-----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, BvF7FLNId8bE+O2mk4bGT1ZUPC9D20MfEw3yEUlLCi/vYr1nbkfOPCOShvQH3o27 o375Kak/5MkEbecsS262TA== /in/edgar/work/20000614/0001012895-00-000214/0001012895-00-000214.txt : 20000919 0001012895-00-000214.hdr.sgml : 20000919 ACCESSION NUMBER: 0001012895-00-000214 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000430 FILED AS OF DATE: 20000614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PINE VIEW TECHNOLOGIES INC CENTRAL INDEX KEY: 0000786771 STANDARD INDUSTRIAL CLASSIFICATION: [6770 ] IRS NUMBER: 870429154 STATE OF INCORPORATION: NV FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 033-02310-D FILM NUMBER: 654770 BUSINESS ADDRESS: STREET 1: 612 E 4630 SOUTH CITY: SALT LAKE CITY STATE: UT ZIP: 84107 BUSINESS PHONE: 8012624100 MAIL ADDRESS: STREET 1: 1242 ROOSEVELT AVE CITY: SALT LAKE CITY STATE: UT ZIP: 84105 FORMER COMPANY: FORMER CONFORMED NAME: PINE VIEW TECHNOLOGIES CORP DATE OF NAME CHANGE: 19960608 10QSB 1 0001.txt APRIL 30, 2000 10QSB 1 SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-QSB [X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended: April 30, 2000 [ ] Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from _____________ to ____________ Commission File Number: 33-2310-D PINE VIEW TECHNOLOGIES CORPORATION ---------------------------------------------- (Name of Small Business Issuer in its charter) Nevada 87-0429154 - ------------------------------- -------------------------- (State or other jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 1242 Roosevelt Avenue, Salt Lake City, Utah 84105 ----------------------------------------------------- (Address of principal executive offices and Zip Code) (801) 485-1645 -------------------------------------------------- (Registrant's telephone number, including area code) 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. (1) Yes X No (2) 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. Common Stock, Par Value $0.001 10,501,000 - ------------------------------ ---------------------------- Title of Class Number of Shares Outstanding as of June 12, 2000 2 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PINE VIEW TECHNOLOGIES CORPORATION FINANCIAL STATEMENTS (UNAUDITED) The financial statements 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 footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the periods presented have been made. These financial statements should be read in conjunction with the accompanying notes, and with the historical financial information of the Company. 3 PINE VIEW TECHNOLOGIES CORPORATION (A Development Stage Company) CONDENSED BALANCE SHEETS ASSETS April 30, October 31, 2000 1999 --------- ---------- (Unaudited) CURRENT ASSETS: Cash in bank $60,759 $61,335 Prepaid expenses - 165 ------- ------- Total Current Assets $60,759 $61,500 ------- ------- TOTAL ASSETS $60,759 $61,500 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,215 $ 300 Income taxes payable - - ------- ------- Total Current Liabilities 1,215 300 ------- ------- STOCKHOLDERS' EQUITY: Common stock $.001 par value, 50,000,000 shares authorized, 10,501,000 shares issued and outstanding both periods 10,501 10,501 Capital in excess of par value 98,150 98,150 Deficit accumulated during the development stage (49,107) (47,451) ------- ------ Total Stockholders' Equity 59,544 61,200 ------- ------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $60,759 $61,500 ======= ======= The accompanying notes are an integral part of these financial statements. 4 PINE VIEW TECHNOLOGIES CORPORATION (A Development Stage Company) CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
From Inception on For the Three For the Six November 5, 1985 Months Ended Months Ended Through April 30, April 30, April 30, ----------------------------------------------------- -------- 2000 1999 2000 1999 2000 -------- -------- -------- -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (930) $ (1,167) $ (1,656) $ (1,580) $ (49,107) Adjustments to reconcile net income to net cash provided (used) by operating activities: Amortization expense - - - - 330 Realized loss on marketable securities - - - - 40,515 Changes in assets and liabilities: Prepaid expenses - - 165 - - Accounts payable 915 1,630 915 1,630 1,215 -------- -------- -------- --------- -------- Net cash provided (used) from operating activities (15) 463 (576) (50) (7,047) -------- -------- -------- -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Organization costs - - - - (300) Purchase of marketable securities - - - - (45,000) Sale of marketable securities - - - - 4,485 -------- -------- -------- -------- -------- Net cash flows provided (used) from investing activities - - - - (40,845) -------- -------- -------- -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds form common stock issuance - - - - 135,020 Cost of stock issuance - - - - (26,369) -------- -------- --------- --------- -------- Net cash flows from financing - - - - 108,651 activities -------- -------- --------- --------- -------- NET CASH PROVIDED (USED) DURING PERIOD (15) 463 (576) (50) 60,759 CASH AND CASH EQUIVALENTS-BEGINNING 60,774 6,245 61,335 64,658 - --------- -------- --------- -------- -------- CASH AND CASH EQUIVALENTS-ENDING $ 60,759 $ 64,708 $ 60,759 $ 64,708 60,759 SUPPLEMENT INFORMATION Taxes paid $ - $ - $ - $ - $ 3,291 -------- -------- -------- --------- -------- Interest paid $ - $ - $ - $ - $ 77 -------- -------- --------- --------- --------
