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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934:
For the Quarterly Period ended September 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 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 September 30, 2000, 13,008,600 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 as of September 30,
2000 (Unaudited) and December 31, 1999 3
Consolidated Statements of Operations and Deficit
(Unaudited)for the Three and Nine Months Ended
September, 2000 and 1999 4
Consolidated Statements of Cash Flows (Unaudited)
for the Nine Months Ended September 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 3 - Default on Senior Indebtedness 10
Item 4 - Submission of Matters to a Vote of Security Holders 10
Item 6 - Exhibits and Reports on Form 8-K 10
Cyber Mark International Corp.
Consolidated Balance Sheets
As at September 30, 2000 (Unaudited) and December 31, 1999
- --------------------------------------------------------------------------------
ASSETS September 30, December 31,
2000 1999
(Unaudited)
Current
Cash and cash equivalents $ - $ 1,521
Investment tax credits receivable 45,050 163,208
Accounts receivable - 9,281
Inventory 24,479 24,479
Prepaid expenses 9,930 5,004
----------- -----------
Total current assets 79,459 203,493
Property and equipment - net 112,334 142,334
----------- -----------
Total assets $ 191,793 $ 345,827
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current
Bank indebtedness $ 32,404 $ 48,503
Accounts payable and accrued liabilities 86,753 126,619
Long-term debt - current portion 148,188 151,098
Advances from shareholder 70,125 77,641
----------- -----------
Total current liabilities 337,470 403,861
Long-term debt 200,000 -
----------- -----------
Total liabilities 537,470 403,861
----------- -----------
STOCKHOLDERS' DEFICIT
Capital stock 1,300 610
Additional paid in capital 760,367 740,367
Cumulative translation adjustment 82,731 (41,217)
Deficit (1,190,075) (757,794)
----------- -----------
Total stockholders' deficit ( 345,677) (58,034)
----------- -----------
Total liabilities and stockholders' deficit $ 191,793 $ 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 Nine months ended
September 30 September 30
2000 1999 2000 1999
Revenue
Sales $ - $ 175,657 $ - $ 214,629
Other 1,401 131,678 3,676 154,578
--------- --------- --------- ---------
1,401 307,335 3,676 369,207
Cost of sales - 111,008 - 137,797
--------- --------- --------- ---------
Gross profit 1,401 196,327 3,676 231,410
--------- --------- --------- ---------
Expenses
Marketing 5,731 36,026 50,629 67,782
Research and development 21,396 15,189 88,281 27,859
Wages and benefits 39,306 78,294 110,050 108,416
Rent and occupancy 4,911 27,249 18,333 43,649
Professional fees 36,650 16,583 76,030 35,557
Interest 10,787 12,224 28,517 20,434
Office and general 7,326 20,864 18,345 45,994
Telephone 1,960 4,518 9,097 7,308
Insurance 2,025 9,999 6,025 13,299
Depreciation and
amortization 10,000 17,383 30,000 27,973
--------- --------- --------- ---------
140,092 238,329 435,307 398,271
--------- --------- --------- ---------
Net loss $(138,691) $ (42,002) $(431,631) $(166,861)
--------- --------- --------- ---------
Deficit, beginning of period (1,050,734) (511,311) (757,794) (386,452)
Less: dividends (650) - (650) -
--------- --------- --------- ---------
Deficit, end of period $(1,190,075) $ (553,313)$(1,190,075) $(553,313)
========= ========= ========= =========
Loss per share $ (0.04) $ (0.02) $ (0.14) $ (0.06)
========= ========= ========= =========
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 15(d) OF THE SECURITIES ACT OF 1934:
For the Quarterly Period ended September 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 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 September 30, 2000, 13,008,600 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 as of September 30,
2000 (Unaudited) and December 31, 1999 3
Consolidated Statements of Operations and Deficit
(Unaudited)for the Three and Nine Months Ended
September, 2000 and 1999 4
Consolidated Statements of Cash Flows (Unaudited)
for the Nine Months Ended September 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 3 - Default on Senior Indebtedness 10
Item 4 - Submission of Matters to a Vote of Security Holders 10
Item 6 - Exhibits and Reports on Form 8-K 10
Cyber Mark International Corp.
Consolidated Balance Sheets
As at September 30, 2000 (Unaudited) and December 31, 1999
- --------------------------------------------------------------------------------
ASSETS September 30, December 31,
2000 1999
(Unaudited)
Current
Cash and cash equivalents $ - $ 1,521
Investment tax credits receivable 45,050 163,208
Accounts receivable - 9,281
Inventory 24,479 24,479
Prepaid expenses 9,930 5,004
----------- -----------
Total current assets 79,459 203,493
Property and equipment - net 112,334 142,334
----------- -----------
Total assets $ 191,793 $ 345,827
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current
Bank indebtedness $ 32,404 $ 48,503
Accounts payable and accrued liabilities 86,753 126,619
Long-term debt - current portion 148,188 151,098
Advances from shareholder 70,125 77,641
----------- -----------
Total current liabilities 337,470 403,861
Long-term debt 200,000 -
----------- -----------
Total liabilities 537,470 403,861
----------- -----------
STOCKHOLDERS' DEFICIT
Capital stock 1,300 610
Additional paid in capital 760,367 740,367
Cumulative translation adjustment 82,731 (41,217)
Deficit (1,190,075) (757,794)
----------- -----------
Total stockholders' deficit ( 345,677) (58,034)
----------- -----------
Total liabilities and stockholders' deficit $ 191,793 $ 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 Nine months ended
September 30 September 30
2000 1999 2000 1999
Revenue
Sales $ - $ 175,657 $ - $ 214,629
Other 1,401 131,678 3,676 154,578
--------- --------- --------- ---------
1,401 307,335 3,676 369,207
Cost of sales - 111,008 - 137,797
--------- --------- --------- ---------
Gross profit 1,401 196,327 3,676 231,410
--------- --------- --------- ---------
Expenses
Marketing 5,731 36,026 50,629 67,782
Research and development 21,396 15,189 88,281 27,859
Wages and benefits 39,306 78,294 110,050 108,416
Rent and occupancy 4,911 27,249 18,333 43,649
Professional fees 36,650 16,583 76,030 35,557
Interest 10,787 12,224 28,517 20,434
Office and general 7,326 20,864 18,345 45,994
Telephone 1,960 4,518 9,097 7,308
Insurance 2,025 9,999 6,025 13,299
Depreciation and
amortization 10,000 17,383 30,000 27,973
--------- --------- --------- ---------
140,092 238,329 435,307 398,271
--------- --------- --------- ---------
Net loss $(138,691) $ (42,002) $(431,631) $(166,861)
--------- --------- --------- ---------
Deficit, beginning of period (1,050,734) (511,311) (757,794) (386,452)
Less: dividends (650) - (650) -
--------- --------- --------- ---------
Deficit, end of period $(1,190,075) $ (553,313)$(1,190,075) $(553,313)
========= ========= ========= =========
Loss per share $ (0.04) $ (0.02) $ (0.14) $ (0.06)
========= ========= ========= =========
The accompanying notes are an integral part of these consolidated financial
statements