UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

 

 

FORM10QSB

 

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OFTHE SECURITIES EXCHANGE ACT OF 1934

 

[] TRANSITION REPORT PURSUANT TO SECTION 13 OR

15(d)OF THE SECURITIES EXCHANGE ACT OF 1934

 

Forthe Quarterly period ended September 30, 2003

 

Commissionfile number 000-30085

 

HESPERIAHOLDING, INC.

(Exactname of registrant as specified in its charter)

 

| **Nevada   **
** 88-04553327**
(State      or other jurisdiction of   
 (I.R.S.      Employer
incorporation      or organization)   
 Identification      Number)

**9780      E. Avenue**
**Hesperia,      California   **
** 92345**
(Address      of Principal Executive Offices)   
 (Zip      Code)
 
**(760)244-8787**
(Registrant'stelephone number, including area code)

 

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

 

Yes   X    No         

 

Thenumber of shares of Common Stock, $0.001 par value, outstanding on November 13,2003, was 10,495,845 shares, held by approximately 43 shareholders.

 

TransitionalSmall Business Disclosure Format (check one):

 

Yes          No    X   

ITEM1. FINANCIAL STATEMENTS
**HesperiaHolding, Inc.

(FormerlySaveyoutime.com., Inc)

CondensedConsolidated Balance Sheet

Asof September 30,2003

(Unaudited**
 

ASSETS
Current      assets:
       Cash and equivalents
$                     8,103
       Accounts receivable-net
465,848
       Inventory
165,813
          Total current assets
639,764
Property,      plant and equipment, net
149,285
$                 789,049
LIABILITIES      AND DEFICIENCY IN STOCKHOLDERS' EQUITY
Current      liabilities:
       Cash disbursed in excess of available funds
$                 240,009
       Accounts payable and accrued liabilities
809,015
       Current maturities of long term debt
85,583
       Advances from shareholders
243,826
          Total current liabilities
1,378,433
Deficiency      in Stockholders' Equity:
Preferred      stock, par value; $.001; authorized 5,000,000 shares; none issued and      outstanding as of September 30, 2003
-
Common      stock, par value; $.001, authorized 20,000,000 shares; 10,495,845 shares      issued and outstanding as of September 30, 2003
10,496
Additional      paid in capital
568,815
Accumulated      Deficit
(1,168,695)
Total      deficiency in stockholders' equity
(589,384)
$                 789,049
 

Seeaccompanying notes to the unaudited condensed consolidated financialinformation.

 

2
**HesperiaHolding, Inc.

(FormerlySaveyoutime.com, Inc.)

CondensedConsolidated Statements of Operations

(Unaudited)**
 

Three      months ended September 30,
Nine      months ended September 30,
2003
2002
2003
2002
Revenues:
       Sales-net
$                1,898,274
$                1,749,449
$                5,957,596
$                4,527,556
Cost      of goods sold
1,713,338
1,216,434
4,365,689
3,167,930
Gross      Profit
184,936
533,015
1,591,907
1,359,626
Selling      and administrative
732,281
436,377
2,115,580
1,207,327
Depreciation
11,964
10,209
51,130
30,629
744,245
446,586
2,166,710
1,237,956
Net      operating income (loss)
(559,309)
86,429
(574,803)
121,670
Other      income (expense):
       Interest forgiveness from shareholder
-
-
31,224
-
       Interest income
424
-
491
-
       Interest expense
(23,990)
(19,988)
(43,135)
(59,963)
Net      income (loss) before provision for income taxes
(582,875)
66,441
(586,223)
61,707
Provision      for income taxes
-
-
-
-
Net      income (loss)
$                 (582,875)
$                     66,441
$                 (586,223)
$                     61,707
Income      (loss) per share Basic and fully diluted
$                       (0.06)
$                         0.01
$                       (0.06)
$                         0.01
Basic      and diluted weighted average number of shares outstanding
10,495,845
10,201,845
10,452,739
10,201,845
 

Seeaccompanying notes to the unaudited condensed consolidated financialinformation.

 

3
**HesperiaHolding, Inc.

(FormerlySaveyoutime.com, Inc.)

