UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 2000
--------------------------------------------------
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
--------------------------- --------------------
Commission File number 0 - 27795
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MEIER WORLDWIDE INTERMEDIA INC.
-------------------------------------------------
(Exact name of registrant as specified in charter)
Nevada 52 - 2079421
--------------------------- ----------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Suite 320 - 1100 Melville Street
Vancouver, BC, Canada V6E 4A6
--------------------------- ----------------------------------
(Address of principal executive offices) (Zip Code)
(604) 689-7572
--------------------------------------------------
Registrant's telephone number, including area code
--------------------------------------------------------------------
(Former name, address, and fiscal year, if changed since last report)
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), Yes [X] No [ ] and (2) has
been subject to filing requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date.
Class Outstanding as of August 3, 2000
--------------------------- ----------------------------------
Common Stock with par value of $0.001 per share 12,355,260
NQB Pink Sheets
-------------------------------------------------
(Name of Exchange that Stock is to be registered)
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MEIER WORLDWIDE INTERMEDIA INC.
-------------------------------
INDEX
Page
No.
----
PART ONE: FINANCIAL INFORMATION
Item 1: Interim Unaudited Consolidated Financial Statements 3
Consolidated Balance Sheets as at January 31, 2000
and October 31, 1999 4
Consolidated Statements of Operations
For the three months ended January 31, 2000 and 1999,
and for the period from June 17, 1997 (Date of
Inception) to January 31, 2000 5
Statement of Changes in Stockholders' Equity
For the period from June 17, 1997 (Date of Inception)
to January 31, 2000 6
Consolidated Statements of Cash Flows
For the three months ended January 31, 2000 and
1999, and for the period from June 17, 1997
(Date of Inception) to January 31, 2000 9
Notes to the Interim Unaudited Consolidated Financial Statements 11
Item 2: Plan of Operations 17
PART TWO: OTHER INFORMATION
Item 1: Legal Proceedings 18
Item 3: Defaults Upon Senior Securities 18
SIGNATURES 19
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MEIER WORLDWIDE INTERMEDIA INC.
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PART ONE: FINANCIAL INFORMATION
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ITEM 1: FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
The accompanying interim unaudited consolidated balance sheets of Meier
Worldwide Intermedia Inc. (the "Company") and its subsidiaries at January 31,
2000 and October 31, 1999 and the interim unaudited consolidated statements of
operations and the interim unaudited consolidated statements of cash flows for
the three months ended January 31, 2000 and for the period from June 17, 1997
(date of incorporation) to January 31, 2000 and the interim unaudited statement
of changes in stockholders' equity for the period from June 17, 1997 (date of
inception) to January 31, 2000, and the interim unaudited comparative statements
thereto have been prepared by the Company's management, and they do not include
all information and notes to the interim unaudited consolidated financial
statements necessary for a complete presentation of the financial position,
results of operations, cash flows, and stockholders' equity in conformity with
generally accepted accounting principles. In the opinion of management, all
adjustments considered necessary for a fair presentation of the results of
operations and financial position have been included and all such adjustments
are of a normal recurring nature.
Operating results for the first quarter ended January 31, 2000 are not
necessarily indicative of the results that can be expected for the year ending
October 31, 2000.
