ITEM 1. FINANCIAL STATEMENTS
CANCER CAPITAL CORP.
Condensed Financial Statements
September 30, 2020
(Unaudited)
Cancer Capital Corp.
Condensed Balance Sheets
(Unaudited)
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SEPT 30,
2020
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DEC 31,
2019
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ASSETS
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CURRENT ASSETS
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Cash
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$
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1,898
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$
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218
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Total current assets
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1,898
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218
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Total assets
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$
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1,898
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$
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218
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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CURRENT LIABILITIES
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Accounts payable – related party
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$
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10,500
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$
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6,000
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Accounts payable
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—
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1,200
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Notes payable – related party
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133,125
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126,925
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Notes payable
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85,575
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82,575
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Accrued interest – related party
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52,156
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44,289
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Accrued interest
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45,808
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40,815
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Total current liabilities
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327,164
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301,804
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Total liabilities
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327,164
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301,804
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STOCKHOLDERS' DEFICIT
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Common stock, $.001 par value; 20,000,000 shares
authorized; 6,150,000 shares issued and outstanding
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6,150
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6,150
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Additional paid-in capital
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47,050
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47,050
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Accumulated deficit
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(378,466
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)
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(354,786
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Total stockholders' deficit
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(325,266
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)
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(301,586
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
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$
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1,898
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$
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218
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The
accompanying notes are an integral part of these unaudited condensed financial statements.
Cancer Capital Corp.
Condensed Statements of Operations
(Unaudited)
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FOR THE
THREE MONTHS ENDED
SEPT 30, 2020
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FOR THE
THREE MONTHS
ENDED
SEPT 30, 2019
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FOR THE
NINE MONTHS
ENDED
SEPT 30, 2020
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FOR THE
NINE MONTHS
ENDED
SEPT 30, 2019
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Revenues
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$
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—
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$
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—
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$
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—
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$
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—
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Operating expenses
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General and administrative
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2,710
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2,710
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10,820
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10,835
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Total operating expenses
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2,710
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2,710
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10,820
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10,835
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Loss from operations before other expense
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(2,710
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(2,710
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(10,820
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(10,835
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Other income (expense) non-operating
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Interest expense – related party
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(2,663
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(2,379
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(7,867
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(6,935
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Interest expense
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(1,691
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(1,651
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(4,993
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(4,953
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Total other expense
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(4,354
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(4,030
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(12,860
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(11,888
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Loss from operations before taxes
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(7,064
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(6,740
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(23,680
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(22,723
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Taxes
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—
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—
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—
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—
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Net loss
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$
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(7,064
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$
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(6,740
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$
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(23,680
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$
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(22,723
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Net loss per share – Basic and diluted
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$
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(0.00
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$
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(0.00
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$
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(0.00
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$
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(0.00
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Weighted average shares outstanding
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6,150,000
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6,150,000
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6,150,000
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6,150,000
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The accompanying
notes are an integral part of these unaudited condensed financial statements.
Cancer Capital Corp.
Condensed Statements of Stockholders’ Deficit
For the three and nine months ended Sept 30,
2019 and 2020
(Unaudited)
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Common
Stock
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Additional
paid-in
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Accumulated
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Shares
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Amount
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capital
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deficit
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Total
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Balance – December 31, 2018
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6,150,000
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$
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6,150
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$
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47,050
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$
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(325,291
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$
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(272,091
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Net income (loss) for the quarter ended – March 31, 2019
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—
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—
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—
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(9,309
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(9,309
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Balance – March 31, 2019
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6,150,000
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$
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6,150
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$
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47,050
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$
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(334,600
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$
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(281,400
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Net income (loss) for the quarter ended – June 30, 2019
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—
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—
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—
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(6,674
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(6,674
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Balance – June 30, 2019
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6,150,000
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$
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6,150
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$
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47,050
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$
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(341,274
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$
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(288,074
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Net income (loss) for the quarter ended – September 30, 2019
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—
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—
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—
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(6,740
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(6,740
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Balance – September 30, 2019
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6,150,000
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$
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6,150
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$
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47,050
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$
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(348,014
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$
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(294,814
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Balance – December 31, 2019
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6,150,000
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$
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6,150
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$
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47,050
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$
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(354,786
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$
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(301,586
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Net income (loss) for the quarter ended – March 31, 2020
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—
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—
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—
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(9,607
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(9,607
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Balance – March 31, 2020
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6,150,000
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$
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6,150
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$
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47,050
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$
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(364,393
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$
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(311,193
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Net income (loss) for the quarter ended – June 30, 2020
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—
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—
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—
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(7,009
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(7,009
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Balance – June 30, 2020
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6,150,000
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$
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6,150
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$
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47,050
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$
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(371,402
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)
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$
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(318,202
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)
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Net income (loss) for the quarter ended – September 30, 2020
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—
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—
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—
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(7,064
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(7,064
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Balance – September 30, 2020
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6,150,000
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$
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6,150
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$
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47,050
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$
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(378,466
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)
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$
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(325,266
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)
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The accompanying
notes are an integral part of these unaudited condensed financial statements.
