U.S. 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 quarterly period ended June 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 For the transition period from _____________to_______________
Commission file number: 0-26457
MARINA CAPITAL, INCORPORATED
____________________________
(Name of small business issuer in its charter)
Utah 87-0554016
_______________________________ __________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2605 Wall Ave., Ogden, Utah 84401
_______________________________________ __________________
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (801) 394-2400
Indicate by checkmark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 [ ]
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practical date:
Outstanding at September 30, 2000
_________________________________
4,080,427
$.001 par value common stock
<PAGE>
MARINA CAPITAL, INC.
FORM 10-QSB
TABLE OF CONTENTS
PART I--FINANCIAL INFORMATION
ITEM 1. Financial Statements............................................... 1
ITEM 2. Management Discussion and Analysis of Financial Condition
and Results of Operations.......................................... 2
PART II--OTHER INFORMATION
ITEM 1. Legal Proceedings.................................................. 3
ITEM 2. Changes in Securities and Use of Proceeds.......................... 3
ITEM 3. Defaults Upon Senior Securities.................................... 3
ITEM 4. Submission of Matters to a Vote of Security Holders................ 4
ITEM 5. Other Information.................................................. 4
ITEM 6. Exhibits and Reports on Form 8-K................................... 5
ii
<PAGE>
PART I--FINANCIAL INFORMATION
ITEM 1. Financial Statements.
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
INDEX
Page
Condensed Consolidated Balance Sheets F-1
Condensed Consolidated Statements of Operations for the
Three-months ended June 30, 2000 and 1999 F-3
Condensed Consolidated Statements of Operations for the
Six-months ended June 30, 2000 and 1999 F-4
Condensed Consolidated Statements of Cash Flows for the
Six-months ended June 30, 2000 F-5
Notes to Condensed Consolidated Financial Statements F-7
1
<PAGE>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, December 31,
2000 1999
_____________ ____________
CURRENT ASSETS
Cash $ 30,211 $ 15,714
Escrow deposits 45,100 45,100
Deposits - 220
__________ __________
TOTAL CURRENT ASSETS 75,311 61,034
__________ __________
OTHER ASSETS
Office equipment (net) 4,347 4,897
OlymPeak Estates land 1,374,962 1,354,445
Powder Mountain land 96,000 96,000
Shupe-Williams Plaza 314,590 287,986
Loan fees 8,500 -
__________ __________
TOTAL OTHER ASSETS 1,798,399 1,743,328
__________ __________
TOTAL ASSETS $1,873,710 $1,804,362
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accrued interest $ 97,531 $ 63,620
Accounts payable 18,201 11,126
Current maturities of notes payable 149,546 74,546
Trust deposits 45,100 45,100
__________ __________
TOTAL CURRENT LIABILITIES $ 310,378 $ 194,392
__________ __________
F-1
The accompanying notes are an integral part of these financial statements.
<PAGE>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
June 30, December 31,
2000 1999
_____________ ____________
LONG-TERM LIABILITIES:
Notes payable $ 804,853 $ 729,853
Less current maturities (149,546) (74,546)
__________ __________
NOTES PAYABLE EXCLUDING
CURRENT MATURITIES 655,307 655,307
__________ __________
TOTAL LIABILITIES 965,685 849,699
__________ __________
REDEEMABLE PREFERRED STOCK
Redeemable preferred stock - 5,000,000
shares no par value authorized,
124,259 shares issued and outstanding 390,778 -
84,259 shares issued and outstanding - 240,778
__________ __________
TOTAL REDEEMABLE PREFERRED STOCK 390,778 240,778
__________ __________
STOCKHOLDERS' EQUITY
Common stock - 30,000,000 shares $.001
par value authorized
4,067,094 shares issued and outstanding 2,257,681 -
4,058,774 shares issued and outstanding - 2,226,481
Contributed capital 1,390,464 1,390,464
Deficit accumulated in the
development stage (3,130,898) (2,903,060)
__________ __________
TOTAL STOCKHOLDERS' EQUITY 517,247 713,885
__________ __________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,873,710 $1,804,362
========== ==========
F-2
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three-months Three-months March 5, 1996
ended ended (inception) to
June 30, 2000 June 30, 1999 June 30, 2000
_____________ _____________ _____________
<S> <C> <C> <C>
REVENUE
Real estate sales commissions $ - $ 5,700 $ 97,306
Rent-land - - 3,300
Sale of land - - 40,000
__________ __________ ___________
TOTAL REVENUE - 5,700 140,606
