-----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, Q3xKvCSh+1H9SLQ8l2ZyMW+QUfR/kj+gPdDi9mauAbjEFRpPi/i+5VUNzMEiQVhL 8Z5l75sGRmehEr2dj0IP5w== /in/edgar/work/0001062993-00-000165/0001062993-00-000165.txt : 20001115 0001062993-00-000165.hdr.sgml : 20001115 ACCESSION NUMBER: 0001062993-00-000165 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRADEN TECHNOLOGIES INC CENTRAL INDEX KEY: 0001080535 STANDARD INDUSTRIAL CLASSIFICATION: [1000 ] STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-25827 FILM NUMBER: 765351 BUSINESS ADDRESS: STREET 1: 1155 ROBSON STREET STREET 2: STE 505 CITY: VANCOUVER BC BUSINESS PHONE: 6046891659 MAIL ADDRESS: STREET 1: 1155 ROBSON STREET STREET 2: STE 505 CITY: VANCOUVER 10QSB 1 0001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB [ X ] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2000 [ ] Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period to ------------------ ------------------------ Commission File Number 0-25827 ------------------ BRADEN TECHNOLOGIES INC. ----------------------------------------------------------------- (Exact name of small Business Issuer as specified in its charter) Nevada 88-0419475 - -------------------------------- --------------------------------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) Suite 505 - 1155 Robson Street Vancouver, British Columbia, Canada V6E 1B5 - -------------------------------- --------------------------------- (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code: 604-689-1659 --------------------------------- ----------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) 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 issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days [ X ] Yes [ ] No State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 2,850,000 Shares of $.001 par value Class A Common Stock outstanding as of September 30, 2000. PART 1 - FINANCIAL INFORMATION Item 1. Financial Statements The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-QSB and Item 310 (b) of Regulation S-B, and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders" equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the nine months ended September 30, 2000 are not necessarily indicative of the results that can be expected for the year ending December 31, 2000. BRADEN TECHNOLOGIES, INC. (An Exploration Stage Company) FINANCIAL STATEMENTS SEPTEMBER 30, 2000 (Unaudited) (Stated in U.S. Dollars) BRADEN TECHNOLOGIES, INC. (An Exploration Stage Company) BALANCE SHEET (Unaudited) (Stated in U.S. Dollars) - -------------------------------------------------------------------------------- SEPTEMBER 30 DECEMBER 31 2000 1999 - -------------------------------------------------------------------------------- ASSETS Current Cash $ 2,409 $ 6,655 Mineral Property (Note 4) 1,000 1,000 ---------------------------- $ 3,409 $ 7,655 ================================================================================ LIABILITIES Current Accounts payable $ 17,809 $ 1,678 ---------------------------- SHAREHOLDERS' EQUITY (DEFICIENCY) Share Capital Authorized: 25,000,000 Common shares, par value $0.001 per share Issued and outstanding: 2,850,000 Common shares 2,850 2,850 Additional paid in capital 44,650 44,650 Deficit Accumulated During The Exploration Stage (61,900) (41,523) ---------------------------- (14,400) 5,977 ---------------------------- $ 3,409 $ 7,655 ================================================================================ BRADEN TECHNOLOGIES, INC. (An Exploration Stage Company) STATEMENT OF LOSS AND DEFICIT (Unaudited) (Stated in U.S. Dollars)
- ---------------------------------------------------------------------------------------------------------------------------------- PERIOD FROM FOR THE DATE OF NINE ORGANIZATION INCEPTION FOR THE MONTHS FEBRUARY 17 FEBRUARY 17 THREE MONTHS ENDED ENDED 1999 TO 1999 TO SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 2000 1999 2000 1999 2000 - ---------------------------------------------------------------------------------------------------------------------------------- Expenses Bank charges $ 79 $ 83 $ 250 $ 205 $ 544 Mineral property exploration expenditures - 3,972 - 3,972 3,972 Professional fees 101 7,736 9,191 18,867 35,648 Office and sundry 1,201 139 1,936 303 2,308 Office facilities and services 3,000 3,000 9,000 7,428 19,428 --------------------------------------------------------------------------- Net Loss For The Period 4,381 14,930 20,377 30,775 $ 61,900 =========== Deficit Accumulated During The Exploration Stage, Beginning Of Period 57,519 15,845 41,523 - ------------------------------------------------------------ Deficit Accumulated During The Exploration Stage, End Of Period $ 61,900 $ 30,775 $ 61,900 $ 30,775 ============================================================ Net Loss Per Share $ 0.01 $ 0.01 $ 0.01 $ 0.01 ============================================================ Weighted Average Number of Shares Outstanding 2,850,000 2,850,000 2,850,000 2,703,333 ============================================================