CondensedConsolidated Statements of Cash Flows

(Unaudited)**
 

Nine      months ended September 30,
2003
2002**Cash      flow from operating activities:
Net      income (loss)
$               (586,223)
$                    61,707
Adjustments      to reconcile net income (loss) to cash provided by operations:
Depreciation      expense
51,130
30,629
Common      stock issued in exchange for services rendered
214,000
-
Common      stock retained in connection with reverse merger
50,000
-
Expenses      paid by Company's principal shareholders
73,637
-
(Increase)      decrease in accounts receivable
21,886
(138,010)
(Increase)      decrease in other receivables
22,745
(697)
(Increase)      decrease in inventories
(115,270)
-
Increase      in cash disbursed in excess of available funds
118,660
107,764
Increase      (decrease) in accounts payable and accrued liabilities
419,149
(22,847)
Net      cash provided by operating activities
269,714
38,546**Cash      flows from investing activities:
Capital      expenditure
(87,564)
(34,086)**Cash      flows from financing activities:
(Repayments      of) line of credit
(54,427)
(9,000)
Proceeds      from (repayments to) shareholders advances
(13,400)
(11,000)
(Repayments      of) long term debt
(164,828)
(89,491)
Proceeds      from long term debt
-
105,000
Proceeds      from sale of common stock, net of costs and fees
30,000
-
Net      cash (used in) financing activities
(202,655)
(4,491)**Net      increase (decrease) in cash and cash equivalents
(20,505)
(31)
Cash      and equivalents at beginning of period
28,608
31
Cash      and equivalents at end of period
$                      8,103
$                              -
Supplemental      Disclosure of Cash Flows Information:
Cash      paid during the period for interest
$                      2,928
$                      5,104
Cash      paid during the period for income taxes
$                              -
$                              -
Common      stock issued in exchange for services rendered
$                  214,000
$                              -
Acquisition:
Assets      acquired
$                              -
$                              -
Liabilities      assumed
$                              -
$                              -
Organization      costs
$                  (50,000)
$                              -
Common      stock retained in reverse merger
$                    50,000
$                              -
Net      cash paid for acquisition
$                              -
$                              -
 

Seeaccompanying notes to the unaudited condensed consolidated financialinformation.

 

4
**HesperiaHolding, Inc.

(FormerlySaveyoutime.com, Inc.)

CondensedConsolidated Statement of Deficiency in Stockholders' Equity

Ninemonths Ended September 30,2003

(Unaudited)**
 

Common

Stock

Shares
Common

Stock

Amount
Additional

Paid      In

Capital
 

Accumulated

Deficit
 

 

Total
Balance      at January 1, 2003
10,201,845
$          10,202
$        201,471
$      (582,472)
$      (370,799)
Issuance      of common stock in exchange for services in January, 2003 at $1.00 per      share
 

214,000
 

214
 

213,786
 

-
 

214,000
Issuance      of common stock in connection with merger with Hesperia Holding, Inc.      (formerly Saveyoutime.com, Inc.) on April 10,2003
 

 

10,415,845
 

 

10,416
 

 

-
 

 

-
 

 

10,416
Cancellation      of Common Stock in connection with merger with Hesperia on April 10,2003
 

(10,415,845)
 

(10,416)
 

-
 

-
 

(10,416)
Common      stock retained in reverse merger on April, 2003 valued at $1.00 per share
 

50,000
 

50
 

49,950
 

-
 

50,000
Issuance      of common stock in exchange for cash, net of costs in April, 2003 at $1.00      per share
 

30,000
 

30
 

29,970
 

-
 

30,000
Operating      expenses paid by Company's principal shareholders
 

-
 

-
 

73,638
 

-
73,638
Net      Loss
-
-
-
(586,223)
(586,223)
Balance      at September 30, 2003
10,495,845
$           10,496
$         568,815
$(1,168,695)
$      (589,384)
 

Theaccompanying notes to unaudited condensed consolidated Financial Information.

 

5
**HESPERIAHOLDING, INC

(FormerlySaveyoutime.com, Inc.)

NOTESTO CONDENSED CONSOLIDATED FINANCIAL INFORMATION

SEPTEMBER30, 2003

(UNAUDITED)

 

NOTEA - SUMMARY OF ACCOUNTING POLICIES**
 

General

 

Theaccompanying unaudited condensed consolidated financial statements have beenprepared in accordance with accounting principles generally accepted in theUnited States of America for interim financial information and with theinstructions to Form 10-QSB. Accordingly, they do not include all of theinformation and footnotes required by generally accepted accounting principlesfor complete financial statements.