__________ __________ ___________
Cost of sales - - 25,000
__________ __________ ___________
GROSS MARGIN - 5,700 115,606
__________ __________ ___________
OPERATING EXPENSES
Abandoned projects - - 27,184
Accounting & legal 8,828 17,496 292,314
Advertising and promotion - - 14,171
Commissions - 1,345 80,565
Consulting - 1,688 186,641
Dues and registrations 120 977 10,378
Office expenses 4,251 5,495 107,009
Taxes 4,908 5,459 67,339
Travel & entertainment 13,668 14,775 167,270
Telephone 1,826 2,297 41,579
Salaries 63,998 66,350 730,082
Insurance 4,519 4,576 41,661
Depreciation 275 114 2,107
Other compensation - - 1,390,464
__________ __________ ___________
TOTAL OPERATING
EXPENSES 102,393 120,572 3,158,764
__________ __________ ___________
NET LOSS FROM
OPERATIONS (102,393) (114,872) (3,043,158)
__________ __________ ___________
OTHER INCOME AND (EXPENSE)
Interest income 237 - 12,616
Interest expense (11,098) (6,623) (100,356)
__________ __________ ___________
TOTAL OTHER INCOME
AND (EXPENSE) (10,861) (6,623) (87,740)
__________ __________ ___________
NET LOSS $ (113,254) $ (121,495) $(3,130,898)
========== ========== ===========
BASIC AND DILUTED LOSS PER SHARE $(.03) $(.03)
===== =====
WEIGHTED AVERAGE
COMMON SHARES-BASIC AND DILUTED 4,062,934 3,971,119
</TABLE>
F-3
The accompanying notes are an integral part of these financial statements.
<PAGE>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six-months Six-months
ended ended
June 30, 2000 June 30, 1999
_____________ _____________
REVENUE - Real estate sales commissions $ 3,000 $ 13,675
__________ ___________
OPERATING EXPENSES
Abandoned project - 15,000
Accounting & legal 15,435 18,678
Advertising and promotion 459 110
Commissions 3,131 4,923
Consulting 2,320 1,688
Dues and registrations 2,461 1,667
Office expenses 9,371 11,854
Taxes 11,306 11,452
Travel & entertainment 25,740 20,238
Telephone 3,292 4,310
Salaries 127,448 121,425
Insurance 9,124 8,165
Depreciation 551 228
__________ ___________
TOTAL OPERATING
EXPENSES 210,638 219,738
__________ ___________
NET LOSS FROM
OPERATIONS (207,638) (206,063)
__________ ___________
OTHER INCOME AND (EXPENSES)
Interest income 874 1,270
Interest expense (21,072) (13,246)
__________ ___________
TOTAL OTHER INCOME AND (EXPENSE) (20,198) (11,976)
__________ ___________
NET LOSS $ (227,836) $ (218,039)
========== ===========
BASIC AND DILUTED LOSS PER SHARE $(.06) $(.05)
_____ _____
WEIGHTED AVERAGE
COMMON SHARES-BASIC AND DILUTED 4,062,934 3,971,119
F-4
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six-months Six-months March 5, 1996
ended ended (inception) to
June 30, 2000 June 30, 1999 June 30, 2000
_____________ _____________ ______________
<S> <C> <C> <C>
OPERATING ACTIVITIES
____________________
Net loss $ (227,836) $ (218,039) $(3,130,897)
Adjustments to reconcile net loss to net cash
used in operating activities:
Changes in operating assets and liabilities
Accounts receivable 220 15,000 -
Accounts payable and accrued expenses 40,986 35,413 115,732
Depreciation 551 228 2,108
Gain on sale of assets - - (16,000)
Stock option compensation - - 1,390,464
Stock issued for services - - 231,578
__________ __________ ___________
Net cash used in operating activities (186,079) (167,398) (1,407,015)
__________ __________ ___________
INVESTING ACTIVITIES
Sale of land - - 40,000
Equipment purchase - (1,897) (6,454)
Real estate development (47,124) (137,554) (1,062,659)
Loan fees (8,500) - (8,500)
__________ __________ ___________
Net cash used in investing activities (55,624) (139,451) (1,037,613)
__________ __________ ___________
FINANCING ACTIVITIES
Principle payments on notes payable - - (487,147)
Proceeds from notes payable 75,000 - 567,000
Proceeds from sale of common stock 31,200 427,470 2,004,208
Proceeds from sale of redeemable preferred stock 150,000 - 390,778
__________ __________ ___________
Net cash provided in financing activities 256,200 427,470 2,474,839
__________ __________ ___________
Increase in cash 14,497 120,621 30,211
Cash at beginning of period 15,714 166,342 -
__________ __________ ___________
Cash at end of period $ 30,211 $ 286,963 $ 30,211
========== ========== ===========
</TABLE>
F-5
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
Six-months Six-months March 5, 1996
ended ended (inception) to
June 30, 2000 June 30, 1999 June 30, 2000
_____________ _____________ ______________
<S> <C> <C> <C>
SUPPLEMENTAL DISCLOSURES
________________________
Non-cash investing activities - Acquisition of
land with issuance of note payable - - $ 725,000
===========
Cash paid during the period
for Interest $ 6,688 $ 0 $ 250,158
F-6
The accompanying notes are an integral part of these financial statements.
