SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ______ to ________
Commission file number
0-27893
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2DOBIZ.COM, INC. (FORMERLY KNOWN
AS INTERLOCK SERVICES, INC.)
--------------------------------
(Name of small business issuer in its charter)
Nevada 77-0448262
------ ----------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.
122-1020 Mainland Street, Vancouver,
British Columbia Canada. V6B 2T4
- -------------------------------------- -------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (604)602-2378
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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[ ]
Number of shares outstanding of each of the issuer's classes of common stock,
as of March 1, 2000: 11,000,000 shares of common stock, par value $.001.
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INTERLOCK SERVICES, INC.
(A Development Stage Company)
TABLE OF CONTENTS
PAGE
PART I FINANCIAL INFORMATION
Item 1. Financial Statements............................................3
Balance Sheet...................................................3
Statement of Operations for the Nine Months Ended
September 30, 1999 and 1998 (unaudited).........................4
Statement of Cash Flow For the Nine Months Ended
September 30, 1999 and 1998 (unaudited).........................5
Notes to Financial Statements
as of September 30, 1999 (unaudited) ...........................6
Item 2: Management's Discussion and Analysis of
Financial Condition and Results of Operations..................10
Liquidity and Capital Resources................................10
Part II: Other Information..............................................11
Item 1: Legal Proceedings..............................................11
Item 2: Changes in Securities..........................................11
Item 3: Defaults Upon Senior Securities................................11
Item 4: Submission of Matters to a Vote of
Security Holders...............................................11
Item 5: Other Information..............................................11
Item 6(a): Exhibits.......................................................11
Item 6(b): Reports on Form 8-K............................................11
SIGNATURES................................................................12
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INTERLOCK SERVICES, INC.
(A Development Stage Company)
PART I FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
BALANCE SHEET
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
(Unaudited)
------------ ------------
<S> <C> <C>
Assets $ - $ -
============ ============
Liabilities
Accounts Payable $ - $ 200
Shareholders' Equity
Common Stock, Par Value $.001
Authorized 100,000,000 shares
Issued 1,000,000 shares as of
September 30, 1999,
and December 31, 1998 1,000 1,000
Paid-In Capital 385 -
Retained Deficit (1,200) (1,200)
Deficit Accumulated During the
Development State (185) -
------------ ------------
Total Stockholders' Equity - (200)
Total Liabilities and
Shareholders' Equity - -
============ ============
</TABLE>
The accompanying notes are integral part of these financial statements
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INTERLOCK SERVICES, INC.
(A Development Stage Company)
PART I FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
STATEMENTS OF OPERATIONS (Unaudited)
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1999 1998
------------ ------------
<S> <C> <C>
Revenues $ - $ -
Expenses 185 100
------------ ------------
Net Loss $ (185) $ (100)
============ ============
Basic & Diluted loss per share $ - $ -
============ ============
</TABLE>
The accompanying notes are integral part of these financial statements
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INTERLOCK SERVICES, INC.
(A Development Stage Company)
PART I FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
STATEMENT OF CASH FLOWS (Unaudited)
<TABLE>
<CAPTION>
For the Nine Months
Ended September 30,
1999 1998
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (185) $ (100)
Increase (Decrease) In Accounts Payable (200) 100
---------- ----------
Net Cash Used In Operating Activities (385) -
CASH FLOWS FROM INVESTING ACTIVITIES:
Net Cash Provided By Investing Activities - -
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital Contributed By Shareholder 385 -
---------- ----------
Net Cash Provided By Financing Activities 385 -
Net (Decrease) In Cash And Cash Equivalents - -
Cash And Cash Equivalents At Beginning Of Period - -
Cash And Cash Equivalents At End Of Period $ - $ -
========== ==========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest $ - $ -
Franchise and income taxes $ 250 $ -
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
AND FINANCING ACTIVIITES: - -
</TABLE>
The accompanying notes are integral part of these financial statements
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INTERLOCK SERVICES, INC.
(A Development Stage Company)
PART I FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 1999 (Unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This summary of accounting policies for Interlock Services, Inc. is presented
to assist in understanding the Company's financial statements. The accounting
policies conform to generally accepted accounting principles and have been
consistently applied in the preparation of the financial statements.
Organization and Basis of Presentation
The Company was incorporated under the laws of the State of Nevada on
October 28, 1996. The Company ceased all operating activities during the
period from September 23, 1996 to July 9, 1999 and was considered dormant.
On July 9, 1999, the Company obtained a Certificate of renewal from the State
of Nevada. Since July 9, 1999, the Company is in the development stage, and
has not commenced planned principal operations.
Nature of Business
The company has no products or services as of August 31, 1999. The Company
was organized as a vehicle to seek merger or acquisition candidates. The
Company intends to acquire interests in various business opportunities, which
in the opinion of management will provide a profit to the Company
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Basis of presentation:
The accompanying unaudited condensed financial statements and related notes
have been prepared pursuant to the rules and regulations of the Securities and
Exchange Commission for Form 10-QSB. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments, consisting of a normal recurring nature and considered
necessary for a fair presentation, have been included. It is suggested that
these financial statements are read in conjunction with the financial
statements and notes thereto included in the Company's annual report on
Form 10SB filed November 1999. The results of operations for the nine month
period ended September 30, 1999 indicative of the operating results for the
year ended December 31, 1999. For further information, refer to the financial
statements and notes thereto included in the Company's Form 10-SB.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers all highly
liquid debt instruments purchased with a maturity of three months or less to
be cash equivalents to the extent the funds are not being held for investment
purposes.
