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Previous: FLAG FINANCIAL CORP, 10-Q, EX-27.1, 2000-11-13 |
Next: EURBID COM INC, 10QSB, EX-27, 2000-11-13 |
For the quarterly period ended September 30, 1999
OR
Commission file number: 0-21566
(Exact name of small business issuer as specified in its charter)
Incorporated pursuant to the Laws of the State of Delaware
Internal Revenue Service — Employer Identification No. 84-1219819
21 Patrick Street
Kilkenny, Co. Kilkenny
Ireland
(Address of registrant's principal executive offices)
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 required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _X_No __
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court Yes No ___
APPLICABLE ONLY TO CORPORATE ISSUERS
The number of shares of common stock, $0.01 par value, outstanding as September 30, 2000: 9,643,996 shares
Transitional Small Business Disclosure Format (check one): Yes No X_
EURBID.COM, INC.
PERIOD ENDED SEPTEMBER 30, 2000
INDEX
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PART I. FINANCIAL INFORMATION Page
Item 1. Financial Statements
Condensed financial statements of Eurbid.com, Inc.:
Balance sheet as of September 30, 2000 3
Income statements for the three months ended September
30, 2000 and 1999 4
Statements of cash flows for the three months ended
September 30, 2000 and 1999 5
Notes to financial statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition And Results of Operations 7
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Securities Holders 8
Item 6. Exhibits and Reports on Form 8-K. 8
(a)Exhibits
SIGNATURE 8
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Eurbid.com, Inc.
(formerly LS Capital Corporation)
(A Development Stage Company)
Balance Sheet
September 30, 2000
(in Thousands)
ASSETS
Cash $ 6
Property Held for Sale 22
-----------
Total Assets $ 28
===========
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable $ 440
Accrued expenses 143
-----------
Total Liabilities 583
-----------
Common stock, $0.01 par, 50,000,000 shares
authorized, 9,643,996 shares issued and
outstanding 96
Paid-in capital 28,152
Retained deficit ( 28,803)
-----------
Total Stockholders' Equity ( 555)
-----------
Total Liabilities & Stockholders' Equity $ 28
===========
Eurbid.com, Inc.
(formerly LS Capital Corporation)
(A Development Stage Company)
Statements of Income
For the Three Months Ended September 30, 2000 and 1999
(in Thousands)
1999 1998
-----------------------------
REVENUES $ 0 $ 2
EXPENSES
General and administrative 173 64
--------- ---------
Operating (Loss) ( 173) ( 62)
Gaming license refund 8
--------- ---------
Net (loss) $( 173) $( 54)
========= =========
NET LOSS PER COMMON SHARE $(.00) $(.00)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 1,501,633 957,255
Eurbid.com, Inc.
(formerly LS Capital Corporation)
(A Development Stage Company)
Statements of Cash Flows
For the Three Months Ended September 30, 2000 and 1999
(in Thousands)
1999 1998
--------------------------------
CASH FLOW FROM OPERATIONS
Net (loss) $( 173) $( 54)
Adjustments to reconcile net deficit to cash
provided from operating activities:
Common stock issed for services 180 53
Net changes in:
Accounts receivable ( 31) ( 4)
Accounts payable 30 5
--------- ---------
NET CASH USED BY OPERATING ACTIVITIES 6 0
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES
Loans from shareholders 45,000
Issuance of common stock ( 45,000)
---------
NET CASH FROM FINANCING ACTIVITIES 0
---------
NET INCREASE (DECREASE) IN CASH 0 0
CASH - Beginning of period 6 1
--------- ---------
- End of period $ 6 $ 1 ========= =========
========= =========
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited interim financial statements of Eurbid.com, Inc., (formerly LS Capital Corporation), a Delaware corporation (“Company”), have been prepared in accordance with generally accepted accounting principles and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-KSB. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 1999, as reported in the Form 10-KSB, have been omitted.
NOTE B - STOCK TRANSACTIONS
During the quarter ended September 30, 2000, the Company issued 8,343,383 shares for $45,000 in cash and $149,880,in services rendered by consultants. in October, 2000, the Company enacted a stock split, 25-for-1, resulting in total stock outstanding of 1,697,4547. Subsequent to the split, the Company issued 7,946,539 shares to settle $435,766 of debts. These transactions are included in the results for the quarter ended September 30, 2000.
Item 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SIGNIFICANT EVENTS
From its inception and until shortly after the start of fiscal 1997, the Company was involved exclusively in the gaming industry. During fiscal 1997, the Company adopted a significant change in its corporate direction. It decided to focus its efforts on developing precious metals mining prospects, with each project undertaken in a separate corporate subsidiary. The Company organized a number of wholly-owned or partially-owned precious metals/mining subsidiaries that held rights in certain mining claims or properties believed to contain precious metals or in certain mineral extraction technologies. In February 1999, primarily due to the unavailability of capital to develop the Company’s technologies further, the Company decided to discontinue its mineral activities and furlough its remaining personnel in the U.S. The Company allowed its mineral interests to lapse. The Company continues to own a five-acre tract of land in Tecopa, California, certain rights to certain mining claims in British Columbia, Canada, and miscellaneous equipment believed to have an aggregate fair market value of $25,000 and rights in certain technologies believed to have no meaningful commercial value. The Company intends to dispose of the tract of land, the rights in the mineral claims, and the remaining equipment as purchasers can be procured. The Company has no present intentions regarding its technologies
In the future, the Company intends to explore opportunities to develop or acquire one or more businesses in other industries. The Company expects to focus specifically on Internet-related businesses. The Company does not now have any particular prospect under consideration in any meaningful sense. The nature of the business in which the Company will engage in the future, the terms and circumstances under which the Company will engage in such business and even whether or not the Company will engage in a future business, are currently uncertain.
MATERIAL CHANGES IN FINANCIAL CONDITION>/P>
At June 30, 2000, the Company has a working capital deficiency of $555,000 compared to a deficiency of $886,000 at June 30, 1999. The reduction is primarily attributable to the settlement of debts of $435,766 by the issuance of the Company's common stock.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
Three Months Ended September 30, 2000 and 1999
The Company incurred a net loss of $173,000 or $0.00 a share, in the year ended June 30, 2000 as compared to net loss of $54,000 or $0.00 per share for the prior year. The change is primarily attributable to an increase in fees paid to consultants in the 2000 period compared to 1999. $406,778 was attributable primarily to non-recurring debt forgiveness and gain on the sale of marketable securities in fiscal 1999 partially offset by lower operating expenses.
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
Information regarding a special meeting of the Company’s stockholders held on August 31, 2000 is contained in Item 4 of the Company’s Annual Report on Form 10-KSB for the fiscal year ended June 30, 2000.
2ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibits are filed with this Quarterly Report or are incorporated herein by reference:
Exhibit
Number Description
27 Financial Data Schedule
(b) Reports on Form 8-K
None
In accordance with the requirements of the Exchange Act, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
EURBID.COM, INC.
(Registrant)
By: /s/Paul J. Montle
Paul J. Montle, President
(Principal Executive Officer, Principal
Financial Officer and Principal
Accounting Officer)
Dated: November 10, 2000
EXHIBITS INDEX
Exhibit
Number Description
27 Financial Data Schedule
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