-----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, Hm/V7OL/3RINolUd2rh1KC9KJxZC1EdMiE45hdigDsYHyrSszXlkQk6FFMYxYc8D PebdWx4/yP0boUc3crHuNg== /in/edgar/work/20000811/0000950116-00-001865/0000950116-00-001865.txt : 20000921 0000950116-00-001865.hdr.sgml : 20000921 ACCESSION NUMBER: 0000950116-00-001865 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL ASSET HOLDINGS INC CENTRAL INDEX KEY: 0001099730 STANDARD INDUSTRIAL CLASSIFICATION: [9995 ] IRS NUMBER: 650722193 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-15489 FILM NUMBER: 693535 BUSINESS ADDRESS: STREET 1: 57 THE CIRCLE CITY: GLEN HEAD STATE: NY ZIP: 11545 BUSINESS PHONE: 5167593017 MAIL ADDRESS: STREET 1: 57 THE CIRCLE CITY: GLEN HEAD STATE: NY ZIP: 11545 10-Q 1 0001.txt FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q __X__ Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the Quarterly period ended June 30, 2000. _____ 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 011-15499 Global Assets Holdings Incorporated --------------------------------------------- (Exact name of small business issuer as specified in its Charter) Florida 65-0722193 - ------------------------------- --------------------------------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 12000 Biscayne Blvd., Suite 103, Miami, Florida 33181 -------------------------------------------------------------------- (Address of principal executive officers) 305-981-9955 -------------------- (Telephone) 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 _______ As of July 17, 2000, Registrant had outstanding 4,000,000 shares of Common Stock, $.001 par value. GLOBAL ASSET HOLDINGS, INCORPORATED Table of Contents PART I - FINANCIAL INFORMATION Item 1. Financial Statements: The attached unaudited financial statements of Global Asset Holdings, Incorporated (the "Company") reflect all adjustments which are, in the opinion of management, necessary to present a fair statement of the operating results for the interim period presented. F-1 Balance Sheet Statement of operations for the six months ended June 30, 2000 and 1999 and the period June 15, 1994 (date of inception) to June 30, 2000 F-2 Statement of operations for the three months ended June 30, 2000 and 1999 F-3 Statement of cash flows for the six months ended June 30, 2000 and 1999 and the period June 15, 1994 (date of inception) to June 30, 2000 F-4 Schedule of general and administrative expenses for the six months ended June 30, 2000 and 1999 and the period June 15, 1994 (date of inception) to June 30, 2000 F-5 Schedule of general and administrative expenses for the three months ended June 30, 2000 and 1999 F-6 Notes to financial statements F-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. F-8 Signatures Part II. Other Information Item 6. Exhibits and Reports on Form 8K 1. Exhibits 27. Financial Data Schedule GLOBAL ASSET HOLDINGS, INCORPORATED (A Development Stage Company) BALANCE SHEET June 30, 2000 (Unaudited) ASSETS Total assets $ -- ======= LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accrued expenses payable $ 3,619 ------- Total current liabilities 3,619 ------- Long-Term Liabilities: Loan payable 46,322 ------- Total long-term liabilities 46,322 ------- Total liabilities 49,941 ------- Stockholders' Deficit: Preferred stock, $.001 par value per share, 10,000,000 shares authorized and -0- issued and outstanding Common stock, $.001 par value per share, 50,000,000 shares authorized and 4,000,000 shares issued and outstanding in 2000 4,000 Additional paid in capital in excess of par value 1,000 Deficit accumulated during development stage (54,941) ------- Total stockholders' deficit (49,941) ------- Total liabilities and stockholders' deficit $ -- ======= F-1 GLOBAL ASSET HOLDINGS, INCORPORATED (A Development Stage Company) STATEMENTS OF OPERATIONS For the six months ended June 30, 2000 and 1999 and the period June 15, 1994 (date of inception) to June 30, 2000 Six months ended June 15, 1994 June 30, (Inception) to 2000 1999 June 30, 2000 -------- -------- -------------- Income $ -- $ -- $ -- Expenses General and administrative 11,567 17,143 54,941 -------- -------- -------- Total expenses (11,567) (17,143) (54,941) -------- -------- -------- Net (loss) during development stage $(11,567) $(17,143) $(54,941) ======== ======== ======== Net (loss) per share (basic) based upon 4,000,000 weighted average shares outstanding $ (0.003) $ (0.004) $ (0.014) ======== ======== ======== F-2 GLOBAL ASSET HOLDINGS, INCORPORATED (A Development Stage Company) STATEMENTS OF OPERATIONS For the three months ended June 30, 2000 and 1999 Three months ended June 30, 2000 1999 ------ ------ Income $ -- $ -- Expenses General and administrative -- 9,118 ------- ------- Total expenses -- (9,118) ------- ------- Net (loss) during development stage $ -- $(9,118) ======= ======= Net (loss) per share (basic) based upon 4,000,000 weighted average shares outstanding $ -- $(0.002) ======= ======= F-3 GLOBAL ASSET HOLDINGS, INCORPORATED (A Development Stage Company) STATEMENT OF CASH FLOWS For the six months ended June 30, 2000 and 1999 and the period June 15, 1994 (date of inception) to June 30, 2000
