UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
-------------------------------------------------
OR
[ ] 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
----------------------------------------------------
COOL CAN TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 95-4705831
- -------------------------------------- ---------------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
21700 Oxnard Street, Suite 1550 Woodland Hills, CA 91367
--------------------------------------------------------
(Address of principal executive offices)
(818)593-2282
--------------------------------------------------------
(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 ___
18,127,966 Common Shares were outstanding as of October 15, 1999
- -------------------
<PAGE>
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
I N D E X
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Balance Sheets
September 30, 1999 (Unaudited) and
June 30, 1999 1
Statements of Income
Three months ended September 30,
1999 and 1998 (Unaudited) 2
Condensed Statements of Cash Flows
Three months ended September 30,
1999 and 1998 3
Selected Notes to Condensed Financial
Statements (Unaudited) 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
PART II. OTHER INFORMATION 6-7
<PAGE>
Part I. FINANCIAL INFORMATION
Item I. FINANCIAL STATEMENTS
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED BALANCE SHEETS
September 30, June 30,
ASSETS 1999 1999
------------ ------------
(Unaudited) (Audited)
Cash $ 24,037 $ 94,756
Prepaid expenses -- 1,040
------------ ------------
Total current assets 24,037 95,796
Intangibles 23,600 24,000
------------ ------------
$ 47,637 $ 119,796
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable, principally stockholders $ 30,936 $ 74,877
------------ ------------
Total current liabilities 30,936 74,877
STOCKHOLDERS' EQUITY:
Common stock 279,769 279,769
Accumulated deficit (263,068) (234,850)
------------ ------------
16,701 44,919
------------ ------------
$ 47,637 $ 119,796
============ ============
Note: The balance sheet at June 30, 1999 has been taken from the audited
financial statements at that date, and has been condensed.
See Notes to Condensed Financial Statements.
1
<PAGE>
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
September 30
------------------------------
1999 1998
------------ ------------
<S> <C> <C>
Revenues $ -- $ --
Administrative pre-opening and development expenses 28,218 --
------------ ------------
Net loss $ (28,218) $ --
============ ============
Loss per common share $ (.01) $ --
============ ============
Loss per common share assuming dilution $ (.01) $ --
============ ============
Weighted average outstanding shares 18,127,966 --
============ ============
</TABLE>
See Notes to Condensed Financial Statements.
2
<PAGE>
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
September 30
-------------------------
1999 1998
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (28,218) $ --
Amortization 400 --
Decrease in prepaid expenses 1,040 --
Decrease in accounts payable (43,941) --
---------- ----------
Net cash used in operating activities (70,719) --
Net decrease in cash (70,719) --
Cash and savings:
Beginning of period 94,756 --
---------- ----------
End of period $ 24,037 $ --
========== ==========
</TABLE>
See Notes to Condensed Financial Statements.
3
<PAGE>
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Condensed Financial Statements:
The condensed balance sheet as of September 30, 1999, the statement of
operations for the three-month periods ended September 30, 1999 and
1998, and the condensed statement of cash flows for the three-month
periods then ended have been prepared by the Company, without audit. In
the opinion of management, all adjustments (which include only normal
recurring adjustments) necessary to present fairly the financial
position, results of operations and changes in cash flows at September
30, 1999 and for all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested
that these condensed financial statements be read in conjunction with
the financial statements and notes thereto included in the Company's
June 30, 1999 audited financial statements. The results of operations
for the period ended September 30, 1999 are not necessarily indicative
of the operating results for the full year.
Note 2. Stockholders' Equity:
During the three months ended September 30, 1999, stockholders' equity
changed for net loss of $28,218.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company has devoted all of its efforts in the past three months to
the completion of its self cooling beverage container. There has been no income
in quarter ended September 30, 1999. There were expenses of $28,218, for a net
loss in the quarter ended September 30, 1999 of $28,218, or, $.01 per share.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is aware of no legal proceeding which is pending or
threatened to which the Company is a party or of which its property is
subject.
Item 6. Exhibits and Reports on Form 8-K
(b) No reports on Form 8-K were filed during the three months ended
September 30, 1999.
SIGNATURE
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.
COOL CAN TECHNOLOGIES, INC.
Date December 30, 1999 By: /s/ Bruce T. Leitch
-------------------------------------
Bruce T. Leitch
Chairman of the Board and Director
President
4
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 24,037
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 24,037
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 47,637
<CURRENT-LIABILITIES> 30,936
<BONDS> 0
0
0
<COMMON> 279,769
<OTHER-SE> (263,068)
<TOTAL-LIABILITY-AND-EQUITY> 47,637
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 28,218
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (28,218)
<INCOME-TAX> 0
<INCOME-CONTINUING> (28,218)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (28,218)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