 

Inthe opinion of management, all adjustments (consisting of normal recurringaccruals) considered necessary for a fair presentation have been included.Accordingly, the results from operations for the nine-month period endedSeptember 30, 2003 are not necessarily indicative of the results that may beexpected for the year ended December 31, 2003. The unaudited condensedconsolidated financial statements should be read in conjunction with theconsolidated December 31, 2002 financial statements and footnotes theretoincluded in the Company's SEC Form 10-KSB.

 

Basisof Presentation

 

HesperiaHolding, Inc. (the "Company") was formed on March 3, 2000 under thelaws of the State of Nevada as Saveyoutime.com, Inc. Hesperia Holding, Inc. isengaged in the business of manufacturing and distributing trusses forresidential home builders. On April 10, 2003, Hesperia Holding Corp. enteredinto an Agreement and Plan of Merger ("Agreement") withSaveyoutime.com, Inc. ("Saveyoutime.com"), an inactive publiclyregistered shell corporation with no significant assets or operations organizedunder the laws of the Nevada. As a result of the acquisition, Hesperia HoldingCorp. is the surviving entity and Saveyoutime.com is the acquiring entity. As apart of the merger, saveyoutime.com changed its name to Hesperia Holding, Inc.(see Note B).

 

Thecondensed consolidated financial statements include the accounts of the Company,and its wholly-owned subsidiary, Hesperia Truss, Inc. Significant intercompanytransactions have been eliminated in consolidation. In addition, on October 14,2003, the Company formed a wholly-owned subsidiary, Pahrump Valley Truss, Inc.("PVT"). PVT is currently inactive.

 

StockBased Compensation

 

InDecember 2002, the FASB issued Statement of Financial Accounting Standards No.148 ("SFAS No. 148"), "Accounting for Stock-BasedCompensation-Transition and Disclosure-an amendment of SFAS 123." Thisstatement amends SFAS No. 123,"Accounting for Stock-BasedCompensation," to provide alternative methods of transition for a voluntarychange to the fair value based method of accounting for stock-based employeecompensation. In addition, this statement amends the disclosure requirements ofSFAS No. 123 to require prominent disclosures in both annual and interimfinancial statements about the method of accounting for stock-based employeecompensation and the effect of the method used on reported results.

 

6
**HESPERIAHOLDING, INC

(FormerlySaveyoutime.com, Inc.)

NOTESTO CONDENSED CONSOLIDATED FINANCIAL INFORMATION

SEPTEMBER30, 2003

(UNAUDITED)

 

NOTEA - SUMMARY OF ACCOUNTING POLICIES (Continued)**
 

StockBased Compensation (Continued)

 

TheCompany has chosen to continue to account for stock-based compensation using theintrinsic value method prescribed in APB Opinion No. 25 and relatedinterpretations. Accordingly, compensation expense for stock options is measuredas the excess, if any, of the fair market value of the Company's stock at thedate of the grant over the exercise price of the related option. The Company hasadopted the annual disclosure provisions of SFAS No. 148 in its financialreports for the year ended December 31, 2002 and has adopted the interimdisclosure provisions for its financial reports for subsequent periods. TheCompany has no stock based awards of compensation issued and outstanding as ofSeptember 30, 2003.

 

Reclassification

 

Certainreclassifications have been made to conform to prior periods' data to thecurrent presentation. These reclassifications had no effect on reported losses.

 

NewAccounting Pronouncements

 

InApril 2003, the FASB issued Statement of Financial Accounting Standards (SFAS)No. 149, AMENDMENT OF STATEMENT 133 ON DERIVATIVE INSTRUMENTS AND HEDGINGACTIVITIES. SFAS 149 amends SFAS No. 133 to provide clarification on thefinancial accounting and reporting of derivative instruments and hedgingactivities and requires that contracts with similar characteristics be accountedfor on a comparable basis. The provisions of SFAS 149 are effective forcontracts entered into or modified after June 30, 2003, and for hedgingrelationships designated after June 30, 2003. The adoption of SFAS 149 will nothave a material impact on the Company's results of operations or financialposition.

