InterAmerican Gaming, Inc. – ‘10SB12G’ on 9/28/00

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Registration of Securities of a Small-Business Issuer   —   Form 10-SB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10SB12G     Registration of Securities of a Small-Business        41    147K 
                          Issuer                                                 

Document Table of Contents

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U.S. SECURITIES AND EXCHANGE COMMISSION   
Washington, D.C.  20549 

FORM 10-SB

General Form for Registration of Securities   
of Small Business Issuers 
Under Section 12(b) or (g) of 
 the Securities Exchange Act of 1934

 LMC CAPITAL CORP.
 -----------------
 (Name of Small Business Issuer)

Nevada                                      88-0436364    
                                           -------------------------------------
(State or Other Jurisdiction of            I.R.S. Employer Identification Number
Incorporation or Organization)                                                  

 c/o Resident Agents of Nevada
    Suite 4-711 S. Carson, Carson City, Nevada 89701
--------------------------------------------------------------------------------
   (Address of Principal Executive Offices including Zip Code)

(775) 882-4641
--------------------------
(Issuer's Telephone Number) 

Securities to be Registered Under Section 12(b) of the Act:       None          

Securities to be Registered Under Section 12(g) of the Act: Common Stock, No Par
                                                           Value
                                                        (Title of Class)

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Page 2                                                                          

TABLE OF CONTENTS 

PART I
------

ITEM 1.     BUSINESS                                                           4
     History and Organization                                                  4
     Proposed Business                                                         4
     Risk Factors                                                              5

ITEM 2.     PLAN OF OPERATION                                                 11
     General Business Plan                                                    14
     Structure of Acquisition                                                 15
     No Dividend                                                              15
     Employees                                                                15
     Competition                                                              15
     Liquidity and Capital Resources                                          16

ITEM 3.     DESCRIPTION OF PROPERTY                                           17

ITEM 4.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL                            
            OWNERS AND MANAGEMENT                                             17

ITEM 5.     DIRECTORS, EXECUTIVE OFFICERS, PROMOTER                             
            AND CONTROL PERSONS                                               18

ITEM 6.     EXECUTIVE COMPENSATION                                            19

ITEM 7.     CERTAIN RELATIONSHIPS AND RELATED                                   
            TRANSACTIONS                                                      19

ITEM 8.     DESCRIPTION OF SECURITIES                                         19

 PART II
 -------

ITEM 1.     MARKET PRICE FOR COMMON EQUITY AND                                  
            RELATED STOCKHOLDER MATTERS                                       20

ITEM 2.     LEGAL PROCEEDINGS                                                 21

ITEM 3.     CHANGES IN AND DISAGREEMENTS WITH                                   
            ACCOUNTANTS AND FINANCIAL DISCLOSURE                              21

ITEM 4.     RECENT SALES OF UNREGISTERED SECURITIES                           21

ITEM 5.     INDEMNIFICATION OF DIRECTORS AND OFFICERS                         21

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Page 3                                                                          

  PART F/S
  --------

FINANCIAL STATEMENTS                                                          23

PART III
--------

ITEMS 1& 2 INDEX TO AND DESCRIPTION OF EXHIBITS                                 

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Page 4                                                                          

PART I

ITEM 1.   DESCRIPTION OF BUSINESS.                                              

HISTORY AND ORGANIZATION

     LMC Capital Corp. (the "Company") was organized under the laws of the State
of Nevada on September 2, 1999 under the name LMC Capital Corp.  On September 2,
1999 the Company increased its authorized capital to 100,000 common shares at no
par value per share from its original authorized capital of 25,000 common shares
at no par value.                                                                

   The Company was organized for the purpose of creating a corporate vehicle
to locate and acquire an operating business entity which management believes is 
a suitable acquisition candidate (a "target company").  The Company will not    
restrict its search to any specific business, industry or geographical location.

The Company does not currently engage in any business activities that 
provide any cash flow.  The costs of identifying, investigating, and analyzing  
business combinations will be paid with money in the Company's treasury or      
loaned to the Company by management.                                            

   Although the Company was under no obligation to do so, it has voluntarily
filed this registration statement because it believes that it can better        
facilitate its business goals if it were a "reporting issuer" under the         
Securities Exchange Act of 1934 (the "Exchange Act").                           

PROPOSED BUSINESS 

    The Company will seek to locate and acquire a target company which, in the
opinion of the Company's management (sometimes referred to as the "Management"),
offers long term growth potential.  The Company will not restrict its search to 
any specific business, industry or geographical location.  The Company may seek 
to acquire a target company which has just commenced operations, or which works 
to avail itself of the benefits of being a "reporting issuer" in order to       
facilitate capital formation to expand into new products or markets.            

  There are certain perceived benefits to being a reporting company with a
class of publicly-traded securities.  These are commonly thought to include the 
following:                                                                      

*     the ability to use registered securities to make acquisitions of assets or
businesses;                                                         
*     increased visibility in the financial community;                          
*     the facilitation of borrowing from financial institutions;                
*     improved trading efficiency;                                              
*     shareholder liquidity;                                                    
*     greater ease in subsequently raising capital;                             
*     compensation of key employees through stock options;                      

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*     enhanced corporate image;                                                 
*     a presence in the United States capital market.                           

     A target company, if any, which may be interested in a business combination
with the Company may include the following:                                     

*     a company for which a primary purpose of becoming public is the use of its
securities for the acquisition of assets or businesses;             
*     a company which is unable to find an underwriter of its securities or is  
  unable to find an underwriter of securities on terms acceptable to it;
*     a company which wishes to become public with less dilution of its common  
stock than would occur upon an underwriting;                        
*     a company which believes that it will be able obtain investment capital on
more favorable terms after it has become public;                    
*     a foreign company which may wish an initial entry into the United States  
securities market;                                                  
*     a special situation company, such as a company seeking a public market to 
   satisfy redemption requirements under a qualified Employee Stock Option
Plan;                                                               
*     a company seeking one or more of the other perceived benefits of becoming 
a public company.                                                   

There is no assurance that the Company will be able to effect an      
acquisition of a target company.  In addition, at this time, no specifics as to 
an acquisition or as to the nature of the target company can be provided.       

    RISK FACTORS

   The Company's business is subject to numerous risk factors, including the
following:                                                            

1.   Anticipated Change in Control and Management.   Upon the successful        
    completion of the acquisition of a target company, the Company anticipates
   that it will have to issue to the target company or its shareholders some
  authorized but unissued common stock which, when issued, will comprise a
majority of the Company's then issued and outstanding shares of common
 stock.  Therefore, the Company anticipates that upon the closing of the
   acquisition of a target company, the Company will no longer be controlled
by the current shareholders.  In addition, existing management and    
directors may resign.  The Company cannot give any assurance that the 
 experience or qualifications of new management, as it relates to either
     the operation of the Company's activities or the operation of the business,
assets or property being acquired, will be adequate for such purposes.

2.   Conflict of Interest - Management's Fiduciary Duties.  A conflict of       
interest may arise between management's personal financial benefit and
management's fiduciary duty to shareholders.                          

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The Company's directors and three officers are or may become officers,
directors, controlling shareholders and/or partners of other entities 
    engaged in a variety of businesses.  Messers Philip Cassis, William Little
and Christopher Farber are engaged in other business activities.      
    Accordingly, the amount of time they will devote to the Company's business
will vary.  There exist potential conflicts of interest including     
    allocation of time between the Company and its management's other business
interests.                                                            

3.   Experience of Management; Consultants.   Although Management has general   
business experience, it has limited experience in effecting business  
  combinations and may not have any significant experience in acquiring or
operating certain business interests that the company might choose to 
   acquire.  Management does not have, nor does it presently intend to enter
 into, any contracts or agreements with any consultants or advisors with
    respect to possible business activities.  Consequently, Management has not
    established the criteria that will be used to hire independent consultants
regarding their experience, the services to be provided, the term of  
   service, etc., and no assurance can be made that the Company will be able
to obtain such assistance on acceptable terms.                        

4.   Potential Future Rule 144 Sales.   Of the 100,000 shares of the Company's  
    Common Stock authorized, there are presently issued and outstanding 45,000
     shares; of which all 45,000 shares are "restricted securities" as that term
    is defined under the Securities Act of 1933 (the "Securities Act"), and in
    the future may be sold in compliance with Rule 144 of the Act, or pursuant
 to a Registration Statement filed under the Act.  Rule 144 provides, in
     essence, that a person holding restricted securities for a period of 1 year
may sell those securities in unsolicited brokerage transactions of in 
     transactions with a market maker, in an amount equal to 1% of the Company's
outstanding common stock every 3 months.  Rule 144 also permits, under
certain circumstances, the sale of shares by a person who is not an   
affiliate of the Company and who has satisfied a two (2) year holding 
  period without any quantity limitation, whether or not there is adequate
     current public information available.  Investors should be aware that sales
 under Rule 144, or pursuant to a registration statement filed under the
 Securities Act, may have a depressive effect on the market price of the
Company's common stock in any market that may develop for such shares.