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NOTE 2 - INCOME TAXES
As of September 30, 1999, the Company had a net operating loss carryforward
for income tax reporting purposes of approximately $1,000 that may be offset
against future taxable income through 2011. Current tax laws limit the amount
of loss available to be offset against future income when a substantial change
in ownership occurs. Therefore, the amount available to offset future taxable
income will be limited. No tax benefit has been reported in the financial
statements, because the Company believes there is a 50% or greater chance the
carryforwards will expire unused. Accordingly, the potential tax benefits of
the loss carryforwards are offset by a valuation allowance of the same amount.
NOTE 3 - DEVELOPMENT STAGE COMPANY
The Company has not begun principal operations and as is common with a
development stage company, the Company has had recurring losses during its
development stage.
NOTE 4 - COMMITMENTS
As of November 30, 1999 all activities of the Company have been conducted by
corporate officers from either their homes or business offices. Currently,
there are no outstanding debts owed by the Company for the use of these
facilities and there are no commitments for future use of the facilitates.
NOTE 5 - STOCK SPLIT
On May 6, 1999 the Board of Directors authorized 1,000 to 1 stock split,
changed the authorized number of shares to 100,000,000 shares and the par
value to $.001 for the Company's common stock. As a result of the split,
999,000 shares were issued. All references in the accompanying financial
statements to the number of common shares and per-share amounts for 1998 and
1997 have been restated to reflect the stock split
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NOTE 6 - SUBSEQUENT EVENT
On January 16, 2000 the Company entered into an AGREEMENT AND PLAN OF
REORGANIZATION ("Agreement") INTERLOCK SERVICES, INC., a Nevada corporation
("Acquisition"), INTERNET INTERNATIONAL COMMUNICATIONS, LTD., a Nevada
corporation ("Client") and the persons listed in Exhibit A hereof
(collectively the "Shareholders"), being the owners of record of all of the
issued and outstanding common stock of Client.
Client exchanged 7,500,000 shares of common stock for 7,500,000 shares of
Acquisition common stock. The Client pursuant to the Agreement became a
wholly-owned subsidiary of the Company and changed its name to
2DOBIZ.COM, INC.
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion of the results of operations and financial
condition should be read in conjunction with the audited financial statements
and related notes appearing subsequently under the caption "Financial
Statements".
Cautionary Statement on Forward-Looking Statements
From time to time, the Company makes oral and written statements that may
constitute "forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995 (the "PSLRA") or by the Commission in its rules,
regulations and releases. The Company desires to take advantage of the "safe
harbor" provisions in the PSLRA for forward-looking statements made from time
to time, including, but not limited to, the forward-looking statements
relating to the Company contained in this Form 10-SB registration statement.
The Company cautions readers that any such forward-looking statements
made by or on behalf of the Company are based on management's current
expectations and beliefs but are not guarantees of future performance. Actual
results could differ materially from those expressed or implied in the
forward-looking statements.
The Company was incorporated under the laws of the State of Nevada on
October 28, 1996. The Company ceased all operating activities during the
period from September 23, 1996 to July 9, 1999 and was considered dormant. On
July 9, 1999, the Company obtained a Certificate of renewal from the State of
Nevada. Since July 9, 1999, the Company is in the development stage, and has
not commenced planned principal operations.
Liquidity and Capital Resources
As of September 30, 1999, the Company believes that it has adequate cash
resources to fund current operations. There can be no assurance, however,
that the Company's actual capital needs will not exceed anticipated levels, or
that the Company will generate sufficient revenues to fund its operations in
the absence of other sources.
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PART II. OTHER INFORMATION
Item 1: Legal Proceedings
NONE
Item 2: Changes in Securities
NONE
Item 3: Defaults Upon Senior Securities
NONE
Item 4: Submission of Matters to a Vote of Security Holders
NONE
Item 5: Other Information
The Company's new address is the following:
122-1020 Mainland Street, Vancouver,
British Columbia Canada. V6B 2T4
The Company filed a Change in Control of Registrant
Dated January 31, 2000 on Form 8-K
Pursuant to an AGREEMENT AND PLAN OF REORGANIZATION ("Agreement")
INTERLOCK SERVICES, INC., a Nevada corporation ("Acquisition"),
INTERNET INTERNATIONAL COMMUNICATIONS, LTD., a Nevada
corporation ("Client") and the persons listed in Exhibit A
hereof (collectively the "Shareholders"), being the owners of
record of all of the issued and outstanding common stock of
Client.
Item 6(a): Exhibits
NONE
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
2DOBIZ.COM, INC.
----------------
(Registrant)
Date: March 6, 2000 By: /s/ David Roth, PhD
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David Roth
Chief Executive Officer
(Duly Authorized Signatory)
Date: March 6, 2000 By: /s/ Larry Eyler
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Larry Eyler
Chief Financial Officer
(Duly Authorized Signatory)
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