BRADEN TECHNOLOGIES, INC. (An Exploration Stage Company) STATEMENT OF CASH FLOWS (Unaudited) (Stated in U.S. Dollars)
- ---------------------------------------------------------------------------------------------------------------------------------- PERIOD FROM FOR THE DATE OF NINE ORGANIZATION INCEPTION FOR THE MONTHS FEBRUARY 17 FEBRUARY 17 THREE MONTHS ENDED ENDED 1999 TO 1999 TO SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 2000 1999 2000 1999 2000 - ---------------------------------------------------------------------------------------------------------------------------------- Cash Flow From Operating Activities Net loss for the period $ (4,381) $ (14,930) $ (20,377) $ (30,775) $ (61,900) Adjustments To Reconcile Net Loss To Net Cash Used By Operating Activities Change in prepaid expenses - (1,000) - (1,000) - Change in accounts payable 4,301 (1,742) 16,131 530 17,809 --------------------------------------------------------------------------- (80) (17,672) (4,246) (31,245) (44,091) --------------------------------------------------------------------------- Cash Flow From Investing Activities - - - (1,000) (1,000) --------------------------------------------------------------------------- Cash Flow From Financing Activities Share capital issued - - - 47,500 47,500 --------------------------------------------------------------------------- Increase (Decrease) In Cash (80) (17,672) (4,246) 15,255 2,409 Cash, Beginning Of Period 2,489 32,927 6,655 - - --------------------------------------------------------------------------- Cash, End Of Period 2,409 15,255 2,409 15,255 2,409 ===================================================================================================================================
BRADEN TECHNOLOGIES, INC. (An Exploration Stage Company) STATEMENT OF STOCKHOLDERS' EQUITY SEPTEMBER 30, 2000 (Unaudited) (Stated in U.S. Dollars) Common Stock ----------------------------------- Additional Paid-in Shares Amount Capital Deficit Total ------------------------------------------------------- Shares issued for cash @ $0.01 2,750,000 $ 2,750 $ 24,750 $ - $ 27,500 Shares issued for cash @ $0.20 100,000 100 19,900 - 20,000 Net loss for the period - - - (41,523) (41,523) ------------------------------------------------------- Balance, December 31, 1999 2,850,000 2,850 44,650 (41,523) 5,977 Net loss for the period - - - (20,377) (20,377) ------------------------------------------------------- Balance September 30, 2000 2,850,000 $ 2,850 $ 44,650 $ (61,900) $(14,400) ======================================================= BRADEN TECHNOLOGIES, INC. (An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2000 (Unaudited) (Stated in U.S. Dollars) 1. BASIS OF PRESENTATION The unaudited financial statements as of September 30, 2000 included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. It is suggested that these financial statements be read in conjunction with the December 31, 1999 audited financial statements and notes thereto. 2. NATURE OF OPERATIONS a) Organization The Company was incorporated in the State of Nevada, U.S.A. on February 17, 1999. b) Exploration Stage Activities The Company is in the process of exploring its mineral property and has not yet determined whether the property contains ore reserves that are economically recoverable. The recoverability of amounts shown as mineral property and related deferred exploration expenditures is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims and the ability of the Company to obtain profitable production or proceeds from the disposition thereof. 3. SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgement. The financial statements have, in management's opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below: BRADEN TECHNOLOGIES, INC. (An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2000 (Unaudited) (Stated in U.S. Dollars) 3. SIGNIFICANT ACCOUNTING POLICIES (Continued) a) Mineral Property and Related Deferred Exploration Expenditures The Company defers all direct exploration expenditures on mineral properties in which it has a continuing interest to be amortized over the recoverable reserves when a property reaches commercial production. On abandonment of any property, applicable accumulated deferred exploration expenditures will be written off. To date none of the Company's properties have reached commercial production. At least annually, the net deferred cost of each mineral property is compared to management's estimation of the net realizable value, and a write-down is recorded if the net realizable value is less than the cumulative net deferred costs. b) Income Taxes The Company has adopted Statement of Financial Accounting Standards No. 109 - "Accounting for Income Taxes" (SFAS 109). This standard requires the use of an asset and liability approach for financial accounting and reporting on income taxes. