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GERALD YAKIMISHYN
PRESIDENT
Suite 101 2458 York Avenue
Vancouver, BC, Canada V6K 1E1
(Name and Address of Person Authorized to Receive Notices
and Communications on Behalf of the Person Filing Statement)
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WITH A COPY TO:
KARL E. RODRIGUEZ, ESQ
24843 Del Prado, #318
Dana Point, CA 92629
(949) 248-9561
fax (949) 248-1688
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FORM 10-QSB-A1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
1934
For the Quarter ended June 30, 2000
Commission File Number: 000-28429
EWORLD TRAVEL CORP.
Nevada 68-0423301
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
34700 Pacific Coast Highway, Suite 303, Capistrano Beach CA 92624
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 248-1765
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: 2,682,000
Yes [X] No [ ] (Indicate by check mark whether the Registrant (1) has filed
all report 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.)
As of June 30, 2000, the number of shares outstanding of the Registrant's Common
Stock was 2,682,000.
This filing is being made to correct errors in the financial statements. The
Last two lines were omitted from the Stockholders Equity Table.
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Attached hereto and incorporated herein by this reference are the following
financial statements:
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Exhibit FINANCIAL STATEMENTS
00-QF2 Un-Audited Financial Statements for the six months ended June 30,
2000
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION. The initial plan is to take optimal advantage of the
burgeoning market by positioning the Registrant as a one-stop shop, for
travellers worldwide, offering the widest possible range of travel information,
services and products. This is considered an ambitious but achievable plan. The
initial revenue generation is expected to be generated from advertisers on the
web site, and gradually shifting in favor of customer bookings. Emphasis will
expand with offerings of travel related products over time. While there can be
no assurance of success, the Registrant believes that its site will attract the
attention of travellers, by means of the extensive array of free travel
information available, and its ease of use. The Registrant estimates that it
will require about $250,000.00 in new financing, during the next twelve months,
with which to launch and sustain its operations. While no specific financing
program has been fixed or adopted, the Registrant intends to raise these funds
by the private placement of up to 1,000,000 new investment shares of common
stock, at $0.25 per share, to sophisticated, accredited and institutional
investors.
Binary Environments Ltd. of Vancouver, Canada is our new web-master,
replacing GetThere.com, of Menlo Park, California.
Our management is currently working to develop new relationships with
strategic key personnel and travel-related tour groups and vacation
destinations. Management is confident that through the expertise of the our new
web-master many new ideas will emerge into constructive and positive results for
our company. One of the new features is a unique software mapping technology
that allows users to zoom into specific destinations all around the world.
We will focus our efforts on site development for the next quarter, with
emphasis on making the website user friendly and informative. We are also
seeking marketing partners who will develop the website into an educational
marketing platform. Our president has over 14 years experience in the education
system and sees an opportunity in marketing our services to all school districts
in the U.S. and Canada.
We will address our financing issues, once we have been listed as active on
the OTCBB, to continue development of the website and ISP service for our
company.
EXPECTED PURCHASE OR SALE OF PLANT AND SIGNIFICANT EQUIPMENT. None. The
Registrant would expect to obtain a working office, and to furnish it with
office equipment and one or two ordinary personal computers. The Registrant does
not require an expensive server or database system because of its license to use
the ITN Network.
1
<PAGE>
EXPECTED SIGNIFICANT CHANGE IN THE NUMBER OF EMPLOYEES. The Registrant has no
employees now, other than its two Officers and Directors. The Registrant would
expect to employ a manager and two sales personnel when operations are launched.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
This Registrant has had no operations to date, and no revenues or expenses in
1998. Its expenses during 1999, and the first half of year 2000, reflect
administrative, legal and professional expenses only, in connection with
corporate filings and auditing. It is likely the operational picture for the
next twelve months will be dominated by initial operating losses, incurred while
revenues build slowly. Building revenues will entail successful establishment of
strategic alliances with hotels, airlines, cruise lines, tour organizers and
independent booking agents, to promote the use and awareness of the site. The
more active the site becomes, independent of booking revenues, the more
profitable advertising revenues may be expected to become, both in terms of
demand for space, and in terms of the commercial value of advertising on the
Registrants site. A fair guess would be that profitability might be realized in
the fourth quarter of 2000, and may not be achieved before that time.
