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Vegas Equity International Corp – ‘10KSB’ for 12/31/03

On:  Friday, 8/20/04, at 4:29pm ET   ·   For:  12/31/03   ·   Accession #:  1117768-4-87   ·   File #:  0-50317

Previous ‘10KSB’:  None   ·   Next:  ‘10KSB’ on 4/15/05 for 12/31/04   ·   Latest:  ‘10KSB’ on 4/20/06 for 12/31/05

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/20/04  Vegas Equity International Corp   10KSB      12/31/03    3:166K                                   123EDGARDIRECT Inc/FA

Annual Report — Small Business   —   Form 10-KSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10KSB       Annual Report -- Small Business                     HTML    145K 
 2: EX-31       Certification per Sarbanes-Oxley Act (Section 302)  HTML      9K 
 3: EX-32       Certification per Sarbanes-Oxley Act (Section 906)  HTML      6K 


10KSB   —   Annual Report — Small Business


This is an HTML Document rendered as filed.  [ Alternative Formats ]



  Form 10-KSB  

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-KSB
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2003

Commission File Number: 50317

CASH 4 HOMES 247
(Name of small business issuer in its charter)

6767 West Tropicana Avenue, Suite 204
Las Vegas, Nevada USA, 89103
(registered office)

Securities Registered under Section 12(b) of the Exchange Act:

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 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 [ ]

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB.

Yes [X]      No [ ]

The issuer's revenues for its most recent fiscal year were $0.00.

As of December 31, 2003 the registrant had 176,116,482 shares of common stock, $.0001 par value, issued and outstanding.

Transitional Small Business Issuer Disclosure Format (check one):  Yes [ ]      No [X]



CASH 4 HOMES 247

TABLE OF CONTENTS

PART I........................................................................

   ITEM 1.  DESCRIPTION OF BUSINESS...........................................

   ITEM 2.  DESCRIPTION OF PROPERTY...........................................

   ITEM 3.  LEGAL PROCEEDINGS.................................................

   ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS...............

PART II.......................................................................

   ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS..........

   ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS..............................

   ITEM 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.......................

   ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING

   CONTROL AND FINANCIAL DISCLOSURE...........................................

   ITEM 8A. CONTROLS AND PROCEDURES..........................................

PART III.....................................................................

   ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS;

   COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.........................

   ITEM 10. EXECUTIVE COMPENSATION...........................................

   ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

   AND RELATED STOCKHOLDER MATTERS...........................................

   ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS...................

   ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K.................................

   ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES...........................

   SIGNATURES................................................................

CERTIFICATIONS*..............................................................

EXHIBIT......................................................................



PART I

ITEM 1.  DESCRIPTION OF BUSINESS

Cash 4 Homes 247 is a Nevada corporation which was originally formed on May 17, 1996.  Its principal place of business is located at 6767 West Tropicana Avenue, Suite 204, Las Vegas, Nevada 89103The Company was organized to engage in any lawful corporate business.  Cash 4 Homes 247 has been in the developmental stage since inception and has no operating history other than organizational matters.


On May 7, 2003, the Company changed its name to Cash 4 Homes 247 and increased the number of authorized shares to 490,000,000 common shares at $.0001 par value and 10,000,000 shares of Series A Convertible Preferred Stock at $.0001.  For other name changes refer to page 6 of the audited financial statements for March 31, 2003.


Shares were issued pursuant to page 6 of the audited financial statements for the quarter ended March 31, 2003.


Cash 4 Homes 247 was organized on May 17, 1996, under the laws of the State of Nevada.  Cash 4 Homes 247 has limited start-up operations and in accordance with SFAS #7, is considered a development stage Company.


The primary activity of Cash 4 Homes 247 is investing in real estate with equities in excess of their acquisition costs.


Cash 4 Homes 247 has not selected any other company as an acquisition target or merger partner and does not intend to merge with or acquire any other business entity at this time.


Cash 4 Homes 247 is filing this registration statement on a voluntary basis, pursuant to section 12(g) of the Securities Exchange Act of 1934 (the "Exchange Act"), in order to ensure that public information is readily accessible to all shareholders and potential investors, and to increase Cash 4 Homes 247's access to financial markets. In the event  Cash 4 Homes 247's obligation to file periodic reports is suspended pursuant to the Exchange Act,  Cash 4 Homes 247 anticipates that it will continue to voluntarily file such reports.


