10-Q 1 fbi.txt 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10QSB (X) Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2001 ( ) Transition report pursuant of Section 13 or 15(d) of the Securities Exchange Act of 1939 for the transition period ____ to______ COMMISSION FILE NUMBER: 333-46160 --------- FBI FRESH BURGERS INTERNATIONAL ------------------------------------------ (Exact name of registrant as specified in its charter) California 91-2021594 ---------------------------------- ---------------------------- (State or other jurisdiction of (IRS Employer I.D. Number) incorporation or organization) 827 State Street, Suite 14, Santa Barbara, CA 93101 Telephone: 805-560-1308 ------------------------------------------------------------------------------- (Address of Principal Executive Offices, including Registrant's zip code and telephone number) NONE -------------------------------------------------------------- Former name, former address and former fiscal year, if changed 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) has been subject to such filing requirements for the past 90 days. Yes X No --- --- The number of shares of the registrant's common stock as of March 31, 2001: 1,964,400 shares. Transitional Small Business Disclosure Format (check one): Yes No X --- --- 1 TABLE OF CONTENTS ----------------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements (a) Balance Sheet (b) Statement of Operations (c) Statement of Changes in Financial Position (d) Statement of Shareholders' Equity (e) Notes to Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 3. Risks PART II. OTHER INFORMATION Item 1. Legal Proceedings Item 2. Changes in Securities and Use of Proceeds Item 3. Defaults On Senior Securities Item 4. Submission of Items to a Vote Item 5. Other Information Item 6 (a) Exhibits (b) Reports on Form 8K SIGNATURES FINANCIAL DATA SCHEDULE 2

6 FBI Fresh Burgers International (A DEVELOPMENT STAGE COMPANY) NOTES TO FINANCIAL STATEMENTS FOR THE TEN MONTHS ENDED December 31, 2000 NOTE 1. DESCRIPTION OF THE BUSINESS FBI was incorporated under the laws of the state of California on February 1, 2000, under the former name of "FirsTelevision. The purpose for which the Corporation is organized is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of California including, without limitation, to develop a national chain of fast food restaurants. FBI has been in the development stage since its formation on February 1, 2000. Planned principal operations have only recently commenced since then, but FBI has not generated any significant revenue. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES A. FBI uses the accrual method of accounting. B. Revenues and expenses are recognized and recorded when food is provided. C. FBI considers all short term, highly liquid investments that are readily convertible, within three months, to known amounts as cash equivalents. FBI currently has no cash equivalents. D. Primary Earnings Per Share amounts are based on the weighted average number of shares outstanding at the dates of the financial statements. Fully Diluted Earnings Per Shares shall be shown on stock options and other convertible issues that may be exercised within ten years of the financial statement dates. E. Estimates: The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. NOTE 3. INCOME TAXES. FBI has adopted the provisions of SFAS No. 109 "Accounting for Income Taxes". SFAS 109 requires recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. FBI has incurred losses that can be carried forward to offset future earnings if conditions of the Internal Revenue codes are met. There is no provision for income taxes for the ten months ended December 31, 2000, due to the net operating loss. FBI's total deferred tax assets as of December 31, 2000 are as follows: 7 Net operating loss carryforward $1,950 Valuation allowance (1,950) --------- Net deferred tax asset 0 The net operating loss carry forward for federal tax purposes will expire in the year 2020. FBI shares office space and telephone services of the Secretary of FBI at no charge. NOTE 5. FISCAL YEAR END. FBI's fiscal year end is December 31st. NOTE 6. RELATED PARTY TRANSACTIONS. FBI issued unregistered common stock to its President, in exchange for services as President, Secretary and Treasurer, and to non management consultants and employees in exchange for their services. The issuance of shares were recorded at their fair market value of par value. This is deemed appropriate, rather than recording the issuance of shares at the offering price, since FBI's shares have no current book value. NOTE 7. STOCK ISSUED FOR SERVICES ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Management's Discussion and Analysis of Financial Condition and Results of Operations. THIS ANALYSIS CONTAINS FORWARD-LOOKING COMMENTS WHICH ARE BASED ON CURRENT INFORMATION. ACTUAL RESULTS IN THE FUTURE MAY DIFFER MATERIALLY. The Company is engaged in the business of establishing a chain of fast food restaurants. The Company has not yet commenced operations and a comparison analysis is of financial information is not relevant. Item 2. Changes in securities and use of proceeds NONE Item 3. Defaults on senior securities NONE Item 4. Submission of items to a vote NONE Item 5. Other information NONE Item 6. a) Exhibits NONE b) Reports on 8K NONE 8 SIGNATURES In accordance with the requirements of the Securities and Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FBI FRESH BURGERS INTERNATIONAL Dated: April 27, 2001 By: Artum Gotov --------------------- Artum Gotov, President Dated: April 27, 201 By: Agata Gotova ------------------------------ Agata Gotova, Chief Financial Officer 9

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