UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT TO THE 1934
ACT REPORTING REQUIREMENTS
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 2000Commission File
No. 001-14849
10
INTERNETFINANCIALCORP.COM, INC.
(FORMERLY CARIBBEAN VENTURES, INC.)
(Exact name of registrant as specified in its charter)
Nevada 86-0871787
(State of organization) (I.R.S. Employer Identification No.)
2080 E. Flamingo Rd., Suite 112, Las Vegas, NV 89119
(Address of principal executive offices)
Registrant's telephone number, including area code (702) 650-5660
Check whether the issuer (1) filed all reports required to be
file by Section 13 or 15(d) of the Exchange Act during the past
12 months and (2) has been subject to such filing requirements
for the past 90 days. No X
There are 3,000,000 shares of common stock outstanding as of
January 31, 2000.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The financial statements and supplemental data required by this
Item follow the index of financial statements appearing at Item 6
of this Form 10Q-SB.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This statement includes projections of future results and
"forward-looking statements" as that term is defined in Section
27A of the Securities Act of 1933 as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934 as
amended (the "Exchange Act"). All statements that are included in
this Registration Statement, other than statements of historical
fact, are forward-looking statements. Although Management
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Important factors
that could cause actual results to differ materially from the
expectations are disclosed in this Statement, including, without
limitation, those expectations reflected in forward-looking
statements contained in this Statement.
Plan of Operation
The Company's Plan of Operation has not changed since the filing
of its amended Form 10-SB filed with the SEC on August 11, 1999.
The description of the current plan of operation is incorporated
by reference to Section 2 of its amended Form 10-SB.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal
proceedings and, to the best of its knowledge, no such action by
or against the Company has been threatened.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
No issues of securities and no changes in the existing securities
took place during the period covered by this report. At the end
of the quarter there were 3,000,000 shares of common stock
outstanding.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most recent quarter.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
FINANCIAL STATEMENTS
Unaudited financial statements as of January 31, 2000, and for
the nine-month.
March 20, 2000
Board of Directors
Caribbean Ventures, Inc.
Las Vegas, Nevada
We have compiled the accompanying balance sheets of Caribbean
Ventures, Inc. as of January 31, 2000 and October 31, 1998, and
the related statements of income, changes in stockholders' equity
and cash flows for the nine month periods then ended, in
accordance with the Statement of Standards for Accounting and
Review Services issued by the American Institute of Certified
Public Accountants.
A compilation is limited to presenting in the form of financial
statements information that is the representation of management.
We have not audited or reviewed the accompanying financial
statements and supplementary information, and, accordingly, do
not express an opinion or any other form of assurance on them.
As discussed in Note 1, the Company has been in the development
stage since its inception on April 27, 1997. Realization of the
major portion of its assets is dependent upon the Company's
ability to meet its future financing requirements, and the
success of future operations. The accompanying financial
statements have been prepared assuming the Company will continue
as a going concern.
The April 30, 1999, financial statements were audited by us and
we expressed an unqualified opinion on them in our report dated
July 9, 1999. We have not performed any auditing procedures since
that date.
CARIBBEAN VENTURES, INC.
(a development stage enterprise)
BALANCE SHEETS
January 31, 2000 and April 30, 1999
<TABLE>
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Unaudited Audited
January 31, 2000 April 30, 1999
ASSETS
Current Assets:
Cash and Cash Equivalents 0 0
Total Current Assets 0 0
Other Assets
Organization Expense (net of 0 $299
amortization)
Total Other Assets 0 $299
Total Assets 0 $299
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES;
TOTAL CURRENT LIABILITIES 0 0
STOCKHOLDERS' EQUITY;
Common stock, $0.001 par value, $3,00 $3,000
25,000,000 shares authorized,
3,000,000 issued and
outstanding
Additional paid-in Capital 0 0
Retained Earnings (Loss) (3,000) (2,701)
TOTAL STOCKHOLDERS' EQUITY 0 299
TOTAL LIABILITIES AND 0 $299
STOCKHOLDERS' EQUITY
</TABLE>
CARIBBEAN VENTURES, INC.
