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, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
-------------- ------------------
Commission File No. 0-21853
SEAFOODS PLUS, LTD
(Name of Small Business Issuer in its Charter)
UTAH 87-0413539
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)262-8844
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
---- ---- ---- ----
<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
None; 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, 1998
200,012
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.
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations since 1988. 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.
The Company's only foreseeable cash requirements during the next 12 months
will relate to maintaining the Company in good standing in the State of Utah and
keeping its reports "current" with the Securities and Exchange Commission.
Management does not anticipate that the Company will have to raise additional
funds during the next 12 months.
Results of Operations.
The Company has had no operations since on or before approximatly 1988.
During the quarterly period covered by this Report, the Company received no
revenue and incurred nominal expenses.
<PAGE>
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.*
None; Not Applicable.
(b)Reports on Form 8-K.
None; Not Applicable.
*A summary of any Exhibit is modified in its entirety by reference to the
actual Exhibit.
<PAGE>
<TABLE>
<CAPTION>
SEAFOODS PLUS, LTD.
[A Development Stage Company]
BALANCE SHEETS
March 31, 1998 and December 31, 1997
3/31/98 12/31/97
---------------- ----------------
[Unaudited]
<S> <C> <C> <C> <C>
ASSETS
Total Current Assets $ 583 $ 583
---------------- ----------------
TOTAL ASSETS $ 583 $ 583
================ ================
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Loans from stockholders $ 7,909 $ 7,777
Accounts Payable 401 401
Income Taxes Payable 100 100
---------------- ----------------
Total Current Liabilities 8,410 8,278
TOTAL LIABILITIES 8,410 8,278
EQUITY
Common Stock - 50,000,000 shares authorized at par; 2,000 2,000
2,000,012 post-split shares issued and outstanding
Paid-in Capital 37,327 37,327
Accumulated Deficit (47,154) (47,022)
---------------- ----------------
TOTAL EQUITY (7,827) (7,695)
---------------- ----------------
TOTAL LIABILITIES & EQUITY $ 583 $ 583
================ ================
</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, 1997 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
<PAGE>
<TABLE>
<CAPTION>
SEAFOODS PLUS, LTD.
[A Development Stage Company]
STATEMENTS OF OPERATIONS
For the Three-Month Periods Ended March 31, 1998 and 1997, and
for the Period from Reactivation [December 31, 1994] through March 32, 1998
Three Months Three Months For the Period
Ended Ended from Reactivation to
3/31/98 3/31/97 3/31/98
------------------ ------------------ --------------------
[Unaudited] [Unaudited] [Unaudited}
<S> <C> <C> <C> <C> <C> <C>
REVENUE
Income $ 0 $ 0 $ 0
------------------ ------------------ -------------------
OPERATING EXPENSES 132 1,442 16,824
------------------ ------------------ -------------------
TOTAL OPERATING EXPENSES 132 1,442 16,824
INCOME / FRANCHISE TAX 0 100 300
------------------ ------------------ -------------------
NET (LOSS) $ (132) $ (1,542) $ (17,124)
================== ================== ===================
NET LOSS PER SHARE $ (0.01) $ (0.01) $ (0.01)
================== ================== ===================
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 200,012 200,012 1,543,784
================== ================== ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SEAFOODS PLUS, LTD.
[A Development Stage Company]
STATEMENTS OF CASH FLOWS
For the Three-Month Periods Ended March 31, 1998 and 1997, and
for the Period from Reactivation [December 31, 1994] through March 31, 1998
Three Months Three Months For the Period
Ended Ended from Reactivation to
3/31/98 3/31/97 3/31/98
----------------- ----------------- --------------------
[Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
- ----------------------------------------
Net Loss $ (132) $ (1,442) $ (17,124)
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in franchise taxes payable 0 (100) (603)
Increase/(Decrease) in accounts payable 0 0 401
Increase/(Decrease) in shareholder loan 132 1,540 7,909
----------------- ----------------- ------------------
Net Cash Used For Operating Activities $ 0 $ (2) $ (9,417)
================= ================= ==================
Cash Flows Provided by Financing Activities
- ------------------------------------------------------------
Issuance of Common Stock 0 0 10,000
Net Cash Provided By Financing Activities 0 0 10,000
Net Increase In Cash 0 (2) 651
Beginning Cash Balance 583 653 0
Ending Cash Balance $ 583 $ 651 $ 651
================= ================= ==================
Supplemental Disclosure of Cash Flow Information:
- -------------------------------------------------
Cash paid for the period for interest $ 0 $ 0 $ 0
Cash paid for the period for income taxes $ 0 $ 100 $ 890
</TABLE>
<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.
SEAFOODS PLUS, LTD.
Date: 5-11-98 /S/ KATHLEEN L. MORRISON
Kathleen L. Morrison, President and Director
Date: 5-14-98 /S/ TERRY HARDMAN
Terry Hardman, Secretary and Director
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001024022
<NAME> SEAFOODS PLUS, LTD.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<CASH> 583
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 583
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 583
<CURRENT-LIABILITIES> 8,410
<BONDS> 0
0
0
<COMMON> 200
<OTHER-SE> (9,827)
<TOTAL-LIABILITY-AND-EQUITY> 583
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 132
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (132)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (132)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
