UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10QSB
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended May 31, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from n/a to n/a
000-30041
Commission file number
CAMBRIDGE CREEK COMPANIES, LTD.
Exact name of small business issuer as specified in its charter
NEVADA #76-0609436
State or other jurisdiction of I.R.S. Employer
incorporation or organization Identification Number
Suite #676, 141-757 West Hastings Street,
Vancouver, British Columbia,
Canada V6C 1A1
Address of principal executive offices
(604) 681-7806
Issuer's telephone number, including area code
Suite 37 B3 1410 Parkway Blvd., Coquitlam, B.C., Canada V3E 3J7
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 Exchange Act during the past 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.
(1) Yes ( ) No (x) (2) Yes (x ) No ( )
ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PROCEEDING 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:
August 01, 2001 - 2,500,000 common shares
DOCUMENTS INCORPORATED BY REFERENCE
Form 10 SB
Transitional Small business Issuer Format Yes (x) No ( )
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets at May 31, 2001 and at February 28, 2001
Statements of Operations for the Three Months Ended May 31, 2001
Statement of Changes in Stockholders' Equity for the Three
Months Ended May 31, 2001
Statements of Cash Flows for the Three Months Ended May 31, 2001
Notes to Financial Statements
Item 2. Management's Discussion and Analysis of results of Operations and
Financial Condition
PART II - OTHER INFORMATION
SIGNATURE
Cambridge Creek Companies, Ltd.
A Development Stage Company
Balance Sheets
Unaudited-Prepared by Management
U.S. Dollars
May 31 February 28
2001 2001
- --------------------------------------------------------------------------------
ASSETS
Licenses $ - $ -
------------ ------------
Total Assets $ - $ -
------------ ------------
LIABILITIES
Current
Accounts payable and accrued liabilities $ 2,700 $ 2,700
------------ ------------
Total Liabilities 2,700 2,700
------------ ------------
STOCKHOLDERS' EQUITY
Common Stock
Authorized
25,000,000 shares of common stock with a
par value of $0.001 each
Issued and outstanding
2,500,000 shares of common stock 2,500 2,500
Additional paid in capital 155 155
Other comprehensive income - -
Deficit accumulated during the development stage (5,355) (5,355)
------------ ------------
Total Stockholders' Equity (Deficit) (2,700) (2,700)
------------ ------------
Total Liabilities and Stockholders' Equity $ - $ -
============ ============
See accompanying notes
Cambridge Creek Companies, Ltd.
A Development Stage Company
Statements of Operations
Three Months Ended May 31
Unaudited-Prepared by Management
U.S. Dollars
May 31, 2001 May 31, 2000
- --------------------------------------------------------------------------------
Revenue $ - $ -
Expenses
Professional fees - -
Value of Director's uncompensated services - -
Amortization - -
Rent, office and administration - -
License written off - -
Transfer agent's fees - -
------------ ------------
TOTAL expenses - -
Net income (loss) for period $ - $ -
------------ ------------
Net income (loss) per share $ (0.000) $ (0.000)
Weighted average number
of shares outstanding 2,500,000 2,500,000
See accompanying notes
Cambridge Creek Companies, Ltd
A Development Stage Company
Statement of Changes in Stockholders' Equity
Three Months Ended May 31, 2001
Unaudited-Prepared by Management
U.S. Dollars
Other Total
Additional Comprehensive Accumulated Stockholder
Shares Amount Paid-In Capital Income Deficit Equity
- -------------------------------------------------------------------------------------------------------------------------------
Balance
Date of incorporation
May 27, 1999 - $ - $ - $ - $ - $ -
Issuance of common
stock for organizational
expense 500,000 500 155 - - 655
Issuance of common
stock for a license 2,000,000 2,000 - - - 2,000
Note 3
Net loss for the period - - - - (3,855) (3,855)
Balance-February 28
2000 2,500,000 2,500 155 - (3,855) (3,855)
Net loss for the year - - - - (1,500) (1,500)
Balance-February 28
2001 2,500,000 2,500 155 - (5,355) (2,700)
Net loss for the period - - - - - -
Balance-May 31
2001 2,500,000 2,500 155 - (5,355) (2,700)
See accompanying notes
Cambridge Creek Companies, Ltd.
A Development Stage Company
Statements of Cash Flows
Three Months Ended May 31, 2001
Unaudited-Prepared by Management
U.S. Dollars
May 31, 2001 May 31, 2000
- --------------------------------------------------------------------------------
Operating Activities
Net income (loss) $ - $ -
Adjustments to reconcile net income (loss)
to net cash used by operating activities - -
Changes in operating assets and liabilities - -
------------ ------------
Net cash provided by (used by) operating
activities - -
Investing Activities - -
Financing Activities - -
Effect of foreign currency translation on cash - -
Inflow (outflow) of cash - -
------------ ------------
Cash, beginning of period - -
Cash, end of period $ - $ -
------------ ------------
Non Cash Financing Activities $ - $ -
------------ ------------
Supplemental information
Interest paid $ - $ -
Shares issued for services $ - $ -
Corporate income taxes paid $ - $ -
See accompanying notes
Cambridge Creek Companies, Ltd.
