SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15 (d)
Of the Securities Exchange Act of 1934
For Quarter Ended: June 30, 2003
Commission File Number: 0-4846-3
LumaLite Holdings, Inc.
(Exact name of registrant as specified in its charter)
NEVADA 82-0288840
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
378 North Main, #124; Layton, Utah 84041
(Address of principal executive offices)
Registrant's telephone number including area code: (801) 497.9075
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Former Address, if changed since last report
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 such shorter period that the registrant was
required to file such reports)
Yes X No
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
21,714,490
(Number of shares of common stock the registrant had
outstanding as of July 15, 2003)
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PART 1
ITEM 1 - FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared
by the Company, pursuant to the rules and regulations of the Securities and
Exchange Commission.
In the opinion of the Company, all adjustments, consisting of only
normal recurring adjustments, necessary to present fairly the financial position
of the Company as of June 30, 2003 and the results of its operations and changes
in its financial position from December 31, 2002 through June 30, 2003 have been
made. The results of its operations for such interim period is not necessarily
indicative of the results to be expected for the entire year.
LUMALITE HOLDINGS, INC.
BALANCE SHEETS
(Unaudited)
June 30, December 31,
2003 2002
------------------ ------------------
ASSETS $ - $ -
================== ==================
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable and Accrued Expenses $ 115,034 $ 5,000
Net liabilities of discontinued operations - 221,556
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Total Current Liabilities 115,034 226,556
Notes Payable 358,773 -
------------------ ------------------
Total Liabilities 473,807 226,556
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Stockholders' Equity
Preferred Stock, par value $.001 per share
Authorized 10,000,000 shares,
None issued at June 30, 2003 and December 31, 2002 - -
Common Stock, par value $.001 per share,
100,000,000 shares authorized, 9,714,490 shares
issued at June 30, 2003 and 28,964,234 shares
issued at December 31, 2002 9,715 28,964
Additional Paid-in Capital 97,448 312,978
Accumulated Deficit (580,970) (568,498)
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Total Stockholders' Equity (473,807) (226,556)
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Total Liabilities and
Stockholders' Equity $ - $ -
================== ==================
See accompanying notes to financial statements
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LUMALITE HOLDINGS, INC.
STATEMENTS OF OPERATIONS
(Unaudited) (Unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
----------------------------------- --------------------------------------
2003 2002 2003 2002
------------------ ---------------- ------------------ ------------------
Continuing operations:
Revenues $ - $ - $ - $ -
Costs and expenses
General and administrative 15,265 780 99,369 23,289
Interest 12,665 - 12,665 -
------------------ ---------------- ------------------ ------------------
Net income (loss)
from continuing operations (27,930) (780) (112,034) (23,289)
Discontinued operations:
Income (loss) from operations
of discontinued operations - 115,757 (112,802) 73,288
Gain (loss) on disposal
of subsidiary (LumaLite, Inc.) - - 212,364 -
------------------ ---------------- ------------------ ------------------
Net income (loss) from
Discontinued operations - 115,757 99,562 73,288
------------------ ---------------- ------------------ ------------------
Net Income (Loss) $ (27,930)$ 114,977 $ (12,472) $ 49,999
================== ================ ================== ==================
Basic & Diluted loss per share
Income (loss) from
continuing operations - - - -
Income (loss) from
discontinued operations - - - -
------------------ ---------------- ------------------ ------------------
$ - $ - $ - $ -
================== ================ ================== ==================
See accompanying notes to financial statements
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LUMALITE HOLDINGS, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the six months ended
June 30,
-------------------------------------
2003 2002
----------------- ------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income (Loss) $ (12,472) $ 49,999
Change in net liabilities of discontinued
operations - (73,288)
Loss from operations of discontinued
operations 112,802
Gain on disposal of subsidiary (212,364)
Adjustments necessary to reconcile net loss
to net cash used in operating activities:
Increase (decrease) in accounts payable 110,034 22,496
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Net Cash Used in continuing operations (2,000) (793)
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CASH FLOWS FROM INVESTING
ACTIVITIES:
Net cash provided by (used) investing activities - -
----------------- ------------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of common stock 2,000 -
----------------- ------------------
Net Cash Provided by Financing Activities 2,000 -
----------------- ------------------
Net (Decrease) Increase in
Cash and Cash Equivalents - (793)
Cash and Cash Equivalents
at Beginning of Period - 793
----------------- ------------------
Cash and Cash Equivalents
at End of Period $ - $ -
================= ==================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ - $ -
Franchise and income taxes $ - $ -
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND
FINANCING ACTIVITIES:
See footnote 6
See accompanying notes to financial statements
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Notes to the Financial Statements
June 30, 2003
NOTE 1 - Interim Financial Statements
The financial statements for the six months ended June 30, 2003 were prepared
from the books and records of the company. Management believes that all
adjustments have been made to the financial statements to make a fair
presentation of the financial condition of the company as of June 30, 2003. The
results of the six months are not indicative of a full year of operation for the
Company.
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 financial statements
be read in conjunction with the financial statements and notes thereto included
in the Company's December 31, 2002 audited financial statements. The results of
operations for the periods ended June 30, 2003 are not necessarily indicative of
the operating results for the full year.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Company has no liquid assets and
is currently in the process of looking for business opportunities to merge with
or acquire. At minimum, the Company will need to raise additional capital
through private funding to meet the financial needs of being a reporting company
and to meet the obligations of the current accounts payable. Historically, the
Company has been successful in raising operational capital. There is no
guarantee that the Company will be successful in obtaining necessary funding to
develop any business opportunities.
Results of Operation. The Company reported a net loss of $27,930 for
the six months ended June 30, 2003, and net income of $49,999 for the six months
ended June 30, 2002. The Company anticipates very little or no overhead from
future operations until a successor business can be acquired or merged. In May
2003, two million shares of common stock of the Company were issued for services
rendered to the Company.
Plan of Operations. The Company is currently in the process of looking
for business opportunities to acquire or merge with. There is no guarantee that
management will be successful in finding such an opportunity.
ITEM 3 - CONTROLS AND PROCEDURES.
(a) Evaluation of disclosure controls and procedures. The Company's
principal executive officer and its principal financial officer, based on their
evaluation of the Company's disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 (c) as of a date within 90 days prior to the filing of
this Quarterly Report on Form 10QSB, have concluded that the Company's
disclosure controls and procedures are adequate and effective for the purposes
set forth in the definition in Exchange Act rules.
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(b) Changes in internal controls. There were no significant changes in
the Company's internal controls or in other factors that could significantly
affect the Company's internal controls subsequent to the date of their
evaluation.
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.................................................
Subsequent to the end of the quarter, eleven million shares of
common stock of the Company were issued at par value for expenses paid by a
third party. One million shares of common stock of the Company were issued for
services provided by the President of the Company in locating business
investors. These services were valued at $2,000.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. The following exhibit is filed with this report:
31 and 32 Written Statement of Chief Executive Officer and Chief
Financial Officer with respect to compliance with Section 13(a) or
15(d) of the Securities Exchange Act of 1934.
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 authorized officer.
Dated July 28, 2003 Lumalite Holdings, Inc.
By: /s/ Scott Hosking
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Scott Hosking
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