FORWARD LOOKING STATEMENTS

This statement includes projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this Registration Statement, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.  Important factors that could cause actual results to differ materially from the expectations are disclosed in this Statement, including, without limitation, expectations in conjunction with forward-looking statements contained in this Statement.

ITEM 2.  DESCRIPTION OF PROPERTY

Cash 4 Homes 247 neither owns nor leases any real property at this time, and conducts its business from the Vu Buy Properties, Inc. office, which is approximately 300 square feet, leased for $889.00 per month and located at 6767 West Tropicana Avenue, Suite 204, Las Vegas, Nevada 89103.

ITEM 3.  LEGAL PROCEEDINGS

We are not aware of any legal proceedings against us.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Cash 4 Homes 247 common stock has been quoted for trading on the pink sheets since May 29, 2003.  Accordingly, there has been a limited public market for the Company's common stock. The following table sets forth high and low bid prices for the common stock for our fiscal year ending December 31, 2003.  These prices represent quotations between dealers without adjustment for retail markup, markdown or commission and may or may not represent actual transactions.

     Fiscal Period                    High        Low

     2003
     First Quarter                    $0.00     $0.00
     Second Quarter               $0.23     $0.20
     Third Quarter                   $0.24     $0.03
     Fourth Quarter                $0.04     $0.01

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS

NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This statement includes projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this Registration Statement, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.  Important factors that could cause actual results to differ materially from the expectations are disclosed in this Statement, including, without limitation, expectations in conjunction with forward-looking statements contained in this Statement.

Results of Operations

The Company has had no operations during this quarter.  Management discussions centered on the need for additional
financing.  Due to an earlier set back resulting from the nature of short selling by brokers on the pink sheet market the
Company has resolved that it should file all its Securities and Exchange Commission delinquent quarterly and annual filings and
ultimately seek application to the OTCBB market.  There is no guaranty that the Company will be able to achieve this endeavor,
however, Management is working hard towards this goal.  The OTCBB market exposure should enable the Company to raise
additional capital which is vital for its continued operations.

























ITEM 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
INDEX TO FINANCIAL STATEMENTS

 

                                                                                                                                          

Report of Independent Registered Public Accounting Firm - 2003

Independent Auditors' Report - 2002

Balance Sheet as of December 31, 2003 and 2002

Statements of Operations for the Years Ended
December 31, 2003 and 2002 with Cumulative
Totals Since Inception

Statements of Changes in Stockholders’ Deficit for the
     Period May 17, 1996 (Inception) to December 31, 2003

Statements of Cash Flows for the Years Ended December 31, 2003
    and 2002 with Cumulative Totals Since Inception

Notes to Financial Statements


BAGELL, JOSEPHS & COMPANY, L.L.C.
Certified Public Accountants
High Ridge Commons
Suites 400-403
200 Haddonfield Berlin Road
Gibbsboro, New Jersey 08026
(856) 346-2828  Fax (856) 346-2882

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors
Cash 4 Homes 247
Las Vegas, Nevada

We have audited the accompanying balance sheet of Cash 4 Homes 247 as of December 31, 2003 and the related statements of operations, changes in stockholders’ (deficit), and cash flows for the year then ended with cumulative totals since inception, May 17, 1996.  These financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with auditing standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

The accompanying financial statements for the year ended December 31, 2003 have been prepared assuming that the Company will continue as a going concern.   As discussed in Note 5 to the financial statements, the Company has sustained operating losses and capital deficits that raise substantial doubt about its ability to continue as a going concern.  Management’s operating and financing plans in regard to these matters are also discussed in Note 5.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cash 4 Homes 247 as of December 31, 2003 and the results of its operations, changes in stockholders’ (deficit) and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

BAGELL, JOSEPHS & COMPANY, L.L.C.
BAGELL, JOSEPHS & COMPANY, L.L.C.
Certified Public Accountants
Gibbsboro, New Jersey
August 17, 2004

                                MEMBER OF:       AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
                                                                NEW JERSEY SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
                                                                PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
                                                                NEW YORK STATE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS             


