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 July 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 000-26729
WORLDBID CORPORATION
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(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
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(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 [X] Yes [ ] No
State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date: 14,550,000 Shares of $.001 par value
Common Stock outstanding as of September 12, 2000.
<PAGE>
WORLDBID CORPORATION
For the Quarter Ended
July 31, 2000
INDEX TO FORM 10-QSB
Page
----
PART I - FINANCIAL INFORMATION ...............................................1
ITEM 1. FINANCIAL STATEMENTS: ................................................1
Consolidated Balance Sheet ...........................................1
Consolidated Statement of Operations and Accumulated Deficit .........2
Consolidated Statement of Changes in Stockholders' Equity ............3
Consolidated Statement of Cash Flows .................................4
Notes to Consolidated Financial Statements ...........................5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATION ...........11
PART II - OTHER INFORMATION .................................................14
ITEM 1. LEGAL PROCEEDINGS ...................................................14
ITEM 2. CHANGES IN SECURITIES ...............................................14
ITEM 3. DEFAULTS UPON SENIOR SECURITIES .....................................14
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS ...................14
ITEM 5. OTHER INFORMATION ...................................................14
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K ....................................14
SIGNATURES ..................................................................15
i
<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 three months ended July 31, 2000 are not necessarily
indicative of the results that can be expected for the year ending April 30,
2001.
WORLDBID CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
ASSETS JULY 31
---------------------------------
2000 1999
----------- -----------
Current Assets
Cash $ 71,350 $ 142,290
Accounts Receivable 56,535 --
Prepaid Expenses 17,914 --
----------- -----------
Total Current Assets 145,799 142,290
Property and Equipment
Computer Software 69,635 62,077
Computer Equipment 178,576 43,378
Web Site 76,628 --
Office Equipment 58,608 1,434
Leasehold Improvements 9,975 --
----------- -----------
Total Property and Equipment 393,422 106,889
Less Accumulated Depreciation (85,794) (2,663)
----------- -----------
Net Property and Equipment 307,628 104,226
Other Assets
Domain Names 12,768 1,638
----------- -----------
Total Other Assets 12,768 1,638
----------- -----------
TOTAL ASSETS $ 466,195 $ 248,154
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable and Accrued
Expenses $ 154,413 $ 5,722
Shareholder Loans 166,250 --
----------- -----------
Total Current Liabilities 320,663 5,722
Stockholders' Equity
Common Stock, $0.001 par value
100,000,000 shares authorized,
13,970,000 and 12,000,000
shares issued 7,240 6,000
Additional Paid in Capital 2,115,010 486,500
Accumulated deficit (1,976,718) (250,068)
----------- -----------
Total Stockholders' Equity 145,532 242,432
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 466,195 $ 248,154
=========== ===========
See Notes to Consolidated Financial Statements
1
<PAGE>
WORLDBID CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
THREE MONTHS ENDED
JULY 31
---------------------------------
2000 1999
------------- ------------
Revenues $ 30,766 $ --
Operating Expenses (831,272) (179,219)
------------- ------------
Loss Before Other Income (800,506) (179,219)
Other Income - Interest -- 723
------------- ------------
Loss Before Provision for
Income Taxes (800,506) (178,496)
Provision for Income Taxes -- --
------------- ------------
Net Loss (800,506) (178,496)
Accumulated Deficit,
Beginning of Period (1,176,212) (71,572)
------------- ------------
Accumulated Deficit,
End of Period $ (1,976,718) $ (250,068)
============= ============
Net Loss per Share $ (0.06) $ (0.01)
============= ============
Weighted Average Shares Outstanding
(Restated for Stock Split) 13,488,335 12,000,000
