United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q/A
QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Period ended September 30, 2000
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
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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 September 30, 2000 was 24,189,201.
PART 1 FINANCIAL INFORMATION
Item 1.
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Unaudited Financial Statements.
INTERNATIONAL WOOD CORPORATION
(a development stage company)
BALANCE SHEET
September 30, 2000
SEPTEMBER 30,
2000
(unaudited)
ASSETS
Current assets:
Cash $ 343
Residential real estate held for sale 1,450,000
Investment in Norwest S.A. 2,000
---------
TOTAL ASSETS $ 1,452,343
=========
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current Liabilities:
Accounts payable 80,017
Accrued expenses 126,114
Shareholder loan 137,500
Mortgage loan 856,000
--------
Total current liabilities 1,199,631
----------
Stockholders' Equity (Deficit):
Common stock, $.0001 par value,
50,000,000 shares authorized,
24,189,201 shares issued
and outstanding 2,419
Additional paid in capital 670,880
Deficit accumulated during
the development stage (420,587)
---------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 252,712
---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,452,343
===========
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INTERNATIONAL WOOD CORPORATION
(a development stage company)
STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
SEPTEMBER 30, SEPTEMBER 30,
2000 1999
(unaudited) (unaudited)
Revenues $ - $ -
Operating expenses
General and administrative (99,881) (39,223)
-------- --------
Loss from operations (99,881) (39,223)
Other Income (Expenses)
Interest expense (80,342) _
-------- --------
Total other income (expenses) (80,342) _
-------- ---------
Net loss $ (180,223) $ (39,223)
========= ==========
Net loss per common share $ (0.007) $ (0.002)
========= ==========
Weighted average number
of shares outstanding 24,189,201 22,739,201
========== ==========
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INTERNATIONAL WOOD CORPORATION
(a development stage company)
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION> Accumulated
Deficit During
Common Stock Paid in Development
Shares Amount Capital Stage Total
<S> <C> <C> <C> <C> <C>
BALANCE,
December 31, 1998 22,589,201 $ 2,259 $ 27,040 $ (104,770) $ (75,471)
Stock Issues 150,000 15 34,985 35,000
Net loss for the
nine months _ _ - (39,223) (39,223)
---------- ------ -------- ---------- --------
BALANCE,
Sept. 30, 1999 22,739,201 $ 2,274 $ 62,025 $ (143,993) $ (79,694)
========== ======= ========= ======== ========
BALANCE,
December 31, 1999 24,039,201 $ 2,404 $655,895 $ (240,364) $417,935
Shares issued
for services 150,000 15 14,985 - 15,000
Net loss for
the nine months _ _ _ (180,223) (180,223)
---------- ------- ------ -------- ---------
BALANCE,
Sept. 30, 2000 24,189,201 $ 2,419 $ 670,880 $(420,587) $ 252,712
========== ======== ======== ========== ==========
</TABLE>
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INTERNATIONAL WOOD CORPORATION
(a development stage company)
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
SEPTEMBER 30, SEPTEMBER 30,
2000 1999
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (180,223) $ (39,223)
Adjustments to reconcile net
income to net cash provided
by (used in) operating activities:
Changes in operating assets
and liabilities:
Accounts payable and
Accrued expenses 130,660 (11)
Stock issued for services 15,000 10,000
--------- ---------
Net cash used in
operating activities (34,563) (29,212)
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Shareholder loan 4,212
Sale of stock 25,000
--------- -------
Net cash provided by
financing activities - 29,212
--------- -------
Net increase (decrease) in cash
Cash, beginning of period 34,906 -
-------- --------
Cash, end of period $ 343 $ -
======== ========
Non-cash transactions
Stock issued for consulting services $ 15,000 $ 10,000
======== ========
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Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Plan of Operation.
(1) Liquidity. We have little cash and no liquidity.
(2) Capital Resources. Due to the acquisition
of Norwest S.A. we have substantial assets which we plan to
use to arrange financing for our business. We plan
to use the residential real estate to assist to 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 except as set forth in
the 10-K for the year ended December 31, 1999.
Item 4. Submission of Matters to a Vote of
Security holders.
There were no submissions to shareholders
during the quarter ended September 30, 1999
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K.
There were no reports on Form 8-K
during the quarter.
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