<PAGE>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
A. Nature of Business
Marina Capital, Incorporated (the Company) was incorporated in Utah on
March 5, 1996. The purpose of the Company is to invest in and develop
various real estate and other business opportunities. The Company has
two real estate projects in various stages of development in the
Northern Utah area, the OlymPeak Estates project and the Shupe-Williams
building project. The Company has formed two wholly owned Limited
Liability Companies to own and manage the Shupe-Williams building
project. The Shupe-Williams building was purchased by Shupe-Williams
Plaza, LLC for $100 and is it's only asset. Shupe-Williams Plaza, LLC
is 100% owned by Marina Holding, LLC which has no other assets. Marina
Holding, LLC is 100% owned by Marina Capital, Incorporated. All three
companies have been consolidated into these financials and any
intercompany transactions have been eliminated.
B. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements
have been prepared by the Company in accordance with the rules and
regulations of the Securities and Exchange Commission for Form 10-QSB,
and accordingly, do not include all of the information and footnotes
required by generally accepted accounting principles. In the opinion of
management, these unaudited condensed consolidated financial statements
reflect all adjustments, which consist only of normal recurring
adjustments, which are necessary to present fairly the Company's
financial position, results of operations and cash flows as of June 30,
2000 and for the periods presented herein. These unaudited condensed
consolidated financial statements should be read in conjunction with the
consolidated financial statements, and notes thereto, included in the
Company's annual report on form 10-KSB, as amended, for the year ended
December 31, 1999 filed with the Securities and Exchange Commission.
The preparation of the condensed consolidated financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets
and liabilities, and the reported amounts of revenue and expense for the
period being reported. Actual results could differ from those
estimates. The results of operations for the three and six months ended
June 30, 2000 are not necessarily indicative of the results that may be
expected for the remainder of the year ending December 31, 2000 or
future annual periods.
F-7
<PAGE>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)
NOTE 2 - REDEEMABLE PREFERRED STOCK
The Company has issued 124,259 shares of redeemable preferred stock at a price
of $2.50 to $3.00 per share. The redeemable preferred stock bears interest at 10
to 12 percent per annum which is payable in cash or additional preferred stock
of the Company, at the option of the holder.
Interest related to preferred stock in the amounts of $13,246, and $13,246 for
the six-month periods ended June 30, 2000, and 1999, respectively has been
recognized as interest expense in the accompanying condensed consolidated
statements of operations. Such interest totaled $6,623 for the three-month
periods ended June 30, 2000 and 1999.
NOTE 3 - LOSS PER COMMON SHARE
Basic loss per common share is calculated by dividing the net loss by the
weighted average number of common shares outstanding during the period.
Diluted loss per share is the same as basic loss per share since options to
purchase 900,000 and 888,346 potential shares of common stock for the three and
six month periods ended June 30, 2000, and 1999, respectively, are not included
in the computation of diluted loss per share as their effect would have been
anti-dilutive.
NOTE 4 - CONTINGENT LIABILITIES
Ogden City Corporation and the Ogden City Redevelopment Agency (the City) each
hold a $250,000 trust deed note on the Shupe-Williams Building and adjacent lot.
Said notes will be deemed satisfied upon sufficient completion of the project as
specified in the purchase agreement. The Company is also subject to
restrictions on transfer of the building. Management has not reported this
obligation as either an asset or a liability in the financial statements due to
its contingent nature. Management believes the obligation will never be paid as
it will be satisfied on completion of the project or canceled if the building is
returned to the City.