============= ============
See Notes to Consolidated Financial Statements
2
<PAGE>
WORLDBID CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
<TABLE>
Common Stock Additional Accumulated Total
Dollar Paid in Deficit Stockholders'
Shares Amount Capital Equity
----------- --------- ---------- ----------- --------------
<S> <C> <C> <C> <C> <C>
Balances (INCEPTION) -- $ -- $ -- $ -- $ --
August 10, 1998
Common Stock Issued
Worldbid.Com
Web Site Acquisition
February 2, 1999
$.01 per share 6,000,000 3,000 27,000 -- 30,000
(Restated for Split)
Common Stock Issued
February 15, 1999
$.01 per share 4,000,000 2,000 18,000 -- 20,000
(Restated for Split)
Common Stock Issued
February 17,1999
$.20 per share 1,400,000 700 139,300 -- 140,000
(Restated for Split)
Common Stock Issued
March 31, 1999
$1.00 per share 600,000 300 299,700 -- 300,000
(Restated for Split)
Contributed Surplus
Fair Market Value
of Officer's Services
Provided from February 15,
1999 to April 30, 1999 -- -- 2,500 -- 2,500
----------------------------------------------------------------------------
Balances
April 30, 1999 12,000,000 $ 6,000 $ 486,500 $ (71,572) $ 420,928
(Restated for Split)
Common Stock Issued
April 20, 2000
$1.25 per share 1,460,000 730 991,520 -- --
(Restated for Split)
Net Loss
Period Ended
April 30, 2000 -- -- -- (1,104,640) (112,390)
----------------------------------------------------------------------------
Balances
April 30, 2000 13,460,000 $ 6,730 $1,478,020 $(1,176,212) $ 308,538
(Restated for Split)----------------------------------------------------------------------------
Common Stock Issued
July 26, 2000
$1.25 per share 510,000 510 636,990 -- 637,500
Net Loss
Period Ended
July 31, 2000 -- -- -- (800,506) (800,506)
----------------------------------------------------------------------------
Balances
July 31, 2000 13,970,000 $ 7,240 $2,115,010 $(1,976,718) $ 145,532
============================================================================
</TABLE>
See Notes to Consolidated Financial Statements
3
<PAGE>
WORLDBID CORPORATION AN SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
THREE MONTHS ENDED
JULY 31
---------------------------------
2000 1999
------------- -----------
Cash Flows from Operating Activities:
Net Loss $ (800,506) $ (178,496)
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities
Amortization 328 1,550
Depreciation 19,672 1,155
(Increase) Decrease in:
Accounts Receivable (16,763) --
Prepaid Expenses (17,914) --
Increase (Decrease) in:
Accounts Payable and
Accrued Expenses 61,916 110
------------- -----------
Net Cash Used by Operating Activities (753,267) (175,681)
Cash Flows from Investing Activities:
Purchases of Property and Equipment (62,813) (46,588)
Acquisition of Domain Names (3,231) (1,680)
------------- -----------
Net Cash Used by Investing Activities (66,044) (48,268)
Cash Flows from Financing Activities:
Net Proceeds from the Issuance of
Shareholder Advances 166,250 --
Common Stock 637,500 --
------------- -----------
Net Cash Provided by Financing Activities 803,750 --
------------- -----------
Net Increase (Decrease) in Cash (15,561) (223,949)
Cash at Beginning of Period 86,911 366,239
------------- -----------
Cash at End of Period $ 71,350 $ 142,290
============= ===========
See Notes to Consolidated Financial Statements
4
<PAGE>
WORLDBID CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED 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 business of facilitating electronic commerce via
the Internet. The company owns and operates an online business-to-business world
trade web site, which is located on the Internet at "www.Worldbid.com". The
Worldbid web site facilitates business transactions on the Internet by providing
an organized and systematic tool for business to post notices of goods for sale
and notices for the request for tender of goods. The Company uses electronic
e-mail notifications in order to enable businesses to connect and transact
business. The Company currently earns revenues from advertising on e-mail
notifications, which are transmitted to businesses using the worldwide web site.
The Company plans to increase the revenue generating capabilities of its
Worldbid web site by charging fees to businesses for services provided via the
Worldbid web site.
