10QSB 1 doc1.txt 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 Quarter ended September 30, 2002 Commission File Number: 0-30891 NETPARTS.COM, INC. (Exact name of Registrant as specified in its charter) Nevada 91-1980526 (Jurisdiction of Incorporation) (I.R.S. Employer Identification No.) 3131 Southwest Freeway #46, Houston TX 77098 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (713) 521-9395 As of September 30, 2002, 16,270,000 shares of Common Stock were issued and outstanding. Transitional Small Business Disclosure Format (check one): yes [ ] no [X] PART I: FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. The financial statements, for the three and nine months ended September 30, 2002, included herein have been prepared by the Company, without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnotes disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. The Remainder of this Page is Intentionally left Blank 1 NETPARTS.COM, INC. (a Development Stage Company) BALANCE SHEETS
September 30, December 31, 2002 2001 --------------------------------------------------------------------------------- (Unaudited) ASSETS CURRENT ASSETS Cash . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0 TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . 0 0 ------------ ---------- TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0 ============ ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable . . . . . . . . . . . . . . . . . . . $ 66,770 $ 50,598 Accounts payable - related parties . . . . . . . . . . 33,824 33,824 ------------ ---------- TOTAL CURRENT LIABILITIES. . . . . . . . . . . . . . . 100,594 84,422 ------------ ---------- STOCKHOLDERS' EQUITY Common Stock, $.001 par value; authorized 100,000,000 shares; issued and outstanding, 16,270,000 shares and 14,270,000 shares, respectively . . . . . . . . 16,270 14,270 Additional paid-in capital . . . . . . . . . . . . . . 188,865 90,865 Accumulated equity (deficit) . . . . . . . . . . . . . (305,729) (189,557) ------------ ---------- Total Stockholders' Equity . . . . . . . . . . . . . . (100,594) (84,422) ------------ ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . $ 0 $ 0 ============ ==========
The accompanying notes are an integral part of these financial statements 2 NETPARTS.COM, INC. (a Development Stage Company) STATEMENTS OF CASH FLOWS (Unaudited)
From Inception For the nine April 21, months ended 1999 through September 30, September 30, 2002 2001 2002 ----------------------------------------------------------------------------------- Operating Activities Net Income (Loss) . . . . . . . . . . . . . . $(116,172) $(14,997) $(305,729) Items not affecting cash: Increase (decrease) in accounts payable . . . 16,172 13,806 66,770 Increase in accounts payable - related party. 0 0 33,824 Stock issued for services . . . . . . . 100,000 0 105,135 ---------- --------- ---------- Net Cash from Operations. . . . . . . . . . . 0 (1,191) (100,000) Cash from investing activities. . . . . . . . 0 0 0 ---------- --------- ---------- Net Cash from Investing Activities. . . . . . 0 0 0 Cash from financing activities Sale of Common Stock. . . . . . . . . . . . . 0 0 100,000 ---------- --------- ---------- Cash Increase (Decrease). . . . . . . . . . . 0 (1,191) 0 Beginning Cash. . . . . . . . . . . . . . . . 0 1,191 0 ---------- --------- ---------- Cash as of Statement Date . . . . . . . . . . $ 0 $ 0 $ 0 ========== ========= ========== Cash Paid For: Interest. . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0 Taxes . . . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
Non-Cash Financing Activities During June, July and September 2002, the Company issued 2,000,000 shares of common stock for services valued at $100,000 (or $.05 per share). The accompanying notes are an integral part of these financial statements 3 NETPARTS.COM, INC. (a Development Stage Company) STATEMENTS OF OPERATIONS (Unaudited)
From Inception on April 21, For the three For the nine 1999 through months ended September 30 months ended September 30 September 30, 2002 2001 2002 2001 2002 ------------------------------------------------------------------------------------------------- Revenues. . . . . . . . . . $ -0- $ -0- $ -0- $ -0- $ 1,000 ------------ ------------ ------------ ------------ ------------ General and Administrative Expenses. . . . . . . . 19,184 1,539 116,172 14,997 306,729 ------------ ------------ ------------ ------------ ------------ Net Loss from Operations. . (19,184) (1,539) (116,172) (14,997) (305,729) Net Income (Loss) . . . . . $ (19,184) $ (1,539) $ (116,172) $ (14,997) $ (305,729) ============ ============ ============ ============ ============ Loss per Share. . . . . . . $ (0.00) $ (0.00) $ (0.01) $ (0.00) $ (0.03) ============ ============ ============ ============ ============ Weighted Average Shares Outstanding. . . 15,463,478 14,270,000 14,712,491 14,270,000 10,286,936 ============ ============ ============ ============ ============