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. c) Financial Instruments The Company's financial instruments consist of cash and accounts payable. Unless otherwise noted, it is management's opinion that this Company is not exposed to significant interest or credit risks arising from these financial instruments. The fair value of these financial instruments approximate their carrying values, unless otherwise noted. d) Net Loss Per Share Net loss per share is based on the weighted average number of common shares outstanding during the period plus common share equivalents, such as options, warrants and certain convertible securities. This method requires primary earnings per share to be computed as if the common share equivalents were exercised at the beginning of the period or at the date of issue and as if the funds obtained thereby were used to purchase common shares of the Company at its average market value during the period. BRADEN TECHNOLOGIES, INC. (An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2000 (Unaudited) (Stated in U.S. Dollars) 4. MINERAL PROPERTY The Company has entered into an option agreement to acquire a 50% interest in the Secret Basin, Nevada property for the following consideration: - cash payment of U.S. $1,000; - exploration expenditures totalling U.S. $250,000 by February 28, 2002, U.S. $10,000 of which must be expended by December 31, 2000. Consideration to date $ 1,000 ======== 5. UNCERTAINTY DUE TO THE YEAR 2000 ISSUE The Year 2000 Issue arises because many computerized systems use two digits rather than four to identify a year. Date-sensitive systems may recognize the year 2000 as 1900 or some other date, resulting in errors when information using year 2000 dates is processed. In addition, similar problems may arise in some systems which use certain dates in 1999 to represent something other than a date. Although the change in date has occurred, it is not possible to conclude that all aspects of the Year 2000 Issue that may affect the entity, including those related to customers, suppliers, or other third parties, have been fully resolved. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The Company is a natural resource company engaged in the acquisition, exploration and development of mineral properties. The Company has an interest in certain properties located in Nevada, and intends to carry out exploration work on this property in order to ascertain whether it possesses commercially developable quantities of gold and other precious minerals. The Company holds an option agreement from Miranda Industries Inc. ("Miranda") to acquire a 50% interest in the "Secret Basin" project situated in the State of Nevada (the "Basin claims"). The consideration paid by the Company to Miranda for the grant of the Option at the time of execution was $1,000 US. The Option is exercisable by the Company incurring the following property exploration expenditures on the Basin claims: 1. The Company received an extension to perform initial exploration expenditures in the amount of $10,000 US by September 30, 2000; and 2. Cumulative exploration expenditures in the amount of $250,000 US by February 28, 2002. The Company has not incurred exploration expenditures to date on the Basin Claims which can be applied towards exercise of the Option. Upon the Company acquiring a 50% interest in the Basin claims by exercise of the Option, the Company and Miranda will enter into a joint venture for the purpose of further exploring and developing and, if economically and politically feasible, constructing and operating a mine on the Basin claims. Plan of Operations With its current cash position, the Company cannot complete Phase I without additional financing. The approximate cost of the Phase I work program is $10,000. If the Company is not successful in raising additional financing, the Company may attempt to negotiate another extension to the date for the completion of the required exploration expenses under the option agreement. If the Company does not negotiate an extension then the Company's interest in the property will terminate. There is no assurance that the Company will be able to negotiate any extension or obtain