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, 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 0-25275
VAN AMERICAN CAPITAL, LTD.
(Exact name of registrant as specified in its charter)
Nevada 91-1918742
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8434 Kreiner Way
Santee, CA 92071
(Address of principal executive offices (zip code)
(619) 449-6798
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the last 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
Indicate the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date.
Class Outstanding at
September 30, 1999
Common Stock, par value $.001 22,715,000
<PAGE>
<TABLE>
ITEM 1. FINANCIAL STATEMENTS
VAN AMERICAN CAPITAL, LTD.
(A DEVELOPMENT STAGE COMPANY)
Balance Sheet
September 30, 1999
(Unaudited)
ASSETS
<S> <C>
Cash $ 40
------------
TOTAL CURRENT ASSETS $ 40
------------
Other Assets
Organization Cost (NET) $ 651
------------
TOTAL OTHER ASSETS $ 651
------------
TOTAL ASSETS $ 691
============
</TABLE>
<TABLE>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C>
CURRENT LIABILITIES $ -
------------
TOTAL CURRENT LIABILITIES $ -
------------
STOCKHOLDERS' EQUITY
Common Stock
PAR VALUE, $.001
Authorized 50,000,000 shares
Issued and outstanding at
September 30, 1999-
22,715,000 shares $22,715
Additional Paid-In Capital (14,215)
Deficit accumulated during
Development stage (7,809)
------------
TOTAL STOCKHOLDERS' EQUITY $ 691
------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 691
============
</TABLE>
<PAGE>
<TABLE>
VAN AMERICAN CAPITAL, LTD.
(A DEVELOPMENT STAGE COMPANY)
Statement of Operations
(Unaudited)
For the Three
Months Ended
September 30,
1999
<S> <C>
INCOME
Revenue $ 0
-------------
EXPENSES
General and Administrative $ 804
Amortization 43
-------------
TOTAL EXPENSES $ 847
-------------
NET LOSS $ (847)
=============
NET LOSS PER SHARE $ (.00)
=============
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 22,715,000
=============
</TABLE>
<PAGE>
<TABLE>
VAN AMERICAN CAPITAL, LTD.
(A DEVELOPMENT STAGE COMPANY)
Statement of Cash Flows
(Unaudited)
For the Three
Months Ended
September 30,
1999
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ (847)
Amortization 43
Adjustment to
Reconcile net loss
To net cash provide
by Operating
Activities 0
--------------
NET CASH USED IN
OPERATING ACTIVITIES $(804)
CASH FLOWS FROM
INVESTING ACTIVITIES
CASH FLOWS FROM
FINANCING ACTIVITIES
---------------
Net Increase (decrease) cash $ (804)
Cash,
Beginning of period 844
---------------
Cash, End of Period $ 40
---------------
</TABLE>
<PAGE>
1. Management's Opinion
In the opinion of management, the accompanying financial statements contain
all adjustments necessary to present fairly the financial position of the
company as of September 30, 1999 and the results of operations for the
period from July 1, 1999 through September 30, 1999 and changes in cash for
the period from July 1, 1999 through September 30, 1999.
2. Interim Reporting
The results of operations for the period from July 1, 1999 through
September 30, 1999 are not necessarily indicative of the results to be
expected for the remainder of the year.
3. Organization and Summary of Significant Accounting Policies
Organization and Nature of Operations
The Company was incorporated in Nevada on July 23, 1998. The Company is a
development stage company and has not conducted any business activities to
date.
4. Basis of Accounting
The Company's policy is to use the accrual method of accounting and to
prepare and present financial statements which conform to generally
accepted accounting principles. The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the reporting periods. Actual results could
differ from those estimates.
5. Cash and equivalents
For purpose of the statements of cash flows, all highly liquid investments
with a maturity of three months or less are considered to be cash
equivalents. There were no cash equivalents as of September 30, 1999.
6. Income Taxes
Income taxes are provided for using the liability method of accounting in
accordance with Statement of Financial Accounting Standards No. 109 (SFAS
109), "Accounting for Income Taxes." A deferred tax asset or liability is
recorded for all temporary differences between financial and tax reporting.
Deferred tax expense (benefit) results from the net change during the year
of deferred tax assets and liabilities.
<PAGE>
PART 1 FINANCIAL INFORMATION
Management's Plan of Operations
The Company maintains a cash balance sufficient to sustain corporate
operations until such time as Management can raise the funding necessary to
advance its business plan. The losses through September 1999 were due to
start-up fees and product development expenses. Sales of the Company's
equity securities have allowed the Company to maintain a positive cash flow
balance.
During the next twelve months, Management's business plan is for the
Company to manufacture and sell 50,000 board games. For the next twelve
months, the Company plans to raise $300,000 to $500,000 in capital through
the sale of equities, via a private placement. The Company intends to use
this capital to fund the Company's business plan as cash flow from sales is
estimated to begin near the end of the next nine months or in the first
part of the succeeding year. The Company will face considerable risk in
each of its business plan steps, such as cost overruns, production delays,
a lack of sufficient product sales, or a lack of sufficient funding from
the equity securities market. Without adequate equity funding or product
sales during the next twelve months, the Company will be forced to delay
its business plan and rely on its existing cash in the bank and funds
loaned by the directors and officers.
The Company has no current plans for any product research or development.
The Company does not expect to purchase or sell any significant amount of
plant or equipment. There are no plans to make any significant changes in
the number of Company employees.
PART II OTHER INFORMATION
ITEM 1 Not applicable.
ITEMS 2-4: Not applicable
ITEM 5 Information required in lieu of Form 8-K: None
ITEM 6 Exhibits and Reports on 8-K: None
<PAGR>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the date indicated.
Dated: October 1, 1999 By:/s/ Jeanette Huntley
-------------------------------
Jeanette Huntley
President and
Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> SEP-30-1999
<CASH> 40
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 651
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 691
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 691
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 847
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (847)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (847)
<EPS-BASIC> (.00)
<EPS-DILUTED> (.00)
</TABLE>
