<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, 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:
February 6, 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.
<TABLE>
VIS VIVA CORPORATION
(A Development Stage Company)
BALANCE SHEET
<CAPTION>
(Unaudited) (Unaudited)
12-31-97 12-31-96 6-30-97
---------- ----------- --------
ASSETS
<S> <C> <C> <C>
Current assets
Cash and cash equivalents 0 0 0
Accrued interest receivable 20140 20894 16444
Investments in securities - at market 678882 622150 559587
Prepaid Expenses 0 0 15173
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Total Current Assets 699022 643044 591204
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Prepaid Income Taxes 0 5000 787
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Total Assets 699022 648044 591991
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable 0 0 0
Payable to broker 205647 183967 61044
Income tax payable 3303 0 0
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Total Current Liabilities 208950 183967 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 -69250 -8155 -10109
Earnings accumulated during the
development stage 398493 311403 380227
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Total Stockholders' Equity 490072 464077 530947
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Liabilities and Stockholders' Equity 699022 648044 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>
Six Months Ended Twelve Months Ended
12-31-97 12-31-96 12-31-97 12-31-96
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<S> <C> <C> <C> <C>
Revenues
Interest income 43249 58357 54014 100293
Gains from sale - investments 17438 -3443 33945 62117
Dividend income 102 134 842 388
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Total Revenues 60789 55048 88801 162798
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Expenses
Accounting & auditing 2400 1128 4750 8500
Automobile expenses 233 177
Entertainment 73 915 755
Directors fees 1500 1500
Legal fees 488 12802 15173
Legal costs 7811
Interest expense 4060 6270 6650 10253
Rent 593 1778 2200
Taxes and licenses 210
Travel expenses 2635 3756
Miscellaneous -238 476 386 476
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Total Expenses 7303 10582 29014 50811
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Net Ordinary Income 53486 44466 59787 111987
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Federal taxes - estimated 8023 6670 8968 26924
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Net Income 45463 37796 50819 85063
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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
For the Six Months Ended
12-31-97 12-31-96
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<S> <C> <C>
Cash Flow from Operating Activities
Net Income (Loss) 45463 37796
Gains from sale of investments -17438 3443
Increase in accrued interest -3696 -9894
Increase in prepaid expenses -5000
Increase in accrued taxes -3303
Decrease in prepaid taxes 787
Decrease in prepaid expenses 15173
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Net Cash Provided by Operating Activities 36986 26345
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Cash Flows From Investing Activities
Purchase of securities -332429 -279943
Proceeds from sale of securities 150840 129316
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Net Cash Used in Investing Activities -181589 -150627
Cash Flows From Financing Activities
Proceeds from brokerage margin account 144603 124282
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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
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
1997 10-K report.
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 December 31, 1997.
For the six months ended December 31, 1997, the Company received revenues
totaling $60,789 from its investments in the securities of other companies.
During the same period, total expenses were $7,303 and net income, after
payment of $8,023 in estimated federal income taxes, totaled $45,463.
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. Since the Company has no cash or cash
equivalents to meet its cash requirements during this period it may be
necessary that the Company sell a small portion of its investment in
securities to meet such requirements. At December 31, 1997, the total market
value of this investment was $678,882.
Results of Operations.
- ----------------------
During the quarterly period ended December 31, 1997, the
Company had no business operations. For the six months ended December 31,
1997 the Company received total revenues of $60,789 from its investments in
the securities of other companies and had net income after taxes of $45,463.
Liquidity.
- ----------
At December 31, 1997, the Company had total current assets of
$699,022, with total current liabilities of $208,950. Total stockholder's
equity was $490,072.
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: 2/6/98 By /s/ John Michael Coombs
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John Michael Coombs
Director and President
Date: 2/6/98 By /s/ Terry S. Pantelakis
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Terry S. Pantelakis
Director and Vice President
Date: 2/6/98 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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<CASH> 0
<SECURITIES> 678,882
<RECEIVABLES> 20,140
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 699,022
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 699,022
<CURRENT-LIABILITIES> 208,950
<BONDS> 0
0
0
<COMMON> 12,700
<OTHER-SE> 477,372
<TOTAL-LIABILITY-AND-EQUITY> 699,022
<SALES> 0
<TOTAL-REVENUES> 60,789
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7,303
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,060
<INCOME-PRETAX> 53,486
<INCOME-TAX> 8,023
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 45,463
<EPS-PRIMARY> 0.04
<EPS-DILUTED> 0.04
</TABLE>
