U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OF 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to __________________
Commission file number: 0-29481
RIMPAC RESOURCES LTD.
(Exact name of small business issuer as specified in its charter)
NEVADA 91-1921379
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
5600 WYOMING BLVD., N.E., SUITE 150, ALBUQUERQUE, NEW MEXICO 87109
(Address of principal executive offices)
(505) 828-2392
(Issuer's telephone number)
11930 MENAUL BOULEVARD, N.E., SUITE 107, ALBUQUERQUE, NEW MEXICO 87112
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the last practicable date:
8,550,000 SHARES OF COMMON STOCK, $0.001 PAR VALUE, AS OF
NOVEMBER 14, 2000
Transitional Small Business Disclosure Format (check one); Yes No X
----- -----
Exhibit index on page 7 Page 1 of 9 pages
<PAGE>
RIMPAC RESOURCES LTD.
(A Development Stage Company)
Balance Sheet
(unaudited)
September 30,
2000
--------------
ASSETS
Current assets:
Cash $ 95
=============
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current liabilities:
Accounts payable $ 10,957
Related party payable 7,587
-------------
18,544
-------------
Stockholders' (deficit):
Preferred stock, $0.01 par value,
1,000,000 undesignated shares
authorized,
none issued 0
Common stock, $0.001 par value,
50,000,000 shares authorized,
8,550,000 shares issued
and outstanding 8,550
Additional paid in capital 24,162
(Deficit) accumulated during the
development stage (51,161)
-------------
Total stockholders' (deficit) (18,449)
-------------
$ 95
=============
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
RIMPAC RESOURCES LTD.
(A Development Stage Company)
Statements of Operations
(unaudited)
<TABLE>
<CAPTION>
====================================================================================================================================
January 26, 1998
Three months Three Months Nine months Nine months (inception)
ended ended ended ended Through
September 30, September 30, September 30, September 30, September 30,
1999 2000 1999 2000 2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
REVENUE $ 0 $ 0 $ 0 $ 0 $ 0
Costs and expenses:
General and administrative 5,189 3,666 7,949 18,695 48,015
Amortization 64 0 192 0 1,283
----------- ------------ ------------ ------------ --------------
(Loss) from oerations (5,253) (3,666) (8,141) (18,695) (49,298)
----------- ------------ ------------ ------------ --------------
Other income (expense)
Foreign currency transaction gain (loss) (44) 109 115 55 (613)
Loss on mineral claims 0 0 0 0 (1,250)
----------- ------------ ------------ ------------ --------------
(44) 109 115 55 (1,863)
----------- ------------ ------------ ------------ --------------
NET (LOSS) $ (5,297) $ (3,557) $ (8,026) (18,640) (51,161)
=========== ============ ============ ============ ==============
PER SHARE INFORMATION:
Weighted average number
of common shares outstanding-basic and
diluted 8,550,000 8,550,000 8,550,000 8,550,000 7,409,122
=========== ============ ============ ============ ==============
Net (loss) per common share - basic and
diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.01)
=========== ============ ============ ============ ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
RIMPAC RESOURCES LTD.
(A Development Stage Company)
Statements of Cash Flows
(unaudited)
<TABLE>
<CAPTION>
January 26,
1998
Nine Months Nine Months (inception)
Ended Ended Through
September 30, September 30, September 30,
1999 2000 2000
-------------- --------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net (loss) $ (8,026) $ (18,640) $ (51,161)
Adjustments to reconcile net (loss) to net
cash (used in) operating activities:
Amortization 192 0 1,283
Write off of mineral claims 0 0 1,250
Increase (decrease) in accounts payable (1,195) 8,945 10,957
Common stock issued for assignment
of mineral property rights 0 0 1,250
------------- -------------- --------------
Net cash (used in) operating activities (9,029) (9,695) (36,421)
-------------- -------------- --------------
Cash flows from investing activities:
Investment in mineral claims 0 0 (1,250)
Organization costs 0 0 (1,283)
-------------- -------------- --------------
Net cash (used in) investing activities 0 0 (2,533)
-------------- -------------- --------------
Cash flows from financing activities:
Proceeds from loan from related party 0 7,587 7,587
Proceeds from stock sales, net of
insurance costs 0 0 26,462
Proceeds from advances 0 0 5,000
-------------- -------------- --------------
Net cash provided by financing activities 0 7,587 39,049
-------------- -------------- --------------
Net increase (decrease) in cash (9,029) (2,108) 95
Beginning cash 13,126 2,203 0
-------------- -------------- --------------
Ending cash $ 4,097 $ 95 $ 95
============== ============== ==============
Supplemental cash flow information:
Cash paid for: interest 0 0 0
income taxes 0 0 0
Non-cash investing and financing activities:
Issuance of common stock as repayment of advances $ 0 $ 0 $ 5,000
Issuance of common stock for assignment of mineral
property rights $ 0 $ 0 $ 1,250
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
Rimpac Resources, Ltd.
