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PART I - FINANCIAL INFORMATION |
3 |
Item 1.Financial Statements |
3 |
Item 2.Managements Discussion and Analysis or Plan of Operation |
13 |
Item 3.Controls and Procedures |
15 |
PART II - OTHER INFORMATION |
15 |
Item 6.Exhibits and Reports on Form 8-K |
15 |
SIGNATURES |
16 |
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Page | |
Balance Sheet December 31, 2004 (Unaudited) |
4 |
Statements of Operations Three Month Period Ended |
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December 31, 2004 and 2003 and the |
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Period from September 20, 1996 (Inception) to |
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December 31, 2004 (Unaudited) |
5 |
Statements of Cash Flows Periods Ended December 31, 2004 |
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and 2003 and the Period from September 20, 1996 |
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(Inception) to December 31, 2004 (Unaudited) |
6 |
Notes to Unaudited Financial Statements |
7 |
3 | ||
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CONCIERGE TECHNOLOGIES, INC. |
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(A development stage company) |
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CONSOLIDATED BALANCE SHEET |
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DECEMBER 31, 2004 |
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(Unaudited) |
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ASSETS | |||||||
CURRENT ASSETS: |
|||||||
Cash & cash equivalents |
$ |
3,034 |
|||||
$ |
3,034 |
||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|||||||
CURRENT LIABILITIES: |
|||||||
Accrued expenses |
$ |
396,992 |
|||||
Note Payable |
20,000 |
||||||
Loans Payable-Shareholders |
340,709 |
||||||
Total current liabilities |
757,701 |
||||||
SUBSCRIPTIONS RECEIVED FOR COMMON STOCK |
|||||||
SUBJECT TO CONTINGENCY |
1,663,290 |
||||||
COMMON STOCK ISSUED SUBJECT TO CONTINGENCY |
266,610 |
||||||
STOCKHOLDERS' DEFICIT: |
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Preferred stock, par value $.001 per share; 10,000,000 |
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shares authorized; none issued |
- |
||||||
Common stock, $.001 par value; 190,000,000 shares |
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authorized; issued and outstanding 142,292,747 |
142,293 |
||||||
Additional paid in capital |
1,026,726 |
||||||
Shares to be issued |
|||||||
Deficit accumulated during the development stage |
(3,853,586 |
) | |||||
Total stockholders' deficit |
(2,684,567 |
) | |||||
$ |
3,034 |
The accompanying notes are an integral part of these financial statements | ||
4 | ||
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CONCIERGE TECHNOLOGIES, INC. |
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(A development stage company) |
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STATEMENTS OF OPERATIONS |
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THREE MONTH AND SIX MONTH PERIODS ENDED DECEMBER 31, 2004 AND 2003 AND |
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THE PERIOD FROM SEPTEMBER 20, 1996 (INCEPTION) TO DECEMBER 31, 2004 |
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(Unaudited) |
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Three month periods ended |
Six month periods ended |
September 20, |
||||||||||||||
December 31, |
December 31, |
1996 (Inception) |
||||||||||||||
2004 |
2003 |
2004 |
2003 |
to December 31, 2004 |
||||||||||||
REVENUE |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
||||||
COSTS AND EXPENSES |
||||||||||||||||
Product launch Expenses |
- |
- |
- |
- |
1,077,785 |
|||||||||||
Impairment of asset |
496,843 |
- |
496,843 |
- |
742,643 |
|||||||||||
General & Administrative Expenses |
20,574 |
15,749 |
34,667 |
22,207 |
1,663,431 |
|||||||||||
TOTAL COSTS AND EXPENSES |
517,417 |
15,749 |
531,510 |
22,207 |
3,483,859 |
|||||||||||
OTHER INCOME/(EXPENSES) |
||||||||||||||||
Settlement income, net |
- |
- |
- |
- |
52,600 |
|||||||||||
Litigation settlement |
- |
- |
- |
- |
(135,000 |
) | ||||||||||
TOTAL OTHER INCOME/(EXPENSES) |
- |
- |
- |
- |
(82,400 |
) | ||||||||||
NET LOSS BEFORE INCOME TAXES |
(517,417 |
) |
(15,749 |
) |
(531,510 |
) |
(22,207 |
) |
(3,566,259 |
) | ||||||
Provision of Income Taxes |
- |
- |
1600 |
800 |
8,800 |
|||||||||||
NET LOSS |
$ |
(517,417 |
) |
$ |
(15,749 |
) |
$ |
(533,110 |
) |
$ |
(23,007 |
) |
$ |
(3,575,059 |
) | |
WEIGHTED AVERAGE SHARES OF COMMON STOCK |
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OUTSTANDING, BASIC AND DILUTED |
142,292,747 |
127,205,792 |
142,292,747 |
126,749,271 |
||||||||||||
