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, 2000 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 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, 2000 was 24,039,201. PART 1 FINANCIAL INFORMATION Item 1. INTERNATIONAL WOOD CORPORATION (a development stage company) BALANCE SHEET MARCH 31, 2000 MARCH 31, 2000 (unaudited) ASSETS Current assets: Cash $ 16,352 Residential real estate held for sale 1,450,000 Investment in Norwest S.A. 2,000 --------- TOTAL ASSETS $ 1,468,352 ========= LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable 80,017 Accrued interest payable 21,600 Shareholder loan 137,500 Mortgage loan 856,000 -------- Total current liabilities 1,095,117 ---------- Stockholders' Equity (Deficit): Common stock, $.0001 par value, 50,000,000 shares authorized, 24,039,201 shares issued and outstanding 2,404 Additional paid in capital 655,895 Deficit accumulated during the development stage (285,064) --------- TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 373,235 --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,468,352 ========= INTERNATIONAL WOOD CORPORATION (a development stage company) STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 MARCH 31, MARCH 31, 2000 1999 (unaudited) (unaudited) Revenues $ - $ - Operating expenses General and administrative (30,300) 157 ------ ------- Loss from operations (30,300) (157) Other Income (Expenses) Interest expense (14,400) _ Total other income (expenses) (14,400) _ ------- -------- Net loss $ (44,700) $ (157) ======== ======== Net loss per common share $ (0.002) $ (0.00) ========= ========= Weighted average number of shares outstanding 24,039,201 22,574,201 ========== ========== INTERNATIONAL WOOD CORPORATION (a development stage company) STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
Accumulated Deficit During Common Stock Paid in Development Shares Amount Capital Stage Total 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 22,588,201 $ 2,259 $ 27,040 $ (104,927) $(75,628) =========== ======= ====== ========= ======== BALANCE, December 31, 1999 24,039,201 $ 2,404 $ 655,895 (240,364) $(417,935) Net loss for the three months _ _ _ (44,700) (44,700) ---------- ------- ------ -------- --------- BALANCE, March 31, 2000 24,039,201 $ 2,404 $ 655,895 $ (285,064) $ 373,235 ========== ========= ========= ========= ==========
INTERNATIONAL WOOD CORPORATION (a development stage company) STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 MARCH 31, MARCH 31, 2000 1999 (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (44,700) $ 157 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Changes in operating assets and liabilities: Accounts payable and accrued expenses 26,146 (57) --------- --------- Net cash used in operating activities (18,554) (100) --------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Shareholder loan - 100 --------- ------- Net cash provided by financing activities - 100 --------- ------- Net increase (decrease) in cash (18,564) - Cash, beginning of period 34,906 - --------- -------- Cash, end of period $ 16,352 $ - ======== ========= Item 2. Management's Discussion and Analysis of Financial Condition and Results of Plan of Operation. (1) Liquidity. We have little cash and little liquidity. (2) Capital Resources. Due to the acquisition of Norwest, SA we have substantial assets which we plan to use to arrange financing for our business. We have acquired residential real estate which we also plan to use to arrange financing. (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 since the last Form 10-K for the fiscal year ended December 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, 2000.