SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
Quarter ended June 30, 2000
PEAKSOFT MULTINET CORP.
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(Translation of registrant's name into English)
114 West Magnolia Street, Suite 447, Bellingham, WA 98225
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(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F ..X.. Form 40-F ____
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes ..X.. No ____
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-0-24069
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Signatures: T. W. Metz
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Peaksoft Multinet Corp.
(Registrant)
(Signature) By: /s/ T.W. Metz
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Tim Metz
President/CEO
Page 1 of 9
<PAGE>
PEAKSOFT MULTINET CORP.
Third Quarter Report
For the three months ended June 30, 2000
Page 2 of 9
<PAGE>
LETTER TO SHAREHOLDERS
The development of http://www.peak.com continues to take positive steps during
the third quarter of fiscal year 2000.
During the quarter, the Company reached an agreement with Application Park Inc.
to provide pre-built browser-based applications that automates business
functions such as contact management, project management or other operational
duties such as performance reviews. These integrated applications can be found
on PeakSoft's small business portal site located at http://www.peak.com.
The Company also entered into an agreement with Auctionet.com to provide Private
Label business-to-consumer auctions on PeakSoft's small business portal site.
This will offer additional value to Peak.Com members, allowing them to sell
business related and personal items through the auction format. Peak.com intends
to add business-to-business auctions in the near future.
The Annual Shareholders Meeting was held on June 28, 2000. The shareholders
voted in favor of the three items on the proxy. Peter Janssen, Simon Arnison,
Colin Morse and myself will continue to serve as the Board of Directors. Gordon
K.W. Gee, Chartered Accountants was re-elected to serve as the Company's auditor
for this year. No new business was discussed.
During the quarter, PeakJet 2000, PeakSoft's web-browsing accelerator was
translated into a French version to penetrate the French speaking markets.
PeakSoft reached a software distribution agreement with Softvianet Limited of
the United Kingdom to offer local languages of PeakJet 2000 to the European
Community. PeakJet 2000 is currently available in English, French, German,
Spanish, Italian and Japanese. The Company continues to pursue global
maximization of PeakJet 2000.
Subsequent to the end of the quarter, Mr. Russell Antonacci, Vice President of
Marketing of Inculab.com, Inc., has been appointed Chief Executive Officer
effective immediately for Peak.Com, Inc. He has been given full authority to run
the Peak.com division of PeakSoft Multinet Corp, which includes budget,
personnel, strategic direction and tactical decisions. Mr. Antonacci's extensive
experience with web-site development will enable the small business portal to
reach the potential that the Company has envisioned.
Sincerely,
/s/ T.W. Metz
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Tim Metz
President/CEO
August 30, 2000
Page 3 of 9
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Consolidated Balance Sheet (in Canadian dollars)
(Prepared by Management - Unaudited)
June 30, 2000 and 1999
--------------------------------------------------------------------------------
2000 1999
$ $
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Assets
Current Assets:
Cash 46,892 37,371
Accounts receivable 17,385 124,639
Inventories - 42,442
Prepaids and deposits 20,131 24,045
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84,408 228,497
Capital assets 62,810 78,773
Investment in InfoBuild - 284,000
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147,218 591,270
===============================================================================
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities 447,337 879,842
Notes Payable 2,663,694 517,643
Interest payable 267,084 26,130
Current portion of obligations under
capital leases 5,786 22,703
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3,383,901 1,446,318
Obligations under capital leases - 2,582
Shareholders' Equity:
Share capital 9,019,260 9,460,955
Accumulated deficit 12,255,944 10,318,585
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(3,236,684) (857,630)
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147,218 591,270
===============================================================================
Page 4 of 9
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<TABLE>
Consolidated Statement of Operations and Deficit (in Canadian dollars)
(Prepared by Management - Unaudited)
June 30, 2000 and 1999
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Quarter Quarter Nine Months Nine Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
$ $ $ $
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sales 8,081 188,667 67,858 475,646
Cost of goods sold 3,743 6,520 7,607 18,161
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4,337 182,147 60,251 457,485
Operating Expenses:
General and administration 249,055 465,468 873,689 1,012,253
Selling and marketing 63,449 87,071 128,277 262,172
Research and development 36,008 71,798 87,324 232,933
Amortization 9,612 13,942 25,808 40,472
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358,125 638,279 1,115,098 1,547,830
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Earnings (loss) before the undernoted (353,787) (456,132) (1,054,847) (1,090,345)
Interest on short-term notes (65,561) - (192,130) (77,231)
Debt settlement with creditors 44,310 44,698 81,753 44,698
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Earnings (loss) from operations (375,038) (411,434) (1,165,224) (1,122,878)
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Loss 375,038 411,434 1,165,224 1,122,878
Accumulated deficit, beginning of period 11,880,906 9,907,151 11,090,720 9,195,707
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Accumulated deficit, end of period 12,255,944 10,318,585 12,255,944 10,318,585
================================================================================================================
Loss per common share 0.10 0.11 0.30 0.30
</TABLE>
Page 5 of 9
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<TABLE>
Statement of Changes in Financial Position (in Canadian dollars)
(Prepared by Management - Unaudited)
June 30, 2000 and 1999
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Quarter Quarter Nine Months Nine Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
$ $ $ $
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<S> <C> <C> <C> <C>
Cash provided by (used in):
Operations:
Net earnings (loss) (375,038) (411,434) (1,165,224) (1,122,878)
Items not involving cash:
Amortization 9,612 13,942 25,808 40,472
Change in non-cash operating
working capital 40,216 196,605 (139,776) (216,666)
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(325,210) (200,887) (1,279,192) (1,299,072)
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Financing:
Repayments of notes payable (1,489) - (8,370) -
Increase (decrease) in
Obligation under capital leases (3,747) (1,897) (26,057)
Issuance of notes payable 286,614 73,500 1,233,593 517,643
Issuance of share capital - 11,432 63,816 835,331
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285,125 81,185 1,287,142 1,326,917
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Investments:
Purchase of capital assets (17,053) 2,296 (17,053) (13,298)
----------------------------------------------------------------------------------------------------------
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Increase (decrease) in cash position
(57,138) (117,406) (9,103) 14,547
Cash, beginning of period 104,031 154,777 55,995 22,824
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Cash, end of period 46,892 37,371 46,892 37,371
===========================================================================================================================
</TABLE>
Page 6 of 9
<PAGE>
THIRD QUARTER REVIEW
The third quarter of fiscal year 2000 showed reductions of expenses in all areas
of operation. Overall operating expenses decreased from CDN $638,279 for the
quarter ended June 30, 1999 to CDN $358,125 in the comparable quarter in 2000, a
decrease of 44%, mainly because of significant cost reductions in general and
administration and research and development. Loss for the second quarter
decreased from CDN $411,434 for the quarter ended June 30, 1999 to CDN $375,038
in the comparable quarter in 2000, a decrease of 9%. Loss per share improved
from CDN $0.11 for the quarter ended June 30, 1999 to CDN $0.10 in the
comparable quarter in 2000.
