U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
MARCH 31, 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: 000-26051
TheInternetCorp.net, Inc.
(Exact name of registrant as specified in its charter)
Nevada 88-0424430
(State or jurisdiction of incorporation I.R.S. Employer
or organization Identification No.)
101 Colombard Court, Ponte Vedra, Florida 32082
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (904) 285-7738
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the
Act:
Common Stock, $0.001 Par Value
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 Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports), and (2) been subject to such filing
requirements for the past 90 days. Yes X No
As of March 31, 2000, the Registrant had 1,000,000 shares of
common stock issued and outstanding.
Transitional Small Business Disclosure Format (check one):
Yes No X .
PART I.
ITEM 1. FINANCIAL STATEMENTS.
TheInternetCorp.net, Inc.
(A Development Stage Company)
BALANCE SHEET
March 31, 2000
(Unaudited)
Three Months Ended
March 31, 2000
ASSETS
CURRENT ASSETS:
Cash $0
Accounts Receivable $0
TOTAL CURRENT ASSETS $0
ORGANIZATIONAL COSTS, NET $0
TOTAL ASSETS $0
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts Payable $1,100
TOTAL CURRENT LIABILITIES $1,100
LONG-TERM DEBT $0
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value
authorized 50,000,000 shares issued
and outstanding at August 31, 1999,
1,000,000 shares $1,000
Stock Subscription Receivable $(765)
Additional paid in Capital $0
Deficit Accumulated During Development Stage $(235)
TOTAL STOCKHOLDERS' EQUITY $(1,100)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $0
See accompanying notes to interim financial statements
TheInternetCorp.net, Inc.
(A Development Stage Company)
STATEMENT OF OPERATIONS
Three Months Ended on March 31, 2000
(Unaudited)
Three Months Ended
March 31, 2000
INCOME:
Revenue $0
TOTAL INCOME $0
EXPENSES:
General, and Administrative $0
Amortization $0
Total Expenses $0
Net Profit/Loss(-) From Operations $0
Interest Income $0
INCOME (LOSS) BEFORE INCOME TAXES $0
Provision for income tax $0
NET INCOME (LOSS) $0
NET INCOME (LOSS) PER SHARE-BASIC AND DILUTED $0.00
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING 1,000,000
See accompanying notes to interim financial statements
TheInternetCorp.net, Inc.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
Three Months and Period From Inception Ended on March 31,
2000
(Unaudited)
Three Months Period From
Ended Inception Through
March 31, 2000 March 31, 2000
Cash Flows from Operating
Activities:
Net Income $0 $(235)
(Increase) Amortization 0 $0
Net Cash (Used) In Operating
Activities 0 $(235)
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of organizational
Costs 0 $0
CASH FLOWS FROM FINANCING
ACTIVITIES
Issuance of common stock for
Cash 0 $235
Net Increase in Cash $0 $0
Cash, Beginning of Period $0 $0
Cash, End of Period $0 $0
See accompanying notes to interim financial statements
TheInternetCorp.net, Inc.
(A Development Stage Company)
NOTES TO INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
Basis of Presentation.
The information including in the condensed financial statements
is unaudited, but includes all adjustments (consisting of normal
recurring items) which are, in the opinion of management,
necessary for a fair representation of the interim period
presented.
Development Stage Company.
TheInternetCorp.net, Inc. is a new enterprise in the development
stage as defined by Statement No. 7 of the Financial Accounting
Standards Board and has not engaged in any business other than
organizational efforts. It has no full-time employees and owns
no real property. TheInternetCorp.net, Inc. intends to seek to
acquire one or more existing businesses which have existing
management, through merger or acquisition, that may have
potential for profit, and to that end, intends to acquire
properties or businesses, or a controlling interest therein.
Management of TheInternetCorp.net, Inc. will have virtually
unlimited discretion in determining the business activities in
which TheInternetCorp.net, Inc. might engage.
Accounting Method.
TheInternetCorp.net, Inc. records income and expenses on the
accrual method.
Fiscal Year.
TheInternetCorp.net, Inc. has selected a December 31 fiscal year
end.
Loss Per Share.
Loss per share was computed using the weighted number of shares
outstanding during the period.
Organization Costs.
Costs to incorporate TheInternetCorp.net, Inc. have been
expensed as incurred.
Statement of Cash Flows.
For purposes of the statement of cash flows,
TheInternetCorp.net, Inc. considers all highly liquid debt
instruments purchased with an original maturity of three months
or less to be cash equivalents.
