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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 June 30, 1996
[ ] 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. 0-28184
MASON OIL COMPANY, INC.
(Name of Small Business Issuer in its Charter)
UTAH 87-109974
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(State or Other Jurisdiction of (I.R.S.
incorporated or organization) Employer I.D. No.)
1787 East Fort Union Blvd., #108
Salt Lake City, Utah 84121
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(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 942-0592
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 No X
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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:
July 11, 1996
Common Voting Stock - 3,225,454
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
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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. In the opinion of management, the Financial Statements fairly
present the financial condition of the Registrant.
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MASON OIL COMPANY, INC.
BALANCE SHEETS
June 30, 1996 and December 31, 1995
<TABLE>
<CAPTION>
6/30/96 12/31/95
[Unaudited]
<S> <C> <C>
ASSETS
Cash $ 1,932 $ 424
TOTAL ASSETS $ 1,932 $ 424
LIABILITIES & EQUITY
LIABILITIES 0 0
TOTAL LIABILITIES 0 0
EQUITY
Common Stock 3,225 1,725
Paid-in Capital 446,989 440,989
Accumulated Deficit (448,283) (442,290)
TOTAL EQUITY 1,932 424
TOTAL LIABILITIES & EQUITY $ 1,932 $ 424
</TABLE>
NOTE TO FINANCIAL STATEMENTS:
Interim financial statements reflect all adjustments which are, in the
opinion of management, necessary to a fair statement of the results for the
periods. The December 31, 1995 balance sheet has been derived from the
audited financial statements. These interim financial statements conform with
the requirements for interim financial statements and consequently do not
include all the disclosures normally required by generally accepted accounting
principles.
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MASON OIL COMPANY, INC.
CONDENSED STATEMENTS OF OPERATIONS
For the Three-Month and Six-Month Periods Ended June 30, 1996
and 1995
<TABLE>
<CAPTION>
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
6/30/96 6/30/95 6/30/96 6/30/95
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C>
REVENUE
Income $ 0 $ 0 $ 0 $ 0
NET REVENUE 0 0 0 0
COSTS AND
EXPENSES
Selling, general,
and administrative 2,183 123 5,992 583
TOTAL COSTS AND
EXPENSES 2,183 123 5,992 583
NET INCOME/(LOSS) $ (2,183) $ (123) $ (5,992) $(583)
NET LOSS PER SHARE$ (0.01) $ (0.01) $ (0.01) $ 0.01)
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 3,225,431 1,725,431 2,673,233 1,725,431
</TABLE>
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MASON OIL COMPANY, INC.
CONDENSED STATEMENTS OF CASH FLOWS
For the Three-Month and Six-Month Periods Ended June 30, 1996
and 1995
<TABLE>
<CAPTION>
Six Months Six Months
Ended Ended
6/30/96 6/30/95
[Unaudited] [Unaudited]
<S> <C> <C>
Cash Flows Used For Operating Activities
Net Loss $(5,992) $( 583)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Decrease in accounts payable 0 0
Increase/(Decrease) in franchise taxes
payable 0 0
Net Cash Used For Operating Activities (5,992) (583)
Cash Flows Provided by Financing Activities
Issuance of shares to related party for
cash 7,500 0
Net Cash Provided by Financing Activities 7,500 0
Net Increase In Cash 1,508 (583)
Beginning Cash Balance 424 1,146
Ending Cash Balance $ 1,932 $ 563
</TABLE>
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Item 2. Management's Discussion and Analysis or Plan of Operation.
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Plan of Operation.
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The Company has not engaged in any material operations in the last
fiscal year or the period ending June 30,1996. The Company intends to
continue to seek out the acquisition of assets, property or business that may
be beneficial to the Company and its stockholders.
Results of Operations.
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The Company discontinued its operations in approximately 1981.
During the quarterly period ended June 30, 1996, the Company received no
revenue. Expenses during this period totalled $2,183; the Company sustained a
net loss during this period of $2,183.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
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None; not applicable.
Item 2. Changes in Securities.
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None; not applicable.
Item 3. Defaults Upon Senior Securities.
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None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
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No matter was submitted to a vote of security holders of the Company
during the period covered by this Report, whether through the solicitation of
proxies or otherwise.
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Item 5. Other Information.
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None. Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
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(a) Exhibits.*
Exhibit
Number Description*
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27 Financial Data Schedule
(b) Reports on Form 8-K.
None.
*A summary of any Exhibit is modified in its entirety by reference to
the actual Exhibit.
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.
MASON OIL COMPANY, INC.
Date: 7/12/96 By /s/
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Craig Carpenter
Director and President
Date: 7/12/96 By /s/
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Helen G. Carpenter
Director and Vice
President
Date: 7/12/96 By /s/
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Kathleen L. Morrison
Director and
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001011972
<NAME> MASON OIL COMPANY, INC.
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> MAR-31-1995 JUN-30-1995
<CASH> 4,115 1,932
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 4,115 1,932
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 4,115 1,932
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
0 0
0 0
<COMMON> 1,733 3,225
<OTHER-SE> 2,382 (1,293)
<TOTAL-LIABILITY-AND-EQUITY> 4,115 1,932
<SALES> 0 0
<TOTAL-REVENUES> 0 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 3,809 5,992
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (3,809) (5,992)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> (3,809) (5,992)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (3,809) (5,992)
<EPS-PRIMARY> (0.01) (0.01)
<EPS-DILUTED> (0.01) (0.01)
</TABLE>
