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 SECURITIES AND
EXCHANGE ACT OF 1934
For the Quarter ended September 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THEE EXCHANGE ACT
For the transition period _____________ to _____________
Commission file number 000-30108
IJC Ventures Corp.
(Exact name of Small Business Company in its charter)
FLORIDA 65-0911072
(State or other jurisdiction of (IRS Employer incorporation
Identification No.) or organization)
114 West Magnolia Street, Suite 400-117
Bellingham, WA 98225
(Address of principal executive offices)
Registrant's Telephone number, including area code:(360) 392-2868
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 and Exchange Act of 1934
during the preceding twelve months (or such shorter period that the Registrant
was required to file such reports), and (2) has been subject to file such filing
requirements for the past thirty days.
Yes [ X ] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report: 5,000,000
Shares of Common Stock ($.001 par value)
Transitional Small Business Disclosure Format (check one):
Yes [ ] No [ X ]
<PAGE>
IJC Ventures Corp.
PART I: Financial Information
ITEM 1 - Financial statements
ITEM 2 - Management's' discussion and analysis of
financial condition and results of operations
PART II: Other Information
<PAGE>
IJC Ventures Corp.
(A Development Stage Company)
Balance Sheet
September 30, 2000
(Unaudited)
ASSETS
2000
----------------------
Current assets:
----------------------
Cash $85,189
----------------------
Total current assets 85,189
----------------------
Total assets $85,189
======================
======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Note payable $100,000
Accrued interest payable 5,667
----------------------
Total current liabilities 105,667
----------------------
Stockholders' equity:
Preferred stock, $.01 par value,
500,000 shares authorized, 500,000 shares
issued and outstanding 2,500
Common stock, $.01 par value,
200,000,000 shares authorized, 5,000,000 shares
issued and outstanding 2,500
Additional paid-in capital 1,950
(Deficit) accumulated during
development stage (27,428)
----------------------
(20,478)
----------------------
$85,189
======================
======================
======================
======================
See accompanying notes to financial statements.
<PAGE>
IJC Ventures Corp.
(A Development Stage Company)
Statements of Operations
Three Months and Nine Months Ended September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months Nine Months Nine Months Period From
Ended Ended Ended Ended Inception To
September 30, September 30, September 30, September 30, September 30,
2000 1999 2000 1999 2000
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operating expenses $6,146 $150 $17,570 $450 $24,070
---------------------------------------------------------------------------------
(Loss from operations) (6,146) (150) (17,570) (450) (24,070)
---------------------------------------------------------------------------------
Other income and expense
Interest expense (3,000) - (5,667) - (5,667)
Interest income 1,566 - 2,309 - 2,309
---------------------------------------------------------------------------------
Net (loss) $(7,580) $(150) $(20,928) $(450) $(27,428)
=================================================================================
Per share information:
Basic and diluted (loss) per common share $- $- $- $- $-
=================================================================================
Weighted average shares outstanding 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
========== ========== ========== ========== =========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
IJC Ventures Corp.
(A Development Stage Company)
Statements of Cash Flows
Nine Months Ended September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Nine Months Period From
Ended Ended Inception To
September 30, September 30, September 30,
2000 1999 2000
----------------------------------------------------------------------------
<S> <C> <C> <C>
Net income (loss) $(20,928) $(450) $(27,428)
Adjustments to reconcile net income to net
cash provided by operating activities:
Stock issued for services - - 5,000
Corporate expenses paid and
contributed to capital 450 450 1,950
Changes in assets and liabilities:
Increase in accrued interest payable 5,667 - 5,667
Total adjustments 6,117 450 12,617
Net cash provided by (used in)
operating activities (14,811) - (14,811)
Cash flows from financing activities:
Proceeds from notes payable 100,000 - 100,000
Net cash provided by
financing activities 100,000 - 100,000
Increase (decrease) in cash 85,189 - 85,189
Cash and cash equivalents,
beginning of period - - -
Cash and cash equivalents,
end of period $85,189 $- $85,189
=============================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
IJC Ventures, Inc.
