Manually Executed
As filed with the United States Securities and Exchange
Commission
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the first quarter ended December 31, 1999 Commission File
Number 0-9071
eCom.com, Inc.
(Formerly E.T. Capital,Inc.(Caribou Energy, Inc.))
Colorado 74-2026624
(State of incorporation) (I.R.S. Employer
Identification No.)
650 W.Georgia St., Suite 315, P.O.11523, Vancouver, B.C. Canada
V6B 4N7
(Address of principal executive offices)
(Postal Code)
Registrant's telephone number including area code:
(877)613-3131
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Title of each class Name of each exchange on which
registered
Common Stock, $0.01 par value NASDAQ OTC (Electronic
Bulletin Board)
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
all such filing requirements for the past 90 days.
Yes X No
As of December 31, 1999 there were 24,595,739 shares of Common
Stock, $0.01
par value, outstanding.
Documents incorporated by reference: None
Item 1.
INDEX
Page of
Report
PART I FINANCIAL INFORMATION
Item 1. Financial Statements:
Unaudited Consolidated Balance Sheets:
As at December 31st, 1999 and 1998...................1.
Unaudited Consolidated Statement of Operations:
For the three months ended December 31st, 1999 and
1998...............................................2.
Unaudited Consolidated Statement of Cash Flow:
For the three months ended December 31st, 1999 and
1998...............................................3.
Unaudited Statement of Stockholders' Equity:
As at December 31st, 1999...........................4.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.......5.
PART II OTHER INFORMATION
Other Information....................................6.
Signatures .....................................7.
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
(Unaudited)
ASSETS
December 31, December 31,
1999 1998
CURRENT ASSETS:
Accounts Receivable$ 0$ 50,327
FIXED ASSETS:
Equipment 534,886 534,886
Less accumulated
depreciation (534,886) (534,886)
Net Fixed Assets (Note 1) 0 0
OTHER ASSET
Rights' Title, net of
amortization 1 1
Product Development
Expenditures 121,922 182,882
Total Other Assets 121,923 182,883
TOTAL ASSETS $ 121,923 $ 233,210
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Dec. 31, 1999Dec. 31, 1998
CURRENT LIABILITIES:
Accounts Payable$ 0 120,207
LONG-TERM LIABILITIES:
Debenture Payable, 406,300 546,722
Bearer
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value
10,000,000,000 shares
authorized, 24,595,739
(58,787,216) shares
issued and outstanding 4,566,079 4,516,079
Paid-In-Capital in excess
of par value 20,519,869 20,069,869
(Deficit) Accumulated during
the Development Stage (25,370,325)( 25,019,667)
TOTAL STOCKHOLDERS' EQUITY ( 284,377)( 433,719)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY$ 121,923$ 233,210
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
(Unaudited)
For the 3 months ended December 31,
1999 1998
REVENUES$ 0 $ 0
GENERAL AND
ADMINISTRATIVE EXPENSES:
Auto Expenses,
gas and repairs 3,000 3,000
Consulting Fees 21,000 0
Rent Expense 12,600 12,600
Telephone Expense 9,000 9,000
Travel and Promotions 45,000 45,000
TOTAL GENERAL AND
ADMINISTRATIVE EXPENSES 90,600 69,600
OTHER (INCOME) EXPENSES
Write off of accounts
payable(82,007) 0
Interest Expense 20,512 12,849
$ (61,495)$ 12,489
NET LOSS FOR THE PERIOD $ 29,105 $
82,089
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOW
(Unaudited)
For the 3 months ended December 31,
1999 1998
Cash Provided By (Used For)
Operating Activities
Net loss for the period$( 29,105) $( 82,089)
Less non cash working capital
items
Decrease in accounts payable ( 122,007) 0
( 151,112) ( 82,089)
Financing Activities
Increase (Decrease) in
Debenture Payable ( 348,888) 82,089
Issuance of Common Stock 500,000 0
151,112 82,089
INCREASE (DECREASE) IN CASH 0 0
CASH BEGINNING OF PERIOD 0 50,327
CASH, END OF THE PERIOD $ 0$ 50,327
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited)
Common
Class Stock Additional
DevelopmentStockholders
$0.01 Par ValuePaid-In StageEquity
Shares AmountCapital(Deficit)(Deficit)
Balances,
September 30,
199658,787,216$4,516,079$18,429,869$(23,341,645)$ (395,697)
Issue
1,500,000,000
shares @ $0.234
on October 1,
1996 1,500,000,00015,000,000335,000,000 0
350,000,000
Cancellation of
1,500,000,000
shares @ $0.234
on February 15,
1997 (1,500,000,000)(15,000,000) (335,000,000)
0
(350,000,000)
Sale of 8,000,000
shares @$0.15
Sept. 21, 1997 0 0 1,640,000 0 1,640,000
Net (Loss) for the
year ended
Sept. 30, 1997 0 0 0 (1,146,273) (1,146,273)
Balances,
Sept. 30, 1997 58,787,216$4,516,079$20,069,869$(24,487,918)$
98,030
Net (Loss) for
the year ended
Sept.30, 1998 0 0 0$ (449,660)$ (449,660)
Balances,
Sept. 30, 1998 58,787,216$4,516,079$20,069,869$(24,937,578)$
(351,630)
Net (Loss) for
the year ended
ended September
30, 1999 (403,642) (403,642)
Balances
September 30,
1999 58,787,216 $4,516,079$20,069,869$(25,341,220)$
(755,272)
1 for 3 reverse
stock split 19,595,739 4,516,079 20,069,867
(25,341,220) (
755,272)
Issue 5,000,000
common shares
@ $0.10 5,000,000 50,000 450,000 0 500,000
Net (Loss) for
the 3 months
ended Dec. 31,
1999 0 0 0$ ( 29,105)$ ( 29,105)
Balances Dec.
