U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB
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[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2001
or
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____________
to _____________
Commission File Number 0-22273
SONIC JET PERFORMANCE, INC.
(Name of small business issuer in its charter)
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Colorado 84-1383888
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
15662 Commerce Lane, Huntington Beach, CA. 92649
(Address of principal executive offices) (Zip Code)
(714) 895-0944
Securities registered pursuant to Section 12(b)
of the Act: None Securities registered pursuant
to Section 12(g) of the Act:
Common Stock, par value $.0001 per share
Check whether the issuer (1) filed
all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past
12 months (or for such shorter period that the
registrant was required to file such reports),
and (2) has been subject to such filing requirements
for the past 90 days. Yes [ X ] No [ ]
Check if there is no disclosure of delinquent
filers in response to Item 405 of Regulation S-B is not
contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge,
in definitive proxy or information statements
incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB. [ ]
State issuer's revenues for its most recent
fiscal year. $1.20 million
The aggregate market value of the voting Common
Stock held by non-affiliates of the issuer was approximately
$4,291,437 computed using the closing price of $0.16 per
share of Common Stock on March 4, 2002 as reported by
the Over the Counter Bulletin Board).
As of March 11, 2002, the issuer had
28,042,061 shares of Common Stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
None
Transitional Small Business Disclosure Format
(check one): Yes [ ] No [ X ]
SONIC JET PERFORMANCE, INC.
FORM 10-KSB
Amendment 1
The following information is supplied as an amendment
with respect to the financials that were prepared pursuant
to the Form 10 K filed on 3/15/2002. The following auditor
report should be read in conjunction with the financial
information furnished for the year 2000.
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors and Stockholders
Sonic Jet Performance, Inc. and subsidiary
We have audited the accompanying consolidated
balance sheet of Sonic Jet Performance, Inc. and
subsidiary as of December 31, 2000, and the related
consolidated statements of operations, stockholders'
equity (deficit), and cash flows for each of the two
years in the period ended December 31, 2000. These
financial statements are the responsibility of the
Company's management. Our responsibility is to
express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards in the United States of
America. Those standards require that we plan and
perform the audit to obtain reasonable assurance
about whether the financial statements are free of
material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the consolidated financial statements
referred to above present fairly, in all material
respects, the consolidated financial position of Sonic
Jet Performance, Inc. and subsidiary as of December 31,
2000, and the consolidated results of their operations
and their consolidated cash flows for each of the two
years in the period ended December 31, 2000 in conformity
with generally accepted accounting principles in the
United States of America.
The accompanying financial statements have been
prepared assuming that the Company will continue as
a going concern. During the years ended December 31,
2000 and 1999, the Company incurred net losses of
$7,458,046 and $1,659,116, respectively. In addition,
the Company's accumulated deficit was $9,590,253 as
of December 31, 2000. The Company must also obtain
additional financing to meet its working capital
needs. These factors, as discussed in Note 2 to the
financial statements, raise substantial doubt about
the Company's ability to continue as a going concern.
Management's plans in regard to these matters are
also described in Note 2.
Further, as discussed in Note 13, the Company is a
co-defendant in a lawsuit, of which the outcome and
the amount of loss cannot be estimated.
No adjustment has been made in the financial
statements for the outcome of these uncertainties.
/s/ Singer Lewak Greenbaum & Goldstein LLP
SINGER LEWAK GREENBAUM & GOLDSTEIN LLP
Los Angeles, California
May 9, 2001
SIGNATURES
Pursuant to the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
SONIC JET PERFORMANCE, INC.
Dated: August 06, 2002 By: /s/ Madhava Rao Mankal
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Madhava Rao Mankal,
Chief Financial Officer