Notes to Financial Statements
Basis of presentation
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions incorporated in Regulation 10-SB of the Securities and
Exchange Commission. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring adjustments and accruals) considered necessary for a fair
presentation have been included.
The results of operations for the periods presented are not necessarily
indicative of the results to be expected for the full year. The accompanying
financial statements should be read in conjunction with the Company's financial
statements for the year ended December 31, 1999.
Basic loss per share was computed using the weighted average number of common
shares outstanding.
During the nine months ended September 30, 2000, an officer of the Company
contributed an aggregate of $450 to the Company for management services and
office expenses. This amount has been accounted for as a contribution of capital
to the Company.
On April 12, 2000, the Company received $100,000 as proceeds from a short term
note payable. The note was due on July 12, 2000 and has been extended to
November 12, 2000. The note accrues interest at 12% per annum.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations:
Plan of Operation
IJC Ventures Corp. (the "Company") was organized under the laws of the
State of Florida to engage in any lawful business. The Company was formed for
the purpose of creating a vehicle to obtain capital to take advantage of
business opportunities that may have potential for profit. Management of the
Company has unlimited discretion in determining the business activities in which
the Company will become engaged. Such companies are commonly referred to as
"blind pool/blank check" companies. There is and can be no assurance that the
Company will be able to acquire an interest in any such opportunities that may
exist or that any activity of the Company, even after any such acquisition, will
be profitable.
The Company has generated no revenues from its operations and has been a
development stage company since inception. Since the Company has not generated
revenues and has never been in a profitable position, it operates with minimal
overhead.
During the period of this report, the Company has not engaged in any
preliminary efforts intended to identify any possible acquisitions nor entered
into a letter of intent concerning any business opportunity.
Liquidity and Capital Resources
At September 30, 2000, the Company had cash of $85,619. Even with this cash
there can be no assurance that the Company will be able to complete its business
plan and to exploit fully any business opportunity that management may be able
to locate on behalf of the Company. Due to the lack of a specified business
opportunity, the Company is unable to predict the period for which it can
conduct operations. Accordingly, the Company will need to seek additional
financing through loans, the sale and issuance of additional debt and/or equity
securities, or other financing arrangements. Management of the Company has
advised that they will pay certain costs and expenses of the Company from their
personal funds as interest free loans in order to facilitate development of the
Company's business plan. Management believes that the Company has inadequate
working capital to pursue any operations at this time; however, loans to the
Company from management may facilitate development of the business plan. For the
foreseeable future, the Company through its management intends to pursue
acquisitions as a means to develop the Company. The Company does not intend to
pay dividends in the foreseeable future There was no significant change in
working capital during this quarter.
In October 2000, the holders of the Company's 500,000 issued and
outstanding preferred stock converted those shares into 5,000,000 shares of the
Company's common stock.
PART II--OTHER INFORMATION
Item 1. Legal Proceedings.
There are no pending legal proceedings, and the Company is not aware of any
threatened legal proceedings, to which the Company is a party or to which its
property is subject.
Item 2. Changes in Securities.
(a) There have been no material modifications in any of the
instruments defining the rights of the holders of any of the Company's
registered securities.
(b) None of the rights evidenced by any class of the Company's
registered securities have been materially limited or qualified by the issuance
or modification of any other class of the Company's securities.
Item 3. Defaults Upon Senior Securities.
(Not applicable)
Item 4. Submission of Matters to a Vote of Security Holders.
(Not applicable)
Item 5. Other Information.
(Not applicable)
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
No exhibits as set forth in Regulation SB, are considered
necessary for this filing.
(b) Reports on Form 8-K
None
<PAGE>
Signature
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.
Date: November 6, 2000 /s/ John Meyer
John Meyer, President
<PAGE>
