<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 2000
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ________________
Commission file number 0-26479
Wolfpack Corporation
(Exact name of registrant as specified in its charter)
Delaware 56-2086188
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
17 Glenwood Avenue
Raleigh, North Carolina 27603
----------------------- -----
(Address of principal executive offices) (Zip Code)
(919) 831-1351 (Registrant's telephone number, including area code)
--------------
Check 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, and (2) has been subject to such filing requirements for
the past 90 days. Yes [X] No [_]
As of November 15, 2000, there were 18,552,570 shares of the registrant's
common stock, par value $0.001 issued and outstanding.
1
<PAGE>
WOLFPACK CORPORATION
September 30, 2000 QUARTERLY REPORT ON FORM 10-QSB
TABLE OF CONTENTS
Page Number
Special Note Regarding Forward Looking Statements.................. 3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements............................................... 4
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations............................................ 14
Item 3. Quantitative and Qualitative Disclosures About Market Risk......... 18
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.................................................. 18
Item 2. Changes in Securities and Use of Proceeds.......................... 18
Item 3. Defaults Upon Senior Securities.................................... 18
Item 4. Submission of Matters to a Vote of Security Holders................ 18
Item 5. Other Informations................................................. 18
Item 6. Exhibits and Reports on Form 8-K................................... 18
2
<PAGE>
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
To the extent that the information presented in this Quarterly Report on
Form 10-QSB for the quarter ended September 30, 2000 discusses financial
projections, information or expectations about our products or markets, or
otherwise makes statements about future events, such statements are forward-
looking. We are making these forward-looking statements in reliance on the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Although we believe that the expectations reflected in these forward-looking
statements are based on reasonable assumptions, there are a number of risks and
uncertainties that could cause actual results to differ materially from such
forward-looking statements. These risks and uncertainties are described, among
other places in this Quarterly Report, in "Management's Discussion and Analysis
of Financial Condition and Results of Operations".
In addition, we disclaim any obligations to update any forward-looking
statements to reflect events or circumstances after the date of this Quarterly
Report. When considering such forward-looking statements, you should keep in
mind the risks referenced above and the other cautionary statements in this
Quarterly Report.
3
<PAGE>
<TABLE>
<S> <C>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Report of Reviewing Independent Accountant............................... 5
Combined and Consolidated Balance Sheet as of September 30, 2000......... 6
Combined and Consolidated Statements of Operations
for the three months ended September 30, 2000 and 1999................. 7
Combined and Consolidated Statements of Cash Flows
for the three months ended September 30, 2000 and 1999................. 8
Combined and Consolidated Statement of Stockholder Equity................ 9
Notes to Consolidated Financial Statements............................... 10
</TABLE>
4
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Directors of Wolfpack Corporation:
I have reviewed the accompanying consolidated balance sheet of Wolfpack
Corporation as of September 30, 2000, and the related consolidated statements of
operations and of cash flows for the nine month periods ended September 30, 2000
and 1999. These financial statements are the responsibility of the Company's
management.
I have conducted my review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, I do not express such an opinion.
Based on my review, I am not aware of any material modifications that should be
made to the accompanying consolidated interim financial statements referred to
above for them to be in conformity with generally accepted accounting
principles.
I previously audited in accordance with generally accepted auditing standards,
the consolidated balance sheet as of December 31, 1999, and the related
consolidated statements of operations, of changes in shareholders' equity and of
cash flows for the year then ended (not presented herein), and in my report
dated March 31, 2000, I expressed an unqualified opinion on those consolidated
financial statements. In my opinion, the accompanying consolidated balance sheet
information as of December 31, 1999, is fairly stated, in all material respects
in relation to the consolidated balance sheet from which it has been derived.
