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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of August 2003
TRI-LATERAL VENTURE CORPORATION
(Name of Registrant)
750 West Pender Street, #604, Vancouver, British Columbia V6C 2T7
Executive Offices
1. Interim Financial Statements, Six Months Ended 6/30/2003
Indicate by check mark whether the Registrant files annual reports under cover of Form 20-F or Form 40-F | Form 20-F X Form 40-F ___ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): | ___ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): | ___ |
Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under Securities Exchange Act of 1934. Yes ___ No X
TRI-LATERAL VENTURE CORPORATION
INTERIM FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)
TRI-LATERAL VENTURE CORPORATION
INTERIM BALANCE SHEET
June 30, 2003 and December 31, 2002
(Unaudited)
| (Unaudited) | (Audited) |
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LIABILITIES | ||
Current |
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SHAREHOLDERS' DEFICIENCY | ||
Share capital - Note 2 | 6,769,726 | 5,783,259 |
TRI-LATERAL VENTURE CORPORATION
INTERIM STATEMENTS OF LOSS AND DEFICIT
for the three and six months ended June 30, 2003 and 2002
(Unaudited)
| Three Months ended June 30, | Six months ended June 30, | ||
Administrative Expenses |
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Loss before other items | ( 40,877) | ( 47,384) | ( 61,547) | ( 86,343) |
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Net loss for the period | ( 40,877) | ( 47,240) | ( 61,536) | ( 35,009) |
TRI-LATERAL VENTURE CORPORATION
INTERIM STATEMENTS OF CASH FLOWS
for the three and six months ended June 30, 2003 and 2002
(Unaudited)
| Three Months ended June 30, | Six Months ended June 30, | ||
Operating Activities |
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Investing Activity |
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Increase (decrease) in cash during the period |
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Supplemental disclosure of cash flow information: |
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Non-cash Transactions - Note 4
TRI-LATERAL VENTURE CORPORATION
NOTES TO THE INTERIM FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)
Note 1 Interim Reporting
While the information presented in the accompanying six months financial statements is unaudited, it included all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and its cash flows for the interim periods presented. These interim financial statements follow the same accounting policies and methods in their application as the Company's annual financial statements. It is suggested that these interim financial statements be read in conjunction with the Company's audited annual December 31, 2002 financial statements.
Note 2 Share Capital
Authorized
Unlimited common shares
Unlimited non-voting convertible redeemable non-cumulative 6% preference shares
Issued Common Shares | Number | $ |
Balance, December 31, 2002 | 3,372,872 | 5,783,259 |
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Note 3 Related Party Transactions
During the three and six months ended June 30, 2003 the Company incurred the following expenses with directors and a company with a common director:
Three Months ended June 30, | Six Months ended June 30, | ||||
Accounting fees | $ 1,400 | $ 1,100 | $ 3,925 | $ 4,300 | |
The expenses were measured by the exchange amount, which is the amount agreed upon by the transacting parties and are on terms and conditions similar to non-related entities.
As at June 30, 2003, accounts payable includes $8,393 owing to a director of the Company and a company with a common director.
Note 4 Non-cash Transactions
Investing and financing activities that do not have a direct impact on current cash flows are excluded from the statements of cash flows. During the six months ended June 30,2003, the Company settled accounts payable totalling $261,043 and loans payable totalling $725,424 by issuing 986,467 common shares valued at $986,467. This transaction was excluded from the statements of cash flows.
Note 5 Canadian and United States of America Accounting Principles
The financial statements have been prepared in accordance with accounting principles generally accepted in Canada, which differ in certain respects with those principles and practices that the Company would have followed had its financial statements been prepared in accordance with accounting principles generally accepted in the United States of America.
The Company's accounting principles generally accepted in Canada ("Canadian GAAP") differ from accounting principles generally accepted in the United States ("US GAAP") as follows:
a) Resource Properties
Under Canadian GAAP, resource property acquisition costs and exploration costs may be deferred and amortized to the extent they meet certain criteria. Under US GAAP, acquisition costs and exploration costs must be expensed as incurred unless the resource properties have proving reserves. During the six months ended June 30, 2003, $524 was incurred in resource property costs. Therefore, an additional expense is required under US GAAP.
The impact of the above on the financial statements is as follows:
June 30, | ||
Net loss for the period per Canadian GAAP | $ (61,536) | $ (35,009 |
Note 5 Canadian and United States of America Accounting Principles - (cont'd)
June 30, | December 31, | |
Total assets per Canadian GAAP | $ 15,590 | $ 26,947 |
Shareholders' Deficiency |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Form 6-K to be signed on its behalf by the undersigned, thereunto duly authorized.
Tri-Lateral Venture Corporation -- SEC File No. 0-50112
(Registrant)
Date:August 28, 2003 | By/s/ Gregory C. Burnett____________________________ Gregory C. Burnett, President/CEO and Director |
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