U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[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
[ ] TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 (No Fee Required)
Commission File No. 0-26405
CBCOM, INC.
--------------------------------------------------------
(Name of Small Business Issuer in its Charter)
Delaware 95-4635025
----------------------------------- ------------------------
(State or other jurisdiction of (I.R.S Employer
incorporation of organization) Identification No.)
16830 Ventura Blvd., Suite 211, Encino, California 91436
-----------------------------------------------------------------------------
Address of principal executive office
(818)461-0800
----------------------------------
Issuer's telephone number
Check whether the issuer has (1) filed all reports required by Section 12 or
15(d) of the Exchange Act during the past 12 months, and (2) been subject to
such filing requirements for the past ninety (90) days. Yes ( X ) No ( )
As of March 31, 2000, 17,212,240 shares of Common Stock were
outstanding.
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CBCOM, INC.
(a development stage company)
BALANCE SHEETS
December March
31, 1999 31, 2000
-------------- -------------
Assets (Unaudited)
Current assets:
Cash $ 31,844 $ 10,150
Prepaid expenses 4,771 24,771
-------------- -------------
Total current assets 36,615 34,921
-------------- -------------
Property, plant and equipment, net 53,288 48,567
Other assets:
Deposit 19,897 29,722
Prepaid interest 165,000 146,667
Prepaid rent in Beijing representation office 197,917 182,292
-------------- -------------
Total other assets 382,814 358,681
-------------- -------------
Total assets $ 472,717 $ 442,169
============== =============
Liabilities and Shareholders' Deficit
Current liabilities:
Accounts payable $ 331,412 $ 301,924
Salaries payable - Former CEO 363,649 134,021
Salaries payable - other 557,250 631,701
Accrued expenses 129,922 155,226
Income tax payable 2,400 2,400
Capital lease obligation - current 32,433 32,433
Loan payable - shareholders 11,988 195,088
-------------- -------------
Total current liabilities 1,429,054 1,452,793
Loan from related party 157,184 386,811
-------------- -------------
Total liabilities 1,586,238 1,839,604
Shareholders' Deficit
Common stock; par value $0.001 per share,
100,000,000 shares authorized and 17,212 17,212
17,212,240 shares issued and outstanding
Additional paid-in capital 6,021,944 6,021,944
Subscription receivable (1,300 ) (1,250 )
Accumulated deficit (7,151,377 ) (7,435,341 )
-------------- -------------
Total shareholders' deficit (1,113,521 ) (1,397,435 )
-------------- -------------
Total liabilities and shareholders' deficit $ 472,717 $ 442,169
============== =============
See accompanying notes to financial statements.
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<PAGE>
CBCOM, INC.
(a development stage company)
STATEMENTS OF OPERATIONS
From
Inception
(April 23,
1997) to
Three Months Ended March 31, March 31,
----------------------------
1999 2000 2000
----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Net sales $ - $ - $ -
Cost of sales - - -
----------- ---------- -----------
Gross profit - - -
Selling expense - - -
General and administrative expense 363,282 265,631 6,886,234
Merger transaction expense - - 399,950
----------- ---------- -----------
Loss from operations (363,282 ) (265,631 ) (7,286,184 )
Other income (expense):
Interest expense, net - (18,333 ) (141,202 )
Other, net - - (5,555 )
----------- ---------- -----------
Loss before income taxes (363,282 ) (283,964 ) (7,432,941 )
Income tax provision - - 2,400
----------- ---------- -----------
Net loss $ (363,282 ) $ (283,964 ) $(7,435,341 )
=========== ========== ===========
Weighted average number of common
shares outstanding 15,327,500 17,212,240
=========== ==========
Basic and diluted loss per share $ (0.02 ) $ (0.02 )
=========== ==========
See accompanying notes to financial statements.
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CBCOM, INC.