 

InMay 2003, the FASB issued SFAS No. 150, ACCOUNTING FOR CERTAIN FINANCIALINSTRUMENTS WITH CHARACTERISTICS OF BOTH LIABILITIES AND EQUITY. SFAS 150establishes standards on the classification and measurement of certain financialinstruments with characteristics of both liabilities and equity. The provisionsof SFAS 150 are effective for financial instruments entered into or modifiedafter May 31, 2003 and to all other instruments that exist as of the beginningof the first interim financial reporting period beginning after June 15, 2003.The adoption of SFAS 150 will not have a material impact on the Company'sresults of operations or financial position.
** 

NOTEB - BUSINESS COMBINATION**
 

OnApril 10, 2003, Hesperia Holding Corp. completed an Agreement and Plan of Merger("Agreement") with Saveyoutime.com, Inc. ("Saveyoutime.com"),an inactive publicly registered shell corporation with no significant assets oroperations organized under the laws of the State of Nevada. As a result of theacquisition, there was a change in control of the public entity. As part of themerger, Saveyoutime.com changed its name to Hesperia Holding, Inc.

 

7
**HESPERIAHOLDING, INC

(FormerlySaveyoutime.com, Inc.)

NOTESTO CONDENSED CONSOLIDATED FINANCIAL INFORMATION

SEPTEMBER30, 2003

(UNAUDITED)**
 

Foraccounting purposes, Hesperia Holding Corp. shall be the surviving entity and inaccordance with Accounting Principles Opinion No. 16, Saveyoutime.com is theacquiring entity. The transaction is accounted for using the purchase method ofaccounting. As Saveyoutime.com was an inactive corporation with no significantoperations, the Company recorded the carryover historical basis of net tangibleassets acquired, which did not differ materially from their historical cost. Theresults of operations subsequent to the date of merger are included in theCompany's condensed consolidated statement of losses.

 

Effectivewith the Agreement, all but 50,000 shares of previously outstanding commonstock, preferred stock, options and warrants owned by Saveyoutime.com's solestockholder were returned to the Company for cancellation. The value of the50,000 shares of common stock that were retained by the Saveyoutime.comstockholder was based upon management's estimate of the fair value of HesperiaHolding, Inc.'s common stock of $1.00 per share. In accordance with SOP 98-5,the Company has expensed $50,000 in the current period as organization costs.

 

Thetotal consideration paid was $50,000 and the significant components of thetransaction are as follows:

 

Common      stock retained
$      50,000
Excess      of liabilities assumed over assets acquired
-
Total      consideration paid
$      50,000
 
**NOTEC - CAPITAL STOCK**
 

TheCompany has authorized 5,000,000 shares of preferred stock, with a par value of$.001 per share. As of September 30, 2003, the Company has no preferred stockissued and outstanding The Company has authorized 20,000,000 shares of commonstock, with a par value of $.001 per share. As of September 30, 2003, theCompany has 10,495,845 shares of common stock issued and outstanding.
** **
8
**Item2. Management's Discussion and Analysis of Financial Condition and Results ofOperations**
 

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, projections concerning operations andavailable cash flow. Our actual results could differ materially from the resultsdiscussed in such forward-looking statements. 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

 

HesperiaHolding, Inc. (formerly Saveyoutime.com, Inc.) entered into a merger agreementdated January 20, 2003 (the "Merger Agreement") with Hesperia HoldingCorp., a California corporation. Pursuant to the terms of the Merger AgreementHesperia Holding Corp. merged with and into Hesperia Holding, Inc. on April 10,2003.

 

TheMerger was consummated on April 10, 2003, at which time a Certificate of Mergerwas filed in the State of Nevada and State of California. Under the terms of theMerger, the Company issued 10,415,845 shares of its common stock to thestockholders of Hesperia Holding Corp. in exchange for 100% of the issued andoutstanding common stock of Hesperia Holding Corp. The then sole stockholder ofthe Company retained 50,000 shares of common stock and cancelled 6,454,370shares resulting in 10,465,845 being issued and outstanding. The shares ofcommon stock were issued unrestricted without registration under the SecuritiesAct of 1933, as amended (the "Securities Act"), in reliance upon theexemption from registration provided by Section 3(a)(10) of the Securities Act.

