UNITED STATES
SECURITIES EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
-----------------------------------------------------------------
[X] Quarterly Report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended May 31, 2000
-----------------------------------------------------------------
MCC CATERING INC.
----------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 22-3642435
-------- ------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
500 108th Avenue - Suite 730
City Center, Bellevue, WA 98004
---------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number (425) 990-6407
--------------
Check here whether the issuer (1) has filed all reports required
to be filed by Sections 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.
Yes __X____ No_______
As of May 31, 2000, the following shares of the Registrant's
common stock were issued and outstanding:
6,000,000 shares of voting common stock
<PAGE>
<PAGE>
INDEX
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . . . .3
CONDENSED CONSOLIDATED BALANCE SHEET . . . . . . . . .4
CONDENSED CONSOLIDATED INCOME STATEMENT. . . . . . . .5
STATEMENT OF CASH FLOWS. . . . . . . . . . . . . . . .6
Note 1. NATURE OF BUSINESS AND SIGNIFICANT
ACCOUNTING POLICIES. . . . . . . . . . . . .8
Note 2. USE OF OFFICE SPACE. . . . . . . . . . . . .8
Note 3. EARNINGS PER SHARE . . . . . . . . . . . . .8
Note 4. LIQUIDITY . . . . . . . . . . . . . . . . . 9
Note 5. CONTRIBUTED SERVICES . . . . . . . . . . . .9
Note 6. SUBSEQUENT EVENTS . . . . . . . . . . . . . 9
Item 2. Management's Discussion And Analysis or Plan of
Operations. . . . . . . . . . . . . . . . . . . . . .11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . 15
Item 2. Changes in Securities. . . . . . . . . . . . . . . . 15
Item 3. Defaults upon Senior Securities. . . . . . . . . . . 15
Item 4. Submission of Matters to a Vote of
Security Holders . . . . . . . . . . . . . . . . . . 15
Item 5. Other information. . . . . . . . . . . . . . . . . . 15
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . 15
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . 16
<PAGE>
<PAGE>
PART I - FINANCIAL INFORMATION
To the Board of Directors of MCC CATERING INC.
We have reviewed the accompanying balance sheet of MCC Catering
Inc., (a development stage company) as of May 31, 2000 and the
related statements of operations and accumulated deficit, and
cash flows for the three months then ended, in accordance with
Statements on Standards for Accounting and Review Services issued
by the American Institute of Certified Public Accountants. All
information included in these financial statements is the
representation of the management of MCC Catering Inc.
A review consists principally of inquiries of Company personnel
and analytical procedures applied to financial data. It is
substantially less in scope than an audit in accordance with
generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an
opinion.
Based on our review, we are not aware of any material
modifications that should be made to the accompanying financial
statements in order for them to be in conformity with generally
accepted accounting principles.
Graf Repetti & Co., LLP
Dated: New York, New York
October 30, 2000
<PAGE>
<PAGE>
MCC CATERING INC. INC.
CONDENSED CONSOLIDATED BALANCE SHEET
<TABLE>
As Of As Of
Aug. 31, 2000 Feb. 29, 2000
(Unaudited) (Audited)
--------------------------------
<S> <C> <C>
ASSETS
Current Assets
Cash $0 $0
Other Current Assets 0 0
_________ ________
Total Current Assets 0 0
Other Assets 0 0
_________ ________
TOTAL ASSETS $0 $0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $0 $ 0
Accrued Expenses 17,063 20,300
Other Liabilities
Loan Payable -
Glen Investments Ltd. (Note 6) 24,450 16,950
_________ ________
Total Liabilities 41,513 $37,250
Stockholders' Equity
Common Stock, $.001 par value,
Authorized 25,000.000 Shares;
Issued and Outstanding
6,000,000 Shares 6,000 6,000
Additional Paid in Capital 97,250 81,650
Deficit Accumulated During the
Development Stage (144,763) (124,900)
_________ ________
Total Stockholders' Equity (41,513) (37,250)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $0 $0
</TABLE>
The accompanying notes and accountant's report are an integral
part of these financial statements.
