-----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, SdN9TxGYgGyXu+Cve7tQ+JI5/UvlRQPXYeHv7sNThs2gMbTWiYTJRCBEUsRwkTV5 XVEDD1hC0F1TCpNzsu8DsQ== 0001005477-01-500506.txt : 20010814 0001005477-01-500506.hdr.sgml : 20010814 ACCESSION NUMBER: 0001005477-01-500506 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAPTAU GOLD CORP CENTRAL INDEX KEY: 0000949268 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 223386947 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-26600 FILM NUMBER: 1705668 BUSINESS ADDRESS: STREET 1: 9551 BRIDGEPORT RD STREET 2: RICHMOND CITY: BRITISH COLUMBIA STATE: A1 BUSINESS PHONE: 6042739992 MAIL ADDRESS: STREET 1: 951 BRIDGEPORT ROAD STREET 2: RICHMOND BRITISH COLUMBIA CITY: CANADA V6X 1S3 10QSB 1 d01-34221.txt FORM 10-QSB ================================================================================ UNITED STATES 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 June 30, 2001 |_| 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 0-2660 NAPTAU GOLD CORPORATION (Exact name of small business issuer as specified in its charter) Delaware 22-3386947 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) --------------------------- 5391 Blundell Road Richmond BC Canada V7C 1H3 (Address of principal executive offices) (604) 277-5252 (Issuer's telephone number) (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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes |X| No |_| State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 5,933,500 shares of Common Stock, $.001 par value, were outstanding, as of June 30, 2001. Transitional Small Business Disclosure Format (check one): Yes |_| No |X| ================================================================================ Form 10-QSB INDEX Page Number "Safe Harbor" Statement.................................................... 1 PART I. FINANCIAL INFORMATION.............................................. 2 Item 1. Balance Sheets..................................................... 2 Statements of Operations and Deficit............................... 3 Statements of Cash Flows........................................... 4 Notes to Financial Statements...................................... 5 Item 2. Plan of Operation.................................................. 6 PART II OTHER INFORMATION ................................................. 6 Item 3. Defaults under Senior Securities .................................. 6 Item 5. Other Information ................................................. 6 SIGNATURES......................................................... 7 "Safe Harbor" Statement Cautionary Statement for purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. With the exception of historical matters, the matters discussed in this report are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include statements regarding status of discussions with third parties, the ability of the Company to advance discussions to the next level of negotiation, the ability of the Company to advance to formal agreement with third parties, planned levels of development, exploration and other expenditures, anticipated production and schedules for development. Factors that could cause actual results to differ materially include, among others, decisions and activities related to future agreements, unanticipated delays or other problems, conclusion of feasibility studies, changes in project parameters or plans, the timing and receipt of governmental approvals, the failure of parties or processes to operate in accordance with specifications or expectations, delays in closings or start-up dates, environmental costs and risks, as well as other factors described elsewhere in this Form 10-QSB. Most of these factors are beyond the Registrant's ability to predict or control. The Registrant disclaims any obligation to update any forward-looking statement made herein. 1 PART 1. FINANCIAL INFORMATION Item 1. Financial Statements NAPTAU GOLD CORPORATION Balance Sheets (expressed in United States dollars) June 30, 2001 June 30, 2000 ------------- ------------- Assets Current assets Cash $ 117 $ 289 ----------- ----------- $ 117 $ 289 =========== =========== Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 599,525 $ 517,464 Loans payable 166,196 145,060 Loans payable to related parties 58,271 38,537 ----------- ----------- $ 823,992 $ 701,061 Shareholders' equity Capital stock Authorized: 5,000,000 preferred shares with a par value of $0.001 per share 20,000,000 common shares with a par value of $0.001 per share Issued and outstanding: 5,933,500 common shares 5,934 5,934 Additional paid-in capital 1,582,105 1,582,105 Deficit (2,411,914) (2,298,810) ----------- ----------- $ (823,875) $ (700,772) ----------- ----------- $ 117 $ 289 =========== =========== See accompanying notes to financial statements. 2 NAPTAU GOLD CORPORATION Statements of Operations and Deficit (expressed in United States dollars)
Six Months Ended Three months Ended Jun 30, 2001 Jun 30, 2000 Jun 30, 2001 Jun 30, 2000 ------------ ------------- ------------ ------------ Expenses: Interest and financing 15,405 3,258 3,203 4,383 Management salary 45,000 45,000 22,500 22,500 Professional fees 2,168 3,867 1,398 1,285 Office and administrative 1,983 2,555 859 792 ---------- ---------- ---------- ---------- Loss for the period (64,556) (58,680) (27,959) (28,960) Deficit, beginning of period (2,347,358) (2,230,130) (2,383,955) (2,259,850) ---------- ---------- ---------- ---------- Deficit, end of period (2,411,914) (2,288,810) (2,411,914) (2,288,810) ========== ========== ========== ========== Loss per share $ (0.011) (0.001) (0.005) (0.005) ========== ========== ========== ==========
