UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 AND 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FOR THE PERIOD ENDED APRIL 30, 2000
WORLD VENTURES INC.
Commission File No. 000-18343
102 Piper Crescent
Nanaimo, British Columbia
Canada V9T 3G3
Tel: (250) 756-0291
<PAGE>
WORLD VENTURES INC.
102 Piper Crescent
Nanaimo BC Canada V9T 3G3
Tel: (250) 756-0291 Fax: (250) 756-0298
Electronic Bulletin Board,Symbol: WVNTF
REPORT TO SHAREHOLDERS
June 20, 2000
The directors of World Ventures Inc. have concentrated their efforts on
developing a 180 acre property located in the Bradshaw mountain range of
Arizona. The project is located at the 6,500' elevation, totally within a
National Forest and only 65 road miles from the Phoenix/Scottsdale area.
The Company intends to build a Private Membership Club with a main lodge, fifty
deluxe dwellings and first class recreational facilities in harmony with the
natural setting. Perched on the mountain top and surrounded by giant whispering
Ponderosa pines, the resort will take advantage of the moderate temperatures,
pristine environment and breath taking views.
Consulting engineers will be engaged to prepare feasibility studies on the
"Eagle View Resort" over the next few months.
Trendwest Resorts Inc. (NASDAQ: TWRI); Intrawest Corporation (NYSE: IDR) and
Bluegreen Corporation (NYSE: BXG) are some of the high profile companies
developing high country resort projects in Arizona.
It is with great sadness and personal loss that we report that Geoffrey
Vantreight, Director, passed away last month. His business expertise, combined
with a great sense of humor, will be missed.
ON BEHALF OF THE BOARD
WORLD VENTURES INC.
/s/ Raynerd B. Carson
----------------------------------------
President
<PAGE>
WORLD VENTURES INC.
THIRD QUARTER REPORT
INTERIM FINANCIAL STATEMENTS
SIX MONTHS ENDED APRIL 30, 2000
CONTENTS
--------
PAGE
----
BALANCE SHEET 1
STATEMENT OF LOSS AND DEFICIT 2
STATEMENT OF CHANGES IN FINANCIAL POSITION 3
SCHEDULE OF CHANGES IN RESOURCE PROPERTIES 4
NOTES TO FINANCIAL STATEMENTS: 5
- Note 1. Fixed Assets and Deferred Costs 5
- Note 2. Description of Properties 5-6
- Note 3. Loan Payable to Premanco 6
- Note 4. Long Term Debt 6
- Note 5. Related Party Transactions 7
- Note 6. Capital Stock 7
- Note 7. Obligation Under Capital Lease 8
- Note 8. Future Operations 8
- Note 9. Comparative Figures 8
PREPARED BY MANAGEMENT -- UNAUDITED
World Ventures Inc. - Quarterly Report - April 30, 2000
<PAGE>
WORLD VENTURES INC.
BALANCE SHEET
For six month period ending April 30, 2000
--------------------------------------------------------------------------------
6 month period 6 month period
ended 4/30/00 ended 4/30/99
--------------------------------------------------------------------------------
ASSETS
Cash 18,870 2,946
Accounts Receivable 3,928 3,772
Due from Related Party (note 5c) 22,751 665
---------- ----------
45,549 7,383
Fixed (note 1) 486,691 1,358,044
Resource Properties (note 2) 435,364 509,615
---------- ----------
TOTAL ASSETS 967,604 1,875,042
========== ==========
LIABILITIES
Accounts Payable 188,105 174,986
Loan Payable to Premanco (note 3) 480,563 445,027
Due to Shareholder (note 5) 25,602 28,537
---------- ----------
694,270 648,550
Obligation - Capital Lease (note 7) 4,870 --
Long-term Debt (note 4) 50,000 50,000
---------- ----------
TOTAL LIABILITIES 749,140 698,550
---------- ----------
Shareholders' Equity
Authorized: 50,000,000 common shares
Issued: 6,282,154 at 04/30/00
Capital Stock (note 6) 6,464,874 6,314,874
Deficit (6,246,410) (5,138,382)
---------- ----------
218,464 1,176,492
---------- ----------
TOTAL LIABILITIES AND EQUITY 967,604 1,875,402
========== ==========
Approved by directors:
"Raynerd B. Carson" Director
----------------------------
"Gary Van Norman" Director
----------------------------
Page 1
<PAGE>
WORLD VENTURES INC.
