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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT UNDER SECTION 13 OR 5(d) OF THE SECURITIES ACT OF 1934:
For the Quarterly Period ended June 30, 2000
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE ACT
For the transition period from __________________ to __________________
Commission file number 0-26919
CYBER MARK INTERNATIONAL CORP.
-----------------------------------
(Name of Small Business Issuer in Its Charter)
Delaware N/A
- ------------------------------- -----------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
359 Enford Road, Unit 1
Richmond Hill, Ontario, Canada L4C 3G2
- --------------------------------------- ---------------------
(Address of Principal Executive Offices) (Zip Code)
Issuer's telephone number: (905) 770-4602
---------------
Indicate by check mark whether the registrant (1) has filed 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 registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO ___
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. YES ____ NO. ____
APPLICABLE ONLY TO CORPORATE ISSUERS
As of June 30, 2000, 6,404,300 shares of the Issuer's Common Stock were
outstanding.
CYBER MARK INTERNATIONAL CORP.
PART I. FINANCIAL INFORMATION Page No.
Item 1. Consolidated Financial Statements:
Consolidated Balance Sheets (Unaudited) as of
June 30, 2000 and December 31, 1999 3
Consolidated Statements of Operations (Unaudited)
for the Three and Six Months Ended
June 30, 2000 and 1999 4
Consolidated Statements of Cash Flows (Unaudited)
for the Six Months Ended June 30, 2000 and 1999 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operation 8
PART II. OTHER - INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 9
Cyber Mark International Corp.
Consolidated Balance Sheets
As at June 30, 2000 and December 31, 1999
- --------------------------------------------------------------------------------
ASSETS June 30, December 31,
2000 1999
Current
Cash and cash equivalents $ -- $ 1,521
Investment tax credits receivable 72,291 163,208
Accounts receivable 2,064 9,281
Inventory 24,479 24,479
Prepaid expenses 6,526 5,004
----------- -----------
Total current assets 105,360 203,493
Property and equipment - net 122,334 142,334
----------- -----------
Total assets $ 227,694 $ 345,827
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current
Bank indebtedness $ 22,308 $ 48,503
Accounts payable and accrued liabilities 80,042 126,619
Long-term debt - current portion 158,529 151,098
Advances from shareholder 86,724 77,641
----------- -----------
Total current liabilities 347,603 403,861
Long-term debt 150,000 --
----------- -----------
Total liabilities 497,603 403,861
----------- -----------
STOCKHOLDERS' DEFICIT
Capital stock 640 610
Additional paid in capital 755,367 740,367
Cumulative translation adjustment 24,848 (41,217)
Deficit (1,050,734) (757,794)
----------- -----------
Total stockholders' deficit (269,909) (58,034)
----------- -----------
Total liabilities and stockholders' deficit $ 227,694 $ 345,827
=========== ===========
The accompanying notes are an integral part of these consolidated financial
statements
Cyber Mark International Corp.
Consolidated Statements of Operations and Deficit
(Unaudited)
Three months ended Six months ended
June 30 June 30
2000 1999 2000 1999
Revenue
Sales $ -- $ 38,972 $ -- $ 108,300
Other 973 22,900 2,275 74,550
--------- --------- --------- ---------
973 67,872 2,275 182,850
Cost of sales -- 26,789 -- 70,640
--------- --------- --------- ---------
Gross profit 973 35,083 2,275 112,210
--------- --------- --------- ---------
Expenses
Marketing 14,475 31,756 44,898 39,531
Research and
development 48,001 12,670 66,885 19,483
Wages and benefits 54,674 30,122 70,744 72,360
Rent and occupancy 4,242 16,400 13,422 32,600
Professional fees 30,806 18,974 39,380 20,255
Interest 9,962 8,210 17,730 14,500
Office and general 7,430 25,130 11,019 28,940
Telephone 4,405 2,790 7,137 4,366
Insurance 2,000 3,300 4,000 8,000
Depreciation and
amortization 10,000 10,590 20,000 21,180
--------- --------- --------- ---------
185,995 159,942 295,215 261,215
--------- --------- --------- ---------
Net loss $(185,022) $ (124,859) $(292,940) $(149,005)
========= ========== ========= =========
Loss per share $ (0.03) $ (0.02) $ (0.04) $ (0.02)
========= ========= ========= =========
The accompanying notes are an integral part of these consolidated financial
statements
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT UNDER SECTION 13 OR 5(d) OF THE SECURITIES ACT OF 1934:
For the Quarterly Period ended June 30, 2000
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE ACT
For the transition period from __________________ to __________________
Commission file number 0-26919
CYBER MARK INTERNATIONAL CORP.
