U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 2001
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission File No.
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0-30955
KENTEX PETROLEUM, INC.
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(Name of Small Business Issuer in its Charter)
NEVADA 87-0645378
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(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)262-8844
None, Not Applicable;
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(Former Name or Former Address, if changed since last Report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes X No
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
None, Not Applicable;
APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
June 30, 2001
2,357,997
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this 10-QSB
Quarterly Report were prepared by management and commence on the following page.
In the opinion of management, the Financial Statements fairly present the
financial condition of the Registrant.
KENTEX PETROLEUM, INC.
[A Development Stage Company]
Balance Sheet
June 30, 2001 and December 31, 2000
06/30/2001 12/31/2000
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[Unaudited]
ASSETS
Assets $ 0 $ 0
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Total Assets $ 0 $ 0
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Loans from stockholders $ 7,123 $ 4,878
Accrued Liabilities 0 0
Income Taxes Payable 0 0
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Total Current Liabilities 7,123 4,878
Total Liabilities 7,123 4,878
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Stockholders' Deficit:
Common Stock, $.001 par value;
authorized 50,000,000 shares; issued and
outstanding, 2,357,997 shares and
2,357,997 shares, respectively 2,358 2,358
Paid-in Capital 2,073,802 2,073,802
Accumulated Deficit (2,041,500) (2,041,500)
Deficit accumulated during development stage (41,783) (39,538)
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Total Stockholders' Deficit (7,123) (4,878)
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Total Liabilities and Stockholders' Deficit $ 0 $ 0
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KENTEX PETROLEUM, INC.
[A Development Stage Company]
STATEMENTS OF OPERATIONS
For the Three and Six Month Period Ended June 30, 2001, 2000 and
for the Period from Reactivation [May 8, 1999] through June 30, 2001
Three Months Ended Six Months Ended Reactivation through,
2001 2000 2001 2000 June 30, 2001
Revenues $ - $ - $ - $ - $ -
Operating expenses
General and Administrative 229 1,139 2,245 4,257 41,783
Total operating expenses 229 1,139 2,245 4,257 41,783
Net Income Before Taxes (229) (1,139) (2,245) (4,257) (41,783)
Income taxes - - - - -
Net (loss) (229) (1,139) (2,245) (4,257) (41,783)
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Basic and diluted (loss) per common share (0.01) $ (0.01) $(0.01) (0.01) (0.03)
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Weighted Average Shares Outstanding 2,357,997 2,301,333 2,357,997 2,301,333 1,656,236
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KENTEX PETROLEUM, INC.
[A Development Stage Company]
Statements of Cash Flows
For the Three and Six Month Period Ended June 30, 2001, 2000 and
for the Period from Reactivation [May 8, 1999] through June 30, 2001
Three Months Ended Six Months Ended Reactivation through,
2001 2000 2001 2000 June 30, 2001
Cash Flows From Operating Activities
Net (loss) $ (229) $ (1,139) $(2,245) $(4,257) (41,783)
Adjustments to reconcile net (loss) to net
cash used in operating activities
Shares issued for services - - - - 34,660
Increase/(Decrease) in current liabilities - - - - -
Increase/(Decrease) in loans from 229 1,139 2,245 4,257 7,123
shareholder
Net cash flows from operating activities - - - - -
Cash Flows Provided by Financing Activities - - - - -
Net Increase In Cash - - - - -
Beginning Cash Balance - - - - -
Ending Cash Balance $ - - - - -
NOTES TO FINANCIAL STATEMENTS: Interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the periods. The December 31, 2000, balance sheet
has been derived from the audited financial statements. These interim financial
statements conform with the requirements for interim financial statements and
consequently do not include all the disclosures normally required by generally
accepted accounting principles.
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations in the period ending
June 30, 2001, or for over the past ten years. The Company has executed a
Memorandum of Understanding, which outlines the terms of a Reorganization
whereby the Company acquires 100% of the outstanding common shares of 24-7
Digital, Inc. ("24-7"), a California corporation. As a result of the
Reorganization, the shareholders of 24-7 will own approximately 89.4% of the
outstanding capital stock of the Company. No definitive agreements have been
signed and there are no assurances that the Company will execute the above
mentioned Reorganization.
Results of Operations.
The Company has had no operations during the quarterly period ended June
30, 2001, or for over the past ten years. During the quarterly period covered by
this Report, the Company received no revenue and incurred expenses of $229,
stemming from general and administrative expenses.
Liquidity
At June 30, 2001, the Company had total current assets of $0 and total
liabilities of $7,123.
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
None; not applicable.
Item 2.Changes in Securities.
None; not applicable
Item 3.Defaults Upon Senior Securities.
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
None; not applicable
Item 5.Other Information.
None; applicable
Item 6.Exhibits and Reports on Form 8-K.
None; not applicable
(b)Reports on Form 8-K.
None; Not Applicable.
SIGNATURES
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 thereunto duly authorized.
KENTEX PETROLEUM, INC.
Date:07/17/01 /S/JAMES DOOLIN
James Doolin, President and Director