<PAGE>
<PAGE>
MCC CATERING INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS)
<TABLE>
For the 3 Mos Ended For the 3 Mos Ended
May 31 November 30
2000 1999 1999 1998
--------------------------------------------
<S> <C> <C> <C> <C>
TOTAL REVENUES: $ 0 $ 0 $ 0 N/A
OPERATING EXPENSES:
Accounting 1,750 1,500 1,500
Legal 2,500 2,500 2,500
Rent Expense (Note 2) 600 600 600
Filing Fee 13 13 13
Contributed Svcs
(Note 5) 15,000 15,000 15,000
-------- --------- --------
NET LOSS (19,863) (19,613) (19,613)
NET LOSS PER SHARE (.00) (.00) (.00)
Weighted Average
Number of Shares
Outstanding 6,000,000 6,000,000 6,000,000
</TABLE>
The accompanying notes and accountant's report are an integral
part of these financial statements.
<PAGE>
<PAGE>
MCC CATERING INC.
STATEMENT OF CASH FLOWS (unaudited)
<TABLE>
For the 3 mos For the 3 mos
Ended Ended
to to
May 31, 2000 May 31, 1999
________________________________________
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Loss $(19,863) $(19,613)
Adjustments to Reconcile Net Loss
to Net Cash Used in operating
Activities:
Rent 600 0
Contributed Services 15,000 0
Changes in Assets and Liabilities
Decrease in Accrued Expenses (3,237) (4,013)
________ ________
Total Adjustments 12,363 (4,013)
Net Cash Used in
Operating Activities ( 7,500) (15,600)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Increase in loan payable -
Glen Investments Ltd. 7,500 15,600
________ _______
Net Cash Provided
by Financing Activities 7,500 15,600
Net Change in Cash 0 0
Cash at Beginning of Period 0 0
Cash at End of Period $ 0 0
Supplemental Disclosure of
Cash Flow Information
Cash Paid During the Period for
Interest Expense 0 0
Corporate Taxes $ 0 0
</TABLE>
The accompanying notes and accountant's report are an integral
part of these financial statements.
<PAGE>
<PAGE>
MCC CATERING INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1999
NOTE 1 - NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
A. Description of Company
MCC CATERING INC.,("the Company") is a for-profit corporation,
incorporated under the laws of the State of Delaware on December
31, 1996. MCC Catering Inc., is a developmental stage company
whose principal objective is to develop a chain of "fast food"
outlets throughout cities in the United Kingdom.
B. Basis of Presentation
Financial statements are prepared on the accrual basis of
accounting. Accordingly, revenue is recognized when earned and
expenses when incurred.
C. 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. Significant estimates in the
financial statements include the assumption that the Company will
continue as a going concern. See Note 4.
NOTE 2 - USE OF OFFICE SPACE
The Company uses 250 square feet of space for its executive
offices at City Tower, 40 Basinghall Street, London, UK which it
receives from one of its shareholders at no cost. The fair
market value of this office is $200 per month, which is reflected
as an expense with a corresponding credit to additional paid-in
capital.
NOTE 3 - EARNINGS PER SHARE
Net Loss Per Share $ (0.00)
NOTE 4 - LIQUIDITY
The Company's viability as a going concern is dependent upon
raising additional capital, and ultimately, having net income.
The Company's limited operating history, including its losses and
no revenues, primarily reflect the operations of its early stage.
As a result, the Company had from time of inception to May 31,
2000 no revenue and a net loss from operations of $(144,763). As
of May 31, 2000, the Company had a net capital deficiency of
$41,513.
The Company requires additional capital principally to meet its
costs for the implementation of its business plan, for general
and administrative expenses and to fund costs associated with the
start up of its fast food restaurants. It is not anticipated
that the Company will be able to meet its financial obligations
through internal net revenue in the foreseeable future. MCC
Catering Inc., does not have a working capital line of credit
with any financial institution. Therefore, future sources of
liquidity will be limited to the Company's ability to obtain
additional debt or equity funding. See Note 6.
NOTE 5 - CONTRIBUTED SERVICES
On March 1, 1999 two of the Company's officers began rendering
services on behalf of the company at no cost. The fair market
value is $2,500 per officer per month. Each amount is reflected
as an expense with a corresponding credit to additional paid in
capital.
NOTE 6 - RELATED PARTY TRANSACTION
Glen Investments Ltd. is a shareholder of Astrid Property
Holdings Ltd., which is a shareholder of MCC Catering Inc. (MCC).
