UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ended - March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission file number 0-28772
MAS ACQUISITION I CORP.
(Name of Small Business Issuer in its charter)
Delaware 35-1990559
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
1922 North Bedford Avenue, Evansville, Indiana 47711
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 468-8250
Securities registered under Section 12(b) of the Act: None
Securities registered under Section 12(g) of the Act:
Common Stock, $.001 par value per share
(Title or class)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 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. YES [x] NO [ ]
As of March 31, 1997, the Registrant has outstanding 8,500,000 shares
of Common Stock
<PAGE>
MAS Acquisition I Corp.
Form 10-QSB
Quarterly Report
March 31, 1997
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
<TABLE>
<CAPTION>
(1) Financial Statements Page
<S> <C>
Balance Sheet at March 31, 1997 and
December 31, 1996 (unaudited) F-1
Statements of Operations for the three months
and six months ended March 31, 1997 (unaudited) F-2
Statements of Cash Flows for the three months
and six months ended March 31, 1997 (unaudited) F-3
Notes to Unaudited Financial Statements F-4
</TABLE>
<PAGE>
MAS Acquisition I Corp.
(A Development Stage Company)
Balance Sheet
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
--------- ------------
<S> <C> <C>
ASSETS
Current assets:
Total current assets $ - $ -
========= =========
LIABILITIES AND STOCKHOLDER'S EQUITY
Commitments and contingencies
Stockholder's equity:
Preferred stock, $.001 par value
20,000,000 shares authorized
none issued or outstanding - -
Common stock, $.001 par value,
80,000,000 shares authorized,
8,500,000 shares issued and
outstanding 8,500 8,500
Deficit accumulated during the
development stage (8,500) (8,500)
$ - $ -
========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-1
<PAGE>
MAS Acquisition I Corp.
(A Development Stage Company)
Statement of Operations
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<CAPTION>
Three Months Ended Six Months Ended
March 31, 1997 March 31, 1997
-------- -------
<S> <C> <C>
Revenue $ - $ -
Costs and expenses:
General and Administrative 8,500 8,500
Net loss $ (8,500) $ (8,500)
========= =========
Per share information:
Weighted average number
of common shares
outstanding 8,500,000 8,500,000
========= =========
Net loss per share $ (.00) $ (.00)
========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-2
<PAGE>
MAS Acquisition I Corp.
(A Development Stage Company)
Statement of Cash Flows
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, 1997 March 31, 1997
--------- ---------
<S> <C> <C>
Cash Flows from Operating Activities: $ (8,500) $ (8,500)
Net loss
Adjustments to reconcile net loss to
net cash used in operating activities:
Issuance of common stock for services 8,500 8,500
Total adjustments 8,500 8,500
Net cash provided by (used in) - -
operations --------- ---------
Cash flow from investing activities:
Net cash provided by (used in)
investing activities - -
--------- ---------
Cash Flows From Financing activities:
Net cash provided by (used in)
financing activities - -
--------- ---------
Net increase (decrease) in cash and
cash equivalents - -
Beginning cash and cash equivalents - -
Ending cash and cash equivalents $ - $ -
========= =========
Supplemental cash flow information:
Cash paid for: Income taxes $ - $ -
Interest $ - $ -
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-3
<PAGE>
MAS Acquisition I Corp.
(A Development Stage Company)
Notes to Financial Statements
Note 1. ORGANIZATION
The Company was incorporated on July 31, 1996, in the State of Delaware. The
Company is in the development stage and its intent is to locate suitable
business ventures to acquire. The Company has had no significant business
activity to date and has chosen December 31, as a year end.
SIGNIFICANT ACCOUNTING POLICIES
Net loss per share
The net loss per share is computed by dividing the net loss for the period by
the weighted average number of common shares outstanding for the period. Common
stock equivalents are excluded from the computation as their effect would be
anti-dilutive. Shares issued at inception are considered to be outstanding for
the entire period presented.
Cash and cash equivalents
Cash and cash equivalents consist of cash and other highly liquid debt
instruments with an original maturity of less than three months.
Note 2. STOCKHOLDERS' EQUITY
At inception the Company issued 8,500,000 shares of its $.001 par value common
stock for services valued at their fair market value of $8,500.
Note 3. INCOME TAXES
Deferred income taxes may arise from temporary differences resulting from income
and expense items reported for financial accounting and tax purposes in
different periods. Deferred taxes are classified as current or non-current,
depending on the periods in which the temporary differences are expected to
reverse. The deferred tax asset related to the operating loss carryforward has
been fully reserved.
The Company currently has net operating loss carryforwards aggregating
approximately $8,500 which expire in 2011.
F-4
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITIONS.
The following discussion should be read in conjuction with the
information contained in the financial statements of the Company
and the Notes thereto appearing elsewhere herein.
Results of Operations - July 31, 1996 (Inception) through March 31, 1997.
The Company is considered to be in the development stage as defined
in Statement of Financial Accounting Standards No. 7. There have been
no operations since inception.
Liquidity and Capital Resources.
The Company has no cash as of March 31, 1997.
<PAGE>
Part II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K during the
quarter ended March 31, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
MAS ACQUISITION I CORP.
Date: June 11, 1997
By: /s/ Aaron Tsai
----------------------------------
Aaron Tsai
President, Chief Executive Officer
Treasurer and Director
Date: June 11, 1997
By: /s/ Chia-Lun Tsai
----------------------------------
Chia-Lun Tsai
Vice President and Director
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Balance Sheet at March 31, 1997 (unaudited) and the Statement of
Operations for the three months ended March 31, 1997 (unaudited) and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> (8,500)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (8,500)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (8,500)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
