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 JANUARY 31, 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.
FIRST QUARTER REPORT
INTERIM FINANCIAL STATEMENTS
THREE MONTHS ENDED JANUARY 31, 2000
CONTENTS PAGE
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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 - January 31, 2000
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WORLD VENTURES INC.
BALANCE SHEET
For three month period ending January 31, 2000
- --------------------------------------------------------------------------------
3 month period 3 month period
ended 1/31/00 ended 1/3/99
- --------------------------------------------------------------------------------
ASSETS
Cash 16,493 3,534
Accounts Receivable 3,626 582
Due from Related Party (note 5c) 22,651 2,988
- --------------------------------------------------------------------------------
42,770 7,103
Fixed (note 1) 486,691 1,764,244
Resource Properties (note 2) 432,624 500,474
- --------------------------------------------------------------------------------
TOTAL ASSETS 962,085 2,271,822
================================================================================
LIABILITIES
Accounts Payable 189,083 200,466
Loan Payable to Premanco (note 3) 480,563 0
Due to Shareholder (note 5) 144,893 (296)
Deferred Revenue 0 4,952
- --------------------------------------------------------------------------------
814,539
Obligation - Capital Lease (note 7) 4,870 0
Long-term Debt (note 4) 50,000 50,000
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 869,409 255,302
================================================================================
SHAREHOLDERS' EQUITY
Authorized: 50,000 common shares
Capital Stock (note 6) 6,314,873 6,314,874
Deficit (6,227,197) (4,298,534)
- --------------------------------------------------------------------------------
92,676 2,016,520
- --------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 962,085 2,271,822
================================================================================
Approved by directors:
"Raynerd B. Carson" Director
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"Gary Van Norman" Director
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Page 1
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WORLD VENTURES INC.
STATEMENT OF LOSS AND DEFICIT
For three month period ending January 31, 2000
- --------------------------------------------------------------------------------
3 month period 3 month period
ended 1/31/00 ended 1/3/99
- --------------------------------------------------------------------------------
REVENUE
Revenue 0 0
Interest Revenue 35 60
---------------------------------------
35 60
- --------------------------------------------------------------------------------
EXPENSES
Office Administration 4,724 4,162
Consulting Fees 1,000 6,250
Professional Fees 0 0
Regulatory & Transfer Agent Fees 1,888 2,946
Rent 3,000 3,000
Travel & Promotion 1,994 7,744
Office & Sundry 499 74
Telephone & Fax 1,382 1,620
Printing , Postage & Courier 2,145 110
Computer & Internet 1,787 1,858
Interest & Bank Charges 2,143 8,530
Vehicle & Fuel 336 0
Asbestos Project 0 8,000
Costa Rica Project 3,471 8,810
Pan-Oro Project 0 768
Gladiator Project 5,026 --
Salmo Operations 997 7,385
---------------------------------------
30,357 61,257
Invested Properties (8,497) (17,578)
- --------------------------------------------------------------------------------
Net (Loss) for the period 21,860 43,619
Deficit - Beginning of Period 6,200,337 4,254,735
---------------------------------------
Deficit - End of Period 6,222,197 4,298,354
- --------------------------------------------------------------------------------
Gain (Loss) per share for the period (0.00) (0.01)
================================================================================
Page 2
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WORLD VENTURES INC.
STATEMENT OF CHANGES OF FINANCIAL POSITION
For three month period ending January 31, 2000
- --------------------------------------------------------------------------------
3 month period 3 month period
ended 1/31/00 ended 1/3/99
- --------------------------------------------------------------------------------
OPERATING ACTIVITIES
Net (Loss) for the period (21,860) (43,619)
Change in non-cash working capital 141,431 54,632
------------------------------
163,291 98,251
- --------------------------------------------------------------------------------
INVESTING ACTIVITIES
Expenditures relative to properties (9,494) 17,577
Payments on fixed assets & deferred costs 0 0
Sale of fixed assets 0 0
------------------------------
(9,494) 17,577
- --------------------------------------------------------------------------------
FINANCING ACTIVITIES
Advances from related party 144,893 8,927
Private Placement 0 150,000
Capital Stock Issued 0 0
Exercise of Warrants 0 0
------------------------------
144,893 158,927
- --------------------------------------------------------------------------------
Increase (decrease) in cash - during period 8,904 (43,099)
Cash position - beginning of period 7,589 46,633
------------------------------
Cash position - end of period 16,493 3,534
================================================================================
Page 3
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<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) (28,476) (86,264)
- ---------------------------------------------------------------------------------------------------------------------
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 -- 1,697 -- -- -- 1,697
Travel -- 1,774 -- -- -- 1,774
Property Tax 5,026 -- -- -- -- 5,026
- ---------------------------------------------------------------------------------------------------------------------
5,026 3,471 0 0 0 8,497
- ---------------------------------------------------------------------------------------------------------------------
Balance, January 31, 2000 $ 5,026 $ 388,528 $ 39,070 $ 0 $ 0 $ 432,624
- ---------------------------------------------------------------------------------------------------------------------
Page 4
</TABLE>
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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
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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
================================================================================
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
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(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
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5. RELATED PARTY TRANSACTIONS
(a) Services provided by directors or parties related to directors:
- --------------------------------------------------------------------------------
2000 1999
- --------------------------------------------------------------------------------
Consulting and management $ 1,000 $22,800
Rent 3,000 12,000
- --------------------------------------------------------------------------------
(b) Accounts receivable includes $3,165 due from a director (1999 - $3,165).
(c) The amount receivable ($22,651) from a related Company, due on demand,
receivable from Dydar Resources Inc., 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 Common Shares without par value
- --------------------------------------------------------------------------------
2000 1999
ISSUED:
# of shares Amount # of shares Amount
- --------------------------------------------------------------------------------
At beginning of period 28,410,770 6,314,874 27,410,770 6,164,874
Private Placement 0 0 1,000,000 150,000
For cash pursuant to
exercise of option 0 0 0 0
- --------------------------------------------------------------------------------
Issued at end of period 28,410,770 6,314,874 28,410,770 6,314,874
- --------------------------------------------------------------------------------
(b) Stock options outstanding to directors and employees at January 31, 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
- --------------------------------------------------------------------------------
(c) Share purchase warrants outstanding as at January 31, 2000 were as follows:
- --------------------------------------------------------------------------------
Number of Shares
Expiry Date Exercise Price 1999 1998
- --------------------------------------------------------------------------------
(i) May 29, 1998 (expired) $ 0.50 0 384,505
(ii) April 28, 1999 (expired) $ 0.18 0 366,333
(iii) April 28, 2000 $ 0.15 1,000,000 0
April 28, 2001 $ 0.18
- --------------------------------------------------------------------------------
(d) List of directors as at January 31, 2000:
Raynerd B. Carson Geoffrey Vantreight
James Wadsworth Dr. Stewart A. Jackson
Gary Van Norman
Page 7
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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 $6,222,197 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
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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: April 3, 2000