Cancer Capital Corp.
Condensed Statements of Cash Flows
(Unaudited)
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FOR THE
NINE MONTHS ENDED
SEPT 30,
2020
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FOR THE
NINE MONTHS ENDED
SEPT 30,
2019
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Cash Flows from Operating Activities
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Net Loss
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$
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(23,680
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)
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$
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(22,723
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)
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Adjustment to reconcile net loss to cash used by
operating activities:
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Expenses paid by related party
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4,500
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4,500
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Changes in operating assets and liabilities:
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Increase (decrease) in accounts payable
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(1,200
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)
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(1,100
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)
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Increase in accrued interest – related party
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7,867
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6,935
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Increase in accrued interest
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4,993
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4,953
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Net cash used by operating activities
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(7,520
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)
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(7,435
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)
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Cash Flows from Investing Activities
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Net cash provided by investing activities
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—
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—
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Cash Flows from Financing Activities
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Proceeds from notes payable – related party
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6,200
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7,500
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Proceeds from notes payable
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3,000
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—
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Net cash provided by financing activities
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9,200
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7,500
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Increase (decrease) in cash
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1,680
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|
65
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Cash and cash equivalents at beginning of period
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218
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168
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Cash and cash equivalents at end of period
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$
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1,898
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$
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233
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Supplemental Cash Flow Information:
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Cash paid for interest
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$
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—
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$
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—
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Cash paid for income taxes
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$
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—
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$
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—
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The accompanying
notes are an integral part of these unaudited condensed financial statements.
Cancer Capital Corp.
Notes to the Condensed Financial Statements
(Unaudited)
September 30, 2020
NOTE 1 – BASIS OF FINANCIAL STATEMENT
PRESENTATION
The accompanying unaudited condensed financial
statements have been prepared by the Company 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 generally accepted accounting
principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim
condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management,
are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information
presented are adequate to make the information not misleading, it is suggested that these interim condensed financial statements
be read in conjunction with the Company’s audited financial statements and notes thereto included in its December 31, 2019
Annual Report on Form 10-K. Operating results for the nine months ended September 30, 2020 are not necessarily indicative of the
results to be expected for year ending December 31, 2020.
NOTE 2 – GOING CONCERN
The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has incurred losses since
inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited
for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about
the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies. The COVID-19
pandemic could have an impact on our ability to obtain financing to fund our operations. The Company is unable to predict
the ultimate impact at this time.
NOTE 3 – RELATED PARTY TRANSACTIONS
During the nine months ended September 30,
2020, a shareholder invoiced the Company for consulting, administrative and professional services and out-of-pocket costs provided
or paid on behalf of the Company totaling $4,500, resulting in the Company owing the shareholder $10,500 and $6,000 at September
30, 2020 and December 31, 2019, respectively.
During the nine months ended September 30,
2020, a shareholder loaned the Company $6,200. The notes bear interest at 8% and are due on demand. Notes payable – related
party at September 30, 2020 and December 31, 2019 were $133,125 and $126,925, respectively. Accrued interest at September 30, 2020
and December 31, 2019 was $52,156 and $44,289, respectively.
NOTE 4 – NOTES PAYABLE
During the nine months ended September 30,
2020, the Company was loaned $3,000. The notes bear interest at 8% and are due on demand. Notes payable at September 30, 2020 and
December 31, 2019 were $85,575 and $82,575, respectively. Accrued interest at September 30, 2020 and December 31, 2019 was $45,808
and $40,815, respectively.
NOTE 5 – SUBSEQUENT EVENTS
The Company has evaluated subsequent events
from the balance sheet date through the date the financial statements were issued and has determined that there are no such events
that would have a material impact on the financial statements.
FORWARD LOOKING STATEMENTS
The Securities and Exchange Commission (“SEC”) encourages
companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment
decisions. This report contains these types of statements. Words such as “may,” “intend,” “expect,”
“believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable
terminology used in connection with any discussion of future operating results or financial performance identify forward-looking
statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of
this report. All forward-looking statements reflect our present expectation of future events and are subject to a number of important
factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
In this report references to “Cancer Capital,”
“the Company,” “we,” “us,” and “our” refer to Cancer Capital Corp.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Executive Overview
We have not recorded revenues since inception and we are dependent
upon financing to continue basic operations. Management intends to rely upon advances or loans from management, significant stockholders
or third parties to meet our cash requirements, but we have not entered into written agreements guaranteeing funds and, therefore,
no one is obligated to provide funds to us in the future. These factors raise substantial doubt as to our ability to continue as
a going concern. Our plan is to combine with an operating company to generate revenue. At this time management is unsure what effect
the COVID-19 pandemic will have on our search for companies to combine with.
