UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2001
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number 0-27147
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COOL CAN TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 95-4705831
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
450 North Brand Boulevard, Glendale, CA 91203
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(Address of principal executive offices)
(604) 688-8619
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(Registrant's telephone number, including area code)
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 such filing
requirements for the past 90 days.
Yes _X_ No ___
18,127,966 Common Shares were outstanding as of May 15, 2001
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COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
I N D E X
Page
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Balance Sheets
March 31, 2001 (Unaudited) and June 30, 2000 1
Statements of Operations
Three months ended March 31, 2001 and 2000
and Nine months ended March 31, 2001 and 2000 2
Condensed Statements of Cash Flows
Nine months ended March 31, 2001 and 2000 3
Selected Notes to Condensed Financial Statements (Unaudited) 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
PART II. OTHER INFORMATION 6-7
Part I. FINANCIAL INFORMATION
Item I. FINANCIAL STATEMENTS
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED BALANCE SHEETS
March 31, June 30,
ASSETS 2001 2000
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(Unaudited) (Audited)
Cash $ 35,013 $ 579
Intangibles 19,800 21,600
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$ 54,813 $ 22,179
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable $ 29,947 $ 25,375
Accounts payable, stockholders 386,621 126,121
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Total current liabilities 416,568 151,496
STOCKHOLDERS' EQUITY:
Common stock 279,769 279,769
Accumulated deficit (641,524) (409,086)
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(361,755) (129,317)
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$ 54,813 $ 22,179
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Note: The balance sheet at June 30, 2000 has been taken from the audited
financial statements at that date, and has been condensed.
See Notes to Condensed Financial Statements.
1
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
March 31 March 31
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2001 2000 2001 2000
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Revenues $ -- $ -- $ -- $ --
Administrative pre-opening and
development expenses 98,852 24,649 232,438 109,501
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Net loss $ (98,852) $ (24,649) $ (232,438) $ (109,501)
============== ============== ============== ============
Loss per common share $ (.01) $ (.01) $ (.01) $ (.01)
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Loss per common share assuming dilution $ (.01) $ (.01) $ (.01) $ (.01)
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Weighted average outstanding shares 18,127,966 18,127,966 18,127,966 18,127,966
============== ============== ============== ============
See Notes to Condensed Financial Statements.
2
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
March 31
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2001 2000
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(232,438) $(109,501)
Amortization 1,800 1,200
Decrease in prepaid expenses -- 1,040
Decrease in accounts payable 4,572 18,650
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Net cash used in operating activities (226,066) (88,611)
CASH FLOWS FROM FINANCING ACTIVITIES:
Accounts payable, stockholders 260,500 --
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Net increase (decrease) in cash 34,434 (88,611)
Cash and savings:
Beginning of period 579 94,756
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End of period $ 35,013 $ 6,145
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See Notes to Condensed Financial Statements.
3
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Condensed Financial Statements:
The condensed balance sheet as of March 31, 2001, the statement of
operations for the periods ended March 31, 2001 and 2000, and the
condensed statement of cash flows for the periods then ended have
been prepared by the Company, without audit. In the opinion of
management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position,
results of operations and changes in cash flows at March 31, 2001
and for all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. It
is suggested that these condensed financial statements be read in
conjunction with the financial statements and notes thereto
included in the Company's June 30, 2000 audited financial
statements. The results of operations for the period ended March
31, 2001 are not necessarily indicative of the operating results
for the full year.
Note 2. Stockholders' Equity:
During the nine months March 31, 2001, stockholders' equity
changed for a net loss of $232,438.
4
COOL CAN TECHNOLOGIES, INC.
(A Development Stage Company)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company has devoted all of its efforts in the past three months to
the completion of its self cooling beverage container. There has been no income
in the quarter ended March 31, 2001. There were expenses of $98,852, for a net
loss in the quarter ended March 31, 2001 of $98,852, or, $.01 per share,
compared to expenses of $24,649 for the same period in 2000, and a loss of
$24,649 in 2000, also of $.01 per share. The reason for the increased expense in
2001 was greater engineering expenses.
There was no income for the nine months ended March 31, 2001. There
were expenses of $232,438, for a net loss in the nine months ended March 31,
2001 of $232,438, or $.01 per share, compared to expenses of $109,501 for the
same period in 2000, and a loss of $109,501 in 2000, also of $.01 per share. The
reason for the increased expense in 2001 was greater engineering expenses.
As a result of the loss for the three and nine months ended March 31,
2001 there are more current liabilities than assets, and there is a deficit
stockholder's equity of $361,755.
5
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is aware of no legal proceeding which is pending or
threatened to which the Company is a party or of which its property is
subject.
Item 6. Exhibits and Reports on Form 8-K
(b) No reports on Form 8-K were filed during the nine months ended
March 31, 2001.
6
SIGNATURE
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.
COOL CAN TECHNOLOGIES, INC.
Date: May 11, 2001 By: /s/ Bruce T. Leitch
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Bruce T. Leitch
Chairman of the Board and Director
President