Basis of Presentation
The consolidated financial statements as presented include the accounts of
Worldbid Corporation and its subsidiary Worldbid Networks, Inc. All intercompany
balances have been eliminated.
The Company reports revenue and expenses using the accrual method of accounting
for financial and tax reporting purposes. All reported amounts are in U.S.
dollars.
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.
5
<PAGE>
WORLDBID CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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 pro forma compensation expense is reported in these
financial statements.
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.
6
<PAGE>
WORLDBID CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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.
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.
Earnings Per Share Information
The Company computes basic earnings per share information by dividing the net
loss for the period presented by the weighted average number of shares
outstanding during such period. Common share equivalents are not included in
this calculation if the effect of their inclusion is anti-dilutive.
Advertising Expense
The company recognizes advertising expenses when incurred in accordance with SOP
93-7 "Reporting on Advertising Costs." As such, the Company expenses the cost of
producing advertisements at the time the production occurs, and expenses the
costs of communicating advertising in the period in which the advertising space
or airtime is used.
Comprehensive Income
Effective at inception, the Company adopted the provisions of SFAS No. 130,
"Reporting Comprehensive Income." SFAS No. 130 establishes standards for
reporting comprehensive income and its components in financial statements.
Comprehensive income, as defined, includes all changes in equity (net assets)
during a period from non-owner sources. At July 31, 2000 and 1999, the Company
did not have transactions that were required to be reported in comprehensive
income.
7
<PAGE>
WORLDBID CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Recently Issued Accounting Pronouncements
Recently issued accounting pronouncements will have no significant impact on the
Company and its reporting methods.
Capitalized Software
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. Accordingly the Company has capitalized computer software
costs incurred during the application development stage in accordance with this
standard. These capitalized costs consist primarily of direct materials,
services and payroll related costs associated with 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 are expensed as incurred.
NOTE 2 - SHAREHOLDER LOANS
Shareholder loans are payable on demand and accrue interest at 12% per annum.
There is no monthly payment made on this loan.
NOTE 3 - PROVISION FOR INCOME TAXES
The provision for income taxes for the three months ended July 31, 2000 and 1999
represents the minimum state income tax expense of the Company, which is not
considered significant.
NOTE 4 - COMMITMENTS AND CONTINGENCIES
Operating Leases
The Company leases office space under various noncancelable-operating leases.
These operating leases terminate July 31, 2003. In connection with the lease
arrangements, the Company is obligated to make rental payments of $2,560 per
month with scheduled increases to $2,730 effective August 1, 2002. In addition
to monthly rent, these loans require the company to pay a share of building
operating expenses.
Future annual minimum rental commitments are as follows:
Year
----
2000 $12,800
2001 $30,720
2002 $31,840
2003 $19,110
8
<PAGE>
WORLDBID CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 4 - COMMITMENTS AND CONTINGENCIES - CONTINUED
Management Consulting Agreement
The Company has entered into a consulting agreement, with On-Line Design, a
British Columbia company owned 100% by Mr. Wurtele. This obligation requires
payments of $7,500 per month expiring February 16, 2001. In exchange for these
payments, On-Line Design provides management and continued development of the
Company's business.
Litigation
The Company is not presently involved in any litigation.
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 - STOCK OPTION SUMMARY
The following table summarizes information about stock options outstanding at
July 31, 2000:
Options Outstanding at July 31, 2000
Exercise Number of Shares Remaining
Prices Outstanding Contractual Life
------ ----------- ----------------
Directors Plan $ .75 715,000 4 Years
Employees & Consultants $ .75 1,065,000 4 Years
Other $ 1.50 -
$ 1.75 510,000 2 Years
---------
Total 2,290,000
=========
9
<PAGE>
WORLDBID CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - STOCK OPTION SUMMARY - CONTINUED
2000 Employee & Consultants Stock Option Plan
On January 17, 2000, the Board of Directors and the Company adopted the 2000
Stock Option Plan and reserved 285,000 shares of Common Stock for issuance to
the employees and consultants of the Company. Each option will entitle the
holder to purchase one share of common stock of the Company at a price of $1.50
per share for a four year term expiring on February 1, 2004, subject to vesting
at 25% per year.