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
NONE
ITEM 2. CHANGE IN SECURITIES
NONE
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
NONE
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
NONE
ITEM 5. OTHER INFORMATION
NONE
ITEM 6. REPORTS ON FORM 8-K
NONE
2
<PAGE>
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Exhibit FINANCIAL STATEMENTS
00-QF2 Un-Audited Financial Statements for the six months ended June 30,
2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this Form
10-Q Report for the Quarter ended June 30, 2000 has been signed below by the
following person on behalf of the Registrant and in the capacity and on the date
indicated.
Dated: June 30, 2000
EWORLD TRAVEL CORP.
by
/s/Gerald Yakimishyn /s/Kirt W. James
Gerald Yakimishyn Kirt W. James
President/Director Secretary/Director
3
<PAGE>
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EXHIBIT EXHIBIT 00-QF2
UN-AUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
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4
<PAGE>
EWORLD TRAVEL CORP.
BALANCE SHEET (UNAUDITED)
For the fiscal year ended December 31, 1999
And for the period ended June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
June 30, December 31,
2000 1999
-------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,582 $ 1,825
------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . . 2,582 1,825
====================================================================================
OTHER ASSETS
Securities . . . . . . . . . . . . . . . . . . . . . . $ 4,387 0
------------------------------------------------------------------------------------
TOTAL OTHER ASSETS . . . . . . . . . . . . . . . . . . . 4,387 0
------------------------------------------------------------------------------------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . $ 6,969 $ 1,825
====================================================================================
STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 33,541 $ 385
------------------------------------------------------------------------------------
TOTAL LIABILITIES. . . . . . . . . . . . . . . . . . . . 33,541 385
====================================================================================
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 100,000,000
shares; issued and outstanding, 2,682,000 and
2,682,000 shares respectively . . . . . . . . . . . $ 2,682 $ 2,682
Additional Paid-In Capital . . . . . . . . . . . . . . 36,118 36,118
Less: Subscription receivable. . . . . . . . . . . . . 0 (1,000)
Accumulated Equity (Deficit) . . . . . . . . . . . . . (65,372) (36,360)
------------------------------------------------------------------------------------
Total Stockholders' Equity . . . . . . . . . . . . . . . (26,572) 1,440
------------------------------------------------------------------------------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY . . . . . . . . $ 6,969 $ 1,825
====================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
EWORLD TRAVEL CORP.
STATEMENTS OF LOSS AND ACCUMULATED DEFICIT (UNAUDITED)
For the fiscal year ended December 31, 1999
And for the periods ended June 30, 2000 and 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
From
Inception on
From April From April From January From January December 10,
1, 2000 to 1, 1999 to 1, 2000 to 1, 1999 to 1998 through
June 30, June 30, June 30, June 30, June 30,
2000 1999 2000 1999 2000
----------------------------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0
Revenues
General and Administrative. 7,824 12,587 29,012 20,491 65,372
Net Loss from Operations. . 7,824 12,587 29,012 20,491 65,372
Net Income (Loss) . . . . . $ 7,824 $ 12,587 $ 29,012 $ 20,491 $ 65,372
Loss per Share. . . . . . . $ (0.00292) $ (0.00629) $ (0.01082) $ (0.01025) $ (0.02549)
Weighted Average
Shares Outstanding. . . 2,682,000 2,000,000 2,682,000 2,000,000 2,564,860
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
EWORLD TRAVEL CORP.
