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Previous: AMERIPRIME ADVISORS TRUST, 485BPOS, EX-99.23.J, 2001-01-18 |
Next: COLORADO COMMUNITY BRAODCASTING INC, 10QSB, EX-27, 2001-01-18 |
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
July 31, 2000 000-27211
COLORADO COMMUNITY BROADCASTING, INC.
-------------------------------------
(Name of Registrant)
Colorado 84-1469319
------------------------ --------------------
(State of incorporation) (I.R.S. Employer
Identification No.)
10200 W. 44th Avenue, Suite 400, Wheat Ridge, CO 80033
-------------------------------------------------------------
(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 July 31, 2000
<PAGE>
Part I: FINANCIAL INFORMATION
Colorado Community Broadcasting, Inc.
Interim Financial Statements
For the Three Month Period Ended July 31, 2000
(Unaudited)
<PAGE>
<TABLE>
<CAPTION>
COLORADO COMMUNITY BROADCASTING, INC.
(A Development Stage Company)
Balance Sheets
(Unaudited)
<S> <C> <C>
July 31 April 30,
2000 2000
------------ ------------
ASSETS:
Current Assets:
Cash $ 15,229 $ 19,804
------------ ------------
TOTAL ASSETS $ 15,229 $ 19,804
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY:
Liabilities:
Accounts Payable $ - $ -
Short-term Borrowings from Shareholders - 1,100
------------ ------------
TOTAL LIABILITIES - 1,100
------------ ------------
Stockholders' Equity:
Common stock, $.0001 par value, 100,000,000
shares authorized, 214,500 shares issued and
outstanding 22 22
Additional paid-in capital 26,978 26,978
Subscription receivable (250) (250)
Deficit accumulated during the development stage (11,521) (8,046)
------------ ------------
Total Stockholders' Equity 15,229 18,704
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 15,229 $ 19,804
============ ============
</TABLE>
See accountant's review report.
<PAGE>
<TABLE>
<CAPTION>
COLORADO COMMUNITY BROADCASTING, INC.
(A Development Stage Company)
Statement of Operations
(Unaudited)
<S> <C> <C> <C>
Three Months Ended
July 31, March 16, 1998
(Inception) thru
2000 1999 July 31, 2000
-------------- ----------------- ----------------
INCOME $ - $ - $ -
OPERATING EXPENSES:
Professional Fees 3,475 1,800 9,065
Bank Charges - - 95
Telephone - - 50
Entertainment - - 38
Travel - - 2,273
-------------- ----------------- ----------------
Total Operating Expenses 3,475 1,800 11,521
-------------- ----------------- ----------------
Net Loss from Operations $(3,475) $ (1,800) $ (9,521)
============== ================= ================
Weighted average number of
shares outstanding 225,500 214,500
============== =================
Net Loss Per Share $ (0.01) $ (0.01)
============== =================
</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>
Deficit
Accumulated
Additional During the
Common Stock Paid-In Subcription Development
Shares Amount Capital Receivable Stage Totals
------ ------ ------- ---------- ----- ------
Balance - March 16, 1998 - $ - $ - $ - $ - $ -
Stock issued for cash 200,000 20 1,980 - - 2,000
Stock subscription receivable - 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)
------------- ---------- ------------ -------------- ------------ ------------
Balance - April 30, 2000 225,000 22 26,978 250 (8,046) 18,704
------------- ---------- ------------ -------------- ------------ ------------
Net loss for period - - - - (3,475) (3,475)
Balance - July 31, 2000 225,000 $ 22 $25,978 ($250) $(11,521) $15,229
============= ========== ============ ============== ============ ============
</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>
For the
Three Months For the Three March 16, 1998
Ended Three Months (Inception) thru
July 31, Ended July 31, July 31,
2000 1999 2000
---------------- ------------- ----------------
Cash Flows From Operating Activities:
Adjustments to reconcile net loss to net cash
used in operating activities:
Net (Loss) $ (3,475) $ (1,800) $ (11,521)
Stock Issued for Services 2,000
Changes in assets and liabilities:
Increase in Accrued Expenses - - -
---------------- ------------- --------------
- - -
---------------- ------------- --------------
Net Cash Used in Operating Activities (3,475) (1,800) (9,521)
---------------- ------------- --------------
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
---------------- ------------- --------------
Net Cash Provided By Financing Activites (1,100) 10,250 24,750
---------------- ------------- --------------
Increase (Decrease) in Cash (4,575) 8,450 15,229
Cash and Cash Equivalents - Beginning of period 19,804 15,057 -
---------------- ------------- --------------
Cash and Cash Equivalents - End of period $ 15,229 $23,507 $ 15,229
================ ============= ==============
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 July 31, 2000, and the results of operations
for the three months and three months ended July 31, 2000 and 1999,
and cash flows for the three months ended July 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 QUARTER ENDED JULY 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 design and equip a low power
television station license for Internet access. The Company incurred operations
expenses of $3,475 in the quarter in 2000 and $1,800 in 1999 in the quarter. The
Company had a loss on operations of ($3,475) in the quarter in 2000 compared to
($1,800) in 1999 in the quarter. The loss per share was ($.01) and ($.01) in
2000 in the quarter and 1999 respectively.
LIQUIDITY AND CAPITAL RESOURCES
The Company had $15,229 in cash at period end. The cash on hand is not
sufficient for any significant operations, and to fund any future operations,
the Company will need to borrow money or make private placements in order to
achieve sufficient capital.
<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
-------------------------------------------
Adelisa Shwayder, Secretary/Treasurer
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