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
INTERIM UNAUDITED CONSOLIDATED BALANCE SHEETS
as at JANUARY 31, 2000 AND OCTOBER 31, 1999
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
2000 1999
Notes (Unaudited) (Audited)
------------------------------------
ASSETS
CURRENT ASSETS
Cash $ 32 $ 43
Accounts receivable 70 68
-----------------------
$ 102 $ 111
=======================
LIABILITIES
CURRENT LIABILITIES
Accrued rent payable 4 $ 41,435 $ 41,435
Accounts payable - related parties 10,919 3,288
Accounts payable - other 8,505 15,343
-----------------------
Total Current Liabilities 60,859 60,066
NON-CURRENT LIABILITIES
Note payable - long-term portion 6 33,044 32,431
-----------------------
Total Liabilities 93,903 92,497
-----------------------
STOCKHOLDERS' EQUITY (DEFICIENCY)
Common stock
200,000,000 shares authorized at $0.001 par value;
12,355,260 issued and outstanding 12,355 12,355
Capital in excess of par value 1,528,836 1,528,836
Accumulated deficit (1,634,992) (1,633,577)
-----------------------
Total Stockholders' Deficiency (93,801) (92,386)
-----------------------
$ 102 $ 111
=======================
The accompanying notes are an integral part of these interim unaudited
consolidated financial statements
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
From
June 17, 1997
(Date of
Three Months Inception) to
Ended January 31, January 31, 2000
-------------------------------------------------
2000 1999
---- ----
REVENUES $ - $ - $ 773,600
-------------------------------------------------
EXPENSES
Operating and administrative 802 26,620 2,154,598
Interest 613 1,973 8,733
Depreciation - - 502
-------------------------------------------------
1,415 28,593 2,163,833
-------------------------------------------------
Net loss before other income
and expense items (1,415) (28,593) (1,390,233)
Gain on transfer of subsidiaries
to related party - Note 3 - 125,023 125,023
Loss of assets - - (369,782)
-------------------------------------------------
NET (LOSS) INCOME $ (1,415) $ 96,430 $ (1,634,992)
=================================================
NET (LOSS) INCOME
PER COMMON SHARE
Net loss before other income
and expense items $ (0.000) $ (0.002)
Gain on transfer of
subsidiaries to related
party and loss of assets - 0.011
--------------------------
Total Basic $ (0.000) $ 0.009
==========================
AVERAGE OUTSTANDING
COMMON SHARES
Basic 12,355,260 11,523,588
==========================
The accompanying notes are an integral part of these interim unaudited
consolidated financial statements
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
INTERIM UNAUDITED STATEMENT OF CHANGES
IN STOCKHOLDERS' EQUITY
For the Period from June 17, 1997 (Date of Inception) to January 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
Capital
in Excess of Accumulated
Common Stock Par Value Deficit
--------------------------------------------------
Shares Amount
------ ------
Balance, June 17, 1997
(Date of Inception) - $ - $ - $ -
Issuance of common stock
for services - at $0.001 -
June 30, 1997 3,600,000 3,600 - -
Issuance of common stock
for cash - at $0.001 -
June 30, 1997 6,000,000 6,000 - -
Issuance of common stock
for assets and services
- at $0.061 - July 30,
1997 400,000 400 24,009 -
Issuance of common stock
for cash - at $0.50 -
October 1997 105,366 105 52,578 -
Issuance of common stock
for cash - at $1.00 -
October 1997 141,625 142 141,483 -
Issuance of common stock
for services - at $1.00 -
October 1997 61,551 62 61,489 -
Net loss from operations
for the period June 17,
1997 to October 31, 1997 - - - (93,393)
---------------------------------------------------
Balance, October 31, 1997 10,308,542 $ 10,309 $ 279,559 $ (93,393)
The accompanying notes are an integral part of these interim unaudited
consolidated financial statements
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
INTERIM UNAUDITED STATEMENT OF CHANGES
IN STOCKHOLDERS' EQUITY
For the Period from June 17, 1997 (Date of Inception) to January 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
Capital
in Excess of Accumulated
Common Stock Par Value Deficit
--------------------------------------------------
Shares Amount
------ ------
Issuance of common
stock for cash - at
$0.50 - December 1997 394,634 $ 395 $ 196,922 $ -
Issuance of common
stock for cash - at
$1.00 - net of
issuance expenses -
