UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT TO THE
1934ACT REPORTING REQUIREMENTS
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2000
Commission File No. 000- 30074
INTERNETFINANCIALCORP.COM, INC.
(Exact name of registrant as specified in its charter)
Nevada 86-0871787
(State of organization) (I.R.S. Employer
Identification No.)
900-1055 W. Hastings, Vancouver, B.C. V6E 2E9
(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
October 31, 2000.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The unaudited financial statements for the period ending October
31, 2000.
INDEPENDENT AUDITORS' REPORT
Board of Directors and Stockholders December 12, 2000
Caribbean Ventures, Inc.
Vancouver, BC
We have compiled the accompanying balance sheets of Caribbean
Ventures, Inc. as of October 31, 2000 and October 31, 1999, and
the related statements of income, changes in stockholders' equity
and cash flows for the three months 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 28, 1997. Realization of the
major portion of its assets is dependent upon the Company's
ability to meet its futute financing requirements, and the
success of future operations. The accompanying financial
statements have been prepared assuming that the Company will
ocntinue as a going concern.
The financial statements for the year ended April 30, 2000, were
audited by us and we expressed an unqualified opinion on the
statements in their report dated May 30, 2000. We have not
performed any auditing procedures since that date.
CARIBBEAN VENTURES, INC.
(a development stage enterprise)
Balance Sheets
October 31, 2000 and April 30, 2000
<TABLE>
<S> <C> <C>
ASSETS
Unaudited Audited
October 31, April 30,
2000 2000
------------- -------------
CURRENT ASSETS
Cash $ -0- $ -0-
PROPERTY AND EQUIPMENT -0- -0-
OTHER ASSETS -0- -0-
--------- --------
$ -0- $ -0-
========= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Loan payable $ -0- $ -0-
--------- --------
TOTAL CURRENT LIABILITIES -0- -0-
--------- --------
STOCKHOLDERS' EQUITY
Common stock, $.001 par value
25,000,000, shares authorized,
3,000,000 shares issued and
Outstanding 3,000 3,000
Deficit accumulated during development
Stage (3,000) (3,000)
--------- --------
Total Stockholders' equity -0- -0-
--------- --------
$ -0- $ -0-
========= ========
</TABLE>
See accountant's compilation report.
The accompanying notes are an integral part of these financial
statements.
CARIBBEAN VENTURES, INC.
(a development stage enterprise)
Statements of Income
For the Three Months Ended October 31, 2000 and October 31, 1999
the Year Ended April 30, 2000 and the Period April 28, 1997
(inception) to October 31, 2000
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
April 28,
1997
Unaudited Unaudited Audited (inception) to
Three Months Ended Six Months Ended October Year Ended October 31
October 31 31
2000 1999 2000 1999 4/30/00 2000
-------- -------- ------- ------- --------- -----------
REVENUE $ -0- $ -0- $ -0- $ -0- $ -0- $ -0-
COST OF SALES -0- -0- -0- -0- -0- -0-
--------- -------- ---------- -------- ---------- ----------
OPERATING EXPENSES
Amortization expense -0- -0- -0- -0- -0- 101
Professional Fees -0- -0- -0- -0- -0- 2,600
--------- --------- ---------- --------- ---------- ----------
-0- -0- -0 -0- -0- 2,701
--------- --------- ---------- --------- ---------- ----------
INCOME (LOSS) BEFORE
INCOME TAXES -0- -0- -0- -0- -0- (2,701)
INCOME TAXES -0- -0- -0- -0- -0- -0-
--------- ---------- ---------- ---------- ---------- ----------
-
INCOME BEFORE
EXTRAORDINARY ITEM -0- -0- -0- -0- -0- (2,701)
ADJUSTMENT DUE TO
ACCOUNTING CHANGE -0- -0- -0- -0- (299) (299)
--------- --------- ---------- --------- --------- ----------
NET INCOME (LOSS) $ -0- $ -0- $ -0- $ -0- $ (299) $ (3,000)
========= ========= ========== ========= ========= ==========
EARNINGS PER SHARE OF
COMMON STOCK
Income before
Extraordinary Item $ -0- $ -0- $ -0- $ -0- $ -0-
Effect of Accounting
Change -0- -0- -0- -0- -0-
--------- --------- ---------- --------- ---------
Net Income (loss) $ -0- $ -0- $ -0- $ -0- -0-
========= ========= ========== ========= =========
WEIGHTED AVERAGE
NUMBERS OF SHARES
OUTSTANDING 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
</TABLE>
See accountant's compilation report.
