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 March 31, 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 (IRS Employer incorporation or
jurisdiction of organization) Identification No.)
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 ($.01 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
2
<PAGE>
IJC VENTURES CORP.
------------------
(A DEVELOPMENT STATE COMPANY)
-----------------------------
BALANCE SHEET
-------------
MARCH 31, 2000
--------------
ASSETS
------
Current Assets: $ -
Total Current Assets $ -
-------
TOTAL ASSETS $ -
=======
LIABILITIES AND STOCKHOLDERS' EQUITY
---------------------------------------
Current Liabilities:
- --------------------
Total Current Liabilities $ -
-------
TOTAL LIABILITIES $ -
-------
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 1,650
(Deficit) accumulated during development stage (6,650)
-------
Total Stockholders' Equity $ -
-------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ -
=======
See accompanying Notes to Financial Statements.
3
<PAGE>
IJC VENTURES CORP.
------------------
(A DEVELOPMENT STAGE COMPANY)
-----------------------------
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
--------------------------------------------------------
FOR THE THREE MONTHS ENDED MARCH 31, 2000
-----------------------------------------
Three Months Ended Three Months Ended
March 31, 1999 March 31, 2000
Operating Expenses $ 150 $ 150
---------- ----------
Income (loss) from operations $ 150 $ 150
Per share information:
Basic and diluted (loss)
per common share $ - $ -
========== ==========
Weighted average shares
outstanding 5,000,000 5,000,000
========== ==========
See accompanying Notes to Financial Statements.
4
<PAGE>
IJC VENTURES CORP.
------------------
(A DEVELOPMENT STAGE COMPANY)
-----------------------------
STATEMENT OF CASH FLOWS
-----------------------
FOR THE NINE MONTHS ENDED MARCH 31, 2000
----------------------------------------
1999 1998
-------- --------
Net Income (Loss) $(150) $ (150)
Adjustments to reconcile net
income to net cash
provided by operating activities - -
-------- --------
Stock Issued for services $ - $ -
Corporate expenses paid and contributed
to captital $ 150 $ 150
Total adjustments $ 150 $ 150
Net Cash Provided By (Used By)
Operating Activities $ - $ -
- -
Net increase in cash and cash equivalents $ - $ -
Cash and Cash Equivalents at the
Beginning of the Period - -
-------- --------
Cash and Cash Equivalents at the
End of the Period $ - $ -
========= =========
See accompanying Notes to Consolidated Financial Statements.
5
<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 three months ended March 31, 2000, an officer of the Company
contributed an aggregate of $150 to the Company for management services and
office expenses. This amount has been accounted for as a contribution of
capital to the Company.
6
<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 March 31, 2000, the Company had no material cash or other assets with
which to conduct operations. 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. As of the end of the reporting period,
the Company had no material cash or cash equivalents. There was no
significant change in working capital during this quarter.
Year 2000 Issues
- ------------------
The Company encountered no Y2K problems.
7
<PAGE>
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
8
<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: May 1, 2000 /s/ John Meyer
------------------------------
John Meyer, President
9
<PAGE>
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<PERIOD-END> MAR-31-2000
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2,500
2,500
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<CHANGES> 0
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