Glen Investments has agreed to supply funds up to $75,000 to MCC
to cover MCC's financial obligations.
Subsequent to that, there is no guarantee or assurance that Glen
Investments will advance MCC any further funds or that MCC will
be able to raise any additional funds to meet its financial
obligations.
MCC anticipates that its capital resources, as provided through
its management with Glen Investments, will permit the company to
maintain its current implemented operations for at least twelve
(12) months.
As of May 31, 2000, $24,450 was outstanding on this loan.
The loan is not evidenced by a note. The informal agreement
calls for no payment of interest. MCC intends to repay the loan
out of any fundraising that it may carry out or when the company
achieves sustainable revenue.
NOTE 7 - NON-CASH FINANCIAL TRANSACTION
Non-cash financing transactions consisting of the cost of
contributed services, legal services, rent and the related
additional paid in capital contributed by shareholders have been
included in expenses and additional paid in capital,
respectively, in the accompanying financial statements at a value
of $15,600.
<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION
The Company is a development stage company. The Company's goal is
to develop its fast food restaurant concept in the three key
areas. Those areas are Chinese restaurants, called Shanghai
Express, Indian restaurants, called Bombay Express, and Thai
restaurants, called Bangkok Express. The Company has not decided
whether to create a restaurant which incorporates all three Asian
food themes or to create separate restaurants for each of the
three Asian food groups. Factors which management will consider
in such a determination will center on the cost involved in
consolidating all three Asian food groups into one restaurant and
the appeal such a concept would have to the consumer.
The Company believes that the development of its concept would be
most effective by merging or forming an alliance with another
business entity which has experience in the industry. After it
has developed its fast food chain concept and conducted
sufficient research to identify the structure, organization and
operation of its organization, the Company intends to acquire or
complete a business acquisition to assist it in further
implementing its business plan. The Company intends to integrate
the acquired entity into the Company's business.
The Company has spent the past twelve months finalizing research
and attempting to find a partner to merge with however as yet no
candidate has been found. Should the Company have difficulty in
finding a suitable business partner then the Company will have to
revisit its business plan and look at alternatives to provide the
Company's shareholders with a viable business that can create
value.
No acquisition shall be completed until the Company has raised
sufficient funds which, in management's best discretion, will
allow the Company to fully implement its business plan. There is
no guarantee however that the Company will be able to raise
sufficient funds or that its business plan will be successfully
implemented even with adequate funding. The Company believes that
its management's successful business acumen and its unique Asian
fast food concept will attract potential businesses for the
purpose of forming an alliance and developing the concept
further. There can be no guarantee or assurance however that the
Company will be able to attract another entity for such purposes.
There is also no guarantee or assurance that any other entity
will be willing to sell its assets or business for the Company's
common stock in order to merge with the Company since the
Company's common stock has no trading market and very little
market value.
During the last twelve months, the Company has actively
researched and sought to determine a viable location in the
United Kingdom to open a test store for the purpose of
experimenting the Company's concept. As of the date of this
filing, no suitable locations have been found, and the management
has now decided after much thought, that there is no point in
continuing with this until such time as the Company has
sufficient funds to commence operations with a test restaurant.
The Company notes that real estate values and rental charges have
increased in the United Kingdom during the past year which may
create difficulty for the Company to find a location which has
also contributed to management's decision. Management will now
concentrate all efforts in locating a business partner.
<PAGE>
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are currently no pending legal proceedings against the
company.
Item 2. Changes in Securities
There has been no change in the Company's securities since the
filing of its Form 10-12G.
Item 3. Defaults upon Senior Securities
There has been no default in the payment of principal, interest,
sinking or purchase fund installment.
Item 4. Submission of Matters to a Vote of Security Holders
No matter has been submitted to a vote of security holders during
the period covered by this report.
Item 5. Other information
There is no other information to report which is material to the
company's financial condition not previously reported.
Item 6. Exhibits and Reports on Form 8-K
There are no Exhibits or reports on Form 8-K attached hereto.
<PAGE>
<PAGE>
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.
MCC CATERING INC.
-----------------------------------
(Registrant)
Date: October 14, 1999
By: /s/ B.R. PARKER
---------------
President
