UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

                                                                 

 

FORM10-QSB

QuarterlyReport Under Section 13 or 15(d)

ofthe Securities Exchange Act of 1934.

                                                                

 

 

| For      the quarter ended**September 30, 2003   **
Commission      file number **333-72230**
 
**ROYALPHOENIX**
(Exactname of registrant as specified in its charter)

 

**NEVADA   **
**88-0475757**
(State      or other jurisdiction of   
(I.R.S.      Employer
incorporation      or organization)   
Identification      No.)** **
**2950      E. Flamingo Rd., Suite B-A2**
**Las      Vegas, Nevada   **
**89121**
(Address      of principal executive offices)   
(Zip      Code)
 
**(702)866-5835**
(Registrant'stelephone number, including area code)

 

Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements forthe past 90 days.

 

Yes  X     No          

 

Asof October 29, 2003 there were 9,615,000 shares of common stock outstanding.

 

TransitionalSmall Business Disclosure Format (check one)

 

Yes         No    X   
ROYALPHOENIX

SEPTEMBER30, 2003

 

INDEX

 

PART      I - FINANCIAL INFORMATION
Page      No. 
Item        1.

Financial      Statements
 Balance      Sheet as of September 30, 2003 and December 31, 20023 
Statement      of Operations three and nine months ended September 30, 2003 and 20024 
Statement      of Cash Flows nine months ended September 30, 2003 and 20025  Notes to Unaudited Financial      Statements6-7 
Item 2.
Plan of Operation8-10 
Item 3.
Controls and Procedures10 
PART      II - OTHER INFORMATION 
Item        1.
Legal Proceedings10 
Item        2.
Changes in Securities11 
Item        3.
Defaults Upon Senior Securities11 
Item        4.

Submission      of Matter to a Vote of Security Holders11 
Item        5.
Other Information11 
Item        6.
Exhibits and Reports on Form 8-K12 
SIGNATURES12
 

**2**
**ROYALPHOENIX

(aDevelopment Stage Company)

BALANCESHEET

 

PARTI - FINANCIAL INFORMATION

 

Item 1.Financial Statements

 ****September      30, 2003

(unaudited)**December      31, 2002

(audited)**ASSETS
CURRENT      ASSETS
          Cash
$                   23,851
$                     1,351
               TOTAL      CURRENT ASSETS
23,851
1,351
$                   23,851
$                     1,351
 

 

 
**LIABILITIES      AND STOCKHOLDERS' EQUITY
 

 

 

 

 

CURRENT      LIABILITIES
 

 

Notes      Payable
$                            0
$                            0
 

 

 

TOTAL      CURRENT LIABILITIES
0
0
 

 

 

STOCKHOLDERS'      EQUITY
 

 

 

 

 

            Preferred        stock, $.001 par value authorized 5,000,000; no shares issued and        outstanding as of 9/30/03 and 12/31/02    
 

0
 

0
 

 

 

            Common        stock, $.001 par value, authorized 20,000,000 shares; 9,615,000 shares        issued and outstanding as of 9/30/03 and 7,100, 000 shares issued and        outstanding as of 12/31/02 retroactively restated    
 

 

9,615
 

 

7,100
 

 

 

Additional      paid-in capital
38,185
14,200
(Deficit)      accumulated during development stage
(23,949)
(19,949)
               TOTAL      STOCKHOLDER'S EQUITY
23,851
1,351
$                   23,851
$                     1,351** 

Theaccompanying notes are an integral part of these financial statements.

3

ROYALPHOENIX

(aDevelopment Stage Company)

STATEMENTOF OPERATIONS

UNAUDITED

 **
 

 

Three      Months Ended

September      30,

2003
 

Three      Months Ended

September      30,

2002
 

Nine      Months Ended

September      30,

2003
 

Nine      Months Ended

September      30,

2002
For      the Period October 17, 2000,(Inception) to September 30, 2003
 

 

 

 

 

 

Revenue
$                           0
$                           0
$                          0
$                          0
$                           0
 

 

 

 

 

 

EXPENSES
 

 

 

 

 

General      and Administrative
1,500
0
4,000
56
23,949
 

 

 

 

 

 

TOTAL      EXPENSES
1,500
0
4,000
56
23,949
 

 

 

 

 

 

NET      (LOSS)
$                 (1,500)
$                   (0.00)
$                 (4,000)
$                      (56)
$               (23,949)
 

 

 

 

 

Weighted      average number of common shares outstanding basic and fully diluted
 

 

9,615,000
 

 

7,100,000
 

 

9,615,000
 

 