5.   Possible Issuance of Additional Shares.   The Company's Certificate of     
  Amendment of its Certificate of Incorporation authorizes the issuance of
   100,000 shares of common stock.  The Company's Board of Directors has the
  power to issue any or all of such unissued but authorized shares without
stockholder approval for such consideration as it deems.  Management  
   presently anticipates that it may choose to issue a substantial amount of
the Company's shares in connection with the acquisition of a target   
business.  Furthermore, the Company may engage in a share split or may
    further increase its authorized capital in connection with the acquisition
of a target business.                                                 

6.   Risks of Leverage.   There are currently no limitations relating to the    
Company's ability to borrow funds to increase the amount of capital   
   available to it to effect a business combination or otherwise finance the
operations of any acquired business.  The amount and nature of any    
  borrowings by the Company will depend on numerous factors, including the

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 Company's capital requirements, the Company's perceived ability to meet
     debt services on any such borrowings, and then-prevailing conditions in the
financial, if required or otherwise sought, will be available on terms
deemed to be commercially acceptable and in the best interest of the  
Company's inability to borrow funds required to effect or facilitate a
 business combination, or to provide funds for an additional infusion of
  capital into an acquired business, may have a material adverse affect on
the Company's financial condition and future prospects.               

 Additionally, to the extent that debt financing ultimately proves to be
available, any borrowings may subject the Company to various risks    
traditionally associated with incurring of indebtedness, including:   

 *  if the Company's operating revenues after the acquisition were to be
      insufficient to pay debt service, there would be a risk of default and
foreclosure on the Company's assets.                            

  *  if a loan agreement containing covenants is breached without a waiver
     or renegotiation of the terms of that covenant, then the lender could
    have the right to accelerate the payment of the indebtedness even if
  the Company has made all principal and interest payments when due.

 *  if the interest rate on a loan fluctuated or the loan was payable on
     demand, the Company would bear the risk of variations in the interest
rate or demand for payment.                                     

*  if the terms of a loan did not provide for amortization prior to   
    maturity of the full amount borrowed and the "balloon" payment could
       not be refinanced at maturity on acceptable terms, the Company might be
required to seek additional financing and, to the extent that   
       additional financing is not available on acceptable terms, to liquidate
the Company's assets.                                           

7.   Possible Need for Additional Financing.   The Company cannot ascertain     
  with any degree of certainty the capital requirements for any particular
acquired business inasmuch as the Company has not yet identified any  
acquisition candidates.  If the target company requires additional    
  financing, such additional financing (which, among other forms, could be
derived from the public or private offering of securities or from the 
acquisition of debt through conventional bank financing), may not be  
available due to, among other things, the target company not having   
sufficient:                                                           

*  credit  or operating history;                                      
*  income stream;                                                     
*  profit level;                                                      
*  asset base eligible to be collateralized; or                       
*  market for its securities.                                         

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 Since no specific business has been targeted for acquisition, it is not
     possible to predict the specific reasons why conventional private or public
financing or conventional bank financing might not become available.  
Although there are no agreements between the Company and any of its   
     officers and/or directors pursuant to which the Company may borrow and such
   officers and/or directors are obligated to lend the Company monies, there
  are no restrictions on the Company's right to borrow money from officers
    and directors.  No stockholder approval is required in connection with any
such loan.                                                            

8.   Penny Stock Rules.    Under Rule 15g-9, a broker or dealer may not sell a  
     "penny stock" (as defined in Rule 3a51-1) to effect the purchase of a penny
stock by any person unless:                                           

(1)  such sale or purchase is exempt from Rule 15g-9; or              

 (2)  prior to the transaction the broker or dealer has (a) approved the
       person's account for transaction in penny stocks in accordance with
          Rule 15g-9 and (b) received from the person a written agreement to the
          transaction setting forth the identity and quantity of the penny stock
to be purchased.                                            

     The United States Securities and Exchange Commission (the "Commission") has
  adopted regulations that generally define a penny stock to be any equity
security other than a security excluded from such definition by Rule  
3a51-1.  Such exemptions include, but are not limited to (a) an equity
   security issued by an issuer that has (i) net tangible assets of at least
   $2,000,000, if such issuer has been in continuous operations for at least
three years; (ii) net tangible assets of at least $5,000,000, if such 
issuer has been in continuous operation for less than three years; or 
     (iii) average revenue of at least $6,000,000 for the preceding three years;
   (b) except for purposes of Section 7(b) of the Exchange Act and Rule 419,
    any security that has a price of $5.00 or more; (c) and a security that is
authorized or approved for authorization upon notice of issuance for  
quotation on the National Association of Securities ("NASD") Dealers  
Automated Quotation System ("NASDAQ").                                

It is likely that the Company's common stock will be subject to the   
 regulations on penny stocks; consequently, the market liquidity for the
Company's common stock may be adversely affected by such regulations. 
This, in turn, may affect shareholder's ability to sell their shares  
following the completion of an acquisition.                           

There is no current trading market for the Company's common stock (the
     "Shares") and there can be no assurance that a trading market will develop,
   or, if such a trading market does develop that it will be sustained.  The
  Shares, to the extent that a market develops for the Shares at all, will
   likely appear in what is customarily known as the "pink sheets" or on the
 NASD over-the-counter Bulletin Board (the "OTCBB"), which may limit the
marketability and liquidity of the Shares.                            

     To date, neither the Company nor anyone acting on behalf of the Company has
  taken any affirmative steps to request or encourage any broker/dealer to
    act as a market maker for the Company's common stock.  The Company has had

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 no discussions or understandings with any "market makers" regarding the
 participation of any such market maker in the future trading market, if
     any, in the Company's common stock.  Management expects that discussions in
  this area will ultimately be initiated by the management in office after
completion of the acquisition of a target company, if ever or at all. 

9.   Risks Associated with Operations in Foreign Countries.   The Company's     
business plan is to seek to acquire a target company.  Management's   
     discretion is unrestricted, and the Company may participate in any business
whatsoever that may in the opinion of Management meet the Company's   
     business objectives.  The Company may acquire a business outside the United
States.  The Company has not limited the scope of its search to a     
particular region or country.  Accordingly, if the Company acquires a 
 business located, or operating in a foreign jurisdiction, the Company's
operations may be adversely affected to the extent of the existence of
unstable economic, social and/or political conditions in such foreign 
regions and countries.                                                

10.  No Operating History or Revenue and Minimal Assets.   The Company has had  
 no operating history nor any revenues or earnings from operations.  The
Company has no significant assets or financial resources.  The Company
   will, in all likelihood, sustain operating expenses without corresponding
    revenues, at least until the consummation of a business combination.  This
may result in the Company incurring a net operating loss which will   
increase continuously until the Company can consummate a business     
    combination with a target company.  There is no assurance that the Company
can identify such a target company and consummate such a business     
combination.                                                          

11.  Speculative Nature of the Company's Proposed Operations.   The success of  
   the Company's proposed plan of operation will depend to a great extent on
     the operations, financial condition and management of the identified target
   company.  While present management will prefer business combinations with
    entities having established operating histories, there can be no assurance
 that the Company will be successful in locating businesses meeting such
  criteria.  In the event the Company completes a business combination, of
  which there can be no assurance, the success of the Company's operations
    will be dependent upon management of the target company and numerous other
factors beyond the Company's control.                                 

12.  Scarcity of and Competition for Business Opportunities and Combinations.   
    The Company is and will continue to be an insignificant participant in the
    business of seeking mergers with and acquisitions of business entities.  A
   large number of established and well-financed entities, including venture
  capital firms, are active in mergers and acquisitions of companies which
    may be merger or acquisition target candidates for the Company. Nearly all
 such entities have significantly greater financial resources, technical
   expertise and managerial capabilities than the Company and, consequently,
   the Company will be at a competitive disadvantage in identifying possible
    business opportunities and successfully completing a business combination.
  Moreover, the Company will also compete with numerous other small public
companies in seeking merger or acquisition candidates.                

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13.  No Agreement for Acquisition of a Target Company Combination.  The Company 
has no current arrangement, agreement or understanding with respect to
 engaging in a merger with or acquisition of a specific business entity.
There can be no assurance that the Company will be successful in      
identifying and evaluating suitable business opportunities or in      
concluding a business combination.  Management has not identified any 
    particular industry or specific business within an industry for evaluation
 by the Company.  There is no assurance that the Company will be able to
  negotiate a business combination on terms favorable to the Company.  The
 Company has not established a specific length of operating history or a
   specified level of earnings, assets, net worth or other criteria which it
will require a target company to have achieved, or without which the  
Company would not consider a business combination with such business  
 entity.  Accordingly, the Company may enter into a business combination
 with a business entity having no significant operating history, losses,
  limited or no potential for immediate earnings, limited assets, negative
net worth or other negative characteristics.                          