The accompanying notes are an integral part of these financial statements.
CARIBBEAN VENTURES, INC.
(a development stage enterprise)
Statement of Stockholders' Equity
October 31, 2000
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Deficit
Accumultated
Paid-in During
Preferred Stock Common Stock Capital Development
Stock Amount Stock Amount Amount Stage Total
------- --------- --------- -------- --------- ----------- ----------
Balance April 28, -0- $ -0- -0- $ -0- $ -0- $ -0- $ -0-
1997
Stock issued -0- -0- 3,000,000 3,000 -0- -0- 3,000
Retained Earnings
(Loss) -0- -0- -0- -0- -0- (2,600) (2,600)
------- -------- ---------- -------- -------- -------- ---------
Balance April 30,
1997 -0- -0- 3,000,000 3,000 -0- (2,600) 400
Retained Earnings
(loss) -0- -0- -0- -0- -0- -0- -0-
------- -------- ---------- -------- --------- --------- ---------
Balance April 30,
1998 -0- -0- 3,000,000 3,000 -0- (2,600) 400
Retained Earnings
(loss) -0- -0- -0- -0- -0- (101) (101)
------- ------- ---------- ------- -------- -------- ---------
Balance April 30,
1999 -0- -0- 3,000,000 3,000 -0- (2,701) (299)
Retained Earnings
(loss) -0- -0- -0- -0- -0- (299) (299)
------- -------- ----------- ------- -------- --------- ---------
Balance April 30,
2000 -0- -0- 3,000,000 3,000 -0- (3,000) -0-
Retained Earnings
(loss) -0- -0- -0- -0- -0- -0- -0-
------- ------- ---------- ------- -------- --------- --------
Balance October 31,
2000 -0- $ -0- 3,000,000 $ 3,000 $ -0- $(3,000) $ -0-
======= ======== ========== ======= ======== ======== ========
</TABLE>
See accountant's compilation report.
The accompanying notes are an integral part of these financial statements.
CARIBBEAN VENTURES, INC.
(a development stage enterprise)
Statements of Cash Flows
For the Three Months Ended October 31, 2000 and October 31, 1999
the Year Ended April 30, 2000
and the Period April 28, 1997(inception) to October 31, 2000
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
April 28,
1997
Unaudited Unaudited Audited (inception) to
Three Months Ended Six Months Ended October Year Ended October 31
October 31 31
2000 1999 2000 1999 4/30/00 2000
--------- -------- -------- -------- --------- ---------
Net Income/(Loss) $ -0- $ -0- $ -0- $ -0- $ (299) $ (3,000)
Adjustments to reconcile
Not income to net cash
provided by operating
activities:
Amortization expense -0- -0- -0- -0- -0- 101
Adjustment due to
accounting change -0- -0- -0- -0- 299 299
Organizational costs -0- -0- -0- -0- -0- (400)
-------- --------- -------- --------- ---------- ---------
Cash From Operations -0- -0- -0- -0- -0- (3,000)
--------- --------- --------- --------- ---------- ---------
Cash From Investing -0- -0- -0- -0- -0- -0-
Activities
--------- ---------- --------- ---------- ---------- ---------
Cash From Financing
Activities
Stock issued -0- -0- -0- -0- -0- 3,000
--------- ---------- --------- ---------- --------- ---------
Net Increase in Cash -0- -0- -0- -0- -0- -0-
Beginning Cash Balance -0- -0- -0- -0- -0- -0-
--------- ---------- --------- ---------- --------- ----------
Ending Cash Balance $ -0- $ -0- $ -0- $ -0- $ -0- $ -0-
========= ========== ========= ========== ========== ==========
</TABLE>
See accountant's compilation report.
