<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-QSB
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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
COMMISSION FILE NO. 0-28423
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SOCHRYS.COM, INC.
-----------------
(Exact name of small business issuer as specified in its charter)
NEVADA 58-2541997
------ ----------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
Route de Jussy 29, CH 1226 Thonex, Geneva, Switzerland
------------------------------------------------------
(Address of principal executive offices)
Issuers' telephone number: 011-41-22-869-2070
------------------
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities 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 [ ]
12,612,924 shares of the registrant's Common Stock were outstanding as of
November10, 2000
Transitional Small Business Disclosure Format: Yes [ ] NO [ X ]
Pg. 1
<PAGE> 2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SOCHRYS.COM, INC. AND SUBSIDIARIES
A DEVELOPMENT STAGE ENTERPRISE
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
SEPTEMBER 30 DECEMBER 31,
2000 1999
---- ------------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 35,666 $ 171,628
Other current assets 62,329 12,833
----------- ---------
Total current assets 97,995 184,461
Fixed assets (at cost, net of accumulated amortization) 241,423 183,600
Cash pledged as collateral for operating lease 131,439 26,928
----------- ---------
Total assets $ 470,857 $ 394,989
=========== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $ 557,426 $ 141,637
12% demand notes payable 585,000 --
Due to a related party -- 5,178
----------- ---------
Total current liabilities 1,142,426 146,815
----------- ---------
Total liabilities 1,142,426 146,815
----------- ---------
SHAREHOLDERS' EQUITY:
Preferred stock, ($0.001 par value.) Authorized 5,000,000 shares;
Issued and outstanding nil shares at September 30, 2000 and
nil shares at December 31, 1999
Common stock, ($0.001 par value. Authorized 50,000,000 shares;
Issued and outstanding 12,612,924 shares at September 30, 2000 and
11,992,924 shares at December 31, 1999 12,612 11,992
Additional paid in capital 2,131,257 953,877
Accumulated other comprehensive income (loss) (23,006) 4,411
Deficit accumulated during the development stage (2,813,736) (743,410)
Retained earnings prior to entering development stage 21,304 21,304
----------- ---------
Total shareholders' equity (671,569) 248,174
----------- ---------
Total liabilities and shareholders' equity $ 470,857 $ 394,989
=========== =========
</TABLE>
See accompanying notes to unaudited interim period consolidated condensed
financial statements.
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SOCHRYS.COM, INC. AND SUBSIDIARIES
A DEVELOPMENT STAGE ENTERPRISE
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 2000
AND THE PERIOD FROM AUGUST 3, 1999 THROUGH SEPTEMBER 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PERIOD FROM
THREE MONTHS NINE MONTHS AUGUST 3, 1999
ENDED ENDED TO
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 1999 2000 1999 2000 (NOTE 1)
---- ---- ---- ---- -------------
<S> <C> <C> <C> <C> <C>
Revenues
Consulting revenues $ -- $22,080 $ -- $169,753 $ --
Software revenues -- -- -- -- --
----------- ------- ----------- -------- ------------
Total Revenues -- 22,080 -- 169,753 --
Operating expenses (income):
Research and development 531,828 58,735 1,242,263 201,721 1,516,621
General and administrative 225,244 4,953 728,579 9,071 1,156,950
Amortization 31,747 11,783 85,920 35,349 112,427
----------- ------- ----------- -------- ------------
788,819 75,471 2,056,762 246,141 2,785,998
----------- ------- ----------- -------- ------------
Operating earnings (loss) (788,819) (53,391) (2,056,762) (76,388) (2,785,998)
Other income (expenses) (9,530) (4,856) (13,564) (5,521) (27,738)
----------- ------- ----------- -------- -----------
Net loss $(798,340) $(58,247) $(2,070,326) $(81,909) $(2,813,736)
========= ======= =========== ======== ===========
Loss per share $(0.06) $(0.01) $(0.17) $(0.01) $(0.29)
======= ====== ====== ======= =======
Weighted average number of common shares outstanding
during period 12,612,924 8,459,000 12,730,543 8,459,000 9,633,165
========== ========= ========== ========= =========
</TABLE>
See accompanying notes to unaudited interim period consolidated condensed
financial statements.
