UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITES EXCHANGE
ACT OF 1934
For the quarterly period ended July 31, 2000
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( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File number 0-29429
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RUBINCON VENTURES INC.
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(Exact name of registrant as specified in charter)
Delaware 98-0200798
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1366 - 161st Street
Delta, BC, Canada V4A 8A6
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(Address of principal executive offices) (Zip Code)
1- 604-526-0751
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Registrant's telephone number, including area code
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(Former name, address, and fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has 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
registrant was required to file such reports), Yes [X] No [ ] and ( ) has been
subject to filing requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date.
Class Outstanding as of July 31, 2000
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Common Stock, $0.001 per share 2,400,820
<PAGE>
INDEX
<TABLE>
<CAPTION>
Page
PART 1. Number
------
<S> <C>
ITEM 1. Financial Statements (unaudited)..................................... 3
Balance Sheet as at July 31, 2000
(with comparative figures as at January 31, 2000)........... 4
Statement of Operations
For the three months ended July 31, 2000 and 1999,
for the six months ended July 31, 2000 and 1999
and for the period from February 2, 1999 (Date of
Incorporation) to July 31, 2000.......................... 5
Statement of Cash Flows
For the three months ended July 31, 2000 and
1999 and for the period from February 2,
1999 (Date of Incorporation) to July 31, 2000............... 6
Notes to the Financial Statements.................................... 7
ITEM 2. Plan of Operations................................................... 10
PART 11 Signatures.................................................... 11
EXHIBIT
Article 5 of Regulation S-X
Financial Data Schedule Worksheet 12
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2
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ITEM 1. FINANCIAL STATEMENTS
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The accompanying balance sheet of Rubincon Ventures Inc. (an exploration stage
company) at July 31, 2000 (with comparative figures as at January 31, 2000) and
the statement of operations and statement of cash flow for the three months
ended July 31, 2000 and 1999, for the six months ended July 31, 2000 and 1999
and for the period from February 2, 1999 (date of incorporation) to July 31,
2000 and the statement of stockholders' equity for the period from February 2,
1999 (date of incorporation) to July 31, 2000 have been prepared by the
Company's management and they do not include all information and notes to the
financial statements necessary for a complete presentation of the 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 quarter ended July 31, 2000, are not necessarily
indicative of the results that can be expected for the year ending January 31,
2001.
3
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RUBINCON VENTURES INC.
(An Exploration Stage Company)
BALANCE SHEET
July 31, 2000 and January 31, 2000
(Unaudited - Prepared by Management)
<TABLE>
<CAPTION>
July 31 January 31
2000 2000
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ASSETS
CURRENT ASSETS
<S> <C> <C>
Bank and funds on hand $ 6 $ 1,428
OTHER ASSETS
Mineral claims - Note 3 -- --
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$ 6 $ 1,428
======== ==========
LIABILITIES
Accounts payable and accrued liabilities $ 3,080 $ 2,055
Due to a director 12,425 9,932
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15,505 11,987
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STOCKHOLDERS' EQUITY
Common stock
25,000,000 shares authorized, at $0.001 par
value, 2,400,820 shares issued and outstanding 2,401 2,401
Capital in excess of par value 15,300 10,200
Deficit accumulated during the development stage (33,200) (23,160)
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Total Stockholders' Equity (15,499) (10,559)
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$ 6 $ 1,428
======== ==========
</TABLE>
The accompanying notes are an integral part of these unaudited financial
statements.
4
<PAGE>
RUBINCON VENTURES INC.