F-8
<PAGE>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - REAL ESTATE
Total capitalized costs and related changes in the cost of developed property
are as follows:
Shupe- Powder
OlymPeak Williams Mountain
Estates Plaza Land Total
_________ ________ ________ _____
Balance at
December 31, 1999 $1,354,445 $287,986 $ 96,000 $1,738,431
Development costs
capitalized during
the six-months
June 30, 2000 20,517 26,604 - 47,121
__________ ________ _________ __________
Balance at
June 30, 2000 $1,374,962 $314,590 $ 96,000 $1,785,552
========== ======== ========= ==========
NOTE 6 - STOCK OPTION AGREEMENTS
In October and December, 1998, in exchange for services from an existing stock
holder, the Company issued to such stock holder options to acquire an additional
500,000 shares of common stock at the exercise price of $2.50 per share.
Two of the Company's employees have entered into employment agreements which
grant them the right to purchase shares of common stock (each year within 60
days of their anniversary date, beginning November 1, 1997 and ending November
1, 2003) equal to an aggregate total of five percent of the then issued and
outstanding common stock of the Company at an exercise price equal to 75 percent
of the book value of the common shares as of the date of exercise. The Company
has applied variable-plan accounting with respect to these options, and
accordingly, compensation expense has been recognized in the annual consolidated
statements of operations based on the estimated total intrinsic value of shares
available under option, as measured on each of the anniversary dates for each of
the years ended December 31, 1999, 1998 and 1997.
Effective March 14, 2000, the Company, and the employees described above,
nullified the provision included in the employment agreements which granted
such employees the right to acquire up to five percent of the Company's
outstanding common stock. In connection with the cancellation of the previous
stock option agreement, the Company granted each of the employees an option to
acquire 200,000 shares of the Company's common stock at the price of $3.50 per
share. The option to acquire common stock terminates in conjunction with the
termination of the employment agreements on October 31, 2003. No options were
granted during the three-months ended June 30, 2000. All options outstanding
June 30, 2000 are exercisable. The weighted-average remaining contractual life
for all options outstanding as of June 30, 2000 is 4.0 years.
F-9
<PAGE>
MARINA CAPITAL, INCORPORATED
(A Development Stage Enterprise)
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - NOTES PAYABLE
During the three-months ended June 30, 2000, the Company borrowed $17,500 from
individuals on short-term notes that bear interest at 10%. Of this amount,
$12,500 was borrowed from a related stockholder.
F-10
<PAGE>
ITEM 2. Management Discussion and Analysis of Financial Condition
and Results of Operations
This Form 10-Q may contain trend information and forward-looking statements that
involve risks and uncertainties. The actual results of operations of the
Company could differ materially from the Company's historical result of
operations and those discussed in such forward-looking statements as a result of
certain factors set forth in this section and elsewhere in this Form 10-Q,
including information incorporated by reference.
RESULTS OF OPERATIONS
Revenues
The Company is primarily engaged in developing two real estate developments,
OlymPeak Estates and the Shupe-Williams Building. No sales have been realized
from either project as the Company is in the process of obtaining the necessary
permits and funding to develop the projects. As of June 30, 2000, the Company
had expended $399,962 (in addition to the original land purchase for $975,000)
on OlymPeak Estates and $314,590 on the Shupe-Williams Building for preliminary
construction costs. All costs have been capitalized. Prospective buyers have
and are continuing to reserve lots and condo units, but no sales can be
finalized until the projects are sufficiently complete. The Company has real
estate agents engaged in brokering other real estate parcels. This has
generated commissions of $-0- in the current quarter and $5,700 for the quarter
ended June 30, 1999. $3,000 and $13,675 was earned for the six- months ended
June 30, 2000 and 1999.
Operating Expenses
For the quarter ending June 30, 2000, operating expenses decreased 15% as
compared to the same period from the previous year. Total operating expenses
were $102,393 and $120,572 for the quarters ending June 30, 2000 and 1999. The
only significant changes for the quarter was a decrease in accounting and legal
fees from $17,496 to $8,828. The three-months ended June 30, 1999 was higher
do to costs associated with the Company's Registration with the Securities and
Exchange Commission. Management feels that operating expenses will remain at
this current level.
For the six months ended June 30, 2000, operating expenses decreased 4% or
$9,100. Salaries increased $6,023. Travel increased $5,502 while abandoned
projects decreased by $15,000.
