10QSB 1 cc07q3e.htm QUARTERLY REPORT ON FORM 10QSB FOR THE PERIOD ENDED SEPTEMBER 30, 2007 Converted by EDGARwiz

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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, 2007


[  ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934



Commission File No. 000-32363


CANCER CAPITAL CORP.

(Exact name of small business issuer as specified in its charter)


Nevada

(State of incorporation)

91-1803648

(I.R.S.  Employer Identification No.)


2157 S. Lincoln Street, Salt Lake City, Utah  84106

(Address of principal executive offices)


(801) 323-2395

(Issuer’s telephone number)


Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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.   Yes  [X]   No [  ]


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  

Yes [X]   No [  ]


As of October 29, 2007, Cancer Capital Corp. had 6,150,000 common shares outstanding.


Transitional small business disclosure format:  Yes [  ]  No [X]



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TABLE OF CONTENTS


PART I: FINANCIAL INFORMATION


Item 1.  Financial Statements

2


Item 2. Management’s Discussion and Analysis or Plan of Operation

 7


Item 3. Controls and Procedures

8


PART II: OTHER INFORMATION


Item 6.  Exhibits

8


Signatures

8



PART I - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


The financial information set forth below with respect to our statements of operations for the three and nine month periods ended September 30, 2007 and 2006 is unaudited.  This financial information, in the opinion of management, includes all adjustments consisting of normal recurring entries necessary for the fair presentation of such data.  The results of operations for the nine month period ended September 30, 2007, are not necessarily indicative of results to be expected for any subsequent period.  






Cancer Capital Corp.


(A Development Stage Company)


Financial Statements


September 30, 2007



2




Cancer Capital Corp.

(A Development Stage Company)

Balance Sheets


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30

 

December 31

 

 

 

 

 

 

2007

 

2006

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

ASSETS

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

$        3,235 

 

$        2,673 

    Total Current Assets 

 

 

 

3,235 

 

2,673 

 

 

 

 

 

 

 

 

 

    TOTAL ASSETS

 

 

 

 

$        3,235 

 

$        2,673 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable - related party

 

 

 

$        9,750 

 

$        9,750 

Accounts Payable

 

 

 

 

23,300 

 

13,600 

    Total Current Liabilities

 

 

 

33,050 

 

23,350 

 

 

 

 

 

 

 

 

 

    Total Liabilities

 

 

 

 

33,050 

 

23,350 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock, $.001 par value; 20,000,000 shares

 

 

 

 

  authorized; 6,150,000 shares issued and outstanding

 

6,150 

 

6,150 

 

 

 

 

 

 

 

 

 

Additional Paid-in Capital

 

 

 

47,050 

 

47,050 

 

 

 

 

 

 

 

 

 

Deficit Accumulated During the Development Stage

 

(83,015)

 

(73,877)

 

 

 

 

 

 

 

 

 

    Total Stockholders' Deficit

 

 

 

(29,815)

 

(20,677)

 

 

 

 

 

 

 

 

 

  TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

 

$       3,235 

 

$       2,673 





The accompanying notes are an integral part of these financial statements




3




Cancer Capital Corp.

(A Development Stage Company)

Statements of Operations

(Unaudited)


 

 

 

 

 

From

 

For the three

For the three

For the nine

For the nine

Inception on

 

months ended

months ended

months ended

months ended

April 11, 1997

 

Sept. 30,

Sept. 30,

Sept. 30,

Sept. 30,

to Sept. 30,

 

2007

2006

2007

2006

2007

 

 

 

 

 

 

REVENUES

$                   - 

$                  - 

$                  - 

$                 - 

$                   - 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

  General & Administrative

1,301 

2,517 

9,138 

4,701 

83,015 

 

 

 

 

 

 

    TOTAL EXPENSES

1,301 

2,517 

9,138 

4,701 

83,015 

 

 

 

 

 

 

    Net Operating Loss

(1,301)

(2,517)

(9,138)

(4,701)

(83,015)

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

  Interest Expense

(160)

                - 

(160)

 

 

 

 

 

 

LOSS BEFORE TAXES

(1,301)

(2,677)

(9,138)

(4,861)

(83,015)

 

 

 

 

 

 

TAXES

 

 

 

 

 

 

NET LOSS

$          (1,301)

$        (2,677)

  $       (9,138)

$        (4,861)

$        (83,015)

 

 

 

 

 

 

NET LOSS PER SHARE

 $                   - 

 $                 - 

 $                - 

 $                 - 

 $            (0.02)

 

 

 

 

 

 

WEIGHTED AVERAGE

 

 

 

 

 

  SHARES OUTSTANDING

6,150,000 

6,150,000 

6,150,000 

6,150,000 

5,333,915 
















The accompanying notes are an integral part of these financial statements.



4




Cancer Capital Corporation

(A Development Stage Company)

Statements of Cash Flows

(Unaudited)

 

 

 

 

 

 

 

 

 

From

 

 

 

 

 

 

 

 

 

Inception on

 

 

 

 

 

 

 

 

 

April 11, 1997

 

 

 

 

 

For the nine months ended

 

Through

 

 

 

 

 

September 30,

 

September 30

 

 

 

 

 

2007

 

2006

 

2007

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Net Loss 

 

 

 

$       (9,138)

 

$      (4,861)

 

$         (83,015)

    Adjustment to reconcile net (loss) to cash provided

 

 

 

 

 

      (used) by operating activities:

 

 

 

 

 

 

 

       Shares issued for services

 

 

            - 

 

            - 

 

17,200 

       Changes in assets and liabilities: 

 

 

 

 

 

 

