-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WGQzwUiSM/KTFQDSWn/EJftwmhHLRdMIApGRUP+RERGUfYNPGop1XOB6LCt7zIT4 hYpp9GHfF4NMuNIizYJy1A== 0001084178-00-500079.txt : 20001218 0001084178-00-500079.hdr.sgml : 20001218 ACCESSION NUMBER: 0001084178-00-500079 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001031 FILED AS OF DATE: 20001215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNETFINANCIALCORP COM INC CENTRAL INDEX KEY: 0001076607 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 860871787 STATE OF INCORPORATION: NV FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-30074 FILM NUMBER: 790133 BUSINESS ADDRESS: STREET 1: 2080 E. FLAMINGO RD STREET 2: SUITE 112 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 7026505660 MAIL ADDRESS: STREET 1: 2080 E. FLAMINGO RD STREET 2: SUITE 112 CITY: LAS VEGAS STATE: NV ZIP: 89119 FORMER COMPANY: FORMER CONFORMED NAME: CARIBBEAN VENTURES INC /NV/ DATE OF NAME CHANGE: 19990112 10QSB 1 ifan2q00.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT TO THE 1934ACT REPORTING REQUIREMENTS [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2000 Commission File No. 000- 30074 INTERNETFINANCIALCORP.COM, INC. (Exact name of registrant as specified in its charter) Nevada 86-0871787 (State of organization) (I.R.S. Employer Identification No.) 900-1055 W. Hastings, Vancouver, B.C. V6E 2E9 (Address of principal executive offices) Registrant's telephone number, including area code (702) 650-5660 Check whether the issuer (1) filed all reports required to be file by Section 13 or 15(d) of the Exchange Act during the past 12 months and (2) has been subject to such filing requirements for the past 90 days. No X There are 3,000,000 shares of common stock outstanding as of October 31, 2000. PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The unaudited financial statements for the period ending October 31, 2000. INDEPENDENT AUDITORS' REPORT Board of Directors and Stockholders December 12, 2000 Caribbean Ventures, Inc. Vancouver, BC We have compiled the accompanying balance sheets of Caribbean Ventures, Inc. as of October 31, 2000 and October 31, 1999, and the related statements of income, changes in stockholders' equity and cash flows for the three months then ended, in accordance with the Statement of Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and supplementary information, and, accordingly, do not express an opinion or any other form of assurance on them. As discussed in Note 1, the Company has been in the development stage since its inception on April 28, 1997. Realization of the major portion of its assets is dependent upon the Company's ability to meet its futute financing requirements, and the success of future operations. The accompanying financial statements have been prepared assuming that the Company will ocntinue as a going concern. The financial statements for the year ended April 30, 2000, were audited by us and we expressed an unqualified opinion on the statements in their report dated May 30, 2000. We have not performed any auditing procedures since that date. CARIBBEAN VENTURES, INC. (a development stage enterprise) Balance Sheets October 31, 2000 and April 30, 2000 ASSETS Unaudited Audited October 31, April 30, 2000 2000 ------------- ------------- CURRENT ASSETS Cash $ -0- $ -0- PROPERTY AND EQUIPMENT -0- -0- OTHER ASSETS -0- -0- --------- -------- $ -0- $ -0- ========= ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Loan payable $ -0- $ -0- --------- -------- TOTAL CURRENT LIABILITIES -0- -0- --------- -------- STOCKHOLDERS' EQUITY Common stock, $.001 par value 25,000,000, shares authorized, 3,000,000 shares issued and Outstanding 3,000 3,000 Deficit accumulated during development Stage (3,000) (3,000) --------- -------- Total Stockholders' equity -0- -0- --------- -------- $ -0- $ -0- ========= ========
See accountant's compilation report. The accompanying notes are an integral part of these financial statements. CARIBBEAN VENTURES, INC. (a development stage enterprise) Statements of Income For the Three Months Ended October 31, 2000 and October 31, 1999 the Year Ended April 30, 2000 and the Period April 28, 1997 (inception) to October 31, 2000 April 28, 1997 Unaudited Unaudited Audited (inception) to Three Months Ended Six Months Ended October Year Ended October 31 October 31 31 2000 1999 2000 1999 4/30/00 2000 -------- -------- ------- ------- --------- ----------- REVENUE $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- COST OF SALES -0- -0- -0- -0- -0- -0- --------- -------- ---------- -------- ---------- ---------- OPERATING EXPENSES Amortization expense -0- -0- -0- -0- -0- 101 Professional Fees -0- -0- -0- -0- -0- 2,600 --------- --------- ---------- --------- ---------- ---------- -0- -0- -0 -0- -0- 2,701 --------- --------- ---------- --------- ---------- ---------- INCOME (LOSS) BEFORE INCOME TAXES -0- -0- -0- -0- -0- (2,701) INCOME TAXES -0- -0- -0- -0- -0- -0- --------- ---------- ---------- ---------- ---------- ---------- - INCOME BEFORE EXTRAORDINARY ITEM -0- -0- -0- -0- -0- (2,701) ADJUSTMENT DUE TO ACCOUNTING CHANGE -0- -0- -0- -0- (299) (299) --------- --------- ---------- --------- --------- ---------- NET INCOME (LOSS) $ -0- $ -0- $ -0- $ -0- $ (299) $ (3,000) ========= ========= ========== ========= ========= ========== EARNINGS PER SHARE OF COMMON STOCK Income before Extraordinary Item $ -0- $ -0- $ -0- $ -0- $ -0- Effect of Accounting Change -0- -0- -0- -0- -0- --------- --------- ---------- --------- --------- Net Income (loss) $ -0- $ -0- $ -0- $ -0- -0- ========= ========= ========== ========= ========= WEIGHTED AVERAGE NUMBERS OF SHARES OUTSTANDING 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