INDEPENDENT ACCOUNTANT’S REPORT

To the Board of Directors and Stockholders
Of Jarvis Group, Inc. (Formerly Co-Media, Inc.)
Las Vegas, Nevada

I have audited the accompanying balance sheets of The Jarvis Group, Inc. (a development state company) as of December 31, 2002 and December 31, 2001 and the related statements of operations, cash flows, and changes in stockholders’ equity for the years ended, as well as the cumulative period from May 17, 1996 (date of inception) to December 31, 2002. These statements are the responsibility of The Jarvis Group, Inc.’s management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit of obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of The Jarvis Group, Inc. as of December 31, 2002 and December 31, 2001 and the results of operations, cash flows, and changes in stockholders’ equity for the years then ended, as well as the cumulative period from May 17, 1996, in conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not generated revenues from operations which raises substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

David  E. Coffey
Las Vegas, Nevada
June 14, 2003



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
DECEMBER 31, 2003 AND 2002

ASSET

2003

2002

Current Asset

  Cash and cash equivalents

$        -  

$       -  

    Total Current Asset

         -  

        -  

TOTAL ASSET

$        -
==========

$       -
=========

  

LIABILITY AND STOCKHOLDERS' (DEFICIT)

LIABILITY

Current Liability

  Accounts payable and accrued expenses

$  12,195

$     425

      Total Current Liability

   12,195

      425

      Total Liability

   12,195

      425

STOCKHOLDERS' (DEFICIT)

Preferred stock, par value $.0001, 10,000,000 and 0 shares authorized and 10,000,000 and 0 shares issued and outstanding


1,000


-

 

Common stock, par value $.0001, 490,000,000 and 50,000,000 shares authorized and 166,116,662 and 46,116,662 shares issued and outstanding



16,612



4,612

  Additional paid-in capital

4,789,666

1,666

  Deficit accumulated during the development stage

(4,819,473)

   (6,703)

      Total Stockholders' (Deficit)

  (12,195)

     (425)

TOTAL LIABILITY AND STOCKHOLDERS' (DEFICIT)

$       -
=========  

$       -  
=========

The accompanying notes are an integral part of the financial statements.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
(WITH CUMLATIVE TOTALS SINCE INCEPTION)

Cumulative Totals
May 17, 1996
to December 31, 2003

2003

2002

INCOME

$                 -

$                  -

$                   -

OPERATING EXPENSES

Administrative expenses

-  

1,944

5,478

TV programming

-  

-  

800

Consulting

2,001,000

-

2,001,000

Service fees

5,770

425

6,195

Professional fees

          6,000

                    -  

            6,000

       Total Operating Expenses

   2,012,770

             2,369

     2,019,473

OTHER (EXPENSE)

Unrealized loss on investment

(2,800,000)

                    -  

(2,800,000)

     Total other (expense)

(2,800,000)

                    -  

(2,800,000)

NET LOSS APPLICABLE TO COMMON SHARES

  $   (4,812,770)
===========

  $          (2,369)
===========

  $        (4,819,473)
=============

NET LOSS PER BASIC AND DILUTED SHARES

  $        (0.0382)
===========

  $        (0.0001)
===========

WEIGHTED AVERAGE NUMBER OF COMMON

    SHARES OUTSTANDING

126,116,662
==========

39,669,791
===========

The accompanying notes are an integral part of the financial statements.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS’ (DEFICIT)
FROM MAY 17, 1996 (INCEPTION) TO DECEMBER 31, 2003

Additional
Paid-in
Capital

Deficits Accumulated

Preferred Stock

Common Stock

During the Development

  Shares

Amount

  Shares

Amount

Stage

Total

Balance, May 17, 1996

              -  

  $             -  

                   -  

  $             -  

  $                 -  

  $                      -  

  $                    -  

Common stock issued for cash

                -  

               -  

           25,000

           2,500

                     -  

                         -  

                 2,500

Net loss – 1996

                -  

               -  

                   -  

                -  

                    -  

                  (2,500)

                (2,500)

Balance, December 31, 1996

                -  

               -  

           25,000

           2,500

                    -  

                  (2,500)

                       -  

Net loss - 1997

                -  

                -  

                   -  

                -  

                    -  

                         -  

                       -  

Balance, December 31, 1997

                -  

               -  

           25,000

            2,500

                    -  

                  (2,500)