-----------------------------------
(Name of Small Business Issuer in Its Charter)
Delaware N/A
- ------------------------------- -----------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
359 Enford Road, Unit 1
Richmond Hill, Ontario, Canada L4C 3G2
- --------------------------------------- ---------------------
(Address of Principal Executive Offices) (Zip Code)
Issuer's telephone number: (905) 770-4602
---------------
Indicate by check mark whether the registrant (1) has filed 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 registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO ___
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. YES ____ NO. ____
APPLICABLE ONLY TO CORPORATE ISSUERS
As of June 30, 2000, 6,404,300 shares of the Issuer's Common Stock were
outstanding.
CYBER MARK INTERNATIONAL CORP.
PART I. FINANCIAL INFORMATION Page No.
Item 1. Consolidated Financial Statements:
Consolidated Balance Sheets (Unaudited) as of
June 30, 2000 and December 31, 1999 3
Consolidated Statements of Operations (Unaudited)
for the Three and Six Months Ended
June 30, 2000 and 1999 4
Consolidated Statements of Cash Flows (Unaudited)
for the Six Months Ended June 30, 2000 and 1999 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operation 8
PART II. OTHER - INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 9
Cyber Mark International Corp.
Consolidated Balance Sheets
As at June 30, 2000 and December 31, 1999
- --------------------------------------------------------------------------------
ASSETS June 30, December 31,
2000 1999
Current
Cash and cash equivalents $ -- $ 1,521
Investment tax credits receivable 72,291 163,208
Accounts receivable 2,064 9,281
Inventory 24,479 24,479
Prepaid expenses 6,526 5,004
----------- -----------
Total current assets 105,360 203,493
Property and equipment - net 122,334 142,334
----------- -----------
Total assets $ 227,694 $ 345,827
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current
Bank indebtedness $ 22,308 $ 48,503
Accounts payable and accrued liabilities 80,042 126,619
Long-term debt - current portion 158,529 151,098
Advances from shareholder 86,724 77,641
----------- -----------
Total current liabilities 347,603 403,861
Long-term debt 150,000 --
----------- -----------
Total liabilities 497,603 403,861
----------- -----------
STOCKHOLDERS' DEFICIT
Capital stock 640 610
Additional paid in capital 755,367 740,367
Cumulative translation adjustment 24,848 (41,217)
Deficit (1,050,734) (757,794)
----------- -----------
Total stockholders' deficit (269,909) (58,034)
----------- -----------
Total liabilities and stockholders' deficit $ 227,694 $ 345,827
=========== ===========
The accompanying notes are an integral part of these consolidated financial
statements
Cyber Mark International Corp.
Consolidated Statements of Operations and Deficit
(Unaudited)
Three months ended Six months ended
June 30 June 30
2000 1999 2000 1999
Revenue
Sales $ -- $ 38,972 $ -- $ 108,300
Other 973 22,900 2,275 74,550
--------- --------- --------- ---------
973 67,872 2,275 182,850
Cost of sales -- 26,789 -- 70,640
--------- --------- --------- ---------
Gross profit 973 35,083 2,275 112,210
--------- --------- --------- ---------
Expenses
Marketing 14,475 31,756 44,898 39,531
Research and
development 48,001 12,670 66,885 19,483
Wages and benefits 54,674 30,122 70,744 72,360
Rent and occupancy 4,242 16,400 13,422 32,600
Professional fees 30,806 18,974 39,380 20,255
Interest 9,962 8,210 17,730 14,500
Office and general 7,430 25,130 11,019 28,940
Telephone 4,405 2,790 7,137 4,366
Insurance 2,000 3,300 4,000 8,000
Depreciation and
amortization 10,000 10,590 20,000 21,180
--------- --------- --------- ---------
185,995 159,942 295,215 261,215
--------- --------- --------- ---------
Net loss $(185,022) $ (124,859) $(292,940) $(149,005)
========= ========== ========= =========
Loss per share $ (0.03) $ (0.02) $ (0.04) $ (0.02)
========= ========= ========= =========
The accompanying notes are an integral part of these consolidated financial
statements