The accompanying notes are an integral part of these financial statements.
CARIBBEAN VENTURES, INC.
(a development stage enterprise)
Notes to Financial Statements
October 31, 2000, April 30, 2000 and October 31, 1999
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Operations
The Company was organized under the laws of the state
of Nevada in 1997 and is authorized to do business in
the United States. 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 - 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 audit period.
NOTE 4: COMMON STOCK
As of October 31, 2000, April 30, 2000 and October 31,
1999, the Company had 3,000,000 shares of common stock,
par value $0.001, issued and outstanding.
NOTE 5 - LEASE COMMITMENTS
The Company currently has no commitments for leases or
contingencies.
NOTE 6 - 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.
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 has a mandate to develop, acquire or incubate
companies specializing in the financial online Internet
marketplace. The Company will apply its management and
financial expertise to assist these businesses in achieving
success and profitability. By building and sharing investor and
financial professional databases and online tools with the entire
group, the Company will create an environment of synergy to the
benefit of everyone.
The Company will also create an Investment Portal website that
will act as the hub to its other companies websites and online
investor tools. The Company will offer active investors
dynamically updating real-time stock quotes, HTML based news,
market newsletters and message boards that can be accessed by a
stock symbol or category and from each viewer's custom portfolio
and message center.
The site will offer fee based services which will include an on-
line course in day trading and an investor's club, providing
"members only" with daily stock picks and investment sector
newsletters and a book store to purchase financial and trading
books giving access to a large audience of North American
investors. Anticipated daily site visitation rate - 100,000+
users. The site will focus on real-time quotes (Standard and
Poors Comstock Feed), current news, exchange rates, company
financial reports and prospectuses, and a list of weekly IPO's,
all of which have North American content. New and useful
information will be added or updated on a daily basis. E-mail is
the primary vehicle, being a powerful, flexible, marketing tool
able to reach a local or worldwide audience instantly and
inexpensively.
This will give the Company a marketing tool on hundreds of North
American financial websites. Using the principles of database
marketing, the addresses of all responders are gathered and added
to a growing list of well-defined individuals. This database
gives the Company a real competitive marketing advantage and a
major asset for increasing value.
To generate opt-in members, pertinent content will be provided to
each user in the form of daily and weekly reports regarding the
users' personal selections and their portfolio choices.
Customizable features to be selected by the user include North
American Market Report, North American Daily Closing Report,
North American IPO Weekly, Weekly Mailer of Hot Stocks,
customized e-mail with the subscriber's closing portfolio value
and weekly report of up coming IPO's. There will also be instant
lookup features which will allow the visitor to customize web
pages for themselves including real-time lookups for North
American stocks, real-time tracking of the users' personal
portfolio and a customizable web page available as a home page
for the individual to set up on-line and receive information
specific to their personal needs.
The Company is also developing an Internet Communications Portal
called Broker2Client.com that allows financial professionals and
brokers to have a dynamic and interactive real-time connection
with their clients.
Broker2Client.com will provide brokers with an interactive web
presence, through proprietary portal software and information
feeds, that allow them to set up quickly and easily their own
seemingly proprietary communications portal.
The Company plans to provide services beyond the expectations of
its customers. We will have the ability to draw and retain
subscribers through our on-line community portal to the
investment community. Experienced individuals both in management
and sales will manage the site and will have the capability to
drive the revenues forward in the new millennium. The website
will incorporate a very user-friendly interface with cutting-edge
technology.
As the investments industry changes over the next few years, the
Company will seek further opportunities to grow its profits.
The on-line community we are building will provide us with e-mail
addresses and demographic profiles from which we can sell our
services. the Company's initial drive will be to build a leading
edge site to draw-in investors and brokers. There will be
various features catering to all types of investors.
We will be selling our services to small cap companies, but in
the near future we wish to further sell our services to large cap
companies.
