SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the quarterly period ended June 30, 2005.
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the transition period from ______________ to ______________
Commission file number: 000-32309
CABLE NET INC.
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(Exact name of small business issuer as specified in its charter)
NEVADA 86-1010155
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4500 Bankers Hall East
855 - 2nd Street S.W.
Calgary, Alberta T2P 4K7
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(Address of principal executive office) (Zip Code)
403- 298-3100
---------------------
(Issuer's telephone number)
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 registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
The number of outstanding shares of the issuer's common stock, $0.001 par value,
as of June 30, 2005 was 7,000,000.
1
CABLE NET, INC.
(A DEVELOPMENT STAGE COMPANY)
TABLE OF CONTENTS
Part I Financial Information
Item 1. Financial Statements:
Condensed Balance Sheets June 30, 2005(unaudited) and
December 31, 2004 .....................................................3
Unaudited Condensed Statements of Operations for the three
and six months ended June 30, 2005 and 2004, and cumulative
from inception on December 31, 1998 through June 30, 2005 .............4
Unaudited Condensed Statements of Cash Flows for the six
months ended June 30, 2005 and 2004, and cumulative from
inception on December 31, 1998 through June 30, 2005 ..................5
Statement of Stockholders' equity for the period from
December 31, 1998 to June 30, 2005 (unaudited) ........................6
Notes to Financial Statements (unaudited) .............................7
Item 2. Plan of operation
Part II Other Information
Item 1. Legal Proceedings ...................................................7
Item 2. Changes in Securities ...............................................7
Item 6. Exhibits ....................... ....................................7
Signatures ....................................................................8
2
CABLE NET, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEETS
June 30, December 31,
2005 2004
-------------- --------------
(unaudited)
ASSETS
------------
ASSETS $ -- $ --
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
---------------------------------------------
CURRENT LIABILITIES
Accounts payable, Officers $ 12,226 $ 4,625
-------------- --------------
Total Current Liabilities 12,226 4,625
-------------- --------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, par value $.001, 25,000,000
shares authorized, 7,000,000 issued and
outstanding 7,000 7,000
Paid in Capital 17,600 17,600
(Deficit) accumulated during the development stage (36,826) (29,225)
-------------- --------------
Total Stockholders' Equity (Deficit) (12,226) (4,625)
-------------- --------------
$ -- $ --
============== ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
3
CABLE NET, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Cumulative
from
December 31,
Three Months Ended Six Months Ended 1998
June 30, June 30, (Inception)
-------------------------- -------------------------- to
2005 2004 2005 2004 June 30, 2005
----------- ----------- ----------- ----------- -----------
REVENUES $ -- $ -- $ -- $ -- $ --
----------- ----------- ----------- ----------- -----------
EXPENSES
General and administrative 3,506 1,291 7,601 3,718 36,826
----------- ----------- ----------- ----------- -----------
Total expenses 3,506 1,291 7,601 3,718 36,826
----------- ----------- ----------- ----------- -----------
NET (LOSS) $ (3,506) $ (1,291) $ (7,601) $ (3,718) $ (36,826)
=========== =========== =========== =========== ===========
NET (LOSS) PER SHARE * * * *
=========== =========== =========== ===========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 7,000,000 7,000,000 7,000,000 7,000,000
=========== =========== =========== ===========
* less than $.01 per share
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
4
CABLE NET, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Cumulative
from
December 31,
Six Months Ended 1998
June 30, (Inception)
-------------------- to
2005 2004 June 30, 2005
-------- -------- -------------
OPERATING ACTIVITIES
Net (loss) from operations $ (7,601) $ (3,718) $ (36,826)
-------- -------- -------------
NET CASH (USED BY) OPERATING ACTIVITIES (7,601) (3,718) (36,826)
-------- -------- -------------
FINANCING ACTIVITIES
Shareholder advances 7,601 3,718 29,826
Proceeds from sale of common stock 7,000
-------- -------- -------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,601 3,718 36,826
-------- -------- -------------
NET INCREASE IN CASH -- -- --
CASH, BEGINNING OF PERIOD --
-------- -------- -------------
CASH, END OF PERIOD $ -- $ -- $ --
======== ======== =============
SUPPLEMENTAL INFORMATION
Officer advances contributed to capital $ 17,600
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
5
CABLE NET, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(Deficit)
Accumulated
Common Stock During the
------------------------ Paid-in Development
