U. S. 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 quarterly period ended June 30, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
-------------- ---------------
Commission File No. 2-76219-NY
New Environmental Technologies Corporation
------------------------------------------
(Name of Small Business Issuer in its Charter)
NEVADA 11-2609717
------ ----------
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
9005 Cobble Canyon Lane
Sandy, Utah 84093
-----------------
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 942-0555
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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 No X (2) Yes X No
--- --- --- ---
PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date:
December 15, 2000
2,620,326
---------
PART I - FINANCIAL INFORMATION
NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION
(A Development Stage Company)
FINANCIAL STATEMENTS
June 30, 1999 and December 31, 1998
NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION
(A Development Stage Company)
Balance Sheets
ASSETS
June 30, December 31,
1999 1998
(Unaudited)
CURRENT ASSETS
Cash $ 82 $ 106
TOTAL ASSETS $ 82 $ 106
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 15,308 $ 13,808
Accounts payable - related party (Note 2) 8,010 7,410
Total Liabilities 23,318 21,218
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock authorized 100,000,000 shares at
$0.001 par value; 2,620,326 and 2,620,326 shares
issued and outstanding, respectively 2,620 2,620
Additional paid-in capital 150,692 150,692
Deficit accumulated during the development stage (176,548) (174,424)
Total Stockholders' Equity (Deficit) (23,236) (21,112)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ 82 $ 106
NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION
(A Development Stage Company)
Statements of Operations
(Unaudited)
From
Inception on
For the For the January 7,
Six Months Ended Three Months Ended 1982 Through
June 30, June 30, June 30,
1999 1998 1999 1998 1999
REVENUES $ - $ - $ - $ - $ -
EXPENSES 2,124 2,479 512 2,362 176,548
NET LOSS $(2,124) $(2,479) (512) $(2,362)$(176,548)
BASIC LOSS PER SHARE $ (0.00) $ (0.00) $ (0.00) $ (0.00)
BASIC WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 2,620,326 2,620,326 2,620,326 2,620,326
NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION
(A Development Stage Company)
Statements of Stockholders Equity (Deficit)
Deficit
Accumulated
Additional During the
Common Stock Paid-in Development
Shares Amount Capital Stage
Balance, January 7, 1982 - $ - $ - $ -
Common stock issued for cash
at $7.50 per share 6,000 6 45,000 -
Common stock issued for cash
at $0.39 per share 168,503 169 65,819 -
Net loss from inception on
January 7, 1982 through
December 31, 1982 - - - (39,597)
Balance, December 31, 1982 174,503 175 110,819 (39,597)
Net loss for the year ended
December 31, 1983 - - - (71,397)
Balance, December 31, 1983 174,503 175 110,819 (110,994)
Common stock issued for cash
at $25.00 per share 57 - 1,425 -
Common stock issued for cash
at $25.00 per share 3 - 75 -
Common stock issued for cash
at $0.25 per share 1,580,000 1,580 38,373 -
Net loss for the year ended
December 31, 1984 - - - -
Balance, December 31, 1984 1,754,563 1,755 150,692 (110,994)
Retired common stock, (1,296,132) (1,297) - -
Net loss for the year ended
December 31, 1985 - - - -
Balance, December 31, 1985 458,431 458 150,692 (110,994)
Net loss for the year ended
December 31, 1986 - - - -
Balance, December 31, 1986 458,431 458 150,692 (110,994)
Net loss for the year ended
December 31, 1987 - - - -
Balance, December 31, 1987 458,431 458 150,692 (110,994)
Net loss for the year ended
December 31, 1988 - - - -
Balance, December 31, 1988 458,431 458 150,692 (110,994)
Net loss for the year ended
December 31, 1989 - - - -
Balance, December 31, 1989 458,431 458 150,692 (110,994)
Net loss for the year ended
