FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended September 30, 2000
COMMISSION FILE NUMBER: 0-9562
COLONIAL INDUSTRIES, INC.
formerly IMPACT ENERGY, INC.
Texas 84-0818655
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
PO Box 980459, Houston Texas 77098-0459
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 592-8002
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Yes [ ] No [X] (Indicate by check mark whether the Registrant (1) has filed all
report 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 such
filing requirements for the past 90 days.)
As of September 30, 2000, the number of shares outstanding of the Registrant's
Common Stock was 6,802,434.
<PAGE>
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Attached hereto and incorporated herein by this reference are the following
financial statements:
--------------------------------------------------------------------------------
Exhibit | FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
00QF-2 | UN-AUDITED FINANCIAL STATEMENTS for the three months and nine
| months ended September 30, 2000
================================================================================
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND PLAN OF OPERATIONS
(a) PLAN OF OPERATION. On October 2, 2000, management intends to enter into a
Consulting Agreement with Quantum Bit Induction Technology, Incorporated (Qbit)
of Houston, Texas wherein, beginning in October, 2000, Qbit will provide
services to the Company for the development of strategic and implementation
plans for the Company to enter the aerospace industry. Such plans will have a
focus on recreational space travel and the technologies and other considerations
necessary to provide economical, recreational access to space for consumers. The
described plans will be submitted to the Company on or before March 31, 2001 and
will be provided in html format. The Company will pay a fee to Qbit for the
Services in the amount of 100,000 of the Company's common shares upon delivery
of the Services described above. Upon ratification and acceptance by the
Company's Board of Directors and/or shareholders of the Services submitted by
Qbit, the Company will pay a bonus fee to Qbit of 240,000 of its common shares.
(b) RESULTS OF OPERATIONS. We have no current business, and have had no
operations in the last two fiscal years. This Issuer has no business or
productive assets and remains essentially dormant, its activities limited to
maintaining its corporate franchise in Texas, and making required periodic
filings and disclosures.
(c) LIQUIDITY AND CAPITAL RESOURCES. We have no capital resources and no
liquidity. This Issuer has no business or productive assets and remains
essentially dormant, its activities limited to maintaining its corporate
franchise in Texas, and making required periodic filings and disclosure.
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS None
ITEM 2. CHANGE IN SECURITIES. None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS. None
ITEM 5. OTHER INFORMATION. None
ITEM 6. REPORTS ON FORM 8-K. None
EXHIBITS
--------------------------------------------------------------------------------
Exhibit | FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
00QF-2 | UN-AUDITED FINANCIAL STATEMENTS for the three months and nine
| months ended September 30, 2000
================================================================================
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this Form
10-QSB Report for the Quarter ended September 30, 2000, has been signed below by
the following person on behalf of the Registrant and in the capacity and on the
date indicated.
September 30, 2000
COLONIAL INDUSTRIES, INC.
formerly IMPACT ENERGY, INC.
by
/s/ /s/
Joe Kane Jack Wells
PRESIDENT/DIRECTOR SECRETARY/TREASURER
<PAGE>
EXHIBIT 00QF-3
UN-AUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS AND NINE MONTHS ENDED
SEPTEMBER 30, 2000
<PAGE>
COLONIAL INDUSTRIES, INC.
BALANCE SHEETS (UNAUDITED)
for the fiscal year ended December 31, 1999
and for the nine months ended September 30, 2000
SEPTEMBER 30, DECEMBER 31,
2000 1999
-------- --------
ASSETS
CURRENT ASSETS
Cash ........................................ $ -0- $ -0-
TOTAL CURRENT ASSETS ................................ -0- -0-
-------- --------
TOTAL ASSETS ........................................ $ -0- $ -0-
======== ========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable ................................ $ 49,577 $ 49,577
Accrued interest ................................ 47,709 44,038
-------- --------
Total Current Liabilities ................... 97,286 93,615
-------- --------
STOCKHOLDERS' EQUITY
Common Stock, no par value; authorized 75,000,000
shares of no par value, issued and outstanding;
6,802,434, 6,802,434 shares respectively
Additional paid-in Capital (Discount on stock) .. (48,932) (48,932)
Accumulated Surplus (Deficit) ................... (48,354) (44,683)
-------- --------
Total Stockholders' Equity .......................... (97,286) (93,615)
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .......... $ -0- $ -0-
======== ========
The accompanying notes are an integral part
of these financial statements.