December 1997 169,327 169 164,122 -
Issuance of common
stock for services -
at $1.00 - December
31, 1997 4,038 4 4,038 -
Issuance of common
stock for cash -
at $1.00 - October
31, 1998 235,337 235 235,102 -
Issuance of common
stock for services -
at $1.00 - October 31,
1998 355,442 355 368,145 -
Net operating loss for
the year ended October
31, 1998 - - - (1,462,471)
---------------------------------------------------
Balance, October 31,
1998 11,467,320 $ 11,467 $1,247,888 $(1,555,864)
The accompanying notes are an integral part of these interim unaudited
consolidated financial statements
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
INTERIM UNAUDITED STATEMENT OF CHANGES
IN STOCKHOLDERS' EQUITY
For the Period from June 17, 1997 (Date of Inception) to January 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
Capital
in Excess of Accumulated
Common Stock Par Value Deficit
--------------------------------------------------
Shares Amount
------ ------
Issuance of common
stock for cash -
at $1.00 - November
and December 1998 81,560 82 81,478 -
Issuance of common
stock for services -
at $1.00 - January
21, 1999 12,000 12 11,988 -
Issuance of common
stock for services -
at $0.25 - May 18,
1999 200,000 200 49,800 -
Issuance of common
stock for services -
at $0.31 - July 9, 1999 100,000 100 30,900 -
Issuance of common
stock for payment
of debt at $0.20 494,380 494 98,382 -
Contribution to capital
- expenses - - 8,400 -
Net operating loss
for the year ended
October 31, 1999 - - - (77,713)
---------------------------------------------------
Balance, October 31,
1999 12,355,260 12,355 1,528,836 (1,633,577)
Net operating loss
for the three months
ended January 31, 2000 - - - (1,415)
---------------------------------------------------
Balance, January 31,
2000 12,355,260 $ 12,355 $1,528,836 $(1,634,992)
===================================================
The accompanying notes are an integral part of these interim unaudited
consolidated financial statements
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
From
June 17, 1997
(Date of
Three Months Inception) to
Ended January 31, January 31, 2000
-------------------------------------------------
2000 1999
---- ----
CASH FLOWS FROM THE
FOLLOWING ACTIVITIES:
OPERATING ACTIVITIES
Net (loss) income $ (1,415) $ 96,430 $(1,634,992)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Common capital stock issued
for services and
expenses - 12,000 563,501
Accrued interest on note
payable 613 - 613
Accounts receivable - (36,870) (70)
Prepaid expenses - 23,105 -
Accounts payable 791 (133,469) 19,424
Accrued rent payable - (142,698) 41,435
-------------------------------------------------
Net cash deficiency
from operations (11) (181,502) (1,010,089)
-------------------------------------------------
INVESTING ACTIVITIES
Advance security deposit -
auto lease - 6,063 -
-------------------------------------------------
FINANCING ACTIVITIES
Proceeds from issuance of
capital stock - net of
issuance costs - 81,560 977,690
Net proceeds from loans - 66,435 32,431
-------------------------------------------------
- 147,995 1,010,121
-------------------------------------------------
Net (decrease) increase
in cash (11) (27,444) 32
Cash, beginning of period 43 27,453 -
-------------------------------------------------
Cash, ending of the period $ 32 $ 9 $ 32
=================================================
The accompanying notes are an integral part of these interim unaudited
consolidated financial statements
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
SCHEDULE OF NONCASH FLOWS FROM OPERATING AND FINANCING ACTIVITIES
Issuance of 4,061,551 shares common capital stock for services-
related parties-1997 $ 89,560
==========
Issuance of 359,480 shares common capital stock for services-
related parties-1998 $ 372,542
==========
Issuance of 312,000 shares common capital stock for services -
1999 $ 93,000
==========
Issuance of 494,380 shares common capital stock for payment
of debt - 1999 $ 98,876
==========
Contribution to capital - expenses - related party $ 8,400
==========
The accompanying notes are an integral part of these interim unaudited
consolidated financial statements
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada, USA, on June
17, 1997 with authorized capital stock of 200,000,000 shares with a par value of
$0.001 per share.
