[X] |
Quarterly
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 |
For
the quarterly period ended: March
31, 2005 | |
[
] |
Transition
Report pursuant to 13 or 15(d) of the Securities Exchange Act of
1934 |
For
the transition period __________
to
__________ | |
Commission
File Number: 000-27621 |
Florida |
95-4720231 | |
(State
or other jurisdiction of incorporation or organization) |
(IRS
Employer Identification No.) |
220
De La Coulee, Mount Saint Hilaire, Quebec, Canada J3H
5Z6 |
(Address
of principal executive offices) |
514-313-3432 |
(Issuer’s
telephone number) |
_______________________________________________________________ |
(Former
name, former address and former fiscal year, if changed since last
report) |
Page | ||
PART
I - FINANCIAL INFORMATION
| ||
Item
1: |
|
3 |
Item
2: |
|
4 |
Item
3: |
6 | |
PART
II - OTHER INFORMATION
| ||
Item
1: |
|
8 |
Item
2: |
|
8 |
Item
3: |
|
8 |
Item
4: |
|
8 |
Item
5: |
|
8 |
Item
6: |
8 |
(a) |
Balance
Sheet as of March 31, 2005. |
(b) |
Statements
of Operations for the three month periods ended March 31, 2005 and 2004;
|
(c) |
Statement
of Changes in Stockholders’ Equity |
(d) |
Statements
of Cash Flow for the three month periods ended March 31, 2005 and 2004;
|
(e) |
Notes
to Financial Statements. |
unaudited |
|||||||
Mar
31, |
Dec
31, |
||||||
|
2005 |
2004 |
|||||
ASSETS |
|||||||
CURRENT
ASSETS |
|||||||
Cash |
$ |
- |
$ |
- |
|||
Accounts
receivable - affiliate |
78,642 |
44,389
|
|||||
Total Current Assets |
78,642 |
44,389
|
|||||
INTERNET
TELECOMMUNICATIONS EQUIPMENT - |
|||||||
net
of accumulated depreciation |
830,419
|
874,125
|
|||||
$ |
909,061 |
$ |
918,514
|
||||
|
|||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|||||||
CURRENT
LIABILITIES |
|||||||
Accounts
payable |
$ |
18,020 |
$ |
18,020
|
|||
Total Current Liabilities |
18,020 |
18,020
|
|||||
CONTINGENT
LIABILITIES -
note 6 |
-
|
-
|
|||||
STOCKHOLDERS'
EQUITY |
|||||||
Common
stock |
|||||||
50,000,000 shares authorized at $0.001 par value; |
|||||||
45,465,159 shares issued and outstanding |
45,465 |
44,065 |
|||||
Capital
in excess of par value |
2,158,345 |
2,019,745 |
|||||
Deficit
accumulated during development stage |
(1,312,769 |
) |
(1,163,316 |
) | |||
Total Stockholders' Equity |
891,041 |
900,494 |
|||||
$ |
909,061 |
$ |
918,514
|
Mar
31, |
Mar
31, |
Jul
17, 1992 to |
||||||||
2005 |
2004 |
Mar
31, 2005 |
||||||||
REVENUES
-
telecommunications |
$ |
216,253
|
$ |
535,861 |
$ |
1,514,778 |
||||
|
||||||||||
EXPENSES |
||||||||||
Cost of operations |
197,500 |
115,214 |
1,483,618 |
|||||||
Administrative |
124,500 |
140,808 |
1,880,327 |
|||||||
Depreciation & amortization |
43,706 |
- |
58,444 |
|||||||
|
|
|
||||||||
365,706 |
256,022 |
3,422,389 |
||||||||
NET
LOSS - before
other income and expense |
(149,453 |
) |
279,839
|
(1,907,611 |
) | |||||
OTHER
INCOME AND EXPENSES |
||||||||||
Extinguishment of debt
- note
5 |
-
|
- |
625,964 |
|||||||
Loss
of assets |
-
|
-
|
(31,122 |
) | ||||||
NET
INCOME (LOSS) |
$ |
(149,453 |
) |
$ |
279,839 |
$ |
(1,312,769 |
) | ||
NET
LOSS PER COMMON SHARE |
||||||||||
Basic
and diluted |
$ |
- |
$ |
.02 |
||||||
AVERAGE
OUTSTANDING SHARES |
||||||||||
Basic (stated in 1,000s) |
44,119 |
14,318
|
Common
Stock |
Capital
in
Excess
of |
Accumulated |
|||||||||||
Shares |
Amount |
Par
Value |
Deficit |
||||||||||
Balance
July 17, 1992
(date of inception) |
-
|
$ |
- |
$ |
- |
$ |
- |
||||||
Issuance
of common stock for services |
1,000,000 |
1,000 |
1,500
|
-
|
|||||||||
at
$0.001 |
|||||||||||||
Net
operating loss for the period ended |
|||||||||||||
December
31, 1992 |
-
|
-
|
-
|
(2,500 |
) | ||||||||
Issuance
of common stock for cash |
|||||||||||||
at
$.05 - net of issuance costs |
2,500,000 |
2,500 |
116,825 |
-
|
|||||||||
Contribution
to capital - expenses |
-
|
-
|
1,500 |
-
|
|||||||||
Net
operating loss for the year ended |