                       -  

Change in par value to $.0001

                -  

               -  

                   -  

         (2,498)

               2,498

                         -  

                       -  

Stock split 100 for 1

                -  

               -  

      2,475,000

              248

                (248)

                         -  

                        -  

Net loss - 1998

                -  

               -  

                   -  

                -  

                    -  

                         -  

                       -  

Balance, December 31, 1998

                -  

               -  

      2,500,000

              250

               2,250

                  (2,500)

                       -  

Stock split 3 for 1

                -  

               -  

      5,000,000

              500

                (500)

                         -  

                       -  

Net loss - 1999

                -  

               -  

                   -  

                -  

                     -  

                         -  

                       -  

Balance, December 31, 1999

                -  

               -  

      7,500,000

              750

               1,750

                  (2,500)

                        -  

Issuance of common shares for services

                -  

               -  

      4,675,000

              468

                    -  

                         -  

                    468

Net loss - 2000

                -  

               -  

                   -  

                -  

                    -  

                     (468)

                   (468)

Balance, December 31, 2000

                -  

                -  

    12,175,000

           1,218

               1,750

                  (2,968)

                       -  

Issuance of common shares for services

                -  

               -  

      5,665,176

               566

                    -  

                         -  

                    566

Reverse stock split 1 for 20

                -  

               -  

   (16,948,159)

         (1,695)

               1,695

                          -  

                       -  

Issuance of common shares for services

                -  

               -  

      8,000,000

              800

                    -  

                         -  

                     800

Net loss - 2001

                -  

               -  

                   -  

                -  

                    -  

                  (1,366)

                (1,366)

Balance, December 31, 2001

                -  

               -  

      8,892,017

              889

               3,445

                  (4,334)

                       -  

Stock split 3 for 1

                -  

               -  

    17,784,034

           1,779

             (1,779)

                         -  

                       -  

Issuance of stock for equipment

                -  

               -  

    19,440,611

           1,944

                     -  

                         -  

                 1,944

Net loss - 2002

                -  

               -  

                   -  

                -  

                    -  

                  (2,369)

                 (2,369)

Balance, December 31, 2002

                -  

               -  

    46,116,662

           4,612

               1,666

                  (6,703)

                   (425)

Issuance of stock for investment

                -  

               -  

    70,000,000

           7,000

        2,793,000

                         -  

          2,800,000

Issuance of stock for services

10,000,000

         1,000

    50,000,000

            5,000

        1,995,000

                         -  

          2,001,000

Net loss - 2003

                -  

               -  

                   -  

                -  

                    -  

           (4,812,770)

         (4,812,770)

Balance, March 31, 2004

10,000,000
========

  $ 1,000.00
=========

  166,116,662
==========

  $      16,612
=========

  $     4,789,666
===========

  $        (4,819,473)
=============

  $           (12,195)
============

The accompanying notes are an integral part of the consolidated financial statements.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
(WITH CUMLATIVE TOTALS SINCE INCEPTION)

Cumulative Totals

May 17, 1996

2003

2002

to December 31, 2003

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

   Net loss

$ (4,812,770)

$         (425)

$        (4,819,473)

 

   Adjustments to reconcile net loss to net cash

 

     (used in) operating activities

 

 

     Stock issued for services

2,001,000

-

                            2,004,778

 

     Unrealized loss on investment

2,800,000

-

2,800,000

 

 

  Changes in assets and liabilities

 

     Increase in accounts payable and

 

       accrued expenses

            11,770

                 425

                12,195

 

     Total adjustments

       4,812,770

                  425

           4,816,973

 

 

     Net cash (used in) operating activities

                      -

                     -

               (2,500)

 

 

CASH FLOWS FROM FINANCING ACTIVITES

 

    Sale of common stock

                       -

                    -  

                 2,500

 

 

       Net cash provided by financing activities

                      -

                    -

                 2,500

 

 

NET INCREASE (DECREASE) IN

 

    CASH AND CASH EQUIVALENTS

                      -

-

-

 

 

CASH AND CASH EQUIVALENTS -

 

    BEGINNING OF PERIOD

                     

                   -

                         -

 

 

