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 quarterly period ended **March 31, 2004**   
 Commission      file number **333-72230**
 
**ROYALPHOENIX**
(Exactname of small business issuer 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**
(Issuer'stelephone number)

 

Checkwhether the issuer (1) filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor 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          

 

Asof March 31, 2004 there were 9,615,000 shares of common stock outstanding.

 

TransitionalSmall Business Disclosure Format (check one)

 

Yes          No     X     
ROYALPHOENIX

MARCH31, 2004

 

INDEX

PART      I - FINANCIAL INFORMATION   
Page      No.(s)
Item      1.                  Financial Statements   
   
                             Balance Sheet as of March 31, 2004 and December 31, 2003   
1
                             Statement of Operations for the three ended March 31, 2004 and      2003   
2
                             Statement of Cash Flows for the three months ended March 31, 2004 and      2003   
3
                             Notes to Unaudited Financial Statements   
4
Item      2.                  Plan of Operation   
 5
Item      3                   Controls and Procedures   
 8
PART      II - OTHER INFORMATION   
   
Item      1.                  Legal Proceedings   
 8
Item      2.                 Changes in Securities   
 8
Item      3.                 Defaults Upon Senior Securities   
 9
Item      4.                 Submission of Matters to a Vote of Security Holders   
 9
Item      5.           Other      Information   
 9
Item      6.           Exhibits      and Reports on Form 8-K   
 9
SIGNATURES   
 9**ROYALPHOENIX

(aDevelopment Stage Company)

BALANCESHEET

 

PARTI - FINANCIAL INFORMATION

Item 1.Financial Statements**
 
** 

March      31, 2004

(unaudited)**December      31, 2003

(audited)**ASSETS
 

 

 

CURRENT      ASSETS
Cash
$      18,851
$      23,351
TOTAL      CURRENT ASSETS
18,851
23,351
$      18,851
$      23,351
 

 

 
**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 3/31/04 and 12/31/03
0
0
Common      stock, $.001 par value, authorized 20,000,000 shares; 9,615,000 shares      issued and outstanding as of 3/31/04 and 12/31/03
 

9,615
 

9,615
Additional      paid-in capital
38,185
38,185
(Deficit)      accumulated during development stage
(28,949)
(24,449)
TOTAL      STOCKHOLDER'S EQUITY
18,851
23,351
 

$      18,851
$      23,351** 

Theaccompanying notes are an integral part of these financial statements.**
1
**ROYALPHOENIX

(aDevelopment Stage Company)

STATEMENTOF OPERATIONS

UNAUDITED

 **
 

Three      Months Ended

March      31,

2004
Three      Months Ended

March      31,

2003
For      the Period October 17, 2000,(Inception) to March 31, 2004
Revenue
$      0
$      0
$      0
EXPENSES
 

 

 

General      and Administrative
4,500
2,000
28,949
 

 

 

 

TOTAL      EXPENSES
4,500
2,000
28,949
 

 

 

 

NET      (LOSS)
$      (4,500)
$      (2,000)
$      (28,949)
 

 

 

Weighted      average number of common shares outstanding basic and fully diluted
9,615,000
7,200,000
 

 

 

Net      (loss) per weighted shares-basic and fully diluted
$      (0.00)
$      (0.00)** 

 

 

 

Theaccompanying notes are an integral part of these financial statements.**
2
**ROYALPHOENIX

(aDevelopment Stage Company)

STATEMENTOF CASH FLOWS

UNAUDITED**
 

 

Three      Months Ended

March      31,

2004
Three      Months Ended

March      31,

2003
For      the Period October 17, 2000, (Inception) to March 31, 2004
Cash      Flows from
 

 

 

Operating      Activities
Net      loss
$      (4,500)
$      (2,000)
$      (28,949)
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
(4,500)
(2,000)
(21,449)
 

 

 

 

Cash      Flows from Investing Activities
0
0
0
 

 

 

 

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

 

 

 

Net      increase in cash
(4,500)
(1,000)
18,851
 

 

 

 

Cash,      beginning of period
23,351
1,351
-
Cash,      end of period
$      18,851
$      351
$      18,851
Supplemental      Disclosure
 

 

 

Interest      Paid
$      0
$      0
$      0
Taxes      Paid
$      0
$      0
$      0
 
**Theaccompanying notes are an integral part of these financial statements.**
3
**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, 2003 and notes thereto included in theCompany's 10-KSB annual report. The Company follows the same accounting policiesin the preparation of interim reports.

 

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

 
**Note2 - 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 March 31, 2004 of $28,949. In addition, theCompany's development activities since inception have been financially sustainedthrough equity financing.

 

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.
** 

Note3 - 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.

 

4
**Item2. Plan of Operation.

 **
Thisreport contains forward-looking statements. Actual results and events coulddiffer materially from those projected, anticipated, or implicit, in theforward-looking statements as a result of the risk factors set forth below andelsewhere in this report.