|||||||||||||
December
31, 1998 |
-
|
-
|
-
|
(120,450 |
) | ||||||||
Issuance
of common stock for cash |
|||||||||||||
at
$0.005 - net of issuance costs |
5,000,000 |
5,000 |
18,667 |
||||||||||
Net
operating loss for the year ended |
|||||||||||||
December
31, 1999 |
-
|
- |
- |
(32,490 |
) | ||||||||
Net
operating loss for the year ended |
|||||||||||||
December
31, 2000 |
-
|
- |
- |
(123,601 |
) | ||||||||
Issuance
of common stock for |
|||||||||||||
software
rights |
1,168,224 |
1,168 |
(1,168 |
) |
-
|
||||||||
Net
operating loss for the year ended |
|||||||||||||
December
31, 2001 |
-
|
-
|
-
|
(461,660 |
) | ||||||||
Issuance
of common stock for services |
|||||||||||||
at
$.10 - June 21, 2002 |
4,035,192 |
4,035 |
399,484 |
-
|
|||||||||
Contribution
to capital - expenses |
-
|
-
|
91,000 |
-
|
|||||||||
Net
operating loss for the year ended |
|||||||||||||
December
31, 2002 |
-
|
-
|
-
|
(567,322 |
) | ||||||||
Issuance
of common stock for services |
|||||||||||||
at
$.10 - Sept to Dec 2003 |
615,000 |
615 |
60,885 |
-
|
|||||||||
Net
operating income for the year ended |
|||||||||||||
December
31, 2003 |
-
|
-
|
-
|
543,300
|
|||||||||
Issuance
of common stock for cash at $.10 |
436,743 |
437 |
43,237 |
-
|
|||||||||
Issuance
of common stock for services |
|||||||||||||
at
$.15 - Aug-Nov 2004 |
2,740,000 |
2,740 |
408,260 |
-
|
|||||||||
Issuance
of common stock for services at $.10 |
320,000 |
320 |
31,680 |
-
|
|||||||||
Issuance
of common stock for equipment |
|||||||||||||
at
$.0333 - December 2004 |
26,250,000 |
26,250 |
847,875 |
-
|
|||||||||
Net
operating loss for the year ended |
|||||||||||||
December
31, 2004 |
-
|
- |
-
|
(398,593 |
) | ||||||||
Issuance
of common stock for cash at $.10 |
200,000 |
200 |
19,800 |
-
|
|||||||||
Issuance
of common stock for services at $.10 |
1,200,000 |
1,200 |
118,800 |
-
|
|||||||||
Net
operating loss for the three months ended |
|||||||||||||
March
31, 2005 |
- |
- |
- |
(149,453
|
) | ||||||||
Balance
March 31, 2005 |
45,465,159 |
$ |
45,465 |
$ |
2,158,345 |
$ |
(1,312,769 |
) |
Mar
31, |
Mar
31, |
Jul
17, 1992 to |
||||||||
2005 |
2004 |
Mar
31, 2005 |
||||||||
CASH
FLOWS FROM |
||||||||||
OPERATING
ACTIVITIES |
||||||||||
Net
income (loss) |
$ |
(149,453 |
) |
$ |
279,839 |
$ |
(1,312,769 |
) | ||
Adjustments
to reconcile net income (loss) to |
||||||||||
net
cash provided by operating |
||||||||||
activities |
||||||||||
Changes
in accounts receivable |
34,253 |
) |
-
|
(78,642 |
) | |||||
Changes
in accounts payables |
-
|
-
|
643,984
|
|||||||
Contributions
to capital - expenses |
-
|
-
|
92,500
|
|||||||
Capital
stock issued as payment for expenses and services |
120,000
|
1,030,519 |
||||||||
Extinguishment
of debt |
-
|
-
|
(625,964 |
) | ||||||
Depreciation
and amortization |
43,706 |
- |
43,706
|
|||||||
Equipment
abandoned |
-
|
-
|
-
|
|||||||
Net
Change in Cash Flows from Operations |
(20,000 |
) |
279,839 |
(206,666 |
) | |||||
CASH
FLOWS FROM INVESTING |
||||||||||
ACTIVITIES
|
||||||||||
Purchase
of telecom equipment - lost 3rd
quarter 2004 |
-
|
(225,279
|
) |
-
|
||||||
CASH
FLOWS FROM FINANCING |
||||||||||
ACTIVITIES |
||||||||||
|
||||||||||
Proceeds
from issuance of common stock |
20,000
|
-
|
206,666 |
|||||||
Net
Change in Cash |
-
|
54,560
|
-
|
|||||||
Cash
at Beginning of Period |
-
|
-
|
-
|
|||||||
Cash
at End of Period |
$ |
- |
$ |
54,560 |
$ |
- |
||||
SCHEDULE
OF NONCASH OPERATING ACTIVITIES |
||||||||||
Contributions
to capital - expenses - 2000-2002 |
$ |
92,500 |
||||||||
Issuance
of 10,030,192 common shares as payment for expenses -
1992-2005 |
1,030,519 |
Exhibit
Number |
Description
of Exhibit |
31.1 |
|
31.2 |
|
32.1 |
United
American Corporation | |
Date:
|
May
23, 2005 |
By:/s/ Benoit
Laliberté
Benoit
Laliberté
Title: Chief
Executive Officer, Chief Financial Officer, and
Director
|