As of the date of this report, our management has not had any discussions
with any representative of any other entity regarding a business combination with us. Any target business that is selected may
be a financially unstable company or an entity in its early stages of development or growth, including entities without established
records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially
unstable and early stage or potential emerging growth companies. In addition, we may complete a business combination with an entity
in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent
in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks. In
addition, any business combination or transaction will likely result in a significant issuance of shares and substantial dilution
to present stockholders of the Company.
We anticipate that the selection of a business opportunity will
be complex and extremely risky. Because of general economic conditions, rapid technological advances being made in some industries
and shortages of available capital, our management believes that there are numerous firms seeking the perceived benefits of becoming
a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating
or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors
in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater
flexibility in structuring acquisitions, joint ventures and the like through the issuance of securities. Potentially available
business combinations may occur in many different industries and at various stages of development, all of which will make the task
of comparative investigation and analysis of such business opportunities extremely difficult and complex.
If we obtain a business opportunity, then it may be necessary to
raise additional capital. We anticipate that we will sell our common stock to raise this additional capital. We expect that we
would issue such stock pursuant to exemptions to the registration requirements provided by federal and state securities laws. The
purchasers and manner of issuance will be determined according to our financial needs and the available exemptions to the registration
requirements of the Securities Act of 1933. We do not currently intend to make a public offering of our stock. We also note that
if we issue more shares of our common stock, then our stockholders may experience dilution in the value per share of their common
stock.
Liquidity and Capital Resources
We have not recorded revenues from operations since inception and
we have not established an ongoing source of revenue sufficient to cover our operating costs. We have relied primarily upon related
parties to provide and pay for professional and operational expenses. At September 30, 2020 we had $1,898 cash compared to $218
at December 31, 2019. At September 30, 2020, total liabilities increased to $327,164 compared to $301,804 at December 31, 2019.
This increase in total liabilities primarily represents an increase
in accrued interest for all notes payable and the increase of notes payable-related party for cash advances, consulting services
and professional services provided by or paid for by a stockholder (See “Commitments and Obligations,” below).
We intend to obtain capital from management, significant stockholders
and/or third parties to cover minimal operations; however, there is no assurance that additional funding will be available. Our
ability to continue as a going concern during the long term is dependent upon our ability to find a suitable business opportunity
and acquire or enter into a merger with such company. The type of business opportunity with which we acquire or merge will affect
our profitability for the long term.
During the next 12 months we anticipate incurring additional costs
related to the filing of Exchange Act reports. We believe we will be able to meet these costs through funds provided by management,
significant stockholders and/or third parties. We may also rely on the issuance of our common stock in lieu of cash to convert
debt or pay for expenses.
Results of Operations
We did not record revenues in either 2020 or 2019. General and administrative
expense was $10,820 for the nine months ended September 30, 2020 (“2020 nine-month period”) compared to $10,835 for
the nine months ended September 30, 2019 (“2019 nine-month period”). General and administrative expense was $2,710
for the three months ended September 30, 2020 (“2020 third quarter”) compared to $2,710 for the three months ended
September 30, 2019 (“2019 third quarter”).
Total other expense increased to $12,860 for the 2020 nine-month
period compared to $11,888 for the 2019 nine-month period. Total other expense increased to $4,354 for the 2020 third quarter compared
to $4,030 for the 2019 third quarter. Total other expense represents interest expense related to notes payable and notes payable-related
party.
Our net loss increased to $23,680 for the 2020 nine-month period
compared to $22,723 for the 2019 nine-month period and our net loss increased to $7,064 for the 2020 third quarter compared to
$6,740 for the 2019 third quarter. Management expects net losses to continue until we acquire or merge with a business opportunity.
Commitments and Obligations
At September 30, 2020, we reported notes payable totaling $85,575
with accrued interest of $45,808 and notes payable-related party totaled $133,125 with accrued interest of $52,156. All of the
notes payable are non-collateralized, carry interest at 8% and are due on demand.
During the nine months ended September 30,
2020, a shareholder invoiced the Company for consulting, administrative and professional services and out-of-pocket costs provided
or paid on behalf of the Company totaling $4,500, resulting in the Company owing the shareholder $10,500 at September 30, 2020.
During the nine months ended September 30, 2020, a third party loaned
the Company $3,000 and a shareholder loaned the Company $6,200 resulting in the Company owing that shareholder $133,125 at September
30, 2020. The notes payable bears interest at 8% and are due on demand.
As of September 30, 2020, two lenders represent
in excess of 95% of our accounts and notes payable.
Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet arrangements that
have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.
Emerging Growth Company
We qualify as an emerging growth company as that term is used in
the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). A company qualifies as an emerging growth company
if it has total annual gross revenues of less than $1.07 billion during its most recently completed fiscal year and, as of December
8, 2011, had not sold common equity securities under a registration statement. Under the JOBS Act we are permitted to, and intend
to, rely on exemptions from certain disclosure requirements
In addition, Section 107 of the JOBS Act also provides that an emerging
growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying
with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting
standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of
this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with
such new or revised accounting standards.