CASH AND CASH EQUIVALENTS - END OF PERIOD

  $                  -
=========

  $                 -
==========


=============

 

 

SUPPLEMENTAL DISCLOSURE OF NONCASH

 

   INFORMATION:

 

 

     Shares issued for services

  $    2,001,000
==========

  $                 -
==========

$             2,004,778
==============

 

    Shares issued for acquisition

  $    2,800,000
==========

  $                 -
==========

$             2,800,000
==============

 

The accompanying notes are an integral part of the financial statements.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002

NOTE 1-                ORGANIZATION AND BASIS OF PRESENTATION

The Company was incorporated as Overtime, Ltd. on May 17, 1996, under laws of the State of Nevada. Later the Company was named Callwriter, Inc. On November 10, 1999, the Company changed its name to American Broadsports. On November 29, 1999, the Company changed its name to Sierra Pacific Gypsum Corporation. On June 15, 2000, the Company changed its name to Sanitec Holdings USA. On November 29, 2000, the Company changed its name to Co-Media, Inc. On June 27, 2001, the Company changed its name to Select, Inc. and then changed it back to Co-Media, Inc. on October 22, 2001. On January 7, 2002, the Company changed its name to The Jarvis Group, Inc. On May 7, 2003, the Company changed its name to Cash 4 Homes 247.

The business purpose of the Company is to franchise nationally a system for acquiring and marketing real estate properties owned by motivated sellers.

NOTE 2-                SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Development Stage Company

The Company is considered to be in the development stage as defined in Statement of Financial Accounting Standards (SFAS) No. 7, “Accounting and Reporting by Development Stage Enterprises.The Company is devoting substantially all of its efforts to developing the marketing of the real estate properties.

Use of Estimates

The preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consists principally of currency on hand, demand deposits at commercial banks, and liquid investment funds having a maturity of three months or less at the time of purchase.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2003 AND 2002

 

NOTE 2-                SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                                (CONTINUED)

 

Start-up Costs

In accordance with the American Institute of Certified Public Accountants Statement of Position 98-5, “Reporting on the Costs of Start-up Activities”, the Company expenses all costs incurred in connection with the start-up and organization of the Company.

Common Stock Issued For Other Than Cash

Services purchased and other transactions settled in the Company's common stock are recorded at the estimated fair value of the stock issued if that value is more readily determinable than the fair value of the consideration received.

 

Net (Loss) Per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings per share:

 

YEAR ENDED
DECEMBER 31,

 

           2003           

           2002          

Net loss

$    (4,812,770)

$         (2,369)

Weighted average common shares outstanding (Basic)


126,116,662


39,669,791

 

 

 

     Options

-   

   -   

     Warrants

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Weighted average common shares outstanding (Diluted)


126,116,662
==========


39,669,791
==========

All dilutive securities were not included in the calculation of dilutive earnings per share because the effect would be anti-dilutive when the Company has incurred a loss from operations.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2003 AND 2002

 

NOTE 2-                SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                                (CONTINUED)

Stock-Based Compensation

The Company has adopted the disclosure provisions of Statement of Financial Accounting Standards No. 123, “Accounting for Stock-Based Compensation” ("SFAS No. 123"). SFAS No. 123 permits the Company to continue accounting for stock-based compensation as set forth in Accounting Principles Board Opinion No. 25, “Accounting for Stock Issued to Employees” ("APB Opinion No. 25"), provided the Company discloses the pro forma effect on net income and earnings per share of adopting the full provisions of SFAS No. 123. Accordingly, the Company continues to account for stock-based compensation under APB Opinion No. 25 and has provided the required pro forma disclosures.

Recent Accounting Pronouncements

In June 2001, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 141, Business Combinations,” which eliminated the pooling of interest method of accounting for all business combinations initiated after June 30, 2001 and addresses the initial recognition and measurement of goodwill and other intangible assets acquired in a business combination.  The Company adopted this accounting standard for business combinations initiated after June 30, 2001.

