Flows from Operating Activities: Net income (loss) $ (3,165) $ 98 Adjustments to reconcile net income (loss) to net cash used in operating activities: Decrease in accounts payable and accrued expenses (9,316) (3,046) ----------- ------------ Net Cash Used in Operating Activities (12,481) (2,948) ----------- ------------ Cash Flows from Financing Activities: Issuance of common stock - - ----------- ------------ Net cash provided by financing activities - - ----------- ------------ Net Decrease in Cash and Cash Equivalents (12,481) (2,948) Cash and Cash Equivalents, beginning of period 42,208 53,475 ----------- ------------ Cash and Cash Equivalents, end of period $ 29,727 $ 50,527 =========== ============ Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Interest $ - $ - =========== ============ Income taxes $ - $ - =========== ============
See accompanying notes to financial statements BAYNON INTERNATIONAL CORPORATION NOTES TO FINANCIAL STATEMENTS MARCH 31, 2001 1. Baynon International Corporation (formerly known as Technology Associates Corporation and hereinafter referred to as the "Company"), was originally incorporated on February 29, 1968 under the laws of the Commonwealth of Massachusetts to engage in any lawful corporate undertaking. On December 28, 1989, the Company reincorporated under the laws of the State of Nevada. The Company was formerly engaged in the technology marketing business and its securities traded on the National Association of Securities Dealers OTC Bulletin Board. The Company has not engaged in any business operations for at least the last two years and has no operations to date. 2. The December 31, 2000 balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly the financial position as of March 31, 2001 and the results of operations and cash flows for the three months ended Mach 31, 2001 and 2000. The statements of operations for the three months ended March 31, 2001 and 2000 are not necessarily indicative of results for the full year. While the Company believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2000. 3. Earnings per share are based on the weighted average number of common shares outstanding including common stock equivalents. BAYNON INTERNATIONAL CORPORATION Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources At March 31, 2001, the Company had a cash balance of $29,727, which represents a $12,481 decrease from the $42,208 balance at December 31, 2000. This $12,481 decrease results entirely from cash used in operations. The Company's working capital position at March 31, 2001 was $25,243 as compared to a December 31, 2000 balance of $28,408. The focus of the Company's efforts is to acquire or develop an operating business. Despite no active operations at this time, management intends to continue in business and has no intention to liquidate the Company. The Company has considered various business alternatives including the possible acquisition of an existing business, but to date has found possible opportunities unsuitable or excessively priced. The Company does not contemplate limiting the scope of its search to any particular industry. Management has considered the risk of possible opportunities as well as their potential rewards. Management has invested time evaluating several proposals for possible acquisition or combination, however, none of these opportunities were pursued. The Company presently owns no real property and at this time has no intention of acquiring any such property. Results of Operations Three Months Ended March 31, 2001 compared to Three Months Ended March 31, 2000 - ------------------------------------------------------------------------------- Net income (loss) The Company had a Net Income loss of $3,165 in the current quarterly period, which represents a $3,263 decrease in Net Income compared to the prior quarterly period. Interest income decreased $253 to $476 primarily due to a lower average cash balance that was maintained during the three months ended March 31, 2001 compared to the similar period in 2000. General and administrative expenses of $3,641 were incurred in the current quarterly period compared to $631 in the prior quarterly period. The increase of $3,010 was due primarily to costs and fees incurred in connection with reporting requirements. During the current and prior year quarter the Company had not recorded an income tax provision/benefit due to its tax carryforward position at that time. BAYNON INTERNATIONAL CORPORATION PART II. Other Information Item 1. Legal Proceedings Not Applicable. Item 2. Change in Securities and Use of Proceeds Not Applicable. Item 3. Defaults Upon Senior Securities Not Applicable. Item 4. Submission of Matters to a Vote of Security Holders Not Applicable. Item 5. Other Information Not Applicable. Item 6. Exhibits and Reports on Form 8-K 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. BAYNON INTERNATIONAL CORPORATION Registrant Date: May 15, 2001 By: /s/ Pasquale Catizone --------------------------------- Pasquale Catizone, Chairman (on behalf of the registrant) -----END PRIVACY-ENHANCED MESSAGE-----