/s/ Thomas Monahan
Certified Public Accountant
Paterson, New Jersey
November 13, 2000
5
<PAGE>
WOLFPACK CORPORATION
COMBINED AND CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
September 30,
December 31, 2000
1999 Unaudited
------------ ----------
<S> <C> <C>
Assets
Current assets
Cash and cash equivalents $ 142,996 $ 207,289
Accounts receivable 363,555
Inventory 119,714 183,655
Prepaid expense 17,559
Officer loan receivable 50,375
--------- ----------
Current assets 313,085 772,058
Property and equipment-net 32,023 281,632
Other assets
Software developed for internal use 530,990
Regulatory license 23,000
Costs of acquiring customer data base 267,720
Goodwill 200
Investments in subsidiary 26,594
Security deposits 5,500 13,400
--------- ----------
Total other assets 5,500 861,904
--------- ----------
Total assets $ 350,608 $1,915,594
========= ==========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 3,580 $ 591,958
Officer loan payable 54,000
----- -------
3,580 645,958
Stockholders' equity
Preferred stock - authorized 5,000,000 shares, $.001 per share
each. At December 31, 1998 and September 30, 2000 there were -0-
shares outstanding respectively
Common Stock authorized 20,000,000 shares, $0.001 par value
each. At December 31, 1999 and September 30, 2000, there are
5,311,400 and 18,552,570 shares outstanding respectively. 5,311 18,552
Additional paid in capital 584,471 1,663,645
Retained earnings (242,754) (412,561)
--------- ----------
Total stockholders' equity 347,028 1,269,636
--------- ----------
Total liabilities and stockholders' equity $ 350,608 $1,915,594
========= ==========
</TABLE>
See accompanying notes to financial statements
6
<PAGE>
WOLFPACK CORPORATION
COMBINED AND CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For the nine For the nine
months ended months ended
September 30, September 30,
1999 2000
Unaudited Unaudited
------------ ------------
<S> <C> <C>
Revenue $ 449,493 $ 1,750,964
Costs of goods sold 269,696 920,253
---------- -----------
Gross profit 179,797 830,711
Operations:
General and administrative 316,156 970,992
Depreciation 8,400 28,388
---------- -----------
Total expenses 324,556 999,380
Income (loss) from operations and before corporate income taxes (144,759) (168,669)
Other income
Interest income 2,371 2,862
Interest expense (4,000)
---------- -----------
Total other income 2,371 (1,138)
---------- -----------
Net income (loss) $ (142,388) $ (169,807)
========== ===========
Net income (loss) per share-basic $(0.02) $(0.01)
========== ===========
Number of shares outstanding-basic 3,850,222 15,802,570
========== ===========
</TABLE>
See accompanying notes to financial statements
7
<PAGE>
WOLFPACK CORPORATION
COMBINED AND CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For the three For the three
months ended months ended
September 30, September 30,
1999 2000
Unaudited Unaudited
------------ ------------
<S> <C> <C>
Revenue $ 133,374 $ 796,438
Costs of goods sold 83,415 470,912
---------- -----------
Gross profit 50,079 325,530
Operations:
General and administrative 96,914 430,657
Depreciation 4,200 23,464
---------- -----------
Total expenses 101,114 454,121
Income (loss) from operations and before corporate income taxes (51,035) (128,591)
Other income
Interest income 983 867
Interest expense (2,000)
---------- -----------
Total other income 983 (1,133)
---------- -----------
Net income (loss) $ (50,052) $ (129,734)
========== ===========
Net income (loss) per share-basic $(0.01) $(0.01)
========== ===========
Number of shares outstanding-basic 3,850,222 15,802,570
========== ===========
</TABLE>
See accompanying notes to financial statements
8
<PAGE>
WOLFPACK CORPORATION
COMBINED AND CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited
<TABLE>
<CAPTION>
For the nine For the nine
months ended months ended
September 30, 1999 September 30, 2000
