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, 2000
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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 0-27147
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COOL CAN TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 95-4705831
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
450 North Brand Boulevard Glendale, CA 91203
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(Address of principal executive offices)
(604) 688-8619
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(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 November 15, 2000
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COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
I N D E X
Page
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Balance Sheets
September 30, 2000 (Unaudited) and
June 30, 2000 1
Statements of Income
Three months ended September 30,
2000 and 1999 (Unaudited) 2
Condensed Statements of Cash Flows
Three months ended September 30,
2000 and 1999 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
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Part I. FINANCIAL INFORMATION
Item I. FINANCIAL STATEMENTS
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, June 30,
ASSETS 2000 2000
------------ ------------
(Unaudited) (Audited)
<S> <C> <C>
Cash $ 20,861 $ 579
Intangibles 21,000 21,600
------------ ------------
$ 41,861 $ 22,179
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable $ 20,315 $ 25,375
Accounts payable, stockholders 198,621 126,121
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Total current liabilities 218,936 151,496
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock 279,769 279,769
Accumulated deficit (456,844) (409,086)
------------ ------------
(177,075) (129,317)
------------ ------------
$ 41,861 $ 22,179
============ ============
</TABLE>
Note: The balance sheet at June 30, 2000 has been taken from the audited
financial statements at that date, and condensed.
See Notes to Condensed Financial Statements.
1
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COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
September 30
-----------------------------
2000 1999
------------ ------------
<S> <C> <C>
Revenues $ -- $ --
Administrative pre-opening and development expenses 47,758 28,218
------------ ------------
Net loss $ (47,758) $ (28,218)
============ ============
Loss per common share $ (.01) $ (.01)
============ ============
Loss per common share assuming dilution $ (.01) $ (.01)
============ ============
Weighted average outstanding shares 18,127,966 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
--------------------------
2000 1999
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (47,758) $ (28,218)
Amortization 600 400
Decrease in prepaid expenses -- 1,040
Decrease in accounts payable (5,060) (43,941)
---------- ----------
Net cash used in operating activities (52,218) (70,719)
CASH FLOWS FROM FINANCING ACTIVITIES:
Accounts payable, stockholders 72,500 --
---------- ----------
Net increase (decrease) in cash 20,282 (70,719)
Cash and savings:
Beginning of period 579 94,756
---------- ----------
End of period $ 20,861 $ 24,037
========== ==========
</TABLE>
See Notes to Condensed Financial Statements.
3
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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, 2000, the statement
of operations for the three-month periods ended September 30, 2000
and 1999, 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, 2000 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, 2000 audited financial statements. The
results of operations for the period ended September 30, 2000 are
not necessarily indicative of the operating results for the full
year.
Note 2. Stockholders' Equity:
During the three months ended September 30, 2000, stockholders'
equity changed for net loss of $47,758.
4
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COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
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
the quarter ended September 30, 2000. There were expenses of $47,758 for a net
loss in the quarter ended September 30, 2000 of $47,758 or $.01 per share.
As a result of the loss for the three months ended September 30, 2000
there are more current liabilities than assets, and there is a deficit
stockholder's equity of $177,075.
5
<PAGE>
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, 2000.
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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: November 10, 2000 By: /s/ Bruce T. Leitch
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Bruce T. Leitch
Chairman of the Board and Director
President
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