FDKP, net profit up 87%, from quarter ended June 30th
2000.Also revenues up.I do not know of many stocks that sell for .025 to have net profits.
November 08, 2000
FINDERS KEEPERS INC (FDKP.OB)
Quarterly Report (SEC form 10QSB)
Management's Discussion and Plan of Operation
Forward-Looking Statements
This Quarterly Report contains forward-looking statements about our business, financial condition and prospects that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. If any of our assumptions should prove incorrect, or if any of the risks and uncertainties underlying such expectations should materialize, our actual results may differ materially from those indicated by the forward-looking statements.
The key factors that are not within our control and that may have a direct bearing on operating results include, but are not limited to, the acceptance of our services, our ability to file and realize claims, our ability to raise capital in the future, the retention of key employees and changes in the regulation of our industry.
There may be other risks and circumstances that we are unable to predict. When used in this Quarterly Report, words such as, "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions. All forward-looking statements are intended to be covered by the safe harbor created by Section 21E of the Securities Exchange Act of 1934.
General
Finders Keepers, Inc., provides confidential, unclaimed property location services to the public and to leading corporations. We assist clients in obtaining information regarding lost or forgotten estates, unclaimed assets and/or financial belongings anywhere in the United States, which have escheated to the state or federal government and governmental agencies.
We were organized as a Nevada corporation on May 28, 1999. Our principal source of revenue is derived from a $9.95 fee received for performing an initial search for unclaimed or lost assets. In addition, the Company receives a 15% recovery fee upon the collection of lost, unclaimed or escheated property.
The executives of Finders Keepers, Inc. have over three years experience in this niche market. Their expertise includes the processing of Estate Claims that often involved the location of the rightful heirs of the estate, and the statutes and operations of Surrogate Courts.
Results of Operation
Due to the increase in demand for our services we have upgraded our computer, database and telephone systems in order to be more competitive and to handle the volume of calls we are currently and expect to receive. We have upgraded and improved the format of our website design and content, www.moneychest.com, because we believe that it will offer our clients a more thorough resource to learn about our services and to have the ease of use to request the process of claims online. We experience approximately 9,000 to 11,000 hits on our website a month, however, our main focus is on locating lost, unclaimed, or escheated property and then locating the rightful owner of the property ourselves. This is where we believe we will experience the greatest revenue growth.
Our revenues for the quarter ended September 30, 2000 were $144,269. This represents a 14% increase from the quarter ended June 30, 1999, when we reported revenue of $126,516. All revenue is attributable to the realization of the collection of our fees related to the collection of claims previously filed with various state agencies. Costs of goods for the quarter ended September 30, 2000 were $117,749. This represents the funds paid to the client net of the Company's finder and processing fees. After expenses we reported net income of $8,272, an 87% increase over the net income of $4,424 reported June 30, 2000.
Future Business
Our goal is to relocate and lease office facilities by the end of fiscal year 2000 to facilitate our expansion and the hiring of two additional employees to assist in the processing of claims. We foresee a continuing increase in demand for our services and hope to be able to expand operations along the east coast by early 2001.
Liquidity and Capital Resources
Since inception, we have funded our primary operations primarily through the sale of our equity securities. On September 2, 1999, we completed an offering of our securities whereby we sold 777,208 shares at a price of $0.10 for total cash of $63,630 and in lieu of services rendered in the amount of $14,091. Current expenses can be supported by existing revenues, however, should we decide to expand on a larger scale, additional funding would be required.
During the quarter ended September 30, 2000, $18,103 was used in general operations.
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