14.  Reporting Requirements May Delay or Preclude Acquisition.   Section 13 of  
     the Securities Exchange Act of 1934 (the "Exchange Act") requires companies
subject thereto to provide certain information about significant      
acquisitions including certified financial statements for the company 
   acquired covering one or two years, depending on the relative size of the
  acquisition.  The time and additional costs that may be incurred by some
 target companies to prepare such financial statements may significantly
delay or essentially preclude consummation of an otherwise desirable  
     acquisition by the Company.  Acquisition prospects that do not have, or are
  unable to obtain, the required audited statements may not be appropriate
   for acquisition so long as the reporting requirements of the Exchange Act
are applicable.                                                       

15.  Lack of Market Research or Marketing Organization.   The Company has       
  neither conducted, nor have others made available to it, market research
indicating that demand exists for the transactions contemplated by the
  Company.  Even in the event demand exists for a merger or acquisition of
 the type contemplated by the Company, there is no assurance the Company
will be successful in completing any such business combination.       

16.  Lack of Diversification.  The Company's proposed operations, even if       
successful, will in all likelihood result in the Company engaging in a
business combination with only one business entity.  Consequently, the
  Company's activities will be limited to those engaged in by the business
    entity which the Company merges with or acquires.  The Company's inability
    to diversify its activities into a number of areas may subject the Company
to economic fluctuations within a particular business or industry and 
therefore increase the risks associated with the Company's operations.

17.  Regulation under Investment Company Act.  Although the Company will be     
subject to regulation under the Exchange Act, management believes the 
    Company will not be subject to regulation under the Investment Company Act
of 1940, insofar as the Company will not be engaged in the business of
  investing or trading in securities.  In the event the Company engages in
business combinations which result in the Company holding passive     
    investment interests in a number of entities, the Company could be subject
     to regulation under the Investment Company Act of 1940.  In such event, the
     Company would be required to register as an investment company and could be
expected to incur significant registration and compliance costs.  The 
Company has obtained no formal determination from the Securities and  
  Exchange Commission as to the status of the Company under the Investment
Company Act of 1940 and, consequently, any violation of such Act could
subject the Company to material adverse consequences.                 

18.  Probable Change In Control and Management.  A business combination         
involving the issuance of the Company's common stock will, in all     
likelihood, result in shareholders of a target company obtaining a    
 controlling interest in the Company.  Any such business combination may
     require shareholders of the Company to sell or transfer all or a portion of
   the Company's common stock held by them.  The resulting change in control
  of the Company will likely result in removal of the present officers and
  directors of the Company and a corresponding reduction in or elimination
of their participation in the future affairs of the Company.          

19.  Taxation.  Federal and state tax consequences will, in all likelihood, be  
     major considerations in any business combination the Company may undertake.
    Currently, such transactions may be structured so as to result in tax-free
treatment to both companies, pursuant to various federal and state tax
   provisions.  The Company intends to structure any business combination so
   as to minimize the federal and state tax consequences to both the Company
    and the target company and their respective holders; however, there can be
no assurance that such business combination will meet the statutory   
   requirements of a tax-free reorganization or that the parties will obtain
     the intended tax-free treatment upon a transfer of stock or assets.  A non-
  qualifying reorganization could result in the imposition of both federal
 and state taxes which may have an adverse effect on both parties to the
transaction and their shareholders.                                   

ITEM 2.   MANAGEMENT'S DISCUSSION, ANALYSIS OR PLAN OF OPERATION                

   GENERAL BUSINESS PLAN

  The Company's purpose is to seek, investigate and, if such investigation
warrants, acquire a target company which desires to seek the perceived          
advantages of a corporation which has a class of securities registered under the
Exchange Act.                                                                   

   Management anticipates seeking out a target company through solicitation.
Such solicitation may include newspaper or magazine advertisements, mailings and
other distributions to law firms, accounting firms, investment bankers,         
financial advisors and similar persons, the use of one or more World Wide Web   
sites and similar methods.  No estimate can be made as to the number of persons 
who will be contacted or solicited.  Management may engage in such solicitation 
directly or may employ one or more other entities to conduct or assist in such  
solicitation.  Management and its affiliates pay referral fees to consultants   
and others who refer target businesses for mergers into public companies in     

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which management and its affiliates have an interest.  Payments are made if a   
business combination occurs, and may consist of cash or a portion of the stock  
in the Company retained by management and its affiliates, or both.              

The Company will not restrict its search to any specific business,    
industry, or geographical location and the Company may participate in a business
venture of virtually any kind or nature.  Management anticipates that it will be
able to participate in only one potential business venture because the Company  
has nominal assets and limited financial resources.  Please refer to "ITEM F/S. 
FINANCIAL STATEMENTS."   This lack of diversification should be considered a    
substantial risk to the shareholders of the Company because it will not permit  
the Company to offset potential losses from one venture against gains from      
another.                                                                        

The Company may seek a business opportunity with entities which have  
recently commenced operations, or which wish to utilize the public marketplace  
in order to raise additional capital in order to expand into new products or    
markets, to develop a new product or service, or for other corporate purposes.  
The Company may acquire assets and establish wholly-owned subsidiaries in       
various businesses or acquire existing businesses as subsidiaries.              

 The Company anticipates that the selection of a business opportunity in
which to participate will be complex and extremely risky.  Management believes  
(but has not conducted any research to confirm) that there are business entities
seeking the perceived benefits of a publicly registered corporation.  Such      
perceived benefits may include facilitating or improving the terms on which     
additional equity financing may be sought, providing liquidity for incentive    
stock options or similar benefits to key employees, increasing the opportunity  
to use securities for acquisitions, providing liquidity for shareholders and    
other factors.  Business opportunities may be available 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        
difficult and complex.                                                          

     The Company has, and may continue to have, no capital with which to provide
the owners of business entities with any cash or other assets.                  

    The analysis of new business opportunities will be undertaken by, or under
the supervision of, the officers and directors of the Company and in some cases,
shareholders of the Company whose background makes them capable of assessing    
such business opportunities, these persons are not professional business        
analysts.  In analyzing prospective business opportunities, management may      
consider such matters as the available technical, financial and managerial      
resources; working capital and other financial requirements; history of         
operations, if any; prospects for the future; nature of present and expected    
competition; the quality and experience of management services which may be     
available and the depth of that management; the potential for further research, 
development, or exploration; specific risk factors not now foreseeable but which
then may be anticipated to impact the proposed activities of the Company; the   
potential for growth or expansion; the potential for profit; the perceived      
public recognition or acceptance of products, services, or trades; name         
identification; and other relevant factors.                                     

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    This discussion of the proposed criteria is not meant to be restrictive of
the Company's virtually unlimited discretion to search for and enter into       
potential business opportunities.                                               

   The Exchange Act requires that any merger or acquisition candidate comply
with certain reporting requirements, which include providing audited financial  
statements to be included in the reporting filings made under the Exchange Act. 
The Company will not acquire or merge with any company for which audited        
financial statements cannot be obtained at or within a reasonable period of time
after closing of the proposed transaction.                                      

  The Company may enter into a business combination with a business entity
that desires to establish a public trading market for its shares.  A target     
company may attempt to avoid what it deems to be adverse consequences of        
undertaking its own public offering by seeking a business combination with the  
Company.  Such consequences may include, but are not limited to, time delays of 
the registration process, significant expenses to be incurred in such an        
offering, loss of voting control to public shareholders or the inability to     
obtain an underwriter or to obtain an underwriter on satisfactory terms.        

    The Company will not restrict its search for any specific kind of business
entities, but may acquire a venture which is in its preliminary or development  
stage, which is already in operation, or in essentially any stage of its        
business life.  It is impossible to predict at this time the status of any      
business in which the Company may become engaged, in that such business may need
to seek additional capital, may desire to have its shares publicly traded, or   
may seek other perceived advantages which the Company may offer.                

    Management of the Company, which in all likelihood will not be experienced
in matters relating to the business of a target company, will rely upon its own 
efforts in accomplishing the business purposes of the Company.  Outside         
consultants or advisors may be utilized by the Company to assist in the search  
for qualified target companies.  If the Company does retain such an outside     
consultant or advisor, any cash fee earned by such person will need to be       
assumed by the target company, as the Company has limited cash assets with which
to pay such obligation.  No such consultant or advisor has been retained.       

    Following a business combination the Company may benefit from the services
of others in regard to accounting, legal services, underwriting and corporate   
public relations.  If requested by a target company, management may recommend   
one or more underwriters, financial advisors, accountants, public relations     
firms or other consultants to provide such services.                            

A potential target company may have an agreement with a consultant or 
advisor providing that services of the consultant or advisor be continued after 
any business combination.  Additionally, a target company may be presented to   
the Company only on the condition that the services of a consultant or advisor  
be continued after a merger or acquisition.  Such preexisting agreements of     
target companies for the continuation of the services of attorneys, accountants,
advisors or consultants could be a factor in the selection of a target company. 

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Page 14                                                                         

STRUCTURE OF ACQUISITION  

In implementing a structure for a particular business acquisition, the
Company may become a party to a merger, consolidation, reorganization, joint    
venture, or licensing agreement with a target company.  It may also acquire     
stock or assets of a target company.  Upon consummation of an acquisition, it is
likely that the present management and shareholders of the Company will no      
longer be in control of the Company.  In addition, it is likely that the        
Company's officers and director will, as part of the terms of the acquisition   
transaction, resign and be replaced by one or more new officers and directors.  