The Company and its subsidiaries (referred to as the Company in this report)
outlined in Note 3 was in the business of leasing sound studio space to the
entertainment industry and the internet. After October 1998, the Company
changed its business purpose to engage in film production and the multi-media
interactive technology.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Accounting Methods
------------------
The Company recognizes income and expenses based on the accrual method of
accounting.
(b) Dividend Policy
---------------
The Company has not yet adopted any policy regarding the payment of
dividends.
(c) Cash and Cash Equivalents
-------------------------
The Company considers all highly liquid instruments purchased with a
maturity, at the time of purchase, of less than three months to be cash
equivalents.
(d) Basic and Diluted Net Income (Loss) per Share
---------------------------------------------
Basic net income (loss) per share amounts are computed based on the
weighted average number of shares actually outstanding. Diluted net income
(loss) per share amounts are computed using the weighted average number of
common shares and common equivalent shares outstanding as if shares had
been issued on the exercise of the preferred share rights unless the
exercise becomes antidilutive and then only the basic per share amounts
are shown in the report.
(e) Income Taxes
------------
On January 31, 2000, the Company had a net operating loss carryover of
$1,634,992. The tax benefit from the loss carry forward has been fully
offset by a valuation reserve because the future tax benefit is
undeterminable since the Company is unable to establish a predictable
projection of operating profits for future years. The net operating loss
carryover will expire in 2006 for Canadian reporting and 2020 for U.S.
reporting.
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
(f) Principles of Consolidation
---------------------------
The interim unaudited consolidated financial statements shown in this
report include the accounts of the Company (the parent) and all of its
wholly owned subsidiaries. All material intercompany accounts and
transactions have been eliminated.
(g) Foreign Currency Translation
----------------------------
Part of the transactions of the Company were completed in Canadian dollars
and have been translated to US dollars as incurred, at the exchange rate
in effect at the time, and therefore, no gain or loss from the
translations is recognized. If a completed transaction has a balance sheet
date between a later settlement date, resulting in a gain or loss, the
amount is reported in the current period income statement. The functional
currency is considered to be US dollars.
(h) Recognition of Income
---------------------
The principal income received by the Company was rental income which was
assigned to income in the period defined by the lease agreements.
(i) Financial Instruments
---------------------
The carrying amounts of financial instruments, including cash, prepaid
expenses, accounts receivable and accounts payable, are considered by
management to be their estimated fair values. These values are not
necessarily indicative of the amounts that the Company could realize in a
current market exchange.
(j) Estimates and Assumptions
-------------------------
Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of the assets
and liabilities, the disclosure of contingent assets and liabilities, and
the reported revenues and expenses. Actual results could vary from the
estimates that were assumed in preparing these financial statements.
(k) Comprehensive Income
---------------------
The Company adopted Statement of Financial Accounting Standards No. 130.
The adoption of this standard had no impact on the total stockholder's
equity on January 31, 2000.
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
(l) Recent Accounting Pronouncements
--------------------------------
The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.
3. ACQUISITION OF SUBSIDIARIES
During 1997 and 1998, the Company organized and acquired all of the outstanding
stock of the following subsidiaries, all of which were incorporated under the
laws of British Columbia.
H.R.H. Productions Inc. - incorporated October 6, 1997 - movie production
company - no operations;
Meier Studio Management Inc. - incorporated March 26, 1998 - movie production
company - no operations; and
Meier Entertainment Security Inc. - incorporated September 16, 1998 - movie
production company - no operations.
4. REAL PROPERTY LEASE-PURCHASE AGREEMENT
On August 18, 1997, a subsidiary, which was disposed on November 1, 1998, of the
Company completed a lease agreement, including an option to purchase, with 289
Taurus Ventures Ltd. (a non-related party), for the land and building, located
in Delta, BC, containing 65,000 square feet of building space and 13 acres of
land for use in the motion picture industry.