Six months ended June 15, 1994 June 30, (Inception) to 2000 1999 March 31, 2000 -------- -------- -------------- Cash Flows from Operating Activities: Net (loss) $(11,567) $(17,143) $(54,941) -------- -------- -------- Adjustments to Reconcile Net Loss to Net Cash (Used in) Operating Activities: Changes in Assets and Liabilities: Increase in accrued expenses payable 897 -- 8,672 -------- -------- -------- Total adjustments 897 -- 8,672 -------- -------- -------- Net cash (used in) operating activities (10,670) (17,143) (46,269) -------- -------- -------- Cash Flows from Investing Activities: Issuance of common stock -- -- 5,000 -------- -------- -------- Cash Flows from Financing Activities: Borrowings from outside parties 10,670 17,143 41,269 -------- -------- -------- Net cash provided by financing activities 10,670 17,143 41,269 -------- -------- -------- Increase (Decrease) in cash -- -- -- Cash, beginning of period -- -- -- -------- -------- -------- Cash, end of period $ -- $ -- $ -- ======== ======== ========
F-4 GLOBAL ASSET HOLDINGS, INCORPORATED (A Development Stage Company) SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES For the six months ended June 30, 2000 and 1999 and the period June 15, 1994 (date of inception) to June 30, 2000
Six months ended June 15, 1994 June 30, (Inception) to 2000 1999 June 30, 2000 ------- ------- ------------- Accounting $ 2,726 $ -- $18,826 Legal 2,517 15,000 24,729 Public relations -- 1,050 1,050 Stockholder expenses 1,387 1,093 2,524 Administrative and filing fees 4,937 -- 7,812 ------- ------- ------- Total general and administrative expenses $11,567 $17,143 $54,941 ======= ======= =======
F-5 GLOBAL ASSET HOLDINGS, INCORPORATED (A Development Stage Company) SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES For the three months ended June 30, 2000 and 1999 and the period June 15, 1994 (date of inception) to June 30, 2000 Three months ended June 30, 2000 1999 ------ ------- Accounting $ -- $ -- Legal -- 7,500 Public relations -- 525 Stockholder expenses -- 1,093 Administrative and filing fees -- -- ------ ------- Total general and administrative expenses $ -- $ 9,118 ====== ======= F-6 GLOBAL ASSET HOLDINGS, INCORPORATED (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS June 30, 2000 Note 1 - Basis of Presentation: The financial information included herein is unaudited, however, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The results of operations for the six month period ended June 30, 2000, are not necessarily indicative of the results to be expected for the full year. For the quarter ended June 30, 2000, the Company remained inactive. The Company was advanced $10,670 during the first quarter 2000 to cover various legal, accounting and other administrative expenses by a non-related party. F-7 GLOBAL ASSET HOLDINGS, INCORPORATED (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS June 30, 2000 Item 2 - Management's Discussion and Analysis or Plan of Operations Plan of Operation: The Company will continue to explore possible acquisitions. Its future will be dictated by requirements of any transactions and needs of any acquired entity. General: The following discussion and analysis should be read in conjunction with the financial statements and related notes contained elsewhere in this statement. As the Company has had no operations to date, if an acquisition is consummated, comparisons between 1998 or 1999 and any future periods would not be indicative of future year-to-year comparisons. The First Six Months of 2000 Compared to 1999 Fiscal Year: During the quarter's end June 30, 2000, the six month period ended June 30, 2000 and fiscal year ended December 31, 1999 the Company derived no revenues from operations. In 1999, the Company incurred expenses in connection with potential transactions, but did not incur similar expenses during the first six months of 2000. Liquidity: Although the Company has had no operations to date, it incurred expenses, including legal fees, during its 1999 and first quarter 2000 fiscal year in connection with proposed transactions that were not consummated. Funds for the payment of these expenses were obtained through loans made to the Company by two entities affiliated with the Company's sole director and chief executive officer, Martin Miller. See Item 12 "Certain Relationships and Related Transactions". The Company's future needs will be dictated by requirements of any acquisition transactions which it may pursue and the availability of bank financing for any such transaction. F-8 SIGNATURES In accordance with Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized. GLOBAL ASSET HOLDINGS, INCORPORATED Dated: August 7, 2000 By: /s/Irving Greenman ------------------------------------- Irving Greenman, President EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 6-MOS JUN-30-2000 JUN-30-2000 0 0 0 0 0 0 0 0 0 3,619 0 0 0 4,000 (53,941) 0 0 0 0 0 11,567 0 0 (11,567) 0 0 0 0 0 (11,567) (0.003) (0.003)
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