See accompanying notes to financial statements. 3 NAPTAU GOLD CORPORATION Statements of Cash Flows (expressed in United States dollars)
Six Months Ended Three Monthshs Ended Jun 30, 2001 Jun 30, 2000 Jun 30, 2001 Jun 30, 2000 ------------ ------------ ------------ ------------ Cash generated from (used in): Operations: Loss for the period $(64,556) (58,680) (27,959) (28,960) Changes in non-cash operating working capital: Accounts payable and accrued liabilities 43,394 47,758 20,124 24,714 -------- -------- -------- -------- (21,162) (10,922) (7,835) (4,246) Financing: Contracts payable 15,405 6,430 3,203 2,865 Loans payable to related parties 5,790 3,739 4,665 1,195 -------- -------- -------- -------- 21,195 10,169 7,868 4,060 -------- -------- -------- -------- Increase in cash 33 (753) 33 (186) Cash, beginning of period 84 1,042 84 475 -------- -------- -------- -------- Cash, end of period 117 289 117 289 ======== ======== ======== ========
See accompanying notes to financial statements. 4 NAPTAU GOLD CORPORATION Notes to Financial Statements June 30, 2001 1. The Company and basis of presentation: Naptau Gold Corporation (the "Company") was formed under the laws of the State of Delaware on January 8, 1988 and was inactive until 1995 when it entered into an agreement to acquire certain mineral properties. The operation of the mineral properties was unsuccessful and as at December 31, 1999 the Company entered into a recission and release agreement whereby all assets previously acquired, including staked placer leases and related production equipment located on the properties, were conveyed back in consideration for the release from all related debts and obligations. The Company agreed to transfer all exploration account balances for Canadian tax purposes relating to the operation of the mineral properties. At present the Company holds no interest in any mineral properties. The Company's principal business activity was the exploration and development of mineral properties and is presently engaged in researching, independently or jointly, opportunities to market its expertise in these related areas. The financial statements presented herein as of June 30, 2001 and for the six-month periods ending June 30, 2001 and 2000 are unaudited and, in the opinion of management, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of financial position and results of operations. Such financial statements do not include all of the information and footnote disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles. Results of operations for the six-month period ended June 30, 2001 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2001. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2000 Annual Report on Form 10-KSB. These financial statements have been prepared on the basis of accounting principles applicable to a going concern. At June 30, 2001, the Company had a working capital deficiency of approximately $824,000, a significant portion of which is due to related parties. The Company's continuing operations and the ability of the Company to discharge its liabilities are dependent upon the continued financial support of its related parties and the ability of the Company to obtain the necessary financing to meet its liabilities as they come due. 5 Item 2. Plan of Operation The Company historically engaged in the acquisition, exploration and development of mineral properties. As an outcropping of its exposure to the mineralogy, metallurgy, environmental, and health concerns related to the extraction, recovery and use of minerals, and drawing upon the experience and knowledge brought to the Company by its Directors and Officers, the Company is pursuing the commercial exploitation of such knowledge as it pertains to: The potential health benefits gained through the controlled replenishment of minerals into the human body which are constantly being depleted, but which are essential to continued good health. Naptau has not incurred new debt other than that due to shareholders, Officers and/or Directors and existing debtors. PART II OTHER INFORMATION Item 3. Defaults upon Senior Securities Default of principal and accrued interest on Contracts Payable of $89,770 due December 31, 2000. Negotiations to extend the repayment period until December 31, 2001 are in progress and estimated costs of $12,203 related to these negotiations plus accrued interest on these accounts for the Quarter have been included in the Operating Statement under Interest Expense. Item 5. Other Information Mr. Renyk's contract as President of the Company expired on June 30, 2000. He has agreed to carry on the duties and responsibilities of CEO, President and Principal Accounting Officer under the terms and conditions of his previous contract, on a month-to-month basis, until the signing of a new contract. 6 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 thereunto duly authorized. NAPTAU GOLD CORPORATION /s/ Edward D. Renyk --------------------------------- Dated: August 11, 2001 By: Edward D. Renyk, CA President and Principal Accounting Officer 7 -----END PRIVACY-ENHANCED MESSAGE-----