------------------ ------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING Net income (loss) per share ACTIVITIES
Net income (loss) $(142,388) (169,807)
Interest expense 4,000
Non cash payment of legal expenses
Depreciation 8,400 28,388
Adjustments to reconcile net income (loss) to net cash
Accounts receivable (363,555)
Inventory (61,135) (63,941)
Prepaid expenses 43,092 (17,559)
Officer loan receivable (94,500)
Accounts payable 20 588,378
-------- ---------
TOTAL CASH FLOWS FROM OPERATIONS (246,551) 5,904
CASH FLOWS FROM INVESTING ACTIVITIES
Software developed for internal use (188,775)
Purchase of regulatory license (23,000)
Cost of acquiring customer data base (267,720)
Security deposits (7,900)
Officer loan receivable 50,375
Investment in subsidiary (26,594)
Purchase of assets (277,997)
---------
TOTAL CASH FLOWS FROM INVESTING ACTIVITIES (741,611)
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of shares of common stock net of offering expenses 267,267 750,000
Officer loan payable 50,000
--------- --------
TOTAL CASH FLOWS FROM FINANCING ACTIVITIES 267,267 800,000
NET INCREASE (DECREASE) IN CASH 20,716 64,293
CASH BALANCE BEGINNING OF PERIOD 132,070 142,996
-------- ---------
CASH BALANCE END OF PERIOD $152,786 $ 207,289
======== =========
</TABLE>
See accompanying notes to financial statements
9
<PAGE>
WOLFPACK CORPORATION
COMBINED AND CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
Preferred Preferred Common Common Additional Retained
Date stock stock stock paid in capital earnings Total
<S> <C> <C> <C> <C> <C> <C> <C>
Issuance of shares
for acquisitions -0- $ -0- 2,000,000 $2,000 $281,165 $283,165
Net Income
Balance 74 74
--------- --------- ---------- ------ -------- --------- ----------
12-31-1998 -0- $ -0- 2,000,000 $2,000 $281,165 $74 $283,239
========= ========= ========== ====== ======== ========= ==========
Balances 1-4-1999 -0- $ -0- 2,000,000 $2,000 $281,165 $74 $283,239
Sale of shares 3,311,400 3,311 338,779 342,090
Offering expenses (35,473) (35,473)
Net loss $(242,828) (242,828)
--------- --------- ---------- ------ -------- --------- ----------
12-31-1999 -0- $ -0- 5,311,400 $5,311 $584,471 (242,754) $347,028
Unaudited
Sale of shares 3,000,000 3,000 747,000 750,000
Issuance of shares
for acquisition 10,241,170 10,241 332,174 342,415
Net loss (169,807) (169,807)
--------- --------- ---------- ------ -------- --------- ----------
9-30-2000 -0- $ -0- 18,552,570 $18,552 $1,663,645 $(412,561) $1,269,636
</TABLE>
See accompanying notes to financial statements
10
<PAGE>
WOLFPACK CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2000
Note 1 - Basis of Presentation
The accompanying unaudited financial statements of Wolfpack Corporation
(the "Company") reflect all adjustments which are, in the opinion of management,
necessary to a fair statement of the results of the interim periods presented.
All such adjustments are of a normal recurring nature. The financial statements
should be read in conjunction with the notes to financial statements contained
in the Company's Annual Report on Form 10-KSB for the year ended December 31,
1999.
Note 2 - Commitments and Contingencies
Lease Agreements
On June 26, 1995, Susan H. Coker d/b/a/ Dina Porter entered into a lease
agreement for 4,251 square feet of retail space at The Cameron Village Shopping
Center at 446 Daniel Street, Raleigh, North Carolina with an unrelated party for
a period of 5 years beginning October 1, 1995 and ending September 30, 2000 for
a rental of $4,530 per month. The lease requires a security deposit of $4,530.
As of June 30, 2000, the Company has closed this retail store in Raleigh, North
Carolina.
The Company has entered into an additional lease for 1,200 square feet of
retail space at 400 South Elliot Road, Chapel Hill, North Carolina at a monthly
rent of $2,000.
AAM occupies office space at 17 Glenwood Avenue, Raleigh, North Carolina
27603.