(A Development Stage Enterprises)
STATEMENT OF INCOME
For the Nine Months Ended January 31, 2000 and January 31, 1999,
the Year Ended April 30, 1999, and the Period April 27, 1997
(inception) to January 31, 2000
<TABLE>
<S> <C> <C> <C> <C>
Unaudited Nine Unaudited Nine Audited Year April 27, 1997
Months January Months January Ended April 30, (inception) to
31, 2000 31, 1999 1999 January 31, 2000
Revenue 0 0 0 0
Expenses
Amortization Expense 0 75 101 101
Total Expenses 0 75 101 101
Net Income/(Loss) 0 (75) (101) (101)
Before Taxes and
Extraordinary Items
Income Taxes 0 0 0 0
Net Income Before 0 (75) (101) (101)
Extraordinary Item
AdjuStment due to (299) 0 0 (299)
Account Change
Net Income/(Loss) $(299) $(75) $(101) $(400)
Earnings (Loss) per 0 0 0 0
Common Share Income
before extraordinary
items
Effect of accounting 0 0 0 0
change
Net Income/(Loss) 0 0 0 0
Weighted Average 3,000,000 3,000,000 3,000,000 3,000,000
Number of Shares
Outstanding
</TABLE>
See accompanying accountant's report.
The accompanying notes are an integral part of these statements.
CARIBBEAN VENTURES, INC.
(A Development Stage Enterprise)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the Nine Months Ended January 31, 2000 and the Year Ended
April 30, 1999
<TABLE>
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Preferred Stock Stock Amount Common Stock Stock Amount
0 0 3,000,000 $3,000
Balance April 30, 1998 -
Audited
Retained Earnings (Loss) - 0 0 0 0
Audited
Balance April 30, 1999 - 0 0 3,000,000 $3,000
Audited
Retained Earnings (Loss) - 0 0 0 0
Unaudited
Balance January 31, 2000 - 0 0 3,000,000 $3,000
Unaudited
</TABLE>
See accompanying accountant's report.
The accompanying notes are an integral part of these statements.
CARIBBEAN VENTURES, INC.
(A Development Stage Enterprise)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the Nine Months Ended January 31, 2000 and the Year Ended
April 30, 1999
(continued)
<TABLE>
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Paid-in Capital Retained Total
Amount Earnings
0 $(2,600) $400
Balance April 30, 1998 -
Audited
Retained Earnings (Loss) - 0 (101) (101)
Audited
Balance April 30, 1999 - 0 (2,701) 299
Audited
Retained Earnings (Loss) - 0 (299) (299)
Unaudited
Balance January 31, 2000 - 0 $(3,000) 0
Unaudited
</TABLE>
See accompanying accountant's report.
The accompanying notes are an integral part of these statements.
CARIBBEAN VENTURES, INC.
(A Development Stage Enterprise)
STATEMENTS OF CASH FLOWS
For the Nine Months Ended January 31, 2000 and January 31, 1999,
the Year Ended April 30, 1999, and the Period April 27, 1997
(inception) to January 31, 2000
<TABLE>
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Unaudited Nine Unaudited Nine Audited Year End April 27, 1997
Months Ended Months Ended April 30, 1999 (inception) to
January 31, 2000 January 31, 1999 January 31, 2000
Net Income (Loss)
Adjustments to (299) (75) (101) (400)
reconcile net
income to net cash
provided by
operating
activities:
Amortization 0 75 101 101
Expense
Adjustment due to 299 0 0 299
accounting change
Cash Provided by 0 0 0 0
Operations
Cash Used in 0 0 0 0
Investing
Activities
Cash Provided by 0 0 0 0
Financing
Activities:
Net Change in Cash 0 0 0 0
Cash, Beginning of 0 0 0 0
period
Cash, end of 0 0 0 0
period
</TABLE>
See accompanying accountant's report.
The accompanying notes are an integral part of these statements.
CARIBBEAN VENTURES, INC.
(a development state enterprise)
NOTES TO FINANCIAL STATEMENTS
January 31, 2000, January 31, 1999 and April 30, 1999
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Operations - Caribbean Ventures, Inc. was
incorporated in the State of Nevada on April 28, 1997 and is
authorized to do business in the United States. On July 1, 1998,
the Board of Directors decided to change the name from Dom
Caribe, Ltd., to Caribbean Ventures, Inc. The Board of Directors
also decided to restate the Articles of Incorporation. The
changes were adopted and approved by a majority vote of the
shareholders necessary to constitute a quorum according to the
Bylaws of the Corporation and filed with the Secretary of State
of Nevada on July 17th, 1998. The Company has no revenue from
operations during the period covered by this financial statement.