(a development stage company)
STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
From
Inception
(April 23,
1997) to
Three Months Ended March 31, March 31,
------------------------------
1999 2000 2000
----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Cash flows from operating
activities:
Net loss $ (363,282 ) $ (283,964 ) $ (7,435,341 )
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities:
Depreciation and amortization 19,776 20,346 63,398
Write-off assets in Beijing - - 187,500
Write-off of pager inventory 31,779 - 136,620
Issuance of stock for
signing bonus - - 436,625
Forgiveness of interest on
shareholder's loan - - 52,836
Compensation cost related
to options granted - - 131,250
Issuance of stock for promotion
and facilitation service - - 623,750
Issuance of stock for payroll
expense - - 560,000
Issuance of stock for
merger transaction
expenses - - 250,000
Increase(decrease) in
cash from changes in:
Receivables (12,982 ) - -
Pager inventory (11,800 ) - (136,620 )
Deposits - (9,825 ) (29,722 )
Prepaids - (1,667 ) (163,145 )
Accounts payable 21,766 (29,488 ) 301,924
Salaries payable -
former CEO - (229,627 ) 134,021
Salaries payable - other 126,850 74,450 631,701
Accrued liabilities and 8,410 25,304 157,626
income tax payable
--------- ---------- -----------
Net cash used in operating (179,483 ) (434,671 ) (3,771,287 )
activities --------- ---------- -----------
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From
Inception
(April 23,
1997) to
Three Months Ended March 31, March 31,
------------------------------
1999 2000 2000
----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Cash flows from investing
activities:
Purchase of furniture and
equipment - - (64,336 )
Refund of purchase price on
a piece of furniture - - 500
--------- ---------- -----------
Net cash provided by
investing activities - - (63,836 )
--------- ---------- -----------
Cash flows from financing
activities:
Repayment of capital lease - - (71 )
Proceeds from shareholder
loans - 183,100 2,829,719
Repayments to
shareholders - - (226,261 )
Proceeds from related
party Loans - 229,627 386,811
Proceeds from issuance of
Stock and warrants 150,000 50 855,075
--------- ---------- ----------
Net cash provided by
financing activities 150,000 412,777 3,845,273
--------- ---------- ----------
Net increase (decrease) in
cash and cash equivalents (179,483 ) (21,694 ) 10,150
Cash and cash equivalents, 240,000 31,844 -
beginning of period --------- ---------- ----------
Cash and cash equivalents,
end of period $ 240,000 $ 10,150 $ 10,150
========= ========== ==========
Supplementary information:
Cash paid during the year:
Interest $ - $ - $ 5,563
========= ========== ==========
Supplemental disclosure of
non - cash activities:
Issuance of stock to purchase
selected assets in CBCom
Beijing - - 187,500
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<PAGE>
From
Inception
(April 23,
1997) to
Three Months Ended March 31, March 31,
------------------------------
1999 2000 2000
----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Capital lease - - 32,504
Issuance of stock for
signing bonus - - 436,625
Issuance of stock for
prepaid rents in Beijing - - 312,500
Conversion of
shareholder's loan - - 2,408,370
Issuance of stock for
directors' compensation - - 560,000
Issuance of stock for promotion
and facilitation service - - 623,750
Issuance of stock for merger
transaction expenses - - 250,000
Deemed interest for
Polmont 220,000 - 220,000
Forgiveness of interest
accrued $ - $ - $ 46,437
========== ========== ==========
See accompanying notes to financial statements.
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<PAGE>
CBCOM, INC.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS
(Information as of March 31, 2000 and for the three months ended March 31,
1999 and 2000, respectively, is unaudited)
1. The Organization and Business
CBCom, Inc. ("the Company") was incorporated under the laws of the State of
Delaware on April 23, 1997 and is registered to do business as a foreign
corporation in the State of California. The strategic mission of the Company is
to participate in the development of telecommunication, Internet, and
information service businesses in the People's Republic of China. The Company
will seek to acquire existing Internet Service Providers (ISP) and web based
Internet content providers (ICP) and operates through a series of Sino-foreign
joint venture companies. The Company previously established a joint venture in
order to operate in the pager network business in China; however, this venture
was closed due to the inability at that time to raise sufficient capital.