See accountant's compilation report. The accompanying notes are an integral part of these financial statements. CARIBBEAN VENTURES, INC. (a development stage enterprise) Statement of Stockholders' Equity October 31, 2000 Deficit Accumultated Paid-in During Preferred Stock Common Stock Capital Development Stock Amount Stock Amount Amount Stage Total ------- --------- --------- -------- --------- ----------- ---------- Balance April 28, -0- $ -0- -0- $ -0- $ -0- $ -0- $ -0- 1997 Stock issued -0- -0- 3,000,000 3,000 -0- -0- 3,000 Retained Earnings (Loss) -0- -0- -0- -0- -0- (2,600) (2,600) ------- -------- ---------- -------- -------- -------- --------- Balance April 30, 1997 -0- -0- 3,000,000 3,000 -0- (2,600) 400 Retained Earnings (loss) -0- -0- -0- -0- -0- -0- -0- ------- -------- ---------- -------- --------- --------- --------- Balance April 30, 1998 -0- -0- 3,000,000 3,000 -0- (2,600) 400 Retained Earnings (loss) -0- -0- -0- -0- -0- (101) (101) ------- ------- ---------- ------- -------- -------- --------- Balance April 30, 1999 -0- -0- 3,000,000 3,000 -0- (2,701) (299) Retained Earnings (loss) -0- -0- -0- -0- -0- (299) (299) ------- -------- ----------- ------- -------- --------- --------- Balance April 30, 2000 -0- -0- 3,000,000 3,000 -0- (3,000) -0- Retained Earnings (loss) -0- -0- -0- -0- -0- -0- -0- ------- ------- ---------- ------- -------- --------- -------- Balance October 31, 2000 -0- $ -0- 3,000,000 $ 3,000 $ -0- $(3,000) $ -0- ======= ======== ========== ======= ======== ======== ========
See accountant's compilation report. The accompanying notes are an integral part of these financial statements. CARIBBEAN VENTURES, INC. (a development stage enterprise) Statements of Cash Flows For the Three Months Ended October 31, 2000 and October 31, 1999 the Year Ended April 30, 2000 and the Period April 28, 1997(inception) to October 31, 2000 April 28, 1997 Unaudited Unaudited Audited (inception) to Three Months Ended Six Months Ended October Year Ended October 31 October 31 31 2000 1999 2000 1999 4/30/00 2000 --------- -------- -------- -------- --------- --------- Net Income/(Loss) $ -0- $ -0- $ -0- $ -0- $ (299) $ (3,000) Adjustments to reconcile Not income to net cash provided by operating activities: Amortization expense -0- -0- -0- -0- -0- 101 Adjustment due to accounting change -0- -0- -0- -0- 299 299 Organizational costs -0- -0- -0- -0- -0- (400) -------- --------- -------- --------- ---------- --------- Cash From Operations -0- -0- -0- -0- -0- (3,000) --------- --------- --------- --------- ---------- --------- Cash From Investing -0- -0- -0- -0- -0- -0- Activities --------- ---------- --------- ---------- ---------- --------- Cash From Financing Activities Stock issued -0- -0- -0- -0- -0- 3,000 --------- ---------- --------- ---------- --------- --------- Net Increase in Cash -0- -0- -0- -0- -0- -0- Beginning Cash Balance -0- -0- -0- -0- -0- -0- --------- ---------- --------- ---------- --------- ---------- Ending Cash Balance $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- ========= ========== ========= ========== ========== ==========
See accountant's compilation report. The accompanying notes are an integral part of these financial statements. CARIBBEAN VENTURES, INC. (a development stage enterprise) Notes to Financial Statements October 31, 2000, April 30, 2000 and October 31, 1999 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Operations The Company was organized under the laws of the state of Nevada in 1997 and is authorized to do business in the United States. The Company has no revenue from operations during the period covered by this financial statement. Method of Accounting These financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. Consequently, revenues are recognized when earned and expenses are recognized when the obligation is actually incurred. Income Taxes and Cash Flows The Company accounts for income taxes and the statement of cash flows in accordance with Financial Accounting Standards Board Statement No. 109 and No. 95. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with a maturity of three months or less when purchased. NOTE 2: CASH The Company has no bank accounts at this time. NOTE 3 - EARNINGS PER SHARE Earnings per share has been computed by dividing net income/(loss) by the weighted average number of common shares outstanding for the period. There are no items which are deemed to be common stock equivalents during the audit period. NOTE 4: COMMON STOCK As of October 31, 2000, April 30, 2000 and October 31, 1999, the Company had 3,000,000 shares of common stock, par value $0.001, issued and outstanding. NOTE 5 - LEASE COMMITMENTS The Company currently has no commitments for leases or contingencies. NOTE 6 - USE OF ESTIMATES The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates. ITEM 2. MANAGEMENT'S