December 31, 1990 - - - -
Balance, December 31, 1990 458,431 458 150,692 (110,994)
Net loss for the year ended
December 31, 1991 - - - -
Balance, December 31, 1991 458,431 458 150,692 (110,994)
Net loss for the year ended
December 31, 1992 - - - -
Balance, December 31, 1992 458,431 458 150,692 (110,994)
Net loss for the year ended
December 31, 1993 - - - -
Balance, December 31, 1993 458,431 458 150,692 (110,994)
Canceled common stock (316,000) (316) - -
Net loss for the year ended
December 31, 1994 - - - (6,656)
Balance, December 31, 1994 142,431 142 150,692 (117,650)
Common stock issued for
services at $0.001 per
share 160,000 160 - -
Common stock issued for
services at $0.001 per
share 2,197,895 2,198 - -
Net loss for the year ended
December 31, 1995 - - - (49,097)
Balance, December 31, 1995 2,500,326 2,500 150,692 (166,747)
Common stock issued for
services at $0.001 per
share 120,000 120 - -
Net loss for the year ended
December 31, 1996 - - - (1,681)
Balance, December 31, 1996 2,620,326 2,620 150,692 (168,428)
Net loss for the year ended
December 31, 1997 - - - (3,517)
Balance, December 31, 1997 2,620,326 2,620 150,692 (171,945)
Net loss for the year ended
December 31, 1998 - - - (2,479)
Balance, December 31, 1998 2,620,326 $ 2,620 $ 150,692 $(174,424)
Net loss for the six months
ended June 30, 1999
(unaudited) - - - (2,124)
Balance, June 30, 1999
(unaudited) 2,620,326 $ 2,620 $ 150,692 $(176,548)
NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
From
Inception on
For the For the January 7,
Six Months Ended Three Months Ended 1982 Through
June 30, June 30, June 30,
1999 1998 1999 1998 1999
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss $ (2,124) $ (2,479) $ (512) $(2,362) $(176,548)
Adjustments to reconcile
net loss to net cash used
by operating activities:
Common stock issued for
services - - - - 2,538
Increase (decrease) in
accounts payable 2,100 2,445 500 2,345 23,319
Net Cash Used by
Operating Activities (24) (34) (12) (17) (150,691)
CASH FLOWS FROM INVESTING
ACTIVITIES: - - - - -
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of common stock for
cash - - - - 150,773
Net Cash Provided by Financing
Activities - - - - 150,773
NET INCREASE (DECREASE)
IN CASH (24) (34) (12) (17) 82
CASH AT BEGINNING OF PERIOD 106 173 94 156 -
CASH AT END OF PERIOD $ 82 $ 139 $ 82 $ 139 $ 82
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION
Cash paid for:
Interest $ - $ - $ - $ - $ -
Income taxes $ - $ - $ - $ - $ -
NEW ENVIRONMENTAL TECHNOLOGIES CORPORATION
(A Development Stage Company)
Notes to the Financial Statements
June 30, 1999 and December 31, 1998
NOTE 1 - ORGANIZATION
The financial statements presented are those of New Environmental
Technologies Corporation (the Company). The Company was incorporated
as "All Things, Inc." under the laws of the State of Nevada on January
7, 1982. On March 21, 1985, the Company changed its name to "New
Environmental Technologies Corporation." The Company was organized for
the purpose of engaging in any activity or business not in conflict
with the laws of the State of Nevada or of the United States of
America, and without limiting the generality of the foregoing,
specifically:
a. To have and to exercise all the powers now or hereafter conferred
by the laws of the State of Nevada upon corporations organized pursuant
to the laws under which the corporation is organized and any and all
acts amendatory thereof and supplemental thereto.
b. To discount and negotiate promissory notes, drafts, bills of
exchange and other evidence of debts, and to collect for others money
due them on notes, checks, drafts, bills of exchange, commercial paper
and other evidence of indebtedness.
c. To purchase or otherwise acquire, own, hold, lease, sell, exchange,
assign, transfer, mortgage, pledge, or otherwise dispose of, to
guaranty, to invest, trade and deal in and with personal property of
every class and description.