Pg. 3
<PAGE> 4
SOCHRYS.COM, INC. AND SUBSIDIARIES
A DEVELOPMENT STAGE ENTERPRISE
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 2000
AND THE PERIOD FROM AUGUST 3, 1999 ENDED SEPTEMBER 30,
(UNAUDITED)
<TABLE>
<CAPTION>
PERIOD FROM
AUGUST 3,
NINE 1999 TO
MONTHS SEPTEMBER
ENDED 30, 2000
SEPTEMBER 30, (NOTE 1)
--------
2000 1999
---- ----
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(2,070,326) $(81,909) $(2,813,736)
Adjustments to reconcile net income (loss) to net cash used in
Operating activities:
Amortization of fixed assets 85,920 35,349 112,427
Consulting fees -- 130,000
Increase (decrease) in cash resulting from changes in:
Current assets (49,496) 39,802 (62,329)
Accounts payable and accrued liabilities 410,610 4,501 533,648
------- ----- -------
Net cash used in operating activities (1,623,292) (2,257) (2,099,990)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to fixed assets (143,742) -- (271,262)
Cash pledged as collateral for operating lease (104,511) -- (131,439)
--------- --------- ---------
--
Net cash used in investing activities (248,253) -- (402,701)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from demand notes 585,000 -- 585,000
Issuance of common shares 1,240,000 30,000 2,030,000
Share issuance costs (62,000) -- (96,750)
-------- -------- ---------
Net cash provided by financing activities 1,763,000 30,000 2,518,250
Effects of exchange rates on cash and cash equivalents (27,417) -- (14,692)
-------- -------- --------
Net Increase (decrease) in cash and cash equivalents (135,962) 27,743 867
Cash and cash equivalents:
Beginning of period 171,628 7,056 34,799
------- ----- ------
End of Period $35,666 $34,799 $35,666
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ -- $ -- $ --
Income taxes $ -- $ -- $ --
</TABLE>
See accompanying notes to unaudited interim period consolidated condensed
financial statements
Pg. 4
<PAGE> 5
SOCHRYS.COM, INC. AND SUBSIDIARIES
A DEVELOPMENT STAGE ENTERPRISE
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
for the three and nine months ended
September 30, 2000
(Unaudited)
SOCHRYS.com Inc. (the "Company") was incorporated in the State of Nevada
on April 12, 1989 as CCC Funding Corp. The Company went through several
name changes before being renamed SOCHRYS.com Inc on August 9, 1999.
Since August 3, 1999, the efforts of the Company have been devoted to the
development of a high speed, highly secure method of transacting business
using the Internet. As of the date of these financial statements, no
software applications were ready for commercial use. Prior to August 3,
1999, the Company provided consulting services for web site
implementation, multimedia CD design, computer graphic publication, as
well as implementation of dedicated software solutions used in connection
with the French Minitel and the Internet. The Company also conducted
research and development on its Universal Computer technology.
1. Basis of Presentation
The accompanying consolidated condensed financial statements include the
accounts of Sochrys.com, Inc. and its wholly owned subsidiaries
(collectively, the "Company") after elimination of all significant
intercompany balances and transactions. The financial statements have
been prepared in conformity with generally accepted accounting principles
in the United States which require management to make estimates and
assumptions that affect the amounts reported in the financial statements
and accompanying notes. While management has based its assumptions and
estimates on the facts and circumstances currently known, final amounts
may differ from such estimates.
The interim financial statements contained herein are unaudited but, in
the opinion of management, include all adjustments (consisting only of
normal recurring entries) necessary for a fair presentation of the
financial position and results of operations of the Company for the
periods presented. The results of operations for the three and nine
months ended September 30, 2000 are not necessarily indicative of the
operating results for the full fiscal year ending December 31, 2000.