The terms of the lease has a five year life with a five year renewal provision,
and provides for an advance payment of $362,319, which was paid, and includes
the following conditions to be performed by:
289 Taurus Ventures Ltd. (Landlord)
-----------------------------------
Construct an addition to the present building to increase its size to 180,000
square feet. In process.
Construct an office building on the front of the property containing 35,000 to
45, 000 square feet.
Construct an additional building of 1,000 by 100 feet with 50' high ceilings to
be used as sound stages.
Construct an additional building of 25,000 square feet to be used for set
construction.
Install landscaping, parking, roads and lighting. (not started by October 31,
1998)
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
4. REAL PROPERTY LEASE-PURCHASE AGREEMENT (continued)
The Company (Tenant)
--------------------
A base rent for the building is $76,087 payable monthly, plus applicable taxes
with additional monthly rents for the use of the land at $0.72 per square foot
used, with a minimum of $3,623, plus taxes, plus additional rents to cover
services and expenses paid on the property by the landlord with a minimum
monthly amount of $4,438. The base rents are reduced to $25,362 per month until
the addition to the present building is completed. Additional rents will be
payable on the completion of the other buildings. During the term of the
agreement, the base rents will be reduced by 25% with that amount being applied
against the advance payment until it has been amortized.
The agreement provides for an option to purchase the property, which includes
the completed addition, at any time within the term of the lease for
CAD$17,500,000, increased by the costs, plus 10% of the new buildings and land
improvements completed. On July 31 of each year, prior to this option being
exercised, the price as determined at that time, shall be increased by 10%, less
any additional rents received by the tenant and paid to the landlord under the
sub lease agreement below. The tenant may sub lease the property, with the
approval of the landlord, but the tenant must pay the landlord 90% of rent
received over the base rent due by the tenant. Base rent, however, does not
include land rent.
After August 17, 1998, the agreement provides for the landlord's right to
require the tenant to exercise the option to purchase at any time during the
remaining term of the lease and after a 90 day notice, to purchase within six
months, and upon tenant's failure to purchase, the landlord may cancel the
option.
At February 28, 1998, $43,478 of the advance payment had been amortized to
expenses.
After notice, the landlord has a right to terminate the agreement if the rents
and additional rents become 15 days past due. At February 28, 1998, $62,215 in
lease payments were more than 15 days past due. However, past due payments had
been made and the default satisfied. Prior to this lease agreement, the
landlord used the property in his research and development activity. For
reporting purposes, the lease is considered to be an operating lease.
In the fiscal year ended October 31, 1998, the lease and option to purchase was
lost due to nonpayment of the lease amounts due by the Company and a legal
action for eviction and damages was started by the lessor. However, the lessor
has a legal responsibility to reduce the damages by using best efforts to
re-lease the property. Management with council believe that the damages against
the subsidiaries will not be more than $184,133 which has been accrued as a
payable on the books of the subsidiaries. The Company has guaranteed $41,435 of
the amount which remained as a payable on the books of the Company after the
transfers of the subsidiaries shown in Notes 3 and 9.
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
5. ACQUISITION OF MOTION PICTURE RIGHTS
During June 1997, the Company received the rights to produce a movie on the life
of John Meier from an officer of the Company, which is recorded at no value.
6. NOTE PAYABLE
On August 15, 1997, the Company received a loan of $27,397 from an nonrelated
party. A legal action was started for collection of the amount due by the
Company and a consent judgement was given by the Company whereby the Company
agreed to monthly payments of $672.26 including interest at 1% above the HSBC
Canada Bank prime rate with payments starting October 1, 1999.
7. RELATED PARTY TRANSACTIONS
The interim unaudited consolidated balance sheets and the interim unaudited
statements of changes in stockholders' equity and cash flows include identified
related party transactions. See Note 9 for service contracts with officers of
the Company and Note 5 for the acquisition of movie rights.
