U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2001.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ TO
______________
COMMISSION FILE NUMBER: 000-31431
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PIEDMONT, INC.
(Exact name of registrant as specified in its charter)
Utah 33-0052057
(State or jurisdiction of incorporation I.R.S. Employer I.D. No.)
or organization
3700 Susan St., Ste. 200, Santa Ana, CA 92704
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (949) 770-2578; Fax: 603-375-6582
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Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $0.001 Par Value
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), and (2) been subject to such
filing requirements for the past 90 days. Yes X No
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As of February 28, 2001, the Registrant had 10,093,195 shares of common stock
issued and outstanding.
Transitional Small Business Disclosure Format (check one): Yes No X
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PART I.
ITEM 1. FINANCIAL STATEMENTS.
Piedmont, Inc.
(Formerly Candy Stripers Candy Corporation)
BALANCE SHEET
February 28, 2001
(Unaudited)
Three Months Ended
February 28, 2001
------------------
ASSETS
CURRENT ASSETS:
Cash $ 0
Accounts Receivable $
Other Investments $ 0
TOTAL CURRENT ASSETS $
ORGANIZATIONAL COSTS, NET $ 0
TOTAL ASSETS $ 0
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts Payable $ 0
TOTAL CURRENT LIABILITIES $ 0
LONG-TERM DEBT $ 0
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value,
authorized 40,000,000 shares;
no shares issued
Common stock, $.001 par value
authorized 100,000,000 shares, issued
and outstanding at February 28, 2001
10,093,195 shares $ 10,093
Additional paid in Capital $ 3,646,297
Earnings Accumulated During Development Stage $(3,656,390)
-----------
TOTAL STOCKHOLDERS' EQUITY $ 0
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 0
===========
See accompanying notes to interim financial statements
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Piedmont, Inc.
(Formerly Candy Stripers Candy Corporation)
STATEMENT OF OPERATIONS
Three Months Ended on February 28, 2001
(Unaudited)
Three For the
Months year ended
Ended November
February 28, 30, 2000
2001
------------ ----------
INCOME:
Revenue $ 0 $ 1137
TOTAL INCOME $ 0 $ 1137
==== ======
EXPENSES:
General, and Administrative $ 0 $ 1137
Amortization $ 0 $ 0
Total Expenses $ $(1137)
Net Profit/Loss(-) From Operations $ $
Interest Income $ 0 $
INCOME (LOSS) BEFORE INCOME TAXES $ $ 0
Provision for income tax $ 0 $ 0
NET INCOME (LOSS) $ 0 $ 0
==== ======
NET INCOME (LOSS) PER SHARE-BASIC AND DILUTED $ 0.00 $ 0.00
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING 10,093,195 10,093,195
See accompanying notes to interim financial statements
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Piedmont, Inc.
(Formerly Candy Stripers Candy Corporation)
STATEMENTS OF CASH FLOWS
Three Months Ended on February 28, 2001, Year Ended Nov 30, 2000
(Unaudited)
Three Months For the year
Ended Ended
February 28, 2001 November 30, 2000
----------------- ------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net (Loss) Income: $ 0 $ 1137
Decrease (Accts Payable)
Net Cash (Used) In Operating
Activities $ 0 $ 1137
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of organizational
Costs $ 0 $ 0
CASH FLOWS FROM FINANCING
ACTIVITIES
Issuance of common stock for
Cash $ 0 $ 0
Net Increase in Cash $ 0 $ (1137)
Cash, Beginning of Period $ 0 $ 1137
Cash, End of Period $ 0 $ 0
See accompanying notes to interim financial statements
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Piedmont, Inc.
(Formerly Candy Stripers Candy Corporation)
NOTES TO INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 1 - HISTORY, ACCOUNTING POLICIES AND PROCEDURES
The Company was incorporated June 29, 1983 under the laws of the State of Utah
as Teal Eye, Inc. On September 7, 1984, the Company merged with Terzon Corp.
and amended its Articles of Incorporation changing the Company name to Terzon
Corp. On September 7, 1984, the Company amended its Articles of Incorporation
changing its name to Candy Stripers Candy Corporation. On January 6, 1998, the
Company amended its Articles of Incorporation changing its name to Piedmont,
Inc.
The nature of the Company's business is the development of websites, including
consultation and design, for the sale of retail products. The Company is
presently contracting with various companies for the resale of home gift items.
The company's website (www.piedmontcybermall.com) is operational.
The Company has adopted the following accounting policies and procedures:
1. The Company uses the accrual method of accounting.
2. Earnings (loss) per share is calculated using a weighted averaged number of
shares of common stock outstanding.
3. The Company has elected a fiscal year ending November 30th.
NOTE 2 - EMPLOYEE STOCK OPTION PLAN
On December 27, 1997, the stockholders approved setting aside 500,000 shares of
common stock for an employee stock bonus plan, the terms of which are to be
determined by the Board of Directors.
NOTE 3 - WARRANTS AND OPTIONS
There are no warrants or stock options outstanding to acquire any additional
shares of common stock of the Company,
NOTE 4 - STOCKHOLDERS' EQUITY.
Common Stock.
The authorized common stock of Piedmont, Inc. consists of 100,000,000 shares
with a par value of $0.001 per share. As of February 28, 2001 Piedmont, Inc.
had 10,093,195 shares outstanding.
Preferred Stock.
The authorized Preferred Stock of Piedmont, Inc. consists of 40,000,000 shares
with a par value of $0.001 per share. No preferred shares have been issued.
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NOTE 5 - INCOME TAXES.
There is no provision for income taxes for the period ended February 28, 2001
due to the zero net income and substantial loss carry forward.
ITEM 2. PLAN OF OPERATION.
The following discussion should be read in conjunction with the financial
statements of Piedmont, Inc. and notes thereto contained elsewhere in this
report.
Initial Operation.
Up to the present time, Piedmont, Inc. has only been in the organizational
phase. Over the next 12 months Piedmont, Inc. intends to concentrate its
efforts into development and enhancement of the company's website
(www.piedmontcybermall.com). These changes will include additional information
and articles of interest to internet shoppers and a possible newsletter.
Piedmont, Inc. will also be seeking to enhance its advertising revenues by the
placement of additional advertising on the website.
Piedmont, Inc. will need to raise additional capital in order to continue its
operations. Such financing will probably take the form of a combination of debt
and equity financing. However, there is no guarantee that such financing will
be available at all or on such terms as will be acceptable to Piedmont, Inc.
Currently, Piedmont, Inc. does not plan to make significant equipment purchases
in the next 12 months in order to implement its plan of operation. Also, it
does not plan over such period to significantly change the number of employees.
Liquidity and Capital Resources.
During the three month period ended February 28, 2001, Piedmont, Inc. continued
its status as a development company. Piedmont, Inc. is continuing to incur
limited development expenses, is deriving no revenues, and has experienced an
ongoing deficiency in working capital. Piedmont, Inc.'s continued existence is
dependent on its ability to obtain additional financing to proceed with its
plan of operation.
Capital Expenditures.
No material capital expenditures were made during the quarter ended on February
28, 2001.
PART II.
ITEM 1. LEGAL PROCEEDINGS.
Piedmont, Inc. is not a party to any material pending legal proceedings and, to
the best of its knowledge, no such action by or against Piedmont, Inc. has been
threatened.
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ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
Not Applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 5. OTHER INFORMATION.
Not Applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Reports on Form 8-K. None
(b) Exhibits included or incorporated by reference herein: See Exhibit Index
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Piedmont, Inc.
Dated: May 10, 2001 By: Vincent van den Brink
--------------------------------
Vincent van den Brink, President
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