Jetco occupies 13,000 square feet of office and warehouse facilities at
2474 Mnana Drive, Dallas Texas 75220 pursuant to a 3 year lease dated May, 2000
which requires monthly rental of $5,600.
Note 3 - Inventory
Inventory for Dina Porter has been recorded at the lower of cost or market
under the first- in first-out method. At December 31, 1999 and September 30,
2000, inventory of goods available for sale was $119,714 and $133,473
respectively.
Inventory for Jetco has been recorded at the lower of cost or market. At
December 31, 1999 and September 30, 2000, inventory of goods available for sale
was $-0- and $50,182 respectively.
Note 4 - Income Taxes
11
<PAGE>
The Company provides for the tax effects of transactions reported in the
financial statements. The provision if any, consists of taxes currently due plus
deferred taxes related primarily to differences between the basis of assets and
liabilities for financial and income tax reporting. The deferred tax assets and
liabilities, if any, represent the future tax return consequences of those
differences, which will either be taxable or deductible when the assets and
liabilities are recovered or settled. As of September 30, 2000, the Company had
no material current tax liability, deferred tax assets, or liabilities to impact
on the Company's financial position because the deferred tax asset related to
the Company's net operating loss carry forward and was fully offset by a
valuation allowance.
At September 30, 2000, the Company has net operating loss carry forwards
for income tax purposes of $412,561. These carry forward losses are available to
offset future taxable income, if any, and expire in the year 2010. The Company's
utilization of this carry forward against future taxable income may become
subject to an annual limitation due to a cumulative change in ownership of the
Company of more than 50 percent.
The components of the net deferred tax asset as of September 30, 2000 are
as follows:
Deferred tax asset:
Net operating loss carry forward $ 140,270
Valuation allowance $(140,270)
---------
Net deferred tax asset $ -0-
The Company recognized no income tax benefit from the loss generated for
the period from the date of inception to September 30, 2000. SFAS No. 109
requires that a valuation allowance be provided if it is more likely than not
that some portion or all of a deferred tax asset will not be realized. The
Company's ability to realize benefit of its deferred tax asset will depend on
the generation of future taxable income. Because the Company has yet to
recognize significant revenue from the sale of its products, the Company
believes that a full valuation allowance should be provided.
12
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with
the Financial Statements and Notes thereto appearing elsewhere in this Quarterly
Report. Certain statements in this Quarterly Report which are not statements of
historical fact are forward-looking statements. See "Special Note Regarding
Forward-Looking Statements" on Page 3.
We were formed on March 16, 1998, under the laws of the State of Delaware
to engage in any lawful act or activity for which corporations may be organized
under the business corporation law of the State of Delaware. Our principal
assets consist of:
. our Dina Porter, Inc. ("Dina Porter") subsidiary;
. our AAM Investment Council, Inc. ("AAM") subsidiary; and
. our JetCo Communications Corporation ("JetCo") subsidiary.
Dina Porter
Dina Porter, a retailer of high quality women's fashion apparel and
accessories, is an operating entity with business operation going back to 1995
and with increased revenue for the years ended December 31, 1998 and 1999.
During this period, we devoted the majority of our efforts to:
. developing our marketing philosophy and market strategy,
. obtaining new customers for our products,
. enhancing our sources for inventory,
. pursuing and finding a management team to continue the process of
completing our marketing goals, and
. obtain sufficient working capital through debt and equity.
These activities were funded by our management and investments from
stockholders.
AAM
Our subsidiary, AAM, intends to act as a financial adviser and provide
investment advisory services to select companies who have portfolios ranging in
size from an ideal number of three to a practical limit of 10 and have clearly
defined investment objectives. AAM is a development stage enterprise with no
activity for the years ended December 31, 1998 and 1999. During this period,
management had devoted the majority of its efforts to developing its marketing
philosophy and market
13
<PAGE>
strategy, obtaining new clients for its products, pursuing and finding a
management team to continue the process of completing its marketing goals,
obtain sufficient working capital through loans and equity through private
placement offering. These activities were funded by our management and
investments from stockholders.