page F-1
<PAGE>
COLONIAL INDUSTRIES, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
September 30, 1999 and 2000
<TABLE>
<CAPTION>
DEFICIT
FROM JULY FROM JULY FROM JANUARY FROM JANUARY ACCUMULATED
1, 2000 TO 1, 1999 TO 1, 2000 TO 1, 1999 TO DURING THE
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, DEVELOPMENT
2000 1999 2000 1999 STAGE
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Revenues $ -0- $ -0- $ -0- $ -0- $ -0-
----------- ----------- ----------- ----------- -----------
Expenses
Professional fees .... 645
Interest expense ..... 1,224 1,224 3,671 3,671 47,709
----------- ----------- ----------- ----------- -----------
Net Loss from Operations 1,224 1,224 3,671 3,671 48,354
Net Income (Loss) ...... $ (1,224) (1,224) $ (3,671) $ (3,671) $ (48,354)
=========== =========== =========== =========== ===========
Loss per Share ......... $ (0.00018) $ -0- $ (0.00054) $ -0- $ (0.03197)
=========== =========== =========== =========== ===========
Weighted Average
Shares Outstanding ... 6,802,434 6,802,434 6,802,434 6,802,434 1,512,429
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part
of these financial statements.
page F-2
<PAGE>
COLONIAL INDUSTRIES, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED)
for the period from inception of the Development Stage on January 1, 1990,
for the fiscal years ended December 31, 1991, through 1999
and for the nine months ended September 30, 2000
<TABLE>
<CAPTION>
ADDITIONAL DEFICIT
PAID-IN ACCUMULATED
CAPITAL DURING THE
COMMON STOCK (DISCOUNT ON DEVELOPMENT
SHARES AMOUNT STOCK) STAGE
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Balance at beginning of development ..... 999 $ 13,110,115 $ $(13,159,047)
stage - January 1, 1990
Net Loss December 31, 1990-1997 ......... (34,252)
------------ ------------ ------------ ------------
Balance December 31, 1997 ............... 999 13,110,115 0 (13,193,299)
Fractional shares from stock split ...... 1,435
Shares issued for acquisition of
Colonial Industries and reorganization 6,800,000 (13,110,115) (48,932) 13,159,047
Net Loss December 31, 1998 .............. (5,538)
------------ ------------ ------------ ------------
Balance December 31, 1998 ............... 6,802,434 (48,932) (39,790)
Net (Loss) for the period ended
December 31, 1999 .................. (4,893)
------------ ------------ ------------ ------------
Balance December 31, 1999 ............... 6,802,434 (48,932) (44,683)
Net (Loss) for the period ended
September 30, 2000 ................. (3,671)
------------ ------------ ------------ ------------
Balance September 30, 2000 .............. 6,802,434 $ 0 $ (48,932) $ (48,354)
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part
of these financial statements.
page F-3
<PAGE>
COLONIAL INDUSTRIES, INC.
STATEMENTS OF CASH FLOW (UNAUDITED)
for the nine months ended September 30, 2000 and 1999
<TABLE>
<CAPTION>
FROM INCEPTION ON
JANUARY 1, 1990
THROUGH
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 1999 2000
------------ ------------ -----------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C> <C>
Net Income (Loss) ..................... $ (3,671) $ (3,671) $(48,354)
Add item not requiring the use of cash 3,671 3,671 48,354
-------- -------- --------
Net use of cash from operating activities 0 0 0
-------- -------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Issuance of common stock
Increase (decrease) in accounts payable
NET INCREASE IN CASH
CASH AT BEGINNING OF PERIOD ............. -0- -0- -0-
-------- -------- --------
CASH AT END OF PERIOD ................... $ -0- $ -0- $ -0-
======== ======== ========
</TABLE>
The accompanying notes are an integral part
of these financial statements.
page F-4
<PAGE>
COLONIAL INDUSTRIES, INC.
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2000
Colonial Industries, Inc.
NOTES TO FINANCIAL STATEMENTS
Colonial Industries, Inc. ("the Company") has elected to omit
substantially all footnotes to the financial statements for the nine
months ended September 30, 2000, since there have been no material changes
(other than indicated in other footnotes) to the information previously
reported by the Company in their Annual Report filed on Form 10-KSB for
the Fiscal year ended December 31, 1999.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of
the Company without audit. However, such information reflects all
adjustments which are, in the opinion of management, necessary to properly
reflect the results of the period presented. The information presented is
not necessarily indicative of the results from operations expected for the
full fiscal year.