STATEMENT OF LOSS AND DEFICIT
For six month period ending April 30, 2000
--------------------------------------------------------------------------------
6 month period 6 month period
ended 4/30/00 ended 4/30/99
--------------------------------------------------------------------------------
REVENUE
Revenue
Interest Revenue 72 79
--------- ---------
72 79
--------------------------------------------------------------------------------
EXPENSES
Office Administration 10,224 9,655
Consulting Fees 1,000 12,500
Professional Fees 0 0
Regulatory & Transfer Agent Fees 5,788 5,943
Rent 6,000 6,000
Travel & Promotion 2,930 11,130
Office & Sundry 876 137
Telephone & Fax 2,315 4,180
Printing , Postage & Courier 4,318 220
Computer & Internet 5,404 4,677
Interest & Bank Charges 4,386 3,808
Vehicle & Fuel 900 800
Asbestos Project 0 8,000
Costa Rica Project 6,211 18,590
Pan-Oro Project 0 768
Gladiator Project 5,026 --
Salmo Operations 2,004 3,450
--------- ---------
57,382 91,858
Invested Properties 11,237 27,357
--------------------------------------------------------------------------------
Net (Loss) for the period 46,073 64,422
Deficit - Beginning of Period 6,200,337 5,073,960
--------- ---------
Deficit - End of Period 6,246,410 5,138,382
--------------------------------------------------------------------------------
Gain (Loss) per share for the period (0.01) (0.01)
================================================================================
Page 2
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WORLD VENTURES INC.
STATEMENT OF CHANGES OF FINANCIAL POSITION
For six month period ending April 30, 2000
--------------------------------------------------------------------------------
6 month period 6 month period
ended 4/30/00 ended 4/30/99
--------------------------------------------------------------------------------
OPERATING ACTIVITIES
Net (Loss) for the period (46,073) (64,422)
Change in non-cash working capital 251,782 292,740
-------- --------
205,709 228,318
--------------------------------------------------------------------------------
INVESTING ACTIVITIES
Expenditures relative to properties (11,237) (27,537)
Payments on fixed assets & deferred costs 0 0
Sale of fixed assets 0 0
-------- --------
(11,237) (27,357)
--------------------------------------------------------------------------------
FINANCING ACTIVITIES
Advances from related party 25,602 48,015
Private Placement 150,000 150,000
Capital Stock Issued 0 0
Exercise of Warrants 0 0
-------- --------
175,602 198,015
--------------------------------------------------------------------------------
Increase (decrease) in cash - during period 2,377 (40,687)
Cash position - beginning of period 16,493 43,633
-------- --------
Cash position - end of period 18,870 2,946
================================================================================
Page 3
<PAGE>
<TABLE>
<CAPTION>
WORLD VENTURES INC.
RESOURCES PROPERTIES
October 31, 1998 to January 31, 2000
RESOURCE PROPERTIES
--------------------------------------------------------------------------------------------------------------------------
Prince
Guanacaste Pan-Oro Albert Asbestos Totals
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance, October 31, 1998 365,957 38,037 57,788 20,476 482,258
--------------------------------------------------------------------------------------------------------------------------
Rent 3,058 0 0 0 3,058
Geological consultants 16 0 0 0 16
Legal and management 5,522 0 0 0 5,522
Travel 2,406 1,033 0 0 3,439
Option payments 0 0 0 8,000 8,000
Vehicle expense 3,511 0 0 0 3,511
Permits 4,587 0 0 0 4,587
--------------------------------------------------------------------------------------------------------------------------
Expenditures for year 19,100 1,033 0 8,000 28,133
Write-down on resource properties 0 0 (57,788) (86,264) (28,476)
--------------------------------------------------------------------------------
19,100 1,033 (57,788) (20,476) (58,131)
--------------------------------------------------------------------------------
Balance, October 31, 1999 $ 385,057 $ 39,070 $ 0 $ 0 $ 424,127
==========================================================================================================================
Prince
Gladiator Guanacaste Pan-Oro Albert Asbestos Totals
--------------------------------------------------------------------------------------------------------------------------
Rent -- 3,289 -- -- -- 3,289
Travel -- 2,922 -- -- -- 2,922
Property Tax 5,026 -- -- -- -- 5,026
5,026 6,211 0 0 0 11,237
Balance, January 31, 2000 $ 5,026 $ 391,268 $ 39,070 $ 0 $ 0 $ 435,364
Page 4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. FIXED ASSETS AND DEFERRED COST
H B Mill - 15 year straight- line basis, commencing on the start of
production Office Equipment - 20% declining balance basis Motor Vehicles -
20% declining balance basis
---------------------------------------------------------------------------------------------
1999 1998
---------------------------------------------------------------------------------------------
Accumulated
Cost Depreciation Net Net
---------------------------------------------------------------------------------------------
H.B. Mill and land $480,563 0 $480,563 $1,352,934
Office equipment 0 0 0 2,767
Machinery 5,670 1,417 4,253 0
Automobiles 17,219 15,344 1,875 2,344
--------------------------------------------------------------------------------------------
$503,452 $16,761 $486,691 $1,358,045
---------------------------------------------------------------------------------------------
</TABLE>
Included in machinery is a leased asset with a net book value of $4,253
(1998 - $0).