31, 1999 24,595,739$4,566,079$20,519,867$(25,370,325)$(284,377)
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
Management's Discussion and Analysis
of
Financial Condition and Results of Operations
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
Results of Operations
December 31, 1999 v. December 31, 1998
Overall
eCom.com, Inc.(formerly E.T. Capital, Inc.) is continuing to
expand its
entry into "not-for-profit" fund raising using "1-900"
"pay-per-call"
telephone numbers as outlined in the Company's business plan.
With campaign
finance reform a central issue in both the Congress and the
Senate, the
Company is negotiating agreements for the use of the Company's
two political
"1-900" fund raising numbers: 1-900-DEMOCRAT and
1-900-REPUBLICAN.
These numbers could raise hundreds of millions of dollars
for both the
Democratic and Republican parties. If contracts are concluded
with either of
the Democrats or Republicans, projections indicate the Company
could earn over
$2.00 per share from each number.
To develop cash flow from the "1-900" concept, the Company
will continue
to rely on Xanthos Management Corporation to finance the
Company's ongoing
overhead under the terms of the bearer debenture it holds until
fund raising
contracts have been signed. (See notes to September 30, 1998
Audit as filed
and as part of the September 30, 1999 10K). The company acquired
Resort Magic
Vacations, Inc., retained the "ebuyauctions.com" internet web
site and sold
the interest it had acquired in Resort Magic Vacations, Inc. for
the same
price paid.
The Company has been active in its efforts to acquire and
finance the
Paraguayan hydrocarbon concessions. The downward trend in the
price of oil
has slowed interest in this project. In late 1997 and continuing
throughout
1998, the Asian economic crisis as well as a world wide warming
trend
adversely affected the world price of hydrocarbons. During 1999,
however the
world price of oil and gas has led to an increase in interest in
hydrocarbon
exploration and development. Activity in this field has
historically been
cyclical and the Company considers that this crisis has already
been taken
into account and should not adversely affect ongoing
negotiations.
Cash assets at the close of the first quarter were $0 as
compared to
$50,327, $0 at December 31, 1997 and 1996; fixed assets were
written down to
$1 at December 31, 1999 as compared to $1 at December 31, 1998.
The Rights
and associated product development expenditures (subject to the
amortization
schedule set forth in the Financial Statements) remained at $1 at
December 31,
1999 compared to $1 at December 31, 1998 and $243,841 at December
31, 1997.
Total assets dropped to $121,923 at December 31, 1999 from
$233,210 at
December 31, 1998 from $243,841 at December 31, 1997 and
(because the
financing that had been negotiated through Barclay's Bank in
London was
canceled) from $350,307,072 at December 31, 1996. During the
fiscal year, the
Company and its counsel continue to take the position that
individuals,
corporations and/or financial institutions that either profited
from or
participated in the above transaction through Barclay's should
compensate the
Company for the unauthorized use of its securities and for breach
of the
original contractual agreements. The Company's lawyers are
investigating the
Company's remedies as a result of these transactions and are
confident that
the Company will be successful.
Extraordinary Items - none
Liquidity and Capital Resources
At December 31, 1999, the Company had cash assets of $0 and
total assets
of $121,923 compared with cash assets of $50,327 and total assets
of $233,210
December 31, 1998 and $350,307,072 at December 31, 1997. Except
as previously
disclosed, the Company is not aware of any known trends, demands,
commitments,
events or uncertainties that will result in or that are
reasonably likely to
result in the Company's liquidity increasing or decreasing in any
material
way.
