<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, 1998
[ ] 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
--------------------------------
(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:
March 31, 1998
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)
03-31-98 03-31-97 6-30-97
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ASSETS
<S> <C> <C> <C>
Current assets
Cash and cash equivalents 0 105303 0
Accrued interest receivable 11891 18000 16444
Investments in securities - at market 684013 362371 559587
Prepaid Income Tax 5994 834 787
Prepaid Expenses 0 0 15173
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Total Current Assets 701898 486508 591991
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Total Assets 701898 486508 591991
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LIABILITIES AND STOCKHOLDERS'EQUITY
Current Liabilities
Accounts payable 0
Payable to broker 176418 61044
Income tax payable 0
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Total Current Liabilities 176418 61044
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Stockholders' Equity
Common Stock - $0.01 par value;
15,000,000 shares authorized;
1,270,000 shares issued & outstanding 12700 12700 12700
Additional paid-in capital 148129 148129 148129
Unrealized gain on investment in
securities - net of taxes -4887 -32307 -10109
Earnings accumulated during the
development stage 369538 357986 380227
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Total Stockholders' Equity 525480 486508 530947
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Liabilities and Stockholders' Equity 701898 486508 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>
Nine Months Ended Three Months Ended
-------------------- ------------------
03-31-98 03-31-97 03-31-98 03-31-97
--------- ---------- --------- --------
<S> <C> <C> <C> <C>
Revenues
Interest income 59333 67731 36224 22920
Gains from investments -40741 -10010 -58179 -6567
Dividend income 237 225 135 91
-------- --------- --------- --------
Total Revenues 18829 57946 -21820 16444
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Expenses
Accounting & auditing 2800 1375 400 450
Automobile expenses
Entertainment 73
Director's fees
Legal fees 759 463 271 260
Legal costs
Interest expense 6481 8041 2421 1771
Rent 1205 613
Taxes and licenses 160 107 107
Travel expenses 2635
Miscellaneous 187 812 812
--------- --------- ---------- ------
Total Expenses 11592 13506 3705 3400
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Net Ordinary Income 7237 44440 -25525 13044
--------- --------- ---------- ------
Federal taxes - estimated 1086 6666 0 1957
--------- --------- ---------- ------
Net Income 6151 37774 -25525 11087
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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 Nine Months Ended
-------------------------
03-31-98 03-31-97
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<S> <C> <C>
Cash Flow from Operating Activities
Net Income (Loss) 6151 37774
Losses from sale of investments 40741 10010
Change in accrued interest 6109 (16800)
Change in accounts payable 0 (9100)
Increase in prepaid expenses (5160) (1016)
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Net cash provided by operating activities 47841 20868
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Cash Flows From Investing Activities
Purchase of securities (816491) (488008)
Proceeds from sale of securities 504596 567557
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Net Cash Used in Investing Activities (329562) (79549)
Cash Flows From Financing Activities 0 0
Proceeds from brokerage margin account 176418 163984
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Net Increase (decrease) in Cash 105303 105303
Cash & Cash Equivalents at Beginning 105303 0
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Cash & Cash Equivalents at end of Period 0 105303
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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 conjunction with the
financial statements and notes thereto included in the Company's
1997 10KSB 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, 1998. During this
period, the Company received revenues totaling $(21,820) from its investments
in the securities of other companies. During the same period, total expenses
were $3,705 and net income totaled $(25,525).
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 it currently has no cash or cash equivalents, management expects that
the Company will be required to sell a small portion of its holdings in the
securities of other companies in order to meet its cash requirements during
this period.
Results of Operations.
- ----------------------
During the quarterly period ended March 31, 1998, the Company had no
business operations. During this period, the Company received total revenues
of $(21,820) from its investments in the securities of other companies and had
net income of $(25,525).
Liquidity.
- ----------
At March 31, 1998, the Company had total current assets of
$701,898, with total current liabilities of $176,418. Total stockholder's
equity was $525,480. In order to meet its expenses during the next 12 months,
management expects that the Company will be required to sell a small portion
of its holdings of the securities of other companies.
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: 4/29/98 By /s/ John Michael Coombs
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John Michael Coombs
Director and President
Date: 4/29/98 By /s/ Terry S. Pantelakis
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Terry S. Pantelakis
Director and Vice President
Date: 4/29/98 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> 9-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> MAR-31-1998
<CASH> 0
<SECURITIES> 684,013
<RECEIVABLES> 11,891
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 701,898
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 701,898
<CURRENT-LIABILITIES> 176,418
<BONDS> 0
0
0
<COMMON> 12,700
<OTHER-SE> 512,780
<TOTAL-LIABILITY-AND-EQUITY> 701,898
<SALES> 0
<TOTAL-REVENUES> 18,829
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,111
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,481
<INCOME-PRETAX> 7,237
<INCOME-TAX> 1,086
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,151
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