PLAN OF OPERATION NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS This statement includes projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this Registration Statement, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations are disclosed in this Statement, including, without limitation, those expectations reflected in forward-looking statements contained in this Statement. Plan of Operation The Company has a mandate to develop, acquire or incubate companies specializing in the financial online Internet marketplace. The Company will apply its management and financial expertise to assist these businesses in achieving success and profitability. By building and sharing investor and financial professional databases and online tools with the entire group, the Company will create an environment of synergy to the benefit of everyone. The Company will also create an Investment Portal website that will act as the hub to its other companies websites and online investor tools. The Company will offer active investors dynamically updating real-time stock quotes, HTML based news, market newsletters and message boards that can be accessed by a stock symbol or category and from each viewer's custom portfolio and message center. The site will offer fee based services which will include an on- line course in day trading and an investor's club, providing "members only" with daily stock picks and investment sector newsletters and a book store to purchase financial and trading books giving access to a large audience of North American investors. Anticipated daily site visitation rate - 100,000+ users. The site will focus on real-time quotes (Standard and Poors Comstock Feed), current news, exchange rates, company financial reports and prospectuses, and a list of weekly IPO's, all of which have North American content. New and useful information will be added or updated on a daily basis. E-mail is the primary vehicle, being a powerful, flexible, marketing tool able to reach a local or worldwide audience instantly and inexpensively. This will give the Company a marketing tool on hundreds of North American financial websites. Using the principles of database marketing, the addresses of all responders are gathered and added to a growing list of well-defined individuals. This database gives the Company a real competitive marketing advantage and a major asset for increasing value. To generate opt-in members, pertinent content will be provided to each user in the form of daily and weekly reports regarding the users' personal selections and their portfolio choices. Customizable features to be selected by the user include North American Market Report, North American Daily Closing Report, North American IPO Weekly, Weekly Mailer of Hot Stocks, customized e-mail with the subscriber's closing portfolio value and weekly report of up coming IPO's. There will also be instant lookup features which will allow the visitor to customize web pages for themselves including real-time lookups for North American stocks, real-time tracking of the users' personal portfolio and a customizable web page available as a home page for the individual to set up on-line and receive information specific to their personal needs. The Company is also developing an Internet Communications Portal called Broker2Client.com that allows financial professionals and brokers to have a dynamic and interactive real-time connection with their clients. Broker2Client.com will provide brokers with an interactive web presence, through proprietary portal software and information feeds, that allow them to set up quickly and easily their own seemingly proprietary communications portal. The Company plans to provide services beyond the expectations of its customers. We will have the ability to draw and retain subscribers through our on-line community portal to the investment community. Experienced individuals both in management and sales will manage the site and will have the capability to drive the revenues forward in the new millennium. The website will incorporate a very user-friendly interface with cutting-edge technology. As the investments industry changes over the next few years, the Company will seek further opportunities to grow its profits. The on-line community we are building will provide us with e-mail addresses and demographic profiles from which we can sell our services. the Company's initial drive will be to build a leading edge site to draw-in investors and brokers. There will be various features catering to all types of investors. We will be selling our services to small cap companies, but in the near future we wish to further sell our services to large cap companies. Since we sell our services to both companies and subscribers, we have two customer profiles: Corporate customers which are typically up and coming small cap companies wanting an opportunity to offer to the world what they can provide. It will be our job to make sure that as many investors as possible know about them; and subscriber customers which are typically investors wanting the latest information on up and coming companies. The Company will be unique in that it will provide a comprehensive range of free services and information for a market that is virtually wide open: North America. Most of the competition comes from North American companies that see the North American market as getting saturated which are looking abroad to expand. One competitor, Quote.com was recently purchased by the search engine portal Lycos (LCOS) for approximately US$78.3 million. The website provides quotes to approximately 150 affiliate financial sites. Acquiring Quote.com ensures that the 30 million monthly Internet users that visit Lycos have access to all of the Quote.com financial services. The deal will attract a demographic of loyal users that would provide opportunities to Lycos' advertising and commerce partners. One existing feature of the Quote.com site is MyQuote.com, which is a fully customizable financial homepage and portfolio tracker. The combination of such features and education have attracted a community of 1 million investors who utilize Quote.com's features each month. Freerealtime.com (FRTL.OB) is another competitor but concentrates only on North American markets at the present time. They currently have over 700,000 subscribers and a market capitalization of US$44.8 million. Stockpoint.com provides similar real time quotes, but only in North America. This is not a publicly traded corporation. Stockgroup.com (SWEB.OB) is a company that profiles other corporations on their website(s). One such site is www.smallcapcenter.com, which was recently rated the "best of the Net" for October, 1999 by About.com's "Investing Canada". This company has a market capitalization of US$19 million. An affiliate program will offer all web based financial sites, a feature unique for them, REAL TIME QUOTES of trading stocks on North American Exchanges. This unique feature will attract and keep many online investors at the offering sites and substantially increase traffic to our affiliates' websites. An agreement with affiliate sites will allow us to post a number of "click-through" banners on their sites. These banners, which we will sell, will generate substantial revenue for the Company. Additional revenue, and a long-term asset, will be made through the creation of an opt-in e-mail database of investors and financial professionals which would be rented to the Company's qualifying clients. As this database quickly grows through the substantial traffic generated from our affiliates offering "free real time quotes", it will ultimately become the most valuable asset of the company. The main feature of our website for attracting visitors will be free real-time stock quotes. Traditionally, this service would have to be paid for but we will be offering it free in order to attract and retain visitors to our websites. Subscribers will then be able to establish a portfolio of favorite stocks in our Portfolio Tracker area of Member Services. In order for the Company to provide Free Real-Time Quotes to its visitors, the company plans to purchase the service from Standard and Poors Comstock. This service is provided via a satellite link with their transmitters. The data is in a streaming format being constantly fed into the Client Site Processor, which will be connected to our servers. On these servers, we will store our software applications, databases of archived and non-archived information, and hosted financial website pages. The connection to the Internet is made through our servers. Subscribers wishing to access Free Real-Time Stock Quotes will be able to do so from any of our clients' websites or our own after filling an agreement as required by the securities regulators of North America. Employees The Company's only employees at the present time are its officers and directors, who will devote as much time as the Board of Directors determine is necessary to carry out the affairs of the Company. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Company is not a party to any material pending legal proceedings and, to the best of its knowledge, no such action has been threatened by or against the Company. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS No issues of securities and no changes in the existing securities took place during the period covered by this report. At the end of the quarter there were 3,000,000 shares of common stock issued and outstanding. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No such matters were submitted during the most current quarter. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K EXHIBITS a) The exhibits, consisting of the Company's Articles of Incorporation, are attached to the Company's Amended Form 10-SB, filed on August 11, 1999. These exhibits are incorporated by reference to that Form. b) The exhibits, consisting of the Company's Bylaws, are attached to the Company's Amended Form 10-SB, filed on August 11, 1999. These exhibits are incorporated by reference to that Form. Reports on Form 8-K: None 27 Financial Data Schedule SIGNATURES Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized. Internetfinanacialcorp.com, Inc. By: /s/ Michael Harrison Michael Harrison, President Date: December 15, 2000 EX-27 2 ifan_ex27.xfd FINANCIAL DATA SCHEDULE
5 6-MOS Aug-01-2000 Apr-30-2001 Oct-31-2000 0 0 0 0 0 0 0 0 0 0 0 0 0 3,000 (3,000) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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