Moreover, these financial statements do not purport to contain complete
disclosure in conformity with generally accepted accounting principles
used in the United States and should be read in conjunction with the
Company's audited financial statements for the year ended December 31,
1999 contained in the Company's amended registration statement on Form
10-SB/A-1.
Since August 1999 the efforts of the Company have been devoted to the
development of the Universal Computer Technology based software products.
As such, the Company is reporting its cumulative earnings and cash flows
as a development stage company commencing at August 3, 1999. To date, the
Company has not sold any of its products and is considered to be in the
development stage. The Company expects to continue the development of
related software applications.
In June 1997, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("FAS") No. 130, "Reporting
Comprehensive Income" ("FAS 130"), which established standards for
reporting and display of comprehensive income and its components in a
full set of general-purpose financial statements. Comprehensive
income(or loss) is defined as the change in equity of a business
enterprise during a period from transactions and other events and
circumstances from non-owner sources. For the three and nine months
ended September 30, 2000 the Company's comprehensive losses were
$838,857 and $2,120,313 respectively.
In June 1998, the FASB issued FAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("FAS 133") which established
accounting and reporting standards for derivative instruments, including
certain derivative instruments embedded in other contracts, and for
hedging activities. FAS 133 requires that an entity recognize all
derivatives as either assets or liabilities in the statement of financial
position and measure those instruments at fair value. The Company is not
a party to any transactions that are contemplated by FAS 133.
Pg. 5
<PAGE> 6
2. Foreign Currency Translation
The reporting currency for the financial statements of the Company is the
United States dollar. The functional currency for the Company's wholly
owned subsidiaries, Graph-O-Logic S.A. and Sochrys Technologies S.A. is
the Swiss franc. Accordingly, these subsidiaries assets and liabilities
are included in the financial statements by translating them in the
reporting currency at the exchange rates applicable at the end of the
reporting period. The statements of operations and cash flows are
translated at the average monthly exchange rates during the reporting
period. Translation gains or losses are accumulated as a separate
component of shareholders' equity. Currency transaction gains or losses
arising from transactions in currencies other than the Swiss franc are
included in the statement of operations for each period.
3. Related Party Transactions
During the three and nine months ended September 30, 1999 the Company
performed consulting services to a related party, generating $22,080 and
$169,753 in revenue, respectively. These amounts were receivable at
September 30, 1999. There were no such services during the three or nine
months ended September 30, 2000.
4. Common Stock Transactions
During the three and nine months ended September 30, 2000 the Company
issued nil and 620,000 shares of its common stock as a result of the
exercise of nil and 620,000 Series 'A' warrants respectively. The Series
'A' warrant exercise price is $2.00 per common share.
Pg. 6
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
WE CAUTION READERS THAT certain important factors may affect our actual results
and could cause results to differ materially from any forward-looking statements
that we make in this report. For this purpose, any statements that are not
statements of historical fact may be deemed to be forward-looking statements.
This report contains disclosures that constitute "forward-looking statements".
These forward-looking statements can be identified by the use of predictive,
future tense or forward-looking terminology, such as "believes", "anticipates",
"expects", "estimates", "plans", "may", "will", or similar terms. These
statements appear in a number of places in the report and include statements
regarding our intent, belief or current expectations with respect to many
things. Some of these things are:
- trends affecting our financial condition or results of operations
for our limited history;
- our business and growth strategies;
- our technology;
- the Internet; and
- our financing plans.
We caution readers that any such forward-looking statements are not guarantees
of future performance and involve significant risks and uncertainties. In fact,
actual results more likely will differ materially from those projected in the
forward-looking statements as a result of various factors. Some factors that
could adversely affect actual results and performance include:
- our limited operating history;
- our lack of sales to date;
- our need for additional capital funding;
- if our technology and products do not perform as specified;
- if use of the Internet does not continue to grow;
- if new adverse government regulations are enacted; or
- if better technology and products are developed by others.