Shares Amount Capital Stage Total
---------- ---------- ---------- ---------- ----------
Balances, at inception -- $ -- $ -- $ -- $ --
Issuance of stock, January 12,1999
at $.001 per share 7,000,000 7,000 7,000
Net (loss) for the year (3,735) (3,735)
---------- ---------- ---------- ---------- ----------
Balances, December 31, 1999 7,000,000 7,000 -- (3,735) 3,265
Net (loss) for the year (4,485) (4,485)
---------- ---------- ---------- ---------- ----------
Balances, December 31, 2000 7,000,000 7,000 -- (8,220) (1,220)
Net (loss) for the year (4,185) (4,185)
---------- ---------- ---------- ---------- ----------
Balances, December 31, 2001 7,000,000 7,000 -- (12,405) (5,405)
Net (loss) for the year (4,335) (4,335)
---------- ---------- ---------- ---------- ----------
Balances, December 31, 2002 7,000,000 7,000 -- (16,740) (9,740)
Net (loss) for the year (4,358) (4,358)
---------- ---------- ---------- ---------- ----------
Balances, December 31, 2003 7,000,000 7,000 -- (21,098) (14,098)
Paid in capital 17,600 17,600
Net (loss) for the year (8,127) (8,127)
---------- ---------- ---------- ---------- ----------
Balances, December 31, 2004 7,000,000 7,000 17,600 (29,225) (4,625)
(unaudited)
Net (loss) for six months (7,601) (7,601)
---------- ---------- ---------- ---------- ----------
Balances, June 30, 2005, (unaudited) 7,000,000 $ 7,000 $ 17,600 $ (36,826) $ (12,226)
========== ========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements
6
Note 1. BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited condensed financial
statements have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form
10-QSB. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation of the
Company's financial position as of June 30, 2005 and the results of its
operations for the three and six months ended June 30, 2005, and cash flows for
the six months ended June 30, 2005 have been made. Operating results for the six
months ended June 30, 2005 are not necessarily indicative of the results that
may be expected for the year ended December 31, 2005.
These condensed financial statements should be read in conjunction with the
financial statements and notes thereto contained in the Company's Form 10-KSB
for the year ended December 31, 2004.
ITEM 2. PLAN OF OPERATION
For the near term, the Company continues to seek merger and/or acquisition
candidates. It has had no operations since inception and is financially
dependent on its shareholders, who have financed its existence to date.
Management of the Company believes that its shareholders will continue to
provide the finances the Company requires, without the need to raise additional
capital.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 6. Exhibits
31.1 Certificate of CEO as Required by Rule 13a-14(a)/15d-14
31.2 Certificate of CFO as Required by Rule 13a-14(a)/15d-14
32.1 Certificate of CEO as Required by Rule Rule 13a-14(b) and Rule
15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of
Title 18 of the United States Code
32.2 Certificate of CFO as Required by Rule Rule 13a-14(b) and Rule
15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of
Title 18 of the United States Code
7
SIGNATURE
In accordance with Section 12 of the Securities Exchange Act of 1934, the
registrant caused this registration statement to be signed on its behalf by the
undersigned, thereto duly authorized.
CABLE NET INC.
(Registrant)
Date: September 20, 2005
By:/s/Frank Marasco
- ----------------------------
Frank Marasco
President and Director
8
EXHIBIT 31.1
CERTIFICATION
I, Frank Marasco, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of CABLE NET INC.;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly
report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Date: September 20, 2005
/s/ Frank Marasco
- ------------------------
By: Frank Marasco, CEO
9
EXHIBIT 31.2
CERTIFICATION
I, Maria Marasco, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of CABLE NET INC.;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly
report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Date: September 20, 2005
/s/ Maria Marasco
- -------------------------
By: Maria Marasco, CFO
10
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of CABLE NET INC. (the "Company") on
Form 10-QSB for the period ended June 30, 2005 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Frank Marasco, Chief
Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
The Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and
The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.
/s/ Frank Marasco
---------------------------
Date: September 20, 2005 Frank Marasco
Chief Executive Officer
11
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of CABLE NET INC. (the "Company") on
Form 10-QSB for the period ended June 30, 2005 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Maria Marasco, Chief
Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
The Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and
The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.
/s/ Maria Marasco
--------------------------
Date: September 20, 2005 Maria Marasco
Chief Financial Officer
11