SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
Quarterly Report under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For Quarter Ended Commission File Number
October 31, 2000 000-27211
COLORADO COMMUNITY BROADCASTING, INC.
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(Name of Registrant)
Colorado 84-1469319
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(State of incorporation) (I.R.S. Employer
Identification No.)
10200 W. 44th Avenue, Suite 400, Wheat Ridge, CO 80033
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 741-5785
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 the filing
requirements for at least the past 90 days.
Yes No X
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
225,000 common shares as of October 31, 2000
<PAGE>
Part I: FINANCIAL INFORMATION
Colorado Community Broadcasting, Inc.
Interim Financial Statements
For the Six Month Period Ended October 31, 2000
(Unaudited)
<PAGE>
<TABLE>
<CAPTION>
COLORADO COMMUNITY BROADCASTING, INC.
(A Development Stage Company)
Balance Sheets
(Unaudited)
<S> <C> <C>
October 31, April 30,
2000 2000
------------ ------------
ASSETS:
Current Assets:
Cash $ 12,279 $ 19,804
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TOTAL ASSETS $ 12,279 $ 19,804
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY:
Liabilities:
Accounts Payable $ - $ -
Short-term Borrowings from Shareholders - 1,100
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TOTAL LIABILITIES - 1,100
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Stockholders' Equity:
Common stock, $.0001 par value, 100,000,000
shares authorized, 225,000 shares issued and
outstanding 22 22
Additional paid-in capital 26,978 26,978
Subscription receivable (250) (250)
Deficit accumulated during the development stage (14,471) (8,046)
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Total Stockholders' Equity 12,279 18,704
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 12,279 $ 19,804
============ ============
</TABLE>
See accountant's review report.
<PAGE>
<TABLE>
<CAPTION>
COLORADO COMMUNITY BROADCASTING, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
<S> <C> <C> <C> <C> <C>
Three Months Ended Six Months Ended March 16, 1998
October 31, October 31, (Inception) thru
2000 1999 2000 1999 October 31, 2000
----------- ------------ ---------- ----------- ----------------
INCOME $ - $ - $ - $ - $ -
OPERATING EXPENSES:
Professional Fees 2,950 1,500 6,425 3,300 12,015
Bank Charges - 15 - 15 95
Telephone - - - - 50
Entertainment - - - - 38
Travel - 590 - 550 2,273
----------- ----------- ----------- ----------- -----------
Total Operating Expenses 2,950 2,105 6,425 3,865 14,471
----------- ----------- ----------- ----------- -----------
Net Loss from Operations $ (2,950) $(2,105) $ (6,425) $ (3,865) $(14,471)
=========== =========== =========== =========== ===========
Weighted average number of
shares outstanding 225,000 214,500 225,000 214,500
Net Loss Per Share $ (0.01) $ (0.01) $ (0.03) $ (0.02)
=========== =========== =========== ===========
</TABLE>
See accountant's review report.
<PAGE>
<TABLE>
<CAPTION>
COLORADO COMMUNITY BROADCASTING, INC.
(A Development Stage Company)
Statements of Changes in Stockholders' Equity
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Deficit
Accumulated
Additional During the
Common Stock Paid-In Subcription Development
Shares Amount Capital Receivable Stage Totals
----------- ---------- ----------- ------------- -------------- ----------
Balance - March 16, 1998 - $ - $ - $ - $ - $ -
Stock issued for services 200,000 20 1,980 - - 2,000
Stock issued for cash 25,000 2 24,998 (10,500) 14,500
Net loss for year - - - - (2,793) (2,793)
------------- ---------- ------------ -------------- ------------ ----------
Balance - April 30, 1999 225,000 22 26,978 (10,500) (2,793) 13,707
------------- ---------- ------------ -------------- ------------ ----------
Cash payment of subcription receivable - - - 10,250 - 10,250
Net loss for year - - - - (5,253) (5,253)
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Balance - April 30, 2000 225,000 22 26,978 (250) (8,046) 18,704
------------- ---------- ------------ -------------- ------------ ----------
Net loss for period - - - - (6,425) (6,425)
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Balance - October 31, 2000 225,000 $ 22 $26,978 $ (250) $(14,471) $12,279
============= ========== ============ ============== ============ ==========
</TABLE>
See accountant's review report.
