UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended April 30, 2001
[_] Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act
of 1934
For the transition period to
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Commission File Number 0-25553
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EXPLORE TECHNOLOGIES INC.
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(Exact name of small Business Issuer as specified in its charter)
Nevada 88-0419476
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
Suite 201-1166 Alberni Street V6E 3Z3
Vancouver British Columbia
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number,including
area code: 604-681-2274
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Suite 505 - 1155 Robson Street
Vancouver, British Columbia, Canada V6E 1B5
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(Former name, former address and former fiscal year, 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 Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days [X] Yes [_] No
State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date: 15,225,000 Shares of $.001 par value
Class A Common Stock outstanding as of April 30, 2001.
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements
EXPLORE TECHNOLOGIES, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
APRIL 30, 2001
(Unaudited)
(Stated in U.S. Dollars)
EXPLORE TECHNOLOGIES, INC.
(A Development Stage Company)
BALANCE SHEETS
(Unaudited)
(Stated in U.S. Dollars)
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APRIL 30 JANUARY 31
2001 2001
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(Unaudited) (Audited)
ASSETS
Current
Cash $ 801 $ 844
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LIABILITIES
Current
Accounts payable $ 76,012 $ 75,955
Advances payable 4,104 2,000
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80,116 77,955
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SHAREHOLDERS' EQUITY (DEFICIENCY)
Share Capital
Authorized:
25,000,000 common shares, par value $0.001 per share
Issued and Outstanding:
15,225,000 common shares 15,225 15,225
Additional paid in capital 508,525 508,525
Deficit Accumulated During The Development Stage (603,065) (600,861)
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(79,315) (77,111)
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$ 801 $ 844
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See accompanying notes to the financial statements
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EXPLORE TECHNOLOGIES, INC.
(A Development Stage Company)
STATEMENTS OF LOSS AND DEFICIT
(Unaudited)
(Stated in U.S. Dollars)
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INCEPTION
DECEMBER 18
THREE MONTHS ENDED 1998 TO
APRIL 30 APRIL 30
2001 2000 2001
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Expenses
Bank charges $ 42 $ 41 $ 1,119
Interest - - 104,806
Office and sundry - - 3,967
Office facilities and services - 2,250 9,750
Professional fees 1,630 15,503 55,725
Stock transfer fees 532 1,290 13,148
Travel and promotion - 7,596 8,215
Mineral property maintenance and exploration expenditures - - 11,201
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Loss Before Other Expenses (2,204) (26,680) (207,931)
Other Expenses
Loss on terminated acquisition - - (357,634)
Contract cancellation - - (34,000)
Abandonment of mineral property - (3,500) (3,500)
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Net Loss For The Period (2,204) (30,180) $ (603,065)
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Deficit Accumulated During The Development Stage, Beginning Of
Period (600,861) (53,823)
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Deficit Accumulated During The Development Stage, End Of Period $ (603,065) $ (84,003)
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Net Loss Per Share $ (0.01) $ (0.01)
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Weighted Average Number Of Shares Outstanding 6,050,000 6,050,000
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See accompanying notes to the financial statements
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EXPLORE TECHNOLOGIES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
(Stated in U.S. Dollars)
INCEPTION
DECEMBER 18
THREE MONTHS ENDED 1998 TO
APRIL 30 APRIL 30
2001 2000 2001
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Cash Flows From Operating Activities
Net loss for the period $ (2,204) $ (30,180) $ (603,065)
Adjustments To Reconcile Net Loss To Net Cash
Used By Operating Activities
Stock issued for other than cash - - 91,750
Loss on advances - - 357,634
Abandonment of mineral property - 3,500 3,500
Change in accounts payable 57 29,974 76,012
Change in advances payable 2,104 - 4,104
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(43) (1,706) (70,065)
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Cash Flows From Investing Activities
Acquisition advances - - (357,634)
Mineral property - - (3,500)
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- - (361,134)
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Cash Flows From Financing Activities
Share capital issued - - 65,000
Convertible debt - - 367,000
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- - 432,000
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Increase (Decrease) In Cash (43) (1,706) 801
Cash, Beginning Of Period 844 9,602 -
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Cash, End Of Period $ 801 $ 7,896 $ 801
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See accompanying notes to the financial statements
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EXPLORE TECHNOLOGIES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2001
(Unaudited)
(Stated in U.S. Dollars)
1. BASIS OF PRESENTATION
The unaudited financial statements as of April 30, 2001 included herein have
been prepared without audit pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with United States generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations. In the opinion
of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. It is
suggested that these financial statements be read in conjunction with the
January 31, 2001 audited financial statements and notes thereto.
Item 2. Management's Discussion and Analysis or Plan of Operations
The Company is in the development stage and is currently attempting to acquire a
business operation that can be vended into the Company. In addition, it is
anticipated that any acquisition will be conditional upon the Company achieving
additional equity financing. There is no assurance that the Company will be
able to achieve additional sales of its common stock and the Company does not
have any arrangements in place for future equity financing. All losses
accumulated since inception has been considered as part of the Company's
development stage activities.
The Company will require additional funding in order to finance its continuing
obligations as a reporting issuer under the Securities Exchange Act of 1934.
The Company has no arrangements in place for future equity financing in order to
fund these obligations.
Liquidity and Capital Resources.
The Company's cash position at April 30, 2001 was $801. At April 30, 2001, the
Company had a working capital deficit of $79,315. The Company will require
additional funding to continue operations as its current liabilities exceed its
current assets.
The Company's primary source of funds since incorporation has been through the
issue of its common stock. The Company has not earned any revenue from
activities since incorporation. The Company does not anticipate earning
revenues until some time after the Company successfully acquires a business
operation and the Company achieves a level of sales adequate to support the
Company's cost structure.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
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None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K.
(a) None
(b) None
Signatures
In accordance with the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
EXPLORE TECHNOLOGIES Inc.
Date: June 13, 2001
By: /s/ Rod Jao
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Rod Jao
President and Director
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