-----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, NqsqhjB8zfql8q7RNHDETMR5y33mL+A57zTeR3XTGevY0vrUdWYAgkG/RFCikql4 u+DR8YeXnSeL3neJRp8Ihg== 0001104540-00-000379.txt : 20001215 0001104540-00-000379.hdr.sgml : 20001215 ACCESSION NUMBER: 0001104540-00-000379 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001130 FILED AS OF DATE: 20001214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST AUTO INC CENTRAL INDEX KEY: 0001098589 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 880423037 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: SEC FILE NUMBER: 000-31759 FILM NUMBER: 789170 BUSINESS ADDRESS: STREET 1: 34700 PACIFIC COAST HIGHWAY STREET 2: SUITE 303 CITY: CAPISTRANO BEACH STATE: CA ZIP: 92624 BUSINESS PHONE: 9492489561 MAIL ADDRESS: STREET 1: 34700 PACIFIC COAST HIGHWAY STREET 2: SUITE 303 CITY: CAOUSTRANO BEACH STATE: CA ZIP: 92624 10QSB/A 1 0001.txt - -------------------------------------------------------------------------------- Kirt W. James PRESIDENT First Auto, Inc. 3131 Southwest Freeway, Number 46 Houston TX 77098 (Name and Address of Person Authorized to Receive Notices and Communications on Behalf of the Person Filing Statement) - -------------------------------------------------------------------------------- WITH A COPY TO: KARL E. RODRIGUEZ, ESQ 24843 Del Prado, #318 Dana Point, CA 92629 (949) 248-9561 fax (949) 248-1688 - -------------------------------------------------------------------------------- FORM 10-QSB/A1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FIRST AUTO, INC. Commission File Number: 0-31759 For the Quarter ended November 30, 2000 Nevada Optional (Jurisdiction of Incorporation) (I.R.S. Employer Identification No.) 3131 Southwest Freeway, Number 46, Houston TX 77098 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 949-248-1765 The following Securities are to be registered pursuant to Section 12(g) of the Act: Class-A Common Voting Equity Stock 7,981,500 Yes [X] No [ ] (Indicate by check mark whether the Registrant (1) has filed all report 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.) As of November 30, 2000, the number of shares outstanding of the Registrant's Common Stock was 7,981,500. 1 PART I: FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. Attached hereto (under cover of Exhibit QF3-11/30/00) and incorporated herein by this reference are Un-Audited Financial Statements for the three months and nine months ended November 30, 2000. Balance Sheet:. . . . . . . . Unaudited Audited Audited SELECTED INFORMATION. . . . . Nine Months Six Months One Year 11/30/00 8/31/00 2/29/00 - ------------------------------------------------------------------- Cash and Equivalents. . . . . 3,329 3,329 3,329 Accounts Receivable . . . . . 0 0 0 Current Assets. . . . . . . . 3,329 3,329 3,329 =================================================================== Property and Equipment, Net . 0 0 0 Organizational Costs. . . . . 0 0 0 Other Assets. . . . . . . . . 0 0 0 =================================================================== Total Assets. . . . . . . . . 3,329 3,329 3,329 =================================================================== Accounts Payable. . . . . . . 16,222 4,602 0 Advances (Related Party). . . 0 0 0 Total Liabilities . . . . . . 16,222 4,602 0 =================================================================== Common Stock. . . . . . . . . 7,982 7,982 7,982 Paid-in Capital . . . . . . . 115,335 115,335 115,335 Accumulated Deficit . . . . . (136,210) (124,590) (119,988) Total Equity. . . . . . . . . (12,893) (1,273) 3,329 =================================================================== Total Liabilities and Equity. 3,329 3,329 3,329 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (A) PLAN OF OPERATION. The plan of operation for the next twelve months is to become trading on an exchange, NQB Pink Sheets and then OTCBB, become a full-reporting company, and raise capital through a registered offering. Upon raising sufficient capital we will launch operations. We are not presently accepted for quotation on OTCBB or NQB Pink Sheets. Our submission is pending. The first stage of operations will be to develop the details and structure of our projected web site and how the services will be provided to the target audience and the dealers, vendors and advertisers. The second stage will be to establish e-commerce partners for links for automotive service providers such as insurance, warranties, and financing and to create a database of vehicle information, contact information for dealers, and links to auto manufacturer sights for further vehicle descriptions. The third stage is to obtain initial 2 web advertising on various search engines and other high traffic Internet sites. Within six to eight months after receipt of capital from the registered offering, we will be able to roll-out the web site and advertising campaign and begin full operation. (1) CASH REQUIREMENTS AND OF NEED FOR ADDITIONAL FUNDS, TWELVE MONTHS. We expect to require substantial capital formation during the first twelve months of our operations. We cannot state at this time when our operations would launch for the following reasons. We cannot interest knowledgeable investors until our common stock can be quoted on the OTCBB. We cannot achieve quotation of our common stock until and unless this 1934 Registration of our common stock is effective and clear of comments by the staff of the Securities and Exchange Commission. We would expect our principal shareholder to provide interim funding until such time as we can attract investors. Realistically, we would require $1,000,000 to launch. We would expect to require an additional $1,000,000 to sustain us in operations