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 June 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 or
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 ($.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>
<TABLE>
<CAPTION>
IJC VENTURES CORP.
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(A DEVELOPMENT STATE COMPANY)
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BALANCE SHEET
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JUNE 30, 2000
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ASSETS
------
<S> <C>
Current Assets: $ 2000
--------------- ---------
Cash $ 89,619
TOTAL ASSETS $ 91,619
=========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
-------------------
Note payable $100,000
Accrued interest Payable 2,667
Total Current Liabilities $102,667
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Stockholders' Equity:
--------------------
Preferred stock, $.01 par value,
500,000 shares authorized,
500,000 shares issued and outstanding 2,500
Common stock, $.001 par value
200,000.000 shares authorized,
5,000,000 shares issued and outstanding 2,500
Additional paid-in-capital 1,800
(Deficit) accumulated during development stage (19,848)
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(13,048)
---------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
IJC Ventures Corp.
(A Development Stage Company)
Statements of Cash Flows
Six Months Ended June 30, 2000
(Unaudited)
Six Months Six Months Period From
Ended Ended Inception To
June 30, June 30, June 30,
2000 1999 2000
<S> <C> <C> <C>
Net income (loss) $ (13,348) $ (300) $ (19,848)
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 300 300 1,800
Changes in assets and liabilities:
Increase in accrued interest payable 2,667 0 2,667
--------------------------------------------- ------------ -------------
Total adjustments 2,967 300 9,467
------------ ------------ -------------
Net cash provided by (used in)
operating activities (10,381) 0 (10,381)
------------ ------------ -------------
Cash flows from financing activities:
Proceeds from notes payable 100,000 0 100,000
Net cash provided by
financing activities 100,000 0 100,000
Increase (decrease) in cash 89,619 0 89,619
Cash and cash equivalents,
beginning of period 0 0 0
Cash and cash equivalents,
end of period $ 89,619 $ 0 $ 89,619
</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 six months ended June 30, 2000, an officer of the Company contributed
an aggregate of $300 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 is due on July 12, 2000 unless extended with 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 June 30, 2000, the Company had cash of of $89,619. 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. 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.
<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
<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: August 3, 2000 /s/ John Meyer
John Meyer, President
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