Capital Resources and Expenditure
There were no significant capital expenditures made by the
Company during
the quarter ended December 31, 1999. Management of the Company
knows of no
material trends, favorable or unfavorable, with respect to the
Company's
capital resources.
Inflation
The results of the Company's operations have not been
significantly
affected by inflation during the quarter ended December 31, 1999.
Other Information
Not applicable. See Part II.
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
Part II. Other Information
Item 1.LEGAL PROCEEDINGS
None
Item 2.CHANGES IN SECURITIES
Share consolidation; 1 new eCom.com, Inc. for 3 E.T.
Capital, Inc.
Issued 5,000,000 common shares of eCom.com, Inc.
Item 3.DEFAULT UPON SENIOR SECURITIES
None
Item 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
Item 5.OTHER INFORMATION
Not applicable
Item 6.EXHIBITS AND REPORTS ON FORM 8-K
(a)Exhibits
Exhibit No. 27Financial Data Schedule
(b)Reports on Form 8-K
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
(A DEVELOPMENT STAGE COMPANY)
Exhibit 27
Period Type3 Months
Fiscal Year EndSeptember 30, 1999
Period StartOctober 1, 1999
Period EndDecember 31, 1999
Cash$-0-
Securities -0-
Receivables -0-
Allowances -0-
Inventory -0-
Current Assets$-0-
PP&E$534,886
Depreciation$534,886
Total Assets$121,923
Current Liabilities$-0-
Bonds -0-
Preferred Mandatory -0-
Preferred -0-
Common$ 4,566,079
Other Paid In Capital$20,519,869
Total Liability & Equity$121,923
Sales -0-
Total Revenues -0-
CGS -0-
Total Costs -0-
Other Expenses ( G&A )$90,600
Gain Provision -0-
Interest Expense$20,512
Income Pretax -0-
Income Tax -0-
Income Continuing -0-
Discontinued -0-
Extraordinary$82,007
Changes -0-
Net Income ( Loss )$(29,105)
EPS Primary ( Loss )$(.001)
EPS Diluted ( Loss )$(.001)
eCom.com, Inc.
(Formerly E.T. Capital, Inc.)
US Securities and Exchange Commission
Washington, DC 20549
CONFORMED COPY
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Dated:January 3, 2000
Date of earliest event reported: Listed on the NASDAQ Exchange in
November,
1982
eCom.com, Inc.
(Exact name of registrant as specified in its charter)
Colorado 74-2026624
(State of incorporation)(I.R.S. Employer Identification No.)
3525 South Tamarac Drive, Suite 120, Denver, CO80237
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code:(877) 813-3131
E.T. Capital, Inc. (Caribou Energy, Inc.)
9101 East Kenyon, Suite 2000, Denver, CO 80237
(Former name, former address)
Page 2.
Form 8-K: Dated January 3, 2000.
Commission File #
Item 1.Changes in Control of Management
Not Applicable
Item 2.Acquisition or Disposition of Assets
The company acquired Resort Magic Vacations, Inc., retained the
"ebuyauctions.com" internet web domain name and sold the interest
it had
acquired in Resort Magic Vacations, Inc. for the same price paid.
Item 3.Bankruptcy or Receivership
Not Applicable
Item 4.Changes in the Registrant's Certifying Public
Accountant
Not Applicable
Item 5.Other Events
On November 17, 1999, the Company issued 5 million common shares
subject to
Section 144 at a price of $0.10 per share net the Company to
Rukos Security
Advice AG, a Swiss Investment firm. Rukos was granted an option
to purchase a
further 5 million shares at a price of $0.15 for a period of two
years from
the date of the Agreement. The proceeds of the financing are for
general
working capital purposes.
Item 6.Appointments or Resignations of Registrant's
Directors
Not Applicable
Item 7.Financial Statements and Exhibits
Not Applicable (See December 31, 1999 10-Q)
Item 8.Change in Fiscal Year
Not Applicable
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the
Registrant has caused this report ;to be signed on its behalf by
the
undersigned, hereunto duly authorized.
Dated: January 3, 2000
eCom.com, Inc.
/S/ Sidney B. Fowlds, President
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities
Exchange Act of 1934, the Registrant has duly caused this report
to be signed
on its behalf by the undersigned, duly authorized.
Dated: January 3, 1999
eCom.com, Inc. (the "Company")
By: /s/ Sidney B. Fowlds
Chairman of Board of Directors
Pursuant to the requirements of the Securities Exchange Act
of 1934, this
report has been signed below by the following persons on behalf
of the Company
and in the capacities and on the dates indicated.
Dated: January 3, 1999/s/ Sidney B. Fowlds
Director
Dated: January 3, 1999 /s/ John Johnston
Director
Dated: January 3, 1999/s/ Robert Miller
Director