The Company incurred consecutive losses in 1997, 1998, and 1999 and for the
first quarter of 2000 and had negative working capital in 1998 and 1999,
respectively, that raises substantial doubt about its ability to continue as a
going concern. Historically, one of the Company's directors and major
shareholders provided the Company with substantial financing sources. The
director has provided a letter of support indicating that he pledges to provide
continuous financial support to enable the Company to satisfy its working
capital requirements and to complete its commitments to the Company's joint
venture projects on a going concern basis. While there is no assurance that
funding will be available, the Company is continuing to actively seek funding to
complete the Shanghai joint venture project through equity and/or debt
financing. There is an uncertainty that management fund raising will be
successful. The accompanying financial statements do not include any provisions
or adjustments, which might result from the outcome of the uncertainty discussed
above.
2. Presentation of Interim Information
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 310 of regulation
S-B. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. The accompanying unaudited financial statements reflect all
adjustments that, in the opinion of the management, are considered necessary for
a fair presentation of the financial position, results of operations, and cash
flows for the periods presented. The results of operations for such periods are
not necessarily indicative of the results expected for the full fiscal year or
for any future period. The accompanying financial statements should be read in
conjunction with the audited consolidated financial statements of the Company
included in the Company's Form 10-KSB for the year ended December 31, 1999.
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3. Related Party Transactions
Employment Agreements
The Company had a five-year employment agreement starting from May 17, 1997
with the former CEO who left the Company in January 1999. He filed a lawsuit
against the Company for the unpaid compensation of $520,833 through May 17, 1999
plus $30,000 for repurchasing the shares currently owned by him and the relevant
compensation remaining on his employment agreement. In accordance with the
employment agreement, the former CEO's annual base salary and bonus were
guaranteed up to May 15, 1999 by 800,000 shares of a publicly traded company's
common stock in an escrow account, which were owned by Polmont Investment
Limited.
4. Related Party Transactions
On January 21, 1999, the Company entered into a settlement agreement with
the former CEO as follows: (1) the delayed compensation of $520,833 would be
paid by the proceeds from the sale of the asset held in the escrow account; and
(2) both parties agreed to submit any remaining compensation claims to binding
arbitration. To the extent that the former CEO wins an award in excess of
$550,833, he will be authorized to sell remaining shares in the escrow account
to the extent of 3,500 shares per day; and (3) the former CEO agreed to look
solely to the escrowed shares for his satisfaction of his claim in this lawsuit,
waive any claim for damages in excess of their value, and generally release all
parties to this lawsuit, such release being subject to the performance of the
obligations of the related defendants. As of March 31, 2000, the escrow has sold
190,000 shares for proceeds of $386,812; accordingly the amount due to the
former CEO was reduced to $134,021.
Based upon the above settlement agreement, the Company understands that the
total obligation to Polmont will depend on the market value of these shares
remaining in the escrow account. As of March 31, 2000, there were 610,000 shares
remaining in the escrow account with a market price of $1,982,000. According to
the agreement between the Company and Polmont, the Company will recognize the
corresponding loan payable to Polmont as shares are sold and the proceeds are
used to settle its obligation to the former CEO.
Shareholder loans
During the three months ended March 31, 2000, the principal shareholder of
the Company provided $183,100 cash to fund the Company's operations. According
to the agreement between the principal shareholder and the Company, the
principal shareholder will continue to provide funds to the Company on a going
forward basis and that any balance of loan payable to the principal shareholder
should be due on April 24, 2000 bearing an interest rate of 7% per annum.
According to the agreement, the principal shareholder has the option to convert
his outstanding loan balance into the Company's common stock at a conversion
price of $0.50 per share at any time prior to the maturity date. The agreement
also specified that the conversion price may be adjusted if the Company shall at
any time undergo a stock split, stock dividend or other combination or
subdivision that does not involve payment of consideration for such shares. As
of March 31, 2000, the principal shareholder waived his accrued interest
receivable of $642.
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5. Subsequent Events
On April 24, 2000 the Company extended the note between the Company and the
principal shareholder for one additional year to April 24, 2001. The principal
shareholder retains the option to convert his outstanding loan balance into the
Company's Common Stock; however, the conversion price for all loans advanced
after April 24, 2000 will be $1.00 per share.