You should carefully consider and evaluate all of these factors as well as other
factors discussed below and in our reports filed with the Securities and
Exchange Commission including but not limited to the "Risk Factors" disclosure
in our amended registration statement on Form 10-SB/A-1. In addition, we do not
undertake to update forward-looking statements after we file reports with the
Securities and Exchange Commission, even if new information, future events or
other circumstances have made them incorrect or misleading.
RESULTS OF OPERATIONS
In this section, we discuss our earnings for the periods indicated and the
factors affecting them that resulted in changes from one period to the other.
To date, our principal operations have been conducted in Switzerland. Our
revenues were earned in Swiss francs and our expenses are incurred in Swiss
francs. Our financial statements have been conformed to US GAAP and presented in
US dollars for purposes of this report. The rates of exchange between the Swiss
franc and the US dollar set out below were used to convert the various financial
statement balances from Swiss francs to US dollars. In the tables we set forth:
- the rates of exchange for the US dollar, expressed in Swiss francs
(CH), in effect at the end of each of the periods indicated;
- the average of the exchange rates in effect during such periods.
<TABLE>
<CAPTION>
2000 1999
<S> <C> <C>
Rate at September 30 0.5771 0.6665
Average rate for nine months ended September 30 0.5998 0.6724
Average rate for three months ended September 30 0.5876 0.6546
</TABLE>
Pg. 7
<PAGE> 8
THE THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER30, 1999.
REVENUE: We generated no revenues during the three months ended September 30,
2000. This is down from the $22,080 we generated during the three months ended
September 30, 1999. During the three months ended September 30, 1999 we provided
consulting services to related parties. As of August 1999 we directed all of our
attention towards the completion of the software applications for a high speed,
highly secure method of transacting business on the Internet. We believe that if
we are successful in our development and marketing efforts, we will generate a
source of revenues in the future from sales and/or licensing of our software
applications.
RESEARCH AND DEVELOPMENT EXPENSES: Research and development expenses consist
primarily of personnel costs and consulting expenses directly associated with
the development of our software applications. During the three months ended
September 30, 2000, we spent $531,828, an increase of $473,093 (805%) in
developing our Universal Computer Technology, and implemented it into two
commercial products: Universal Commerce and Universal Banking. In addition, we
continued to develop related software applications. During the three months
ended September 30, 1999 we spent $58,735 on research and development directed
towards the early stages of the core software for the Universal Computer. In
August 1999 we made the strategic decision to direct all of our efforts towards
the development of the software applications. We have significantly increased
our research and development team. During the three months ended September 30,
2000 we had an average of 23 people working directly on the project, compared to
only 6 in the comparable period in 1999. This increase in staffing is the
primary reason for the increase in research and development costs.
GENERAL AND ADMINISTRATIVE EXPENSES: General and administrative expenses consist
primarily of personnel costs, professional fees, communications, occupancy costs
and other miscellaneous costs associated with supporting our research and
development activities. During the three months ended September 30, 2000 we
spent $225,244 as compared to $4,953 during the three months ended September 30,
1999. This increase of $220,291 (4,448%) is a reflection of our increased
activity as we shifted our focus from a consulting service to research and
development activities.
AMORTIZATION: Amortization expense was $31,747 during the three months ended
September 30, 2000, an increase of $19,964, approximately 169%, over the $11,783
charged to this expense during the three months ended September 30, 1999. This
significant increase resulted from our acquisition of a significant quantity of
computer equipment during the last 12 months.
EFFECTS OF EXCHANGE RATES ON CASH: The reporting currency for our financial
statements is the United States dollar. The functional currency for our
operating subsidiaries is the Swiss franc. Accordingly, the assets and
liabilities of these subsidiaries are included in the financial statements by
translating them from Swiss francs to United States dollars at the exchange
rates applicable at the end of reporting period. Revenues and expenses are
translated from Swiss francs to United States dollars at the average monthly
exchange rates during the period. The exchange rates used are disclosed above.