 It is anticipated that any securities issued in any such reorganization
would be issued in reliance upon exemption from registration under applicable   
federal and state securities laws.  In some circumstances, however, as a        
negotiated element of its transaction, the Company may agree to register all or 
a part of such securities immediately after the transaction is consummated or at
specified times thereafter.  If such registration occurs, of which there can be 
no assurance, it will be undertaken by the surviving entity after the Company   
has entered into an agreement for a business combination or has consummated a   
business combination and the Company is no longer considered a blank check      
company.  The issuance of additional securities and their potential sale into   
any trading market which may develop in the Company's securities may depress the
market value of the Company's securities in the future if such a market         
develops, of which there is no assurance.                                       

 While the terms of a business transaction to which the Company may be a
party cannot be predicted, it is expected that the parties to the business      
transaction will desire to avoid the creation of a taxable event and thereby    
structure the acquisition in a "tax-free" reorganization under Sections 351 or  
368 of the Internal Revenue Code of 1986, as amended (the "Code").              

With respect to any merger or acquisition negotiations with a target  
company, management expects to focus on the percentage of the Company which     
target company shareholders would acquire in exchange for their shareholdings in
the target company.  Depending upon, among other things, the target company's   
assets and liabilities, the Company's shareholders will in all likelihood hold a
substantially lesser percentage ownership interest in the Company following any 
merger with or acquisition of a target company.  The percentage of ownership may
be subject to significant reduction in the event the Company acquires a target  
company with substantial assets.  Any merger or acquisition effected by the     
Company can be expected to have a significant dilutive effect on the percentage 
of shares held by the Company's shareholders at such time.                      

The Company will participate in a business opportunity only after the 
negotiation and execution of appropriate agreements.  Although the terms of such
agreements cannot be predicted, generally such agreements will require certain  
representations and warranties of the parties thereto, will specify certain     
events of default, will detail the terms of closing and the conditions which    
must be satisfied by the parties prior to and after such closing and will       
include miscellaneous other terms.                                              

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Page 15                                                                         

    The Company will not acquire or merge with any entity which cannot provide
audited financial statements at or within a reasonable period of time after     
closing of the proposed transaction. The Company is subject to all of the       
reporting requirements included in the Exchange Act.  Included in these         
requirements is the duty of the Company to file audited financial statements as 
part of or within 60 days following its Form 8-K to be filed with the Securities
and Exchange Commission upon consummation of a merger or acquisition, as well as
the Company's audited financial statements included in its annual report on Form
10-K (or 10-KSB, as applicable).  If such audited financial statements are not  
available at closing, or within time parameters necessary to insure the         
Company's compliance with the requirements of the Exchange Act, or if the       
audited financial statements provided do not conform to the representations made
by the target company, the closing documents may provide that the proposed      
transaction will be voidable at the discretion of the present management of the 
Company.                                                                        

NO DIVIDENDS  

  The Company has not paid any dividends on its common stock; nor does the
Company intend to declare and pay dividends prior to the consummation of an     
acquisition.  The payment of dividends after any acquisition will be within the 
discretion of the Company's then Board of Directors.                            

EMPLOYEES   

     The Company presently has no employees.  The Company has three officers and
three directors.  Mr. Philip Cassis is the President and a Director of the      
Company, Mr. Christopher Farber is the Secretary and a Director of the Company  
and Mr. William Little is the Treasurer and a Director of the Company.  Messrs. 
Cassis, Little and Farber are all engaged in other business activities, and the 
amount of time they will both devote to the Company's business will vary.   Upon
completion of the public offering, it is anticipated that management will devote
such time to the Company's affairs each month as may be necessary to carry on   
the Company's business plans.                                                   

COMPETITION 

    The Company will remain an insignificant participant among the firms which
engage in the acquisition of business opportunities.  There are many established
venture capital and financial concerns which have significantly greater         
financial and personnel resources and technical expertise than the Company.  In 
view of the Company's combined extremely limited financial resources and limited
management availability, the Company will continue to be at a significant       
competitive disadvantage compared to the Company's competitors.                 

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Page 16                                                                         

   LIQUIDITY AND CAPITAL RESOURCES

    The Company has limited working capital and a deficit.  The ability of the
Company to continue as a going concern is dependent upon its ability to obtain  
adequate financing to reach profitably levels of operation.  It is not possible 
to predict whether financing efforts will be successful or if the Company will  
attain profitable levels of operations.                                         
.                                                                             

ITEM 3.  DESCRIPTION OF PROPERTY                                                

     The Company has no properties and at this time has no agreements to acquire
any properties.  In addition to its Nevada address, the Company's mailing       
address, is 2002-1111 Beach Avenue, Vancouver, B.C., Canada.  See "Item 4.      
Security Ownership of Certain Beneficial Owners and Management."                

ITEM 4.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.        

   The following table sets forth each person known by the Company to be the
beneficial owner of five percent or more of the Company's Common Stock, all     
directors individually and all directors and officers of the Company as a group.
Unless otherwise noted, each person has sole voting and investment power with   
respect to the shares shown.                                                    

================================================================================
NAME AND ADDRESS OF            SHARES OF           ATTRIBUTED        APPROXIMATE
BENEFICIAL OWNER             COMMON STOCK          BENEFICIAL         PERCENTAGE
                          BENEFICIALLY          OWNERSHIP            OWNED
OWNED         
--------------------------------------------------------------------------------

Philip Cassis                     5,000               N/A               11.11%  
#2-59 Walnut Street                                                             
St. Thomas, Ontario N5R 2Y7                                                     
--------------------------------------------------------------------------------

William J. Little                 5,000               N/A               11.11%  
5588 Willow Street                                                              
Vancouver, BC V5Z 3S4                                                           
--------------------------------------------------------------------------------

Christopher D. Farber             5,000               N/A               11.11%  
2002-1111 Beach Avenue                                                          
Vancouver, BC V6E 1T9                                                           
--------------------------------------------------------------------------------

Officers and Directors as a                                                     
Group (3 people)                 15,000               N/A               33.33%  
================================================================================

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Page 17                                                                         

ITEM 5.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS.          

  Set forth below is the name of each of the directors and officers of the
Company, all positions and offices with the Company held, the period during     
which such person has never served as such, and the business experience during  
at least the last five years:                                                   

Name                   Age       Positions and Offices Held           
----                   ---       --------------------------           

  Philip Cassis            58       President and Director (since inception)

  Christopher D. Farber    33       Secretary and Director (since inception)

  William J. Little        58       Treasurer and Director (since inception)

    There are no agreements or understandings for the officers or directors to
resign at the request of another person and the above-named officers and        
directors are not acting on behalf of nor will act at the direction of any other
person.                                                                         

 Mr. Philip Cassis - Mr. Cassis has served as an Officer and Director of
publicly traded Canadian companies, as well as assisting several companies to   
gain listing status on the Canadian Venture Exchange, as well as assisting      
companies in securing financing capital.  His sales and marketing experience has
not only been on an independent level, but also with national Canadian companies
such as The Bay, Zellers, Eatons, Home Hardware and Canadian Tire.  Mr. Cassis  
has accumulated broad experience in managing public companies.                  

Mr. Chris Farber - For the previous five years, Chris Farber has been 
employed as a lawyer.  He is presently an associate counsel at Heenan Blaikie, a
firm with offices in all major Canadian cities, Los Angeles and New York.  He   
restricts his practice to securities law and provides legal services to a number
of publicly traded companies in the US and Canada.  Mr. Farber has a bachelor's 
degree in economics from University of Victoria.  He also has a bachelor's of   
law degree (LLB) from the University of Toronto and a Master's degree in        
Business Administration from the University of Toronto.                         

    Mr. William J. Little - Since taking early retirement in 1996 as a partner
from BDO Dunwoody, an international firm of Chartered Accountants, Bill Little  
has provided financial, administrative and management consulting services to    
public companies.  He has held various positions, including Treasurer and       
Director.  Mr. Little has a Bachelor of Commerce and Business Administration    
from the University of British Columbia in Vancouver, British Columbia.  He has 
been a Chartered Accountant since 1967.  During his 22 years with the chartered 
accounting firm he was primarily involved in the firm's corporate restructuring,
recovery and insolvency division.  Prior to joining BDO Dunwoody, for 7 years   
Mr. Little was controller and treasurer of public and private companies engaged 
in a variety of businesses.                                                     

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Page 18                                                                         

Conflicts of Interest.                                                          

The Company's officers and directors may organize other companies of a
similar nature and with a similar purpose as the Company.  Consequently, there  
are potential inherent conflicts of interest in acting as an officer and        
director of the Company.  Insofar as the officers and the sole director are     
engaged in other business activities, he will devote only a minor amount of time
to the Company's affairs.  The Company does not have a right of first refusal   
pertaining to opportunities that come to management's attention insofar as such 
opportunities may relate to the Company's proposed business operations.         