2000 Directors Stock Option Plan
On January 17, 2000, the Board of Directors and the Company adopted the 2000
Directors Stock Option Plan and reserved 317,500 shares of Common Stock for
issuance to the directors of the Company. Each option will entitle the holder to
purchase one share of common stock of the Company at a price of $1.50 per share
for a four-year term expiring on February 1, 2004. All options will vest upon
execution of the option agreement.
Other Stock Options
The Company has issued options to purchase an additional 312,500 shares to
employees and consultants during the period May 1, 2000 to June 23, 2000. Each
option is exercisable at a price of $1.50 per share for a four-year period. Of
the 312,500 options, 100,000 will vest upon execution of the option agreement
and 212,500 are subject to vesting at 25% per year.
The Company completed the sale of an additional 510,000 units during the period
from May 1, 2000 - June 23, 2000. Each unit consists of one share of the
Company's Common Stock, $0.001 par value and one share purchase warrant. Each
warrant is 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.
NOTE 7 - STOCK SPLIT
On June 26, 2000, the Company issued to each of the shareholders of the Company
a total of one additional share of the Company's common stock for each
outstanding share of the Company's common stock held by each shareholder. Each
share will be deemed to be a validly issued, fully paid and non-assessable share
of the Company's common stock.
10
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of Operations
Forward-Looking Statements
Statements in this quarterly report about our future results, levels of
activity, performance, goals or achievements or other future events constitute
forward-looking statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in our forward-looking statements.
These factors include, among others, those described in connection with the
forward-looking statements, and the factors listed in Exhibit 99.1 to this
report, which is hereby incorporated by reference in this report.
In some cases, you can identify forward-looking statements by our use of words
such as "may," "will," "should," "could," "expect," "plan," "intend,"
"anticipate," "believe," "estimate," "predict," "potential" or "continue" or the
negative or other variations of these words, or other comparable words or
phrases.
Although we believe that the expectations reflected in our forward-looking
statements are reasonable, we cannot guarantee future results, levels of
activity, performance or achievements or other future events. Moreover, neither
we nor anyone else assumes responsibility for the accuracy and completeness of
forward-looking statements. We are under no duty to update any of our
forward-looking statements after the date of this report. You should not place
undue reliance on forward-looking statements.
Sales
The Company realized revenues of $30,766 for the 3 months ended July 31, 2000.
The revenues consisted primarily of revenues from advertising on the e-mail
trade notifications. There were no revenues in the quarter ended July 31, 1999
as revenues from advertising only commenced in August 1999.
Another source of revenue is the implementation of usage fees for the Worldbid
web sites. We are continuing to evaluate the implementation of usage fees to be
charged to businesses using the Worldbid web sites. Our plan is to continue to
upgrade the Worldbid web sites to enable us to charge usage fees for various
services, such as qualified trade leads, offered through the Worldbid web sites.
We are developing software that will enable us to invoice businesses and collect
payments electronically through the Worldbid web sites. The implementation of
usage fees will depend on a number of factors, including the time at which
competitors begin charging for their services and the time at which we consider
that the information available to businesses on our Website is of sufficient
value to convince businesses to pay for access to this information.
We anticipate that revenue from advertising will increase if we can increase the
rate of paid advertising on our e-mail trade notifications. We plan to develop
relationships and arrangements with advertising agencies and advertisers who are
prepared to advertise on e-mail notifications transmitted via the Worldbid web
sites. A key component of our marketing program will be our ability to focus
advertising on targeted markets.
