<PAGE>
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, 1997
[ ] 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
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(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)
124 South 600 East, Suite 100
Salt Lake City, Utah 84102
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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:
October 30, 1997
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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<TABLE>
VIS VIVA CORPORATION
(A Development Stage Company)
BALANCE SHEET
<CAPTION>
(Unaudited) (Unaudited)
9-30-97 9-30-96 6-30-97
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<S> <C> <C> <C>
ASSETS
Current assets
Cash and cash equivalents 5914
Accrued interest receivable 41230 23816 16444
Investments in securities - at market 587275 599950 559587
Prepaid expenses 15173
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Total Current Assets 634419 623766 591204
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Deferred tax asset 787
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Total Assets 634419 623766 591991
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable 206
Brokerage margin account payable 93728 137699 61044
Income tax payable 776 4665
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Total Current Liabilities 94504 142570 61044
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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 48129 148129 148129
Unrealized gain on investment in
securities - net of taxes -37037 -41801 -10109
Earnings accumulated during the
development stage 416123 362168 380227
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Total Stockholders' Equity 539915 481196 530947
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Total Liabilities & Equity 634419 623766 591991
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</TABLE>
The accompanying notes are an integral part of these financial
statements
<TABLE>
VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENT OF INCOME
<CAPTION>
Three Months Ended Nine Months Ended
09-30-97 09-30-96 09-30-97 09-30-96
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<S> <C> <C> <C> <C>
Revenues
Interest income 36077 17923 92337 70856
Gains from sale of investments 4866 18425 21372 88774
Dividend income 27 24 767 24
Miscellaneous income
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Total Revenues 40970 36372 114476 159654
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Expenses
Accounting & auditing 2350 7775
Annual service fees
Automobile expenses 233 177
Directors fees 1500 1600
Entertainment 73 915 768
Legalfees 200 12314 18019
Legal costs 3342
Interest expense 1681 2362 4271 6407
Office expenses 568
Rent 593 1778 2200
Subscriptions 187 187
Taxes and Licenses 85 132
Travel Expenses 2635 3813
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Total Expenses 2461 5270 24201 44233
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Net Ordinary Income 38509 31102 90275 115421
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Federal income taxes - estimated 5776 4665 11319 28264
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Net Income 32733 26437 78956 87157
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</TABLE>
The accompanying notes are an integral part of these financial
statements
<TABLE>
VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
<CAPTION>
For the Three Months Ended
9-30-97 9-30-96
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<S> <C> <C>
Cash Flow from Operating Activities
Net Income (Loss) 32733 26437
Gains from sale of investments -4866 -18425
Increase in accrued interest -24786 -12072
Decrease in tax benefit 295
Increase in accounts payable -776 -6140
Decrease in prepaid expenses 15173
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Net cash provided by operating activities 17773 -10200
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Cash Flows From Investing Activities
Purchase of securities -144415 -222249
Proceeds from sale of securities 99872 91494
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Net Cash Used in Investing Activities -44543 -130755
Cash Flows From Financing Activities
Increase in proceeds from brokarge
margin account borowings 32684 137699
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Net cash provided by financing activities 32684 137699
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Net Increase (decrease) in Cash 5914 -3256
Cash and Cash Equivalents at Beginning 0 3256
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Cash and Cash Equivalents at end of Period 5914 0
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</TABLE>
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 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
1996 10-K report.
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of Operation.
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Plan of Operation.
- ------------------
The Company has not engaged in any material operations
since its inception or during the quarterly period ended September 30, 1997.
During this period, the Company received revenues totaling $40,970 from its
investments in the securities of other companies. During the same period,
total expenses were $2,461 and net income, after payment of $5,776 in
estimated federal income taxes, totaled $32,733.
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. Management expects that
the Company's cash and cash equivalents of $5,914 at September 30,
1997, will not be sufficient to meet its cash requirements during
this period, and that such requirements may necessitate the sale of
a small portion of its investment in securities. At September 30,
1997, the total market value of this investment was $587,275.
Results of Operations.
- ----------------------
During the quarterly period ended September 30, 1997, the
Company had no business operations. During this period, the Company
received total revenues of $40,970 from its investments in the
securities of other companies and had net income after taxes of $32,733.
Liquidity.
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At September 30, 1997, the Company had total current assets of
$634,419, with total current liabilities of $94,504. Total stockholder's
equity was $539,915.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
- ----------------------------
None; not applicable.
Item 2. Changes in Securities.
- --------------------------------
None; not applicable.
Item 3. Defaults Upon Senior Securities.
- ------------------------------------------
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.
- ----------------------------
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.
<PAGE>
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: 10/31/97 By /s/ John Michael Coombs
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John Michael Coombs
Director and President
Date: 10/31/97 By /s/ Terry S. Pantelakis
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Terry S. Pantelakis
Director and Vice President
Date: 10/31/97 By /s/ Sandra E. Hansen
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Sandra E. Hansen
Director and Secretary/Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0001010579
<NAME> VIS VIVA CORPORATION
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> SEP-30-1997
<CASH> 5,914
<SECURITIES> 587,275
<RECEIVABLES> 41,230
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 634,419
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 634,419
<CURRENT-LIABILITIES> 94,504
<BONDS> 0
0
0
<COMMON> 12,700
<OTHER-SE> 527,215
<TOTAL-LIABILITY-AND-EQUITY> 634,419
<SALES> 0
<TOTAL-REVENUES> 40,970
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 780
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,681
<INCOME-PRETAX> 38,509
<INCOME-TAX> 5,776
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 32,733
<EPS-PRIMARY> 0.03
<EPS-DILUTED> 0.03
</TABLE>