 A conflict may arise in the event that another blank check and/or blind
pool company (a "blind pool company") with which management is affiliated is    
formed and actively seeks a target company.  It is anticipated that target      
companies will be located for the Company and other blind pool companies in     
chronological order of the date of formation of such blind pool companies or by 
lot.  However, any blank check companies that may be formed may differ from the 
Company in certain items such as place of incorporation, number of shares and   
shareholders, working capital, types of authorized securities, or other items.  
It may be that a target company may be more suitable for or may prefer a certain
blind pool company formed after the Company.  In such case, a business          
combination might be negotiated on behalf of the more suitable or preferred     
blind pool company regardless of date of formation or choice by lot.  The       
directors will be responsible for seeking, evaluating, negotiating and          
consummating a business combination with a target company which may result in   
terms providing benefits to the directors.                                      

      The Company may agree to pay finder's fees, as appropriate and allowed, to
unaffiliated persons who may bring a target company to the Company where that   
reference results in a business combination.  No finder's fee of any kind will  
be paid by the Company to management or promoters of the Company or to their    
affiliates.  No loans of any type have, or will be, made by the Company to      
management or promoters of the Company or to any of their associates or         
affiliates.                                                                     

Management has not adopted policies involving possible conflicts of   
interest.                                                                       

There are no binding guidelines or procedures for resolving potential 
conflicts of interest.  Failure by Management to resolve conflicts of interest  
in favor of the Company could result in liability of Management to the Company. 
However, any attempt by shareholders to enforce a liability of Management to the
Company would most likely be prohibitively expensive and time consuming.        

Investment Company Act of 1940.                                                 

     Although the Company will be subject to regulation under the Securities Act
of 1933 (the "Securities Act") and the Exchange Act, management believes the    
Company will not be subject to regulation under the Investment Company Act of   
1940 insofar as the Company will not be engaged in the business of investing or 
trading in securities.  In the event the Company engages in business            
combinations which result in the Company holding passive investment interests in
a number of entities the Company could be subject to regulation under the       

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Page 19                                                                         

Investment Company Act of 1940.  In such event, the Company would be required to
register as an investment company and could be expected to incur significant    
registration and compliance costs.  The Company has not obtained a formal       
determination from the Commission as to the status of the Company under the     
Investment Company Act of 1940.  Any violation of such Investment Company Act   
would subject the Company to material adverse consequences.                     

ITEM 6.  EXECUTIVE COMPENSATION.                                                

  The Company's officers and directors do not receive any compensation for
their services rendered to the Company, have not received such compensation in  
the past, and are not accruing any compensation pursuant to any agreement with  
the Company.                                                                    

    No retirement, pension, profit sharing, stock option or insurance programs
or other similar programs have been adopted by the Company for the benefit of   
its employees.                                                                  

ITEM 7. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.                         

     The Company has no properties and at this time no agreements to acquire any
properties.  In addition to its Nevada address, the Company is presently using  
an office at 2002-1111 Beach Avenue, Vancouver, B.C. Canada, at no cost to the  
Company save for expenses incurred on behalf of the Company. Such arrangement is
expected to continue until completion of the acquisition of a target company.   

ITEM 8.  DESCRIPTION OF SECURITIES.                                             

     The Company is currently authorized to issue one hundred thousand (100,000)
shares of common stock at no par value per share of which 45,000 shares were    
issued and outstanding as of the date of this Registration Statement.  Each     
outstanding share of common stock entitles the holder to one vote, either in    
person or by proxy, on all matters that may be voted upon by the owners thereof 
at meetings of the stockholders.                                                

   The holders of common stock (i) have equal rights to dividends from funds
legally available therefor, when, as and if declared by the Board of Directors  
of the Company; (ii) are entitled to share ratably in all of the assets of the  
Company available for distribution to holders of common stock upon liquidation, 
dissolution or winding up of the affairs of the Company; (iii) do not have      
preemptive, subscription or conversion rights, and (iv) are entitled to one     
non-cumulative vote per share on all matters on which stockholders may vote at  
all meetings of stockholders.                                                   

Reports to Stockholders.                                                        

The Company intends to furnish its stockholders with annual reports   
containing audited financial statements as soon as practicable after the end of 
each fiscal year.  The Company's fiscal year ends on August 31 of each year.  In

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Page 20                                                                         

addition, the Company intends to issue unaudited interim reports and financial  
statements on a quarterly basis.                                                

Dividends.                                                                      

The Company has not declared any dividends since inception, and has no
present intention of paying any cash dividends on its common stock in the       
foreseeable future.  The payment by the Company of dividends, if any, in the    
future, rests within the discretion of its Board of Directors and will depend,  
among other things, upon its earnings, capital requirements and financial       
condition, as well as other relevant factors.                                   

 PART II

ITEM 1.  MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.        

  There is no trading market for the Company's Common Stock at present and
there has been no trading market to date.  There is no assurance that a trading 
market will ever develop or, if such a market does develop, that it will        
continue.                                                                       

The National Securities Market Improvement Act of 1996 limited the    
authority of states to impose restrictions upon sales of securities made        
pursuant to Sections 4(1) and 4(3) of the Securities Act of 1933, as amended    
(the "Securities Act") and of companies which file reports under Sections 13 or 
15(d) of the Securities Exchange Act.  The Company intends to file such reports.
As a result, sales of the Company's common stock in the secondary trading market
by the holders thereof may be made pursuant to Section 4(1) of the Securities   
Act (sales other than by an issuer, underwriter or broker).                     

The Securities and Exchange Commission has adopted Rule 15g-9 which   
establishes the definition of a "penny stock," for purposes relevant to the     
Company, as any equity security that has a market price of less than $5.00 per  
share or with an exercise price of less than $5.00 per share, subject to certain
exceptions.  For any transaction involving a penny stock, unless exempt, the    
rules require: (i) that a broker or dealer approve a person's account for       
transactions in penny stocks and (ii) the broker or dealer receive from the     
investor a written agreement to the transaction, setting forth the identity and 
quantity of the penny stock to be purchased.  In order to approve a person's    
account for transactions in penny stocks, the broker or dealer must (i) obtain  
financial information and investment experience and objectives of the person;   
and (ii) make a reasonable determination that the transactions in penny stocks  
are suitable for that person and that person has sufficient knowledge and       
experience in financial matters to be capable of evaluating the risks of        
transactions in penny stocks.  The broker or dealer must also deliver, prior to 
any transaction in a penny stock, a disclosure schedule prepared by the         
Commission relating to the penny stock market, which, in highlight form, (i)    
sets forth the basis on which the broker or dealer made the suitability         
determination and (ii) that the broker or dealer received a signed, written     
agreement from the investor prior to the transaction.  Disclosure also has to be
made about the risks of investing in penny stocks in both public offerings and  
in secondary trading, and about commissions payable to both the broker-dealer   

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Page 21                                                                         

and the registered representative, current quotations for the securities and the
rights and remedies available to an investor in cases of fraud in penny stock   
transactions.  Finally, monthly statements have to be sent disclosing recent    
price information for the penny stock held in the account and information on the
limited market in penny stocks.                                                 

If, after a merger or acquisition, the Company does not meet the      
qualifications for listing on the Nasdaq Stock Market Inc.'s SmallCap Market    
("NASDAQ_SCM"), the Company's securities may be traded on the OTCBB.  The OTCBB 
market differs from national and regional stock exchanges in that it (1) is not 
sited in a single location but operates through communication of bids, offers   
and confirmations between broker-dealers and (2) securities admitted to         
quotation are offered by one or more broker-dealers rather than the "specialist"
common to stock exchanges.  The Company may seek to have its securities quoted  
on the OTCBB or may offer its securities in what are commonly referred to as the
"pink sheets" of the National Quotation Bureau, Inc.                            

   In order to qualify for listing on the NASDAQ-SCM, a company must have at
least (i) net tangible assets of $4,000,000 or market capitalization of         
$50,000,000 or net income for two of the last three years of $750,000; (ii)     
public float of 1,000,000 shares with a market value of $5,000,000; (iii) a bid 
price of $4.00; (iv) three market makers; (v) 300 shareholders and (vi) an      
operating history of one year or, if less than one year, $50,000,000 in market  
capitalization.  For continued listing on the Nasdaq SmallCap Market, a company 
must have at least (i) net tangible assets of $2,000,000 or market              
capitalization of $35,000,000 or net income for two of the last three years of  
$500,000; (ii) a public float of 500,000 shares with a market value of          
$1,000,000; (iii) a bid price of $1.00; (iv) two market makers; and (v) 300     
shareholders.                                                                   

If the Company is unable initially to satisfy the requirements for    
quotation on the NASDAQ-SCM or becomes unable to satisfy the requirements for   
continued quotation thereon, and trading, if any, is conducted in the OTCBB, a  
shareholder may find it more difficult to dispose of, or to obtain accurate     
quotations as to the market value of, the Company's securities.                 

ITEM 2.  LEGAL PROCEEDINGS.                                                     

 There is no litigation pending or threatened by or against the Company.

ITEM 3.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND        
FINANCIAL DISCLOSURE.                                                           

   The Company has not changed accountants since its formation and there are
no disagreements with the findings of its accountants.                          

ITEM 4.  RECENT SALES OF UNREGISTERED SECURITIES.                               

