UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the quarterly period ended March 31, 2000
[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from to
------- --------
Commission File Number 0-28309
INTERFACE E.COM, INC.
----------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 88-0430739
--------------------------- -----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization Identification No.)
#133-11121 Horseshoe Way
Richmond, B.C., Canada 7A 5G7
(Address of principal executive offices) (Zip Code)
------------------------------------------------------------------
Registrant's telephone number, including area code (604) 837-6238
None
---------------------------------------------------------
Former Name, Address and 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 Exchange Act during the past 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
The number of shares outstanding of the registrant's common stock as of March
31, 2000 was 2,000,000.
Registrant's common stock is listed on the OTCBB under the symbol "IFCM" ;
however trading has not yet commenced.
The aggregate market value of the voting common stock held by non-affiliates of
Registrant is $50,000, or $.05 per share.
Registrant's Form 10SB12G and all exhibits thereto, and Form 10-K for the
year ended December 31, 1999, are incorporated herein by reference.
1
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS.
INTERFACE E.COM, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
March 31, 2000
and
For the Period From Incorporation on March 30, 1999
to
December 31, 1999
2
<PAGE>
D E V I S S E R & C O M P A N Y
CHARTERED ACCOUNTANTS
401 - 905 West Pender Street
Vancouver, BC Canada
V6C 1L6
Tel: (604) 687-5447
Fax: (604) 687-6737
AUDITORS' REPORT
To the Shareholders of Interface E.Com, Inc.
We have audited the balance sheet and statement of shareholder's equity of
Interface E.Com, Inc. as at March 31, 2000 and December 31, 1999 and the
statements of operations and cash flows for the period from the date of
incorporation on March 30, 1999 to December 31, 1999. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards in Canada, which are in substantial agreement with those in the
United States of America. Those standards require that we plan and perform
an audit to obtain reasonable assurance whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles made by
management, as well as evaluating the overall financial statement
presentation.
In our opinion, these financial statements present fairly, in all material
respects, the financial position and shareholder's equity of the Company as
at March 31, 2000 and December 31, 1999, and the results of its operations and
its cash flows for the period from the date of its incorporation on March 30,
1999 to December 31, 1999 in accordance with generally accepted accounting
principles in the United States of America.
The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in note 1 to the financial
statements, the Company has no established source of revenue and is dependent
on its ability to raise substantial amounts of equity funds. This raises
substantial doubt about its ability to continue as a going concern. The
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
"De Visser & Company"
CHARTERED ACCOUNTANTS
Vancouver, British Columbia
May 4, 2000
2
<PAGE>
INTERFACE E.COM, INC.
(A Development Stage Company)
BALANCE SHEET
As at
<TABLE>
<CAPTION>
March 31 December 31
2000 1999
(US$) (US$)
A S S E T S
Current Assets
<S> <C> <C>
Cash $ 25,019 $ 26,083
Accounts receivable 2,438 -
Due to related parties 400 400
---------- ---------
$ 27,857 $ 26,483
========== =========
</TABLE>
<TABLE>
<CAPTION>
L I A B I L I T I E S
Current Liabilities
<S> <C> <C>
Accounts payable $ 1,639 1,151
----------- --------
</TABLE>
<TABLE>
<CAPTION>
S T O C K H O L D E R S' E Q U I T Y
Share Capital (note 4)
<S> <C> <C>
Authorized: 25,000,000 common shares,
par value $0.001 per share,
Issued: 2,000,000 common shares $ 2,000 $ 2,000
Additional paid-in capital 49,000 49,000
Deficit accumulated during the
Development Stage (24,782) (25,668)
---------- --------
$ 26,218 25,332
---------- --------
$ 27,857 $ 26,483