The Company filed Form 211 with the NASD to initiate a listing on the OTC
Bulletin Board and is awaiting notification.
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<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Forward Looking Statements
THIS QUARTERLY REPORT ON FORM 10-QSB CONTAINS FORWARD-LOOKING STATEMENTS
WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933 AND SECTION 21E
OF THE SECURITIES EXCHANGE ACT OF 1934. THE COMPANY'S ACTUAL RESULTS COULD
DIFFER MATERIALLY FROM THOSE SET FORTH IN THE FORWARD-LOOKING STATEMENTS. WHEN
THE COMPANY USES WORDS "ANTICIPATE," "BELIEVE," "ESTIMATE," "EXPECT," "INTEND,"
AND OTHER SIMILAR EXPRESSIONS, THEY GENERALLY IDENTIFY FORWARD-LOOKING
STATEMENTS. FORWARD-LOOKING STATEMENTS INCLUDE, FOR EXAMPLE, STATEMENTS RELATING
TO ACQUISITIONS AND RELATED FINANCIAL INFORMATION, DEVELOPMENT ACTIVITIES,
BUSINESS STRATEGY AND PROSPECTS, FUTURE CAPITAL EXPENDITURES, SOURCES AND
AVAILABILITY OF CAPITAL, ENVIRONMENTAL AND OTHER REGULATIONS AND COMPETITION.
INVESTORS SHOULD EXERCISE CAUTION IN INTERPRETING AND RELYING ON FORWARD-LOOKING
STATEMENTS SINCE THEY INVOLVE KNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH
ARE, IN SOME CASES, BEYOND THE COMPANY'S CONTROL AND COULD MATERIALLY AFFECT THE
COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS.
Financial Condition at March 31, 2000
The Company had an accumulated deficit of $7,435,341 as of March 31, 2000.
Since its inception in 1997, the Company has suffered consecutive losses in the
fiscal years ended December 31, 1997, 1998, and 1999. The Company had $10,150
cash on hand at March 31, 2000.
Results of Operations
The First Quarter Ended March 31, 2000 Compared to The First Quarter Ended
March 31, 1999
The general and administrative expense results of operations for the
quarter ending March 31, 2000 was $265,631 compared to $363,282 for the quarter
ending March 31, 1999. The components of these general and administrative
expenses included $148,350 of compensation expense (of which $79,700 was
accrued), $32,125 of rental expense for both the Beijing and California offices,
and $48,043 in legal and accounting fees. The decrease of $97651 mainly
represents the decrease of $24,200 in management salaries, $15,000 in investment
banking fees and $55,000 in business development expenses of the Beijing office.
The interest expense for the quarter ending March 31, 2000 was $18,333
compared to $0 for the quarter ending March 31, 1999. The increase in interest
expense was due mainly to the amortization of the deemed interest expense for
the purchase right assigned to Polmont to acquire the 500,000 shares of common
stock currently owned by the ex-CEO. See the Note 4 about related party
transactions for more information.
Plan of Operation
CBCom was formed to develop telecommunications projects and
Internet-related information services in the People's Republic of China. CBCom
establishes joint venture partnerships with Chinese companies having data
networking technologies or customer bases to which CBCom will contribute United
States technology and management resources. In order to execute its Business
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Plan, CBCom plans to list its common shares on the OTC Bulletin Board and
undertakes a Private Placement of $5.0-10.0 million. The funds will be used to
capitalize the joint venture partnerships and acquire Internet companies in
China. If CBCom is unable to raise funds through a Private Placement, the
company would be dependent upon its major shareholders for funds and would have
to alter its acquisition strategy and timetable.
To limit the use of valuable cash reserves, CBCom will negotiate its first
acquisitions using only CBCom shares. The terms of any acquisition must give
operating control of the acquired business to CBCom. CBCom will provide the
necessary operating cash as well as management and technical staff to operate
the consolidated business. There is good cause to believe that owners of the
ISPs in China will welcome the opportunity to own stock in a United States
public company.
