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(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
( )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to___
Commission File number 000-28181
ORANCO, INC.
(Exact name of registrant as specified in charter)
Nevada
(State or other jurisdiction of incorporation or organization)
87-0574491
(I.R.S. Employer Identification No.)
1981 East 4800 South Suite 100, Salt Lake City, Utah 84117
(Address of principal executive offices) (Zip Code)
801-272-9294
Registrant's telephone number, including area code
__________________________________________________
(Former name, former address, and former fiscal year, 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), Yes [x ] No [ ] and (2) has been subject to such filing requirements for the past 90 days. Yes [x ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date
Class
Common Stock, $0.001
Outstanding as of September 30, 2000
4,019,950
INDEX
Page
Number
------
PART I.
ITEM 1. Financial Statements (unaudited).................................................3
Balance Sheets...................................................................4
September 30, 2000 and December 31, 1999
Statements of Operations
For the three and nine months ended September 30, 2000 and 1999.............5
and the period June 16, 1977 to September 30, 2000
Statements of Cash Flows
For the nine months ended September 30, 2000 and 1999........................6
and the period June 16, 1977 to September 30, 2000
Notes to Financial Statements....................................................7
ITEM 2. Plan of Operations...............................................................9
PART II
ITEM 2 Changes in Securities ...........................................................9
Signatures......................................................................10
The accompanying balance sheets of Oranco, Inc. ( development stage company) at September 30, 2000 and December 31 1999, and the related statements of operations for the three and nine months ended September 30, 2000 and 1999 and the period June 16, 1977 to September 30, 2000, the statement of cash flows for the nine months ended September 30, 2000 and 1999, and the period June 16, 1977 to September 30, 2000, have been prepared by the Company’s management and they do not include all information and notes to the financial statements necessary for a complete presentation of the financial position, results of operations, cash flows, and stockholders’ equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.
Operating results for the quarter ended September 30, 2000, are not necessarily indicative of the results that can be expected for the year ending December 31, 2000.
ORANCO, INC.
(Development Stage Company)
BALANCE SHEETS
September 30, 2000, and December 31, 1999
Sept 30, Dec 31,
2000 1999
---------- --------
ASSETS
CURRENT ASSETS
Cash $ 285,523 $ 27,829
--------- ---------
Total Current Assets $ 285,523 $ 27,829
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ - $ 500
--------- ---------
Total Current Liabilities - 500
--------- ---------
STOCKHOLDERS' EQUITY
Common stock
100,000,000 shares authorized, at $0.001 par
value; 4,019,950 shares issued and outstanding
on September 30; 4,020 1,395
1,394,950 on December 31
Capital in excess of par value 325,148 65,273
Deficit accumulated during the development stage (43,645) (39,339)
--------- ---------
Total Stockholders' Equity 285,523 27,329
--------- ---------
$ 285,523 $ 27,829
========= =========
The accompanying notes are an integral part of these financial statements.
-4-
ORANCO, INC.
( Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended September 30, 2000, and 1999
and the Period June 16, 1977 (Date of Inception) to September 30, 2000
Three Months Nine Months
-------------------------- --------------------------
Sept 30, Sept 30, Sept 30, Sept 30, Jun 16, 1977 to
2000 1999 2000 1999 Sept 30, 2000
-------- -------- ------- -------- ---------------
REVENUES $ - $ - $ - $ - $ -
EXPENSES 2,494 - 4,306 - 43,645
----------- ----------- ----------- ----------- -----------
NET LOSS $ (2,494) $ - $ (4,306) $ - $ (43,645)
=========== =========== =========== =========== ===========
NET LOSS PER COMMON
SHARE
Basic $ - $ - $ - $ -
----------- ----------- ----------- -----------
AVERAGE OUTSTANDING
SHARES
Basic 4,019,950 694,950 4,019,950 694,950
----------- ----------- ----------- -----------
The accompanying notes are an integral part of these financial statements.
-5-
ORANCO, INC.