Other than to its founding shareholders, the Company has not sold any           
securities.                                                                     

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Page 22                                                                         

ITEM 5.     INDEMNIFICATION OF DIRECTORS AND OFFICERS.                          

   Nevada Revised Statutes Chapter 78, Private Corporations, section 78.140,
provides that a Nevada corporation has the power, under specified circumstances,
to indemnify its directors, officers, employees and agents, against judgements, 
penalties, fines, settlements, and reasonable expenses incurred in any action,  
suit or proceeding: but if the person is found liable to the company or is found
liable on the basis that personal benefit was improperly received by the person,
the indemnification is limited to reasonable expenses actually incurred by the  
person and shall not be made in respect of any proceeding in which the person   
shall have been found liable for willful or intentional misconduct in the       
performance of his duty to the company.  The Articles of the Company may        
restrict the circumstances under which a company is required or permitted to    
indemnify a person.                                                             

     INSOFAR AS INDEMNIFICATION FOR LIABILITIES ARISING UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, MAY BE PERMITTED TO DIRECTORS, OFFICERS OR PERSONS         
CONTROLLING THE COMPANY PURSUANT TO THE FOREGOING PROVISIONS, IT IS THE OPINION 
OF THE SECURITIES AND EXCHANGE COMMISSION THAT SUCH INDEMNIFICATION IS AGAINST  
PUBLIC POLICY AS EXPRESSED IN THE ACT AND IS THEREFORE UNENFORCEABLE.           

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Page 23                                                                         

  PART F/S

  FINANCIAL STATEMENTS

 Index

                                                                            Page
                                                                            ----

Auditors Report dated September 21, 2000                                      21

Audited Balance Sheets as of December 31, 1999 and June 30, 2000.             22

Audited Statement of Loss for the four month period ending                      
December 31, 1999 and the six month period ending June 30, 2000               23

Audited Statement of Cash Flow for the four month period ending                 
December 31, 1999 and the six month period ending June 30, 2000               24

Statement of Shareholder Equity (Deficit) for the four month                    
period ending December 31, 1999 and the six month period ending                 
June 30, 2000                                                                 25

Notes to Financial Statements                                                 26

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               LABONTE & CO.                      1205 - 1095 West Pender Street
-----------------------------------------                                       
C H A R T E R E D   A C C O U N T A N T S         Vancouver, BC  Canada         
-----------------------------------------                                       
                           V6E 2M6
                                                Telephone     (604) 682-2778
                                                Facsimile     (604) 689-2778
                                                  Email  labonte@intergate.bc.ca

September 21, 2000                                                              

U.S. Securities and Exchange Commission                                         
Division of Corporate Finance                                                   
450 Fifth Street, N.W.                                                          
Washington, D.C. 20549                                                          

Re: LMC Capital Corp. - Form 10 - SB                                            

Dear Sir/Madame:                                                                

We hereby consent to the incorporation by reference or inclusion in this Form 10
- SB Registration Statement of our auditors' report dated August 23, 2000 for   
the period from September 2, 1999 (inception) to December 31, 1999 and the six  
months ended June 30, 2000 and to all references to our firm included in this   
Registration Statement.                                                         

Sincerely,                                                                      

/s/ LaBonte & Co.                                                               
--------------------------------------                                          
LaBonte & Co.                                                                   

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Page F-1                                                                        

LMC CAPITAL CORP.   
(A Development Stage Company)   

FINANCIAL STATEMENTS    

DECEMBER 31, 1999 AND JUNE 30, 2000   

AUDITORS' REPORT                                                                

BALANCE SHEETS                                                                  

STATEMENTS OF OPERATIONS                                                        

STATEMENT OF STOCKHOLDERS' EQUITY                                               

STATEMENTS OF CASH FLOWS                                                        

NOTES TO FINANCIAL STATEMENTS                                                   

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Page F-2                                                                        

               LABONTE & CO.                      1205 - 1095 West Pender Street
-----------------------------------------                                       
C H A R T E R E D   A C C O U N T A N T S         Vancouver, BC  Canada         
-----------------------------------------                                       
                           V6E 2M6
                                                Telephone     (604) 682-2778
                                                Facsimile     (604) 689-2778
                                                  Email  labonte@intergate.bc.ca

AUDITORS' REPORT
----------------

To the Board of Directors of LMC Capital Corp.                                  

We have audited the balance sheets of LMC Capital Corp. (A Development Stage    
Company) as at December 31, 1999 and June 30, 2000 and the statements of        
operations, changes in stockholders' equity and cash flows for the period from  
September 2, 1999 (inception) to December 31, 1999 and the six months ended June
30, 2000. These financial statements are the responsibility of the Company's    
management. Our responsibility is to express an opinion on these financial      
statements based on our audits.                                                 

We conducted our audits in accordance with generally accepted auditing          
standards. Those standards require that we plan and perform an audit to obtain  
reasonable assurance whether the financial statements are free of material      
misstatement. An audit includes examining, on a test basis, evidence supporting 
the amounts and disclosures in the financial statements. An audit also includes 
assessing the accounting principles used and significant estimates made by      
management, as well as evaluating the overall financial statement presentation. 

In our opinion, these financial statements present fairly, in all material      
respects, the financial position of the Company as at December 31, 1999 and June
30, 2000 and the results of its operations and the changes in stockholders'     
equity and cash flows for the period from September 2, 1999 (inception) to      
December 31, 1999 and the six months ended June 30, 2000 in accordance with     
generally accepted accounting principles in the United States.                  

                                                   /s/ LaBonte & Co.

                                                       CHARTERED ACCOUNTANTS

August 23, 2000                                                                 
Vancouver, B.C.                                                                 

COMMENTS BY AUDITORS FOR U.S. READERS ON CANADA-UNITED STATES REPORTING         
-----------------------------------------------------------------------         
DIFFERENCES                                                                     
-----------                                                                     

In the United States, reporting standards for auditors' would require the       
addition of an explanatory paragraph following the opinion paragraph when the   
financial statements are affected by a significant uncertainty such as referred 
to in Note 1 regarding the Company's ability to continue as a going concern.    
Our report to the directors dated August 23, 2000 is expressed in accordance    
with Canadian reporting standards which do not permit a reference to such       
uncertainties in the auditors' report when the uncertainties are adequately     
disclosed in the financial statements.                                          

                                                   /s/ LaBonte & Co.

                                                       CHARTERED ACCOUNTANTS

August 23, 2000                                                                 
Vancouver, B.C.                                                                 

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Page F-3                                                                        

LMC CAPITAL CORP.     
(A Development Stage Company)       

BALANCE SHEETS        

                                               December 31, 1999   June 30, 2000
================================================================================

ASSETS                                    

CURRENT ASSETS                                                                  
   Cash                                              $      328     $      245
================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY                              

CURRENT LIABILITIES                                                             
   Accounts payable                                  $     -        $      195
   Due to related parties (Note 3)                        1,108          1,123
--------------------------------------------------------------------------------
                                                          1,108          1,318
--------------------------------------------------------------------------------

CONTINGENCIES (Note 1)                                                          

STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)                                       
Capital stock                                                             
Common stock, no par value, 100,000 shares                            
      authorized 45,000 issued and outstanding               45             45
   Deficit accumulated during development stage             (825)        (1,118)
--------------------------------------------------------------------------------
                                                            (780)        (1,073)
--------------------------------------------------------------------------------
                                                     $      328     $      245
================================================================================

 The accompanying notes are an integral part of these financial statements

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Page F-4                                                                        

LMC CAPITAL CORP.     
(A Development Stage Company)       

STATEMENTS OF OPERATIONS      

                         September 2, 1999                     September 2, 1999
                        (inception) to    Six Months Ended  (inception) to
                       December 31, 1999    June 30, 2000      June 30, 2000
================================================================================

GENERAL AND                                                                     
ADMINISTRATIVE                                                                  
EXPENSES                                                                        
 Office and general         $       55          $       83          $      138
 Professional fees                 770                 210                 980
--------------------------------------------------------------------------------

NET LOSS FOR THE                                                                
PERIOD                       $      825          $      293          $    1,118 
================================================================================

BASIC NET LOSS                                                                  
PER SHARE                    $     0.02          $     0.01                     
===========================================================                     

WEIGHTED AVERAGE                                                                
COMMON SHARES                                                                   
OUTSTANDING                      45,000              45,000                     
===========================================================                     

The accompanying notes are an integral part of these financial statements   

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Page F-5                                                                        

LMC CAPITAL CORP.     
(A Development Stage Company)       

STATEMENT OF STOCKHOLDERS' EQUITY       

FOR THE PERIOD FROM SEPTEMBER 2, 1999 (INCEPTION) TO JUNE 30, 2000        

                                         Deficit
                Common Stock               Accumulated
                                          During
          Number of                        Development
                          Shares         Amount             Stage          Total

Common stock issued                                                             
for cash September                                                            
2, 1999                  45,000        $      45         $    -       $     45

Net loss for the                                                                
period September                                                              
2, 1999 (inception)                                                           
 to December 31, 1999        -               -                 (825)       (825)
--------------------------------------------------------------------------------