       Increase in Accounts Payable

 

 

9,700 

 

410 

 

33,050 

 

 

 

 

 

 

 

 

 

 

  Net Cash Provided (Used) by Operating Activities

562 

 

(4,451)

 

(32,765)

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

            - 

 

            - 

 

                    - 

 

 

 

 

 

 

 

 

 

 

  Net Cash Provided (Used) by Investing Activities

            - 

 

            - 

 

                    - 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

    Loan Proceeds

 

 

 

            - 

 

8,000 

 

                    - 

    Common stock issued for cash

 

 

            - 

 

            - 

 

36,000 

 

 

 

 

 

 

 

 

 

 

  Net Cash Provided (Used) by Financing Activities

 

            - 

 

36,000 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) in Cash

 

 

562 

 

3,549 

 

3,235 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at Beginning of Period

2,673 

 

1,280 

 

                    - 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at End of Period

 

$        3,235 

 

$        4,829 

 

$            3,235 

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issued for services

 

 

$               - 

 

$                - 

 

$          17,200 

 

 

 

 

 

 

 

 

 

 

Cash Paid For:

 

 

 

 

 

 

 

 

    Interest

 

 

 

 

$               - 

 

$                - 

 

$                    - 

    Income Taxes

 

 

 

$               - 

 

$                - 

 

$                    - 

 

 

 

 

 

 

 

 

 

 


The accompanying notes are an integral part of these financial statements



5





Cancer Capital Corp.

(A Development Stage Company)

Notes to the Financial Statements

September 30, 2007



GENERAL


Cancer Capital Corp.  (the Company) has elected to omit substantially all footnotes to the financial statements for the nine months ended September, 2007 since there have been no material changes (other than indicated in other footnotes) to the information previously reported by the Company in their Annual Report filed on the Form 10-KSB for the twelve months ended December 31, 2006.


UNAUDITED INFORMATION


The information furnished herein was taken from the books and records of the Company without audit.  However, such information reflects all adjustments which are, in the opinion of management, necessary to properly reflect the results of the interim period presented.  The information presented is not necessarily indicative of the results from operations expected for the full fiscal year.





6




In this report references to “Cancer Capital,” “we,” “us,” and “our” refer to Cancer Capital Corp.


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS


The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions.  This report contains these types of statements.  Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements.  You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report.  All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.


ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION


During the next twelve months our management intends to actively seek an operating company to acquire or merge with which may provide operating revenue.  Based on current economic and regulatory conditions, management believes that it is possible, if not probable, for a company like ours, without many assets or liabilities, to negotiate a merger or acquisition with a viable private company.  The opportunity arises principally because of the high legal and accounting fees and the length of time associated with the process of “going public.”  However, should a merger or acquisition prove unsuccessful, it is possible that we may decide not to pursue further acquisition activities and management may abandon its activities and our shares would become worthless.


As of the date of this filing, we have not identified any assets or business opportunities for acquisition.  Potential investors must recognize that because we have limited capital available for investigation of business opportunities and management’s limited experience in business analysis, we may not discover or adequately evaluate adverse facts about any business opportunity to be acquired.  All risks inherent in new and inexperienced enterprises are inherent in our plan.


It is emphasized that our management may effect transactions having a potentially adverse impact upon our shareholders pursuant to the authority and discretion of our management to complete acquisitions without submitting any proposal to the stockholders for their consideration.


As of September 30, 2007 we had $3,235 cash on hand, with total current liabilities of $33,050 and we have not recorded revenues for the past two years.  Our independent registered accounting firm has expressed doubt that we can continue as a going concern unless we obtain financing.   The majority of our operating expenses are related to our reporting obligations under the Exchange Act.  These expenses include legal, accounting and professional services and costs required to prepare and file our reports with the SEC.  We are unable to pay cash for these services and historically we have relied on loans or related parties to pay for costs on our behalf.  We may repay our debt with cash, if available, or may convert the debt into common stock.


If we obtain a business opportunity, then it may be necessary to raise additional capital.  We likely will sell our common stock to raise this additional capital.  We expect to issue such stock pursuant to exemptions provided by federal and state securities laws.  The purchasers and manner of issuance will be determined according to our financial needs and the available exemptions.  We do not currently intend to make a public offering of our stock.  We also note that if we issue more shares of our common stock, then our shareholders may experience dilution in the value per share of their common stock.


Until we acquire or merge with a business opportunity, we do not anticipate that we will have research and development expense, nor that we will hire employees.








7




ITEM 3.  CONTROLS AND PROCEDURES


We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC.  This information is accumulated and communicated to our executive officers to allow timely decisions regarding required disclosure.  Our President, who acts in the capacity of principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report.  Based on that evaluation, he concluded that our disclosure controls and procedures were effective.


Also, he determined that there were no changes made in our internal controls over financial reporting during the third quarter of 2007 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.



PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS


Part I Exhibits

31.1

Principal Executive Officer Certification

31.2

Principal Financial Officer Certification

32.1

Section 1350 Certification


Part II Exhibits

3.1

Articles of Incorporation, dated April 11, 1997  (Incorporated by reference to exhibit 3.1 of the Form 10SB, File No. 000-32363, filed February 20, 2001)  

3.2

Bylaws of Cancer Capital  (Incorporated by reference to exhibit 3.2 of the Form 10-SB, File No. 000-32363, filed February 20, 2001)



SIGNATURES


In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, who is duly authorized.





Dated: November 7, 2007

CANCER CAPITAL CORP.



By: /s/ John W. Peters                                   

       John W. Peters

       President, Principal Executive Officer,

       Principal Financial Officer, and Director




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