The Company adopted SFAS 142, Goodwill and Other Intangible Assets,” effective July 1, 2001.  SFAS 142 addresses the financial and accounting and reporting standards for the acquisition of intangible assets outside of a business combination and for goodwill (of which the Company has not recognized such intangible asset) and other intangible assets subsequent to their acquisition.  This accounting standard requires that goodwill be separately disclosed from other intangible assets in the statement of financial position, and no longer be amortized but tested for impairment on a periodic basis.  The provisions of this accounting standard also require the completion of a transitional impairment test within six months of adoption, with any impairments identified treated as a cumulative effect of a change in accounting principle.

In August 2002, the FASB issued SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets,” which supersedes SFAS No. 121 and provides a single accounting model for long-lived assets to be disposed of.  The new rules significantly change what would have to be met to classify an asset as held for sale.  In addition, more dispositions will qualify for discontinued operations treatment in the income statement as the criteria for discontinued operation presentation is changed to a component of the business rather than a segment of the business.  The Company is required to apply SFAS No. 144 as of October 1, 2003.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2003 AND 2002

 

NOTE 2-                SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                                (CONTINUED)

Recent Accounting Pronouncements (Continued)

In April 2002, the FASB issued SFAS No. 145, “Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections”.  This statement rescinds SFAS No. 4, Reporting Gains and Losses from Extinguishment of Debt, and an amendment of that statement, SFAS No. 44, Accounting for Intangible Assets of Motor Carriers, and SFAS No. 64, Extinguishments of Debt Made to Satisfy Sinking‑Fund Requirements.  This statement amends SFAS No. 13, Accounting for Leases, to eliminate inconsistencies between the required accounting for sales‑leaseback transactions and the required accounting for certain lease modifications that have economic effects that are similar to sales‑leaseback transactions.

Also, this statement amends other existing authoritative pronouncements to make various technical corrections, clarify meanings, or describe their applicability under changed conditions.  Provisions of SFAS No. 145 related to the rescissions of SFAS No. 4 were effective for the Company on November 1, 2002 and provisions affecting SFAS No. 13 were effective for transactions occurring after May 15, 2002.  The adoption of SFAS No. 145 did not have a significant impact on the Company's results of operations or financial position.

In June 2002, the FASB issued SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities”.  The statement addresses financial accounting and reporting for costs associated with exit or disposal activities and requires that a liability for a cost associated with an exit or disposal activity be recognized at fair value when the liability is incurred, rather than at the date of an entity’s commitment to an exit plan.  The provisions of SFAS No. 146 are effective for exit or disposal activities that are initiated after December 31, 2002, with early application encouraged.  The adoption of SFAS No. 146 did not have a significant impact on the Company's results of operations or financial position.

In December 2002, the FASB issued Statement No. 148, “Accounting for Stock-Based Compensation-Transition and Disclosure, an amendment of FASB Statement No. 123”(“SFAS 148”). SFAS 148 amends FASB Statement No. 123, Accounting for Stock-Based Compensation,” to provide alternative methods of transition for an entity that voluntarily changes to the fair value based method of accounting for stock-based employee compensation. It also amends the disclosure provisions of that Statement to require prominent disclosure about the effects on reported net income of an entity’s accounting policy decisions with respect to stock-based employee compensation.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2003 AND 2002

 

NOTE 2-                SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                                (CONTINUED)

Recent Accounting Pronouncements (Continued)

Finally, this Statement amends Accounting Principles Board (“APB”) Opinion No. 28, “Interim Financial Reporting”, to require disclosure about those effects in interim financial information. SFAS 148 is effective for financial statements for fiscal years ending after December 15, 2002. The Company will continue to account for stock-based employee compensation using the intrinsic value method of APB Opinion No. 25, Accounting for Stock Issued to Employees,” but has adopted the enhanced disclosure requirements of SFAS 148.

NOTE 3-                PROVISION FOR INCOME TAXES

The Company accounts for income taxes using the liability method.   At December 31, 2003 and 2002 deferred tax assets consist of the following:

 

2003        

2002       

Net operating loss carryforwards

1,445,842

2,011

Less: valuation allowance

  (1,445,842)

            (2,011)

Net deferred tax assets

     -  
======== 

   -   
========== 

Net operating losses totaling approximately $4,819,000 are currently available and begin to expire in 2021.

A valuation allowance has been provided for the entire deferred tax asset amount until such time that the Company

demonstrates the ability to produce taxable income.