(An Exploration Stage Company)
STATEMENT OF OPERATIONS
For the three months ended July 31, 2000 and 1999, for the six months ended
July 31, 2000 and 1999 and for the period from February 2, 1999
(Date of Inception) to July 31, 2000
(Unaudited - Prepared by Management)
<TABLE>
<CAPTION>
FOR THE THREE FOR THE THREE FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED INCEPTION
JULY 31, JULY 31, JULY 31, JULY 31, TO
2000 1999 2000 1999 JULY 31, 2000
---- ---- ---- ---- -------------
<S> <C> <C> <C> <C> <C>
SALES $ -- $ -- $ -- $ -- $ --
---------- --------- ---------- --------- ----------
EXPENSES
Accounting and audit 875 -- 1,950 -- 6,450
Bank charges 21 5 39 20 65
Edgar filing fees 425 -- 1,565 -- 1,565
Filing fees -- -- -- -- 125
Franchise tax 100 -- 100 -- 100
Geological report -- 1,200 -- 1,200 1,280
Incorporation costs
written -- -- -- 264 519
Management fees 1,500 1,500 3,000 3,000 9,000
Office -- 43 -- 91 370
Rent 900 900 1,800 1,800 5,400
Staking costs -- -- -- 385 3,196
Telephone 150 150 300 300 1,005
Transfer agent fees 1,255 1,375 1,285 1,375 4,125
---------- --------- ---------- --------- ----------
NET LOSS $ 5,226 $ 5,173 $ 10,039 $ 8,435 $ 33,200
========== ========= ========== ========== ==========
NET LOSS PER COMMON SHARE
Basic $ -- $ -- $ -- $ --
========== ========= ========== =========
AVERAGE OUTSTANDING SHARES
Basic 2,400,820 2,400,820 2,400,820 2,094,004
========== ========== =========== ==========
</TABLE>
The accompanying notes are an integral part of these unaudited financial
statements.
5
<PAGE>
RUBINCON VENTURES INC.
(An Exploration Stage Company)
STATEMENT OF CASH FLOWS
For the six months ended July 31, 2000, for the six
months ended July 31, 1999 and for the period from
February 2, 1999 (Date of Inception)
to July 31, 2000
(Unaudited - Prepared by Management)
<TABLE>
<CAPTION>
FOR THE SIX FOR THE SIX INCEPTION
MONTHS ENDED MONTHS ENDED TO
JULY 31, 2000 JULY 31, 1999 JULY 31, 2000
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<S> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net loss $ (10,039) $ (8,435) $ (33,200)
Adjustments to reconcile net loss to net
cash provided by operations:
Increase in accounts payable 1,025 -- 3,080
Increase in due to a director 2,492 3,993 12,425
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Net Cash from Operations (6,522) (4,442) (17,695)
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CASH FLOWS FROM INVESTING
ACTIVITIES
Mineral claims -- -- --
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CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of common
Stock -- 2,401 2,401
Capital contributions - expenses 5,100 5,100 15,300
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5,100 7,501 17,701
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Net Increase in Cash (1,422) 3,059 6
Cash at Beginning of Period 1,428 -- --
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CASH AT END OF PERIOD $ 6 $ 3,059 $ 6
========= ========= ===========
</TABLE>
The accompanying notes are an integral part of these unaudited financial
statements.
6
<PAGE>
RUBINCON VENTURES INC.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
July 31, 2000
(Unaudited - Prepared by Management)
1. ORGANIZATION
The Company was incorporated under the laws of the State of Delaware on
February 2, 1999 with the authorized common shares of 25,000,000 shares
at $0.001 par value.
The Company was organized for the purpose of developing mineral
properties. At the report date mineral claims, with unknown reserves,
had been acquired. The Company has not established the existence of a
commercially minable ore deposit and therefore has not reached the
development stage and is considered to be in the exploration stage (see
note 3).
The Company has completed a Regulation D offering of 2,000,820 shares
of its capital stock for cash.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
The Company recognizes income and expenses based on the accrual method
of accounting.
Dividend Policy
The Company has not yet adopted a policy regarding payment of
dividends.
Income Taxes
On July 31, 2000, the Company had a net operation loss carry forward of
$33,200. The tax benefit from the loss carry forward has been fully
offset by the valuation reserve because the use of the future tax
benefit is undeterminable since the Company has no operations. The net
operating loss carry forward will expire in 2021.
Earnings (Loss) per Share
Earnings (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding.
Comprehensive Income
The Company adopted Statement of Financial Accounting Standards No.
130. The adoption of the standard had no impact on the total
stockholder's equity.
7
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RUBINCON VENTURES INC.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
July 31, 2000
(Unaudited - Prepared by Management)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Recent Accounting Pronouncements
The Company does not expect that the adoption of other recent
accounting pronouncements will have a material impact on its financial
statements.
