-----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, IedFc/6E5x+VajCR/c0s+s7Apdlz8ixfWMHKdsUvEMYOOh+Xz7pg3tOF2NsZkj+a 5DvjzOks7LbsXfxZCT4sMw== 0000824430-02-000008.txt : 20021230 0000824430-02-000008.hdr.sgml : 20021230 20021230151817 ACCESSION NUMBER: 0000824430-02-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020930 FILED AS OF DATE: 20021230 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL WOOD CORP CENTRAL INDEX KEY: 0000824430 STANDARD INDUSTRIAL CLASSIFICATION: FORESTRY [0800] IRS NUMBER: 943030021 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-17966-LA FILM NUMBER: 02871767 BUSINESS ADDRESS: STREET 1: 155 W WASHINGTON BLVD STREET 2: SUITE 1005 CITY: LOS ANGELES STATE: CA ZIP: 90015 BUSINESS PHONE: 2137411790 MAIL ADDRESS: STREET 1: 155 W WASHINGTON BLVD STREET 2: SUITE 1005 CITY: LOS ANGELES STATE: CA ZIP: 90015 FORMER COMPANY: FORMER CONFORMED NAME: XANTHIC ENTERPRISES INC DATE OF NAME CHANGE: 19970319 10-Q 1 tenq023a.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 September 30, 2002 Commission File No. 33-17966-LA INTERNATIONAL WOOD CORPORATION A Colorado Corporation EIN: 94-3030021 155 W. Washington Blvd. # 1005 Los Angeles, CA 90015 Telephone: 213-741-1790 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 No The number of issued and outstanding common shares as of September 30, 2002 was 25,189,201. PART 1 FINANCIAL INFORMATION Item 1. INTERNATIONAL WOOD CORPORATION (a development stage company) BALANCE SHEETS as of September 30, 2002 and December 31, 2001 SEPTEMBER 30, DECEMBER 31, 2002 2001 ASSETS Current assets Cash $ 286 $ - Real estate held for sale 400,000 400,000 Machinery and equipment 495,000 495,000 Timber and timberlands 52,016,000 52,016,000 ---------- ---------- TOTAL ASSETS $ 52,911,286 $ 52,911,000 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable 92,517 92,517 Shareholder loan 212,300 195,000 Accrued expenses 90,100 59,000 --------- --------- Total current liabilities 394,917 346,517 --------- --------- STOCKHOLDERS' EQUITY Commom stock, $.0001 par value, 50,000,000 shares authorized, 25,189,201 shares issued and outstanding. 2,519 2,519 Additional paid in capital 53,189,780 53,189,780 Deficit accumulated during the development stage (675,930) (627,816) ---------- ---------- Total stockholders' equity 52,516,369 52,564,483 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 52,911,286 $ 52,911,000 ========== ========== INTERNATIONAL WOOD CORPORATION (a development stage company) STATEMENT OF OPERATIONS For the nine months ended September 30, 2002 and 2001 Nine Months Ended September 30, September 30, 2002 2001 Revenues $ 378 $ 0 Operating expenses General and administrative 17,392 16,589 --------- --------- Loss from operations (17,014) (16,589) Other income (expenses) Interest expense (31,100) (10,400) Total other income (expenses) (31,100) (10,400) --------- --------- Net loss $ (48,114) $ (26,989) ========= ========= Net loss per common share $ (0.0019) $ (0.0005) ========= ========= Weighted average number of shares outstanding 25,189,201 25,189,201 ========== ========== INTERNATIONAL WOOD CORPORATION (a development stage company) STATEMENT OF CASH FLOWS For the nine months ended September 30, 2002 AND 2001 September 30, September 30, 2002 2001 (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (48,114) $ (26,989) 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 31,100 10,400 --------- --------- Net cash (used in) operating activities (17,014) (16,589) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Shareholder loan 17,300 19,649 --------- --------- Net cash provided by financing activities 17,300 19,649 --------- --------- Net increase (decrease) in cash 286 3,060 Cash, beginning of period 0 339 --------- --------- Cash, ended of period $ 286 $ 3,399 ========= ========= Item 2. Management's Discussion an 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. (3) Results of Operations. We have not operated during the past fiscal quarter and there are only general, administrative and interest expenses. 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, 2001. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits (b) Reports on Form 8-K. There were no reports on Form 8-K during the quarter ended September 30, 2002. SIGNATURE In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, this registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. International Wood Corporation Dated: December 18, 2002 By: /s/ Elliott Sassoon Elliott Sassoon, President, Director and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----