 
**CriticalAccounting Policies**
 

Management'sDiscussion and Analysis of Financial Condition and Results of Operations arebased upon the consolidated financial statements of Hesperia Holding, Inc.,which have been prepared in conformity with accounting principles generallyaccepted in the United States of America.

 

Thepreparation of these financial statements requires the appropriate applicationpolicies, many of which require Hesperia Holding, Inc. to make estimates andassumptions about future events and their impact on amounts reported in itsfinancial statements and related notes. Since future events and their impactcannot be determined with certainty, the actual results will inevitably differfrom its estimates. Such differences could be material to the financialstatements. Management believes its application of accounting policies, and theestimates inherently required therein, are reasonable. These accounting policiesand estimates are constantly reevaluated, and adjustments are made when factsand circumstances dictate a change. Hesperia Holding Inc.'s accounting policiesare more fully described in Note A to the financial statements attached hereto.

 

9
***Resultsof Operations for the Three and Nine Months Ended September 30, 2003 and 2002Compared.**** *
Three      Months Ended

September      30, 2003
Three      Months Ended September 30, 2002
Nine      Months Ended September 30, 2003
Nine      Months Ended September

30,      2002
Revenues
$         1,898,274
$          1,749,449
$         5,957,596
$         4,527,556
Cost      of Goods Sold
(1,713,338)
(1,216,434)
(4,365,689)
(3,167,930)
Depreciation      and Operating Expenses
(744,245)
(446,586)
(2,166,710)
(1,237,956)
Other      Income (Expense)
Interest      and Other Income
424
--
31,715
--
Interest      Expense
(23,990)
(19,988)
(43,135)
(59,963)
Net      Income (Loss)
$          (582,875)
$               66,441
$          (586,223)
$               61,707
 
**Revenues**
 

Revenuesfor the three months ended September 30, 2003 were $1,898,274 compared torevenues of $1,749,449 in the three months ended September 30, 2002. Thisresulted in an increase in revenues of $148,825 or 9% in the same three-monthsof the prior year. The increase in revenues was due to increased sales in thetract home building market.

 

Revenuesfor the nine months ended September 30, 2003 were $5,957,596 compared torevenues of $4,527,556 in the nine months ended September 30, 2002. Thisresulted in an increase in revenues of $1,430,040, or 32% in the same ninemonths of the prior year. The increase in revenues was due to increased sales inthe tract home building market.

 
**Costof goods sold/Gross profit percentage of revenue**
 

 

2003
 

2002
Increase/(decrease)
$
%
For      the three months ended June 30:
Cost      of goods sold
$
1,713,338
$
1,216,434
$
496,904
41%
Gross      profit % of revenue
10%
30%
 

Costof goods sold for the three months ended September 30, 2003 was $1,713,338, anincrease of $496,904, or 41%, from $1,216,434 for the same three months of theprior year. The increase in cost of goods sold was primarily due to the increasein revenues and sales in the tract home building market coupled with asignificant increase in truss manufacturing materials.

 

10

Grossprofit as a percentage of revenue decreased from 30% during the three monthsended September 30, 2002 to 10% for the same three months ended September 30,2003 due primarily to truss material increases.

 

2003
 

2002
Increase/(decrease)
$
%
For      the nine months ended September 30:
Cost      of goods sold
$
4,365,689
$
3,167,930
$
1,197,759
38%
Gross      profit % of revenue
27%
30%
 

Costof goods sold for the nine months ended September 30, 2003 was $4,365,689, anincrease of $1,197,759, or 38%, from $3,167,930 for the same nine months of theprior year. The increase in cost of goods sold was primarily due to the increasein revenues and sales in the tract home building market coupled with increasesin truss manufacturing materials.

 

Grossprofit as a percentage of revenue decreased from 30% during the nine monthsended September 30, 2002 to 27% for the same nine months ended September 30,2003.

 
**Sellingand Administrative expenses**

 

2003
 

2002
Increase/(decrease)
$
%
For      the three months ended September 30:
General      & Administrative expenses
$
732,281
$
436,377
$
295,904
68%
 

Generaland administrative expenses were $732,281 for the three months ended September30, 2003 versus $436,377 for the same three months ended September 30, 2002,which resulted in an increase of $295,904 or 68%. The increase in selling andadministrative expenses was primarily due to the increase in the Company'sworker's compensation insurance premiums and additional operational andadministrative personnel.

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