Balance, December                                                               
 31, 1999                  45,000              45              (825)       (780)

Net loss for the                                                                
Six Months Ended                                                              
 June 30, 2000               -               -                 (293)       (293)
--------------------------------------------------------------------------------

Balance, June 30,                                                               
 2000                      45,000       $      45         $  (1,118)   $ (1,073)
================================================================================

The accompanying notes are an integral part of these financial statements   

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Page F-6                                                                        

LMC CAPITAL CORP.     
(A Development Stage Company)       

STATEMENTS OF CASH FLOWS      

                         September 2, 1999                     September 2, 1999
                        (inception) to    Six Months Ended  (inception) to
                       December 31, 1999    June 30, 2000      June 30, 2000
================================================================================

CASH FLOWS FROM                                                                 
OPERATING ACTIVITIES                                                            
Net loss for the                                                            
   period                    $     (825)         $     (293)         $   (1,118)
Adjustments to                                                              
reconcile net loss                                                        
to net cash from                                                          
operating activities:                                                     
  - accounts payable              -                    195                 195
--------------------------------------------------------------------------------
NET CASH USED IN                                                                
OPERATING ACTIVITIES               (825)                (98)               (923)
--------------------------------------------------------------------------------

CASH FLOWS FROM                                                                 
FINANCING ACTIVITIES                                                            
Proceeds on sale of                                                         
   common stock                     45                -                     45
Advances from                                                               
   related parties               1,108                  15               1,123
--------------------------------------------------------------------------------
NET CASH FLOWS FROM                                                             
FINANCING ACTIVITIES              1,153                  15               1,168 
--------------------------------------------------------------------------------

INCREASE (DECREASE)                                                             
 IN CASH                           328                 (83)                245

CASH, BEGINNING OF                                                              
PERIOD                           -                    328                -  
--------------------------------------------------------------------------------

CASH, END OF PERIOD          $      328          $      245          $      245 
================================================================================

The accompanying notes are an integral part of these financial statements   

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Page F-7                                                                        

LMC CAPITAL CORP.     
(A Development Stage Company)       

NOTES TO FINANCIAL STATEMENTS     
DECEMBER 31, 1999 AND JUNE 30, 2000   
================================================================================

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION                         
--------------------------------------------------------------------------------

The Company was incorporated on September 2, 1999 in the State of Nevada. To    
date the Company has had no business operations and was organized for the       
purpose of creating a corporate vehicle to locate and acquire an operating      
business. The ability of the Company to continue as a going concern is          
dependent on raising capital to acquire a business venture.                     

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                             
--------------------------------------------------------------------------------

Use of Estimates and Assumptions                                                
Preparation of the Company's financial statements in conformity with generally  
accepted accounting principles requires management to make estimates and        
assumptions that affect certain reported amounts and disclosures. Accordingly,  
actual results could differ from those estimates.                               

Foreign Currency Translation                                                    
The financial statements are presented in United States dollars. In accordance  
with Statement of Financial Accounting Standards No. 52, "Foreign Currency      
Translation", foreign denominated monetary assets and liabilities are translated
to their United States dollar equivalents using foreign exchange rates which    
prevailed at the balance sheet date. Revenue and expenses are translated at     
average rates of exchange during the year. Related translation adjustments are  
reported as a separate component of stockholders' equity, whereas gains or      
losses resulting from foreign currency transactions are included in results of  
operations.                                                                     

Fair Value of Financial Instruments                                             
In accordance with the requirements of SFAS No. 107, the Company has determined 
of the estimated fair value of financial instruments using available market     
information and appropriate valuation methodologies. The fair value of          
financial instruments classified as current assets or liabilities including cash
and cash equivalents and accounts payable approximate carrying value due to the 
short-term maturity of the instruments.                                         

Net Loss per Common Share                                                       
Basic earnings per share includes no dilution and is computed by dividing income
available to common stockholders by the weighted average number of common shares
outstanding for the period. Dilutive earnings per share reflects the potential  
dilution of securities that could share in the earnings of the Company. Because 
the Company does not have any potentially dilutive securities, the accompanying 
presentation is only of basic loss per share.                                   

NOTE 3 - RELATED PARTY TRANSACTIONS                                             
--------------------------------------------------------------------------------

Certain directors have provided cash loans totalling $1,123 at June 30, 2000.   
Amounts due from related parties are non-interest bearing and have no specific  
terms of repayment.                                                             

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  PART III
  --------

ITEMS 1 & 2 INDEX TO AND DESCRIPTION OF EXHIBITS                                
------------------------------------------------                                

Exhibit                                                                         
-------                                                                         

(1)     Certificate of Incorporation                                            
---     ----------------------------                                            

(2)     Certificate of Amendment to the Certificate of Incorporation            
---     ------------------------------------------------------------            

(3)     Articles                                                                
---     --------                                                                

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Exhibit 1                                                                       

SECRETARY OF STATE  

C/S 
[GRAPHIC OMITTED] 

CORPORATE CHARTER 

I, DEAN HELLER, the duly elected and qualified Nevada Secretary of State, do    
hereby certify that LMC CAPITAL CORP. did on September 2, 1999, file in this    
office the original Articles of Incorporation; that said Articles are now on    
file and of record in the office of the Secretary of State of Nevada, and       
further, that said Articles contain all the provisions required by the law of   
said State of Nevada.                                                           

                         IN WITNESS WHEREOF, I have hereunto set my hand
                            and affixed the Great Seal of State, at my office,
                       in Carson City, Nevada, on September 3, 1999.

C/S                          /s/ Dean Heller                                    

Secretary of State    

By   /s/ Marianne Lockyer       

Certification Clerk   

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Exhibit 2                                                                       

   CERTIFICATE OF AMENDMENT OF ARTICLES OF INCORPORATION
  (Before Payment of Capital of Issuance of Stock)
                                                                       Filed by:

PHILIP CASSIS and CHRISTOPHER D. FARBER certify that:                           

1.   They constitute at least two-thirds of the original directors of LMC       
Capital Corp., a Nevada Corporation.                                  

2.   The original Articles were filed in the Office of the Secretary of State   
on September 2, 1999.                                                 

3.   As of the date of this certificate, no stock of the corporation has been   
issued.                                                               

4.   They hereby adopt the following amendments to the articles of              
incorporation of this corporation:                                    

Article four is amended to read as follows:                           

       Section 4.01 Number and Class. The amount of the total authorized
    capital stock of this corporation is One Hundred Thousand (100,000) shares
with a par value of zero ("0") designated as Common Stock.  The Common
   Stock may be issued from time to time without action by the stockholders.
    The Common Stock may be issued for such consideration as may be fixed from
time to time by the Board of Directors.                               

     The Board of Directors may issue such shares of common stock in one or more
  series, with such voting powers, designations, preferences and rights or
   qualifications, limitations or restrictions thereof as shall be stated in
the resolution or resolutions adopted by them.                        

Dated this 2nd day of September, 1999.                                          

/s/ Philip Cassis                                                               
PHILIP CASSIS                                                                   

/s/ Christopher D. Farber                                                       
CHRISTOPHER D. FARBER                                                           

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Exhibit 3                                                                       

FILED #C21818-99                                                                
----------                                                          
SEP 0 2 1999            ARTICLES OF INCORPORATION                   
in the office of                   of                                 
/s/ Dean Heller             LMC Capital Corp.                       
DEAN HELLER SECRETARY OF STATE   A Nevada Corporation                           

I, the undersigned, being the original incorporator herein named, for the 
purpose of forming a corporation under and pursuant to Chapter 78 of the Nevada 
Revised Statutes the general corporation laws of the State of Nevada, to do     
business both within and without the State of Nevada, do make and file these    
Articles of Incorporation hereby declaring and certifying that the facts herein 
stated are true:                                                                

   ARTICLE I
  NAME

The name of the corporation is: LMC Capital Corp.                               

  ARTICLE II
PRINCIPAL OFFICE

 Section 2.01 Resident Agent. The name and address of its resident agent for
--------------                                  
service process is Resident Agents of Nevada, Inc. 711 S. Carson Suite 4 Carson 
City, Nevada 89701                                                              

Section 2.02 Other Offices. The corporation may also maintain offices for 
the transaction of any business at such other places within or without the State
of Nevada as it may from time to time determine. Corporate business of every    
kind and nature may be conducted, and meetings of directors and shareholders    
held outside the State of Nevada with the same effect as if in the State of     
Nevada.                                                                         

   ARTICLE III
   PURPOSE

The corporation is organized for the purpose of engaging in any lawful    
activity, within or without the State of Nevada.                                

