UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
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( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File number 1-12023
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CALDERA CORPORATION
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(Exact name of registrant as specified in charter)
Florida 59-3243555
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3156 East Old Mill Circle #100 , Salt Lake City, Utah 84121
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(Address of principal executive offices) (Zip Code)
1- 801- 947-9007
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Registrant's telephone number, including area code
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(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 Outstanding as of September 30, 1999
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Common Stock, $0.0025 2,776,250
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INDEX
Page
Number
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PART I.
<S> <C> <C>
ITEM 1. Financial Statements (unaudited).................................................3
Balance Sheets...................................................................4
September 30, 1999 and December 31, 1998
Statements of Operations
For the three and nine months ended September 30, 1999 and 1998
and the period from January 1, 1994 to September 30, 1999......5
Statement of Changes in Stockholders' Equity
For the period from January 1, 1994 to September 30, 1999...................6
Statements of Cash Flows
For the nine months ended September 30, 1999 and 1998........................7
and the period from January 1, 1994 to September 30, 1999
Notes to Financial Statements....................................................8
ITEM 2. Plan of Operations..............................................................10
PART II. Signatures......................................................................10
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PART I - FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS
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The accompanying balance sheets of Caldera Corporation (a development stage
company) at September 30, 1999 and December 31 1998, and the statements of
operations for the three and nine months ended September 30, 1999 and 1998 and
the period from January 1, 1994 to September 30, 1999, the cash flows and the
statement of stockholder' equity for the nine months ended September 30, 1999
and 1998, and the period from January 1, 1994 to September 30, 1999, 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, 1999, are not necessarily
indicative of the results that can be expected for the year ending December 31,
1999.
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CALDERA CORPORATION
(Development Stage Company)
BALANCE SHEETS
September 30, 1999, and December 31, 1998
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<CAPTION>
Sept 30, Dec 31,
1999 1998
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<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 341 $ 5,163
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Total Current Assets $ 341 $ 5,163
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LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,200 $ 8,796
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Total Current Liabilities 1,200 8,796
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STOCKHOLDERS' EQUITY
Common stock
200,000,000 shares authorized, at $0.0025 par value;
2,776,250 shares issued and outstanding at September 30;
176,250 at December 31 6,941 441
Capital in excess of par value 95,935 72,982
Accumulated deficit (103,735) (77,056)
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Total Stockholders' Deficiency (859) (3,633)
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$ 341 $ 5,163
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The accompanying notes are an integral part of these financial statements.
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CALDERA CORPORATION
(Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended September
30, 1999, and 1998 and the Period from
January 1, 1994 to September 30, 1999
==================================================================================================
<CAPTION>
Three Months Three Months Nine Months Nine Months Jan 1, 1994
Sept 30, Sept 30, Sept 30, Sept 30, to
1999 1998 1999 1998 Sept 30, 1999
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<S> <C> <C> <C> <C> <C>
REVENUES $ -- $ -- $ -- $ -- $ --
EXPENSES 9,075 -- 26,679 -- 79,095
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NET LOSS $ (9,075) $ -- $ (26,679) $ -- $ (79,095)
=========== ============== =========== ======= ===========
GAIN (LOSS) PER
COMMON SHARE
Basic $ (.003) $ (.013)
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AVERAGE
OUTSTANDING
SHARES
Basic 2,776,250 1,997,683
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</TABLE>
The accompanying notes are an integral part of these financial statements.
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CALDERA CORPORATION
(Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the Period From January 1, 1994 to September 30, 1999
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<CAPTION>
Common Stock Capital in
----------------------- Excess of Accumulated
Shares Amount Par Value Deficit
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<S> <C> <C> <C> <C>
Balance January 1, 1994 - Note 1 98,560 $ 246 $ 24,394 $ (24,640)
Issuance of common shares for cash
at $.39 - May through November 1994 35,050 88 13,712 --
Issuance of common shares for a mining
lease at $.25 27,500 69 6,806 --
Net operating loss for the year
ended December 31, 1994 -- -- -- (67,589)
Issuance of common shares for cash
at $2.97 - January through May 1995 5,140 13 15,237 --
Net operating loss for the year
ended December 31, 1995 -- -- -- (25,988)
Net operating loss for the year
ended December 31, 1996 -- -- -- (27,319)
Net operating profit for the year
ended December 31, 1997 -- -- -- 84,971
Issuance of common shares for cash
at $.50 - related parties - December 1998 10,000 25 4,975 --
Cash contributed to capital - related parties -- -- 7,858 --
Net operating loss for the year ended
December 31, 1998 -- -- -- (16,491)
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Balance December 31, 1998 176,250 441 72,982 (77,056)
Issuance of common shares for services
at $.075 - March 1999 200,000 500 14,500 --
Issuance of common shares for cash
at $.0025 - March 1999 2,400,000 6,000 -- --
Cash contributed to capital - related parties -- -- 8,453 --
Net operating loss for the nine months
ended September 30, 1999 -- -- -- (26,679)
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Balance September 30, 1999 2,776,250 $ 6,941 $ 95,935 $(103,735)
========= ========= ========= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<TABLE>