Use of Estimates.
The preparation of TheInternetCorp.net, Inc.'s financial
statements in conformity with generally accepted accounting
principles requires TheInternetCorp.net, Inc.'s management to
make estimates and assumptions that effect the amounts reported
in these financial statements and accompanying notes. Actual
results could differ from those estimates.
Stock Basis.
Shares of common stock issued for other than cash have been
assigned amounts equivalent to the fair value of the service or
assets received in exchange.
2. STOCKHOLDERS' EQUITY.
Common Stock.
The authorized common stock of TheInternetCorp.net, Inc.
consists of 50,000,000 shares with a par value of $0.001 per
share. As of March 31, 2000 TheInternetCorp.net, Inc. had
1,000,000 shares outstanding.
Preferred Stock.
The authorized Preferred Stock of TheInternetCorp.net, Inc.
consists of 10,000,000 shares with a par value of $0.001 per
share. No preferred shares have been issued.
3. INCOME TAXES.
There is no provision for income taxes for the period ended
April 29, 1999 (inception) to March 31, 2000 due to the zero
net income and no Nevada state Income tax in the state of
TheInternetCorp.net, Inc.'s domicile.
ITEM 2. PLAN OF OPERATION.
The following discussion should be read in conjunction with the
financial statements of TheInternetCorp.net, Inc. and notes
thereto contained elsewhere in this report.
Initial Operation.
Up to the present time, TheInternetCorp.net, Inc. has only
been in the organizational phase. Over the next 12 months
TheInternetCorp.net, Inc. intends to concentrate its efforts
into development and enhancement of the RiderNews website
(www.ridernews.com). These changes will include additional
information and articles of interest to the motorcycle
enthusiast. TheInternetCorp.net, Inc. will also be seeking to
enhance its advertising revenues by the placement of additional
advertising on the website.
The current cash in RiderNews.com, Inc., being acquired
under an Agreement and Plan of Reorganization, will satisfy the
cash needs of TheInternetCorp.net, Inc. to implement the plan of
operations, as set forth above, for a period of approximately
six months. TheInternetCorp.net, Inc. will need to raise
additional capital in order to continue its operations beyond
that point. Such financing will probably take the form of a
combination of debt and equity financing. However, there is no
guarantee that such financing will be available at all or on
such terms as will be acceptable to TheInternetCorp.net, Inc..
Currently, TheInternetCorp.net, Inc. does not plan to make
significant equipment purchases in the next 12 months in order
to implement its plan of operation. Also, it does not plan over
such period to significantly change the number of employees.
Liquidity and Capital Resources.
During the three month period ended March 31, 2000,
TheInternetCorp.net, Inc. continued its status as a development
company. TheInternetCorp.net, Inc. is continuing to incur
limited development expenses, is deriving no revenues, and has
experienced an ongoing deficiency in working capital.
TheInternetCorp.net, Inc.'s continued existence is dependent on
its ability to obtain additional financing to proceed with its
plan of operation
Capital Expenditures.
No material capital expenditures were made during the quarter
ended on March 31, 2000.
Year 2000 Issue.
The Year 2000 issue arises because many computerized systems
use two digits rather than four to identify a year. Date
sensitive systems may recognize the year 2000 as 1900 or some
other date, resulting in errors when information using the year
2000 date is processed. In addition, similar problems may arise
in some systems which use certain dates in 1999 to represent
something other than a date. The effects of the Year 2000 issue
may be experienced before, on, or after January 1, 2000, and if
not addressed, the impact on operations and financial reporting
may range from minor errors to significant system failure which
could affect TheInternetCorp.net, Inc.'s ability to conduct
normal business operations. This creates potential risk for all
companies, even if their own computer systems are Year 2000
compliant. It is not possible to be certain that all aspects of
the Year 2000 issue affecting TheInternetCorp.net, Inc.,
including those related to the efforts of customers, suppliers,
or other third parties, will be fully resolved.
TheInternetCorp.net, Inc. currently believes that its systems
are Year 2000 compliant in all material respects. Although
management is not aware of any material operational issues or
costs associated with preparing its internal systems for the
Year 2000, TheInternetCorp.net, Inc. may experience serious
unanticipated negative consequences or material costs caused by
undetected errors or defects in the technology used in its
internal systems. TheInternetCorp.net, Inc.'s Year 2000 plans
are based on management's best estimates.
Forward Looking Statements.