Cash and Cash Equivalents
The Company considers all highly liquid instruments purchased with a
maturity, at the time of purchase, of less than three months, to be
cash equivalents.
Amortization of Capitalized Mining Claim Costs
Costs of acquisition, exploration, carrying, and retaining unproven
properties are expensed as incurred. Costs incurred in proving and
developing a property ready for production are capitalized and
amortized over the life of the mineral deposit or over a shorter period
if the property is shown to have an impairment in value. Expenditures
for mining equipment are capitalized and depreciated over their useful
life.
Environmental Requirements
At the report date environmental requirements related to the mineral
claims acquired (note 3) are unknown and therefore an estimate of any
future costs cannot be made.
Financial Instruments
The carrying amounts of financial instruments, including cash and
accounts payable are considered by management to be their standard fair
values.
Estimates and Assumptions
Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of the
assets and liabilities, the disclosure of contingent assets and
liabilities, and the reported revenues and expenses. Actual results
could vary from the estimates that were assumed in preparing these
financial statements.
8
<PAGE>
RUBINCON VENTURES INC.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
July 31, 2000
(Unaudited - Prepared by Management)
3. MINERAL CLAIMS
The company acquired a certain mineral claim known as the Rubicon
claim, located in the Zeballos gold camp on Vancouver Island in the
province of British Columbia, with an expiry date of February 28, 2001.
The claims may be retained by the Company by making yearly lease
payments in the amount of $4,000 Cn on February 28, 2001 and each year
thereafter.
The claims have not been proven to have a commercial minable ore
reserve and therefore all costs for exploration and retaining the
properties have been expensed.
4. RELATED PARTY TRANSACTIONS
Related parties acquired 16.7 % of the capital stock issued for cash.
5. GOING CONCERN
The Company will need additional working capital to be successful in
its efforts to develop the mineral claims acquired and therefore
continuation of the Company as a going concern is dependent upon
obtaining additional working capital and the management of the Company
has developed a strategy, which it believes will accomplish this
objective through additional equity funding, and long term financing,
which will enable the Company to operate for the coming year.
9
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ITEM 2. PLAN OF OPERATIONS
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The Company has not performed any exploration activities on its claim since its
initial staking of these claims. With the winter approaching it is extremely
unlikely that the Company will undertake any exploration activities during the
latter part of 2000.
At the present time the Company has no intention of seeking out additional
mineral properties. One of the main reasons is a lack of funds available to the
Company for such activities. Any commitments for funds is presently being
provided by its officers and directors.
Liquidity and Capital Resources
The Company will have to consider various avenues open to it to obtain
sufficient funds to meet its current obligation and provided for funds to
maintain its mineral property in good standing. It options are for the directors
and officers to continue to personally fund the company, obtain institutional
funding guaranteed by the directors and officers or issue some of its capital
stock. No decision has been made in this regard.
Results of Operations
There have been no operations during the current period.
10
<PAGE>
SIGNATURES
Pursuant to 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.
RUBINCON VENTURES INC.
(Registrant)
November 13, 2000 /s/ "Jack Cewe"
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Jack Cewe - Director
November 13, 2000 /s/ "Albert Ezzy"
---------------------------------
Albert Ezzy - Secretary Treasurer
and Director
11
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ARTICLE 5 OF REGULATION S-X
COMMERCIAL AND INDUSTRIAL COMPANIESS, INC.
FINANCIAL DATA SCHEDULE WORKSHEET FOR: RUBINCON VENTURES, INC. PAGE 1 OF 2
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Review the following list of tags for Article 5 and fill in the correct data
in the column(s) provided. Generally only one column of information will be
required, however, two columns are provided if required in the Financial Data
Schedule.
Unless otherwise noted, all tags are required. A response is required for
each item within the schedule. Use the value "0" (zero) if information is
inapplicable, or unknown. Duplicates may not be used to state financial data
except as indicated.
To include a footnote, place a number in parentheses next to the value and
provide the text of each corresponding footnote at the end of the worksheet
form.