========== ========
</TABLE>
Approved by the Director:
/s/ James Suk
Continuance of Operations (note 3)
4
<PAGE>
INTERFACE E.COM, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS AND DEFICIT
For the Three Month Period ended March 31, 2000 and
For the Period from Incorporation on March 30, 1999 to December 31, 1999
<TABLE>
<CAPTION>
Cumulative For the three Incorporation
amounts month period to December 31,
3/31/99 to ended 3/31/00 1999
3/31/00
<S> <C> <C> <C>
Revenue
Programming and
Analytical $ 2,438 $ 2,438 $ -
Interest 965 305 660
---------- ------------ --------
$ 3,403 $ 2,743 $ 660
========== ============ ========
General and Administrative
Expenses
Bank charges $ 283 $ 68 $ 215
Consulting 5,000 - 5,000
Management fees 4,000 - 4,000
Miscellaneous 1,727 489 1,238
Professional fees 14,175 400 13,775
Rent 1,500 900 600
Trust and filing 1,500 - 1,500
---------- ------------ --------
Total General and
Administrative Expenses 28,185 1,857 26,328
---------- ------------ --------
Income(loss) for
the period $ (24,782) 886 (25,668)
Deficit - beginning
Of period - (25,668) -
---------- ------------ --------
Deficit-end of period $ (24,782) $ (24,782) $(25,668)
========== ============ ========
Weighed average number
of shares 2,000,000 1,972,590
========= =========
Loss per share $ 0.00 $ (0.01)
========= =========
</TABLE>
5
<PAGE>
INTERFACE E.COM, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOW
For the Three Month Period Ended March 31, 2000 and
For the Period from Incorporation on March 30, 1999 to December 31, 1999
<TABLE>
<CAPTION>
Cumulative For the three Incorporation
amounts month period to December 31,
3/31/99 to ended 3/31/00 1999
3/31/00
<S> <C> <C> <C>
Cash Provided By (Used For):
Operating Activities
Net income(loss)
for the period $ (24,782) $ 886 $ (25,668)
Adjustment to reconcile
net loss to cash provided
by operations:
- - increase in accounts
receivable (2,438) (2,438) -
- - increase in accounts
payable 1,639 488 1,151
- - increase in related
parties (400) - (400)
---------- ---------- ----------
(25,981) (1,064) (24,917)
Financing Activity
Proceeds from the issuance
of share capital 51,000 - 51,000
---------- ---------- ---------
Net cash provided during
the period 25,019 (1,064) 26,083
Cash - beginning of period - 26,083 -
--------- ---------- --------
Cash - end of period $ 25,019 $ 25,019 $ 26,083
========= ========== ========
</TABLE>
6
<PAGE>
INTERFACE E.COM, INC.
(A Development Stage Company)
STATEMENT OF SHAREHOLDER'S EQUITY
For the Three Month Period Ended March 31, 2000 and
For the Period from Incorporation on March 30, 1999 to December 31, 1999
<TABLE>
<CAPTION>
Total
Common Stock Additional Accumulated Stockholders'
Paid-in Capital Deficit Equity
US$ US$ US$ US$
<S> <C> <C> <C> <C>
Shares issued $ 2,000 $49,000 $ - $ 51,000
Net loss - - (25,668) (25,668)
-------- ------ ------- --------
Balance-
December 31,
1999 $ 2,000 $49,000 $(25,668) $ 25,332
Shares issued - - - -
Net income - - 886 886
-------- ------- -------- --------
Balance at
March 31,2000 $ 2,000 $49,000 $(24,786) $ 26,218
======== ======= ======== ========
</TABLE>
7
<PAGE>
INTERFACE E.COM, INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
For the Three Month Period Ended March 31, 2000 and
For the Period from Incorporation on March 30, 1999 to December 31, 1999
1. THE CORPORATION AND ITS BUSINESS
Interface E.Com, Inc. was incorporated in the State of Nevada, United States of
America on March 30, 1999 under the Nevada Revised Statutes, Chapter 78,
Private Companies.
The Company has offices in Vancouver, British Columbia, Canada. The Company
is in its development stage and to date its activities have been limited
to initial organization and capital formation.
2. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
These financial statements have been prepared in United States of America
dollars using United States of America Generally Accepted Accounting
Principles.
The Company has not yet determined and established its accounting policies
and procedures, except as follows:
1. The Company uses the accrual method of accounting and has
Recognized revenues when the service has been performed and billed.
