<PAGE>
UNITED STATES
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 the quarterly period ended January 31, 2000
[ ] Transition Report pursuant to 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period to
---------------
Commission File Number 0-26729
--------------
WORLDBID CORPORATION
- -----------------------------------------------------------------
(Exact name of small Business Issuer as specified in its charter)
Nevada 88-0427619
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organisation)
Suite 1100, 1175 Douglas Street
Victoria, British Columbia, Canada V8W 2E1
- ---------------------------------- -------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: 250-475-2248
None
----------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) 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 issuer
was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days [ ] Yes [ X] No
State the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:
6,160,000 Shares of $.001 par value Class A Common Stock outstanding
as of March 1, 2000.
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and Item 310 (b) of
Regulation S-B, and, therefore, do not include all information and
footnotes necessary for a complete presentation of financial
position, results of operations, cash flows, and stockholders' equity
in conformity with generally accepted accounting principles. In the
opinion of management, all adjustments considered necessary for a
fair presentation of the results of operations and financial position
have been included and all such adjustments are of a normal recurring
nature. Operating results for the nine months ended January 31, 2000
are not necessarily indicative of the results that can be expected
for the year ending April 30, 2000.
2
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WORLDBID CORPORATION
FINANCIAL STATEMENTS
JANUARY 31, 2000
3
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INDEX TO FINANCIAL STATEMENTS
-----------------------------
Page
----
Financial Statements:
Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . 5
Statement of Operations and Accumulated Deficit . . . . . . . . 6
Statement of Changes in Stockholders' Equity. . . . . . . . . .7
Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . 8
Notes to Financial Statements . . . . . . . . . . . . . . . . . 9-14
Supplemental Statement:
Statement of Operating Expenses . . . . . . . . . . . . . . . 16
4
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
JANUARY 31, 2000
ASSETS
Current Assets
Cash $ 297,411
Accounts Receivable 8,227
---------
Total Current Assets $ 305,638
Property and Equipment
Computer Software 4,362
Computer Equipment 107,337
Office Equipment 28,567
--------
Total Property and Equipment 140,266
Less Accumulated Depreciation <7,013>
--------
Net Property and Equipment 133,253
Other Assets -
Proprietary Software 47,656
Domain Names 6,741
--------
54,397
TOTAL ASSETS $ 493,288
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable and
Accrued Expenses $ 22,579
---------
Total Current Liabilities $ 22,579
Stockholders' Equity
Common Stock, $0.001 par value
100,000,000 shares authorized,
6,160,000 shares issued 6,160
Additional Paid in Capital 686,340
Subscribed and Unissued 450,000
Accumulated deficit <671,791>
---------
Total Stockholders' Equity 470,709
-------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 493,288
=========
5
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
FOR THE NINE MONTHS ENDED JANUARY 31, 2000
Revenues $31,161
Operating Expenses <632,660>
---------
Loss Before Other Income <601,499>
Other Income - Interest 1,280
---------
Loss Before Provision for <600,219>
Income Taxes
Provision for Income Taxes <0>
---------
Net Loss <600,219>
Accumulated Deficit, April 30, 1999 <71,572>
-------
Accumulated Deficit, January 31, 2000 $<671,791>
=========
Net Loss per Share $<0.11>
======
Weighted Average Shares Outstanding 6,000,000
=========
6
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED JANUARY 31, 2000
Common Stock Additional Accumulated Total
Dollar Paid in Deficit Stockholders'
Shares Amount Capital Equity
--------- ------- --------- ----------- ------------
Balances
- --------
April 30, 1999 6,000,000 $ 6,000 $ 486,500 $ <71,572> $ 420,928
Rule 506 Offering
- -----------------
January 31, 2000
$1.25 per Unit 160,000 $160 $ 199,840 ---- $ 200,000
Subscribed for but
Unissued ----- ----- $ 450,000 ------ $ 450,000
Net Loss
- --------
Period Ended
January 31, 2000 ------ -------- -------- $<600,219> <$600,219>
--------------------------------------------------------
Balances
- --------
January 31, 2000 6,160,000 $6,160 $1,136,340 $ <671,791> $470,709
==========================================================
7
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED JANUARY 31, 2000
Cash Flows from Operating Activities:
Net Loss $ <600,219>
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities
Amortization 3,100
Depreciation 4,066
<Increase> Decrease in:
Accounts Receivable <8,227>
Increase <Decrease> in:
Accounts Payable and
Accrued Expenses 17,171
---------
Net Cash Used by Operating Activities <584,109>
Cash Flows from Investing Activities:
Computer Equipment/Software Purchases $ <99,412>
Office Equipment Purchases <28,567>
Domain Name Registrations <6,741>
---------
Net Cash Used by Investing Activities <134,720>
---------
Cash Flows from Financing Activities
Net Proceeds from Issuance of Common Stock $200,000
Subscribed for but not Issued $450,000
--------
Net Cash from Financing Activities $650,000
Net Decrease in Cash <68,829>
Cash, April 30, 1999 366,239
--------
Cash, January 31, 2000 $297,410
========
Supplemental Disclosure of
Cash Flow Information: None
8
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- ---------------------------------------------------
General
- -------
Worldbid Corporation (the "Company" or "WBC") was originally
incorporated on August 10, 1998 in the state of Nevada as
"Tethercam Systems, Inc.". On January 15, 1999 the Company
changed its name to Worldbid Corporation.