Translation gains and losses are accumulated as a separate component of
shareholders' equity. During the three months ended September 30, 2000, we
recorded translation losses of $17,940 compared to $4,846 in translation gains
we recorded during the three months ended September 30, 1999. This $22,786
difference relates predominantly to the increase in our assets and liabilities,
which increased by $1,071,478 during the last 12 months, offset by a decline of
approximately 10% in the value of the Swiss franc as compared to the US dollar.
NET LOSS: We incurred a loss of $798,348 ($0.06 per share) for the three months
ended September 30, 2000, compared to a loss of $58,247 ($0.01 per share) for
the three months ended September 30, 1999. Our revenues and future profitability
and future rate of growth are substantially dependent on our ability to:
- identify clients willing to install beta sites for our Universal Commerce
and Universal Banking products;
- operate successfully these beta sites, integrating our technology into
their operations;
- modify the software applications based on the results of the beta site
results;
- license the software applications to a sufficient number of clients;
- modify the successful software applications, over time, to provide
enhanced benefits to existing users; and
- successfully develop related software applications.
THE NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1999.
Pg. 8
<PAGE> 9
REVENUE: We generated no revenues during the nine months ended September 30,
2000. This is down from the $169,753 we generated during the nine months ended
September 30, 1999. During the nine months ended September 30, 1999 we provided
consulting services to related parties. As of August 1999 we directed all of our
attention towards the completion of the software applications for a high speed,
highly secure method of transacting business on the Internet. We believe that if
we are successful in our development and marketing efforts, we will generate a
source of revenues in the future from sales and/or licensing of our software
applications.
RESEARCH AND DEVELOPMENT EXPENSES: Research and development expenses consist
primarily of personnel costs and consulting expenses directly associated with
the development of our software applications. During the nine months ended
September 30, 2000, we spent $1,242,263, an increase of $1,040,542 (516%) in
developing our Universal Computer Technology, and implemented it into two
commercial products: Universal Commerce and Universal Banking. In addition, we
continued to develop related software applications. During the nine months ended
September 30, 1999 we spent $201,721 on research and development directed
towards the early stages of the core software for the Universal Computer. In
August 1999 we made the strategic decision to direct all of our efforts towards
the development of the software applications. We have significantly increased
our research and development team. During the nine months ended September 30,
2000 we had an average of XX people working directly on the project, compared to
only XX in the comparable period in 1999. This increase in staffing is the
primary reason for the increase in research and development costs.
GENERAL AND ADMINISTRATIVE EXPENSES: General and administrative expenses consist
primarily of personnel costs, professional fees, communications, occupancy costs
and other miscellaneous costs associated with supporting our research and
development activities. During the nine months ended September 30, 2000 we spent
$728,579 as compared to $9,071 during the nine months ended September 30, 1999.
This increase of $719,508 (7,931%) is a reflection of our increased activity as
we shifted our focus from a consulting service to research and development
activities.
AMORTIZATION: Amortization expense was $85,920 during the nine months ended
September 30, 2000, an increase of $50,571, approximately 143%, over the $35,349
charged to expense during the nine months ended September 30, 1999. This
significant increase resulted from our acquisition of a significant quantity of
computer equipment during the last 12 months.
EFFECTS OF EXCHANGE RATES ON CASH: The reporting currency for our financial
statements is the United States dollar. The functional currency for our
operating subsidiaries is the Swiss franc. Accordingly, the assets and
liabilities of these subsidiaries are included in the financial statements by
translating them from Swiss francs to United States dollars at the exchange
rates applicable at the end of reporting period. Revenues and expenses are
translated from Swiss francs to United States dollars at the average monthly
exchange rates during the period. The exchange rates used are disclosed above.