The accompanying notes are an integral part of these financial statements 4 NETPARTS.COM, INC. (A Development Stage Company) Notes to the Unaudited Financial Statements September 30, 2002 NOTES TO FINANCIAL STATEMENTS NetParts.com, Inc. ("the Company") has elected to omit substantially all footnotes to the financial statements for the period ended September 30, 2002, since there have been no material changes (other than indicated in other footnotes) to the information previously reported by the Company in their Audited Financial Statements for the Fiscal year ended December 31, 2001. COMMON STOCK ISSUED FOR SERVICES RENDERED In June, July and September, 2002, the Board of Directors and Shareholders of the Company approved issuances of a total of 2,000,000 shares of common stock in exchange for services rendered which were valued at $100,000 (or $.05 per share). UNAUDITED INFORMATION The information furnished herein was taken from the books and records of the Company without audit. However, such information reflects all adjustments which are, in the opinion of management, necessary to properly reflect the results of the period presented. The information presented is not necessarily indicative of the results from operations expected for the full fiscal year. 5 ITEM 2. DISCUSSION AND ANALYSIS OR PLAN OF OPERATION. (A) PLAN OF OPERATION. Our plan of operation is unchanged from our previous report. We were incorporated for the purpose of creating a series of 16 specialized auto salvage yards, each one handling only one make of vehicle. We have not launched operations or achieved our funding goals during 2002, due to the impact of market and economic decline of the past six months. Our start up venture must be postponed until a more favorable economy and market conditions recover. We have essentially suspended developmental efforts for the remainder of 2002. (B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. We have not launched operations. We are a development stage company. We have had minimal revenues to date. Our General and Administrative activities to date have involved our corporate organization, business plan development, initial funding, auditing and preparation of this 1934 Registration of our common stock for tradability on the OTCBB. Due to our current lack of business development, our realization of quotation on OTCBB is doubtful now, and may be delayed by the Staff of the NASD. It is doubtful that we can become attractive to our potential investors before our common stock is quotable. PART II: OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. None ITEM 2. CHANGES IN SECURITIES. None ITEM 3. DEFAULTS ON SENIOR SECURITIES. None ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS. None ITEM 5. OTHER INFORMATION. None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. Certification(s) Pursuant to 18 USC Section 1350 6 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-Q Report for the Quarter ended September 20, 2002, has been signed below by the following persons on behalf of the Registrant and in the capacity and on the date indicated. Dated: November 8, 2002 NETPARTS.COM, INC. by /s/Donald Jackson Wells /s/Joseph A. Kane Donald Jackson Wells Joseph A. Kane president/director secretary/treasurer/director 7 -------------------------------------------------------------------------------- EXHIBIT A -------------------------------------------------------------------------------- 8 CERITIFICATION PURSUANT TO 18 USC SECTION 1350 In connection with this Quarterly Report on Form 10-QSB, I, Donald Jackson Wells, president/director of this Registrant Company, hereby certify(s), to the best of my knowledge and belief: (1)This report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2)The information contained in this report fairly presents, in all material aspects, the financial condition and results of operations of this Registrant Company. Dated: November 12, 2002 /s/Donald Jackson Wells Donald Jackson Wells president/director 9 CERITIFICATION PURSUANT TO 18 USC SECTION 1350 In connection with this Quarterly Report on Form 10-QSB, I, Joseph A. Kane secretary/treasurer/director of this Registrant Company, hereby certify(s), to the best of my knowledge and belief: (1)This report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2)The information contained in this report fairly presents, in all material aspects, the financial condition and results of operations of this Registrant Company. Dated: November 12, 2002 /s/Joseph A. Kane Joseph A. Kane secretary/treasurer/director 10