NOTE 4-                STOCKHOLDERS’ DEFICIT           

Common Stock

As of December 31, 2003, the Company has 490,000,000 shares of common stock authorized and 166,116,662 shares issued and outstanding.

 


 

CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2003 AND 2002

NOTE 4-                STOCKHOLDERS’ DEFICIT (CONTINUED)             

Common Stock(Continued)

The Company has amended their Articles of Incorporation at various times amending the authorized share level and par value. As stated the current authorized level is 490,000,000 common shares with a par value of $.0001.
The following details the stock transactions for since inception:

In May 1996, the Company issued 25,000 shares of common stock for $2,500 at a value of $.10 per share.

The Company on November 10, 1998 had a 100 for 1 stock split. On November 15, 1999, the Company had a 3 for 1 stock split.

In the second quarter of 2000, the Company issued 4,675,000 shares of common stock for services rendered at a value of $.0001 per share, the then fair value of the common stock at the date of issuance.

In the second quarter of 2001, the Company issued 5,665,176 shares of common stock for services rendered at a value of $.0001 per share, the then fair value of the common stock at the date of issuance.

On November 5, 2001, the Company reverse split its common stock 1 for 20. On November 5, 2001, the Company also issued 8,000,000 shares of common stock for services at a value of $.0001 per share for a value of $800, the then fair value of the stock at the time of issuance.

On January 8, 2002, the Company split its common stock 3 for 1.

On May 17, 2002, the Company issued 19,440,611 shares of common stock for equipment. The shares were valued at $.0001 per share for a value of $1,944, the then fair value of the stock at the time of issuance. Subsequent to the issuance, the equipment was deemed to be worthless, and the Company impaired the equipment to $0.

On May 7, 2003, the Company issued 70,000,000 shares of common stock in exchange for 100% of the outstanding shares of Vu Buy Properties, Inc. The value of these shares were $.04 per share for a value of $2,800,000, the then current fair value of the shares at the time of acquisition. On June 25, 2003, the Company exchanged 100% of the stock it acquired in the Vu Buy Properties, Inc. transaction, for 1,000 shares of common stock of Univa Estates, Inc., a private company, and entered into an agreement with Univa to provide funding to develop franchise agreements, marketing materials, and business plans for the sale of Vu Buy franchises. The Univa stock was valued at the cost basis, and subsequently written down to $0. This is reflected as an unrealized loss on the condensed statements of operations for the year ended December 31, 2003.

Additionally, on May 7, 2003 the Company issued 50,000,000 shares of common stock for consulting services valued at $.04 per share for a value of $2,000,000, the then fair value of the stock at the time of issuance.



CASH 4 HOMES 247
(FORMERLY THE JARVIS GROUP, INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2003 AND 2002

NOTE 4-                STOCKHOLDERS’ DEFICIT (CONTINUED)

Preferred Stock

The Company on May 7, 2003, authorized the issuance of 10,000,000 shares of convertible preferred stock with a par value of $.0001.

These shares are convertible into common stock at a 5 for 1 ratio. All 10,000,000 shares were issued on May 7, 2003 for services. The value of these shares were par value, $1,000.

NOTE 5-                GOING CONCERN

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which contemplates continuation of the Company as a going concern.  The Company has had recurring operating deficits in the past few years and has large accumulated deficits and is in the development stage and has no recurring revenues. These items raise substantial doubt about the Company’s ability to continue as a going concern.

In view of these matters, realization of the assets of the Company is dependent upon the Company’s ability to meet its financial requirements and the success of future operations.  These condensed financial statements do not include adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.

The Company’s continued existence is dependent upon its ability to generate sufficient cash flows from equity financing.



TEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING CONTROL AND
         FINANCIAL DISCLOSURE

None.

ITEM 8A.  CONTROLS AND PROCEDURES

Critical Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas where significant estimates have been applied include the valuation of assets and revenue recognition. Actual results could differ from those estimates.

The methods, estimates, and judgments we use in applying our most critical accounting policies have a significant impact on the results that we report in our financial statements. The SEC considers an entity's most critical accounting policies to be those policies that are both most important to the portrayal of a company's financial condition and results of operations, and those that require management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about matters that are inherently uncertain at the time of estimation. We believe the following critical accounting policies, among others, require significant judgments and estimates used in the preparation of our financial statements:

O             Property and Equipment are amortized over their estimated useful lives. The carrying values of Property and Equipment are reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment.

