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U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File No. 0-28002
VIS VIVA CORPORATION
(Name of Small Business Issuer in its Charter)
NEVADA 87-0363656
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(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
50 West Broadway, Fourth Floor
Salt Lake City, Utah 84101-2006
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(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 359-0833
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
(1) Yes X No (2) Yes X No
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date:
November 12, 1996
1,270,000
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Financial Statements of the Registrant required to be filed with
this 10-QSB Quarterly Report were prepared by management, and commence on the
following page, together with Related Notes. In the opinion of management,
the Financial Statements fairly present the financial condition of the
Registrant.
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(A Development Stage Company)
BALANCE SHEET
(Unaudited) (Unaudited)
Sept. 30, 1996 Sept. 30, 1995 June 30, 1996
ASSETS
Current Assets
Cash and cash equivalents 3256
Accrued interest receivable 23816 9864 11744
Investments in securities
at market 599950 226000 520019
Total Current Assets 623766 235864 535019
Deferred tax benefit
Total Assets 623766 235864 535019
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable 206
Payable to broker 137699 39877
Income tax payable 4665 1035 11011
Total Current Liabilities 142570 40912 11011
Stockholders' Equity
Common Stock - $0.01 par value;
15,000,000 shares authorized;
1,270,000 shares issued and
outstanding 12700 12700 12700
Additional paid-in capital 148129 148129 148129
Unrealized gain on investment
in securities net of taxes -41801 1185 36326
Earnings accumulated during the
development stage 362168 32938 326853
Total Stockholders' Equity 481196 194952 524008
Total Liabilities and
Stockholders' Equity 623766 235864 535019
The accompanying notes are an integral part of these financial statements.
VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENT OF INCOME
For the Three Months Ended For the Nine Months Ended
09-30-96 09-30-95 09-30-96 09-30-95
Revenues
Interest income 17923 5479 70856 5510
Gains (loss) from
sale of investments 18425 2141 88774 2141
Dividend income 24 24
Miscellaneous income
Total Revenues 36372 7620 159654 7651
Expenses
Accounting & auditing 7775
Annual service fees 100 100
Automobile expenses 177
Directors fees 1600
Entertainment 73 31 768 31
Legal fees 200 650 18019 650
Legal costs 3342
Interest expense 2362 -62 6407
Rent 2200
Taxes and Licenses 132
Travel Expenses 2635 3813
Total Expenses 5270 719 44233 781
Net Ordinary income 31102 6901 115421 6870
Federal income taxes -
estimated 4665 1035 28264 1030
Net Income 26437 5866 87157 5840
The accompanying notes are an integral part of these financial statements.
VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Three Months Ended
Sept. 30,1996 Sept. 30, 1995
Cash Flow from Operating Activities
Net Income (Loss) 26437 5866
Gains from sale of investments -18425 -2141
Increase in accrued interest -12072 -1
Decrease in tax benefit 1850
Decrease in accounts payable -6140 -14
Net cash provided by operating activities -10200 5560
Cash Flows From Investing Activities
Purchase of securities -222249 -138172
Proceeds from sale of securities 91494 81997
Increase in payable to broker 137699 39877
Net Cash Used in Investing Activities 6944 -16298
Cash Flows From Financing Activities 0 0
Net Increase (decrease) in Cash -3256 -10738
Cash and Cash Equivalents at Beginning of
Period 3256 10738
Cash and Cash Equivalents at End of Period 0 0
The accompanying notes are an integral part of these financial statements.
VIS VIVA CORPORATION
Notes to Financial Statements
Note # 1 - Statement Preparation
The Company has prepared the accompanying finandal statements with interim
financial reporting requirements promulgated by the Securities and Exchange
Commission. The information furnished reflects all adjustments which are, in
the opinion of management, necessary for a fair presentation of financial
position and results of operation.
The financial statements should be read in conjuction with the financial
statements and notes thereto included in the Company's 1996 10-K report.
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Item 2. Management's Discussion and Analysis or Plan of Operation.
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Plan of Operation.
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The Company has not engaged in any material operations
since its inception or during the quarterly period ended September 30, 1996.
During this period, the Company received revenues totaling $36,372 from
its investments in the securities of other companies. During the same
period, total expenses were $5,270 and net income, after payment of
$4,665 in estimated federal income taxes totaled $26,437.
The Company's plan of operation for the next 12 months is
to continue to seek the acquisition of assets, properties or
businesses that may benefit the Company and its stockholders.
Management anticipates that to achieve any such acquisition, the
Company will issue shares of its common stock as the sole
consideration for such acquisition.
During the next 12 months, the Company's only foreseeable
cash requirements will relate to maintaining the Company in good
standing or the payment of expenses associated with reviewing or
investigating any potential business venture, which the Company
expects to pay from its cash resources. Because the Company was
fully invested in securities of other companies (which investments
had significant market value), as of September 30, 1996 it had cash
and cash equivalents of $0. Management expects that the Company's
cash requirements will necessitate the sale of a small portion of
these securities.
Results of Operations.
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During the quarterly period ended September 30, 1996, the
Company had no business operations. During this period, the Company
received total revenues of $36,372 from its investments in the
securities of other companies and had net income after taxes of $26,437.
Liquidity.
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At September 30, 1996, the Company had total current assets of
$623,766, with total current liabilities of $142,570.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
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None; not applicable.
Item 2. Changes in Securities.
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None; not applicable.
Item 3. Defaults Upon Senior Securities.
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None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
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None; not applicable.
Item 5. Other Information.
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On July 8, 1996, the Board of Directors of the Company resolved to
grant to each of the following directors and executive officers an option to
purchase "unregistered" and "restricted" shares of the Company's common stock
at a price of $0.25 per share for an unlimited period of time: John Michael
Coombs, Esq. (option to purchase 50,000 shares); Terry S. Pantelakis (option
to purchase 50,000 shares); and Sandra E. Hansen (option to purchase 5,000
shares). Each of the directors abstained from voting with regard to the
resolution to grant an option to himself or herself. A Form 4 Statement of
Changes in Beneficial Ownership was filed with the Securities and Exchange
Commission on September 19, 1996, for each of these persons.
Item 6. Exhibits and Reports on Form 8-K.
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(a) Exhibits.
Financial Data Schedule.
(b) Reports on Form 8-K.
None.
* Incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
VIS VIVA CORPORATION
Date: Nov. 13, 1996 By /s/ John Michael Coombs
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John Michael Coombs
Director and President
Date: 11/13/96 By /s/ Terry S. Pantelakis
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Terry S. Pantelakis
Director and Vice President
Date: 11/13/96 By /s/ Sandra E. Hansen
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Sandra E. Hansen
Director and Secretary/Treasurer
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<NAME> VIS VIVA CORPORATION
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<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> SEP-30-1996
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