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 quarter ended January 31, 2001
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[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________________ to ___________________
Commission File No. 000-31021
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SIBUN RIVER GROUP, INC.
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(Name of Small Business Issuer in its Charter)
Nevada 76-0602958
- ------ ----------
(State or Other Jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No)
Suite 210, 580 Hornby Street
Vancouver, British Columbia, Canada V6C 3B6
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(Address of Principal Executive Offices)
(604) 662-7000
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Issuer's Telephone Number
N/A
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(Former Name or Former Address, if changed since last Report)
Check whether the Issuer (1) 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 Company was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
(1) Yes X No (2) Yes X No
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(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Not applicable
(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 practicable date:
January 31, 2001
Common - 2,500,000 shares
DOCUMENTS INCORPORATED BY REFERENCE
A description of any "Documents Incorporated by Reference" is contained in Item
6 of this Report.
Transitional Small Business Issuer Format Yes X No
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Financial Statements of the Company required to be filed with this 10-QSB
Quarterly Report were prepared by management and commence on the following page,
together with related Notes. In the opinion of management, the Financial
Statements fairly present the financial condition of the Company.
SIBUN RIVER GROUP, INC.
(A Development Stage Company)
INTERIM FINANCIAL STATEMENTS
JANUARY 31, 2001
(Unaudited)
SIBUN RIVER GROUP, INC.
(A Development Stage Company)
INTERIM BALANCE SHEET
January 31, April 30,
2001 2000
$ $
(unaudited) (audited)
ASSETS
Current Assets
Cash - -
- ------------------------------------------------------------------------------------------
Total Assets - -
==========================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities 1,500 -
- ------------------------------------------------------------------------------------------
Total Liabilities 1,500 -
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Contingency (Note 2)
Stockholders' Equity
Common Stock: $0.001 par value; authorized 25,000,000 shares;
2,500,000 shares issued and outstanding (April 30, 2000 -
2,500,000) 2,500 2,500
Additional Paid-in Capital 43 43
Deficit Accumulated During the Development Stage (4,043) (2,543)
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Total Stockholders' Deficiency (1,500) -
- ------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Deficiency - -
==========================================================================================
(See accompanying Notes to the Interim Financial Statements)
SIBUN RIVER GROUP, INC.
(A Development Stage Company)
INTERIM STATEMENTS OF OPERATIONS
(Unaudited)
Accumulated From For the For the
April 5, 1999 Three Months Ended Nine Months Ended
(Date of Inception) to January 31, January 31,
January 31 2001 2001 2000 2001 2000
$ $ $ $ $
Revenue - - - - -
- ---------------------------------------------------------------------------------------------------
General and administrative
expenses 4,043 - 1,167 1,500 1,833
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Net loss (4,043) - (1,167) (1,500) (1,833)
===================================================================================================
Net Loss Per Share (Basic and
diluted) 0.00 0.00 0.00 0.00
===================================================================================================
Weighted Average Number of
Shares Outstanding 2,500,000 2,500,000 2,500,000 2,500,000
===================================================================================================
(See accompanying Notes to the Interim Financial Statements)
SIBUN RIVER GROUP, INC.
(A Development Stage Company)
INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
For the
Nine Months Ended
January 31,
2001 2000
$ $
Cash Flows From Operating Activities
Net loss (1,500) (1,833)
Items not requiring outlay of cash:
Organization costs paid by a director - -
Amortization of license - 1,833
License written-off - 500
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities 1,500 -
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Net Cash Used by Operating Activities - -
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Increase (Decrease) In Cash - -
Cash at Beginning of Period - -
- --------------------------------------------------------------
Cash at End of Period - -
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Supplemental Disclosures
Interest paid - -
Income tax paid - -
(See accompanying Notes to the Interim Financial Statements)
SIBUN RIVER GROUP, INC.
A Development Stage Company)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
January 31, 2001
(Unaudited)
NOTE 1 BASIS OF PRESENTATION
These unaudited interim financial statements have been prepared in accordance
with the instructions to SEC Form 10-QSB. Accordingly, certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted pursuant to such instructions. These unaudited interim financial
statements should be read in conjunction with the audited financial statements
and notes thereto included in the Company's 10SB Registration Statement.
In the opinion of the Company's management, all adjustments considered necessary
for a fair presentation of these unaudited interim financial statements have
been included and all such adjustments are of a normal recurring nature.
Operating results for the nine month period ended January 31, 2001 are not
necessarily indicative of the results that can be expected for the year ended
April 30, 2000.
NOTE 2 GOING CONCERN
The Company's business plan is as a 'blank check' company. Under the Securities
Act of 1933, a blank check company is defined as a development stage company
that has no specific business plan or purpose or has indicated that its business
plan is to engage in a merger or acquisition with an unidentified company or
companies and is issuing 'penny stock' securities.
These financial statements have been prepared on the basis that the Company will
continue as a going concern. The ability of the Company to emerge from the
development stage with respect to any planned principal business activity is
dependent upon its successful efforts to raise additional equity financing and
find an appropriate merger candidate. There is no assurance that the Company
will be able to raise any equity financing or find an appropriate merger
candidate. There is substantial doubt regarding the Company's ability to
continue as a going concern. The financial statements do not include any
adjustments that could result from management's inability to obtain a suitable
business and financing.
Item 2. Management's Discussion and Analysis or Plan of Operation.
Plan of Operation
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The Company has not engaged in any material operations or had any revenues from
operations since its inception on April 5, 1999. The Company's plan of operation
for the next 12 months is to continue to seek the acquisition of assets,
properties or businesses that may benefit the Company and its stockholders.
Management anticipates that to achieve any such acquisition, the Company will
issue shares of its common stock as the sole consideration for any such
acquisition.
During the next 12 months, the Company's only foreseeable cash requirements will
relate to maintaining the Company in good standing or the payment of expenses
associated with reviewing or investigating any potential business ventures. Such
funds may be advanced by management or stockholders as loans to the Company.
Because the Company has not identified any such ventures as of the date of this
Report, it is impossible to predict the amount of any such loans or advances.
However, any such loans or advances should not exceed $25,000 and will be on
terms no less favourable to the Company than would be available from a
commercial lender in an arm's length transaction. As of the date of this Report,
the Company is not involved in any negotiations respecting any such ventures.
Results of Operations
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Other than maintaining its good corporate standing in the State of Nevada,
seeking the acquisition of assets, properties or businesses that may benefit the
Company and its stockholders, the Company has had no material business
operations since its inception in April 5, 1999, or during the three and nine
months ended January 31, 2001.
During the quarterly periods ended January 31, 2001, and 2000, the Company had
no business operations.
Liquidity
- ---------
The Company had no cash on hand at January 31, 2001. Management does not believe
that this will be sufficient to meet its anticipated expenses during the next 12
months. The Company will have to raise additional funds through sales of its
securities or through loans from stockholders or management.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None; not applicable.
Item 2. Changes in Securities.
None; not applicable.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5. Other Information.
None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
None.
DOCUMENTS INCORPORATED BY REFERENCE
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.
SIBUN RIVER GROUP, INC.
Date: February 16, 2001 By: /s/ Richard Achron
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Richard Achron, President
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
this Report has been signed below by the following persons on behalf of the
Company and in the capacities and on the dates indicated:
Date: February 16, 2001 By: /s/ Richard Achron
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Richard Achron, President
Date: February 16, 2001 By: /s/ Frank Roberts
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Frank Roberts, Director,
Treasurer and Secretary