10-Q 1 0001.txt United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Period ended March 31, 1999 Commission File No. 33-17966-LA INTERNATIONAL WOOD CORPORATION A Colorado Corporation EIN: 94-3030021 8833 Sunset Blvd., Suite 200 West Hollywood, CA 90069 Telephone: 310-289-4947 Former name: XANTHIC ENTERPRISES, INC. Former address: 8833 Sunset Blvd., Suite 200 West Hollywood, CA 90069 Indicate by check mark whether the registrant (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 The number of issued and outstanding common shares as of March 31, 1999 was 22,574,201. PART 1 FINANCIAL INFORMATION Item 1. Unaudited Financial Statements. INTERNATIONAL WOOD CORPORATION (formerly Xanthic Enterprises, Inc.) (a development stage company) BALANCE SHEET MARCH 31, 1999 MARCH 31, 1999 (unaudited) ASSETS Current assets: Cash $ Investment in Norwest S.A. 2,000 --------- TOTAL ASSETS $ 2,000 ========= LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable 75,528 Shareholder loan 2,100 -------- Total current liabilities 77,628 ---------- Stockholders' Equity (Deficit): Common stock, $.0001 par value, 50,000,000 shares authorized, 22,574,201 shares issued and outstanding 2,259 Additional paid in capital 27,040 Deficit accumulated during the development stage (104,927) --------- TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (75,628) --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,000 ========= INTERNATIONAL WOOD CORPORATION (formerly Xanthic Enterprises, Inc.) (a development stage company) STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998 MARCH 31, MARCH 31, 1999 1998 (unaudited) (unaudited) Revenues $ - $ - Operating expenses General and administrative 157 - ------- ------- Loss from operations (157) - Other Income (Expenses) Interest expense _ _ Total other income (expenses) _ _ ------- -------- Net loss $ (157) - ======== ======== Net loss per common share $ $ ======= ========= Weighted average number of shares outstanding 22,574,201 22,574,201 ========== ========== INTERNATIONAL WOOD CORPORATION (formerly Xanthic Enterprises, Inc.) (a development stage company) STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
Accumulated Deficit During Common Stock Paid in Development Shares Amount Capital Stage Total BALANCE, December 31, 1997 2,574,201 $ 257 $ 12,042 $ (89,667) $ (77,368) Issuance of common stock for investment in Norwest S.A. 20,000,000 2,000 2,000 Net loss for the three months _ _ _ - - ---------- ------- ------- ---------- -------- BALANCE, March 31, 1998 22,574,201 $ 2,257 $ 12,042 $ (89,667) $ (75,368) ========== ======= ======= ======= ======= BALANCE, December 31, 1998 22,589,201 $ 2,259 $ 27,040 $ (104,770) $ (75,471) Net loss for the three months _ _ _ (157) (157) _ ---------- ------- ------- -------- ------- BALANCE, March 31, 1999 22,589,201 $ 2,259 $ 27,040 $ (104,927) $ (75,628) ========== ========= ======== ========= =========
INTERNATIONAL WOOD CORPORATION (formerly Xanthic Enterprises, Inc.) (a development stage company) STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998 MARCH 31, MARCH 31, 1999 1998 (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ 157 $ - Adjustments to reconcile net income to net cash provided by (used in) operating activities: Changes in operating assets and liabilities: Accounts payable (57) - --------- --------- Net cash used in operating activities (100) - --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Shareholder loan 100 - --------- --------- Net cash provided by financing activities 100 - -------- --------- Net increase (decrease) in cash Cash, beginning of period - - -------- ------- Cash, end of period $ - $ - ======== ========= Item 2. Management's Discussion and Analysis of Financial Condition and Results of Plan of Operation. (1) Liquidity. We have no cash and no liquidity. (2) Capital Resources. Due to the recent reverse acquisition of Norwest, SA we have substantial assets which we plan to use to arrange financing for our business. (3) Results of Operations. We have not operated during the past fiscal quarter and there are no results of operations. Part II Other Information Item 1. Legal Proceedings. There are no pending legal proceedings. Item 2. Changes in Securities and Use of Proceeds. There has been no changes in securities or use of proceeds. Item 3. Defaults upon Senior Securities. There are no Senior Securities. Item 4. Submission of Matters to a Vote of Security holders. There were no submissions to the shareholders during the quarter ended March 31, 1999. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K. There were no reports on Form 8-K during the quarter ended March 31, 1999.