11
<PAGE>
Costs Of Goods Sold/Operating Expenses/Research And Development Expenses
The Company's operating expenses were $831,272 for the 3 months ended July 31,
2000, compared to operating expenses of $179,219 for the quarter ended July 31,
1999. Our increased operating expenses are the result of the expansion of our
business operations during the year. The substantial increase of $299,888 in
marketing expenses has enabled Worldbid to register 20,000 members in the twelve
months ended July 31, 2000. Other significant expenses included the hiring of
new employees ($176,841), the application to the United States Patent Office for
a patent of our customized trade facilitation system and associated custom
advertising and notifications ($30,600), as well as the operating of our office
in Victoria, British Columbia and the increased cost of managing and developing
the Worldbid web sites. Management expects that operating expenses and research
and development costs will increase substantially as we attempt to expand our
business operations in accordance with our business plan and our plan of
operations.
Net Loss
We recorded a net loss of $800,506 for the quarter ended July 31, 2000, compared
to a net loss of $178,496 for the quarter ended July 31, 1999. This loss
reflects our increased marketing and operating expenses during the year and the
fact that we did not achieve material revenues during the quarter. We anticipate
that losses will increase as we increase our operating expenses to carry out our
plan of operations. The Company anticipates increased operating expenses due to
the following: (i) the Company plans a substantial marketing program over the
next twelve months in order to increase Worldbid's registered user base; (ii)
expenses associated with anticipated increased Web site usage; (iii) expenses
associated with additional programs to be written to handle the anticipated
increased outgoing e-mail traffic; (iv) expansion to the Company's leased
premises in Victoria, British Columbia; and (v) additional expenses associated
with completing the Company's plan of operations.
Liquidity And Capital Resources
The Company had cash on hand of $71,350. Our monthly marketing and expenses have
increased to approximately $300,000 per month.
We will shortly require additional financing in order to continue our business
operations. We anticipate that any additional financing would be through the
sales of our common stock. We do not have any arrangements in place for the sale
of any of our common stock and there is no assurance that we will be able to
achieve funding through the sales of our common stock.
We anticipate that we will continue to incur losses for the foreseeable future.
We base this expectation in part on the expectation that we will incur
substantial marketing and operating expenses in completing our plan of
operations. Our future financial results are also uncertain due to a number of
factors, many of which are outside of our control. These factors include, but
are not limited to:
(i) our ability to implement usage fees for the Worldbid web sites without
significantly reducing use of the Worldbid web sites and the number of
e-mail trade notifications;
(ii) our ability to increase revenue from advertisements from e-mail
notifications transmitted via the Worldbid web sites;
12
<PAGE>
(iii) our ability to achieve funding, which is necessary to achieve our
stated plan of operations;
(iv) our ability to compete with existing and new business-to-business
electronic commerce web sites and the success of any marketing and
promotional campaign which we conduct for the Worldbid web sites.
13
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
During the three months ended July 31, 2000, Worldbid sold the following
unregistered securities:
On August 15, 2000, Worldbid issued 50,000 shares of Worldbid common stock to
Travis Morgan Securities, Inc., in exchange for financial advisory services to
be provided by Travis Morgan. Worldbid relied on the exemption from registration
provided by Section 4(2) under the Securities Act of 1933 in connection with the
issuance of the shares.
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) Exhibits
Exhibit
Number Description
------ -----------
27.1 Financial Data Schedule
99.1 Private Securities Litigation Reform Act of 1995
Safe Harbor Compliance Statement for Forward-Looking
Statements
(b) Reports on Form 8-K.
None.
14
<PAGE>
SIGNATURES
In accordance with 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.
WORLDBID CORPORATION
Date: September 14, 2000
By: /s/ SCOTT WURTELE
------------------------------
SCOTT WURTELE
Director & CEO
15
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
------ -----------
27.1 Financial Data Schedule
99.1 Private Securities Litigation Reform Act of 1995 Safe Harbor
Compliance Statement for Forward-Looking Statements
