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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For quarterly period ended July 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For The transition period from _______ to _______
CARIBBEAN VENTURES, INC.
(Name of Small Business Issuer in Its Charter)
Nevada 86-0871787
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
11878 N. Saguaro Blvd. #E
Fountain Hills, AZ 85268
(Address of Principal Executive Offices)
Registrant's telephone number: 602-837-4969
Former name, former address, and former fiscal
Year end, if changed since last report: Not applicable
Indicate by checkmark 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 in the past 90 days. Yes [X] No [ ]
Indicate the number of shares outstanding for each of the issuer's classes of
Common Stock as of the last practical date:
Common Stock, Par Value $0.001 Per Share, 3,000,000 Shares Outstanding as of
July 1st, 1999
Transactional Small Business Disclosure Format Yes [ ] No [X]
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<PAGE>
CARIBBEAN VENTURES, INC.
TABLE OF CONTENTS
PAGE
----
PART I FINANCIAL STATEMENTS
Item 1 FINANCIAL STATEMENTS (Unaudited)
Balance Sheet 3
Statement of Income 4
Statement of Changes in Stockholders' Equity 5
Statement of Cash Flows 6
Notes to Financial Statements 7
Item 2 Management Discussion and Analysis of Financial
Condition and Results of operations 7
PART II OTHER INFORMATION
SIGNATURES 8
2
<PAGE>
CARIBBEAN VENTURES, INC.
BALANCE SHEETS
July 31, 1999 and April 30, 1999
ASSETS
Unaudited Audited
July 31, April 30,
1999 1999
------- -------
Current Assets
Cash and Cash Equivalents $ -0- $ -0-
------- -------
Total Current Assets -0- -0-
------- -------
Other Assets
Organization Expense (Net of Amortization) 274 299
------- -------
Total Other Assets 274 299
------- -------
Total Assets $ 274 $ 299
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ -0- $ -0-
------- -------
Total Current Liabilities -0- -0-
------- -------
Stockholder's Equity
Common Stock, authorized 25,000,000
Shares, 3,000,000 shares outstanding par value $.0001 3,000 3,000
Additional Paid in Capital -0- -0-
Retained Earnings (Loss) (2,726) (2,701)
------- -------
Total Stockholders' Equity 274 299
------- -------
Total Liabilities and Stockholder's Equity $ 274 $ 299
======= =======
The accompanying notes are an integral part of these statements.
3
<PAGE>
CARIBBEAN VENTURES, INC.
STATEMENTS OF INCOME
For the Three Months ended July 31, 1999
and the Year Ended April 30, 1999
Unaudited
Three Audited
Months Ended Year End
July 31, 1999 April 30, 1999
------------- --------------
Revenue $ -0- $ -0-
Expenses
Amortization Expense 25 101
----------- -----------
Total Expenses 25 101
----------- -----------
Net Income/(Loss) Before Taxes 25 (101)
----------- -----------
Income Taxes -0- -0-
----------- -----------
Net Income/(Loss) After Taxes $ 25 $ (101)
=========== ===========
Earnings (Loss) per Common Share (-0-) (-0-)
Weighted Average Numbers of Shares Outstanding 3,000,000 3,000,000
The accompanying notes are an integral part of these statements.
4
<PAGE>
CARIBBEAN VENTURES, INC.
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months Ended July 31, 1999 and the Year Ended April 30, 1999
<TABLE>
<CAPTION>
Paid in
Preferred Stock Stock Capital Retained
Stock Amount Common Stock Amount Amount Earnings Total
----- ------ ------------ ------ ------ -------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Balance April 30, 1998 - Audited -0- $ -0- 3,000,000 $ 3,000 $ -0- $(2,600) $ 400
Retained Earnings (Loss) - Audited -0- -0- -0- -0- -0- (101) (101)
------ ------ --------- ------- ------ ------- ------
Balance April 30, 1999 - Audited -0- -0- 3,000,000 3,000 -0- (2,701) 299
Retained Earnings (Loss) - Unaudited -0- -0- -0- -0- -0- (25) (25)
------ ------ --------- ------- ------ ------- ------
Balance July 31, 1999 - Unaudited -0- $ -0- 3,000,000 $ 3,000 $ -0- $(2,726) $ 274
====== ====== ========= ======= ====== ======= ======
</TABLE>
The accompanying notes are an integral part of these statements.
5
<PAGE>
CARIBBEAN VENTURES, INC.
STATEMENTS OF CASH FLOWS
For the Three Months Ended July 31, 1999 and
the Year Ended April 30, 1999
Unaudited Audited
Three Months Ended Year Ended
July 31, 1999 April 30, 1999
------------- --------------
Net Income (Loss) $ (25) $ (101)
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization Expense 25 101
------- -------
Cash Provided by Operations -0- -0-
------- -------
Cash Used in Investing Activities -0- -0-
------- -------
Cash Provided by Financing Activities -0- -0-
------- -------
Net Change in Cash -0- -0-
Beginning Balance -0- -0-
------- -------
Ending Cash Balance -0- -0-
======= =======
The accompanying notes are an integral part of these statements.
6
<PAGE>
CARIBBEAN VENTURES, INC.
July 31, 1999 and April 30 1999
ITEM 1
NOTE 1 - History and Organization of the Company
The Company was organized April 28th, 1997 under the Laws of the State of Nevada
as Dom Caribe The name was changed to Caribbean Ventures, Inc. The Company has
no operations and in accordance with SFAS #7, is considered a development stage
company.
NOTE 2 - Basis of Presentation
The accompanying audited financial statements have been prepared in accordance
with generally accepted accounting principals for interim financial information
and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three-month period ending July 31st, 1999 are not
necessarily indicative of the results that may be expected for the period ended
April 30, 2000. For further information, refer to the financial statements and
footnotes thereto included in the Company's report on Form 10-K for the year
ended April 30, 1999
ITEM 2
Management's Discussion and analysis of Financial Condition and Results of
Operation
The Company has not commenced business activities and has no assets or
operations. The Company is dependent upon its officers to meet any incidental
costs, which may occur.
Earl P. Gilbrech, an officer and director of the Company, has agreed to provide
the necessary funds, without interest, for the Company to comply with the
Securities Exchange Act of 1934, as amended, provided that he is an officer and
director of the Company when the obligation is incurred. All advances are
interest-free.
7
<PAGE>
In addition, since the Company has had no operating history nor any revenues or
earnings from operations, with no significant assets or financial resources, the
Company will in all likelihood sustain operating expenses without corresponding
revenues, at least until the acquisition of a property or property. This may
result in the Company incurring a net operating loss which will increase
continuously until the Company can consummate the acquisition of a property or
project with a profitable opportunity. There is no assurance that the Company
can identify such an acquisition property or project.
PART II
OTHER INFORMATION
Item 1 Legal Proceedings None
Item 2 Changes in the Rights of the Company's Security Holders None
Item 3 Defaults by the Company on its Senior Securities None
Item 4 Results of Votes of Security Holders None
Item 5 Other Information None
Item 6 Exhibits and Reports on Form 8-K None
SIGNATURES
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.
CARIBBEAN VENTURES, INC.
Date: August 12, 1999
By: /s/ Earl P. Gilbrech
------------------------------------
Earl P. Gilbrech
Sec/Tres and Director
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE AUDIT
FROM INCEPTION THROUGH JULY 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> APR-26-1997
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 299
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 299
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 299
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
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<CHANGES> 0
<NET-INCOME> (101)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