( Development Stage Company)
STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2000, and 1999
and the Period June 16, 1977 (Date of Inception) to September 30, 2000
Jun 16, 1977
Sept 30, Sept 30, to Sept 30,
2000 1999 2000
--------- ------- ---------
CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ (4,306) $ - $ (43,645)
Adjustments to reconcile net loss to
net cash provided by operating activities
Changes in accounts payable (500) -
Net Cash Used in Operations (4,806) - (43,645)
--------- ------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES
--------- ------- ---------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issuance of common stock 262,500 - 329,168
--------- ------- ---------
Net Increase (Decrease) in Cash 257,694 - 285,523
Cash at Beginning of Period 27,829 - -
--------- ------- ---------
Cash at End of Period $ 285,523 $ - $ 285,523
========= ======= =========
The accompanying notes are an integral part of these financial statements
-6-
The Company was incorporated under the laws of the state of Nevada on June 16, 1977 with authorized common stock of 100,000 shares at a par value of $0.25. On June 10, 1997 the authorized common stock was increased to 100,000,000 shares with a par value of $0.001 in connection with a forward stock split of ten shares for each outstanding share.
This report has been prepared showing after stock split shares with a par value of $0.001 from inception.
The Company has been in the
business of the development of mineral deposits. During 1983 all activities were
abandoned and the Company has remained inactive since that time.
The Company is in the development stage.
The Company recognizes income and expenses based on the accrual method of accounting.
Dividend PolicyThe Company has not yet adopted a policy regarding payment of dividends.
Income TaxesOn September 30, 2000, the Company had a net operating loss carry forward of $43,645. The tax benefit from the loss carry forward has been fully offset by a valuation reserve because the use of the future tax benefit is undeterminable since the Company has no operations. The loss will expire in 2022.
Basic and Diluted Net Income (Loss) Per ShareBasic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of the preferred share rights unless the exercise becomes antidilutive and then only the basic per share amounts are shown in the report.
Financial InstrumentsThe carrying amounts of financial instruments, including cash and accounts payable, are considered by management to be their estimated fair values.
-7-
Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
Comprehensive IncomeThe Company adopted Statement of Financial Accounting Standards No. 130. The adoption of this standard had no impact on the total stockholder's equity.
Recent Accounting PronouncementsThe Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.
On June 15, 2000 the board of directors authorized a private placement of up to 2,500,000 units at $0.10. Each unit consists of one share of common stock, a warrant to purchase an additional share of common stock for $0.10 at any time within two years, and a warrant to purchase a second share of common stock for $0.25 any time within four years.
During June 2000 the Company issued 2,125,000 shares of common stock for cash at $0.10 which included 2,000,000 shares sold from the private placement authorized above. During July 2000 the Company received an additional $50,000 and issued 500,000 common shares to complete the private placement authorized above.
Related parties own 20% of the outstanding common stock.
The Company intends to acquire interests in various business opportunities which, in the opinion of management, will provide a profit to the Company, however there is insufficient working capital for any future planned activity. Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding and long term debt which will enable the Company to conduct operations for the coming year.
-8-
The Company’s management is seeking and intends to acquire interests in various business opportunities which, in the opinion of management, will provide a profit to the Company but it does not have the working capital to be successful in this effort.
Continuation of the Company as a going concern is dependent upon obtaining the working capital necessary for its planned activity. The management of the Company has developed a strategy, which they believe can obtain the needed working capital through additional equity funding and long term debt which will enable the Company to continue operations for the coming year.
Liquidity and Capital ResourcesThe Company will need additional working capital to finance its planned activity.
Results of OperationsThe Company has had no operations during this reporting period.
On June 15, 2000 the board of directors authorized a private placement of up to 2,500,000 units at $0.10. Each unit consists of one share of common stock, a warrant to purchase an additional share of common stock for $0.10 at any time within two years, and a warrant to purchase a second share of common stock for $0.25 any time within four years.
During June 2000 the Company issued 2,125,000 shares of common stock for cash at $0.10 which included 2,000,000 shares sold from the private placement authorized above. During July 2000 the Company received an additional $50,000 and issued 500,000 common shares to complete the private placement authorized above.
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 there unto duly authorized.
Oranco, Inc.
[Registrant]
S/ Claudio
Gianascio
Claudio Gianascio- President
August 8, 2000
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