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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 March 31, 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 No X
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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:
June 18, 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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VIS VIVA CORPORATION
(A Development Stage Company)
BALANCE SHEETS
(Unaudited) (Unaudited)
March 31, 1996 March 31, 1995 June 30, 1995
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ASSETS
Current Assets
Cash and cash
equivalents 13448 10738
Accrued interest
receivable 1200 1200 9865
Investments in
securities - at market 652542 390253 424803
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Total Current Assets 653742 404901 445406
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Deferred tax benefit 1850 1850
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Total Assets 655592 404901 447256
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable 650 650
Payable to broker 163984
Income Tax Payable 8450 2950 399
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Total Current Liabilities 173084 2950 1049
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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 5559 36663
Earnings accumulated
during the development
stage 316120 241122 248715
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Total Stockholder' Equity 482508 401951 446207
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Total Liabilities and
Stockholders' Equity 655592 404901 447256
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The accompanying notes are an integral part of these financial statements.
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VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENTS OF INCOME
For the Nine Months For the Three Months
03-31-96 03-31-95 03-31-96 03-31-95
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Revenues
Interest income 24771 28411 6253 12557
Gains (loss) from sale
of investments 70838 68697 254
Dividend income 280 72 243 72
Miscellaneous income 75 75
-- -- -- --
Total Revenues 95964 28483 75268 12883
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Expenses
Annual service fees 100 100
Entertainment 31 66
Legal fees 16187 546 12412 494
Interest expense 1736 2672 977 2319
Taxes 500 1750 500
Miscellaneous 5 692 3 39
- --- - --
Total Expenses 18559 5826 13892 2852
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Net Ordinary Income 77405 22657 61376 10031
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Federal income taxes -
estimated 10000 2950 10000 2438
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Net Income 67405 19707 51376 7593
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The accompanying notes are an integral part of these financial statements.
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VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Nine Months Ended
March 31, 1996 March 31, 1995
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Cash Flow from Operating Activities
Net Income (Loss) 67405 19707
Gains from sale of investments (70838)
Decrease in accrued interest
receivable 8665
Change in accounts payable 8051 (6150)
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Net cash provided by operating
activities 13283 13557
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Cash Flows From Investing Activities
Purchase of securities (544174) (224153)
Proceeds from sale of securities 356169 154677
Increase in payable to broker 163984
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Net Cash Used in Investing
Activities (24021) (69476)
Cash Flows From Financing Activities 0 0
- -
Net Increase (decrease) in Cash (10738) (55919)
Cash and Cash Equivalents at Beginning
of Period 10738 69367
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Cash and Cash Equivalents at end of Period 0 13448
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The accompanying notes are an integral part of these financial statements.
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VIS VIVA CORPORATION
Notes to Financial Statements
Note #1 - Statement Preparation
The Company has prepared the accompanying financial 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 Form 10-SB filed on
March 15, 1996, including all amendments thereto.
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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 March 31, 1996.
During this period, the Company received revenues totalling $75,268 from
its investments in the securities of other companies. During the same
period, total expenses were $13,892 and net income, after payment of
$10,000 in estimated federal income taxes totalled $51,376.
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 March 31, 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 ending March 31, 1996, the
Company had no business operations. During this period, the Company
received total revenues of $75,268 from its investments in the
securities of other companies and had net income after taxes of $51,376.
Liquidity.
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At March 31, 1996, the Company had total current assets of
$404,901, with total current liabilities of $2,950.
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.
- --------------------------------------------------------------
None; not applicable.
Item 5. Other Information.
- ----------------------------
None; not applicable.
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: 6/19/96 By /s/
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John Michael Coombs
Director and President
Date: 6/20/96 By /s/
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Terry S. Pantelakis
Director and Vice President
Date: 6/19/96 By /s/
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Sandra E. Hansen
Director and Secretary/Treasurer
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<PAGE>
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<NAME> VIS VIVA CORPORATION
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 0
<SECURITIES> 652,542
<RECEIVABLES> 1,200
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 653,742
<PP&E> 0
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<CURRENT-LIABILITIES> 173,084
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0
0
<COMMON> 12,700
<OTHER-SE> 469,808
<TOTAL-LIABILITY-AND-EQUITY> 655,592
<SALES> 0
<TOTAL-REVENUES> 75,268
<CGS> 0
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<OTHER-EXPENSES> 16,823
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,736
<INCOME-PRETAX> 77,405
<INCOME-TAX> 10,000
<INCOME-CONTINUING> 0
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