United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITITES AND EXCHANGE ACT OF 1934
Commission File Number:
For the Quarter ended September 30, 2001
CELEBRITY SPORTS NETWORK, INC.
Colorado 84-1521645
(Jurisdiction of Incorporation) (I.R.S. Employer Identification Number)
1869 W. Littleton Blvd., Littleton, Colorado 80120
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 703-9831
Transitional Small Business Disclosure Format (check one): yes [ ] no [X]
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
The financial statements, for the three months and nine months ended
September 30, 2001, included herein have been prepared by the Company, without
audit pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosure normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are adequate to
make the information not misleading.
The Remainder of this Page is Intentionally left Blank
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CELEBRITY SPORTS NETWORK, INC.
(a Development Stage Company)
BALANCE SHEETS
September 30, 2001 and December 31, 2000
September 30, December 31,
2001 2000
--------------------------------------------------------------------------------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash. . . . . . . . . . . . . . . . . . . . . . . . $ 1,000 $ 69,298
TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . . 1,000 69,298
----------- ---------
OTHER ASSETS
Oil and gas properties. . . . . . . . . . . . . . . 1,125,308 0
Equipment and web site development costs, net . . . 12,488 13,377
TOTAL OTHER ASSETS. . . . . . . . . . . . . . . . . . . 1,137,796 13,377
----------- ---------
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . $1,138,796 $ 82,675
=========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable. . . . . . . . . . . . . . . . . . . $1,276,852 $ 17,257
----------- ---------
TOTAL CURRENT LIABILITIES . . . . . . . . . . . . . . . 1,276,852 17,257
----------- ---------
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 50,000,000
shares; issued and outstanding, 18,960,000 shares
and 77,600,000 shares respectively . . . . . . . . 18,960 77,600
Additional paid-in capital. . . . . . . . . . . . . . 73,815 42,100
Accumulated equity (deficit). . . . . . . . . . . . . (211,871) (54,282)
----------- ---------
Total Stockholders' Equity. . . . . . . . . . . . . . . (138,056) 65,418
----------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY. . . . . . . $1,138,796 $ 82,675
=========== =========
The accompanying notes are an integral part
of these financial statements.
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CELEBRITY SPORTS NETWORK, INC.
(a Development Stage Company)
STATEMENTS OF OPERATIONS
(UNAUDITED)
September 30, 2000 and 2001
From
Inception
From July From January (August
1, 2001 to 1, 2000 to 27, 1999) to
September 30, September 30, September 30,
2001 2000 2001 2000 2001
------------ ------------ ------------ ------------ ------------
Revenues. . . . . . . . . . $ 3,500 $ -0- $ 3,500 $ -0- $ 3,500
------------ ------------ ------------ ------------ ------------
General and Administrative
Expenses. . . . . . . . 114,951 3,571 161,089 6,016 215,371
Net Loss from Operations. . (114,951) (3,571) (161,089) (6,016) (215,371)
Net Income (Loss) . . . . . $ (111,451) $ (3,571) $ (157,589) $ (6,016) $ (211,871)
============ ============ ============ ============ ============
Loss per Share. . . . . . . $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.00)
============ ============ ============ ============ ============
Weighted Average
Shares Outstanding. . . 51,992,000 77,600,000 69,064,000 72,980,000 71,022,000
============ ============ ============ ============ ============
The accompanying notes are an integral part
of these financial statements.
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CELEBRITY SPORTS NETWORK, INC.
(a Development Stage Company)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(UNAUDITED)
from inception (August 27, 1999) through December 31, 1999
for the fiscal year ended December 31, 2000
and for the period ended September 30, 2001
Additional Accumulated
Common Par Paid-In Equity
Stock Value Capital (Deficit)
------------------------------------ --------- --------- ----------
Common Stock issued at inception
to officers for services related to
organizing the Company . . . . . . . . . 68,000,000 $ 68,000 $(66,300) $ 0
Office space provided by an officer. . . . . . 0 0 2,000 0
Net loss during period . . . . . . . . . . . . 0 0 0 (7,519)
Balance at December 31, 1999 . . . . . . . . . 68,000,000 $ 68,000 $(64,300) $ (7,519)
Shares cancelled upon officer resignation. . . (360,000) (360) 360 0
Shares issued to subscribers in a public
offering net of offering costs of $8,500 9,960,000 9,960 106,040 0
Net loss during period . . . . . . . . . . . . 0 0 0 (46,763)
Balance at December 31, 2000 . . . . . . . . . 77,600,000 $ 77,600 $ 42,100 $ (54,282)
Shares issued in acquisition of
oil and gas properties . . . . . . . . . 9,000,000 9,000 (35,925) 0
Shares cancelled upon officer resignation. . . (67,640,000) (67,640) 67,640 0
Net loss during period . . . . . . . . . . . . 0 0 0 (157,589)
Balance at September 30, 2001. . . . . . . . . 18,960,000 $ 18,960 $ 73,815 $(211,871)
==================================== ========= ========= ==========
The accompanying notes are an integral part
of these financial statements.
