U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(MARK ONE)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE QUARTERLY PERIOD ENDED JULY 31, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO __________
COMMISSION FILE NUMBER: 0-8155
BRECCIA INTERNATIONAL MINERALS INC.
(Exact name of small business issuer as specified in its charter)
DELAWARE 8155 73-0977756
(State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer
incorporation or organization) Classification Code Number) Identification No.)
4418 Patterdale Drive, North Vancouver, British Columbia, Canada V7R 4L8
(Address of principal executive offices) (Zip Code)
(604) 970-2726
(Issuer's Telephone Number, including Area Code)
Thomas E. Stepp, Jr.
Stepp & Beauchamp LLP
1301 Dove Street, Suite 460
Newport Beach, California 92660
Telephone: 949.660.9700
Facsimile: 949.660.9010
(Name, Address and Telephone Number of Agent for Service)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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. [X] Yes [ ]
No
Applicable only to corporate issuers
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practical date. As of September 31, 1999, 8,128,206
shares of common stock were issued and outstanding.
PART I
Item 1. Financial Statements
NOTICE TO READER
I have compiled the balance sheet of Breccia International Minerals Inc. as at
July 31, 1999 and the statements of operations and deficit for the period May 1,
1999 to July 31, 199 from information provided by management. I have not
audited, reviewed or otherwise attempted to verify the accuracy or completeness
of such information. Readers are cautioned that these statements may not be
appropriate for their purposes.
ALNOOR SAMJI
CHARTERED ACCOUNTANT
North Vancouver, B.C.
September 2, 1999
BRECCIA INTERNATIONAL MINERALS INC.
BALANCE SHEET
(UNAUDITED - SEE NOTICE TO READER)
JULY 31, 1999
ASSETS
July 31 April 30
1999 1999
CURRENT
Cash $ 10,597 $ 259
===============================================================================
LIABILITIES AND SHAREHOLDERS' DEFICIENCY
CURRENT
Accounts payable 4,590 6,890
Short term loan 19,995 --
- -------------------------------------------------------------------------------
24,585 6,890
SHAREHOLDERS' DEFICIENCY
Share capital (note 2) 285,165 285,165
Deficit (299,153) (291,796)
- -------------------------------------------------------------------------------
(13,988) (6,631)
- --------------------------------------------------------------------------------
$ 10,597 $ 259
===============================================================================
2
BRECCIA INTERNATIONAL MINERALS INC.
STATEMENTS OF OPERATIONS AND DEFICIT
(UNAUDITED - SEE NOTICE TO READER)
For the three months ended July 31, 1999
Quarter ended
-------------
1999 1998
General and administration expenses 7,357 18,617
- -------------------------------------------------------------------------------
Net loss for the period (7,357) (18,617)
DEFICIT - beginning of period (291,796) (467,953)
- --------------------------------------------------------------------------------
DEFICIT - end of period $(299,153) $(486,570)
===============================================================================
Loss per share* $ (0.001) $ (0.003)
o Based on 8,128,206 common shares (1997 - 8,128,206)
3
BRECCIA INTERNATIONAL MINERALS INC.
STATEMENT OF CHANGES IN FINANCIAL POSITION
(UNAUDITED - SEE NOTICE TO READER)
For the three months ended July 31, 1999
Quarter ended
-------------
1999 1998
Cash provided by (used in)
Operating activities
Net loss $ (7,357) $(18,617)
Changes in non-cash working capital balances
Accounts payable and accrued liabilities 17,695 19,847
----------------------------------------------------------------------
Increase in cash during the year 10,338 1,230
Cash, beginning of year 259 298
- -------------------------------------------------------------------------------
Cash, end of year $ 10,597 $ 1,528
===============================================================================
4
BRECCIA INTERNATIONAL MINERALS INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED - SEE NOTICE TO READER)
JULY 31, 1999
1. Summary of significant accounting policies
Incorporation:
Breccia International Minerals Inc. was incorporated under the laws of the
State of Delaware on April 25, 1975 and renewed on March 18, 1994.
Basis of presentation:
These financial statements are presented in U.S. dollars as it is the
principal currency in which the company's business in conducted.
Net income (loss) per common share:
The net income (loss) per common share is based on the number of $0.0001
par value common shares outstanding.
2. Share Capital
Authorized: 75,000,000 common shares with
par value of $0.0001 each
1999 1998
---- ----
Issued: 8,128,206 common shares with
par value of $0.0001 each (1997 - 8,128,206) $285,165 $285,165
Item 2. Management Discussion and Analysis of Financial Condition and Results of
Operations
Liquidity. The results of the statement of loss indicates a loss of $7,357 for
the three month period ending July 31, 1999, which loss represents transfer
agent, legal and accounting fees necessary to maintain the Registrant current
with its regulatory filing requirements. The Registrant is exploring
opportunities and reviewing proposals for the potential acquisition of
prospective business entities with long-term growth objectives with the ultimate
goal of acquiring a controlling interest or minority interest therein.
Impact of the Year 2000 Issue. The Year 2000 Issue arises because many
computerized systems use two digits rather than four to identify a year.
Date-sensitive systems may recognize the year 2000 as 1900 or some other date,
resulting in errors when information using year 2000 dates is processed. The
effects of the Year 2000 Issue may be experienced before, on or after January 1,
2000.
Because the Company has no assets, including any personal property such as
computers, it is not anticipated that the Company will incur any negative impact
as a result of this potential problem. However, it is possible that this issue
may have an impact on the Company if the Company completes an acquisition prior
to or shortly after the Year 2000. If this occurs, the Company intends to
implement a Year 2000 compliant computer system in conjunction with the
acquisition.
Whether or not the Company completes an acquisition before or after the Year
2000, the Company recognizes the potential impact the Year 2000 Issue may have
relative to its vendors, creditors and other service providers. The Company has
reviewed its exposure to business interruption or substantial loss in these
areas and presently believes that no risk of material adverse consequences
exists. Nonetheless, the Company intends to further monitor the Year 2000
readiness of such entities and the potential impact thereof on the Company.
5
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Change in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to Vote of Security
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: October __, 1999 BRECCIA INTERNATIONAL MINERALS INC.
By: /s/ Alnoor Kassam
-------------------------------
Alnoor Kassam
Its: President