JetCo
We completed the acquisition of JetCo Communications Corporation, a Texas
corporation, ("JetCo"). We have acquired all of the issued and outstanding
capital stock of JetCo, including its subsidiaries, which do business under the
names E-Z Fon Services, Inc. ("E-Z Fon") and E-Z Wireless, Inc. ("E-Z
Wireless"). For the purchase of JetCo's capital stock, JetCo shareholders
received 10,241,170 shares of newly issued common stock. As a result, the former
JetCo shareholders own approximately 57% of the capital stock of Wolfpack.
William W. Evans, the President of JetCo, received 8,691,170 shares of Wolfpack
common stock, approximately 48% of the capital stock of Wolfpack, giving Mr.
Evans effective control over matters submitted to the shareholders.
The acquisition has been accounted for using the pooling of interest
method. As such, the historical costs of the companies assets and liabilities
have been combined and become the recorded amounts of the combined company's
assets and liabilities for all periods presented. Prior to January 1, 2000, the
assets and liabilities and results of operations for Jetco were nil. The effects
of intercompany transactions on current assets, current liabilities, revenue,
and cost of sales for periods presented and on retained earnings at the
beginning of the periods presented were eliminated to the extent possible.
E-Z Fon provides prepaid local telephone service to approximately 5,000
customers in Texas. E-Z Wireless is a prepaid cellular phone service provider
operating in Texas and has service agreements in seven other states. JetCo has
recently completed an acquisition of 3,000 customers and distribution channels
with outlets in each major city in Texas. JetCo is currently licensed to provide
phone service in Texas and has applied for a similar license in 23 additional
states.
JetCo has also developed proprietary Integrated Communications Provider
software, which JetCo anticipates will be completed during the second quarter.
The software, along with the anticipated new service agreements will enable E-Z
Fon to provide local phone service, long distance, wireless, paging, Internet
and satellite television services to both prepaid and conventional invoiced
residential customers. JetCo has made enhancements to its software to allow
customers to choose services by the Internet.
For the next 12 months, we plan to focus on expanding the operations of
JetCo. To a lesser extent, we will seek to expand the business of Dina Porter
which includes:
. obtaining new customers for the sale of products through our retail
store by continuing our marketing efforts through direct mail and
plans to build Dina Porter's retail merchandising business by opening
additional stores in the same geographic area and in other locations
in North Carolina,
. enhancing our sources for inventory, and
14
<PAGE>
. pursuing and finding a management team to continue the process of
completing its marketing goals and to market limited quantities of
expanded lines of merchandise.
We anticipate that our results of operations may fluctuate for the
foreseeable future due to several factors, including:
. financing of JetCo's desired growth in customer base and distribution;
. whether and when new products are successfully integrated and accepted
by Dina Porter's present clientele and intended targeted market for
new stores;
. continued market acceptance of current products;
. competitive pressures on pricing; and
. changes in the mix of products sold.
Operating results would also be adversely affected by a downturn in the
market in general. Because we continue to increase our operating expenses for
personnel and other general and administrative expenses, our operating results
would be adversely affected if our sales did not correspondingly increase. Our
limited operating history makes accurate prediction of future operating results
difficult or impossible.
Results of Operations
Results of operations for the nine months ended September 30, 2000 as
compared to the nine months ended September 30, 1999.
For the nine months ended September 30, 1999 and 2000, AAM was inactive.
For the nine months ended September 30, 1999 and 2000, results of
operations for Dina Porter were as follows:
For the nine months ended September 30, 2000, we generated net sales of
$500,862 as compared to $449,493 for the nine months ended September 30, 1999
representing a increase of $51,369 or approximately 11.4%. Our cost of goods
sold for the nine months ended September 30, 2000 was $284,940 or 56.9% of net
sales as compared to $269,696 or 60.0% of net sales for the nine months ended
September 30, 1999. Our gross profit on sales was $215,922 or 43.1% of sales for
the nine months ended September 30, 2000 as compared to $179,797 or 40.0% for
the nine months ended September 30, 1999.
