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 SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 2002
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( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File number 000-30415
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WESTERN GLORY HOLE, INC.
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(Exact name of registrant as specified in charter)
Nevada 87-0632495
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1981 East Murray Holiday Rd, Salt Lake City, Utah 84117
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(Address of principal executive offices) (Zip Code)
801-272-9294
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Registrant's telephone number, including area code
(Former name, former address, and former fiscal year, 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 for 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 [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date
Class Outstanding as of June 30, 2002
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Common Stock, $0.001 742,500
INDEX
Page
Number
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PART I.
ITEM 1. Financial Statements (unaudited)...................................3
Balance Sheets.....................................................4
June 30, 2002 and December 31, 2001
Statements of Operations
For the three and six months ended June 30, 2002 and 2001 ....5
and the period March 28, 1983 to June 30, 2002
Statements of Cash Flows
For the six months ended June 30, 2002 and 2001.................6
and the period March 28, 1983 to June 30, 2002
Notes to Financial Statements......................................7
ITEM 2. Plan of Operations.................................................9
PART II. Signatures.........................................................9
PART I - FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS
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The accompanying balance sheets of Western Glory Hole, Inc. ( development stage
company) at June 30, 2002 and December 31, 2001, and the related statements of
operations, and the statements of cash flows for the three and six months ended
June 30, 2002 and 2001 and the period March 28, 1983 to June 30, 2002, have been
prepared by the Company's management in conformity with accounting principles
generally accepted in the United States of America. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature.
Operating results for the quarter ended June 30, 2002, are not necessarily
indicative of the results that can be expected for the year ending December 31,
2002.
3
WESTERN GLORY HOLE, INC.
( Development Stage Company)
BALANCE SHEETS
June 30, 2002 and December 31, 2001
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Jun 30, Dec 31,
2002 2001
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ASSETS
CURRENT ASSETS
Cash $ -- $ --
-------- --------
Total Current Assets $ -- $ --
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ -- $ --
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Total Current Liabilities -- --
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STOCKHOLDERS' EQUITY
Common stock
100,000,000 shares authorized, at $0.001 par
value; 742,500 shares issued and outstanding 743 743
Capital in excess of par value 47,889 45,658
Deficit accumulated during the development stage (48,632) (46,401)
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Total Stockholders' Equity (deficiency) -- --
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$ -- $ --
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The accompanying notes are an integral part of these
financial statements.
4
WESTERN GLORY HOLE, INC.
( Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three and Six Months Ended June 30, 2002, and 2001
and the Period March 28, 1983 (Date of Inception) to June 30, 2002
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Three Months Six Months
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Jun 30, Jun 30, Jun 30, Jun 30, Mar 28, 1983 to
2002 2001 2002 2001 Jun 30, 2002
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REVENUES $ -- $ -- $ -- $ -- $ --
EXPENSES 597 620 2,231 829 48,632
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NET LOSS $ (597) $ (620) $ (2,231) $ (829) $ (48,632)
========= ========= ========= ========= ==============
NET LOSS PER COMMON SHARE
Basic $ -- $ -- $ -- $ --
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AVERAGE OUTSTANDING
SHARES
Basic 742,500 742,500 742,500 742,500
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The accompanying notes are an integral part of
these financial statements.
5
WESTERN GLORY HOLE, INC.
( Development Stage Company)
STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2002, and 2001
and the Period March 28, 1983 (Date of Inception) to June 30, 2002
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Mar 28, 1983
Jun 30, Jun 30, to Jun 30,
2002 2001 2002
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CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ (2,231) $ (829) $ (48,632)
Adjustments to reconcile net loss to
net cash provided by operating activities
Changes in accounts payable -- (1,600) --
Contributions to capital - expenses 2,231 2,429 8,632
Net Cash Used in Operations -- -- (40,000)
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CASH FLOWS FROM INVESTING
ACTIVITIES
-- -- --
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CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issuance of common stock -- -- 40,000
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Net Increase (Decrease) in Cash -- -- --
Cash at Beginning of Period -- -- --
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Cash at End of Period $ -- $ -- $ --
======== ======== ============
NON CASH FLOWS FROM OPERATING ACTIVITIES
Contributions to capital - expenses - related party $ 8,632
--------
The accompanying notes are an integral part of
these financial statements.
6
WESTERN GLORY HOLE, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
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1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on March 28,
1983 with the name of "L. Peck Enterprises, Inc." with authorized common stock
of 2,500 shares at no par value. On May 27, 1999 the authorized capital stock
was increased to 100,000,000 shares with a par value of $0.001 in connection
with a name change to "Western Glory Hole, Inc".
On May 27, 1999 the Company completed a forward common stock split of 225 shares
for each outstanding share. This report has been prepared showing after stock
split shares with a par value of $.001 from inception.
The Company has been engaged in the activity of seeking and developing mining
properties and became inactive after 1990.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
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The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
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The Company has not adopted a policy regarding payment of dividends.
Income Taxes
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At June 30, 2002 the Company had a net operating loss carry forward of $48,632.
The tax benefit of approximately $14,590 from the loss carry forward has been
fully offset by a valuation reserve because the use of the future tax benefit is
undeterminable since the Company has no operations. The net operating loss will
expire starting in 2005 through 2023.
Basic Net Income (Loss) Per Share
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Basic net income (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding after the stock split.
Financial Instruments
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The carrying amounts of financial instruments are considered by management to be
their estimated fair values.
7
WESTERN GLORY HOLE, INC.
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Estimates and Assumptions
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Management uses estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.
Recent Accounting Pronouncements
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The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.
3. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
Officers-directors have acquired 30% of the outstanding common stock of the
Company and made contributions to capital by the payment of Company expenses
amounting to $8,632.
4. GOING CONCERN
The Company intends to acquire interests in various business opportunities
which, in the opinion of management, will provide a profit to the Company,
however there is no working capital for any future planned activity.
Continuation of the Company as a going concern is dependent upon obtaining
additional working capital and the management of the Company has developed a
strategy, which it believes will accomplish this objective through additional
equity funding, long term debt, and contributions to capital by officers, which
will enable the Company to conduct operations for the coming year.
8
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ITEM 2. PLAN OF OPERATIONS
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The Company's management is seeking and intends to acquire interests in various
business opportunities which, in the opinion of management, will provide a
profit to the Company but it does not have the working capital to be successful
in this effort.
Continuation of the Company as a going concern is dependent upon obtaining the
working capital necessary for its planned activity. The management of the
Company has developed a strategy, which they believe can obtain the needed
working capital through additional equity funding and long term debt which will
enable the Company to continue operations for the coming year.
Liquidity and Capital Resources
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The Company will need additional working capital to finance its planned
activity.
Results of Operations
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The Company has had no operations during this reporting period.
PART 2 - SIGNATURES
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SIGNATURES
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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 there unto duly authorized.
Western Glory Hole, Inc.
[Registrant]
S/ Fred Hefferon
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Fred Hefferon- President & Treasurer
August 13, 2002
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Western Glory Hole, Inc. (the
"Company") on Form 10-QSB for the period ended June 30, 2002 as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), I, Fred
Hefferon, Chief Executive Officer and Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906
of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of
the Company.
S/ Fred Heferon
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Chief Executive Officer
August 13, 2002