UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[xx] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
Commission file Number: 000-26493
ANGELAUDIO.COM, INC.
(FORMERLY CORE SYSTEMS, INC.)
(Exact name of small business issuer as specified in its charter)
Nevada
(State or other jurisdiction of incorporation or organization)
88-0390251
(I.R.S. Employer Identification Number)
Suite 1940
400 Burrard Street
Vancouver, British Columbia
V6C 3A6
(Address of principal executive offices)
(604)642-6435
(Issuer's telephone number)
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 5,217,300 common shares as at March
31, 2000
Transitional Small Business Disclosure Format (check one): Yes [ ] No [ X ]
<PAGE>
ANGELAUDIO.COM, INC.
(formerly Core Systems, Inc.)
INDEX
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheet as of March 31, 2000
Statement of Loss and Deficit for the period ended
March 31, 2000
Statements of Cash Flows for the period ended
March 31, 2000
PART II. OTHER INFORMATION
SIGNATURES
2
<PAGE>
ANGELAUDIO.COM INC.
(FORMERLY CORE SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
FINANCIAL STATEMENTS
(PREPARED WITHOUT AUDIT - SEE NOTICE TO READER)
MARCH 31, 2000
DRIVER ANDERSON
CHARTERED ACCOUNTANTS
3
<PAGE>
DRIVER ANDERSON
CHARTERED ACCOUNTANTS
P.O. BOX 10123 IBM TOWER CLARK ANDERSON INC.
1220 - 701 WEST GEORGIA STREET CYRUS DRIVER
VANCOUVER, B.C. V7Y 1C6 GARY V. ARCA INC.
TEL: (604) 689-2919 FAX: (604)
685-2900
NOTICE TO READER
We have compiled the balance sheet of Angelaudio.com Inc., (formerly Core
Systems, Inc.) as at March 31, 2000 and the statements of loss and deficit and
cash flow for the six months then ended from information provided by management.
We have not audited, reviewed or otherwise attempted to verify the accuracy or
completeness of such information. Readers are cautioned that these statements
may not be appropriate for their purposes.
"DRIVER ANDERSON"
Vancouver, BC Chartered Accountants
May 9, 2000
4
<PAGE>
- --------------------------------------------------------------------------------
ANGELAUDIO.COM INC. (FORMERLY CORE SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
(PREPARED WITHOUT AUDIT - SEE NOTICE TO READER)
BALANCE SHEET (US DOLLARS)
- --------------------------------------------------------------------------------
MARCH 31, 2000
- --------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash $ 467
- --------------------------------------------------------------------------------
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities 1,312
Due to related party 68
Share subscriptions received 10,000
- --------------------------------------------------------------------------------
11,380
- --------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
SHARE CAPITAL 3,069
PAID IN CAPITAL 6,231
DEFICIT (20,213)
- --------------------------------------------------------------------------------
(10,913)
- --------------------------------------------------------------------------------
$ 467
- --------------------------------------------------------------------------------
APPROVED BY THE DIRECTOR:
/s/ Ian Stuart"
- ----------------------------------
5
<PAGE>
- --------------------------------------------------------------------------------
ANGELAUDIO.COM INC. (FORMERLY CORE SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
(PREPARED WITHOUT AUDIT - SEE NOTICE TO READER)
STATEMENT OF LOSS AND DEFICIT (US DOLLARS)
- --------------------------------------------------------------------------------
FOR THE SIX MONTH PERIOD ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
GENERAL AND ADMINISTRATIVE EXPENSES
Bank charges and interest 140
Consulting 6,462
Foreign exchange 139
Legal 1,312
Licences and fees 1,000
Office and miscellaneous 543
Salaries and benefits 2,950
- --------------------------------------------------------------------------------
LOSS FOR THE PERIOD (12,546)
DEFICIT, BEGINNING OF PERIOD (7,667)
- --------------------------------------------------------------------------------
DEFICIT, END OF PERIOD $(20,213)
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
ANGELAUDIO.COM INC. (FORMERLY CORE SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
(PREPARED WITHOUT AUDIT - SEE NOTICE TO READER)
STATEMENTS OF CASH FLOWS (US DOLLARS)
- --------------------------------------------------------------------------------
FOR THE SIX MONTH PERIOD ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
OPERATING ACTIVITIES
Loss for the period $(12,546)
Changes in non-cash working capital
Accounts payable and accrued liabilities 1,312
- --------------------------------------------------------------------------------