CALDERA CORPORATION
(Development Stage Company)
STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 1999, and 1998
and the Period from January 1, 1994 to September 30, 1999
=========================================================================================
<CAPTION>
Nine Months Nine Months
Ended Ended January 1, 1994
Sept 30, Sept 30, to
1999 1998 Sept 30, 1999
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<S> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net profit (loss) $(26,679) $ -- $(79,095)
Adjustments to reconcile net loss to
net cash provided by operating activities
Change in accounts payable (7,596) -- 1,200
Issuance of capital stock for expenses 15,000 -- 21,875
Net Cash Used by Operations (19,275) -- (56,020)
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CASH FLOWS FROM INVESTING ACTIVITIES
-- -- ---
-------- ---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds form issuance of capital stock 6,000 -- 40,050
Cash contributed to capital 8,453 -- 16,311
Net Increase (Decrease) in Cash (4,822) -- 341
Cash at Beginning of Period 5,163 -- --
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Cash at End of Period $ 341 $ -- $ 341
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SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Issuance of 27,500 shares of common stock for a mining lease - 1994 $ 6,875
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Issuance of 200,000 shares of common stock for services - 1999 $ 7,296
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</TABLE>
The accompanying notes are an integral part of these financial statements.
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CALDERA CORPORATION
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
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1. ORGANIZATION
The Company was incorporated under the laws of the state of Florida on January
8, 1980 with the name of Skyfreight, Inc. On September 9, 1994 the name was
changed to Caldera Corporation Inc. and then on September 9, 1996 to Caldera
Corporation.
On September 9, 1994 the Company increased the authorized common stock to
200,000,000 shares at a par value of $0.0025 in connection with a reverse stock
split of five shares of outstanding stock for one share. On June 30, 1997 the
Company completed a reverse stock split of 100 shares of outstanding stock for
one share. This report has been prepared showing the after stock split shares
outstanding, with a par value of $0.0025, from inception.
From 1980 until 1986 the Company was engaged in the air freight business in
Miami, Florida and then during 1994 acquired options to purchase gold mining
leases located in Chile and Alaska and on April 26, 1997 the leases were
transferred to Au International Inc.(a related party) in exchange for the
assumption of all the Company's liabilities and since that date has remained
inactive.
The Company is considered to be a development stage company after 1993.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
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The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
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The Company has not yet adopted a policy regarding payment of dividends.
Income Taxes
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At December 31, 1998, the Company had net operating loss carry forward of
$77,056. 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 doubtful since
the Company has no operations. The loss carryforward will expire starting in the
years 1997 through 2019
Earnings (Loss) Per Share
- -------------------------
Earnings (loss) per share amounts are computed based on the weighted average
number of shares actually outstanding, after the stock splits, in accordance
with FASB 128.
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CALDERA CORPORATION
( Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (Continued)
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial Instruments
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The carrying amounts of financial instruments, including cash and accounts
payable, are considered by management to be their estimated fair values. These
values are not necessarily indicative of the amounts that the Company could
realize in a current market exchange.
Estimates and Assumptions
- -------------------------
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.
4. GOING CONCERN
The Company's management intends to acquire interests in various business
opportunities which, in the opinion of management, will provide a profit to the
Company. Continuation of the Company as a going concern is dependent upon
obtaining the additional working capital necessary to be successful in its
planned activity, and the management of the Company has developed a strategy,
which it believes will accomplish this objective through additional equity
funding and long term financing, which will enable the Company to operate for
the coming year.
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ITEM 2. PLAN OF OPERATIONS
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The Company's management intends to acquire interests in various business
opportunities which, in the opinion of management, will provide a profit to the
Company. 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 financing, which will enable the Company
to operate in the future. The Company's officers plan to pay any future expenses
of the Company as short term loans until a profitable business opportunity and
additional funding can be obtained.
Liquidity and Capital Resources
- -------------------------------
The Company will need additional working capital to finance its planned
activity.
Results of Operations
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The Company has had no operations during this reporting period.
PART 2 - SIGNATURES
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SIGNATURES
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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.
CALDERA CORPORATION
[Registrant]
Dated 27th , 1999 By /s/ Radd C. Berrett
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Radd C. Berrett , President
Dated 27th , 1999 By /s/ Richard A. Ford
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Richard A. Ford , Chief Financial Officer
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<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 10-QSB AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 341
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 341
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 341
<CURRENT-LIABILITIES> 1200
<BONDS> 0
0
0
<COMMON> 6941
<OTHER-SE> (859)
<TOTAL-LIABILITY-AND-EQUITY> 341
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 26679
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (26679)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
