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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-Q
Quarterly Report pursuant to Section 13 of the Securities Exchange Act of 1934
for the quarterly period ended September 30, 2000
(Commission File No. 0-13029)
American Pacific Minerals Ltd.
(Exact name of registrant as specified in its charter)
British Columbia, Canada 68-0302381
(State of incorporation) (I.R.S. Employer Identification Number)
c/o Savage Capital Corporation
595 Burrard Street
Vancouver, British Columbia,
Canada V7X 1A2
(604) 255-3835
(Address of principal executive offices)
Indicate by check mark whether the registrant (1) has filed all reports 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. Yes X No _____
-----
On December 31, 1999, the Registrant had 42,006,040 issued and outstanding
Common Shares.
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AMERICAN PACIFIC MINERALS LTD.
(Commission File No. 0-13029)
TABLE OF CONTENTS TO FORM 10-Q
Page
----
PART I - FINANCIAL INFORMATION
Item 1: Management's Discussion and Analysis of Financial Condition and
General.......................................................... 3
Item 2: Financial Statements............................................. F-1
SIGNATURES
EXHIBITS (None)
2
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Item 1. Management's Discussion and Analysis of Financial Condition and Results
of Operations
General.
The Company intends to change its business from mining to the technology
industry. Consequently, for the quarter ended March 31, 2000, the Company's
sole activities consisted of management's efforts to retain both legal and
accounting professionals to complete and bring up to date all the company's
regulatory, legal and tax filings in both the United States and Canada.
1. These financial statements should be read in conjunction with the financial
statements, and the accompanying notes for the year ended December 31, 1999
included in the Company's report on Form 10-K. Results of operations for the
interim periods are not necessarily indicative of results for the full year.
2. The Company is authorized to issue 25,000,000 preferred shares with a par
value of $1.00 (Canadian) and 100,000,000 common shares with no par value.
Issued and outstanding common shares at December 31, 1999 was 42,060,040.
3. The Company is moving forward with respect to the continuance of the Company
out of the jurisdiction of British Columbia into the State of Delaware. Our
legal counsel is also continuing in its efforts to complete requirements of
the Regulatory bodies in British Columbia, Alberta and Ontario.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Not Applicable
Item 2. Changes in Securities.
(a) Not Applicable.
(b) Not Applicable.
(c) Not applicable.
Item 3. Defaults Upon Senior Securities.
(a) Not Applicable.
(b) Not Applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable
Item 5. Other Information.
3
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AMERICAN PACIFIC MINERALS LTD.
(A Development Stage Enterprise)
Balance Sheet (U.S.$)
As at September 30, 2000
--------------------------------------------------------------------------------
Third Quarter Dec.31/99
------------- -------------
Assets
Current
Cash $ 7,772 $ 7,772
Fixed
Furniture/Hardware 2,581 2,581
------------- -------------
TOTAL ASSETS $ 10,353 $ 10,353
------------------------------------------------============= =============
Liabilities
Current
Accounts Payable &
Accrued Liabilities $ 214,272 $ 179,344
Due to Stockholders 1,322 1,322
------------- -------------
Total Liabilities $ 215,594 $ 180,666
------------- -------------
Stockholders' Deficiency
Preferred stock with
par value $1 Can.
25,000 authorized -
non issued &
o/standing
Common stock, no par
value 100,000,000
authorized -
42,006,040 issued
& o/s 29,815,841 $ 29,815,841
Accumulated Deficit (29,815,841) (29,815,841)
Deficit Accumulated
during Development (205,241) (170,313)
Stage
------------- -------------
Total Stockholders'
Deficiency (205,241) (170,313)
------------- -------------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIENCY $ 10,353 $ 10,353
------------------------------------------------============= =============
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AMERICAN PACIFIC MINERALS LTD.
(A Development Stage Enterprise)
Statement of Operations (U.S.$)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the 3rd Quarter Year Ended Cumulative
Sept. 30/00 Dec. 31/99 Dev. Stage
Jan1/96 to
June 30/00
------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Revenue $ - 0 - $ - 0 - $ 17,729
------------------------------------------------------------------------------------------
Expenses
Depreciation $ 2,139 $ 6,462
Goldfield Expenses - 0 - 47,945
Office & Miscellaneous $ (874) 3,396 27,383
Professional Fees 22,160 30,590 275,398
Rent 13,964
Share Mailings, Expenses 9,643 9,643
Travel - 0 - 42,175
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$ 34,929 36,125 $ 422,970
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Gain/Loss from continuing operations $(34,929) $(36,125) (405,241)
Gain from settlement of Lawsuit 200,000
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Gain/Loss for Period $(34,929) $(36,125) $(205,241)
------------------------------------------------------------------------------------------
</TABLE>
Note - Gain from US Exchange Variance 1st 1/4
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AMERICAN PACIFIC MINERALS LTD.
(A Development Stage Enterprise)
Statements of Changes in Stockholders' Deficiency
Expressed in United States Dollars
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Deficit
Accumulated
Common Shares During Total
------------------------- Accumulated Development Stockholders'
Shares Amount Deficit Stage Deficiency
---------- ------------ ------------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Balance at
December 31, 1995 42,006,040 $ 29,815,841 $ (10,457,482) $ - $ 19,358,359
Net loss for 1996 - - (19,358,359) (222,891) (19,581,250)
--------------------------------------------------------------------------------------------------------
Balance at
December 31, 1996 42,006,040 29,815,841 (29,815,841) (222,891) (222,891)
Net income for 1997 - - - 142,177 142,177
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Balance at
December 31, 1997 42,006,040 29,815,841 (29,815,841) (80,714) (80,714)
Net loss for 1998 - - - (53,474) (53,474)
--------------------------------------------------------------------------------------------------------
Balance at
December 31, 1998 42,006,040 29,815,841 (29,815,841) (134,188) (134,188)
--------------------------------------------------------------------------------------------------------
Balance at
December 31, 1999 42,006,040 $ 29,815,841 $ (29,815,841) $ (170,313) $ (170,313)
--------------------------------------------------------------------------------------------------------
Balance at
September 30,2000 42,006,040 $ 29,815,841 $ (29,815,841) $ (0) $ ( )
--------------------------------------------------------------------------------------------------------
</TABLE>
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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.
September 30, 2000 AMERICAN PACIFIC MINERALS LTD.
By: /s/ Michael J. Savage
------------------------------------------
Michael J. Savage, Chief Executive Officer
================================================================================
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-Q
Quarterly Report pursuant to Section 13 of the Securities Exchange Act of 1934
for the quarter ended September 30, 2000
American Pacific Minerals Ltd.
(Commission File No. 0-13029)
7
