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 September 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 September 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 September 30, 2005 (unaudited) and
December 31, 2004 .................................................3
Unaudited Condensed Statements of Operations for the three
and nine months ended September 30, 2005 and 2004, and
cumulative from inception on December 31, 1998 through
September 30, 2005 ................................................4
Unaudited Condensed Statements of Cash Flows for the
nine months ended September 30, 2005 and 2004, and cumulative
from inception on December 31, 1998 through September 30, 2005 ....5
Statement of Stockholders' equity for the period from
December 31, 1998 to September 30, 2005 (unaudited) ...............6
Notes to Financial Statements (unaudited)
Item 2. Plan of operation .................................................7
Part II Other Information
Item 1. Legal Proceedings .................................................7
Item 2. Changes in Securities .............................................7
Item 6. Item 6. Exhibits and Reports on Form 8-K ..........................7
Signatures ....................................................................8
2
CABLE NET, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEETS
September 30, December 31,
2005 2004
------------ ------------
(unaudited)
ASSETS
-------
CURRENT ASSETS $ -- $ --
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
-----------------------------------------------
CURRENT LIABILITIES
Accounts payable, Officers $ 16,512 $ 4,625
------------ ------------
Total Current Liabilities 16,512 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 (41,112) (29,225)
------------ ------------
Total Stockholders' Equity (Deficit) (16,512) (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,
1998
Three Months Ended Nine Months Ended (Inception)
September 30, September 30, to
-------------------------- -------------------------- September 30,
2005 2004 2005 2004 2005
----------- ----------- ----------- ----------- -----------
REVENUES $ -- $ -- $ -- $ -- $ --
----------- ----------- ----------- ----------- -----------
EXPENSES
General and administrative 4,286 2,791 11,887 6,509 41,112
----------- ----------- ----------- ----------- -----------
Total expenses 4,286 2,791 11,887 6,509 41,112
----------- ----------- ----------- ----------- -----------
NET (LOSS) $ (4,286) $ (2,791) $ (11,887) $ (6,509) $ (41,112)
=========== =========== =========== =========== ===========
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,
1998
Nine Months Ended (Inception)
September 30, to
-------------------- September 30,
2005 2004 2005
-------- -------- ------------------
OPERATING ACTIVITIES
Net (loss) from operations $(11,887) $ (6,509) $(41,112)
-------- -------- ------------------
NET CASH (USED BY) OPERATING ACTIVITIES (11,887) (6,509) (41,112)
-------- -------- ------------------
FINANCING ACTIVITIES
Shareholder advances 11,887 6,509 34,112
Proceeds from sale of common stock 7,000
-------- -------- ------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 11,887 6,509 41,112
-------- -------- ------------------
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 nine months (11,887) (11,887)
---------- ---------- ---------- ---------- ----------
Balances, September 30, 2005, (unaudited) 7,000,000 $ 7,000 $ 17,600 $ (41,112) $ (16,512)
========== ========== ========== ========== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
6
CABLE NET, INC.
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements (unaudited)
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 September 30, 2005 and the results of its
operations for the three and nine months ended September 30, 2005, and cash
flows for the nine months ended September 30, 2005 have been made. Operating
results for the nine months ended September 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 and Reports on Form 8-K
{a) 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
(b) Reports on Form 8-K
None
7
SIGNATURE
In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
the Registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
CABLE NET INC.
(Registrant)
By:/s/ Frank Marasco Date: November 10, 2005
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Frank Marasco
Principal Executive Officer
By:/s/ Maria Marasco Date: November 10, 2005
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Maria Marasco
Principal Financial Officer
By:/s/ Maria Marasco Date: November 10, 2005
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Maria Marasco
Principal Accounting Officer
In accordance with the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the Registrant and in the
capacities and on the dates indicated.
By:/s/ Frank Marasco Date: November 10, 2005
- -----------------------------
Frank Marasco
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 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
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the small business issuer as of, and for, the periods presented in this
report;
4. The small business issuer's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the small business issuer and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the small
business issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the
period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;
(c) Evaluated the effectiveness of the small business issuer's
disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based
on such evaluation; and
(d) Disclosed in this report any change in the small business issuer's
internal control over financial reporting that occurred during the
small business issuer's most recent fiscal quarter (the small business
issuer's fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect,
the small business issuer's internal control over financial reporting;
and
5. The small business issuer's other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the small business issuer's auditors and the audit
committee of the small business issuer's board of directors (or persons
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are
reasonably likely to adversely affect the small business issuer's
ability to record, process, summarize and report financial
information; and
(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the small business
issuer's internal control over financial reporting.
Date: November 10, 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 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
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the small business issuer as of, and for, the periods presented in this
report;
4. The small business issuer's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the small business issuer and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the small
business issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the
period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;
(c) Evaluated the effectiveness of the small business issuer's
disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based
on such evaluation; and
(d) Disclosed in this report any change in the small business issuer's
internal control over financial reporting that occurred during the
small business issuer's most recent fiscal quarter (the small business
issuer's fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect,
the small business issuer's internal control over financial reporting;
and
5. The small business issuer's other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the small business issuer's auditors and the audit
committee of the small business issuer's board of directors (or persons
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are
reasonably likely to adversely affect the small business issuer's
ability to record, process, summarize and report financial
information; and
(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the small business
issuer's internal control over financial reporting.
Date: November 10, 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 September 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: November 10, 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 September 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: November 10, 2005 Maria Marasco
Chief Financial Officer