The Company is engaged in the acquisition and development of
proprietary commercial web sites. WBC plans to earn revenues
from advertising generated on these sites and through e-mail that
targets potential suppliers. The Company's initial business is
transacted through its current Internet web site located at
"www.worldbid.com". This site is still in the development stage.
Basis of Presentation
- ---------------------
The Company reports revenue and expenses using the accrual method
of accounting for financial and tax reporting purposes.
Use of Estimates
- ----------------
Management uses estimates and assumptions in preparing these
financial statements in accordance with generally accepted
accounting principles. Those estimates and assumptions affect
the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities, and the reported revenues and
expenses.
Development Stage Company
- -------------------------
WBC meets the guidelines of SFAS No. 7 and as such is classified
as a development stage company.
Pro Forma Compensation Expense
- ------------------------------
WBC accounts for costs of stock-based compensation in accordance
with APB No. 25, "Accounting for Stock Based Compensation"
instead of the fair value based method in SFAS No. 123. No stock
options have been issued by WBC. Accordingly, no pro forma
compensation expense is reported in these financial statements.
9
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
- ---------------------------------------------------------------
Accounts Receivable
- -------------------
No allowance for uncollectable accounts has been provided.
Management has evaluated the accounts and believes they are all
collectable.
Depreciation, Amortization and Capitalization
- ---------------------------------------------
The Company records depreciation and amortization when
appropriate using both straight-line and declining balance
methods over the estimated useful life of the assets (five to
seven years).
Expenditures for maintenance and repairs are charged to expense
as incurred. Additions, major renewals and replacements that
increase the property's useful life are capitalized. Property
sold or retired, together with the related accumulated
depreciation, is removed from the appropriate accounts and the
resultant gain or loss is included in net income.
Impairment of Long-Lived Assets
- -------------------------------
The Company evaluates the recoverability of long-lived assets in
accordance with Statement of Financial Accounting Standards No.
121, "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to be disposed of". SFAS No. 121 requires
recognition of impairment of long-lived assets in the event the
net book value of such assets exceeds the future non-discounted
cash flows attributable to such assets.
Income Taxes
- ------------
The Company accounts for its income taxes in accordance with
Statement of Financial Accounting Standards No. 109, "Accounting
for Income Taxes". Under Statement 109, a liability method is
used whereby deferred tax assets and liabilities are determined
based on temporary differences between basis used for financial
reporting and income tax reporting purposes. Income taxes are
provided based on tax rates in effect at the time such temporary
differences are expected to reverse. A valuation allowance is
provided for certain deferred tax assets if it is more likely
than not, that the Company will not realize the tax assets
through future operations.
10
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
- ---------------------------------------------------------------
Fair Value of Financial Instruments
- -----------------------------------
Financial accounting Standards Statement No. 107, "Disclosures
About Fair Value of Financial Instruments", requires the Company
to disclose, when reasonably attainable, the fair market values
of its assets and liabilities which are deemed to be financial
instruments. The Company's financial instruments consist
primarily of cash and certain investments.
Per Share Information
- ---------------------
The Company computes per share information by dividing the net
loss for the period presented by the weighted average number of
shares outstanding during such period.
11
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
- ---------------------------------------------------------------
Recently Issued Accounting Pronouncements
- -----------------------------------------
Effective at inception, the Company has adopted the provisions of
SOP No. 98-1, "Software for Internal Use", issued by the American
Institute of Certified Public Accountants.
Other recently issued accounting pronouncements will have no
significant impact on the Company and its reporting methods.
