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, 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 June 30, 2000 was 24,039,201.
PART 1 FINANCIAL INFORMATION
Item 1.
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Unaudited Financial Statements.
INTERNATIONAL WOOD CORPORATION
(formerly Xanthic Enterprises, Inc.)
(a development stage company)
BALANCE SHEET
June 30, 2000
JUNE 30,
2000
(unaudited)
ASSETS
Current assets:
Cash $ 14,522
Residential real estate
held for sale 1,450,000
Investment in Norwest S.A. 2,000
---------
TOTAL ASSETS $ 1,466,522
=========
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current Liabilities:
Accounts payable 80,017
Accrued interest payable 43.200
Shareholder loan 137,500
Mortgage Loan 856,000
--------
Total current liabilities 1,116,717
----------
Stockholders' Equity (Deficit):
Common stock, $.0001 par value,
50,000,000 shares authorized,
24,039,201 shares issued
and outstanding 2,404
Additional paid in capital 655,895
Deficit accumulated during
the development stage (308,494)
---------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 349,805
---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,466,522
=========
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INTERNATIONAL WOOD CORPORATION
(formerly Xanthic Enterprises, Inc.)
(a development stage company)
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
JUNE 30, JUNE 30,
2000 1999
(unaudited) (unaudited)
Revenues $ - $ -
Operating expenses
General and administrative 24,930 35,033
------- -------
Loss from operations (24,930) (35,033)
Other Income (Expenses)
Interest expense 43,200 _
Total other income (expenses) _ _
-------- ---------
Net loss $ (68,130) $ (35,033)
======== =========
Net loss per common share $ (0.003) $ (0.002)
======== =========
Weighted average number
of shares outstanding 24,039,201 22,739,201
========== ==========
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INTERNATIONAL WOOD CORPORATION
(formerly Xanthic Enterprises, Inc.)
(a development stage company)
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION> Accumulated
Deficit During
Common Stock Paid in Development
Shares Amount Capital Stage Total
Total
<S> <C> <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
six months _ _ _ (35,033) (35,033)
---------- ------- ------- -------- --------
BALANCE,
June 30, 1999 22,739,201 $ 2,274 $ 62,025 $ (139,803) (75,504)
========== ======= ========= ======== ========
BALANCE,
December 31, 1999 24,039,201 $ 2,404 $655,895 (240,364) $ 417,935
Net loss for
the six months _ _ _ (68,130) (68,130)
---------- ------- ------ -------- --------
BALANCE,
June 30, 2000 24,036,201 $ 2,404 $ 655,895 $ (308,494) $ 349,805)
========== ======== ======== ========== ==========
</TABLE>
<PAGE>
INTERNATIONAL WOOD CORPORATION
(formerly Xanthic Enterprises, Inc.)
(a development stage company)
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
JUNE 30, JUNE 30,
2000 1999
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (68,130) $ (35,033)
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 47,746 10,000
--------- ---------
Net cash used in
operating activities (20,384) (25,033)
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Shareholder loan 160
Sale of stock 25,000
--------- -------
Net cash provided by
financing activities - 127
-------- -------
Net increase (decrease) in cash (20,384) -
Cash, beginning of period 34,906 -
-------- ------
Cash, end of period $ 14,522 $ 127
======== ========
Non-cash transactions
Stock issued for
consulting services $ - $ 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 little 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 real estate
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 other than mentioned
in the 10-K for the year ended December 31, 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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