U.S. 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 Quarter Ended September 30, 2002
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Commission file number 33-08070-LA
MAXI GROUP, INC.
(name of small business issuer as specified in its charter)
Nevada 87-0420448
(State of other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
836 Slate Canyon Drive, Provo, UT 84606
(Address of principal executive offices)
Registrant's telephone no., including area code: 801-356-3735
Former name, former address, and former
fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Exchange Act: None
Securities registered pursuant to Section 12(g) of the Exchange Act: None
Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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___.
Common Stock outstanding at September 30, 2002 - 24,592,500 shares of $.001
par value Common Stock.
PART I - FINANCIAL INFORMATION
Item 1 Financial Statements
MAXI GROUP, INC.
[Development Stage Company]
CONDENSED BALANCE SHEETS
[Unaudited]
ASSETS
Sept. 30,2002
--------------
CURRENT ASSETS:
Cash on Hand $ 345
--------------
TOTAL ASSETS $ 345
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Sept. 30, 2002
--------------
CURRENT LIABILITIES:
Accounts payable $ 9,950
Payable to related parties 4,000
--------------
Total Current Liabilities $ 13,950
--------------
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock 24,593
Additional paid-in Capital 70,374
Deficit accumulated during
development stage (108,572)
--------------
Stockholders' Deficit $ (13,605)
TOTAL LIABILITIES &
Stockholders' Deficit $ 345
==============
The accompanying notes are an integral part of these financial statements.
MAXI GROUP, INC.
[Development Stage Company]
CONDENSED STATEMENTS OF OPERATIONS
[Unaudited]
From
For the Three For the Three Inception
Months Ended Months Ended June 17,1986 to
Sept. 30, 2002 Sept. 30,2001 Sept. 30, 2002
--------------- --------------- -----------
REVENUE
Interest Income 0 0 7,251
--------------- --------------- -----------
EXPENSES
General and
Administrative Expenses 24 46 20,895
Amortization Expense - - 160
Professional Fees 700 - 76,051
Rent Expense - - 1,200
Travel Expenses - - 17,517
------- --------------- -----------
Total Expenses 724 46 115,823
------- --------------- -----------
LOSS BEFORE INCOME TAXES (724) (46) (108,572)
--------------- --------------- -----------
INCOME TAX EXPENSE - - -
--------------- --------------- -----------
NET LOSS (724) (46) (108,572)
=============== =============== ===========
NET LOSS PER SHARE
BASIC AND DILUTED (.00) (.00) (.00)
=============== =============== ===========
WEIGHTED AVERAGE SHARES
BASIC AND DILUTED 24,592,000 24,592,000
=============== =============== ===========
The accompanying notes are an integral part of these financial statements.
MAXI GROUP, INC.
[Development Stage Company]
CONDENSED STATEMENTS OF OPERATIONS
[Unaudited]
From
For the Nine For the Nine Inception
Months Ended Months Ended June 17,1986 to
Sept. 30, 2002 Sept. 30,2001 Sept. 30, 2002
--------------- --------------- -----------
REVENUE
Interest Income 0 0 7,251
--------------- --------------- -----------
EXPENSES
General and
Administrative Expenses 594 691 20, 895
Amortization Expense - - 160
Professional Fees 5,700 - 76,051
Rent Expense - - 1,200
Travel Expenses - - 17,517
------- --------------- -----------
Total Expenses 6,294 691 115,823
------- --------------- -----------
LOSS BEFORE INCOME TAXES (6,294) (691) (108,572)
--------------- --------------- -----------
INCOME TAX EXPENSE - - -
--------------- --------------- -----------
NET LOSS (6,294) (691) (108,572)
=============== =============== ===========
NET LOSS PER SHARE
BASIC AND DILUTED (.00) (.00) (.00)
=============== =============== ===========
WEIGHTED AVERAGE SHARES
BASIC AND DILUTED 24,592,000 24,592,000
=============== =============== ===========
The accompanying notes are an integral part of these financial statements.
MAXI GROUP, INC.
[Development Stage Company
Consolidated Statements of Cash Flow
[Unaudited]
For the Nine From Inception
Months ended On June 17, 1986
Sept. 30 Through Sept. 30,
2002 2001 2002
---------------------- ------------------
Cash Flows from Operating Activities:
Net loss $ (6,294) $ (691) $ (108,572)
Adjustments to reconcile net
loss to net cash used in
Operating activities:
Stock compensation - - 2,000
Amortization Expense - - 160
Increase in Accounts Payable
and related party payable 6,222 613 13,950
--------- --------- -----------
Net Cash Flows used in
Operating Activities (72) (78) (92,462)
Cash Flows from Investing Activities:
Organization Costs - - (160)
Investment in subsidiary - - (30,000)
--------- --------- -----------
Net Cash Flows to Investing
Activities - - (30,160)
--------- -------- -----------
Cash Flows from Financing
Activities:
Proceeds from common stock - - 116,377
Proceeds from initial issuance
Of common stock 15,000
Stock offering costs - - (8,410)
---------- -------- -----------
Net cash flows provided by
Financing Activities 0 0 122,967
---------- --------- -----------
Net (Decrease) Increase in Cash (72) (78) 345
Cash at Beginning of Period 417 519 -
---------- --------- -----------
Cash at End of Period $ 345 $ 441 345
MAXI GROUP, INC.
