Manually Executed
As filed with the United States Securities and Exchange Commission
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the first quarter ended March 31, 2000 Commission File Number 0-9071
eCom.com, Inc.
(Formerly E.T. Capital,Inc.(Caribou Energy, Inc.))
Colorado 74-2026624
(State of incorporation) (I.R.S. Employer Identification No.)
650 W.Georgia St., Suite 315, P.O.11523, Vancouver, B.C. Canada V6B 4N7
(Address of principal executive offices) (Postal Code)
Registrant's telephone number including area code: (877)613-3131
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Title of each class Name of each exchange on which registered
Common Stock, $0.01 par value NASDAQ OTC (Electronic Bulletin Board)
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
all such filing requirements for the past 90 days.
Yes X No
As of March 31,2000 there were 24,595,739 shares of Common Stock, $0.01 par
value, outstanding.
Documents incorporated by reference: None
Item 1.
INDEX
Page of
Report
PART I FINANCIAL INFORMATION
Item 1. Financial Statements:
Unaudited Consolidated Balance Sheets:
As at March 31st, 2000 and 1999...................1.
Unaudited Consolidated Statement of Operations:
For the three months ended March 31st, 2000 and
1999...............................................2.
Unaudited Consolidated Statement of Cash Flow:
For the three months ended March 31st, 2000 and
1999...............................................3.
Unaudited Statement of Stockholders' Equity:
As at March 31st, 2000...........................4.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.......5.
PART II OTHER INFORMATION
Other Information....................................6.
Signatures .....................................7.
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
(Unaudited)
ASSETS
March 31, March 31,
2000 1999
CURRENT ASSETS:
Cash $ 0 $ 50,327
FIXED ASSETS:
Equipment 534,886 534,886
Less accumulated
depreciation (534,886) (534,886)
Net Fixed Assets (Note 1) 0 0
OTHER ASSET
Rights' Title, net of
amortization 1 1
Product Development
Expenditures 121,922 182,882
Total Other Assets 121,923 182,883
TOTAL ASSETS $ 121,923 $ 233,210
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, 2000 March 31, 1999
CURRENT LIABILITIES:
Accounts Payable $ 0 120,207
LONG-TERM LIABILITIES:
Debenture Payable, 486,928 630,868
Bearer
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value
10,000,000,000 shares
authorized, 24,595,739
(58,787,216) shares
issued and outstanding 4,566,079 4,516,079
Paid-In-Capital in excess
of par value 20,519,869 20,069,869
(Deficit) Accumulated during
the Development Stage (25,450,953) ( 25,103,813)
TOTAL STOCKHOLDERS' EQUITY ( 365,005) ( 517,865)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 121,923 $ 233,210
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
(Unaudited)
For the 6 months ended March 31,
2000 1999
REVENUES $ 0 $ 0
GENERAL AND
ADMINISTRATIVE EXPENSES:
Auto Expenses,
gas and repairs 6,000 6,000
Consulting Fees 21,000 0
Rent Expense 25,200 25,200
Telephone Expense 18,000 18,000
Travel and Promotions 90,000 90,000
TOTAL GENERAL AND
ADMINISTRATIVE EXPENSES 160,200 139,200
OTHER (INCOME) EXPENSES
Write off of accounts
payable (82,007) 0
Interest Expense 31,540 27,035
$ (50,467) $ 27,035
NET LOSS FOR THE PERIOD $ 109,733 $ 166,235
LOSS PER SHARE $ 0.004 $ 0.003
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOW
(Unaudited)
For the 6 months ended March 31,
2000 1999
Cash Provided By (Used For)
Operating Activities
Net loss for the period $( 109,733) $( 166,235)
Less non cash working capital
items
Decrease in accounts payable ( 122,007) 0
( 231,740) ( 166,235)
Financing Activities
Increase (Decrease) in
Debenture Payable ( 268,260) 166,235
Issuance of Common Stock 500,000 0
231,740 166,235
INCREASE (DECREASE) IN CASH 0 0
CASH BEGINNING OF PERIOD 0 50,327
CASH, END OF THE PERIOD $ 0 $ 50,327
<TABLE>
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited)
<CAPTION>
Class Common Stock Additional Development Stockholders
$0.01 Par Value Paid-In Stage Equity
Shares Amount Capital (Deficit) (Deficit)
<S> <C> <C> <C> <C> <C>
Balances,
September 30,
1996 58,787,216 $4,516,079 $18,429,869 $(23,341,645) $ (395,697)
Issue
1,500,000,000
shares @ $0.234
on October 1,
1996 1,500,000,000 15,000,000 335,000,000 0 350,000,000
Cancellation of
1,500,000,000
shares @ $0.234
on February 15,
1997 (1,500,000,000)(15,000,000) (335,000,000) 0 (350,000,000)
Sale of 8,000,000
shares @$0.15
Sept. 21, 1997 0 0 1,640,000 0 1,640,000
Net (Loss) for the
year ended
Sept. 30, 1997 0 0 0 (1,146,273) (1,146,273)
Balances,
Sept. 30, 1997 58,787,216 $4,516,079 $20,069,869 $(24,487,918) $ 98,030
Net (Loss) for
the year ended
Sept.30, 1998 0 0 0 $ (449,660) $ (449,660)
Balances,
Sept. 30, 1998 58,787,216 $4,516,079 $20,069,869 $(24,937,578) $ (351,630)
Net (Loss) for
the year ended
ended September
30, 1999 (403,642) (403,642)
Balances
September 30,
1999 58,787,216 $4,516,079 $20,069,869 $(25,341,220) $ (755,272)
1 for 3 reverse
stock split 19,595,739 4,516,079 20,069,869 (25,341,220) ( 755,272)
Issue 5,000,000
common shares
@ $0.10 5,000,000 50,000 450,000 0
500,000
Net (Loss) for
the 6 months
ended Mar. 31,
2000 0 0 0 $( 109,733) $ ( 109,733)
Balances March
31, 2000 24,595,739 $4,566,079 $20,519,869 $(25,450,953) ( 365,005)
</TABLE>
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
Management's Discussion and Analysis
of
Financial Condition and Results of Operations
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
Results of Operations
March 31, 2000 v. March 31, 1999
Overall
eCom.com, Inc.(formerly E.T. Capital, Inc.) is continuing to expand its
entry into"not-for-profit" fund raising using "1-900" "pay-per-call"
telephone numbers as outlined in the Company's business plan. With campaign
finance reform a central issue in both theCongress and the Senate, the
Company is negotiating agreements for the use of theCompany's two political
"1-900" fund raising numbers: 1-900-DEMOCRAT and 1-900-REPUBLICAN.