BASIC AND DILUTED NET LOSS PER SHARE |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
The accompanying notes are an integral part of these financial statements | ||
5 | ||
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CONCIERGE TECHNOLOGIES, INC. |
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(A development stage company) |
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STATEMENTS OF CASH FLOWS |
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SIX MONTH PERIODS ENDED DECEMBER 31, 2004 AND 2003 AND |
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THE PERIOD FROM SEPTEMBER 20, 1996 (INCEPTION) TO DECEMBER 31, 2004 |
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(Unaudited) |
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September 20, 1996 |
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(inception) to |
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2004 |
2003 |
December 31, 2004 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net loss |
$ |
(533,110 |
) |
$ |
(23,007 |
) |
$ |
(3,575,059 |
) | |
Adjustments to reconcile net loss to net cash used in |
||||||||||
operating activities: |
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Impairment of asset |
496,843 |
- |
742,643 |
|||||||
Depreciation and amortization |
245 |
- |
13,155 |
|||||||
Stock issued for services |
- |
- |
496,352 |
|||||||
Increase in current assets: |
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Prepaid expense |
- |
- |
(245,800 |
) | ||||||
Increase in current liabilities: |
||||||||||
Accrued expenses |
15,290 |
(2,317 |
) |
312,461 |
||||||
Net cash used in operating activities |
(20,732 |
) |
(25,324 |
) |
(2,256,248 |
) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
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Cash received on acquisition of subsidiary |
- |
- |
2,912 |
|||||||
Note receivable - related party |
- |
- |
(100,000 |
) | ||||||
Acquisition of property & equipment |
- |
- |
(12,910 |
) | ||||||
Net cash used in investing activities |
- |
- |
(109,998 |
) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||
Proceeds from Issuance of Shares |
- |
10,000 |
587,007 |
|||||||
Proceed from stock to issued for cash |
- |
- |
10,000 |
|||||||
Proceeds from advance subscriptions |
- |
- |
1,772,983 |
|||||||
Costs and expenses of advance subscriptions |
- |
- |
(79,710 |
) | ||||||
Proceeds from (repayments of) related party loans |
(80,000 |
) |
14,000 |
79,000 |
||||||
Net cash provided by (used in) financing activities |
(80,000 |
) |
24,000 |
2,369,280 |
||||||
NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS |
(100,732 |
) |
(1,324 |
) |
3,034 |
|||||
CASH & CASH EQUIVALENTS, BEGINNING BALANCE |
103,766 |
1,437 |
- |
|||||||
CASH & CASH EQUIVALENTS, ENDING BALANCE |
$ |
3,034 |
$ |
113 |
$ |
3,034 |
The accompanying notes are an integral part of these financial statements | ||
6 | ||
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CONCIERGE TECHNOLOGIES, INC.
(A development stage company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
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1. | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION |
7 | ||
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3. | GOING CONCERN |
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8 | ||
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CONCIERGE TECHNOLOGIES, INC.
(A development stage company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
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Notes payable consisted of the following at December 31, 2004: |
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Note payable to shareholder, non interest bearing, unsecured, |
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and due on demand |
$ |
290,209 |
||
Notes payable to shareholder, interest rate of 10%, unsecured, |
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and payable on July 31, 2004 (past due) |
5,000 |
|||
Notes payable to shareholder, bearing interest rate of 10%, unsecured |
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and payable on demand |
28,000 |
|||
Notes payable to shareholder bearing interest rate of 8%, unsecured |
||||
and payable on October 1, 2004 (past due) |
14,000 |
|||
Notes payable to director/shareholder bearing interest rate of 8%, |
||||
unsecured and payable on September 1, 2004 (past due) |
3,500 |
|||
Total Notes payable |
$ |
340,709 |
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7. | SUBSCRIPTIONS RECEIVED FOR COMMON STOCK SUBJECT TO CONTINGENCY |
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9 | ||
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CONCIERGE TECHNOLOGIES, INC.