 

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 production 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, capital raising and placing the Company in a position of raisingadditional capital once the Company's securities are quoted. Consequently, wehave incurred the expenses of start-up. Future operating results will depend onmany factors, including our ability to raise adequate working capital, demandfor our products, the level of competition and our ability to deliver productswhile maintaining quality and controlling costs. As a result of our lack ofliabilities, our current cash position allows us to maintain a status quoposition for a period of approximately six months. However; this position willnot allow us to pursue any significant business opportunity.
** 

Planof Operation

 **
Initially,Royal Phoenix commenced operations as a division of a vitamin company, whichultimately spun from the parent. Since this occurred near 9/11, and the middleof a down market, the business plan of Royal Phoenix initially stalled, then wechose to move forward with the small amount of capital we acquired throughprivate placements and our SEC registration. What we have achieved with thesmall amount of capital is the development of what we believe to be a fairlyunique business model combining the information and technology explosioncurrently happening in the dietary supplement and nutraceutical industries withthe need for information and products for health and wellness. There are severalphases of our business model based upon anticipated capital commitments and theactual receipt of capital. Based upon our receipt of capital, certain Milestoneswill be triggered. Since we are currently in a so-called quiet mode until ourcompleted review by NASD, we are on hold in terms of raising capital necessaryto proceed with our next Phase.

 

5

Wehave suffered start-up losses and have limited working capital, which raisessubstantial concern regarding our ability to continue as a going concern.

 
***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, and raising funds under our Phase II, weare to commence advertising through selected internet 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.

 

Milestones

 

Asa result of our being a development stage company with minimal amounts of equitycapital initially available, approximately $38,500, with a current balance of$18,851, we have set our goals for this year in two distinct states: goals basedupon our receipt of funding in the amount of $100,000; and goals based uponreceiving approximately $500,000.

 

StageI:
-  Raise    approximately $100,000;Hire    webmaster to set up the online retail store and information source for    vitamins, supplements, minerals and other natural and healthy living    products; and,Subcontract    the hosting of our website;Develop    and contract for our private label products;Include    within the website educational and authoritative news and information about    products and healthy living in general.
6

StageII:
-  Raise    approximately $500,000;Purchase    a stockpile of our private label products;Hire    an advertising executive; and,Implement    our online strategy involving selective advertising on the websites of major    Internet content and service providers (like Google & Yahoo and targeted    health-related websites**Liquidityand Capital Resources**
 

Sinceinception, we have financed our cash flow requirements through the issuance ofcommon stock which has resulted in our receipt of $38,500. As we expand ouractivities, we may continue to experience net negative cash flows fromoperations, pending receipt of sales revenues. Additionally we anticipateobtaining additional financing to fund operations through common stock offeringsand bank borrowings, to the extent available, or to obtain additional financingto the extent necessary to augment our working capital.

 

Overthe next twelve months we believe that existing capital and anticipated fundsfrom operations will be sufficient to sustain operations and planned expansion.However, in order to expand our business operations we will be required to seekadditional capital in the future to fund growth and expansion through additionalequity or debt financing or credit facilities. No assurance can be made thatsuch financing would be available, and if available it may take either the formof debt or equity. In either case, the financing could have a negative impact onour financial condition and our Stockholders.

 

Weanticipate incurring operating losses over the next twelve months. Our lack ofoperating history makes predictions of future operating results difficult toascertain. Our prospects must be considered in light of the risks, expenses anddifficulties frequently encountered by companies in their early stage ofdevelopment. Such risks 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, continue to developand upgrade technology and products, respond to competitive developments, andattract, retain and motivate qualified personnel. There can be no assurance thatwe will be successful in addressing such risks, and the failure to do so canhave a material adverse effect on our business prospects, financial conditionand results of operations.
** 

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 production and marketing.Management intends to use borrowings and security sales to mitigate the effectsof its cash position, however no assurance can be given that debt or equityfinancing, if and when required will be available. The financial statements donot include any adjustments relating to the recoverability and classification ofrecorded assets and classification of liabilities that might be necessary shouldthe Company be unable to continue existence.

 

7
**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 sole officer and director weevaluated the effectiveness of the design and operation of our disclosurecontrols and procedures, as such term is defined under Rule 13a-14(c)promulgated under the Securities Exchange Act of 1934, as amended, within 90days prior to the filing date of this report. Based on his evaluation, our soleofficer concluded that our 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

 

Item 2.Changes in Securities.
* 

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.

 

8

Asof March 31, 2004, $4,000 of the net proceeds had been used for legal,accounting and transfer agent expenses. The remaining $15,000 of the netproceeds are in our 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

 

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 ScottWilson                 
    Joseph Scott Wilson, President

 

Date:May 12, 2004

 

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