2. Net loss per share is provided in accordance with Financial
Accounting Standards No. 128 (FAS No. 128) "Earnings Per Share". Basic loss
per share is computed by dividing losses available to common stockholders by
the weighted-average number of common shares outstanding during the period.
Diluted loss per share reflects the per share amounts that would have
resulted if dilutive common stock equivalents had been converted to common
stock. No stock options were available or granted during the period
and diluted loss per share are the same for all periods presented.
3. The Company has not yet adopted any policy regarding the payment of
dividends. No dividends have been paid since inception.
3. GOING CONCERN
The Company's financial statements are prepared using generally accepted
accounting principles applicable to a going concern, which contemplates the
realization of assets and the liquidation of liabilities in the normal course
of business. The Company currently has had limited revenue and has no
consistent source of revenue. The ability of the Company to continue as a
going concern is dependent upon its ability to raise substantial amounts of
equity funds for use in administrative and investment activities.
8
<PAGE>
4. SHARE CAPITAL
Authorized
The authorized share capital consists of 25,000,000 shares of common stock
with a par value of $0.001.
Issued
2,000,000 shares of common stock have been issued for $51,000: 1,000,000
shares were issued at $0.001 per share ($1,000); and the balance of 1,000,000
shares were issued at $0.05 per share ($50,000).
5. RELATED PARTY TRANSACTIONS
The officers and directors of the Company are involved in other business
activities. If a specific business opportunity becomes available, such
persons may face a conflict in selecting between the best interests of the
Company and their own business interests. The Company has not formulated a
policy for the resolution of such conflicts.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
RESULTS OF OPERATIONS
Registrant has not yet commenced full business operations and has realized
limited revenues of $3,403 for the period from inception to the quarter ended
March 31, 2000.
Registrant had a net loss of $24,782 for the period from inception to the
quarter ended March 31, 2000, resulting in a net loss per share of $.01.
General and administrative expenses for the period from inception to the
quarter ended March 31, 2000 were $28,185, and consisted primarily of
professional fees in the amount of $14,175, representing legal and accounting
fees incurred in the filing of Registrant's initial public offering documents
pursuant to Rule 504, Regulation D of the Securities Act of 1933, as amended.
LIQUIDITY AND CAPITAL RESOURCES
At the quarter ended March 31, 2000 and at the year ended December 31, 1999,
Registrant's primary sources of liquidity included cash and cash equivalents of
$25,019 and $26,083, respectively, which was the balance of proceeds raised in
Registrant's initial public offering conducted in the State of Nevada, pursuant
to Rule 504 of Regulation D.
9
<PAGE>
Registrant believes that its existing cash balance and future operating cash
flows will be sufficient for near term operating needs. The extent to which
such sources will be sufficient to meet Registrant's anticipated cash
requirements is subject to a number of uncertainties, the most important of
which is Registrant's ability to generate sufficient cash flow to support its
proposed business operations.
UNCERTAINTIES RELATING TO FORWARD-LOOKING STATEMENTS
Certain parts of this Form 10-QSB may contain "forward-looking statements"
within the meaning of the Securities Exchange Act of 1934, as amended, based on
current management expectations. Actual results could differ materially from
those in the forward-looking statements due to a number of uncertainties,
including, but not limited to, those discussed in this section. Factors that
could cause future results to differ from these expectations include general
economic conditions particularly related to demand for Registrant's services;
changes in business strategy; competitive factors (including the introduction
or enhancement of competitive services); pricing pressures; changes in
operating expenses; inability to attract or retain consulting, sales and/or
development talent; changes in customer requirements; and/or evolving industry
standards.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS OF FORM 8-K
A) All exhibits required to be filed herein are incorporated by
reference to Registrant's Form 10SB and Form 10KSB previously filed herein.
B) There were no reports on Form 8-K filed during the quarter.
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 the
undersigned thereunto duly authorized.
INTERFACE E.COM, INC.
Date: May 10, 2000 By: /s/ Jon Suk, President, Treasurer
and Director
Date: May 10, 2000 By: /s/ James Y. Suk, Secretary and
Director