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED & CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Condensed Financial Statements - The accompanying financial
statements have been prepared by the Company without audit.
In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly
the financial position, results of operations and cash flows at
September 30, 2002 and for all periods presented have been made.
Accounting Estimates - Certain information and footnote
disclosures normally included in financial statements prepared
in accordance with accounting principles generally accepted in
the United States have been condensed or omitted. It is suggested
that these condensed financial statements be read in conjunction
with the financial statements and notes thereto included in the
Company's December 31, 2001 audited financial statements. The
results of operations for the period ended September 20, 2002
are not necessarily indicative of the operating results for the
full year.
2. Going Concern
The accompanying financial statements have been prepared assuming
that the Company will continue as a going concern. Because of
significant losses and the lack of any revenue generating
activities, the Company's ability to continue as a going
concern is dependent on attaining future profitable operations,
and obtaining additional financing and/or equity.
Management of the Company is currently developing a plan to
attempt to resolve these uncertainties. The financial statements
do not include any adjustments that might result from the outcome
of this uncertainty.
ITEM 2 Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Maxi Group has never engaged in any material operations or had
any revenues from operations since inception. The Company is
presently attempting to determine which industries or areas
where the Company should concentrate its business efforts, and
at that determination, will formulate its business plan and
attempt to commence operations. During the next twelve months,
the Company's only foreseeable cash requirements will relate to
maintaining the Company in good standing with its public
reporting requirements and the payment of expenses associated
with reviewing or investigating any potential business venture,
which the Company expects to pay from advances from management
or shareholders.
Liquidity and Capital Resources
At September 30, 2002, the Company had $345 in current assets,
with total current liabilities of $13,950. The cash on hand as
of 9/30/02 is not considered sufficient to fund the Company's
necessary expenditures over the
next 12 months. The Company intends to borrow funds from
management or shareholders to fund the required expenses.
The Company does not have any formal agreements with
management or shareholders to provide such funds, therefore
such funds may not be available to the Company. If management
or shareholders do not continue to provide the Company with
working capital, the Company may be unable to meet its audit
and public reporting obligations or commence operations.
ITEM 4 Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
Based on their evaluations as of a date within 90 days of the
filing date of this report, the principal executive officer
and principal financial officer of the Company have concluded
that the Company's disclosure controls and procedures (as
defined in Rules 13a-14(c) and 15d-14(c)under the Securities
Exchange Act) are effective to ensure that information
required to be disclosed by the Company in reports that the
company files or submits under the Securities Exchange Act
is recorded, processed, summarized and reported within the
time periods specified in the rules and forms of the SEC.
(b) Changes in Internal Controls
There were no significant changes in the Company's internal
controls or in other factors that could significantly affect
these internal controls subsequent to the date of their most
recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
PART II - OTHER INFORMATION
ITEM I Legal Proceedings
None.
ITEM 2 Change in Securities
None.
ITEM 3 Defaults on Senior Securities
None.
ITEM 4 Submission on Matters to a Vote of Security Holders
None.
ITEM 5 Other Information
None.
ITEM 6 Exhibits and Reports on Form 8-K
(A) Exhibits
None.
(B) Reports on Form 8-K;
None.
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, hereunto duly authorized.
Maxi Group, Inc.
Date: May 14, 2003 By /s/ Mathew Evans
Mathew Evans
Sole Officer and Director
CERTIFICATIONS
I, Mathew Evans, Sole Officer and Director of Maxi Group, Inc.
certify that:
1. I have reviewed this quarterly report on Form 10-QSB of Maxi
Group, Inc.;
2. Based on my knowledge, this quarterly report does not contain
any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading
with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other
financial information included in this quarterly report, fairly
present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for,
the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible
for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and have:
a) Designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which
this quarterly report is being prepared;
b) Evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to
the filing date of this quarterly report (the "Evaluation
Date"); and
c) Presented in this quarterly report our conclusions about
the effectiveness of the disclosure controls and procedures
based on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors
and the audit committee of registrant's board of directors (or persons
performing the equivalent functions):
a) All significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize and report financial data
and have identified for the registrant's auditors any material
weaknesses in internal controls; and
b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the
registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated
in this quarterly report whether or not there were significant changes
in internal controls or in other factors that could significantly
affect internal controls subsequent to the date of our most recent
evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
Date: May 14, 2003
/s/ Mathew Evans
___________________________________
Mathew Evans
Sole Officer and Director
Maxi Group, Inc.
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 Maxi Group, Inc.
(the "Company") on form 10-QSB for the three months ending September
30, 2002 as filed with the Securities and Exchange Commission on the
date hereof (the "Report"), I, Mathew Evans, Sole Officer and Director,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley Act of 2002, that:
(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.
Date: May 14, 2003
Mathew Evans
/s/ -------------------------------------
Sole Officer and Director