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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
Commission File Number: 0-21241
CYPRESS CAPITAL, INC.
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(Exact name of small business issuer as specified in its charter)
Nevada 84-1349551
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(State of other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
5770 South Beech Court, Greenwood Village, Colorado 80121
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(Address of principal executive offices including zip code)
(303) 221-7376
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(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act 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, 1998, 1,250,000 shares of common stock, $.0001 par value per
share, were outstanding.
Transitional Small Business Disclosure Format (check one): Yes__ No X
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INDEX
Page
Number
Part I. Financial Information
Item I. Financial Statements
Balance Sheets as of March 31, 1998
(Unaudited) and December 31, 1997 3
Statements of Operations, Three Months
Ended March 31, 1998 and March 31,
1997 (Unaudited) 4
Statements of Cash Flows, Three Months
Ended March 31, 1998 and March 31,
1997 (Unaudited) 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 6
Part II. Other Information 7
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CYPRESS CAPITAL, INC.
BALANCE SHEETS
(Unaudited)
ASSETS
March 31 December 31
1997 1997
Current Assets
Cash $ 243 $ 271
Total Current Assets 243 271
Organization costs, net of amortization 163 175
Total Assets $ 406 $ 446
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities:
Accounts payable $ 2,031 $ 811
Advances payable, related parties 2,500 2,500
Total Current Liabilities 4,531 3,311
Stockholders' (Deficit):
Preferred Stock, $.0001 par value,
5,000,000 shares authorized
none issued and outstanding - -
Common Stock, $.0001 par value,
100,000,000 shares authorized
1,250,000 shares issued and
outstanding 125 125
Additional paid-in capital 12,375 12,375
Accumulated deficit (16,625) (15,365)
Total Stockholders' (Deficit) (4,125) (2,865)
Total Liabilities and Stockholders' (Deficit)$ 406 $ 446
The accompanying notes are an integral part of the financial statements.
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CYPRESS CAPITAL, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1998 1997
Revenues $ - $ -
Operating Expenses:
Professional fees 1,221 1,168
Other 39 59
Total Operating Expenses 1,260 1,227
Net Loss $ (1,260) $ (1,227)
Per Share $ nil $ nil
Weighted Average Number
of Shares Outstanding 1,250,000 1,250,000
The accompanying notes are an integral part of the financial statements.
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CYPRESS CAPITAL, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1998 1997
Cash Flows Operating Activities:
Net (loss) $ (1,260) $ (1,227)
Amortization 12 13
Increase in accounts payable 1,220 1,067
Net Cash (Used in) Operating
Activities (28) (147)
Cash Flows from Investing
Activities - -
Cash Flows from Financing
Activities - -
(Decrease) in Cash (28) (147)
Cash, Beginning of Period 271 270
Cash, End of Period $ 243 $ 123
Interest Paid $ - $ -
Income Taxes Paid $ - $ -
The accompanying notes are an integral part of the financial statements.
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CYPRESS CAPITAL, INC.
NOTES TO FINANCIAL STATEMENTS
March 31, 1998 (Unaudited)
(1) Condensed Financial Statements
The financial statements included herein have been prepared by Cypress
Capital, Inc. without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information and
footnote disclosures normally included in the financial statements
prepared in accordance with generally accepted accounting principles
have been condensed or omitted as allowed by such rules and regulations,
and Cypress Capital, Inc. believes that the disclosures are adequate to
make the information presented not misleading. It is suggested that
these financial statements be read in conjunction with the December 31,
1997 audited financial statements and the accompanying notes thereto.
While management believes the procedures followed in preparing these
financial statements are reasonable, the accuracy of the amounts are in
some respect's dependent upon the facts that will exist, and procedures
that will be accomplished by Cypress Capital, Inc. later in the year.
The management of Cypress Capital, Inc. believes that the accompanying
unaudited condensed financial statements contain all adjustments
(including normal recurring adjustments) necessary to present fairly the
operations and cash flows for the periods presented.
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Cypress Capital, Inc. (the "Company") was organized as a Colorado corporation
on June 14, 1996, in order to evaluate, structure and complete a merger with,
or acquisition of, prospects consisting of private companies, partnerships of
sole proprietorships. The Company may seek to acquire a controlling interest
in such entities in contemplation of later completing an acquisition. The
Company is not limited to any operation or geographic area in seeking out
opportunities. Management has not identified any particular business or
industry within which the Company will seek an acquisition or merger. The
Company has not conducted, nor have others made available to it, market
research supporting the viability of the Company's proposed operations.
The Company generated no revenues during the quarter ended March 31, 1998, and
management does not anticipate any revenues until following the conclusion of
a merger or acquisition, if any, as contemplated by the Company's business
plan.
The Company's capital is limited. The Company anticipates operational costs
will be limited until such time as significant evaluation work is undertaken
regarding prospective mergers or acquisitions.
At March 31, 1998, the Company had no material commitments for capital
expenditures.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings. None.
Item 2. Changes in Securities. None.
Item 3. Defaults upon Senior Securities. None.
Item 4. Submission of Matters to a Vote of Security Holders. None.
Item 5. Other Information. None.
Item 6. Exhibits and Reports on Form 8-K. None.
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.
CYPRESS CAPITAL, INC.
Date: May 20, 1998 By: /s/ Timothy J. Brasel
Timothy J. Brasel, President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
balance sheet and statements of operations found on pages 3 and 4 of the
Company's Form 10-QSB for the year to date, and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1998
<CASH> 243
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 243
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 406
<CURRENT-LIABILITIES> 4,531
<BONDS> 0
0
0
<COMMON> 125
<OTHER-SE> (4,000)
<TOTAL-LIABILITY-AND-EQUITY> 406
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,260
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
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<CHANGES> 0
<NET-INCOME> (1,260)
<EPS-PRIMARY> 0
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</TABLE>