Capitalized Software
- --------------------
The Company has capitalized computer software costs incurred
during the application development stage in accordance with SOP
No. 98-1 issued by the American Institute of Certified Public
Accountants. These capitalized costs consist primarily of direct
materials, services and payroll related costs associated with the
coding, installation to hardware and testing of the Company's
software. Costs incurred subsequent to the Company's application
development stage to enhance, manage, monitor and operate the
Company's website will be expensed as incurred.
NOTE 2 - ACQUISITION OF WORLDBID.COM
- ------------------------------------
On February 2, 1999 the Company acquired the web site
"worldbid.com" together with all software, tangible and
intellectual assets and rights associated with that site from
Databoat International Limited (Databoat). This web site which
consists of software and registered rights, was accounted for as
an asset acquisition as are other software purchases and
development costs. The Company has issued to Databoat a total of
3,000,000 restricted shares of common stock (Databoat Shares-Fair
Market Value $30,000) pursuant to an acquisition agreement. The
Company has also entered into a consulting agreement with
Databoat's principal stockholder, Mr. Scott Wurtele and on-line
Design, a company controlled by him.
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2 - ACQUISITION OF WORLDBID.COM - CONTINUED
The Company and Databoat have agreed that the Databoat Shares
will be held in escrow for a period of four years on the terms
and conditions of an escrow agreement between the Company,
Databoat and Cane & Company, the attorneys for the company (the
"Escrow Agreement"). The Databoat shares will be released to
Databoat in accordance with the Escrow Agreement, commencing on
the date which is one year from the date of closing on the
following schedule.
Anniversary of Closing Date Number of Shares
--------------------------- ----------------
One Year 300,000 shares
Two Year 700,000 shares
Three Year 1,000,000 shares
Four Year 1,000,000 shares
A total of 300,000 shares of the Databoat shares were releases
to Databoat effective as of February 16, 2000.
NOTE 3 - PROVISION FOR INCOME TAXES
- -----------------------------------
The provision for income taxes for the period ended January 31,
2000 represents the minimum state income tax expense of the
Company, which is not considered significant.
NOTE 4 - COMMITMENTS AND CONTINGENCIES
- --------------------------------------
Operating Leases
- ----------------
The Company's subsidiary, Worldbid Networks Inc., leases 3,800
square feet of office space in Victoria, British Columbia. The
lease is for a term expiring on July 31, 2003. Worldbid
Networks' lease obligations under the lease are a base lease rate
of $3,600 CDN per month, equivalent to approximately $2,475 per
month as of March 1, 2000, plus operating expenses and taxes.
Management Consulting Agreement
- -------------------------------
The Company has entered into a consulting agreement, with On-Line
Design, a British Columbia company owned 100% by Mr. Wurtele.
The Company will pay $5,000 per month expiring February 16, 2000
and then $7,500 per month expiring February 16, 2001. In
exchange for these payments, On-Line Design will provide
management and continued development of the Company's business.
Litigation
- ----------
The Company is not presently involved in any litigation.
13
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - RELATED PARTY TRANSACTIONS
- -----------------------------------
The Company has entered into a consulting agreement (see
management consulting agreement), with on-line Design, a company
controlled by Mr. Scott Wurtele. Databoat, a major stockholder
of WBC, is also controlled by Mr. Scott Wurtele (see Acquisition
of Worldbid.Com).
NOTE 6 - OFFERING
- -----------------
The Company is presently undertaking an offering of up to
1,250,000 units pursuant to Rule 506 of Regulation D of the
Securities Act of 1933 to persons who are accredited investors.
Each unit consists of one share of the Company's Common Stock,
$0.001 par value and one share purchase warrant. Each warrant
will be exercisable for a period of two years at a price of $1.50
per share during the first year following closing and at a price
of $1.75 during the second year following closing. The Company
had completed the sale of 160,000 units as of January 31, 2000
and had received subscriptions for $450,000 of units which had
not been issued as of January 31, 2000.
14
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SUPPLEMENTAL STATEMENT
15
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WORLDBID CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATING EXPENSES
FOR THE NINE MONTHS ENDED JANUARY 31, 2000
Operating Expenses
Accounting $ 11,191
Amortization 3,100
Automobile 1,483
Bank Charges 772
Computer Maintenance 410
Consulting 4,181
Depreciation 4,066
Directors Fees 5,500
Dues and Subscriptions 1,160
Internet Provider Fees 2,656
Insurance 411
Legal Fees 59,590
Market Research and Development 130,969
Office Administration 25,344
Leasehold Improvements 3,226
Office Supplies 3,183
Postage and Delivery 2,404
Posting Bids 35,034
Professional Development 8,175
Programming Efforts Expensed 74,489
Rent 18,444
Salaries 11,560
Sales Commissions 1,665
Sales Expenses 11,090
Telephone 17,170
Travel and Entertainment 23,948
Web Site Management 64,984
Web Design 14,197
Web Site Development 92,258
---------
Total Operating Expenses $ 632,660
=========
See Notes to Financial Statements
16
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of
Operations
GENERAL
WorldBid Corporation (the "Company") is an electronic commerce
company which owns and operates an on-line business-to-business
world trade web site. The Company's web site is located on the
Internet at "www.worldbid.com" (the "Web Site"). The Web Site
facilitates business transactions on the Internet by providing an
organized and systematic tool for businesses to post notices of
goods for sale and requests for tender of goods. The Company
uses e-mail notifications in order to enable businesses to
connect. The Company has focused on the international trade
market in order to provide an economical means of enabling
businesses from around the world to meet and transact business.