8. CONTINUING AND CONTINGENT LIABILITIES
The Company may be liable as a guarantor on a legal action against a former
subsidiary in the amount of $41,435 and is shown as part of the accounts
payable. Refer to Note 4.
A legal action was started against the Company in 1999 by a former employee
making claim for unpaid wages resulting from an alleged employment agreement.
Management with council believe the claim is frivolous and without merit and the
action has not been pursued by the plaintiff.
During October 1997, the Company entered into management agreement with an
officer providing for the payment of monthly management fees of $5,000 plus
expenses. The management agreement was cancelled effective November 1, 1999.
On November 1, 1998, all of the stock of the subsidiaries, identified in Note 3,
was transferred to a related party and the Company discontinued the operations
they conducted. The transfer resulted in a net gain to the Company. Management
with council believes that there will be no contingent liability resulting from
the transfer. However, the Company will continue to carry the liability
referred to in Note 4 until the amount is settled.
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MEIER WORLDWIDE INTERMEDIA INC. AND SUBSIDIARIES
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 2000
(UNAUDITED - Prepared by Management)
--------------------------------------------------------------------------------
9. GOING CONCERN
The Company does not have the working capital to service its debt for the coming
year and will need additional working capital for its planned activity.
Continuation of the Company as a going concern is dependent upon obtaining
additional working capital to operate for the coming year and the management of
the Company has developed a strategy, which it believes will accomplish this
objective through seeking additional equity funding and long term financing,
which will enable the Company to service its debt and continue to operate for
the coming year.
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC.
-------------------------------
PART ONE: FINANCIAL INFORMATION
--------------------------------------------------------------------------------
ITEM 2: PLAN OF OPERATIONS
--------------------------------------------------------------------------------
The Company was previously in the business of leasing sound studio space to the
entertainment industry. Subsequent to October 1998, the Company changed its
business purpose to engage in film production and multi-media interactive
technology, which are both in the development phases.
Liquidity and Capital Resources
-------------------------------
As at January 31, 2000, the Company has a nominal cash balance of $32 and a
working capital deficiency of $60,757. The Company will need additional working
capital to finance its operations and its business activities. The directors
and officers of the Company are prepared to offer interim financing, but
financing from other sources are necessary to ensure the success of the Company.
Results of Operations
---------------------
For the three month period ended January 31, 2000, the Company had no
operations.
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC.
-------------------------------
PART TWO: OTHER INFORMATION
Item 1: Legal Proceedings
---------------------------
No changes in legal proceedings occurred during the three month period ended
January 31, 2000 since the year ended October 31, 1999.
Item 3: Defaults Upon Senior Securities
-----------------------------------------
Michael McGowan v. the Company, Meier Studios (Lake City) Inc., Meier Worldwide
Entertainment B.C. Ltd. and G.G. Studios Ltd. (Supreme Court of British
Columbia, Vancouver Registry, action #C992476, commenced May 14, 1999):
As at October 31, 1999, the Company recorded a note payable of $32,431. As per
consent judgement, the Company agreed to make monthly payments of CAD$1,000
(US$672) commencing on October 1, 1999 and to pay interest at 1% above the HSBC
Canada Bank prime rate and to pay the balance on October 1, 2000. During the
first quarter ended January 31, 2000, the Company failed to make the monthly
payments of CAD$1,000 (US$672) in each of the three months. As at January 31,
2000, the Company recorded a note payable of $33,044 of which $613 represent
accrued interest for the three month period therein ended. The Company did not
receive any default or demand notices therein from the creditor, Michael
McGowan.
<PAGE>
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MEIER WORLDWIDE INTERMEDIA INC.
-------------------------------
SIGNATURES
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.
MEIER WORLDWIDE INTERMEDIA INC.
(Registrant)
August 3, 2000 /s/ James Meier
------------------------------- ---------------------------------------
Date James Meier, President and Director
August 3, 2000 /s/ Michael Laidlaw
------------------------------- ---------------------------------------
Date Michael Laidlaw, Director
<PAGE>