General and administrative costs aggregated approximately $338,951, or
67.7% of net sales, for the nine months ended September 30, 2000 as compared to
$316,156, or 67.8% of net sales, for the nine months ended September 30, 1999
representing an increase of $22,795. This increase is a result of expenses
incurred in connection with the acquisitions and stock offerings, and increased
spending by the Dina Porter operations for advertising, sales help and costs of
handling credit cards.
15
<PAGE>
Results of operations for Jetco for the nine months ended September 30,
2000
For the nine months ended September 30, 1999, Jetco's results of operations
were nil.
For the nine months ended September 30, 2000, we generated net sales of
$1,250,102. Our cost of goods and services sold for the nine months ended
September 30, 2000 was $635,771 or 50.9% of net sales. Our gross profit on sales
was $614,331 or 49.1% of sales for the nine months ended September 30, 2000.
General and administrative costs aggregated approximately $631,784, or
50.5% of net sales, for the nine months ended September 30, 2000. This
represents monies essentially being spent as follows: $52,347 for promotion;
$15,849 for professional;$42,108 for rent; $429,650 for salaries and payroll
taxes; $49,718 for communications and $42,112 for office expenses.
Liquidity and Capital Resources
We increased cash by $64,293 from a balance of $142,997 at December 31,
1999 to $207,289 at September 30, 2000 through the process of receiving net cash
from the sale of shares of common stock aggregating $750,000 and an officer loan
of $50,000, which was mostly offset by the negative net cash outflow from
operations of $89,961.
We expended approximately $741,611 as an investment towards the acquisition
of assets for Jetco Jetco including: $188,775 for development for software to
used for the internal operations of Jetco; $23,000 for the purchase of a
regulatory license; $267,720 for the purchase of customer data bases; $7,900 in
security deposits; decreasing the officer loan receivable by $50,375; making an
investment in a subsidiary of $26,594 and purchase of fixed assets of $277,997.
Year 2000 Issues
We have completed our assessment of Year 2000 compliance with respect to
our products that are currently being sold to customers and has concluded that
all significant products are compliant. We also believe that JetCo has completed
its assessment of Year 2000 compliance with respect to its products and has
concluded that all significant products are compliant. With respect to other
third parties, we have identified and contacted its significant suppliers to
determine the extent to which we may be vulnerable to such third parties'
failure to address their own year 2000 issues. We did not experience any
material failures as a result of the change to 2000. We, however, intend to
continue to monitor its Year 2000 compliance and Year 2000 compliance of its
significant suppliers.
Based upon our current estimates, additional out-of-pocket costs associated
with its Year 2000 compliance are expected to be immaterial. Such costs do not
include internal management time, which is not expected to be material to our
results of operations or financial condition. We believe that our most
significant risk with respect to Year 2000 issues relates to the performance and
readiness status of third parties. As with all manufacturing and wholesale
companies, a reasonable worst case Year 2000 scenario would be the result of
failures of third parties (including without limitation, governmental entities,
utilities and entities with which we have no direct involvement) that negatively
impact our operations, or events affecting regional, national or global
economies generally. The impact of these failures cannot be
16
<PAGE>
estimated at this time; however, we continually reevaluate our contingency plans
to limit, to the extent practicable, the financial impact of these failures on
our results of operations. Any such plans would necessarily be limited to
matters over which we can reasonably control.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS IN 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.
27 Financial Data Schedule
(b) Reports on Form 8-K.
On September 13, 2000, we filed an amendment to the Current Report on Form
8-K filed on July 7, 2000 disclosing the financial statements for the
acquisition of JetCo Communications Corporation.
17
<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
WOLFPACK CORPORATION
Dated: November 17, 2000 By: /s/ PETER L. COKER
Peter L. Coker
President and Chief Financial Officer
18
