0001125282-01-502375.txt : 20011101
0001125282-01-502375.hdr.sgml : 20011101
ACCESSION NUMBER: 0001125282-01-502375
CONFORMED SUBMISSION TYPE: 10QSB
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20010930
FILED AS OF DATE: 20011031
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: 1934 Act
SEC FILE NUMBER: 000-26653
FILM NUMBER: 1771822
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
b314464_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 September 30, 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 Identification No.)
incorporation or organization)
266 Cedar Street, 07009
Cedar Grove, New Jersey
(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 September 30, 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 - September 30, 2001 and December 31, 2000 3
Statements of Operations - For the Three Months and Nine Months
Ended September 30, 2001 and 2000 4
Statements of Cash Flows - For the Nine Months Ended September 30, 2001 and 2000 5
Notes to Financial Statements 6
Item 2 Management's Discussion and Analysis of Financial Condition and Results of 7
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
2
BAYNON INTERNATIONAL CORPORATION
BALANCE SHEETS
September 30, December 31,
ASSETS 2001 2000
------ ---------------- -----------------
(Unaudited) (Audited)
Current Assets:
Cash and cash equivalents $ 21,493 $ 42,208
---------------- -----------------
Total Current Assets 21,493 42,208
---------------- -----------------
Total Assets $ 21,493 $ 42,208
================ =================
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Accounts payable and accrued expenses $ 2,485 $ 13,800
---------------- -----------------
Total Current Liabilities 2,485 13,800
---------------- -----------------
Total Liabilities 2,485 13,800
---------------- -----------------
Stockholders' Equity:
Common stock, $.001 par value, 50,000,000 shares
authorized, 10,532,692 shares issued and
outstanding at September 30, 2001 and December 31, 2000 10,533 10,533
Additional paid-in capital 53,000 53,000
Retained earnings (deficit) (44,525) (35,125)
---------------- -----------------
Total Stockholders' Equity 19,008 28,408
---------------- -----------------
Total Liabilities and Stockholders' Equity $ 21,493 $ 42,208
================ =================
--------------------
See accompanying notes to these financial statements.
3
BAYNON INTERNATIONAL CORPORATION
STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
------------ ------------ ------------ ------------
Revenues $ -- $ -- $ -- $ --
Cost of Revenues -- -- -- --
------------ ------------ ------------ ------------
Gross Profit -- -- -- --
Other Costs:
General and administrative
expenses 3,265 5,907 10,471 13,701
------------ ------------ ------------ ------------
Total Other Costs 3,265 5,907 10,471 13,701
Other Income and Expense:
Interest income 266 590 1,071 1,966
------------ ------------ ------------ ------------
Net Income (Loss) before
Income Taxes (2,999) (5,317) (9,400) (11,735)
Income Taxes -- -- -- --
------------ ------------ ------------ ------------
Net Loss $ (2,999) $ (5,317) $ (9,400) $ (11,735)
============ ============ ============ ============
Earnings (Loss) per Share:
Basic and diluted earnings
(loss) per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00
============ ============ ============ ============
Basic and diluted common
shares outstanding 10,532,692 10,532,692 10,532,692 10,532,692
============ ============ ============ ============
4
BAYNON INTERNATIONAL CORPORATION
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Nine Months Ended
September 30,
2001 2000
-------- --------
Cash Flows from Operating Activities:
Net loss $ (9,400) $(11,735)
Adjustments to reconcile net loss to net cash
used in operating activities:
Decrease in accounts payable and
accrued expenses (11,315) (105)
-------- --------
Net Cash Used in Operating Activities (20,715) (11,840)
-------- --------
Net Decrease in Cash and Cash Equivalents (20,715) (11,840)
Cash and Cash Equivalents, beginning of period 42,208 53,475
-------- --------
Cash and Cash Equivalents, end of period $ 21,493 $ 41,635
======== ========
Supplemental Disclosures of Cash Flow
Information:
Cash paid during the period for:
Interest $ -- $ --
======== ========
Taxes $ -- $ --
======== ========
--------------------
See accompanying notes to these financial statements.
5
BAYNON INTERNATIONAL CORPORATION
NOTES TO FINANCIAL STATEMENTS
September 30, 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 current operations.
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 September 30,
2001, the results of operations for the three months and nine months ended
September 30, 2001 and 2000 and cash flows for the nine months ended
September 30, 2001 and 2000.
The statements of operations for the three months and nine months ended
September 30, 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 (loss) per share are based on the weighted average number of common
shares outstanding including common stock equivalents.
6
BAYNON INTERNATIONAL CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
Liquidity and Capital Resources
At September 30, 2001, the Company had a cash balance of $21,493, which
represents a $20,715 decrease from the $42,208 balance at December 31, 2000.
This $20,715 decrease results entirely from cash used in operations. The
Company's working capital position at September 30, 2001 was $19,008 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 September 30, 2001 compared to Three Months Ended
September 30, 2000
Net income (loss)
The Company incurred a loss of $2,999 in the current quarterly period,
which represents a $2,318 decrease in Net Loss compared to the prior year
period. Interest income decreased by $324 to $266 primarily due to lower
interest rates and a reduced amount of invested cash. General and administrative
expenses of $3,265 were incurred in the current quarterly period compared to
$5,907 in the prior year period. The decrease of $2,642 was due primarily to a
decrease in professional fees incurred in the current quarterly period.
Nine Months Ended September 30, 2001 compared to Nine Months Ended
September 30, 2000
Net income (loss)
The Company incurred a loss of $9,400 in the current nine-month period,
which represents a $2,335 decrease in Net Loss compared to the prior year
period. Interest income decreased by $895 to $1,071 primarily due to lower
interest rates and a reduced amount of invested cash. General and administrative
expenses of $10,471 were incurred in the current nine-month period compared to
$13,701 in the prior year period. The decrease of $3,230 was due primarily to a
decrease in professional fees incurred in connection with filing requirements.
7
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
8
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: October 30, 2001 By: /s/ Pasquale Catizone
------------------------------------
Pasquale Catizone, Chairman
(on behalf of the registrant)
9