General and administrative expenses decreased from CDN $465,468 for the quarter
ended June 30, 1999 to CDN $249,055 in the comparable period in 2000, a decrease
of CDN $216,413. This decrease of 46% is mostly comprised of consulting and
professional services that occurred during third quarter, 1999 and were not
recognized during fiscal year 2000.
Selling and marketing expenses decreased from CDN $87,071 for the quarter ended
June 30, 1999 to CDN $63,449 in the comparable period in 2000, a decline of CDN
$23,622. This decrease of 27% was primarily due to management's continued
expense reductions.
Research and development expenses declined from CDN $71,798 for the quarter
ended June 30, 1999 to CDN $36,008 in the comparable period in 2000, a decrease
of CDN $35,790 or 50%. This decline was due to the software development expenses
for PeakJet 2000 that occurred in the third quarter, 1999.
During the quarter, management negotiated with trade and other creditors to
realize a reduction of CDN $44,310 of liabilities. The Company also received USD
$195,000 in operating capital supported by promissory notes.
Page 7 of 9
<PAGE>
NINE MONTH REVIEW
The nine months ending June 30, 2000 shows a continuation of expense cutbacks in
all areas of operation. Overall operating expenses decreased from CDN $1,547,830
for the nine months ending June 30, 1999 to CDN $1,115,098 in the comparable
period in 2000, a decrease of 28%, mainly because of significant cost reductions
in marketing and research and development. Loss for the nine months increased
from CDN $1,122,878 for the nine months ending June 30, 1999 to CDN $1,165,224
in the comparable period in 2000. This 4% increase was largely due to a decrease
in sales.
General and administrative expenses decreased from CDN $1,012,253 for the nine
months ending June 30, 1999 to CDN $873,689 in the comparable period in 2000, a
decrease of CDN $138,564 or 14%. This decrease is mostly comprised of
professional and consulting services involved with the initial concept of the
small business portal located at http://www.peak.com as well as decreases in
consulting and personnel costs for investor relations.
Selling and marketing expenses decreased from CDN $262,172 for the nine months
ending June 30, 1999 to CDN $128,277 in the comparable period in 2000, a decline
of CDN $138,895. This decrease of 51% was primarily due to reductions in
personnel and associated costs coupled with the declining use of outside
contractors and consultants.
Research and development expenses declined from CDN $232,933 for the nine months
ending June 30, 1999 to CDN $87,334 in the comparable period in 2000, a decrease
of CDN $145,609 or 63%. This decline was due to reductions in personnel and
associated costs along with the PeakJet 2000 development expenses in fiscal year
1999 not incurred in the current fiscal year.
During the past nine months, management negotiated with trade and other
creditors to realize a reduction of CDN $81,753 of liabilities. The Company has
received USD $840,000 in operating capital supported by promissory notes.
Page 8 of 9
<PAGE>
CORPORATE INFORMATION
Corporate Headquarters
PeakSoft Multinet Corp.
114 W. Magnolia Street; Suite 447
Bellingham, WA 98225
USA
Tel: (360) 392-3912 Fax: (360) 392-3911
http://www.peaksoft.com
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Investor Relations
PeakSoft Multinet Corp.
(360) 360-392-3912
[email protected]
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Stock Listing
PeakSoft Multinet Corp. common stock is traded on the Canadian Venture
Exchange under symbol PKS and in the US on the OTC:BB under the symbol
PEAMF.
Auditor
Gordon K. W. Gee, Chartered Accountant
488-625 Howe Street
Vancouver, BC V6C 2T6
Tel: (604) 689-8815 Fax: (604) 689-8838
Transfer Agent and Registrar
Montreal Trust, Calgary Alberta
Directors Management
Peter Janssen Tim Metz
Chairman of the Board President & CEO
Tim Metz Calvin Patterson
Director Corporate Counsel
Colin Morse
Director
Simon Arnison
Director
Page 9 of 9