The foregoing Management's Discussion and Analysis contains
"forward looking statements" within the meaning of Rule 175
under the Securities Act of 1933, as amended, and Rule 3b-6
under the Securities Act of 1934, as amended, including
statements regarding, among other items, TheInternetCorp.net,
Inc.'s business strategies, continued growth in
TheInternetCorp.net, Inc.'s markets, projections, and
anticipated trends in TheInternetCorp.net, Inc.'s business and
the industry in which it operates. The words "believe,"
"expect," "anticipate," "intends," "forecast," "project," and
similar expressions identify forward-looking statements. These
forward-looking statements are based largely on
TheInternetCorp.net, Inc.'s expectations and are subject to a
number of risks and uncertainties, certain of which are beyond
TheInternetCorp.net, Inc.'s control. TheInternetCorp.net, Inc.
cautions that these statements are further qualified by
important factors that could cause actual results to differ
materially from those in the forward looking statements,
including, among others, the following: reduced or lack of
increase in demand for TheInternetCorp.net, Inc.'s products,
competitive pricing pressures, changes in the market price of
ingredients used in TheInternetCorp.net, Inc.'s products and the
level of expenses incurred in TheInternetCorp.net, Inc.'s
operations. In light of these risks and uncertainties, there
can be no assurance that the forward-looking information
contained herein will in fact transpire or prove to be accurate.
TheInternetCorp.net, Inc. disclaims any intent or obligation to
update "forward looking statements".
PART II.
ITEM 1. LEGAL PROCEEDINGS.
TheInternetCorp.net, Inc. is not a party to any material pending
legal proceedings and, to the best of its knowledge, no such
action by or against TheInternetCorp.net, Inc. has been
threatened.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None
ITEM 5. OTHER INFORMATION.
On May 17, 2000, Mr. Vincent van den Brink sold his 1,000,000
shares, representing 100% of the total outstanding shares of the
corporation to Ms. Karen Bohringer. Ms. Bohringer was appointed as
Director, President and Secretary of the corporation and Mr. van den Brink
resigned.
Ms. Bohringer is the President and a Director of RiderNews.com,
Inc., a company being acquired under an Agreement and Plan of
Reorganization with the company.
ITEM 6. EXHBITS AND REPORTS ON FORM 8-K.
(a) Reports on Form 8-K. No reports on Form 8-K were filed
during the third quarter of the fiscal year covered by this Form
10-QSB.
(b) Exhibits included or incorporated by reference herein: See
Exhibit Index
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
TheInternetCorp.net, Inc.
Dated: May 31, 2000 By: /s/ Karen Bohringer
Karen Bohringer, President
EXHIBIT INDEX
Exhibit
No. Description
2 Agreement and Plan of Reorganization (incorporated by
reference to Exhibit 2 to the Form S-4/A filed on
October 27, 1999)
3.1 Articles of Incorporation (incorporated by reference to
Exhibit 3.1 to the Registration Statement on Form 10-
SB/A filed on May 28, 1999)
3.2 Bylaws (incorporated by reference to Exhibit 3.2 to the
Registration Statement on Form 10-SB/A filed on May 28, 1999)
27 Financial Data Schedule (see below).
[TYPE]EX-27
[DESCRIPTION]FINANCIAL DATA SCHEDULE
<TABLE> <S> <C>
<PAGE>
[ARTICLE]5
[LEGEND]
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE COMPANY'S INTERIM UNAUDITED FINANCIAL STATEMENTS AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
[/LEGEND]
[MULTIPLIER]1
<S> <C>
[PERIOD-TYPE] 3-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] APR-29-1999
[PERIOD-END] MAR-31-2000
[CASH] 0
[SECURITIES] 0
[RECEIVABLES] 0
[ALLOWANCES] 0
[INVENTORY] 0
[CURRENT-ASSETS] 0
[PP&E] 0
[DEPRECIATION] 0
[TOTAL-ASSETS] 0
[CURRENT-LIABILITIES] 1,100
[BONDS] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 1,000
[OTHER-SE] 0
[TOTAL-LIABILITY-AND-EQUITY] 0
[SALES] 0
[TOTAL-REVENUES] 0
[CGS] 0
[TOTAL-COSTS] 0
[OTHER-EXPENSES] 0
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 0
[INCOME-PRETAX] 0
[INCOME-TAX] 0
[INCOME-CONTINUING] 0
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 0
[EPS-BASIC] (.00)
[EPS-DILUTED] (.00)
</TABLE>
