United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Period ended June 30, 1998
Commission File No. 33-17966-LA
INTERNATIONAL WOOD CORPORATION
A Colorado Corporation EIN: 94-3030021
8833 Sunset Blvd., Suite 200
West Hollywood, CA 90069
Telephone: 310-289-4947
Former name: XANTHIC ENTERPRISES, INC.
Former address:
8833 Sunset Blvd., Suite 200
West Hollywood, CA 90069
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
<PAGE>
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes x No
The number of issued and outstanding common shares
as of June 30, 1998 was 22,574,201.
PART 1 FINANCIAL INFORMATION
Item 1.
<PAGE>
Unaudited Financial Statements.
INTERNATIONAL WOOD CORPORATION
(formerly Xanthic Enterprises, Inc.)
(a development stage company)
BALANCE SHEET
June 30, 1998
JUNE 30,
1998
(unaudited)
ASSETS
Current assets:
Cash $ 0
Investment in Norwest S.A. 2,000
---------
TOTAL ASSETS $ 2,000
=========
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current Liabilities:
Accounts payable 75,368
Shareholder loan 2,000
--------
Total current liabilities 77,368
----------
Stockholders' Equity (Deficit):
Common stock, $.0001 par value,
50,000,000 shares authorized,
22,574,201 shares issued
and outstanding 2,257
Additional paid in capital 12,042
Deficit accumulated during
the development stage (89,667)
---------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (75,368)
---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,000
=========
<PAGE>
INTERNATIONAL WOOD CORPORATION
(formerly Xanthic Enterprises, Inc.)
(a development stage company)
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
JUNE 30, JUNE 30,
1998 1997
(unaudited) (unaudited)
Revenues $ - $ -
Operating expenses
General and administrative - 63,509
------- -------
Loss from operations (63,509)
Other Income (Expenses)
Interest expense _ _
Total other income (expenses) _ _
-------- ---------
Net loss $ - $ (63,509)
======== =========
Net loss per common share $ $ (0.03)
======== =========
Weighted average number
of shares outstanding 22,574,201 2,173,001
========== ==========
<PAGE>
INTERNATIONAL WOOD CORPORATION
(formerly Xanthic Enterprises, Inc.)
(a development stage company)
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
<TABLE>
<CAPTION> Accumulated
Deficit During
Common Stock Paid in Development
Shares Amount Capital Stage Total
<S> <C> <C> <C> <C> <C>
BALANCE,
December 31, 1996 5,481,826 $ 548 $ 11,651 $ (26,058) $ (13,859)
Retroactive effect
of 2.5 to 1 reverse
Split effective
December 31, 1997 (3,308,825) (331) 331 - -
Net loss for the
six months _ _ _ (63,509) (63,509)
---------- ------ ------- ---------- --------
BALANCE,
June 30, 1997 2,173,001 $ 217 $ 11,982 $ (89,567) $(77,368)
========= ======= ====== ======= ======
BALANCE,
December 31, 1997 2,574,201 $ 257 $ 12,042 $ (89,667) $(77,368)
Issuance of common
stock for
Investment in
Norwest S.A. 20,000,000 2,000 - - 2,000
Net loss for
the six months _ _ _ _ _
---------- ------- ------ -------- -----
BALANCE,
June 30, 1998 22,574,201 $ 2,257 $ 12,042 $ (89,667) $ (75,368)
========== ======== ======== ========= ==========
</TABLE>
<PAGE>
INTERNATIONAL WOOD CORPORATION
(formerly Xanthic Enterprises, Inc.)
(a development stage company)
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
JUNE 30, JUNE 30,
1998 1997
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ - $ (63,509)
Adjustments to reconcile net
income to net cash provided
by (used in) operating activities:
Changes in operating assets
and liabilities:
Accounts payable - (61,509)
--------- ---------
Net cash used in
operating activities - (2,000)
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Shareholder loan 2,000
--------- -------
Net cash provided by
financing activities - 2,000
-------- -------
Net increase (decrease) in cash
Cash, beginning of period - -
-------- -------
Cash, end of period $ - $ -
======== =========
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Plan of Operation.
(1) Liquidity. We have no cash and no liquidity.
(2) Capital Resources. Due to the recent reverse acquisition
of Norwest S.A. we have substantial assets which we plan to
use to arrange financing for our business.
(3) Results of Operations. We have not operated during
the past fiscal quarter and there are no results of operations.
Part II Other Information
Item 1. Legal Proceedings.
There are no pending legal proceedings.
Item 2. Changes in Securities and Use of Proceeds.
There has been no changes in securities or use of proceeds.
Item 3. Defaults upon Senior Securities.
There are no Senior Securities.
Item 4. Submission of Matters to a Vote of
Security holders.
There were no submissions to shareholders
during the quarter ended June 30, 1998
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K.
There were no reports on Form 8-K
during the quarter.
.
<PAGE>