O             Revenue is recognized at the time of billing for completed services.

Recent Accounting Pronouncements

The following is disclosure regarding recent accounting pronouncements and their effect or potential effect on the Company's financial statements.

The Company adopted Statement of Position No. 98-5 ("SOP 98-5"), "Reporting the Costs of Start-Up Activities." SOP 98-5 requires that all non-governmental entities expense the cost of start-up activities, including organizational costs as those costs are incurred.

The Company adopted Statement of Financial Accounting Standards ("FAS") No. 130, "Reporting Comprehensive Income". FAS No.130 requires that the components and total amounts of comprehensive income be displayed in the financial statements. Comprehensive income includes net income and all changes in equity during a period that arises from non-owner sources, such as foreign currency items and unrealized gains and losses on certain investments in equity securities. The Company's components of comprehensive income (loss) consist of a net loss.

In December 1999, The United States Securities and Exchange Commission ("SEC") issued Staff Accounting Bulletin No. 101 ("SAB 101"), "Revenue Recognition in Financial Statements." SAB 101 summarized certain of the SEC's views regarding the application of generally accepted accounting principles to revenue recognition in financial statements. In June 2000, the SEC amended SAB 101 to require companies with fiscal years beginning after December 15, 1999 to implement the provisions of SAB 101 no later than the fourth fiscal quarter. The Company adopted the provisions of SAB 101 at its inception. The Company does not believe that the adoption has any material effect on its financial statements.

PART III

ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS;
        COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

The following table sets forth certain information regarding the executive officers and directors of Cash 4 Homes 247 as of December 31, 2003:



Name
Age
Position
Pamela Harrison
35
President, Secretary, Treasurer and Sole Director


Pamela Harrison is an experienced real estate investor in Las Vegas who has worked as a secretary and medical insurance billings specialist for eight (8) years.

ITEM 10.  EXECUTIVE COMPENSATION

There is no executive compensation given to any officers and directors of the company


No retirement, pension, profit sharing, stock option or insurance programs or other similar programs have been adopted by the Registrant for the benefit of its employees.

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND

RELATED STOCKHOLDER MATTERS

The following table sets forth, as at December 31, 2003, certain information as to shares of the common stock owned by (i) each person known by management to beneficially own more than 5% of the outstanding common stock, (ii) each of our directors, and (iii) all executive officers and directors as a group:



SECURITY OWNERSHIP OF BENEFICIAL OWNERS
Approved by the Board of Directors but not issued yet


Title of Class
Name of Owner
Shares Beneficially Owned
Percentage Ownership
Preferred
Pamela Harrison Trustee of the Brown Lychee Trust
10,000,000
5.5%
Common
Pamela Harrison
3,500,000
.02%
Common
Pamela Harrison, Trustee of the Alex Irrevocable Trust
3,430,000
.02%
Common
Pamela Harrison, Trustee of the Brown Lychee Insurance Trust
53,060,000
29.48%
Common
Pamela Harrison, Trustee of the Mekela Irrevocable Trust
3,430,000
.02%
Common
Pamela Harrison, Trustee of the Thomas Irrevocable Trust
3,430,000
.02%
Total Shares Held

78,850,000
35.06%


All the above will be restricted pursuant to Rule 144.

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

None

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

Exhibit 31.1 and 32.1                                                            Attached

Reports filed on Form 8-K                                                  None

Reports required to be filed by Regulation S-X              None

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit Fees

The aggregate fees billed for each of the last two years for professional services rendered by the principal accountant for the audit of Cash 4 Homes 247 annual financial statements and review of financial statements included in Cash 4 Homes 247 form 10-QSB, and services that are normally provided by the accountant in connection with statutory and regulatory

engagements for those fiscal years was $0.

Audit - Related Fees

None

Tax Fees

None

All Other Fees

None

SIGNATURES

Pursuant to the requirements of Section 13 and 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.

                                                                                CASH 4 HOMES 247

Date:  August 19, 2004                                        By: /s/ Gordon Forgey
                                                                                      Gordon Forgey, President


Dates Referenced Herein   and   Documents Incorporated by Reference

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