Method of Accounting - These financial statements are prepared on
the accrual basis of accounting in accordance with generally
accepted accounting principles. Consequently, revenues are
recognized when earned and expenses are recognized when the
obligation is actually incurred.
Income Taxes and Cash Flows - The Company accounts for income
taxes and the statement of cash flows in accordance with
Financial Accounting Standards Board Statement No. 109 and No.
95.
Cash and Cash Equivalents - Cash and cash equivalents include all
highly liquid investments with a maturity of three months or less
when purchased.
NOTE 2. CASH
The Company has no bank accounts at this time.
NOTE 3 - ORGANIZATION COSTS
The Company incurred organization costs in the amount of $500 in
April, 1997. These costs were being amortized on a straight-line
basis over a five year period through April 30, 1999 after which
time Statement of Position 98-5 as discussed in Note 8 was
adopted.
NOTE 4 - EARNINGS PER SHARE
Earnings per share has been computed by dividing net
income/(loss) by the weighted average number of common shares
outstanding for the period. There are no items which are deemed
to be common stock equivalents during the period.
CARIBBEAN VENTURES, INC.
(a development state enterprise)
NOTES TO FINANCIAL STATEMENTS
January 31, 2000, January 31, 1999 and April 30, 1999
(continued)
NOTE 5 - COMMON STOCK
The Company had 3,000,000 shares of common stock, par value
$0.001, issued and outstanding as of April 30, 1999. The stock
was issued for maintaining the entity and reviewing potential
business opportunities.
As of January 31, 2000, the Company had 3,000,000 shares of
common stock, par value $0.001, issued and outstanding.
NOTE 6 - LEASE COMMITMENTS
The Company currently has no commitments for leases or
contingencies.
NOTE 7 - USE OF ESTIMATES
The preparation of financial statements in conformity with
Generally Accepted Accounting Principles requires management to
make estimates and assumptions that affect certain reported
amounts and disclosures. Accordingly, actual results could
differ from these estimates.
NOTE 8 - ACCOUNTING CHANGE
Effective May 1, 1999, the Company adopted Statement of Position
98-5. As a result of this change the Company expensed $299 of
unamortized organizational costs during the current period.
EXHIBITS
a) The exhibit consisting of the Company's Articles of
Incorporation is attached to the Company's Form 10-SB, filed on
February 19, 1999 File No. 1-14849. This exhibit is incorporated
by reference to that Form.
b) The exhibit consisting of the Company's Bylaws is attached
to the Company's Form 10-SB, filed on February 19, 1999 File No.
1-14849. This exhibit is incorporated by reference to that Form.
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the Registrant has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized.
Internetfinancialcorp.com, Inc.
By: /s/ Theo Sanidas
Theo Sanidas, President
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<PERIOD-TYPE> 3-MOS 9-MOS YEAR
<FISCAL-YEAR-END> APR-30-2000 APR-30-2000 APR-30-1999
<PERIOD-END> JAN-31-2000 JAN-31-2000 APR-30-1999
<CASH> 0 0 0
<SECURITIES> 0 0 0
<RECEIVABLES> 0 0 0
<ALLOWANCES> 0 0 0
<INVENTORY> 0 0 0
<CURRENT-ASSETS> 0 0 299
<PP&E> 0 0 0
<DEPRECIATION> 0 0 0
<TOTAL-ASSETS> 0 0 299
<CURRENT-LIABILITIES> 0 0 0
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 3,000 0 3,000
<OTHER-SE> (3,000) 0 (2,701)
<TOTAL-LIABILITY-AND-EQUITY> 0 0 299
<SALES> 0 0 0
<TOTAL-REVENUES> 0 0 0
<CGS> 0 0 0
<TOTAL-COSTS> 0 0 0
<OTHER-EXPENSES> 0 0 101
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 0 0 0
<INCOME-PRETAX> 0 0 (101)
<INCOME-TAX> 0 0 0
<INCOME-CONTINUING> 0 0 (101)
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 (299) 0
<NET-INCOME> 0 (299) (101)
<EPS-BASIC> 0 0 0
<EPS-DILUTED> 0 0 0
