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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 EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number: 000-026765
GOOLU INC.
(Exact name of Registrant as specified in its charter)
Colorado 84-1113058
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1000 - 355 Burrard Street, Vancouver, British Columbia, Canada V6C 2G8
(Address of principal executive offices including postal code)
(604) 608-6161
(Registrant's telephone number, including area code)
Essex Capital Corporation
5353 Manhattan Circle, Suite 201, Boulder, CO, 80303
(Former Name and Former Address, if Changed Since Last Report)
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) has been
subject to such filing requirements for the past 90 days. Yes X No
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Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the latest practicable date:
Class Outstanding at November 10, 2000
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Common Stock 501,300
No par value
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FORWARD-LOOKING STATEMENTS
Statements in this report, to the extent that they are not based on
historical events, constitute forward-looking statements. Forward-looking
statements include, without limitation, statements regarding the outlook
for future operations, forecasts of future costs and expenditures, the
evaluation of market conditions, the outcome of legal proceedings, the
adequacy of reserves, or other business plans. Investors are cautioned
that forward-looking statements are subject to an inherent risk that
actual results may vary materially from those described herein. Factors
that may result in such variance, in addition to those accompanying the
forward-looking statements, include changes in interest rates, prices and
other economic conditions; actions by competitors; natural phenomena;
actions by government and regulatory authorities; uncertainties associated
with legal proceedings; technological development; future decisions by
management in response to changing conditions; and misjudgments in the
course of preparing forward-looking statements.
PART I. FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS
GOOLU INC.
FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(Unaudited)
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GOOLU INC.
Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
September 30, 2000 December 31, 1999
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<S> <C> <C>
ASSETS
Current Assets $ - $ 205
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Total assets $ - $ 205
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ - $ 4,601
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Total current liabilities - 4,601
Stockholders' Equity:
Preferred Stock, no par value,
10,000,000 shares authorized
none issued and outstanding - -
Common Stock, no par value,
800,000,000 shares authorized
501,300 shares issued and
outstanding 1,600 1,600
Additional paid-in capital 9,915 -
Accumulated deficit (11,515) (5,996)
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Total Stockholders' Equity - (4,396)
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Total Liabilities and
Stockholders' Equity $ - $ 205
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</TABLE>
The accompanying notes are an integral part of these financial statements.
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GOOLU INC.
Statement of Operations
(Unaudited)
<TABLE>
<CAPTION>
For the Three For the Three
Months Ended Months Ended
September 30, 2000 September 30, 1999
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<S> <C> <C>
Revenues $ - $ -
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Operating expenses
Audit fees 1,750 650
Other 659 -
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Total operating expenses 2,409 -
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Net loss (2,409) -
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Net loss per share $ (0.01) $ 0.00
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Weighted average number of shares
outstanding 501,300 501,300
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</TABLE>
The accompanying notes are an integral part of these financial statements.
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GOOLU INC.
Statement of Operations
(Unaudited)
<TABLE>
<CAPTION>
For the Nine For the Nine
Months Ended Months Ended
September 30, 2000 September 30, 1999
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<S> <C> <C>
Revenues
$ - $ -
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Operating expenses
Audit fees 4,750 650
Other 769 -
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Total operating expenses 5,519 650
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Net loss (5,519) (650)
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Net loss per share $ (0.01) $ 0.00
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Weighted average number of
shares outstanding 501,300 501,300
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</TABLE>
The accompanying notes are an integral part of these financial statements.
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GOOLU INC.
Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the Nine For the Nine
Months Ended Months Ended
September 30, 2000 September 30, 1999
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<S> <C> <C>
Cash Flows from Operating
Activities:
Net (loss) $ (5,519) $ (650)
Increase (decrease) in
accounts payable (4,601) 650
Decrease in accounts
receivable 250 -
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Net cash (used in)
operating activities (9,915) -
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Cash Flows from Investing
Activities:
- -
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Cash Flows from Financing
Activities:
Increase in additional
paid-in capital 9,915 -
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Net cash provided by
financing activities 9,915 -
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Increase in cash - -
Cash, beginning of period - -
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Cash, end of period $ - $ -
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Interest paid $ - $ -
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Income taxes paid $ - $ -
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</TABLE>
The accompanying notes are an integral part of these financial statements.