2. DESCRIPTION OF PROPERTIES
(a) Guanacaste, Costa Rica
Pursuant to an option agreement dated October 23, 1995 and amended February
27, 1996 between the Company and Minera Oceanica S.A., the Company acquired
an option for the mineral and surface rights in Concession 6622 situated in
the Juntas de Abangares, District of Guanacaste, Costa Rica, subject to a
10% royalty in favour of Minera Oceanica S.A. on operating profits derived
from the property, or US$100,000 per year, whichever is greater. This
royalty has been waived indefinitely until the commencement of production.
Finders fees of $22,500 have been included in the cost of resource
properties.
(b) Pan-Oro, Panama
During 1995, the Company entered into a Letter of Agreement with Grande
Portage Resources Ltd. to enter into a joint venture agreement to develop
mineral concessions in Panama. The agreement has not yet been concluded and
regulatory approval remains outstanding. The Company has a 90% ownership
interest in Pan-Oro S.A., a Panamanian corporation. Resource property costs
include $21,000 charged by Pan-Oro S.A.
(c) Prince Albert, Saskatchewan
The Company has entered into an option agreement to acquire a 100%
interest, subject to a 5% net profit royalty, in certain mineral claims in
the Prince Albert Mining District, Saskatchewan. To maintain its interest
in the agreement, the Company is required to pay $2,000 annually for ten
years to July 2003. During 1999, the Company decided to abandon its
interest and wrote off its investment in this property.
Page 5
<PAGE>
(d) Asbestos Claims, Quebec
The Company entered into an option agreement dated October 8, 1997 with
Vant Resources Inc. for the Asbestos "A" claims in Maizerets, Quebec and
the Exploration Claims in Soissons, Quebec. In order to exercise the
option, the Company must pay the optionor an aggregate of $1,070,000.
The Company has not made a $50,000 payment due September 15, 1998, nor a
$1,000,000 payment due September 15, 1999. During 1999, the Company decided
to abandon its interest and wrote off its investment in this property.
(e) Gladiator Property, Arizona
On January 14, 2000, the Company entered into an option agreement with
Curitiba S.A., a Costa Rican corporation, to acquire 100% of the issued and
outstanding shares of Nor-Quest Arizona Inc., an Arizona Corporation.
Nor-Quest Arizona Inc. has title to one hundred and seventy acres within
the Prescott National Forest in the State of Arizona.
The option is exercisable until January 14, 2001 for consideration of four
million common shares. As part of the agreement, the Company has agreed to
pay any property tax balance outstanding at the time the option is
exercised, not to exceed four thousand U.S. dollars
3. LOAN PAYABLE TO PREMANCO INDUSTRIES LTD. AND LOSS ON LAWSUIT
Premanco Industries Ltd. ("Premanco"), an unrelated party, brought an
action against the Company and others in the Supreme Court of British
Columbia claiming that the Company and others logged or caused to be
logged, without the permission of Premanco, approximately 20,000 cubic
meters or more of timber from certain properties. The claim has been
defended by the Company and they have stated that if any logging was done,
any liability for these actions must rest with the Company's solicitor who
acted on the Company's behalf in connection with an application to the
Nelson land title office to release Premanco's timber rights.
The lawsuit was settled during 1998. The Company is liable for unjust
enrichment of $450,000. Premanco has accepted as settlement a promissory
note for $450,000, secured by a mortgage on the H.B. Mill property (note 7)
and a security agreement over all equipment and chattels, with interest at
prime plus 2%, due September 30, 1999. The loan is now in default as the
balance has not been paid pursuant to the terms of the settlement. Interest
has been accrued on the loan up to September 30, 1999.
Premanco shall have no right to enforce any judgement obtained against the
Company under this promissory note against any assets or properties of the
Company other than those specified in the settlement agreement made between
Premanco and the Company. It is the Company's intention to abandon those
specified assets to Premanco as settlement for the loan.
