SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended: March 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission file number: 2-41703
Cassco Capital Corp.
(Exact name of registrant as specified in its charter)
Delaware 43 159416
(State or other jurisdiction (I.R.S. employer
of incorporation or organization) identification number)
1999 Broadway, Ste. 3235, Denver, Colorado 80202
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (303) 292 2992
Indicate by check mark whether the issuer (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 such filing
requirements for the past 90 days. Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: As of May 3, 2000, there were
approximately 3,000,000 common shares outstanding.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CASSCO CAPITAL CORP.
(A Development Stage Company)
BALANCE SHEETS
March 31, December 31,
2000 1999
---- ----
(Unaudited) (Audited)
ASSETS
Current Assets:
Cash -- --
Total Current Assets -- --
--------- ---------
Total Assets $ -- $ --
========= =========
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities
Total Current Liabilities -- --
--------- ---------
Shareholders Equity (Deficit)
Common Stock, $.001 par value, 100,000,000
shares authorized, 240,000 and 3,000,000
issued and outstanding 3,000 3,000
Preferred Stock, $.01 par
value, 10,000,000
shares authorized,
1,000,000 issued and
outstanding 1,000 --
Additional paid in capital 397,783 397,783
Retained earnings (deficit) (401,783) (400,783)
--------- ---------
Total Shareholders Equity (Deficit) -- --
--------- ---------
Total Liabilities and
Shareholders Equity (Deficit) $ -- $ --
========= =========
<PAGE>
CASSCO CAPITAL CORP.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
Three Months Ended March 31,
2000 1999
---- ----
Total Income $ -- $ --
General and administrative expenses: 1,000 --
------- --------
Total Expenses -- --
------- --------
Net income (loss) $(1,000) $ --
======= ========
<PAGE>
CASSCO CAPITAL CORP.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
Three Months ended March 31
2000 1999
---- ----
Cash (used) by operating activities:
Net loss $(1,000) $ --
Adjustments to reconcile net gain (loss) to
net cash provided by operating activities:
Issuance of stock 1,000 --
Net Cash Flows (used) by operating activities -- --
Increase (decrease) in Cash -- --
Cash at Beginning of the Period -- --
------- ------
Cash at End of the Period $ -- $ --
======= ======
<PAGE>
CASSCO CAPITAL CORP.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
In the opinion of management, all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair presentation of the financial
condition of registration have been included, and the disclosure are adequate to
make the information presented not misleading.
Note 1. A summary of significant accounting policies is currently on file with
the U.S. Securities and Exchange Commission.
Note 2. The loss per share was computed by dividing net loss by the weighted
average number of shares of common stock outstanding during the period.
Note 3. The Comapny has not declared or paid dividends on its common shares
since inception.
Note 4. The accompanying unaudited condensed financial statements have been
prepared in accordance with the instructions to Form 10-QSB and do not include
all information and footnotes required by generally accepted accounting
principles for complete financial statements.
Note 5. Income taxes have not been provided for in that the Company does not had
a tax liability due to operating losses.
Note 6. As shown in the accompanying financial statements, the Company incurred
net operating losses and liabilities which exceeded assets. These factors, as
well as the uncertainty regarding the Company's ability to raise capital,
creates substantial doubt about the Company's ability to continue as a going
concern.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The following discussion of financial condition and results of operations should
be read in conjunction with the Company's audited financial statements and notes
thereto appearing elsewhere in this report. The Company has had recurring losses
from operations since inception and had a net capital deficiency at year end,
each of which raise substantial doubts about the ability of the Company to
continue as a going concern.
Results of Operations: Cassco Capital Corp. (Company) was incorporated as
Anthony Kane Incorporatedunder the laws of the State of Delaware on February 5,
1969, and became subject to the reporting provisions of the Securities Exchange
Act of 1934 on June 11, 1969, when a registration statement filed by the Company
was declared effective by the U.S. Securities and Exchange Commission. The
Company, prior to 1999, had engaged in a variety of acquisitions and businesses
in the past, none of which have proved successful.
The Company on December 1, 1999, entered into an agreement (Reorganization
Agreement) to acquire all of the outstanding capital stock of S&J (Chatteris)
Holdings Limited, a United Kingdom corporation (S&J Holdings). Pursuant to the
Reorganization Agreement, the Company agreed to acquire all of the outstanding
capital stock of S&J in exchange for 12,000,000 post split shares of Common
Stock. The Reorganization Agreement required S&J Holdings to perform certain
conditions, including the delivery of audited financial statements. These
conditions had not been fulfilled by February 14, 2000; therefore, the agreement
was rescinded and deemed to have been void and of no effect from the beginningas
if the acquisition had not occurred. All shares issued in the acquisition were
returned to treasury. The Company is now engaged in the process of locating a
merger and/or acquisition candidate.
Liquidity and Capital Resources: The Company, from inception has relied on
capital infusions from executive officers and directors and on credit from
vendors.
PART II - OTHER INFORMATION
Item 1. Litigation
No material legal proceedings to which the Company (or any officer or director
of the Company, or any affiliate or owner of record or beneficially of more than
five percent of the Common Stock, to management's knowledge) is a party or to
which the property of the Company is subject is pending and no such material
proceeding is known by management of the Company to be contemplated.
Item 2. Change in Securities
This item is not applicable to the Company for the period covered by this
report.
Item 3. Defaults Upon Senior Securities
This item is not applicable to the Company for the period covered by this
report.
Item 4. Submission of Matters to a Vote of Security Holders
There were no meetings of security holders during the period covered by this
report; thus, this item is not applicable.
Item 5. Other Information
There is no additional information which the Company is electing to report under
this item at this time.
Item 6. Exhibits and Reports on Form 8-K
This item is not applicable to the Company for the period covered by this
report.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized this 4th day of May 2000.
CASSCO CAPITAL CORPORATION (Registrant)
By: /s/ Charles Stidham
- -----------------------
Charles Stidham, Chief Executive Officer
By: /s/ Charles Stidham
- -----------------------
Charles Stidham, Chief Financial and
Accounting Officer and Treasurer
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