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GOOLU INC.
Notes to Consolidated Financial Statements
September 30, 2000
(Unaudited)
(1) Condensed Financial Statements
The financial statements included herein have been prepared by Goolu Inc.
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures
normally included in the financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted as
allowed by such rules and regulations, and Goolu Inc. believes that the
disclosures are adequate to make the information presented not misleading.
It is suggested that these financial statements be read in conjunction
with the December 31, 1999 audited financial statements and the
accompanying notes thereto. While management believes the procedures
followed in preparing these financial statements are reasonable, the
accuracy of the amounts are in some respect dependent upon the facts that
will exist, and procedures that will be accomplished by Goolu Inc. later
in the year.
The management of Goolu Inc. believes that the accompanying unaudited
condensed financial statements contain all adjustments (including normal
recurring adjustments) necessary to present fairly the operations and cash
flows for the periods presented.
(2) Basis of Presentation - Going Concern
The accompanying financial statements have been prepared in conformity
with generally accepted accounting principles, which contemplates
continuation of the Company as a going concern. However, the Company has
sustained operating losses since its inception and has a net capital
deficiency. This fact raises substantial doubt about the Company's
ability to continue as a going concern. Management is attempting to raise
additional capital.
In view of these matters, realization of certain of the assets in the
accompanying balance sheet is dependent upon continued operations of the
Company, which in turn is dependent upon the Company's ability to meet its
financial requirements, raise additional capital, and the success of its
future operations. Management is in the process of attempting to raise
additional capital and reduce operating expenses. Management believes that
its ability to raise additional capital and reduce operating expenses
provide an opportunity for the Company to continue as a going concern.
(3) Stock Purchase Agreement
Pursuant to a stock purchase agreement dated effective June 20, 2000,
certain former and current shareholders of the Company agreed to sell,
convey, transfer and deliver 476,235 common shares, or approximately 95%
of the issued and outstanding common shares of the Company, to certain of
the current shareholders, which resulted in a change in control of the
Company.
(4) Name Change
Effective August 1, 2000, the Company changed its name from Essex Capital
Corporation to Goolu Inc.
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PART I. FINANCIAL INFORMATION
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Goolu Inc. (formerly, Essex Capital Corporation) (the "Company") was
incorporated under the laws of the State of Colorado on March 15, 1989 as
a limited liability company, to evaluate, structure and complete a merger
with, or acquisition of, prospects consisting of private companies,
partnerships or sole proprietorships. The Company may seek to acquire a
controlling interest in such entities in contemplation of later completing
an acquisition. The Company is not limited to any operation or geographic
area in seeking out opportunities. Management has not identified any
particular business or industry within which the Company will seek an
acquisition or merger. The Company has not conducted, nor have others
made available to it, market research supporting the viability of the
Company's proposed operations.
The Company generated no revenues during the quarter ended September 30,
2000, and management does not anticipate generating any revenues until
following the conclusion of a merger or acquisition.
The Company's capital is limited. The Company anticipates operational
costs will be limited until such time as significant evaluation work is
undertaken regarding prospective mergers or acquisitions.
At September 30, 2000, the Company had no material commitments for capital
expenditures.
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PART II. OTHER INFORMATION
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ITEM 1. LEGAL PROCEEDINGS
Reference is made to the Company's annual report on Form 10-KSB for the
fiscal year ended December 31, 1999 for information concerning legal
proceedings.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit Number Description
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27 Article 5 - Financial Data Schedule for
the 3rd Quarter 2000 Form 10-QSB
(b) Reports on Form 8-K
The Company filed the following reports with respect to the
indicated items:
Form 8-K dated July 18, 2000
Item 1. Change in Control of Registrant
Item 5. Other Events
Item 6. Resignations of Registrant's Directors
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SIGNATURES
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.
Dated: November 10, 2000 GOOLU INC.
By: /s/ Shih-Hsun Lan
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President and Director
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EXHIBIT INDEX
Exhibit Number Description
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27 Article 5 - Financial Data Schedule for
the 3rd Quarter 2000 Form 10-QSB.