4. LONG-TERM DEBT
This amount is unsecured, non-interest bearing and will be repaid at a rate
of 10% of the net profits of the H.B. Mill if and when it goes into
production.
Page 6
<PAGE>
5. RELATED PARTY TRANSACTIONS
(a) Services provided by directors or parties related to directors:
----------------------------------------------------------------------
2000 1999
----------------------------------------------------------------------
Consulting and management $1,000 $22,800
Rent 6,000 12,000
----------------------------------------------------------------------
(b) Accounts receivable includes $3,165 due from a director (1999 -
$3,165).
(c) The amount receivable ($22,751) from a related Company, due on demand,
receivable from Dydar Resources Ltd., a Company controlled by the
President of the Company.
(d) Amount due to Investors First S.A. is an advance to the Company by a
shareholder. Investors First S.A. has outstanding warrants to
exercise.
6. CAPITAL STOCK
(a) Authorized: 50,000,000 Common Shares without par value
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
2000 1999
ISSUED:
# of shares Amount # of shares Amount
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
At beginning of period 5,682,1541 $6,314,874 27,410,770 $6,164,874
Private Placement 600,000 150,000 1,000,000 150,000
For cash pursuant to exercise of option 0 0 0 0
------------------------------------------------------------------------------------------------------------
Issued at end of period 6,282,154 $6,464,874 28,410,770 $6,314,874
-------------------------------------------------------------------------- ---------------------------------
</TABLE>
(1) Consolidation of stock effected January 31, 2000. At a General Meeting
of the Members of the Company held on April 21, 1999, the members
approved by way of Special Resolutions, a consolidation of the
Company's shares on the basis of one (1) post consolidated share for
five (5) common shares issued and outstanding.
(2) 600,000 units were issued at a price of $0.25 per unit for cash,
pursuant to a private placement dated April 5, 2000. Each unit
consisting of one share and one non-transferable share purchase
warrant exercisable for a period of two years, granting the
holder the right to acquire one additional share at a price of
$0.25 per share in the first year and at a price of $0.40 per
share in the second year.
(b) Stock options outstanding to directors and employees April 30, 2000 were as
follows:
-----------------------------------------------------------------------
Number of Shares
-----------------------------------------------------------------------
Expiry Date Exercise Price 1999 1998
-----------------------------------------------------------------------
July 15, 2001 $ 0.15 100,000 100,000
-----------------------------------------------------------------------
August 20, 2002 $ 0.15 1,200,000 1,200,000
-----------------------------------------------------------------------
October 7, 2002 $ 0.15 100,000 100,000
-----------------------------------------------------------------------
Page 7
<PAGE>
(c) Share purchase warrant000 were as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
Expiry Date Exercise Price 1999 1998
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) May 29, 1998 (expired) $ 0.50 0 384,505
(ii) April 28, 1999 (expired) $ 0.18 0 366,333
(iii) April 28, 2000 (expired) $ 0.15 1,000,000
April 28, 2001 $ 0.18
(iv) April 5, 2001 $ 0.25 600,000
April 5, 2002 $ 0.40
-----------------------------------------------------------------------------------
(d) List of directors as of April 30, 2000: Raynerd B. Carson Gary Van Norman
James Wadsworth Dr. Stewart A. Jackson
Geoffrey Vantreight
</TABLE>
7. OBLIGATION UNDER CAPITAL LEASE
The following is a schedule of future minimum lease payments under capital
lease
-----------------------------------------------------------------------
2000 $2,306
2001 2,306
2002 2,295
-----------------------------------------------------------------------
Total minimum lease payments 6,907
Less: Amount representing interest (2,037)
-----------------------------------------------------------------------
Present value of net minimum lease payments 4,870
Less: Current portion (1,204)
-----------------------------------------------------------------------
$3,666
-----------------------------------------------------------------------
8. FUTURE OPERATIONS
These financial statements have been prepared with integrity and on the
going concern basis of accounting. The company is currently operating at a
loss and has an accumulated deficit of $6,246,410. The company's movements
toward streamlining its methods of operation and management have shown to
be a positive effort and in foresight will prove beneficial in every
related aspect.
9. COMPARATIVES FIGURES
Certain figures have been accentuated, reclassified, or integrated to
conform to the current quarter's presentation of this financial statement.
The information released in this report is accurate and congruent with
proper accounting records.
Page 8
<PAGE>
SIGNATURES
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, thereto duly authorized.
WORLD VENTURES INC.
By: /s/ Raynerd B. Carson
------------------------------
Raynerd B. Carson
President
Date: June 26, 2000
