--------------------------------------------------------------------------------
Gerald Yakimishyn
PRESIDENT
eWorld Travel Corp.
34700 Pacific Coast Highway, Suite 303
Capistrano Beach, CA 92624
(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
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 September 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 September 30, 2000, the number of shares outstanding of the Registrant's
Common Stock was 2,682,000.
1
<PAGE>
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-QF3 Un-Audited Financial Statements for the three months and nine months
ended September 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 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.
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<PAGE>
We have been listed for trading on the OTCBB, on or about October 3, 2000.
We are now exploring various options for financing 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.
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 virtually no revenues or
expenses since inception. Its expenses during 1999, and the first three-quarters
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, but may not be achieved even
then.
A fair reading of our financial statements (selected information following)
must alert the reader to the existence of some degree of doubt that we can
continue as a going concern.
<TABLE>
<CAPTION>
<S> <C> <C>
Balance Sheet . . . . 9/30/00 12/31/99
------------------------------------------
Cash. . . . . . . . . $ 1,499 $ 1,825
Marketable Securities 4,002 0
==========================================
Total Assets. . . . . 5,501 1,825
Accounts Payable. . . 42,225 385
Other . . . . . . . . 0 0
==========================================
Total Liabilities . . 42,225 385
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
THIRD QUARTER Inception
Dec 10,
1998
to
Operations July 1 to Sept 30 Jan 1 to Sept 30 Sept 30
2000 1999 2000 1999 2000
----------------------------------------------------------------------------------------------
Misc Revenues:. . . . . . 77 0 77 0 77
Total Revenues . . . . . 77 0 77 0 77
General & Administrative. 10,152 12,587 39,164 20,491 75,524
Total Expenses . . . . . 10,152 12,587 39,164 20,491 75,524
Net (Loss). . . . . . . . (10,075) (12,587) (39,087) (20,491) (75,447)
</TABLE>
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
4
<PAGE>
Exhibit Index
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Exhibit FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
00-QF3 Un-Audited Financial Statements for the three months and nine months
ended September 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 September 30, 2000 has been signed below by
the following persons on behalf of the Registrant and in the capacity and on the
date indicated.
Dated: September 30, 2000
EWORLD TRAVEL CORP.
by
/s/Gerald Yakimishyn /s/Kirt W. James
Gerald Yakimishyn Kirt W. James
president/director secretary/director
5
<PAGE>
--------------------------------------------------------------------------------
EXHIBIT EXHIBIT 00-QF3
UN-AUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
6
<PAGE>
EWORLD TRAVEL, CORP.
BALANCE SHEET (UNAUDITED)
For the fiscal year ended December 31, 1999
And the period ended September 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, December 31,
2000 1999
(Unaudited)
---------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,499 $ 1,825
-------------- --------------
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . 1,499 1,825
OTHER ASSETS
Marketable Securities. . . . . . . . . . . . . . . . . $ 4,002 $ 0
-------------- --------------
TOTAL OTHER ASSETS . . . . . . . . . . . . . . . . . . 4,002 0
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 5,501 $ 1,825
============== ==============
STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 42,225 $ 385
-------------- --------------
TOTAL LIABILITIES. . . . . . . . . . . . . . . . . . . 42,225 385
-------------- --------------
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) . . . . . . . . . . . . . (75,524) (36,360)
-------------- --------------
Total Stockholders' Equity . . . . . . . . . . . . . . (36,724) 1,440
-------------- --------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY . . . . . . . $ 5,501 $ 1,825
============== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
EWORLD TRAVEL, CORP.
STATEMENT OF LOSS AND ACCUMULATED DEFICIT (UNAUDITED)
For the periods ended September 30, 2000 and 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
From
Inception on
From July From July From January From January December 10,
1, 2000 to. 1, 1999 to 1, 2000 to 1, 1999 to 1998 through
September 30, September 30, September 30, September 30, September 30,
2000 1999 2000 1999 2000
-------------------------------------------------------------------------------------------------------------
Revenues $ 77 -0- $ 77 -0- $ 77
-------------- -------------- -------------- -------------- -------------
General and Administrative. 10,152 12,587 39,164 20,491 75,524
Net Loss from Operations. . 10,075 12,587 39,087 20,491 75,447
-------------- -------------- -------------- -------------- -------------
Net Income (Loss) . . . . . $ 10,075 $ 12,587 $ 39,087 $ 20,491 $ 75,447
============== ============== ============== ============== =============
Loss per Share. . . . . . . $ 0.00376 $ 0.00629 $ 0.01457 $ 0.01025 $ 0.02942
============== ============== ============== ============== =============
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.
8
<PAGE>
EWORLD TRAVEL, CORP.
STATEMENTS OF STOCKHOLDERS' EQUTIY (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 September 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 September 30, 2000. . . . 0 0 0 (39,164) 0
Balance at September 30, 2000 . . . . 2,682,000 $ 2,682 $ 36,118 ($75,524) ($36,724)
---------- ------------ ------------- ---------- -----------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
EWORLD TRAVEL, CORP.
STATEMENTS OF CASH FLOW
For the periods ended September 30, 2000 and 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From inception on
December 10,1998
through
September 30, September 30, September 30,
2000 1999 2000
Operating Activities:
Net Income (Loss) . . . . . . . . . . . . . . ($39,164) ($20,491) ($75,524)
Net Cash from Operations. . . . . . . . . . . (39,164) (20,491) (75,524)
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 . . 42,225 491 42,610
Beginning Cash. . . . . . . . . . . . . . . . 1,825 0 0
Cash as of Statement Date . . . . . . . . . . $ 1,499 $ 0 $ 1,499
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
EWORLD TRAVEL CORP.
NOTES TO FINANCIAL STATEMENTS
for the fiscal period ended December 31, 1999
and for the periods ended September 30, 1999 and 2000
NOTES TO FINANCIAL STATEMENTS
eWorld Travel Corp. ("the Company") has elected to omit substantially all
footnotes to the financial statements for the nine months ended September 30,
2000, since there have been no material changes (other than indicated in other
footnotes) to the information previously reported by the Company in their Annual
Report filed on Form 10-KSB for the Fiscal year ended December 31, 1999.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments which
are, in the opinion of management, necessary to properly reflect the results of
the period presented. The information presented is not necessarily indicative
of the results from operations expected for the full fiscal year.
11
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