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Page 2                                                                          

  ARTICLE IV
 SHARES OF STOCK

Section 4.01 Number and Class.  The amount of the total authorized capital
----------------                                
stock of this corporation is Twenty Five Thousand (25,000) shares with a par    
value of zero ("0") designated as Common Stock. The Common Stock may be issued  
from time to time without action by the stockholders. The Common Stock may be   
issued for such consideration as may be fixed from time to time by the Board of 
Directors.                                                                      
 The Board of Directors may issue such shares of common stock in one of more
series, with such voting powers, designations, preferences and rights or        
qualifications, limitations or restrictions thereof as shall be stated in the   
resolution or resolutions adopted by them.                                      
Section 4.02 No Preemptive Rights.  Holders of the Common Stock of the    
--------------------                            
corporation shall not have any preference, preemptive right, or right of        
subscription to acquire any shares of the corporation authorized, issued or     
sold, or to be authorized, issued or sold, or to any obligations or shares      
authorized or issued or to be authorized or issued, and convertible into shares 
of the corporation, nor to any right of subscription thereto, other than the    
extent if any, the Board of Directors in its discretion, may determine from time
to time.                                                                        
Section 4.03 Assessment of Shares.  The Common Stock of the corporation,  
--------------------                            
after the amount of the subscription price has been paid, in money, property or 
services, as the directors shall determine, shall not be subject to assessment  
to pay the debts of the corporation, nor for any other purpose, and no stock    
issued as fully paid shall ever be assessable or assessed, and the Articles of  
Incorporation shall not be amended in this particular.                          

   ARTICLE V
   DIRECTORS

Section 5.01 Governing Board.  The members of the board of the corporation
---------------                                 
shall be styled directors.                                                      

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Page 3                                                                          

Section 5.02 Initial Board of Directors.  The Board of Directors shall    
--------------------------                      
consist of at least one (1) but no more than five (5) members. The name(s) and  
address(s) of the initial members of the Board of Directors are as follows:     

NAME                     ADDRESS              
----                     -------              
    Dwight Alan Teegardin of 711 S. Carson Suite 4 Carson City, Nevada 89701

These individuals shall serve as Directors until the first annual meeting of the
shareholders or until the successors shall have been elected and qualified.     

  Section 5.03 Change in the Number of Directors.  The number of directors may
---------------------------------               
be increased or decreased by duly adopted amendment to the Bylaws of the        
corporation.                                                                    

    ARTICLE VI
   INCORPORATORS

The name and address of the sole incorporator is Patricia A. Bozin 711 S.       
Carson, Carson City, Nevada 89701                                               

   ARTICLE VII
    PERIOD OF DURATION

This corporation is to have A PERPETUAL existence.                              

    ARTICLE VIII
    DIRECTORS, AND OFFICERS' LIABILITY

A director or officer of the corporation shall not be personally liable to
this corporation or its stockholders for damages for breach of fiduciary duty as
a director or officer, but the article shall not eliminate or limit the         
liability of a director or officer for (1) acts or omissions which involve      
intentional misconduct, fraud or a knowing violation of law or (ii) the unlawful
payment of dividends. Any repeal or modification of this Article by the         
stockholders of the corporation shall be prospective only, and shall not        

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Page 4                                                                          

adversely affect any limitation on the personal liability of a director or      
officer of the corporation for acts and omissions prior to such repeal or       
modification.                                                                   

    ARTICLE IX
   INDEMNITY

Every person who was or is a party to, or is threatened to be made a party
to, or is involved in any action, suit or proceeding, whether civil, criminal,  
administrative or investigative, by reason of the fact that he, or a person of  
whom he is the legal representative, is or was a director or officer of the     
corporation, or is or was serving at the request of the corporation as a        
director or officer of another corporation, or as its representative in a       
partnership, joint venture, trust or other enterprise, shall be indemnified and 
held harmless to the fullest extent legally permissible under the laws of the   
State of Nevada from time to time against all expenses, liability and loss      
(including attorneys' fees, judgments, fines and amounts paid or to be paid in  
settlement) reasonably incurred or suffered by him in connections therewith.    
Such right of indemnification shall be a contract right which may be enforced in
any manner desired by such person. The expenses of officers and directors       
incurred in defending a civil or criminal action, suit or proceeding must be    
paid by the corporation as they are incurred and in advance of the final        
disposition of the action, suit or proceeding, upon receipt of an undertaking by
or on behalf of the director or officer to repay the amount if it is ultimately 
determined by a court of competent jurisdiction that he is not entitled to be   
indemnified by the corporation. Such right of indemnification shall not be      
exclusive of any other right which such directors, officers or representatives  
may have or hereafter acquire, and, without limiting the generality of such     
statement, they shall be entitled to their respective rights of indemnification 
under any bylaw, agreement, vote of stockholders, provision of law, or          
otherwise, as well as their rights under this Article.                          
Without limiting the application of the foregoing, the Board of Directors 
may adopt Bylaws from time to time with respect to indemnification, to provide  
at all times the fullest indemnification permitted by the laws of the State of  

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Page 5                                                                          

Nevada, and may cause the corporation to purchase and maintain insurance on     
behalf of any person who is or was a director or officer of the corporation, or 
is or was serving at the request of the corporation as director or officer of   
another corporation, or as is representative in a partnership, joint venture,   
trust or other enterprises against any liability asserted against such person   
and incurred in any such capacity or arising out of such status, whether or not 
the corporation would have the power to indemnify such person.                  
The indemnification provided in this Article shall continue as to a person
who has ceased to be a director, officer, employee or agent, and shall inure to 
the benefit of the heirs, executors and administrators of such person.          

   ARTICLE X
  AMENDMENTS

 Subject at all times to the express provisions of Section 4.03 which cannot
be amended, this corporation reserves the right to amend, alter, change, or     
repeal any provision contained in these Articles of Incorporation or its Bylaws,
in the manner now or hereafter prescribed by statute or by these Articles of    
Incorporation or said Bylaws, and all rights conferred upon the shareholders are
granted subject to this reservation.                                            

    ARTICLE XI
   POWERS OF DIRECTORS

 In futherance, and not in limitation of the powers conferred by statue, the
Board of Directors is expressly authorized:                                     

(1) Subject to the Bylaws, if any, adopted by the shareholders, to make, alter  
or repeal the Bylaws of the corporation;                                

(2) To authorize and cause to be executed mortgages and liens, with or without  
   limit as to amount, upon the real and personal property of the corporation;

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Page 6                                                                          

(3) To authorize the guaranty by the corporation of securities, evidences of    
indebtedness and obligations of other persons, corporation and business 
entities;                                                               

(4) To set apart out of any of the funds of the corporation available for       
 dividends a reserve or reserves for any proper purpose and to abolish any
such reserve; and                                                       

(5) By resolution adopted by a majority of the whole board, to designate one or 
  more committees, each committee to consist of one or more of the directors
 of the corporation, which, to the extent provided in the resolution or in
  the By-laws of the Directors in the management of the business and affairs
of the corporation, any may authorize the seal of the corporation to be 
    affixed to all papers which may require R Such committee or committees shall
    have such name or names as may be stated in the Bylaws of the corporation or
    as may be determined from time to time by resolution adopted by the Board of
Directors                                                               

All corporate powers of the corporation shall be exercised by the Board of
Directors except as otherwise provided herein or by law.                        
IN WITNESS WHEREOF, I have hereunto set my hand this 2nd day of September,
1999 hereby declaring and certifying that the facts stated herein above are     
true.                                                                           

       /s/ Patricia A. Bozin
                       -------------------------------------
   Patricia A. Bozin
   Sole Incorporator

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  ACKNOWLEDGMENT
  --------------
STATE OF NEVADA                  )                                              

:       ss            

CITY OF CARSON                                                                  

 On this 2nd day of September, 1999 Patricia A. Bozin personally appeared be
for me, a Notary Public, and acknowledged to me that she executed the foregoing 
instrument for the purposes therein set forth.                                  

         /s/ Lila Williams Young
                       -------------------------------------
NOTARY PUBLIC 
----------------------------------                                              
LILA WILLIAMS YOUNG                               
ss          NOTARY PUBLIC - NEVADA                                              
Appt Recorded in CARSON CITY                                        
No. 96-4136-3 My Appt Exp.                                                      
September 19, 2000                                                          
----------------------------------                                              

      CERTIFICATE OF ACCEPTANCE OF APPOINTMENT OF RESIDENT AGENT
      ----------------------------------------------------------

IN THE MATTER OF: LMC Capital Corp.                                             

Resident Agents of Nevada, Inc., with address at 711 S. Carson, Carson    
City, Nevada 89701, hereby accepts the appointment as Resident Agent of the     
above-entitled corporation in accordance with NRS 78.090.                       

 Furthermore, that the mailing address for the above registered office is as
set forth above                                                                 

IN WITNESS WHEREOF, I hereunto set my hand this 2nd day of September 1999.

                          By   /s/ Patricia A. Bozin
                                       -----------------------------------
                            Patricia A. Bozin, President
                               Resident Agents of Nevada, Inc.
               Resident Agents

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SIGNATURE 
--------- 

     Pursuant to the requirements of the Securities Act of 1934, as amended, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form 10SB and has duly caused this            
Registration Statement to be signed on its behalf by the undersigned hereunto   
duly authorized in the City of Vancouver, on the 15th day of September, 2000.   

LMC CAPITAL CORP.                                                               
(Registrant)                                                                    
By:  /s/ Philip Cassis                                                          
Philip Cassis, President and Director                                           
                                                  ------------------------------

Dates Referenced Herein

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