VIS VIVA CORP
10QSB, 1997-05-06
BLANK CHECKS
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<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 March 31, 1997

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 

     For the transition period from                to 
                                    --------------    ---------------

                                     
                       Commission File No. 0-28002


                           VIS VIVA CORPORATION    
              (Name of Small Business Issuer in its Charter)


           NEVADA                                        87-0363656 
           ------                                        ----------    
   (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    
                       --------------------------------
                 (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  
         ---     ---                        ---     ---

<PAGE>
             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:

                             March 31, 1997

                                1,270,000
                                ---------



                      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.

<PAGE>



                          VIS VIVA CORPORATION     
                      (A Development Stage Company)                  
                              BALANCE SHEET     
 
                                          (Unaudited) (Unaudited) 
                                            03-31-97   03-31-96   6-30-96
                                          ---------- ----------- -------- 
                            ASSETS  

Current assets       
   Cash and cash equivalents                  105303                 3256 
   Accrued interest receivable                 18000       1200     11744
   Investments in securities - at market      362371     652542    520019
                                           --------- ----------  --------  
      Total Current Assets                    485674     653742    535019   
                                           --------- ----------  --------
Prepaid Income Taxes                             834       1850 
                                          ---------- ----------  --------
      Total Assets                            486508     655592    535019    
                                           --------- ----------  --------



                   LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
   Accounts payable                                        650          
   Payable to broker                                    163984
   Income tax payable                                     8450      11011
                                          --------- ----------   --------
Total Current Liabilities                               173084      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                 -32307       5559      36326
   Earnings accumulated during the 
   development stage                         357986     316120     326853   
                                          --------- ----------   --------
      Total Stockholders' Equity             486508     482508     524008
                                          --------- ----------   --------
       
Total Liabilities and Stockholders' Equity   486508     655592     535019
       
                                          ---------  ---------   --------

The accompanying notes are an integral part of these financial statements
 
<PAGE>



                            VIS VIVA CORPORATION   
                        (A Development Stage Company)  
                             STATEMENT OF INCOME  

                                  Nine  Months Ended    Three Months Ended 
                                  03-31-97   03-31-96    03-31-97 03-31-96
                                  -------------------   -----------------
Revenues
   Interest income                   67731      24771       22920     6253
   Gains from sale of investments   -10010      70838       -6567    68697  
   Dividend income                     225        280          91      243
   Miscellaneous income                            75                   75
                                   -------------------   -----------------
      Total Revenues                 57946      95964       16444    75268 
                                  -------------------   ------------------

Expenses
   Accounting & auditing              1375       2976         450     
   Automobile expenses                                       
   Entertainment                        73         31      
   Directors fees                                               
   Legal fees                          463      13211         260   12412
   Legal costs                                                   
   Interest expense                   8041       1736        1771     977
   Rent                                                       
   Taxes and licenses                  107        500         107     500
   Travel expenses                    2635                    
   Miscellaneous                       812        105         812       3      
                                  -------------------   -----------------
   Total Expenses                    13506      18559        3400   13892
                                  -------------------   -----------------
Net Ordinary Income                  44440      77405       13044   61376  
                                  -------------------   -----------------

Federal income taxes - estimated      6666      10000        1957   10000
                                  -------------------   -----------------
Net Income                           37774      67405       11087   51376
                                  -------------------   -----------------

The accompanying notes are an integral part of these financial statements


<PAGE>

                           VIS VIVA CORPORATION
                       (A Development Stage Company)
                          STATEMENTS OF CASH FLOWS   


                                             For the Nine Months Ended 
                                               03-31-97      03-31-96          
                                                                    
                                             ---------     ----------
Cash Flow from Operating Activities
   Net Income (Loss)                           37774            67405 
   Gains from sale of investments              10010           (70838)
   Change in accrued interest                 (16800)            8665 
   Change in accounts payable                  (9100)            8051
   Change in prepaid expenses                  (1016)               
                                             ---------     -----------
   Net cash provided by operating activities   20868            13283
                                             ---------     -----------

Cash Flows From Investing Activities
   Purchase of securities                     (488008)        (544174)         
                 
   Proceeds from sale of securities            567557          356169  
   Increase in payable to broker              (163984)         163984          
      
                                             ---------      ---------
   Net Cash Used in Investing Activities        84435          -24021       

 Cash Flows From Financing Activities             0               0    
          
                                             ---------      ---------
Net Increase (decrease) in Cash                105303          (10738)  

Cash and Cash Equivalents at Beginning            0             10738    

                                             ---------      ---------
Cash and Cash Equivalents at end of Period     105303              0
 
                                             ---------      ---------

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 conduction 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.
- ------------------

         The Company has not engaged in any material operations 
since its inception or during the quarterly period ended March 31, 1997. 
During this period, the Company received revenues totaling $16,444 from its
investments in the securities of other companies.  During the same period,
total expenses were $3,400 and net income, after payment of $1,957 in
estimated federal income taxes totaled $11,087.

         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 $105,303 at March 31,
1997, will be sufficient to meet its cash requirements during
this period.

Results of Operations.
- ----------------------

          During the quarterly period ended March 31, 1997, the
Company had no business operations.  During this period, the Company 
received total revenues of $16,444 from its investments in the
securities of other companies and had net income after taxes of $11,087.

Liquidity.
- ----------

          At March 31, 1997, the Company had total current assets of
$485,674, with total current liabilities of $0.  Total stockholder's 
equity was $486,508.

                        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: 5/2/97                          By /s/ John Michael Coombs  
     --------------                     -------------------------------------
                                        John Michael Coombs   
                                        Director and President


Date: 5/5/97                          By /s/ Terry S. Pantelakis 
     --------------                     -------------------------------------
                                        Terry S. Pantelakis
                                        Director and Vice President 
                                  

Date: 5/5/97                          By /s/ Sandra E. Hansen 
     --------------                     -------------------------------------
                                        Sandra E. Hansen                       
                                        Director and Secretary/Treasurer

<TABLE> <S> <C>

<PAGE>
<ARTICLE>     5
<CIK>         0001010579
<NAME>        VIS VIVA CORPORATION
       
<S>                                        <C>
<PERIOD-TYPE>                              9-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                         105,303
<SECURITIES>                                   362,371
<RECEIVABLES>                                   18,000
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               485,674
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 486,508
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
                                0
                                          0
<COMMON>                                        12,700
<OTHER-SE>                                     473,808
<TOTAL-LIABILITY-AND-EQUITY>                   486,508
<SALES>                                              0
<TOTAL-REVENUES>                                57,946
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 5,465
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               8,041
<INCOME-PRETAX>                                 44,440
<INCOME-TAX>                                     6,666
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    37,774
<EPS-PRIMARY>                                     0.03
<EPS-DILUTED>                                     0.03
        

</TABLE>


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