These numbers could raise hundreds of millions of dollars for both the
Democratic and Republican parties. If contracts are concluded with either of
the Democrats or Republicans,projections indicate the Company could earn over
$2.00 per share from each number.
To develop cash flow from the "1-900" concept, the Company will continue to
rely on Xanthos Management Corporation to finance the Company's ongoing
overhead under the terms of the bearer debenture it holds until fund raising
contracts have been signed. (See notes to September 30, 1998 Audit as filed
and as part ofthe September 30, 1999 10K). The company acquired Resort Magic
Vacations, Inc.,retained the "ebuyauctions.com" internet web site and sold
the interest it had acquired in Resort Magic Vacations, Inc. for the same
price paid.
The Company has been active in its efforts to acquire and finance the
Paraguayan hydrocarbon concessions. The downward trend in the price of oil
has slowed interest in this project. In late 1997 and continuing throughout
1998, the Asian economic crisis as well as a world wide warming trend adversely
affected the world price of hydrocarbons. During 1999 and early 2000, the
world price of oil and gas has led to an increase in interest in hydrocarbon
exploration and development. Activity in this field has historically been
cyclicaland the Company considers that this has already been taken into
account.
During the fiscal year, the Company and its counsel continue to take the
position that individuals, corporations and/or financial institutions that
either profited from or participated in the above transaction through
Barclay's should compensate the Company for the unauthorized use of its
securities and for breach of the original contractual agreements. The
Company's lawyers are investigating the Company's remedies as a result of these
transactions and are confident that the Company will be successful.
Extraordinary Items - none
Liquidity and Capital Resources
Except as previously disclosed, the Company is not aware of any known
trends, demands, commitments, events or uncertainties that will result in or
that are reasonably likely to result in the Company's liquidity increasing or
decreasing in any material way.
Capital Resources and Expenditure
There were no significant capital expenditures made by the Company
during the quarter ended March 31, 2000. Management of the Company knows of
no material trends, favorable or unfavorable, with respect to the Company's
capital resources.
Inflation
The results of the Company's operations have not been significantly
affected by inflation during the quarter ended March 31, 2000.
Other Information
Not applicable. See Part II.
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
Part II. Other Information
Item 1. LEGAL PROCEEDINGS
None
Item 2. CHANGES IN SECURITIES
Share consolidation; 1 new eCom.com, Inc. for 3 E.T. Capital, Inc.
Issued 5,000,000 common shares of eCom.com, Inc.
Item 3. DEFAULT UPON SENIOR SECURITIES
None
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS
None
Item 5. OTHER INFORMATION
Not applicable
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit No. 27 - Financial Data Schedule
(b) Reports on Form 8-K - N/A
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
Exhibit 27
Period Type 6 Months
Fiscal Year End September 30, 1999
Period Start October 1, 1999
Period End March 31, 2000
Cash $-0-
Securities -0-
Receivables -0-
Allowances -0-
Inventory -0-
Current Assets $-0-
PP&E $534,886
Depreciation $534,886
Total Assets $121,923
Current Liabilities $-0-
Bonds -0-
Preferred Mandatory -0-
Preferred -0-
Common $ 4,566,079
Other Paid In Capital $20,519,869
Total Liability & Equity $121,923
Sales -0-
Total Revenues -0-
CGS -0-
Total Costs -0-
Other Expenses ( G&A ) $60,200
Gain Provision -0-
Interest Expense $31,540
Income Pretax -0-
Income Tax -0-
Income Continuing -0-
Discontinued -0-
Extraordinary $82,007
Changes -0-
Net Income ( Loss ) $(109,733)
EPS Primary ( Loss ) $(.004)
EPS Diluted ( Loss ) $(.004)
