-----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, TkiktrCRWAd2hgeDsDnfsiXXfRKTqHCZLyfauXq9vL7vlq8rIcpYX+R4Dy8tNm4B No/vDnw+FjT9ObAaOmcimg== 0001050502-00-000585.txt : 20000505 0001050502-00-000585.hdr.sgml : 20000505 ACCESSION NUMBER: 0001050502-00-000585 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASSCO CAPITAL CORP CENTRAL INDEX KEY: 0000054424 STANDARD INDUSTRIAL CLASSIFICATION: MACHINE TOOLS, METAL CUTTING TYPES [3541] IRS NUMBER: 510356301 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 002-41703 FILM NUMBER: 619222 BUSINESS ADDRESS: STREET 1: 3121 GRAPEVINE LANE CITY: CARROLLTON STATE: TX ZIP: 75007 BUSINESS PHONE: 9723064604 MAIL ADDRESS: STREET 1: 4221 E PONTATOC CANYON DRIVE STREET 2: STE 5037 D CITY: TUCSON STATE: AZ ZIP: 85718 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL K C JAKES BBQ & GRILL INC DATE OF NAME CHANGE: 19940627 10QSB 1 FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _____________ Commission file number: 2-41703 Cassco Capital Corp. (Exact name of registrant as specified in its charter) Delaware 43 159416 (State or other jurisdiction (I.R.S. employer of incorporation or organization) identification number) 1999 Broadway, Ste. 3235, Denver, Colorado 80202 (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code: (303) 292 2992 Indicate by check mark whether the issuer (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 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of May 3, 2000, there were approximately 3,000,000 common shares outstanding. PART I - FINANCIAL INFORMATION Item 1. Financial Statements CASSCO CAPITAL CORP. (A Development Stage Company) BALANCE SHEETS March 31, December 31, 2000 1999 ---- ---- (Unaudited) (Audited) ASSETS Current Assets: Cash -- -- Total Current Assets -- -- --------- --------- Total Assets $ -- $ -- ========= ========= LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities Total Current Liabilities -- -- --------- --------- Shareholders Equity (Deficit) Common Stock, $.001 par value, 100,000,000 shares authorized, 240,000 and 3,000,000 issued and outstanding 3,000 3,000 Preferred Stock, $.01 par value, 10,000,000 shares authorized, 1,000,000 issued and outstanding 1,000 -- Additional paid in capital 397,783 397,783 Retained earnings (deficit) (401,783) (400,783) --------- --------- Total Shareholders Equity (Deficit) -- -- --------- --------- Total Liabilities and Shareholders Equity (Deficit) $ -- $ -- ========= ========= CASSCO CAPITAL CORP. (A Development Stage Company) STATEMENTS OF OPERATIONS Three Months Ended March 31, 2000 1999 ---- ---- Total Income $ -- $ -- General and administrative expenses: 1,000 -- ------- -------- Total Expenses -- -- ------- -------- Net income (loss) $(1,000) $ -- ======= ======== CASSCO CAPITAL CORP. (A Development Stage Company) STATEMENTS OF CASH FLOWS Three Months ended March 31 2000 1999 ---- ---- Cash (used) by operating activities: Net loss $(1,000) $ -- Adjustments to reconcile net gain (loss) to net cash provided by operating activities: Issuance of stock 1,000 -- Net Cash Flows (used) by operating activities -- -- Increase (decrease) in Cash -- -- Cash at Beginning of the Period -- -- ------- ------ Cash at End of the Period $ -- $ -- ======= ====== CASSCO CAPITAL CORP. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial condition of registration have been included, and the disclosure are adequate to make the information presented not misleading. Note 1. A summary of significant accounting policies is currently on file with the U.S. Securities and Exchange Commission. Note 2. The loss per share was computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Note 3. The Comapny has not declared or paid dividends on its common shares since inception. Note 4. The accompanying unaudited condensed financial statements have been prepared in accordance with the instructions to Form 10-QSB and do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. Note 5. Income taxes have not been provided for in that the Company does not had a tax liability due to operating losses. Note 6. As shown in the accompanying financial statements, the Company incurred net operating losses and liabilities which exceeded assets. These factors, as well as the uncertainty regarding the Company's ability to raise capital, creates substantial doubt about the Company's ability to continue as a going concern. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of financial condition and results of operations should be read in conjunction with the Company's audited financial statements and notes thereto appearing elsewhere in this report. The Company has had recurring losses from operations since inception and had a net capital deficiency at year end, each of which raise substantial doubts about the ability of the Company to continue as a going concern. Results of Operations: Cassco Capital Corp. (Company) was incorporated as Anthony Kane Incorporatedunder the laws of the State of Delaware on February 5, 1969, and became subject to the reporting provisions of the Securities Exchange Act of 1934 on June 11, 1969, when a registration statement filed by the Company was declared effective by the U.S. Securities and Exchange Commission. The Company, prior to 1999, had engaged in a variety of acquisitions and businesses in the past, none of which have proved successful. The Company on December 1, 1999, entered into an agreement (Reorganization Agreement) to acquire all of the outstanding capital stock of S&J (Chatteris) Holdings Limited, a United Kingdom corporation (S&J Holdings). Pursuant to the Reorganization Agreement, the Company agreed to acquire all of the outstanding capital stock of S&J in exchange for 12,000,000 post split shares of Common Stock. The Reorganization Agreement required S&J Holdings to perform certain conditions, including the delivery of audited financial statements. These conditions had not been fulfilled by February 14, 2000; therefore, the agreement was rescinded and deemed to have been void and of no effect from the beginningas if the acquisition had not occurred. All shares issued in the acquisition were returned to treasury. The Company is now engaged in the process of locating a merger and/or acquisition candidate. Liquidity and Capital Resources: The Company, from inception has relied on capital infusions from executive officers and directors and on credit from vendors. PART II - OTHER INFORMATION Item 1. Litigation No material legal proceedings to which the Company (or any officer or director of the Company, or any affiliate or owner of record or beneficially of more than five percent of the Common Stock, to management's knowledge) is a party or to which the property of the Company is subject is pending and no such material proceeding is known by management of the Company to be contemplated. Item 2. Change in Securities This item is not applicable to the Company for the period covered by this report. Item 3. Defaults Upon Senior Securities This item is not applicable to the Company for the period covered by this report. Item 4. Submission of Matters to a Vote of Security Holders There were no meetings of security holders during the period covered by this report; thus, this item is not applicable. Item 5. Other Information There is no additional information which the Company is electing to report under this item at this time. Item 6. Exhibits and Reports on Form 8-K This item is not applicable to the Company for the period covered by this report. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized this 4th day of May 2000. CASSCO CAPITAL CORPORATION (Registrant) By: /s/ Charles Stidham - ----------------------- Charles Stidham, Chief Executive Officer By: /s/ Charles Stidham - ----------------------- Charles Stidham, Chief Financial and Accounting Officer and Treasurer EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 0 0 0 0 0 0 0 0 0 0 0 0 1,000 3,000 (4,000) 0 0 0 0 0 1,000 0 0 (1,000) 0 (1,000) 0 0 0 (1,000) (.001) (.001)
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