(11,234)
- --------------------------------------------------------------------------------
FINANCING ACTIVITIES
Shares subscribed 10,000
Advances from related party 68
- --------------------------------------------------------------------------------
10,068
- --------------------------------------------------------------------------------
DECREASE IN CASH (1,166)
CASH, BEGINNING OF PERIOD 1,633
- --------------------------------------------------------------------------------
CASH, END OF PERIOD $ 467
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
ANGELAUDIO.COM INC. (FORMERLY CORE SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
(PREPARED WITHOUT AUDIT - SEE NOTICE TO READER)
NOTES TO THE FINANCIAL STATEMENTS (US DOLLARS)
================================================================================
March 31, 2000
- --------------------------------------------------------------------------------
1. MANAGEMENT'S OPINION
In the opinion of management, the accompanying financial statements
contain all adjustments necessary to present fairly the financial
position of the company as of March 31, 2000, and the results of
operations then ended, and the changes in cash for the six months then
ended. The accompanying financial statements have been adjusted as of
March 31, 2000 as required by Item 310 (b) of Regulation S-B to include
all adjustments which in the opinion of management are necessary in
order to make the financial statements not misleading.
2. INTERIM REPORTING
The results of operations for the six months ended March 31, 2000 are
not necessarily indicative of the results to be expected for the
remainder of the year. Comparative figures for the six month period
ended March 31, 1999 are not available.
3. ORGANIZATION AND NATURE OF OPERATIONS
The company was incorporated in Nevada on February 19, 1997. The
company is a development stage company. Subsequent to March 31, 2000,
the company issued 2,000,000 shares at par value of $2,000 to acquire
Angelaudio.com Inc., a Nevada corporation. The company has subsequently
changed its name to Angelaudio.com Inc. from Core Systems, Inc.
4. BASIS OF ACCOUNTING
The company's policy is to use the accrual method of accounting and to
prepare and present financial statements which conform to generally
accepted accounting principles. The preparation of financial statements
in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
5. CASH AND EQUIVALENTS
For purpose of the statement of cash flows, all investments with a
maturity of three months or less are considered to be cash equivalents.
There were no cash equivalents as of March 31, 2000.
6. INCOME TAXES
Income taxes are provided for using the liability method of accounting
in accordance with Statement of Financial Accounting Standards No. 109,
"Accounting for Income Taxes." A deferred tax asset or liability is
recorded for all temporary differences between financial and tax
reporting. Deferred tax expense (benefit) results from the net change
during the year of deferred tax assets and liabilities.
There is no income tax benefit recorded in these financial statements
as there is no certainty of future recovery.
8
<PAGE>
PART II
OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
None
Item 2 CHANGES IN SECURITIES AND USE OF PROCEEDS
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) Exhibits
Exhibit 27.1 Financial Data Schedule
(b) Reports on Form 8-K
The Issuer filed a Form 8K on May 11, 2000.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
ANGELAUDIO.COM, INC.
(formerly Core Systems, Inc.)
Dated: May 12, 2000 Per: /s/ Ian Stuart
------------------------------------
Ian Stuart, President and Director
9
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED MARCH 31, 2000 AND
IS QUALIFIED IN ITS ENTIRET7 BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0001082121
<NAME> ANGELAUDIO.COM, INC.
(Formerly Core Systems, Inc.)
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<CASH> 467
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 467
<CURRENT-LIABILITIES> 11,380
<BONDS> 0
0
0
<COMMON> 9,300
<OTHER-SE> (20,213)
<TOTAL-LIABILITY-AND-EQUITY> 467
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<CGS> 0
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<OTHER-EXPENSES> 12,546
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<INCOME-PRETAX> (12,546)
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<INCOME-CONTINUING> (12,546)
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<EXTRAORDINARY> 0
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<NET-INCOME> (12,546)
<EPS-BASIC> (0.002)
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</TABLE>