7,100,000
 

 

 

 

 

Net      (loss) per weighted shares-basic and fully diluted
 

$                   (0.00)
 

$                   (0.00)
       
$                   (0.00)
 

$                  (0.00)** 

Theaccompanying notes are an integral part of these financial statements.**
**4**
**ROYALPHOENIX

(aDevelopment Stage Company)

STATEMENTOF CASH FLOWS

UNAUDITED**
 

 

 

Nine      Months Ended

September      30,

2003
 

Nine      Months Ended

September      30,

2002
For      the Period October 17, 2000,(Inception) to September 30, 2003
 

 

 

 

Cash      Flows from
 

 

 

Operating      Activities
 

 

 

          Net      loss
$                   (4,000)
$                        (56)
$                 (23,949)
          Shares      issued for services
0
0
7,500
            Adjustment        to reconcile net loss to net cash used by operations    
 

0
 

0
 

0
 

 

 

 

Net      cash used in operating activities
(4,000)
(56)
(16,449)
 

 

 

 

Cash      Flows from Investing Activities
0
0
0
 

 

 

 

Cash      Flows from Financing Activities
          Converted      Note Payable to Equity
1,500
0
1,500
          Issuance      of common stock
25,000
0
38,800
 

 

 

 

Net      increase in cash
22,500
(56)
23,851
 

 

 

 

Cash,      beginning of period
1,351
2,907
0
Cash,      end of period
$                    23,851
$                       2,851
$                    23,851
Supplemental      Disclosure
          Interest      Paid
$                             0
$                             0
$                             0
          Taxes Paid
$                             0
$                             0
$                             0
 
**Theaccompanying notes are an integral part of these financial statements.

5

ROYALPHOENIX

(ADevelopment Stage Company)

NOTESTO FINANCIAL STATEMENTS

 

Note1 - Basis of Presentation**
 

Thecondensed interim financial statements included herein, presented in accordancewith United States generally accepted accounting principles and stated in USdollars, have been prepared by the Company, without audit, pursuant to the rulesand regulations of the Securities and Exchange Commission. Certain informationand footnote disclosures normally included in financial statements prepared inaccordance with generally accepted accounting principles have been condensed oromitted pursuant to such rules and regulations, although the Company believesthat the disclosures are adequate to make the information presented notmisleading.

 

Thesestatements reflect all adjustments, consisting of normal recurring adjustments,which in the opinion of management, are necessary for fair presentation of theinformation contained therein. It is suggested that these condensed interimfinancial statements be read in conjunction with the financial statements of theCompany for the year ended December 31, 2002 and notes thereto included in theCompany's 10-KSB annual report. The Company follows the same accountingpolicies in the preparation of interim reports.

 

Resultsof operation for the interim period are not indicative of annual results.

 
**Note2 - Stockholder's Equity**
 

DuringJune 2003, the Company completed a public offering on Form SB-2 registered underthe Securities Act of 1933, as amended. The Company sold 250,000 (pre split)shares of its $0.001 par value common stock at a price of $0.10 per share for atotal amount raised of $25,000.

 

OnJuly 30, 2003, the Company approved a forward stock split on the basis of 10 for1. All references to the number of shares issued and outstanding have beenretroactively restated to reflect the forward split.

 

DuringAugust 2003, the Company issued the sole officer and director of the Company15,000 shares at $0.10 per shares of its $.001 par value common stock forconversion of a note payable to equity of $1,500. The shares were deemed to havebeen issued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving anypublic offering."

 
**Note3 - Going concern**
 

Theaccompanying financial statements have been prepared assuming that the Companywill continue as a going concern which contemplates the recoverability of assetsand the satisfaction of liabilities in the normal course of business. As notedabove, the Company is in the development stage and, accordingly, has not yetgenerated revenues from operations. Since its inception, the Company has beenengaged substantially in financing activities and developing its product line,setting up its e-commerce website, and incurring substantial costs and expenses.As a result, the Company incurred accumulated net losses from October 17, 2000(inception) through the period ended September 30, 2003 of $(23,949). Inaddition, the Company's development activities since inception have beenfinancially sustained through equity financing.

 

**6**
**ROYALPHOENIX

(ADevelopment Stage Company)

NOTESTO FINANCIAL STATEMENTS**
 

Theability of the Company to continue as a going concern is dependent upon itsability to raise additional capital from the sale of common stock and,ultimately, the achievement of significant operating revenues. The accompanyingfinancial statements do not include any adjustments that might be requiredshould the Company be unable to recover the value of its assets or satisfy itsliabilities.
** 

Note4 - Related party transactions**
 

Theofficer and director of the Company is involved in other business activities andmay in the future, become involved in other business opportunities. If aspecific business opportunity becomes available, such person may face a conflictin selecting between the Company and its other business interests. The Companyhas not formulated a policy for the resolution of such conflicts.

