<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, 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:
September 30, 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) Cumulative
9-30-98 9-30-97 6-30-98
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<S> <C> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents 0 5914 90738
Accrued interest receivable 19131 41230 23029
Investments in securities - market 405158 587275 355409
Prepaid expenses 5577 5577
Deferred tax asset 48426 32128
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Total Current Assets 478292 634419 506881
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Total Assets 478292 634419 506881
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Brokerage margin account payable 11297 93728
Income tax payable 0 776
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Total Current Liabilities 11297 94504
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Stockholders' Equity
Common Stock - $0.01 par value;
15,000,000 shares authorized;
1,270,000 shares outstanding 12700 12700 12700
Additional paid-in capital 148129 148129 148129
Unrealized gain on investment in
securities - net of taxes -96486 -37037 -59478
Earnings accumulated during the
development stage 402652 416123 405530
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Total Stockholders' Equity 466995 539915 506881
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Total Liabilities & Equity 478292 634419 506881
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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
------------------- -----------------
09-30-98 09-30-97 09-30-98 09-30-97
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<S> <C> <C> <C> <C>
Revenues
Interest income 10276 36077 56959 92337
Gains from sale of investing -7506 4866 -24048 21372
Dividend income 808 27 1068 767
Miscellaneous income
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Total Revenues 3578 40970 33979 114476
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Expenses
Accounting & auditing 2333 3133 2350
Annual service fees
Automobile expenses 358 233
Directors fees 1500 1500
Entertainment 130 1052 915
Legal fees 628 5659 12314
Legal costs
Interest expense 1967 1681 8279 4271
Office expenses 35 1118 568
Rent 593 1226 1778
Subscriptions 187 187
Taxes and licenses 85 85
Travel expenses 1363 1471
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Total Expenses 6456 2461 24171 24201
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Net Ordinary Income -2878 38509 9808 90275
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Federal Income Taxes - est 0 5776 1471 11319
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Net Income -2878 32733 8337 78956
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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
--------------------------
9-30-98 9-30-97
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<S> <C> <C>
Cash Flow From Operating Activities
Net Income (Loss) -2878 32733
Gains from sale of investments -7506 -4866
Increase in accrued interest 3898 -24786
Decrease in tax benefit 295
Increase in accounts payable -776
Decrease in prepaid expenses 15173
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Cash Provided By Operating Activities 8526 17773
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Cash Flows From Investing Activities
Purchase of securities -114057 -144415
Proceeds from sale of securities 3596 99872
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Net Cash Used In Investing Activities -110561 -44543
Cash Flows From Financing Activities
Increase in proceeds from brokarge
margin account borowings 11297 32684
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Cash Provided By Financing Activities 11297 32684
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Net Increase (Decrease) in Cash -90738 5914
Cash and Cash Equivalents At Beginning 90738 0
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Cash and Cash Equivalents At End Of Period 0 5914
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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
1998 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 September 30, 1998. During
this period, the Company received revenues totaling $3,578 from its
investments in the securities of other companies. During the same period,
total expenses were $6,456 and net income totaled $(2,878).
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 September 30, 1998, the Company
had no business operations. During this period, the Company received total
revenues of $3,578 from its investments in the securities of other companies
and had net income of $(2,878).
Liquidity.
- - - - - ----------
At September 30, 1998, the Company had total current assets of
$478,292, with total current liabilities of $11,297. Total stockholder's
equity was $466,995. 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: 10/23/98 By /s/ John Michael Coombs
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John Michael Coombs
Director and President
Date: 10/23/98 By /s/ Terry S. Pantelakis
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Terry S. Pantelakis
Director and Vice President
Date: 10/23/98 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> 3-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> SEP-30-1998
<CASH> 0
<SECURITIES> 405158
<RECEIVABLES> 19131
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 478292
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 478292
<CURRENT-LIABILITIES> 11297
<BONDS> 0
0
0
<COMMON> 12700
<OTHER-SE> 454295
<TOTAL-LIABILITY-AND-EQUITY> 478292
<SALES> 0
<TOTAL-REVENUES> 3578
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4489
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1967
<INCOME-PRETAX> (2878)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2878)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