The Web Site solicits businesses who have products for sale or
who are interested in procuring products for purchase. The Web
Site enables businesses to submit postings on the web site in a
systematic and organised manner. Businesses are connected using
a system of automatic e-mail notifications whereby postings are
transmitted to other businesses within specific categories of
interest. Businesses are then able to contact other businesses
directly and negotiate transactions between themselves without
the involvement of the Company.
The Company acquired the "Worldbid.com" internet business in
February 1999. Since that date the Company has completely
restructured the Web site in the following manner:
a) Re-design of the graphics and presentation of the Web site.
b) Expansion of the functionality of the Web site to include
additional features, including posting of goods offered for
sale and expanded e-mail notification capabilities.
c) Expansion and upgrading of the company's computer hardware
and programming in order to expand the functionality and
capacity of the Web site.
d) Addition and search capabilities in order that users can
search for products by description or product codes.
e) Expansion in the number of categories within the Web site to
more than 1,000.
The Web site is now fully operational. The Company has reached a
database of over 9,000 business parties who have completed
postings on the web site. The number of business parties is
presently growing at a rate of approximately 70 per day. The
Company completed 1 million e-mail trade notifications during the
month of July, 1999. The number of e-mail trade notifications
increased to in excess of four million for the month of February,
2000.
The Company has commenced actively marketing the advertising
potential of the Web site now that the development of the Web
site is complete. The Company realized its first advertising
revenue in August.
The Company has entered into strategic alliances with companies
in Turkey, Italy, Germany, China and India for them to operate
under the Worldbid banner with their own Web master. An
17
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example of one such Web site is "worldbidgermany.com". The Company
will receive 50% of all revenue earned by these joint ventures.
The Company's board of directors was increased from three
directors to four directors in February with the appointment of
Mr. Paul Wagorn to the board of directors on February 17, 2000.
The Company now has approximately twenty-eight (28) full-time
equivalent contract personnel whose duties and responsibilities
include programming, advertisement management software,
automation of posting, sales and marketing, electronic marketing,
website design and administration.
The Company acquired WorldBid Networks Ltd. as a wholly owned
subsidiary effective December 13, 1999. WorldBid Networks Ltd.
has entered into a lease for approximately 3,800 square feet of
office space in Victoria, British Columbia. The Company's web
site operations and web site development activities will be
carried out at this premises. The lease is for a term expiring
July 31, 2003.
The Company approved an incentive stock option plan on January
17, 2000 which provides for the grant of incentive stock options
to purchase the Company's common stock to the Company's
directors, officers, employees and permitted consultants.
Options to purchase a total of up to 1,087,500 shares of the
Company's common stock may presently be granted under the stock
option plan.
The Company has granted options to purchase a total of 567,500
shares of the Company's common stock under the stock option plan.
Each option granted is for a term of four years and is
exercisable at price of $1.50 per share. All options were
granted on February 1, 2000. Options to purchase a total of
282,500 shares were granted to Logan Anderson, Howard Thomson and
Scott Wurtele, each of whom is a director and officer of the
Company and all of which options are fully vested. Options to
purchase a total of 285,000 shares were granted to the Company's
employees and eligible consultants, each of which options is
subject to vesting over a period of four years from the date the
employee or consultant joined the Company.
RESULTS OF OPERATIONS
Sales
- -----
The Company realized revenues of $31,161 for the nine months
ended January 31, 2000. The revenues consisted primarily of
revenues from advertising on the e-mail trade notifications.
Revenues from advertising commenced in August 1999. The Company
anticipates that revenue from advertising will increase if the
number of e-mail trade notifications sent by the Company
continues to increase.