for the first twelve months. Accordingly, we expect to require an additional $1,000,000 for the first twelve months of operation. We would need to interest knowledgeable investors to fund our initial launch, and would expect to raise that first $2,000,000 by the sale of common stock. It is possible that with a successful first funding and launch of operations, we would be able to secure interim loan financing to enable us to expand our business sufficiently to make further capital formation more attractive to investors. There is no assurance that our funding plans will be realized or that our requirements will be met. If we are not able to achieve this requirement, we may not be able to become or continue as a going concern. In this connection we refer to Note 2 of our audited financial statements: "The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company is dependent upon raising capital to continue operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management's plan to raise capital in order to define their operations, thus creating operating revenues." We further refer to Note 3: "The Company is a development stage company as defined in Financial Accounting Standards Board Statement 7. It is concentrating substantially all its efforts in raising capital and developing its business operations in order to generate significant revenues. We do not anticipate any contingency upon which we would voluntarily cease filing reports with the SEC, even though we may cease to be required to do so. It is in our compelling interest to report our affairs quarterly, annually and currently, as the case may be, generally to provide accessible public information to interested parties, and also specifically to maintain its qualification for the OTCBB, if and when the Issuer's intended application for submission be effective. (2) SUMMARY OF PRODUCT RESEARCH AND DEVELOPMENT. None. (3) EXPECTED PURCHASE OR SALE OF PLANT AND SIGNIFICANT EQUIPMENT. None. (4) EXPECTED SIGNIFICANT CHANGE IN THE NUMBER OF EMPLOYEES. None for the present. Following launch of operations, we would expect to require a staff of employees. The number required would grow as our operations might grow. (B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (1) OPERATIONS AND RESULTS FOR THE PAST TWO FISCAL YEARS. We have not launched operations since our inception on March 24, 1999, and have no operating history. Our activities have been organizational, and have focused on seeing our corporation audited and this 1934 Act Registration Statement prepared, and most recently, submission for quotation over the counter. 3 SELECTED FINANCIAL INFORMATION (UNAUDITED)
THIRD QUARTER. Inception 3/24/99 to Operations. . . . . . . . Three Months to 11/30 Nine Months to 11/30 11/30/00 2000 1999 2000 1999 2000 - ----------------------------------------------------------------------------------------------------------- Revenues: . . . . . . . . 0 0 0 0 0 General & Administrative. (11,620) 0 (16,222) (6,817) (136,210) Net (Loss). . . . . . . . (11,620) 0 (16,222) (6,817) (136,210) =========================================================================================================== Net (Loss) Per Share. . . (0.001) 0 (0.002) (0.001) (0.018) =========================================================================================================== Weighted Average Shares Outstanding . . . . . . . 7,981,500 6,981,120 7,981,500 6,895,380 7,655,920 ===========================================================================================================
The following compilation compares current quarter (unaudited) with previously reported audited information. Nine Six One OPERATIONS:. . . . . . Months Months Year SELECTED HISTORICAL. . Unaudited Audited Audited INFORMATION. . . . . . 11/30/00 8/31/00 2/29/00 - ---------------------------------------------------------- Revenues . . . . . . . 0 0 0 Operating Expenses . . 11,620 16,222 119,988 - ---------------------------------------------------------- Net Earnings or (Loss) (11,620) (16,222) (119,988) ========================================================== Per Share Earnings or (Loss). . . . . . (0.001) (0.00) (0.16) ========================================================== Average Common Shares Outstanding. . . . . . 7,981,500 7,981,500 7,480,724 ========================================================== (2) FUTURE PROSPECTS. We have disclosed an ambitious business plan. There can be no assurance that our plan will succeed in whole or in part. We may not be able to achieve our funding requirements. Even if substantial funding proves available, there is no assurance that our business will prove competitive or profitable. Our business may fail for any number of possible unforeseen contingencies. Start-up ventures such as ours are inherently speculative and fraught with risks of business failure. While management believes that its plan contains the strategy for success, the road to failure is filled with good intentions and missed opportunities. Caution must be expressed at this early stage of our development, that we may be disappointed in our expectations. 4 PART II: OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. None ITEM 2. CHANGE IN SECURITIES. None ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS. None ITEM 5. OTHER INFORMATION. None ITEM 6. REPORTS ON FORM 8-K. None EXHIBIT INDEX - -------------------------------------------------------------------------------- Exhibit FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- QF3-11/30/00 Un-Audited Financial Statements for the three months and nine months ended November 30, 2000 - -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-Q Report for the Quarter ended November 30, 2000, has been signed below by the following person on behalf of the Registrant and in the capacity and on the date indicated. Dated: November 30, 2000 FIRST AUTO, INC. by /s/Kirt W. James Kirt W. James Sole Officer/Director 5 - -------------------------------------------------------------------------------- EXHIBIT FQ3-11/30/00 UN-AUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS AND NINE MONTHS ENDED NOVEMBER 30, 2000 - -------------------------------------------------------------------------------- 6 FIRST AUTO, INC. BALANCE SHEET (UNAUDITED) For the fiscal year ended February 29, 2000 And for the nine months ended November 30, 2000
