Shell stocks are rocking lately.VITCE .01,filed and losing E.
I see below on the Q bold,looking for acquisition,
and transactions that were made at .10 per share by my calculations.WOW I say .10 per share, when stock was selling for .01 per share, that time?
I guess someone thinks that the stock is going well over .10 in the future.Hmmm.
During the third quarter the company sustained a concentrated effort towards finding business opportunities suitable for acquisition.
During March 2003, the Company issued 150,000 shares of common stock for accrued expenses of $15,000.
During March 2003, the Company issued 3,975,000 shares of common stock for services valued at $397,500.
During March 2003, the Company issued 620,000 shares of common stock for notes payable of $62,000.
As of September 30, 2003, 18,845,974 shares of Common Stock were outstanding.
Transitional Small Business Disclosure Format (Check one):
Yes [ ] No [X]
1
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VersaTech, USA
Form 10-QSB
TABLE OF CONTENTS
Page
Number
Part I Financial Information
Item 1 Financial Statements 3
Consolidated Balance Sheets as of
September 30, 2003 3-4
Consolidated Statements of Operations
for the three months ended
September 30, 2003 and 2002 5
Consolidated Statements of Cash Flows
for the three months ended
September 30, 2003 and 2002 6
Notes to Financial Statements 7
Item 2 Management's Discussion and Analysis
or Plan of Operation 8
Part II Other Information 9
Item 1 Legal Proceedings 9
Item 2 Changes in Securities and Use of
Proceeds 9
Item 3 Defaults upon Senior Securities 9
Item 4 Submission of Matters to a Vote of
Security Holders 9
Item 5 Other Information 9
Item 6 Exhibits and Reports on Form 8-K 9
Signatures 10
2
--------------------------------------------------------------------------------
Versatech, USA and Subsidiaries
Consolidated Financial Statements
September 30, 2003
--------------------------------------------------------------------------------
Versatech, USA and Subsidiaries
Consolidated Balance Sheets
ASSETS
--------------------------------------------------------------------------------
September 30, December 31,
2003 2002
------------- ------------
(Unaudited)
CURRENT ASSETS
Cash $ 24 $ 192
Inventory 8,099 7,938
--------- ----------
Total Current Assets 8,123 8,130
--------- ----------
PROPERTY AND EQUIPMENT
Office furniture and fixtures 16,687 16,687
Equipment 17,999 17,999
Accumulated depreciation (34,686) (34,686)
--------- ----------
Net Property and Equipment - -
--------- ----------
TOTAL ASSETS $ 8,123 $ 8,130
========= ==========
--------------------------------------------------------------------------------
Versatech, USA and Subsidiaries Consolidated Balance Sheets
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31,
2003 2002
------------- ------------
CURRENT LIABILITIES (Unaudited)
Accounts payable $ 50,253 $ 40,000
Accrued expenses 279,536 286,886
Current poriton of notes payable 144,036 192,380
--------- ----------
Total Current Liabilities 473,825 519,266
--------- ----------
LONG-TERM DEBT
Notes payable - related party 144,036 192,380
Less: current portion (144,036) (192,380)
--------- ----------
Total Long Term Liabilities - -
--------- ----------
TOTAL LIABILITIES 473,825 519,266
--------- ----------
STOCKHLDERS' EQUITY
Common Stock, Authorized 75,000,000 Shares
of $.0003 Par Value, Issued and
Outstanding 18,336,974 and
13,591,974 shares 5,501 4,078
Additional Paid in Capital 10,657,538 10,184,461
Treasury stock (36,016) (36,016)
Retained earnings (deficit) (11,092,725) (10,663,659)
--------- ----------
Total Stockholders' Equity (465,702) (511,136)
--------- ----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 8,123 $ 8,130
========= ==========
--------------------------------------------------------------------------------
Versatech, USA and Subsidiaries Consolidated Statements of Operations
(Unaudited)
For the nine For the nine For the three For the three
months ended months ended months ended months ended
September 30, September 30, September 30, September 30,
2003 2002 2003 2002
------------ ------------ ------------ ------------
REVENUES $ 1,259 $ 6,347 $ - $ 2,814
COST OF GOODS SOLD - 57 - -
------------ ------------ ------------ ------------
GROSS PROFIT 1,259 6,290 - 2,814
OPERATING EXPENSES:
General & administrative
expenses 422,675 101,605 4,920 29,729
------------ ------------ ------------ ------------
Total Operating Expenses 422,675 101,605 4,920 29,729
------------ ------------ ------------ ------------
OPERATING INCOME (LOSS) (421,416) (95,315) (4,920) (26,915)
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSES):
Interest expense (7,650) (16,015) (1,800) (5,743)
------------ ------------ ------------ ------------
Total Other Income
(Expense) (7,650) (16,015) (1,800) (5,743)
------------ ------------ ------------ ------------
NET INCOME (LOSS) $ (429,066) $ (111,330) $ (6,720) $ (32,658)
============ ============ ============ ============
NET INCOME (LOSS) PER SHARE $ (0.03) $ (0.01) $ (0.00) $ (0.00)
============ ============ ============ ============
WEIGHTED AVERAGE
NUMBER OF SHARES 16,911,736 13,591,974 18,336,974 13,591,974
============ ============ ============ ============
--------------------------------------------------------------------------------
Versatech, USA and Subsidiaries Consolidated Statements of Cash Flows
(Unaudited)
For the nine months ended
September 30,
-------------------------------
2003 2002
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (429,066) $ (111,330)
Adjustments to Reconcile Net Loss to Net Cash
Provided by Operations:
Depreciation & Amortization - 8,140
Stock issued for Services 397,500 -
Change in Assets and Liabilities
Increase (Decrease) in Bank Overdraft - 2,611
Increase (Decrease) in Inventory (161) -
Increase (Decrease) in Accounts Payable 10,253 -
Increase (Decrease) in Accrued Expenses 7,650 76,276
------------ ------------
Net Cash Provided(Used) by Operating Activities (13,824) (24,303)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES: - -
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal Payments on Notes Payable - (800)
Proceeds from Notes Payable 13,656 21,870
------------ ------------
Net Cash Provided(Used) by Financing Activities 13,656 21,070
------------ ------------
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS (168) (3,233)
------------ ------------
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 192 3,233
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 24 $ -
============ ============
Cash Paid For:
Interest $ - $ -
============ ============
Income Taxes $ - $ -
============ ============
Non-Cash Activities:
Stock issued for accrued expenses $ 15,000 $ -
============ ============
Stock issued for notes payable $ 62,000 $ -
============ ============
Stock issued for services $ 397,500 $ -
============ ============
--------------------------------------------------------------------------------
Versatech, USA and Subsidiaries Notes to the Consolidated Financial Statements September 30, 2003
GENERAL
Versatech, USA and Subsidiaries (the Company) has elected to omit substantially all footnotes to the financial statements for the nine months ended September 30, 2003 since there have been no material changes (other than indicated in other footnotes) to the information previously reported by the Company in their Annual Report filed on Form 10-KSB for the fiscal year ended December 31, 2002.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the Company without audit. However, such information reflects all adjustments which are, in the opinion of management, necessary to properly reflect the results of the interim period presented. The information presented is not necessarily indicative of the results from operations expected for the full fiscal year.
COMMON STOCK TRANSACTIONS
During March 2003, the Company issued 150,000 shares of common stock for accrued expenses of $15,000.
During March 2003, the Company issued 3,975,000 shares of common stock for services valued at $397,500.
During March 2003, the Company issued 620,000 shares of common stock for notes payable of $62,000. |