Since we sell our services to both companies and subscribers, we
have two customer profiles: Corporate customers which are
typically up and coming small cap companies wanting an
opportunity to offer to the world what they can provide. It will
be our job to make sure that as many investors as possible know
about them; and subscriber customers which are typically
investors wanting the latest information on up and coming
companies.
The Company will be unique in that it will provide a
comprehensive range of free services and information for a market
that is virtually wide open: North America. Most of the
competition comes from North American companies that see the
North American market as getting saturated which are looking
abroad to expand.
One competitor, Quote.com was recently purchased by the search
engine portal Lycos (LCOS) for approximately US$78.3 million.
The website provides quotes to approximately 150 affiliate
financial sites. Acquiring Quote.com ensures that the 30 million
monthly Internet users that visit Lycos have access to all of the
Quote.com financial services. The deal will attract a
demographic of loyal users that would provide opportunities to
Lycos' advertising and commerce partners. One existing feature
of the Quote.com site is MyQuote.com, which is a fully
customizable financial homepage and portfolio tracker. The
combination of such features and education have attracted a
community of 1 million investors who utilize Quote.com's features
each month.
Freerealtime.com (FRTL.OB) is another competitor but concentrates
only on North American markets at the present time. They
currently have over 700,000 subscribers and a market
capitalization of US$44.8 million.
Stockpoint.com provides similar real time quotes, but only in
North America. This is not a publicly traded corporation.
Stockgroup.com (SWEB.OB) is a company that profiles other
corporations on their website(s). One such site is
www.smallcapcenter.com, which was recently rated the "best of the
Net" for October, 1999 by About.com's "Investing Canada". This
company has a market capitalization of US$19 million.
An affiliate program will offer all web based financial sites, a
feature unique for them, REAL TIME QUOTES of trading stocks on
North American Exchanges. This unique feature will attract and
keep many online investors at the offering sites and
substantially increase traffic to our affiliates' websites.
An agreement with affiliate sites will allow us to post a number
of "click-through" banners on their sites. These banners, which
we will sell, will generate substantial revenue for the Company.
Additional revenue, and a long-term asset, will be made through
the creation of an opt-in e-mail database of investors and
financial professionals which would be rented to the Company's
qualifying clients. As this database quickly grows through the
substantial traffic generated from our affiliates offering "free
real time quotes", it will ultimately become the most valuable
asset of the company.
The main feature of our website for attracting visitors will be
free real-time stock quotes. Traditionally, this service would
have to be paid for but we will be offering it free in order to
attract and retain visitors to our websites. Subscribers will
then be able to establish a portfolio of favorite stocks in our
Portfolio Tracker area of Member Services.
In order for the Company to provide Free Real-Time Quotes to its
visitors, the company plans to purchase the service from Standard
and Poors Comstock. This service is provided via a satellite
link with their transmitters. The data is in a streaming format
being constantly fed into the Client Site Processor, which will
be connected to our servers. On these servers, we will store our
software applications, databases of archived and non-archived
information, and hosted financial website pages. The connection
to the Internet is made through our servers.
Subscribers wishing to access Free Real-Time Stock Quotes will be
able to do so from any of our clients' websites or our own after
filling an agreement as required by the securities regulators of
North America.
Employees
The Company's only employees at the present time are its officers
and directors, who will devote as much time as the Board of
Directors determine is necessary to carry out the affairs of the
Company.
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 has
been threatened by or against the Company.
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 issued
and outstanding.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most current quarter.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
EXHIBITS
a) The exhibits, consisting of the Company's Articles of
Incorporation, are attached to the Company's Amended Form 10-SB,
filed on August 11, 1999. These exhibits are incorporated by
reference to that Form.
b) The exhibits, consisting of the Company's Bylaws, are
attached to the Company's Amended Form 10-SB, filed on August 11,
1999. These exhibits are incorporated by reference to that Form.
Reports on Form 8-K: None
27 Financial Data Schedule
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.
Internetfinanacialcorp.com, Inc.
By: /s/ Michael Harrison
Michael Harrison, President
Date: December 15, 2000