Translation gains and losses are accumulated as a separate component of
shareholders' equity. During the nine months ended September 30, 2000, we
recorded translation losses of $27,417 compared to $5,532 in translation gains
we recorded during the nine months ended September 30, 1999. This $32,949
difference relates predominantly to the increase in our assets and liabilities,
which increased by $1,071,478 during the last 12 months, offset by a decline of
approximately 11% in the value of the Swiss franc as compared to the US dollar.
NET LOSS: We incurred a loss of $2,070,326 ($0.17 per share) for the nine months
ended September 30, 2000, compared to a loss of $81,909 ($0.01 per share) for
the nine months ended September 30, 1999. Our revenues and future profitability
and future rate of growth are substantially dependent on our ability to:
- identify clients willing to install beta sites for our Universal Commerce
and Universal Banking products;
- operate successfully these beta sites, integrating our technology into
their operations;
- modify the software applications based on the results of the beta site
results;
- license the software applications to a sufficient number of clients;
- modify the successful software applications, over time, to provide
enhanced benefits to existing users; and
- successfully develop related software applications.
LIQUIDITY AND CAPITAL RESOURCES
Pg. 9
<PAGE> 10
At September 30, 2000, we had negative working capital of $1,044,430 compared to
working capital of $37,646 at December 31, 1999. We had $35,666 of cash on hand
at September 30, 2000 compared to $171,628 at December 31, 1999.
NET CASH FLOW FROM OPERATIONS: During the nine months ended September 30, 2000,
we used $1,038,292 in operations, compared to using $2,257 during the nine
months ended September 30, 1999. This decrease of $1,621,035 in cash from
operations during the nine months ended September 30, 2000 is primarily the
result of the $2,070,326 loss incurred during the nine months ended September
30, 2000 offset by $85,290 of amortization expenses and $361,114 of cash from
changes to working capital accounts.
NET CASH USED IN INVESTING ACTIVITIES: During the nine months ended September
30, 2000, we invested $143,742 in computer equipment and office furniture and
pledged as a cash collateral deposit on an operating lease a further $104,511.
NET CASH FROM FINANCING ACTIVITIES: During the nine months ended September 30,
2000, we raised a net of $1,763,000 by issuing 620,000 common shares pursuant to
the exercise of 620,000 Series A warrants at an exercise price of $2.00 per
warrant, less costs of $62,000. In addition we raised an additional $585,000 in
unsecured demand notes that bear interest at 12%. Interest charges are accrued
and capitalized and payable on demand.
Since commencing operations in February 1995 through July 1999 we generated
revenues from consulting contracts and used the funds in excess of that required
to perform the consulting services to fund the development of the software
applications. Since August 1999 we have directed our efforts towards the
development of our Universal Commerce and Universal Banking and other related
software applications. In May 2000, we started to actively market our Universal
Commerce and Universal Business products.
Until such time as we generate sufficient revenues from the licensing of our
software applications we will continue to be dependent on raising substantial
amounts of additional capital through any one of a combination of debt offerings
or equity offerings, including but not limited to:
- debt instruments, including demand notes similar to those discussed
above;
- private placements of common stock;
- exercise of Series 'B' warrants at an exercise price of $3.00 per share;
and
- exercise of Series 'C' warrants at an exercise price of $5.00 per share.
There can be no assurance that any such financings can be obtained.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
NONE.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
NONE
ITEM 3. DEFAULTS ON SENIOR SECURITIES
NONE.
Pg. 10
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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.
(a) EXHIBITS
27 FINANCIAL DATA SCHEDULE
(b) REPORTS ON FORM 8-K
NONE
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
SOCHRYS.COM, INC.
By: /s/ Jean-Pierre Hofman
-------------------------
Jean-Pierre Hofman
President and Chief Executive Officer
By: /s/ Andre Hensler
-------------
Andre Hensler
Chief Financial Officer
Dated: November 14, 2000
Pg. 12
