<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 December 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 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:
January 23, 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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VIS VIVA CORPORATION
(A Development Stage Company)
BALANCE SHEET
<TABLE>
<COLUMN>
(Unaudited) (Unaudited)
12-31-96 12-31-95 6-30-96
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<S> <C> <C> <C>
ASSETS
Current assets
Cash and cash equivalents 3256
Accrued interest receivable 20894 11000 11744
Investments in securities - at market 622150 344074 520019
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Total Current Assets 643044 355074 535019
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Prepaid Income Taxes 5000
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Total Assets 648044 355074 535019
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable
Payable to broker 183967 38933
Income tax payable 6670 4685 11011
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Total Current Liabilities 190637 43618 11011
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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 -8155 36326
Earnings accumulated during the
development stage 304733 150627 326853
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Total Stockholders' Equity 457407 311456 524008
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Total Liabilities and Stockholders' Equity 648044 355074 535019
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</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENT OF INCOME
<TABLE>
<CAPTION>
Six Months Ended Twelve Months Ended
12-31-96 12-31-95 12-31-96 12-31-95
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<S> <C> <C> <C> <C>
Revenues
Interest income 58357 32898 100293 32929
Gains from sale of investments -3443 2244 62117 2244
Dividend income 134 37 388 37
Miscellaneous income
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Total Revenues 55048 35179 162798 35210
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Expenses
Accounting & auditing 1128 3126 8500 3126
Automobile expenses 177
Entertainment 73 755
Directors fees 1500
Legal fees 15173
Legal costs 7811
Interest expense 6270 821 10253 883
Rent 2200
Taxes and licenses 210
Travel expenses 2635 3756
Miscellaneous 476 476
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Total Expenses 10582 3947 50811 4009
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Net Ordinary Income 44466 31232 111987 31201
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Federal income taxes - estimated 6670 4685 26924 4680
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Net Income 37796 26547 85063 26521
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</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Six Months Ended
12-31-96 12-31-95
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<S> <C> <C>
Cash Flow from Operating Activities
Net Income (Loss) 37796 26547
Loss from sale of investments 3443 -2244
Increase in accrued interest -9894
Increase in prepaid expenses -5000
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Net cash provided by operating activities 26345 24303
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Cash Flows From Investing Activities
Purchase of securities -279943 -106300
Proceeds from sale of securities 129316 81997
Increase in payable to broker 124282 0
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Net Cash Used in Investing Activities -26345 -24303
Cash Flows From Financing Activities 0 0
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Net Increase (decrease) in Cash 0 0
Cash and Cash Equivalents at Beginning 0 0
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Cash and Cash Equivalents at end of Period 0 0
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</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
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 conjunction 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.
- --------------------------------------------------------------------
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 December 31, 1996.
During this period, the Company received revenues totaling $18,676 from its
investments in the securities of other companies. During the same period,
total expenses were $5,312 and net income, after payment of $2,005 in
estimated federal income taxes totaled $11,359.
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 December 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.
- ----------------------
During the quarterly period ended December 31, 1996, the
Company had no business operations. During this period, the Company
received total revenues of $18,676 from its investments in the
securities of other companies and had net income after taxes of $11,359.
Liquidity.
- ----------
At December 31, 1996, the Company had total current assets of
$643,044, with total current liabilities of $190,637.
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.
- --------------------------------------------------------------
None; not applicable.
Item 5. Other Information.
- ----------------------------
None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
- -------------------------------------------
(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: Jan. 24, 1997 By /s/ John Michael Coombs
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John Michael Coombs
Director and President
Date: 1/24/97 By /s/ Terry S. Pantelakis
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Terry S. Pantelakis
Director and Vice President
Date: 1/24/97 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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<CASH> 0
<SECURITIES> 622,150
<RECEIVABLES> 20,894
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 643,044
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 648,044
<CURRENT-LIABILITIES> 190,637
<BONDS> 0
0
0
<COMMON> 12,700
<OTHER-SE> 444,707
<TOTAL-LIABILITY-AND-EQUITY> 648,044
<SALES> 0
<TOTAL-REVENUES> 55,048
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,312
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,270
<INCOME-PRETAX> 44,466
<INCOME-TAX> 6,670
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 37,796
<EPS-PRIMARY> 0.03
<EPS-DILUTED> 0.03
</TABLE>