November 30, February 29, 2000 2000 - -------------------------------------------------------------------------------------- ASSETS CURRENT ASSETS Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,329 $ 3,329 ------------------------------ TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . 3,329 3,329 TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 3,329 $ 3,329 ============================== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Accounts payable . . . . . . . . . . . . . . . . . . . $ 16,222 $ 0 ------------------------------ Total Liabilities. . . . . . . . . . . . . . . . . . . 16,222 0 ------------------------------ STOCKHOLDERS' EQUITY Common Stock, $.001 par value; authorized 100,000,000 shares; issued and outstanding, 7,981,500 shares. . $ 7,982 $ 7,982 Additional Paid-In Capital . . . . . . . . . . . . . . 115,335 115,335 Accumulated Equity (Deficit) . . . . . . . . . . . . . (136,210) (119,988) ------------------------------ Total Stockholders' Equity . . . . . . . . . . . . . . (12,893) 3,329 ------------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . $ 3,329 $ 3,329 ==============================
The accompanying notes are an integral part of these financial statements. 7 FIRST AUTO, INC. STATEMENT OF OPERATIONS (UNAUDITED) November 30, 1999 and 2000
From Inception on From September From September From March From March March 24, 1, 2000 to. 1, 1999 to 1, 2000 to 24, 1999 to 1999 through November 30, November 30, November 30, November 30, November 30, 2000 1999 2000 1999 2000 - ---------------------------------------------------------------------------------------------------------- Revenues. . . . . . . . . $ 0 $ 0 $ 0 $ 0 $ 0 ------------------------------------------------------------------------------- Net Loss from Operations. 11,620 0 16,222 6,817 136,210 Net Income (Loss) . . . . ($11,620) $ 0 ($16,222) ($6,817) ($136,210) =============================================================================== Loss per Share. . . . . . $ (0.00146) $ 0 $ (0.00203) $ (0.00099) $ (0.01779) =============================================================================== Weighted Average Shares Outstanding. . 7,981,500 6,981,120 7,981,500 6,895,380 7,655,920 ===============================================================================
The accompanying notes are an integral part of these financial statements. 8 FIRST AUTO, INC. STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT)(UNAUDITED) From March 24, 1999 (inception) through February 29, 2000 And for the nine month period ended November 30, 2000
Additional Accumulated Total Stock- Common Par Paid-In Equity holders' Equity Stock Value Capital (Deficit) (Deficit) - --------------------------------------------------------------------------------------------------------- Common Stock issued at inception 6,816,500 $ 6,817 $ 0 $ 0 $ 6,817 Sale of Common Stock . . . . . . 1,165,000 1,165 115,335 0 0 Net (loss) during year ended February 29, 2000. . . . . . 0 0 0 (119,988) 0 ---------- ------------ ------------- ----------- ----------------- Balance at February 29, 2000 . . 7,981,500 $ 7,982 $ 115,335 ($119,988) $ 3,329 Net (loss) during period ended November 30, 2000. . . . . . 0 0 0 (16,222) 0 ---------- ------------ ------------- ----------- ----------------- Balance at November 30, 2000 . . 7,981,500 $ 7,982 $ 115,335 ($136,210) ($12,894)
The accompanying notes are an integral part of these financial statements. 9 FIRST AUTO, INC. STATEMENTS OF CASH FLOW (UNAUDITED) For the periods ended November 30, 1999 and 2000 From Inception on From March From March March 24, 1, 2000 to. 24, 1999 to 1999 through November 30, November 30, November 30, 2000 1999 2000 - ----------------------------------------------------------------------------- Operating activities Net Income (Loss) . . . . . . . . ($16,222) $ (6,817) ($136,210) Items not effecting cash (organization costs) . . . . 0 6,817 6,817 ----------------------------------------- Net Cash from Operations. . . . . (16,222) 0 (129,393) Cash from financing activities Income from sale of common stock. 0 62,500 116,500 Increase in accounts payable. . . 16,222 0 16,222 Beginning Cash. . . . . . . . . . 3,329 0 0 Ending Cash . . . . . . . . . . . $ 3,329 $ 62,500 $ 3,329 ========================================== The accompanying notes are an integral part of these financial statements. 10 FIRSTAUTO, INC. (A Development Stage Company) Notes to the Financial Statements November 30, 2000 FirstAuto, Inc. NOTES TO FINANCIAL STATEMENTS Oasis Entertainment's Fourth Movie Project, Inc. ("the Company") has elected to omit substantially all footnotes to the financial statements for the nine months ended November 30, 2000, since there have been no material changes (other than indicated in other footnotes) to the information previously reported by the Company in their Annual Report filed on Form 10-KSB for the Fiscal year ended February 29, 2000. 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. 11 -----END PRIVACY-ENHANCED MESSAGE-----