d. To enter into any kind of contract agreement or profit sharing plan
with its officers or employees that the Company may deem advantageous
or expedient or otherwise to reward or pay such persons for their
services as the directors may deem fit.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Accounting Method
The Company's financial statements are prepared using the accrual
method of accounting. The Company has elected a December 31 year end.
b. Basic Loss Per Share
The computation of basic loss per share of common stock is based on the
weighted average number of shares outstanding during the period of the
financial statements.
c. Provision for Taxes
At June 30, 1999, the Company has net operating loss carryforwards of
approximately $65,000 that may be offset against future taxable income
through 2014. No tax benefit has been reported in the financial
statements, because the Company believes that the net operating loss
tax benefit will more likely than not expire unused.
d. Related Party Transactions
Included in accounts payable is $8,010 due to a controlling
shareholder.
e. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ
from those estimates.
f. Unaudited Financial Statements
The accompanying unaudited financial statements include all of the
adjustments which, in the opinion of management, are necessary for a
fair presentation. Such adjustments are of a normal, recurring nature.
NOTE 3 - STOCK SPLITS
On August 10, 1984, the Company authorized a 1-for-10 stock split of
common stock.
On July 16, 1984, the Company authorized a 1-for-10 stock split of
legend stock.
On September 21, 1984, the Company authorized a 1-for-60 stock split of
legend stock.
On January 11, 1985, the Company authorized a 1-for-60 stock split of
legend stock.
On January 22, 1985, the Company authorized a 60-for-1 stock split of
legend stock.
On August 27, 1985, the Company authorized a 1-for-250 stock split of
all stock.
The financial statements reflect these stock splits on a retroactive
basis.
NOTE 4 - GOING CONCERN
The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern which
contemplates the realization of assets and liquidation of liabilities
in the normal course of business. The Company has not established
revenues sufficient to cover its operating costs and allow it to
continue as a going concern. The Company is seeking a merger with an
existing, operating company. In the interim, management has committed
to covering all operating and other costs.
NOTE5 - DISCONTINUED OPERATIONS
In 1985, the Company discontinued operations and was reclassified as a
development stage company. All revenues generated by the Company have
been netted against the expenses and are grouped into the discontinued
operations line on the statements of operations.
Item 2. Management's Discussion and Analysis or Plan of Operation.
--------------------------------------------------------------------
Plan of Operation.
------------------
The Company has not engaged in any material operations since the
calendar year ended December 31, 1985, or during the quarterly period ended
June 30, 1999.
The Company's plan of operation for the next 12 months is to:(i)
consider guidelines of industries in which the Company may have an interest;
(ii) adopt a business plan regarding engaging in business in any selected
industry; and (iii) to commence such operations through funding and/or the
acquisition of a "going concern" engaged in any industry selected.
During the next 12 months, the Company's only foreseeable cash
requirements will relate to maintaining the Company in good standing or the
payment of expenses associated with reviewing or investigating any potential
industries as a business venture, which the Company expects to pay from its
cash resources or loans from makers of management.
Results of Operations.
----------------------
During the quarterly period ended June 30, 1999, the Company
had no business operations. During this period, the Company received total
revenues of $0 and had net income (loss) of $(2,124).
Liquidity.
----------
At June 30, 1999, the Company had $82 in current assets, with total
current liabilities of $23,318. Total stockholder's equity was $(23,236).
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
----------------------------
None; not applicable.
Item 2. Changes in Securities.
--------------------------------
None; not applicable.
Item 3. Defaults Upon Senior Securities.
------------------------------------------
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
--------------------------------------------------------------
None; not applicable.
Item 5. Other Information.
----------------------------
None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
-------------------------------------------
(a) Exhibits.
Financial Data Schedule.
(b) Reports on Form 8-K.
None.
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.
New Environmental Technologies Corporation
Date: 12/22/00 By/S/David C. Merrell
-------------- -------------------------------------
David C. Merrell
Director and President
Date: 12/22/00 By/S/Corie Merrell
-------------- -------------------------------------
Corie Merrell
Secretary and Treasurer