<PAGE>
<TABLE>
<CAPTION>
COLORADO COMMUNITY BROADCASTING, INC.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
<S> <C> <C> <C>
March 16, 1998
Six Months Ended (Inception) thru
October 31, October 31,
2000 1999 2000
-------- -------- -----------------
Cash Flows From Operating Activities:
Adjustments to reconcile net loss to net cash
used in operating activities:
Net (Loss) $ (6,425) $ (3,865) $ (14,471)
Non-cash items included in loss:
Stock issued for services - - 2,000
---------------- ------------- --------------
Changes in assets and liabilities:
Increase in Accrued Expenses - - -
---------------- ------------- --------------
Net Cash Used in Operating Activities (6,425) (3,865) (12,471)
---------------- ------------- --------------
Cash Flow From Financing Activities:
Proceeds from Short-Term Borrowings - - 5,100
Payment of Short-Term Borrowings (1,100) - (5,100)
Issuance of Common Stock - 10,250 24,750
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Net Cash Provided By Financing Activites (1,100) 10,250 24,750
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Increase (Decrease) in Cash (7,525) 6,385 12,279
Cash and Cash Equivalents - Beginning of period 19,804 15,057 -
---------------- ------------- --------------
Cash and Cash Equivalents - End of period $ 12,279 $ 21,442 $ 12,279
================ ============= ==============
Supplemental Cash Flow Information:
Cash paid for :
Interest paid $ - $ - $ -
================ ============= ==============
Taxes paid $ - $ - $ -
================ ============= ==============
</TABLE>
See accountant's review report.
<PAGE>
COLORADO COMMUNITY BROADCASTING, INC.
NOTES TO FINANCIAL STATEMENTS
1. Presentation of Interim Information
In the opinion of the management of Colorado Community Broadcasting,
Inc., the accompanying unaudited financial statements include all
normal adjustments considered necessary to present fairly the
financial position as of October 31, 2000, and the results of
operations for the three months and six months ended October 31, 2000
and 1999, and cash flows for the six months ended October 31, 2000.
Interim results are not necessarily indicative of results for a full
year.
The financial statements and notes are presented as permitted by Form
10-Q, and do not contain certain information included in the Company's
audited financial statements and notes for the fiscal year ended April
30, 2000.
<PAGE>
ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED OCTOBER 31, 2000 COMPARED TO SAME
QUARTER IN 1999.
The Company had no revenues in the period in 2000 or 1999. The Company has
been studying the feasibility of using low power television station license on
which it has an option for purposes of Internet access in a wireless mode. The
Company is also seeking financing for an attempt to equip a low power television
station license for Internet access. The Company incurred operations expenses of
$2,950 in 2000 and $2,105 in 1999 in the quarter. The Company had a loss on
operations of ($2,950) in 2000 compared to ($2,105) in 1999 in the quarter. The
loss per share was ($.01) and ($.01) in 2000 and 1999 respectively.
RESULTS OF OPERATIONS FOR THE SIX MONTH PERIOD ENDED OCTOBER 31, 2000 COMPARED
TO THE SAME PERIOD ENDED OCTOBER 31, 1999
The Company had no revenues in the period in 2000 or 1999. The Company had
expenses of $6425 and $3865 in the periods in 2000 and 1999, respectively. The
Company had a net loss of ($6,425) in the six month period in 2000 compared to a
net loss of ($3865) in the same period in 1999. The loss per share for the six
month period was ($.03) in 2000 and ($.02) in 1999.
The trend of losses can be expected to continue for the foreseeable future
as the Company attempts to commerce some business.
LIQUIDITY AND CAPITAL
The Company has only $12,279 in cash as of October 31, 2000, which is
insufficient for any operations of significance. The Company will need to raise
capital through loans or private placements in order to carry out any
operational plan. The Company has no sources of such capital at this time.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULT UPON SENIOR SECURITIES
None
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
No reports on Form 8-K were made for the period for which
this report is filed.
<PAGE>
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.
Date: January 16, 2001
COLORADO COMMUNITY BROADCASTING, INC.
/s/ Adelisa Shwayder
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Adelisa Shwayder, Secretary/Treasurer
