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NOTE H-STOCKHOLDERS' EQUITY:
Preferred stock: The Company is authorized to issue 20,000,000 shares of preferred stock at a par value of $0.001 per share. There were no shares issued and outstanding as of March 31, 2000.
Common stock: The Company is authorized to issue 50,000,000 common shares of at a par value of $0.001 per share. These shares have full voting rights. There were 10,042,052 shares issued and outstanding as of March 31, 2000. The Registrant has not paid a dividend to its stockholders.
NOTE I-LEASED EMPLOYEES:
The Registrant uses a third party to employee all personnel including one officer of the Registrant. This third party leases the personnel to the Registrant for a premium of approximately 15% of gross wages paid.
NOTE J-INCOME TAXES:
The Company has net operating loss carryforwards of approximately $600,000 at March 31, 2000 that is available to offset future income tax liability. Approximately $137,000 is net operating losses acquired as a result of the merger. No deferred tax asset has been recognized for the operating loss carryforward as any valuation allowance would reddee the benefit to zero. These losses begin to expire in 2009.
ITEM 2. MANAGEMENT'S DISCUSSION AMD ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Registrant formed its corporation an February 1, 1999. it had acquired most of the assets from an existing Oklahoma corporation and has continued to do business as Vista InterNatural Products 1, Inc. The registrant has considerable knowledge and experience in the area of multilevel marketing of nutritional supplements and body care products.
PRODUCTS:
The Registrant currently offers a full line of leading edge nutritional supplements, personal care, home and auto, and pest control products of the highest quality. Several of these products are of a proprietary nature and are manufactured exclusively for the Registrant. The'Registrant is continually seeking new leading edge products to add to its already successful product line. The Registrant directly contracts with independent manufacturers to produce its products in accordance with highest quality standards attainable. There are several qualified manufacturers available to the Registrant to produce and package the products sold. All dietary and nutritional supplements are produced in licensed pharmaceutical laboratories for maximum quality control.
The Registrant is also developing supplier relationships that will give first priority for its packaging in order to supply quality packaging in short notice situations. This feature will greatly benefit the Registrant as it increases inventory to match its anticipated rapid growth.
Several of the key ingredients are kept on hand to avoid costly supply delays.
The Registrant anticipates its inventory requirements on a ninety day forward requirement. The Registrant also carries a substantial quantity of preprinted packaging products to avoid unnecessary delays.
Registrant incurred a loss in the amount of $343,164 for the six month period ended March 31, 2000. These losses were anticipated as the Registrant demanded that the level of quality and service be maintained at a high standard experienced by management. Cost of sales in the amount of $175,287 comprised of product purchases, commissions, contract labor, and freight was approximately 9% of sales which is comparable to enterprises in the same industry and similar size. Operating expenses such as leased employees and general and administrative expenses amounted to $373,539 for the six months. As sales increase with expansion the operating expenses should be increase only slightly and place the registrant in a profitable position.
Revenue
Revenue is from the sale of nutritional supplements and body care products sold through its network of distributors. The company also receives additional income through a referral arrangement that it has developed.
Cost of sales:
For the six months ended March 31, 2000, cost of sales totaling $175,287 consisted of the following:
Purchases and inventory sold 76,242
Commissions and contract labor 90,427
Freight 8,618
Total 175,287
Operating expenses:
Operating expenses totaling $373,539 for the six months consisted of the following:
Lease employees 179,901
General and administrative 193,638
Total 373,539
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