Notes to Financial Statements
Three Months Ended May 31, 2001
Unaudited-Prepared by Management
U.S. Dollars
1. ORGANIZATION AND BASIS OF PRESENTATION
The Company was incorporated May 27, 1999 in the State of Nevada, is a
development stage company and has had no operations other than organizational
and administrative activities. 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.
2. DEVELOPMENT STAGE COMPANY
In a development stage company, management devotes most of its activities to
investigating business opportunities. Planned principal activities have not yet
begun. 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/or attain
profitable operations. There is no guarantee that the company will be able
to raise any equity financing or any other form of financing or be able to
acquire or merge with a profitable business. There is, therefore, doubt
regarding the Company's ability to continue as a going concern.
3. LICENSES
The Company acquired a license to market and distribute a product. This license
was cancelled. As a replacement for this license, the Company was granted
rights to market and distribute vitamins, minerals, nutritional supplements and
other health and fitness products. The original license was granted to the
Company by a partnership for consideration of 2,000,000 common shares valued
at $2,000.00. These shares were paid evenly to the ten partners.
The replacement license was granted by the same partnership.
The general manager of that partnership was, at the time, the spouse of a
(former) director and officer of the Company. All costs of acquiring the
licenses have been written off.
The license referred to above was acquired on July 1, 1999 for a term of
three years. To date, no sales have occurred.
4. BASIS OF ACCOUNTING PRESENTATION
These unaudited financial statements have been prepared by management in
accordance with generally accepted accounting principles in the United States
for interim financial information, are condensed and do not include all
disclosures required for annual financial statements. The organization and
business of the Company, accounting policies followed by the Company and other
information are contained in the notes to the Company's audited financial
statements filed as part of the Company's Form 10-SB.
In the opinion of the Company's management, these financial statements reflect
all adjustments necessary to present fairly the Company's financial position at
May 31, 2001 and the results of its operations for the three months then ended.
The results of operations for the three months ended May 31, 2001 are not
necessarily indicative of the results to be expected for the entire fiscal year.
5. COMMON STOCK
During the three months ended May 31, 2001 there were no additional shares of
common stock issued.
Item 2. Management's Discussion and Analysis or Plan of Operation.
The following discussion should be read in conjunction with the accompanying
unaudited financial statements for the three months ended May 31, 2001 prepared
by management and the audited financial statements for the period from the date
of incorporation May 27, 1999 to February 28, 2000 as presented in the Company's
Form 10 SB and for the year ended February 28, 2001 as presented in the
Company's Form 10K SB.
Special Note Regarding Forward Looking Statements
Certain statements in this report and elsewhere (such as in other filings by the
Company with the Securities and Exchange Commission ("SEC"), press releases,
presentations by the Company of its management and oral statements) may
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates," and
"should," and variations of these words and similar expressions, are intended to
identify these forward-looking statements. Actual results may materially differ
from any forward-looking statements. Factors that might cause or contribute to
such differences include, among others, competitive pressures and constantly
changing technology and market acceptance of the Company's products and
services. The Company undertakes no obligation to publicly release the result
of any revisions to these forward-looking statements, which may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
The Company's Services
The Company's operations currently consist of activities in investigating
business opportunities. No planned principal activities have yet begun.
The Company is actively seeking further opportunities, either by starting up
a business, acquiring an existing business, by merging with a business or
through some other method.
Subsequent Events
There were no reportable subsequent events.
Results of Operations
Comparison of the three months ended May 31, 2001 with the comparative prior
period.
No revenue was recorded for the three months ended May 31, 2001 and no revenue
was recorded during the same period of the prior year. Net (loss) for the three
months
ended May 31, 2001 and 2000 was $nil. The Company incurred $0 in expenditures
during these periods. To date, the company has generated no revenues.
Comparison of Financial Position at May 31, 2001 with February 28, 2000
The Company's working capital position remained deteriorated at May 31, 2001
with current liabilities of $2,700 in excess of current assets of $nil. At
February 28, 2001 the Company had a working capital deficit of $2,700.
Liquidity and Capital Resources
The Company may not be successful in its efforts to raise equity financing and
/or attain profitable operations. There is doubt regarding the Company's ability
to continue as a going concern.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
No change since previous filing.
Item 2. Changes in Securities.
Options Granted Date Exercise Price Expiry Date
None
Common Stock Issued Date Consideration
None
Item 3. Defaults Upon Senior Securities.
No change since previous filing.
Item 4. Submission of Matters to a Vote of Security Holders.
No change since previous filing.
Item 5. Other Information.
No change since previous filing.
Item 6. Exhibits and Reports on form 8-K.
No change since previous filing.
SIGNATURES
In accordance with the requirements of the Exchange Act, The registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
August 30, 2001 Cambridge Creek Companies, Ltd.
(Registrant)
By: /s/ Douglas Roe
Douglas Roe
President and Director