 

**7**
**Item2. Plan of Operation.

 **
Withthe exception of historical matters, the matters discussed herein areforward-looking statements that involve risks and uncertainties. Forward-lookingstatements include, but are not limited to, statements concerning anticipatedtrends in revenues and net income, the date of introduction or completion of ourproducts, projections concerning operations and available cash flow. Our actualresults could differ materially from the results discussed in suchforward-looking statements primarily as the result of insufficient cash topursue distribution and marketing efforts. The following discussion of ourfinancial condition and results of operations should be read in conjunction withour financial statements and the related notes thereto appearing elsewhereherein.
*** 

Overview***
 

RoyalPhoenix, which was incorporated in Nevada in October 2000, is a DevelopmentStage Company, engaged in the business of marketing and distributing RoyalPhoenix, a line of herbal products. The Royal Phoenix herbal product line wasdeveloped by Desert Health Products several years ago, however, the productline, after development, was not marketed.

Wehave a limited operating history and have not generated revenues from the saleof any products. Our company and products are the result of an agreement, whichwas entered into between Royal Phoenix and Desert Health Products, whichresulted in the separation from Desert Health Products of the Royal Phoenix lineof herbal products developed by Desert Health Products. Our activities have beenlimited to the negotiation of a license agreement and preliminary marketanalysis. Consequently, we have incurred the expenses of start-up. Futureoperating results will depend on many factors, including our ability to raiseadequate working capital, demand for our products, the level of competition andour ability to deliver products while maintaining quality and controlling costs.As a result of our lack of liabilities, our current cash position allows us tomaintain a status quo position for a period of approximately twelve months.However; this position will not allow us to pursue any significant businessopportunities.

 
**Planof Operation**
 

Sinceour incorporation on October 17, 2000, we have not been engaged in anysignificant operations nor have we had any revenues, as we are in thedevelopment stage. Our only recent activities include organization of theCompany, the negotiation and execution of the license agreement, and researchover the Internet to determine methods of acquiring market share presencewithout significant start up expenses. Our goal is to distribute our own productline of herbal products, primarily through Internet generated sales, at the mostcost efficient method.

 

Duringthe next 12 months we plan to focus our efforts on the development of ourmarketing program and establishing our website, royalphoenix.com, for secureretail purchases.

 

**8**
***Satisfactionof our cash obligations for the next 12 months. Our plan of operation isto establish an operational website as soon as practical. When havingestablished our website as operational, we are to commence advertising inselected periodicals, newspapers, and the Internet through banner advertising.

 
***Summaryof any product research and development that we will perform for the term of theplan. We do not anticipate performing any significant product researchand development under our plan of operation. In lieu of product research anddevelopment we anticipate maintaining control over our advertising, especiallyon the Internet, to assist us in determining the allocation of our limitedadvertising dollars.

 
***Expectedpurchase or sale of plant and significant equipment. We do notanticipate the purchase or sale of any plant or significant equipment, as suchitems are not required by us at this time or in the next 12 months.
*** 

Significantchanges in number of employees. The number of employees required tooperate our business is currently one part time individual. After we commencegenerating revenues based upon the expenditures of our advertising dollars, andword of mouth advertising, and at the end of the initial 12 month period, ourplan of operation anticipates our requiring additional capital to hire at leastone full time person.

 
**Liquidityand Capital Resources**
 

Sinceinception, we have financed our cash flow requirements through the issuance ofcommon stock. As we expand our activities, we may continue to experience netnegative cash flows from operations, pending receipt of sales revenues.Additionally, we anticipate obtaining additional financing to fund operationsthrough common stock offerings and bank borrowings, to the extent available, orto obtain additional financing to the extent necessary to augment our workingcapital.

 

Weanticipate that we will incur operating losses in the next twelve months. Ourlack of operating history makes predictions of future operating resultsdifficult to ascertain. Our prospects must be considered in light of the risks,expenses and difficulties frequently encountered by companies in their earlystage of development, particularly companies in new and rapidly evolvingmarkets. Such risks for us include, but are not limited to, an evolving andunpredictable business model and the management of growth. To address theserisks, we must, among other things, obtain a customer base, implement andsuccessfully execute our business and marketing strategy, continually developand upgrade our product packaging, provide order fulfillment through theInternet, respond to competitive developments, and attract, retain and motivatequalified personnel. There can be no assurance that we will be successful inaddressing such risks, and the failure to do so can have a material adverseeffect on our business prospects, financial condition and results of operations.

