<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, 1999
[ ] 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:
March 31, 1999
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
3-31-99 3-31-98 6-30-98
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ASSETS
<S> <C> <C> <C>
Current Assets
Cash and cash equivalents 0 0 90738
Accrued interest receivable 11710 11891 23029
Investments in securities - market 534238 684013 355409
Prepaid income taxes 3065 5994 5577
Deferred tax asset 32128 32128
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Total Current Assets 581141 701898 506881
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Total Assets 581141 701898 506881
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Brokerage margin account payable 157024 176418
Income tax payable
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Total Current Liabilities 157024 176418
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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 -170039 -4887 -59478
Earnings accumulated during the
development stage 433327 369538 405530
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Total Stockholders' Equity 424117 525480 506881
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Total Liabilities & Equity 581141 701898 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
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3-31-99 3-31-98 3-31-99 3-31-98
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<S> <C> <C> <C> <C>
Revenues
Interest income 30368 36224 49822 59333
Gains from sale of investing -58179 -12152 -40741
Dividend income 50 135 911 237
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Total Revenues 30418 -21820 38581 18829
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Expenses
Accounting & auditing 375 400 4750 2800
Entertainment 130
Legal fees 210 271 2185 759
Legal costs 1000 1000
Interest expense 2040 2421 3547 6481
Office expenses 34
Rent 666 613 1319 1205
Miscllaneous 187
Taxes and licenses 160
Travel expenses 1363
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Total Expenses 4291 3705 14328 11592
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Net Ordinary Income 26127 -25525 24253 7237
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Federal Income Taxes - est 3919 0 3638 1086
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Net Income 22208 -25525 20615 6151
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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
--------------------------
3-31-99 3-31-98
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<S> <C> <C>
Cash Flow From Operating Activities
Net Income (Loss) 20615 6151
Gains from sale of investments 12152 40741
Increase in accrued interest -11319 6109
Decrease in tax benefit
Decrease in prepaid expenses 2512 (5160)
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Cash Provided By Operating Activities 23960 47841
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Cash Flows From Investing Activities
Purchase of securities (412961) (816491)
Proceeds from sale of securities 141239 486929
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Net Cash Used In Investing Activities (271722) (329562)
Cash Flows From Financing Activities
Increase in proceeds from brokarge
margin account borowings 157024 176418
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Cash Provided By Financing Activities 157024 176418
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Net Increase (Decrease) in Cash 90738 105303
Cash and Cash Equivalents At Beginning 90738 105303
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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
1998 10-KSB 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 March 31, 1999. During
this period, the Company received revenues totaling $30,368 from interest.
During the same period, total expenses were $4,291 and net income totaled
$22,208.
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, 1999, the Company
had no business operations. During this period, the Company received total
revenues of $30,368 from interest and had net income of $22,208.
Liquidity.
- ----------
At March 31, 1999, the Company had total current assets of
$581,141, with total current liabilities of $157,024. Total stockholder's
equity was $424,117. 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.
Year 2000.
- ----------
The Company presently has no material operations, and is presently
seeking a suitable candidate for a merger or acquisition transaction. Due to
its very limited activities and assets, management does not believe that the
change of year to the year 2000 will have any material effect on its business,
results of operations or financial condition.
The Company can give no assurance that third parties with whom it does
business (e.g., banks and utilities) will ensure Year 2000 compliance in a
timely manner or that, if they do not, their computer systems will not have an
adverse effect on the Company. However, the Company does not believe that
Year 2000 compliance issues of such third parties will result in a material
adverse effect on its financial condition or results of operations.
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: 4/26/99 By /s/ John Michael Coombs
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John Michael Coombs
Director and President
Date: 4/27/99 By /s/ Terry S. Pantelakis
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Terry S. Pantelakis
Director and Vice President
Date: 4/26/99 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-30-1999
<PERIOD-END> MAR-31-1999
<CASH> 0
<SECURITIES> 534238
<RECEIVABLES> 11710
<ALLOWANCES> 0
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<PP&E> 0
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<CURRENT-LIABILITIES> 157024
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0
0
<COMMON> 12700
<OTHER-SE> 411417
<TOTAL-LIABILITY-AND-EQUITY> 581141
<SALES> 0
<TOTAL-REVENUES> 38581
<CGS> 0
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<INCOME-PRETAX> 24253
<INCOME-TAX> 3638
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</TABLE>
