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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended June 30, 2004

OR

[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


COMMISSION FILE NUMBER 000-32783


WIN OR LOSE ACQUISITION CORPORATION
(Exact name of registrant as specified in its charter)


DELAWARE
 
59-3685745
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)


1268 Bayshore Boulevard
Dunedin, Florida 34698
(Address of principal executive offices,
including zip code)


(727) 734-7346
(Registrant’s telephone number,
including area code)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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  [   ]

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Title of Each Class
 
Outstanding at August 9, 2004
Common Stock, $0.001 Par Value
 
2,400,000 Shares
Form 10-QSB — Page- 1
     
 
TABLE OF CONTENTS


PART I
FINANCIAL INFORMATION
 
PAGE
 
 
 
 
ITEM 1
Financial Statements
 
 
 
 
 
 
 
Balance Sheet as of June 30, 2004 and December 31, 2003
 
3
 
 
 
 
 
Statement of Operations for the three- and six-month periods ended June 30, 2004 and 2003
 
4
 
 
 
 
 
Statement of Cash Flow for the six-month periods ended June 30, 2004 and 2003
 
5
 
 
 
 
 
Notes to Unaudited Interim Financial Statements
 
6
 
 
 
 
ITEM 2
Management’s Discussion and Analysis of Results of Operations, Financial Condition and Plan of Operations
 
9
 
 
 
 
 
 
 
 
ITEM 3
Quantitative and Qualitative Disclosures About Market Risk
 
10
 
 
 
 
ITEM 4
Controls and Procedures
 
10
 
 
 
 
PART II
OTHER INFORMATION
 
10
 
 
 
 
ITEM 6
Exhibits and Reports on Form 8-K
 
11
 
 
 
 
 
SIGNATURES
 
11
Form 10-QSB — Page- 2
     
 
WIN OR LOSE ACQUISITION CORPORATION
BALANCE SHEETS

ASSETS
 
 
 
 
 
 
 
June 30,
 
December 31,
 
 
 
 
 
 
 
2004
 
2003
 
 
 
 
 
 
 
(Unaudited)
 
(Audited)
Current Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
$  22,784
 
$    1,085
 
Prepaid expense
 
 
 
 
      4,375
 
              -
 
 
Total current assets
 
 
 
 
    27,159
 
      1,085
 
 
 
 
 
 
 
 
 
 
Deferred offering costs
 
 
 
 
    11,039
 
           10
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
 
 
 
$  38,198
 
$    1,095
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
Current Liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
 
 
 
$       250
 
$    2,250
 
Advances from related parties
 
 
 
 
     4,875
 
$           -
 
 
Total current liabilities
 
 
 
 
$    5,125
 
$    2,250
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
Common stock, 25,000,000 authorized, $0.001 par value 2,400,000 issued and outstanding
 
$    2,400
 
$    2,400
 
Additional paid in capital
 
 
 
 
$253,444
 
$213,443
 
Deficit accumulated during development stage
 
($222,771)
 
($216,998)
 
 
 
 
 
 
 
 
 
 
 
 
Total Equity
 
 
 
 
$   33,073
 
$   (1,155)
 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Equity
 
 
 
$  38,198
 
$    1,095



The accompanying notes are an integral part of these financial statements.
Form 10-QSB — Page- 3
     
 
WIN OR LOSE ACQUISITION CORPORATION
STATEMENT OF OPERATIONS

 
 
 
Three Months Ended
 
Six Months Ended June 30,
 
 
 
June 30, 2004
 
June 30, 2003
 
June 30, 2004
 
June 30, 2003
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
Net sales
$         -
 
$         -
 
$         -
 
$         -
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
  1,122 
 
  3,765 
 
  4,832 
 
  8,863 
(Loss) before income taxes
($1,122)
 
($3,765)
 
($4,832)
 
($8,863)
 
 
 
 
 
 
 
 
 
 
Income taxes
941
 
-
 
941
 
-
 
 
 
 
 
 
 
 
 
 
Net loss
($2,063)
 
($3,765)
 
($5,773)
 
($8,863)
 
 
 
 
 
 
 
 
 
 
Basic and diluted net loss per common share
($0.00)
 
($0.00)
 
($0.00)
 
($0.00)
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
2,400,000
 
2,400,000
 
2,400,000
 
2,400,000



The accompanying notes are an integral part of these financial statements.
Form 10-QSB — Page- 4
     
 
WIN OR LOSE ACQUISITION CORPORATION
STATEMENT OF CASH FLOW

 
 
 
 
 
 
Six-Months Ended
 
 
 
 
 
 
June 30, 2004
 
June 30, 2003
 
 
 
 
 
 
(Unaudited)
 
(Unaudited)
Cash flows from operating activities
 
 
 
 
Net income (loss)
 
($  5,773)
 
($  8,863)
Change in operating assets and liabilities:
 
 
 
 
Prepaid expenses
 
($  4,375)
 
 
Accounts payable and accrued expenses
 
$  2,875
 
$  2,015
Net cash used by operating activities
 
($12,148)
 
($ 6,848)
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Advances from related parties
 
 
4,875 
 
 
Proceeds from investment of additional capital
 
$40,000 
 
 
Increase in deferred offering costs
 
($11,028)
 
$11,017
Net cash provided by (used in) financing activities
 <