A little light reading, very, very, abbreviated, from EDGAR:
Again, the full text is available at the links provided, the text I’ve copied here is very very abbreviated, truncated, and missing large sections.
http://www.sec.gov/Archives/edgar/da...-02-000045.txt
Ginseng Forest, Inc.
3812 North Gallatin Street, 85215 Mesa, AZ
(480) 985-0749
GFI so far has limited its operations to startup and development activities. In the approximately one year of operation from December 4, 2000 (Date of Inception) to December 31, 2001, the Company generated no revenues and incurred a net loss of $12,298.
Business of Issuer (1) Principal Products and Services and Principal Markets GFI initially plans to produce and distribute the roots and seeds of the ginseng herb. In the future, GFI plans to diversify into products that contain ginseng as an ingredient. Such products may include powders, capsules, teas, tonics, candy, chewing gum, shampoo, face lotion and liquid extract.
(2) Distribution Methods of the Products or Services GFI intends to develop relationships with wholesalers, distributors and nutritional product manufacturers to distribute GFI's ginseng roots and seeds. GFI believes that most of GFI's prospective expect uniform quality and consistent year-round supply. GFI believes that by offering a high quality product with a consistent year-round supply, GFI can become a recognized grower of choice. GFI may pursue strategic alliances with partners who have established operations. GFI believes that these joint venture relationships, if successful, will allow GFI to gain insight, expertise and penetration in markets where joint venture partners already operate, and may increase GFI's revenue and income growth. No specific joint venture agreements have been signed, and no assurance can be given that any agreements will be effected, or if effected, will be successful.
GINSENG FOREST, INC.
The street address of the corporation's registered agent and the principal or statutory address of this corporation in the State of Nevada shall be:
CORPORATE SERVICE CENTER, INC.
1475 Terminal Way, Suite E Reno, Washoe County, NV 89502
The name and post office address of the first Board of Directors, which shall be one (1) in number, shall be listed as follows:
TREVOR C. ROWLEY 1475 Terminal Way, Suite E Reno, NV 89502
http://www.sec.gov/Archives/edgar/da...-03-000131.txt
Note 2 - Going concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred a net loss of $68,899 for the period from December 4, 2000 (inception) to March 31, 2003, and has no sales. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its new business opportunities. Management has plans to seek additional capital through private placements and public offerings of its common stock. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty.
Note 3 - Prepaid expenses On September 15, 2002, the Company executed a one-year lease agreement with an individual for one-quarter of an acre of land for a testing site. Pursuant to the terms of the agreement, the Company paid $1,500 for the annual rent of the testing site which is considered a prepaid expense. During the three-month period ended March 31, 2003, the Company had rental expense of $375 and as of March 31, 2003, the balance in prepaid expense totaled $625.
Note 4 - Fixed assets The Company had computer equipment totaling $1,528. For the three-month period ended March 31, 2003, the amount of depreciation expense was $76. Note 5 - Accrued executive compensation On March 1, 2002, the Board of Directors of the Company approved an annual base salary of $18,000 with the Company's president. During the three-month period ended March 31, 2003, the amount accrued was $4,500 and the amount paid was $3,000. The balance of accrued executive compensation as of March 31, 2003 was $16,500.
Note 6 - Related party transactions During the three-month period ended March 31, 2003, the amount accrued as compensation for the Company's president was $4,500 and the amount paid was $3,000. Office space is provided without charge by an officer, director and shareholder. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.
During December 2000, GFI issued 2,000,000 shares of its $0.001 par value common stock to an officer and director in exchange for services rendered in the amount of $2,000. During February 2001, GFI issued 500,000 shares of its $0.001 par value common stock to Providential Management Group, Ltd., a limited partnership, in exchange for cash in the amount of $10,000. On February 28, 2002, GFI closed its offering pursuant to Regulation D, Rule 504 of the 1933 Securities and Exchange Act, as amended, whereby it sold a total of 1,268,000 shares of its common stock at $0.05 per share to outside investors for cash in the total amount of $63,400. As of March 31, 2003, GFI had 3,768,000 shares of Common Stock issued and outstanding held by approximately 27 shareholders of record. In March 2002, GFI issued 126,800 warrants to purchase the Company's $0.001 par value common stock on a one-for-one basis. The warrant exercise price is $0.055 per share of common stock and substantially all warrants will expire on or before March 5, 2005. During the three-month period ended March 31, 2003, no warrants were exercised. As of March 31, 2003, GFI had $22,547 in current assets, $17,555 in current liabilities, and a working capital of $4,992.
Harold W. Sciotto President, Principal Executive Officer, Director
Sam H. Sciotto Secretary, Treasurer, Director, Principal Financial Officer, Principal Accounting Officer
http://www.sec.gov/Archives/edgar/da...-03-000060.txt
Transfer Agent and Registrar The Transfer Agent for the shares of common voting stock of GFI is
Shelley Godfrey, Pacific Stock Transfer Company, 500 East Warm Springs Road, Suite 240, Las Vegas, Nevada 89119, (702) 361-3033.
Recent Sales of Unregistered Securities. GFI was incorporated in Nevada on December 4, 2000. GFI is authorized to issue 25,000,000 shares of its $0.001 par value common stock. During December 2000, GFI issued 2,000,000 shares of its $0.001 par value Common Stock (for services rendered in the amount of $2,000) to Harold W. Sciotto (an officer of GFI). During February 2001, GFI issued 500,000 shares of its $0.001 par value Common Stock to Providential Management Group, Ltd., a limited partnership, in exchange for cash in the amount of $10,000. All founders' shares were issued in accordance with Section 4(2) of the Securities Act of 1933. On December 18, 2001, the State of Nevada issued a permit to GFI to sell securities pursuant to registration by qualification in the state (Permit # R01-117). The offering was exempt from federal registration pursuant to Regulation D, Rule 504 of the 1933 Securities and Exchange Act, as amended. On February 28, 2002, GFI closed that offering, in which it sold a total of 1,268,000 shares of its $0.001 par value common stock at $0.05 per share for cash in the amount of $63,400. There have been no other issuances of common stock of GFI. Item 6.
Also, on March 1, 2002, the Board of Directors of GFI approved an annual base salary of $18,000 for GFI's president. For the year ended December 31, 2002, the amount of accrued salary was $15,000. As of the December 31, 2002, the president of GFI did not receive any of the accrued amount, which is due upon demand.
Here's hoping they're paying Shelby a little more in way of salary.
Now that Shelby is public, his operations will really be public and financial results will be available for public viewing. I can hardly wait.