 

Overthe next twelve months we believe that existing capital and anticipated fundsfrom operations will not be sufficient to sustain operations and plannedexpansion. Consequently, we will be required to seek additional capital in thefuture to fund growth and expansion through additional equity or debt financingor credit facilities. No assurance can be made that such financing would beavailable, and if available it may take either the form of debt or equity. Ineither case, the financing could have a negative impact on our financialcondition and our Stockholders.

 

**9**
**GoingConcern**
 

Theconsolidated financial statements included in this filing have been prepared inconformity with generally accepted accounting principles that contemplate thecontinuance of the Company as a going concern. The Company's cash position maybe inadequate to pay all of the costs associated with distribution andmarketing. Management intends to use borrowings and security sales to mitigatethe effects of its cash position, however no assurance can be given that debt orequity financing, if and when required will be available. The financialstatements do not include any adjustments relating to the recoverability andclassification of recorded assets and classification of liabilities that mightbe necessary should the Company be unable to continue existence.
** 

Off-BalanceSheet Arrangements

 **
TheCompany does not maintain off-balance sheet arrangements nor does it participatein non-exchange traded contracts requiring fair value accounting treatment.
** 

Item3. Controls and Procedures

 **
Underthe supervision and with the participation of our management we evaluated theeffectiveness of the design and operation of our disclosure controls andprocedures, as such term is defined under Rule 13a-14(c) promulgated under theSecurities Exchange Act of 1934, as amended, within 90 days prior to the filingdate of this report. Based on his evaluation, our sole officer concluded thatour disclosure controls and procedures are effective.

 

Therehave been no significant changes (including corrective actions with regard tosignificant deficiencies or material weaknesses) in our internal controls or inother factors that could significantly affect these controls subsequent to thedate of the evaluation referenced above.

 
**PARTII--OTHER INFORMATION

 **
Item 1.Legal Proceedings.

 

None

 

**10**

Item 2.Changes in Securities.

 

DuringJune 2003, the company completed a public offering on Form SB-2 registered underthe Securities Act of 1933. The Company sold 250,000 (pre split) shares of its$0.001 par value common stock at a price of $0.10 per share for a total amountraised of $25,000.

 

OnJuly 30, 2003, the Company approved a forward stock split on the basis of 10 for1. All references to the number of shares issued and outstanding have beenretroactively restated to reflect the forward split.

 

DuringAugust 2003, the Company issued the sole officer and director of the Company15,000 shares at $0.10 per shares of its $.001 par value common stock forconversion of a note payable to equity of $1,500. The shares were deemed to havebeen issued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving anypublic offering."

 
*Use ofProceeds From Sales of Registered Securities*
 

OurRegistration Statement on Form SB- 2 (File No. 333-72230), related to ourinitial public offering, was declared effective by the SEC on December 30, 2002.A total of 250,000 shares of our Common Stock was registered with the SEC withan aggregate offering price of $25,000. All of these shares were registered onour behalf. The offering commenced in June 2003, and all shares of common stockoffered were sold for the aggregate offering price directly by the Company withno commissions paid on funds raised.

 

Weincurred offering expenses of approximately $6,000 in connection with theoffering. Thus the net offering proceeds to us (after deducting offeringexpenses) were approximately $19,000. No offering expenses were paid directly orindirectly to any of our directors or officers (or their associates), personsowning ten percent (10%) or more of any class of our equity securities or to anyother affiliates.

 

Asof September 30, 2003, $4,000 of the net proceeds had been used for legal,accounting and transfer agent expenses. The remaining $15,000 of the netproceeds remain in the Company's operating account pending future use.

 

Item 3.Defaults Upon Senior Securities.

 

None.

 

Item 4.Submission of Matter to a Vote of Security Holders.

 

None

 

Item 5.Other Information.

 

None

 

**11**

Item 6.Exhibits and Reports on Form 8-K.

 

Ex-31 -Certification pursuant to Section 302 of the Sarbanes-Oxley Act

Ex-32 -Certification pursuant to Section 906 of the Sarbanes-Oxley Act

 

 

SIGNATURES

 

Pursuantto the requirements of the Securities Exchange Act of 1934, the Company has dulycaused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized.

 

ROYALPHOENIX

 

 

By:/s/Joseph Scott Wilson        
JosephScott Wilson, President

 

Date:October 29, 2003******************** |
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