additional financing if an extension is negotiated. Completion of Phase Two of the exploration program (as described in the First Amended Form 10-SB Registration Statement) is conditional upon completion of Phase I. If the Company determines to proceed with Phase Two, it will need additional financing which it intends to obtain through a private offering of stock to accredited investors under Regulation D of the Securities Act of 1933. The Company's primary source of funds since incorporation has been through the issue of its common stock. The Company has no revenue from mining to date and does not anticipate mining revenues in the foreseeable future. The Company had cash on hand in the amount of 2,409 as of September 30, 2000 compared to 15,255 for the period ending September 30, 1999. (The Company was incorporated Feb 18, 1999) The Company will require additional funding in order to complete Phase I of the exploration program. The Company's general and administrative expenses were $4,381 for the period ending September 30, 2000 compared to $14,930 for the period ending September 30, 1999. Of the above amount, $3,000 was paid to Senate Capital under the management services agreement. There are limited resources to continue paying the fee of $1,000 per month under the Management Agreement with Senate Capital. The Company will require additional funding in order to finance its ongoing general and administrative expenses. There is no assurance that the Company will obtain the necessary financing. The Company incurred professional fees of $101.00 for the period ending September 30, 2000 compared to $7,736 for the period ending September 30, 1999. In addition, the Company does not have sufficient cash to pay for its overhead expenses including professional fees associated with the Company's ongoing obligations as a reporting company under the Securities Exchange Act of 1934. The Company has not purchased or sold any plant or significant equipment and does not expect to do so in the foreseeable future. The Company currently has no employees, and does not expect to hire any employees in the foreseeable future. The Company conducts its business through agreements with consultants and arms-length third parties. CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 From time to time, the "Company will make written and oral forward-looking statements about matters that involve risk and uncertainties that could cause actual results to differ materially from projected results. Important factors that could cause actual results to differ materially include, among others: - - Fluctuations in the market prices of gold - - General domestic and international economic and political conditions - - Unexpected geological conditions or rock instability conditions resulting in cave-ins, flooding, rock-bursts or rock slides - - Difficulties associated with managing complex operations in remote areas - - Unanticipated milling and other processing problems - - The speculative nature of mineral exploration - - Environmental risks - - Changes in laws and government regulations, including those relating to taxes and the environment - - The availability and timing of receipt of necessary governmental permits and approval relating to operations, expansion of operations, and financing of operations - - Fluctuations in interest rates and other adverse financial market conditions - - Other unanticipated difficulties in obtaining necessary financing - - The failure of equipment or processes to operate in accordance with specifications or expectations - - Labor relations - - Accidents - - Unusual weather or operating conditions - - Force majeure events - - Other risk factors described from time to time in the Company's filings with the Securities and Exchange Commission. Many of these factors are beyond the Company's ability to control and predict. Investors are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update its forward-looking statements, whether as a result of receiving new information, the occurrence of future events, or otherwise. PART II - OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K. (a) Mineral Property Option Agreement Amendment dated September 30, 2000 (b) Reports on Form 8-K--None SIGNATURES In accordance with the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BRADEN TECHNOLOGIES INC. Date: October 18, 2000 By: /s/ Peter Bell ---------------------------------------- PETER BELL, Director, President Chief Executive Officer EX-27 2 0002.txt
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-2000 SEP-30-2000 2,409 0 0 0 0 3,409 0 0 0 17,809 0 0 0 0 0 0 0 0 0 0 4,381 0 0 (4,381) 0 0 0 0 0 (4,381) (0.01) (0.01)
-----END PRIVACY-ENHANCED MESSAGE-----