(A development stage company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
|
8. | COMMON STOCK |
10 | ||
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9. | MERGER AGREEMENT |
10. | SUPPLEMENTAL DISCLOSURE OF CASH FLOWS |
11. | COMMITMENT |
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11 | ||
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CONCIERGE TECHNOLOGIES, INC.
(A development stage company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
|
Allocated amount |
||||
Cash |
$ |
2,912 |
||
Equipment, net |
245 |
|||
Goodwill |
496,843 |
|||
|
$ |
500,000 |
||
|
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Consideration paid | |||
10,000,000 shares of common stock |
$ |
500,000 |
12 | ||
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· |
exploit the opportunities afforded us through our acquisition of Planet Halo by implementing the continued development of the Halo device and its subsequent production, |
· |
source the needed capital for the Halo development through an equity offering, or a debenture instrument convertible into equity, |
· |
properly position the corporation and its structure to accommodate a business combination with a funding partner, |
· |
continue efforts to liquidate our existing, pre-paid, inventory of the PCA product and utilize the proceeds for working capital. |
13 | ||
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14 | ||
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(a) | Exhibits |
Exhibit |
Item | |
2 |
- |
Stock Purchase Agreement of March 6, 2000 between Starfest, Inc. and MAS Capital, Inc.* |
3.1 |
- |
Certificate of Amendment of Articles of Incorporation of Starfest, Inc. and its earlier articles of incorporation.* |
3.2 |
- |
Bylaws of Concierge, Inc., which became the Bylaws of Concierge Technologies upon its merger with Starfest, Inc. on March 20, 2002.* |
3.5 |
- |
Articles of Merger of Starfest, Inc. and Concierge, Inc. filed with the Secretary of State of Nevada on March 1, 2002.** |
3.6 |
- |
Agreement of Merger between Starfest, Inc. and Concierge, Inc. filed with the Secretary of State of California on March 20, 2002.** |
10.1 |
- |
Agreement of Merger between Starfest, Inc. and Concierge, Inc.* |
15 | ||
|
14 |
- |
Code of Ethics for CEO and Senior Financial Officers.*** |
31
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-
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.1
|
-
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32
|
-
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
-
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
*Previously filed with Form 8-K12G3 on March 10, 2000; Commission File No. 000-29913, incorporated herein. |
**Previously filed with Form 8-K on April 2, 2002; Commission File No. 000-29913, incorporated herein. |
***Previously filed with Form 10-K FYE 06-30-04 on October 13, 2004; Commission File No. 000-29913, incorporated herein. |
(b) | Forms 8-K |
CONCIERGE TECHNOLOGIES, INC. | ||
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|
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Date: February 17, 2005 | By: | /s/ David W. Neibert |
David W. Neibert | ||
President |
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16 | ||
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Exhibit |
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Item |
2 |
- |
Stock Purchase Agreement of March 6, 2000 between Starfest, Inc. and MAS Capital, Inc.* |
3.1 |
- |
Certificate of Amendment of Articles of Incorporation of Starfest, Inc. and its earlier articles of incorporation.* |
3.2 |
- |
Bylaws of Concierge, Inc., which became the Bylaws of Concierge Technologies upon its merger with Starfest, Inc. on March 20, 2002.* |
3.5 |
- |
Articles of Merger of Starfest, Inc. and Concierge, Inc. filed with the Secretary of State of Nevada on March 1, 2002.** |
3.6 |
- |
Agreement of Merger between Starfest, Inc. and Concierge, Inc. filed with the Secretary of State of California on March 20, 2002.** |
10.1 |
- |
Agreement of Merger between Starfest, Inc. and Concierge, Inc.* |
14 |
- |
Code of Ethics for CEO and Senior Financial Officers.*** |
31 |
- |
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.1 |
- |
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32
|
-
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
1 | ||
|
32.1
|
-
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
*Previously filed with Form 8-K12G3 on March 10, 2000; Commission File No. 000-29913, incorporated herein. |
**Previously filed with Form 8-K on April 2, 2002; Commission File No. 000-29913, incorporated herein. |
***Previously filed with Form 10-K FYE 06-30-04 on October 13, 2004; Commission File No. 000-29913, incorporated herein. |
2 | ||
|