Costs Of Goods Sold/Operating Expenses/Research And Development Expenses
- ------------------------------------------------------------------------
The Company's operating expenses were $632,660 for the nine month
period ending January 31, 2000, compared to operating expenses of
$55,512 for the period ending April 30, 1999. Management expects
that operating expenses and research and development costs will
increase substantially as the Company attempts to expand its
business operations in accordance with its business plans. The
Company anticipates increased operating expenses due to the
following: (i)
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the Company plans a substantial marketing program
over the next nine months in order to increase awareness of the
Company and its Web site; (ii) expenses associated with
anticipate increased Web site usage; (iii) expenses associated
with additional programs to be written to handle the anticipated
increased outgoing e-mail traffic; (iv) the Company's leased
premises in Victoria, British Columbia; and (v) additional
expenses associated with completing the Company's plan of
operations, as discussed below.
Net Loss
- --------
The Company recorded a net loss of $600,219 for the nine months
ended January 31, 2000, compared to a net loss of $71,571 for the
period ending April 30, 1999. This loss reflects the fact that
the Company did not achieve material revenues during the nine
months ending January 31, 2000. The Company anticipates that
losses will increase as the Company increases its operating
expenses to carry out its plan of operations. In particular,
the Company has recently increased its advertising expenses
associated with carrying out a marketing campaign of the
Company's business and web site. There is no assurance that
these advertising expenses will result in increased revenues.
PLAN OF OPERATIONS
The Company's plan of operations for the next twelve months
involves attempting to increase revenue from the Company's Web
site operations using the following key business development and
marketing strategies:
1. Developing advertising sales for the Web site;
2. Evaluating the additional revenue opportunities for the Web
site;
3. Initiating advertising and promotional campaigns for the Web
site;
4. Continuing the enhancement of the Web site to offer a unique
Internet world trade site;
5. Expanding the functionality and features of the Web site;
6. Monitor usage of the Web site and develop user profiles;
7. Add additional web sites for countries outside of the United
States and Canada.
The Company also plans to evaluate the following sources of
potential revenue which may be earned from its Web site
operations:
1. Subscription charges whereby the Company would charge fees
for posting requests for tenders and offers for sale. A
subscription fee model is presently being tested on the
Worldbidindia.com web site. The Company may charge fees to
businesses once the volume of usage on the Web site has
increased to a level where businesses are prepared to pay a
fee for the service.
2. Contractual arrangements with other companies whereby the
Company would earn a commission or fee based on referrals to
Web sites operated by other companies.
3. Future revenue streams derived on the basis of a percentage
of the value of the business transacted on the Company's web
site and auctions completed through the Company's web site.
The implementation of any new potential revenue source would
require additional software development and implementation.
19
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The Company's plan of operations is set forth in detail in the
Company's Form 10-SB registration statement which has been filed
with the Securities and Exchange Commission.
Liquidity
The Company had cash on hand of $297,411 and working capital of
$283,059 as of January 31, 2000. The Company's monthly operating
expenses are approximately $130,000 per month. The Company's
revenues have increased to approximately $20,000 per month.
Accordingly, the Company will require additional financings in
order to continue business operations.
The Company is presently undertaking an offering of up to
1,250,000 units pursuant to Rule 506 of Regulation D of the
Securities Act of 1933 to persons who are accredited investors.
Each unit consists of one share of the Company's Common Stock,
$0.001 par value and one share purchase warrant. Each warrant
will be exercisable for a period of two years at a price of $1.50
per share during the first year following closing and at a price
of $1.75 during the second year following closing. The Company
had completed the sale of 160,000 units as of January 31, 2000,
for proceeds of $200,000. The Company had received subscriptions
totalling $450,000 as of January 31, 2000, however the shares and
warrants comprising the units subscribed for were not issued as
of January 31, 2000. The Company plans to use these proceeds to
funds its working capital requirements and to fund the Company's
increased marketing campaign.
The Company's discussion of its financial condition and operating
results and plan of operations includes forward-looking
statements. Actual operating and financial results of the
Company and the Company's actual plan of operations may differ
materially from the stated plan of operations. Factors which may
cause the actual results of the Company or its actual plan of
operations to vary include, without limitation, decisions of the
board of directors not to pursue the stated plan of operations
based on re-assessment by the board of directors of the plan
which is in the best interests of the Company, changes in the
Internet business or general economic conditions.
20
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K.
(a) None
(b) Reports on Form 8-K--None
21
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SIGNATURES
In accordance with the requirements of the Securities and
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned,
thereunto duly authorized.
WORLDBID CORPORATION
Date: March 14, 2000
By: /s/ Howard Thomson
HOWARD THOMSON
Director, Secretary & Treasurer
22