The accompanying notes are an integral part of these financial statements. 5 PINE VIEW TECHNOLOGIES CORPORATION (A Development Stage Company) CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
From Inception on For the Three For the Six November 5, 1985 Months Ended Months Ended Through April 30, April 30, April 30, ----------------- ---------------- --------------- 2000 1999 2000 1999 2000 -------- -------- -------- --------- --------- REVENUE Interest income $ 485 $ 530 $ 972 $1,102 $ 53,709 -------- -------- -------- -------- -------- 485 530 972 1,102 53,079 -------- -------- -------- -------- -------- EXPENSES: Office and general - - 33 - 9,996 Amortization - - - - 110 Professional fees 1,415 1,697 2,595 2,682 33,246 Realized loss on marketable securities - - - - 40,515 Bad debt expense - - - - 12,823 Loss form operations of discontinued subsidiary - - - - 3,357 -------- -------- -------- -------- -------- Total Expenses 1,415 1,697 2,628 2,682 100,017 -------- -------- -------- -------- -------- NET INCOME (LOSS) BEFORE TAXES (930) (1,167) (1,656) (1,580) (46,308) TAX (EXPENSE) BENEFIT - - - - (2,799) -------- -------- -------- -------- -------- NET INCOME (LOSS) $ (930) $ (1,167) $ (1,656) $ (1,580) $(49,107) -------- -------- -------- -------- -------- INCOME (LOSS) PER SHARE $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.00) -------- --------- -------- -------- --------
The accompanying notes are an integral part of these financial statements. 6 PINE VIEW TECHNOLOGIES CORPORATION (A Development Stage Company) UNAUDITED NOTES TO FINANCIAL STATEMENTS NOTE 1 - CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operation and cash flows at January 31, 2000 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's October 31, 1999 audited financial statements. The results of operations for the periods ended January 31, 2000 and 1999 are not necessarily indicative of the operating results for the full year. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS - ------------------------------------------------- This periodic report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive positions, growth opportunities for existing products, plans and objectives of management. Statements in this periodic report that are not historical facts are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Exchange Act and Section 27A of the Securities Act. General - ------- Pine View Technologies Corporation, a Nevada corporation, (the "Company") was incorporated under the laws of the State of Nevada on November 5, 1985. The Company was organized to engage in the acquisition of assets, properties or a business without regard to any specific industry or type of business. In connection with the Company's organization, it issued 4,000,000 shares of its common stock, par value $0.001 per share (the "Common Stock"), to the Company's original founders and officers and directors. Additionally, the Company engaged in a public offering of its securities at an offering price of $0.02 per share of its common stock, par value $0.001 per share (the "Common Stock"). The offering was pursuant to a registration statement filed with the Securities and Exchange Commission with the registration statement declared effective on March 16, 1987. Pursuant to the registration statement, the Company sold 6,501,000 shares of Common Stock raising gross proceeds of $130,020. Since the completion of its public offering, the Company has not engaged in any significant operations other than investigating potential business opportunities, none of which have come to fruition. The Company intends to take advantage of any reasonable business proposal presented which management believes will provide the Company and its stockholders with a viable business opportunity. The board of directors will make the final approval in determining whether to complete any acquisition, and unless required by applicable law, the articles of incorporation, bylaws or by contract, stockholders' approval may not be sought. The investigation of specific business opportunities and the negotiation, drafting, and execution of relevant agreements, disclosure documents, and other instruments will require management time and attention and will require the Company to incur costs for payment of accountants, attorneys, and others. If a decision is made not to participate in or complete the acquisition of a specific business opportunity, the costs incurred in a related investigation will not be recoverable. Further, even if agreement is reached for the participation in a specific business opportunity by way of investment or otherwise, the failure to consummate the particular transaction may result in the loss to the Company of all related costs incurred. 