STATEMENTS OF CASH FLOW
For the fiscal year ended December 31, 1999
And for the periods ended June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From inception on
December 10,1998
through
June 30, June 30, June 30,
2000 1999 2000
--------------------------------------------------------------------------------------------
Operating Activities:
Net Income (Loss) . . . . . . . . . . . . . . ($29,012) ($20,491) ($65,372)
Net Cash from Operations. . . . . . . . . . . (29,012) (20,491) (65,372)
Cash Increase (Decrease) Sale of Stock. . . . 1,000 20,000 38,800
Cash (Increase) Decrease Accounts receivable. (4,387) 0 (4,387)
Cash Increase (Decrease) Accounts payable . . 33,156 491 33,541
Beginning Cash. . . . . . . . . . . . . . . . 1,825 0 0
Cash as of Statement Date . . . . . . . . . . $ 2,582 $ 0 $ 2,582
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
EWORLD TRAVEL CORP.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)(UNAUDITED)
For the period from inception of the Development Stage
On December 10, 1998, through December 31, 1998
For the fiscal year ended December 31, 1999
And the period ended June 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Additional Accumulated Total Stock-
Common Par Paid-In Equity holders' Equity
Stock Value Capital (Deficit) (Deficit)
-------------------------------------------------------------------------------------------------------------
Common Stock issued at inception. . . 2,000,000 $ 2,000 $ 18,000 $ 0 $ 20,000
Balance at December 31, 1998. . . . . 2,000,000 $ 2,000 $ 18,000 $ 0 $ 20,000
---------- ------------ ------------- ---------- -----------------
Sale of Common Stock
at $0.025 per share . . . . . . . 672,000 672 16,128 0 0
Sale of Common Stock
at $0.20 per share. . . . . . . . 10,000 10 1,990 0 0
Loss during the period from January 1
through December 31, 1999 . . . . 0 0 0 (36,360) 0
Balance at December 31, 1999. . . . . 2,682,000 2,682 36,118 (36,360) 2,440
Loss during the period from January 1
Through June 30, 2000 0 0 0 (29,012) 0
Balance at June 30, 2000 2,682,000 2,682 36,118 (65,372) (26,572)
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
EWORLD TRAVEL CORP.
NOTES TO FINANCIAL STATEMENTS
for the fiscal period ended December 31, 1999
and for the periods ended June 30, 1999 and 2000
1-FORMATION AND OPERATIONS OF THE COMPANY
eWorld Travel Corp. (the "Company"), was incorporated under the laws of the
State of Nevada on December 10, 1998. The Company is in the business of
providing Internet-based online travel services for the business and leisure
traveler. Prospective customers have the ability to visit the Company's unique
interactive web site and book airline flights, car rentals, hotel reservations
and other services. At inception the Company issued 2,000,000 shares of its
common stock for $20,000 cash. In April, 1999 the Company authorized the
issuance of 682,000 shares of common stock for $18,800.
2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF ACCOUNTING
Accounting records of the Company and financial statements are maintained
and prepared on an accrual basis.
(b) FISCAL YEAR
The Company's proposed fiscal year for accounting and tax purposes is
December 31.
(c) CASH EQUIVALENTS
For Financial Accounting Standards purposes, the Statement of Cash Flows,
Cash Equivalents include time deposits, certificates of deposit, and all highly
liquid debt instruments with original maturities of three months or less.
Whenever cash amounts are to be included on the Company's Statement of Cash
Flow, however, they will be comprised exclusively of cash.
3-PROPERTY AND EXECUTIVE COMPENSATION
(a) PROPERTY:
The Company's offices and all of its records are located at 34700 Pacific
Coast Highway, Suite 303, Dana Point, California 92624.
9
<PAGE>
eWorld Travel Corp.
Notes to Financial Statements
for the fiscal period ended December 31, 1999
and for the periods ended June 30, 1999 and 2000
continued
(b) EXECUTIVE COMPENSATION:
Since inception, the Company has paid no cash compensation to its officers
or directors. Officers of the Company will be reimbursed for out-of-pocket
expenses and may be compensated for the time they devote to the Company. In
addition, Officers may receive compensation for services performed on behalf of
the Company. The terms of any such compensation will be determined on the basis
of the nature and extent of the services which may be required and will be no
less favorable to the Company than the charges for similar services made by
independent third parties who are similarly qualified. No officer or director
is required to make any specific amount or percentage of his business time
available to the Company.
5-STOCKHOLDERS' EQUITY.
The Company is authorized to issue 100,000,000 shares of common stock having a
par value of $0.001. In December 1998, 2,000,000 shares of Common Stock, were
issued in exchange for $20,000 in cash. In April 1999, 682,000 shares of Common
Stock, were issued in exchange for $18,800 in cash.
10
<PAGE>