Operating Loss
The Company reported an operating loss of $102,393 for the second quarter of
2000, compared with an operating loss of $114,872 for the prior year's second
quarter. This was a decrease of 11%. On a year to date basis, the Company
reported an operating loss increase of 7% or $207,638 in 2000, compared with
an operating loss of $206,063 for the first six months of 1999. The largest
expenses are salaries $127,448 and travel and entertainment $25,740. The
Company will more than likely continue to show an operating loss until sales
commence on the OlymPeak and Shupe-Williams projects.
2
<PAGE>
Other Income (Expenses)
For the quarter ending June 30, 2000 and 1999, the Company reported interest
expense of $11,098 and $6,623 related to redeemable preferred
stock and short term notes. Additionally, the Company has capitalized $14,317
interest per quarter on the OlymPeak land purchase note. Year-to-date
interest expense for the six-months ended June 30, 2000 and 1999 was $21,072
and $13,246.
Income Taxes
Although the Company has incurred operating losses during the six-month and
three-month periods ended June 30, 2000, no income tax benefit has been
recognized. The Company continues to be in the development stage, and although
it has certain real estate projects under various degrees of development, the
Company has a limited operating history. Currently, there is not adequate
assurance the Company will be able to generate sufficient future profits
necessary to realize income tax benefits from losses incurred through June 30,
2000.
Liquidity and Financial Resources
The Company had negative working capital of ($235,067) at June 30, 2000. It has
invested $1,794,052 in real estate projects and has long-term debt of $655,307.
Stockholders have invested $4,038,923 in the Company as of June 30, 2000 with
$143,700 being invested during the three months ended June 30, 2000. The Company
is working on obtaining financing to complete construction on the two projects
in progress. Current estimates are that the OlymPeak Estates project will
require approximately $1,000,000 to complete and Shupe-Williams $4,500,000.
Management feels it will be able to obtain the financing needed to complete the
construction and also fund ongoing operations either through additional stock
transactions or loans. However, no loan commitments have been made and there
can be no assurance that such funds will be raised in sufficient amounts to meet
the cash requirements of the Company.
PART II -- OTHER INFORMATION
ITEM 1. Legal Proceedings.
The Company has no legal proceedings in effect.
ITEM 2. Changes in Securities and Use of Proceeds.
There have been no changes in securities during this reporting period.
ITEM 3. Defaults Upon Senior Securities.
The Company has incurred no defaults upon senior securities during this
reporting period.
3
<PAGE>
ITEM 4. Submission of Matters to a Vote of Security Holders.
The Company held an Annual Meeting of Shareholders' on June 2, 2000
whereby the following matters by Proxy were presented to and voted on by
the Company's Shareholders.
Re-elected as the Company's Directors were: Larry R. Walker (votes for:
3,580,977), Richard V. Murray (votes for: 3,580,977), Russell C. Maughan
(votes for: 3,334,353) and William J. Tabar (votes for: 2,711,812).
Elected as new Directors of the Board were: Glen J. Mecham (votes for:
2,948,185) and Morton Miller (votes for: 2,711,812).
There were no votes against or authority to withhold a vote for any of
the elected Directors. Each Director will serve in such capacity for
the following year.
The following were elected to the Company's Advisory Board: Charles A.
Priest (votes for: 3,143,093, no votes against and 1,000 abstentions),
Gene Harter (votes for: 3,116,984, no votes against and no abstentions),
Thomas J. Lyons (votes for: 2,969,617, no votes against and 37,500
abstentions) and Dennis L. Walton (votes for: 2,697,063, no votes
against and no abstentions). Each Advisor will serve in such capacity
for the following year.
The Shareholders voted to retain Davis, James & Chase-Kraaima as the
Company's independent CPA by a vote of 3,736,797 for and there were no
votes against or any abstentions.
The Shareholders elected to ratify the employment of a qualified CPA for
the Company's required SEC filings by a vote of 3,736,797 for and there
were no votes against or any abstentions. The Board of Directors were
given the authority to retain a CPA of their choice.
The Shareholders voted to ratify the allowance of the Company to
compensate outside Directors and Members of the Board of Advisors by a
vote of 3,734,797 for and there were no votes against or any
abstentions.
ITEM 5. Other Information.
None.
4
<PAGE>
ITEM 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit No. 27 Financial Data Schedule
(b) Form 8-K
There were no reports filed on Form 8-K.
SIGNATURES
In accordance with 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 hereunto duly authorized.
Marina Capital, Inc.
(Registrant)
/s/Larry R. Walker
_______________________________
Larry R. Walker
Chief Executive Officer
Date: January 5, 2001
</TABLE>