(A Development Stage Company)
Notes to Financial Statements
(Unaudited)
Note 1. BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information. They do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments, consisting only of normal
recurring adjustments, considered necessary for a fair presentation, have been
included in the accompanying unaudited financial statements. Operating results
for the periods presented are not necessarily indicative of the results that may
be expected for the full year. For further information, refer to the financial
statements and notes thereto, included in the Company's Form 10-SB filed June 9,
2000.
Note 2. RELATED PARTY TRANSACTION
During the nine months ended September 30, 2000, the Company received unsecured
loans totaling $7,586 from a related party. The loans have no specific terms of
repayment or interest.
5
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Since incorporation on January 26, 1998, the Company had been a natural
resource company engaged in the acquisition of mineral properties, with its sole
focus in the state of Arizona. The Company acquired a mineral exploration permit
issued by the State of Arizona and intended to explore for gold mineralization
within the Goldstone Prospect permit area. The Company was unable to secure
financing for the intended exploration and the world market price of gold was on
the decline. As a result, the Company abandoned its operations and the permit
was not renewed. The Company is now a "shell" company whose sole purpose at this
time is to locate and consummate a merger or other business combination with a
private entity.
The Company has not generated any revenue. For the nine months ended
September 30, 2000, the Company recorded a net loss of $18,640, as compared to a
net loss for the corresponding period last fiscal year of $8,026. The increased
loss for the current fiscal period is due in part to higher legal and accounting
expenses. In order to have the Company's stock traded on the OTC Bulletin Board,
the Company is required to have its common stock registered with the Securities
and Exchange Commission and thereby become a reporting company. Compliance with
this requirement and with ongoing reporting requirements have resulted in higher
legal and accounting expenses.
For the nine months ended September 30, 2000, the statement of cash
flows reflects net cash used in operating activities of $9,695, which was offset
by net cash provided by financing activities of $7,587. Since the Company
currently has no significant source of revenue, the Company's working capital
will be depleted by operating expenses and the Company will be dependent upon
external sources of cash.
At September 30, 2000, the Company had a working capital deficit of
$18,449. Funds required to maintain the Company's existence have been provided
through loans from related parties. Management anticipates another offering of
common stock to consummate a merger or other business combination, and to
provide sufficient working capital. In addition to another offering of common
stock, management anticipates that additional financing may be obtained through
long- or short-term loans against the Company's equity, or through a joint
venture or strategic alliance. There can be no assurance that the Company will
be able to obtain additional funding, or obtain additional funding with terms
favorable to the Company. The failure to obtain additional financing could
result in delay or indefinite postponement of the Company's activities, and a
complete loss of its investment.
The Company's ability to continue as a going concern is dependent upon
its ability to generate sufficient cash flow to meet its obligations on a timely
basis, to identify and implement a merger or other business combination, to
obtain additional financing or refinancing as may be required, and to ultimately
attain profitability. There are no assurances that the Company will be able to
identify and implement a merger or business combination, or obtain any
additional financing.
6
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Not Applicable.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
Not Applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable.
ITEM 5. OTHER INFORMATION
Not Applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
A) EXHIBITS
<TABLE>
<CAPTION>
REGULATION SEQUENTIAL
S-B NUMBER EXHIBIT PAGE NUMBER
<S> <C> <C>
3.1 Articles of Incorporation (1)<F1> N/A
3.2 Bylaws (1)<F1> N/A
10.1 Assignment of Lease and Purchase Option between the Company and N/A
Leroy Halterman dated March 22, 1998 (1)<F1>
10.2 State Land Department, State of Arizona, Mineral Exploration Permit No. N/A
08-103044, dated September 17, 1997 (1)<F1>
10.3 Goldstone Prospect, Cochise County, Arizona, Section 28, T20S R23E, A N/A
Goldstone Prospect, dated December 15, 1997, prepared by Leroy
Halterman CPG, RPG, Consulting Geologist (1)<F1>
27 Financial Data Schedule 9
----------------------------
<FN>
<F1>
(1) Incorporated by reference to the exhibits filed with the Registration Statement on Form 10-SB, File No.
0-29481.
</FN>
</TABLE>
7
<PAGE>
B) REPORTS ON FORM 8-K:
None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
RIMPAC RESOURCES LTD.
(Registrant)
Date: November 14, 2000 By: /s/ Leroy Halterman
---------------------------------------
Leroy Halterman, President
(Principal financial officer)
8
<PAGE>
Exhibit 27
Financial Data Schedule
9
<PAGE>