8 Currently, management is not able to determine the time or resources that will be necessary to complete the participation in or acquisition of any future business prospect. There is no assurance that the Company will be able to acquire an interest in any such prospects, products or opportunities that may exist or that any activity of the Company, regardless of the completion of any participation in or the acquisition of any business prospect, will be profitable. The Company has agreed with Noland Schneider, a principal shareholder of the Company, to allow him to investigate and negotiate potential acquisitions and mergers on behalf of the Company. Presently, Mr. Schneider is not being paid a fee for his services, however, should his efforts prove successful, the Company and Mr. Schneider may agree on some form of compensation. Management of the Company anticipates that Mr. Schneider will have a significant voice in any proposed merger or acquisition given his business experience and shareholdings in the Company. Liquidity and Capital Resources - ------------------------------- As of April 30, 2000, the Company had assets of $60,759 and $1,215 in liabilities resulting in Working Capital of $59,544. The Company has only incidental ongoing expenses. For the three and six months ended April 30, 2000, the Company had expenses of $1,415 and $2,628, respectively. These expenses primarily consisted of professional fees associated with maintaining the Company's financial statements and SEC reporting obligations. The Company will continue to pay for professional fees associated with maintaining its reporting obligations with the SEC. These expenses have remained fairly constant from prior years. Management anticipates that the Company will incur substantial cost including legal and accounting fees to locate and complete a merger or acquisition. At the present time the Company has the assets to meet these financial requirements. The Company does not, however, have assets to entice potential businesses to enter into transactions with the Company. Since inception the Company has not generated revenue and it is unlikely that any revenue will be generated until the Company locates a business opportunity with which to acquire or merge. Management of the Company will be investigating various business opportunities with which to acquire or merge. These efforts may cost the Company not only out of pocket expenses for its management but also expenses associated with legal and accounting cost. There can be no guarantee that the Company will receive any benefits from the efforts of management to locate business opportunities. If and when the Company locates a business opportunity, management of the Company will give consideration to the dollar amount of that entity's profitable operations and the adequacy of its working capital in determining the terms and conditions under which the Company would consummate such an acquisition. Potential business opportunities, no matter which form they may take, will most likely result in substantial dilution for the Company's shareholders as it has only limited capital and no operations. The Company has had no employees since its inception and does not intend to employ anyone in the future, unless its present business operations were to change. The president of the Company is providing the Company with a location for its offices on a "rent free basis" and no salaries or other form of compensation are being paid by the Company for the time and effort required by management to run the Company. The Company does intend to reimburse its officers and directors for out of pocket cost. 9 Results of Operations - --------------------- The Company's has no operations except preliminary investigation of one or more potential business opportunities, none of which have come to fruition. The only revenue is from interest which was $485 for the three months ended April 30, 2000. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. ITEM 2. CHANGES IN SECURITIES None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None. ITEM 5. OTHER INFORMATION None. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits. --------- No exhibits are included as they are either not required or not applicable. (b) Reports on Form 8-K. -------------------- None 10 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. PINE VIEW TECHNOLOGIES CORPORATION, INC. [Registrant] Dated: June 12, 2000 By:/s/Stephen B. Cluff, President and Principal Financial Officer EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 6-MOS OCT-31-2000 APR-30-2000 60,759 0 0 0 0 60,759 0 0 60,759 1,215 0 0 0 108,651 (49,544) 60,759 0 485 0 1,415 0 0 0 (930) 0 0 0 0 0 (930) (0.00) (0.00)
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