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CELEBRITY SPORTS NETWORK, INC.
(a Development Stage Company)
STATEMENTS OF CASH FLOWS (UNAUDITED)
September 30, 2000 and 2001
From
Inception
From January (August
1, 2001 to 27, 1999) to
September 30, September 30,
2001 2000 2001
------------ -------- ------------
Operating Activities
Net cash used in operating activities . . $ (157,589) $(6,016) $ (211,871)
Cash flows from investing activities
Cash received in acquisition. . . . . . (37,253) 0 (37,253)
Cash expended: oil & gas properties . . (1,125,308) 0 (1,125,308)
Purchases of equipment. . . . . . . . . 0 0 (3,559)
Payments for web site development . . . 0 0 (10,000)
------------ -------- ------------
Net cash used in investing activities . . (1,162,561) 0 (1,176,120)
Cash flows from financing activities
Proceeds from issuance of debt. . . . . 1,251,852 6,500 1,276,852
Repayment of debt . . . . . . . . . . . 0 0 (3,861)
Proceeds from sale of common stock. . . 0 0 124,500
Payments for offering costs . . . . . . 0 (1,500) (8,500)
------------ -------- ------------
Net cash provided by financing activities 1,251,852 5,000 1,388,991
Net change in cash. . . . . . . . . . . . (68,298) (1,016) 1,000
Beginning Cash. . . . . . . . . . . . . . 69,298 1,400 -0-
Cash as of Statement Date . . . . . . . . $ 1,000 $ 384 $ 1,000
============ ======== ============
Cash Paid For:
Interest. . . . . . . . . . . . . . . . $ 0 $ 0 $ 1,082
Taxes . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
The accompanying notes are an integral part
of these financial statements.
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CELEBRITY SPORTS NETWORK, INC.
NOTES TO FINANCIAL STATEMENTS
for the fiscal year ended December 31 2000
and the period ended September 30, 2001
NOTES TO FINANCIAL STATEMENTS
Celebrity Sports Network, Inc. ("the Company") has elected to omit substantially
all footnotes to the financial statements for the period ended September 30,
2001, 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, 2000.
ACQUISITION
On September 5, 2001, the Board of Directors and Shareholders of the Company,
approved a plan of acquisition of Powder River Basin Gas Company wherein the
shareholders of the acquired company were issued 225,000 shares of the Company
in exchange for 9,000,000 shares of the acquired company.
COMMON STOCK FORWARD SPLIT
On September 6, 2001, the Board of Directors and Shareholders of the Company
approved a thirty nine for one (39:1) dividend on its common stock with the
result that for each share owned, a shareholder would then own forty shares
thereby having the effect as a forward split. All presentations of
shareholders' equity are presented as if the forward split had been effect since
inception.
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 period presented. The information presented is not necessarily indicative
of the results from operations expected for the full fiscal year.
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ITEM 2. DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION(A) PLAN OF OPERATION. Our plan of operation is
unchanged from our previous report.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
We have enjoyed minor revenues during the present quarter.
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS. None
ITEM 2. CHANGES IN SECURITIES. None
ITEM 3. DEFAULTS ON SENIOR SECURITIES. None
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS. None during the
period of
this report.
ITEM 5. OTHER INFORMATION. None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Q Report for the quarter ended September 30, 2001, has been signed below
by the following person on behalf of the Registrant and in the capacity and on
the date indicated.
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CELEBRITY SPORTS NETWORK, INC.
(Registrant)
DATE: November 27, 2001 BY:/s/ Gregory Smith
Gregory Smith
President and
Chief Financial Officer
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