E-Commerce has not yet become a mainstream business in China, as credit
cards are essentially non-existent, and its parcel delivery services are
inadequate. ICP businesses offering free information and services financed
solely by web site "banner ads" are not yet profitable. The most secure Internet
revenues are those paid to the Internet Service Providers, as anyone wishing to
access the Internet must pay access fees. There is a large profit potential for
ISPs both now and in the foreseeable future.
Entering this business is attractive, as start-up costs are relatively low.
This has resulted in a large number of small, unsuccessful ISPs and ICPs that
are under capitalized. The typical smaller ISP is unable to support its
overhead, even less capable of proper marketing, and is thus unable to increase
its subscribers enough to turn a profit.
CBCom plans an aggressive series of mergers, acquisitions, and service
expansions. CBCom will offer convenient accessibility through local access
numbers nationwide, fast access speeds, high quality customer support, and
user-friendly services, all of which are currently lacking in China but are
taken for granted in America. Internet Content will include unique and targeted
applications on its various web sites thereby drawing an ever-increasing
customer base to its ISP business, as well as generating revenue by charging
fees for specialized information and service web sites.
In order to quickly reach a profitable number of subscribers, CBCom plans
to acquire a number of smaller ISPs and by using current technology, combine the
existing customers into a single ISP. The infrastructure requirements of a very
small ISP are essentially the same as that of a very large ISP and the cost to
maintain operations are virtually fixed. Therefore the single most important
component of profitability is a high number of subscribers. By acquiring
existing businesses, CBCom will immediately benefit from achieving economies of
scale.
CBCom has entered into a memorandum of understanding with Shanghai Stock
Exchange Communication Co., Ltd. ("SSECC") and Shanghai Xingtong
Telecommunications Science & Technology Co., Ltd. to form a Sino-foreign joint
venture to develop a financial data network in China called "China Financial
Network" or "CFN". SSECC is a subsidiary of the Shanghai Stock Exchange formed
as a joint venture between Shanghai Stock Exchange and Shanghai Stock Central
F-10
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<PAGE>
Clearing Company. The memorandum contemplates that SSECC will provide access to
its existing satellite communication system as well as licenses, permissions and
rights to use the logo, name and promotional information of the Shanghai Stock
Exchange. Shanghai Xingtong Telecommunications will participate in network
design and management to ensure efficient utilization of the satellite network
and will provide technical assistance. CBCom will provide the resources to
collect and compile global financial information, United States technology,
management resources and capital.
The memorandum of understanding anticipates the project planned in two
phases. Phase I is to market and distribute financial information in Chinese
provided by the Shanghai Stock Exchange over a network to various terminals
throughout China, exclusively targeting Chinese stockbrokers, financial
institutions and corporate users. The financial information provided will
include prices for commodities and futures, precious metals, Asian and global
equities and foreign currencies, global market indexes and real time
international news and commentary. The information provided will differ from
information provided by competitors in that it will be entirely in Chinese at a
lower rate. Phase II is to market to individual consumers real-time financial
data, news and on-line investment trading bundled as a single service,
developing into the equivalent of a commercial Internet Service Provider.
The parties to the memorandum must enter into a joint venture and obtain
the required approvals from the Chinese government authorities by December 31,
2000 (the original deadline was June 30, 2000) or may lose the exclusive right
to the use of the SSECC satellite communication system. CBCom has advanced
$250,000 in start-up expenses which was expensed during 1998 and which could be
credited toward its capital contribution to the joint venture company when the
joint venture is completed. If the joint venture has not been set up and
exclusive licenses to use the satellite communication network owned by Shanghai
Stock Exchange and use the logo and name of Shanghai Stock Exchange have not
been obtained, the issuance of promotional stock to Sinoway, Ltd. could be
cancelled.
CBCom intends to continue its sale of the Microtron 2000 in addition to the
development of the joint venture project for the creation of the China Financial
Network. CBCom believes that the Shanghai Stock Exchange and its members provide
a ready market for the sale of the Microtron 2000 and its capability to receive
stock quotes.
Liquidity and Capital Resources
The Company has suffered losses in 1997, 1998, 1999 and the first quarter
of 2000 and had negative working capital in all of these periods. The operating
activities of the Company have been funded by the principal shareholders in the
form of equity and shareholder loans. Funds loaned by the principal shareholder
to the Company amounted to $679,000 in 1998, $137,000 in 1999 and $183,100 in
the first quarter of 2000. During 1999, the Company raised money through a
series of private placements obtaining net proceeds of $304,000 after selling
commissions.
One the Company's directors and major shareholders continues to provide the
Company with substantial financing sources. The director has provided a letter
of support indicating that he pledges to provide continuous financial support to
enable the Company to satisfy its working capital requirements and to complete
its commitments to its joint venture projects. The consecutive losses and the
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<PAGE>
negative working capital situation raise substantial doubt about the company's
ability to continue as a going concern. While there is no assurance that funding
will be available, the Company is continuing to actively seek funding to
complete its joint venture projects and execute its Business Plan through equity
and/or debt financing. Without outside funding, the Company is totally dependent
upon its major shareholders and would need to reconsider its Business Plan.
PART II - OTHER INFORMATION
CBCOM, INC.
MARCH 31, 2000
Item 1. Legal Proceedings
CBCom entered into a settlement agreement with Bernard Luskin, the former
Chief Executive Officer of CBCom, in January,1999, settling an outstanding
dispute for unpaid salary and other compensation. Mr. Luskin had an employment
contract with CBCom which guaranteed payment of his salary through an escrow
account containing 800,000 shares of common stock of Amtec, Inc., which shares
were pledged by Polmont Investments, Ltd., a British Virgin Islands corporation
controlled by one of the principal stockholders of CBCom.
Through the settlement, the parties agreed that Mr. Luskin will receive
unpaid salary and bonus through May 15, 1999 totaling $520,833 plus additional
compensation as may be determined by binding arbitration; but in no event shall
CBCom's liability exceed the value of the shares held in escrow. . As of
March 31, 2000, the escrow has sold 190,000 shares for proceeds of $386,812;
accordingly the amount due to the former CEO was reduced to $134,021. Mr. Luskin
waived any rights to satisfy any claims against CBCom from any assets other than
those shares held in the escrow account. CBCom is obligated to repay Polmont the
amount it paid to Mr. Luskin from the sale of its Amtec, Inc. shares. Polmont
has agreed to accept payment in the form of shares of CBCom, Inc. valued at
$0.50 per share. Due to the nature of this off-balance sheet financing, the
Company recognized prepaid interest of $220,000 and the corresponding amount in
additional paid-in capital and amortized the prepaid interest over the period of
three years.
On August 30, 1999, a lawsuit was filed in the Superior Court of the State
of California against CBCom, Inc., Max Sun, and Charles Lesser (Case No.
LCO49888) by Com VU Corporation, a Delaware corporation, based on an alleged
breach of a prior agreement between CBCom and Com VU. The parties entered into a
merger agreement on March 26, 1999, which merger was never effected. Com VU is
alleging CBCom (i) failed to consummate the merger by failure to use its best
efforts to effect it (ii) failed to pay $50,000 in outstanding debts to two
shareholders on behalf of Com Vu (iii) terminated the agreement improperly and
(iv) breached a covenant of good faith. Com Vu is requesting payment of the
$50,000 plus losses of approximately $15,000 in expenses and costs. CBCom
disputes the allegations of the claims and intends to defend the action
vigorously.
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<PAGE>
Item 2. Changes in Securities
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
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. None
(b) Reports on Form 8-K. None
SIGNATURES
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, in the city of Encino,
California, on the 12th day of May, 2000.
CBCOM, INC.
By /s/ Chian Yi Sun
----------------------------
Chian Yi Sun
Chairman of the Board
By /s/ Charles A. Lesser
----------------------------
Charles A. Lesser
Chief Financial Officer
F-13
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<PERIOD-END> MAR-31-2000
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