U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-QSB
Quarterly Report Under
the Securities Exchange Act of 1934
For Quarter Ended: June 30, 1997
Commission File Number: 0-22095
PRINCETON MANAGEMENT CORPORATION
(Exact name of small business issuer as specified in its charter)
Colorado
(State or other jurisdiction of incorporation or organization)
84-1039267
(IRS Employer Identification No.)
5650 Greenwood Plaza Blvd, Suite 216
Englewood, Colorado
(Address of principal executive offices)
80111
(Zip Code)
(303) 741-1118
(Issuer's Telephone Number)
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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 ____.
The number of shares of the registrant's only class of common stock issued and
outstanding, as of June 30, 1997, was 288,600 shares.
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS.
The unaudited financial statements for the six month period ended June 30,
1997, are attached hereto.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the Financial
Statements and notes thereto included herein.
The Company generated no revenues during the six month period ending June
30, 1997. Management of the Company anticipates that the Company will not
generate any significant revenues until the Company accomplishes its business
objective of merging with a nonaffiliated entity or acquiring assets from the
same.
The Company's securities are currently not liquid. There are no market
makers in the Company's securities and it is not anticipated that any market
will develop in the Company's securities until such time as the Company
successfully implements its business plan of engaging in a business opportunity,
either by merger or acquisition of assets. The Company presently has no liquid
financial resources to offer such a candidate and must rely upon an exchange of
its stock to complete such a merger or acquisition.
Because the Company is not required to pay rent or salaries to any of its
officers or directors, management believes that the Company has sufficient funds
to continue operations through the foreseeable future.
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 -
(a) Exhibits
EX-27 Financial Data Schedule
(b) Reports on Form 8-K - None.
2
<PAGE>
<TABLE>
Princeton Management Corporation
(A Development Stage Company)
Balance Sheet
- ----------------------------------------------------------------------
<CAPTION>
Unaudited Audited
June December
30, 1997 31, 1996
--------- ---------
<S> <C> <C>
ASSETS
Current Assets:
Cash $2,137 $1,065
--------- ---------
TOTAL ASSETS $2,137 $1,065
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES $0 $0
--------- ---------
SHAREHOLDERS' EQUITY
Preferred Stock , .01 Par Value
Authorized 20,000,000 Shares; Issued
And Outstanding -0- Shares 0 0
Common Stock, $.0001 Par Value
Authorized 100,000,000 Shares;
Issued And Outstanding 288,600 Shares 29 29
Capital Paid In Excess Of
Par Value Of Common Stock 158,043 154,971
Retained (Deficit) (148,616) (148,616)
Retained Earnings (Deficit)
Accumulated During The
Development Stage (7,319) (5,319)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY 2,137 1,065
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,137 $1,065
========= =========
<FN>
The Accompanying Notes Are An Integral Part Of These Unaudited
Financial Statements.
</TABLE>
3
<PAGE>
<TABLE>
Princeton Management Corporation
(A Development Stage Company)
Statement Of Operations
- ----------------------------------------------------------------------
<CAPTION>
Unaudited Unaudited
3 Month 3 Month
Period Ended Period Ended
June June
30, 1997 30, 1996
------------ ------------
<S> <C> <C>
Revenue $0 $0
Expenses:
Administrative 0 3
Interest 0 0
Legal And Accounting 0 0
------------ ------------
Total 0 3
------------ ------------
Net (Loss) Before Other Income 0 (3)
Other Income - Interest 0 0
------------ ------------
Net (Loss) $0 ($3)
============ ============
Net Profit Per
Common Share ($0.00) ($0.00)
============ ============
Weighted Average Common Shares
Outstanding 288,600 188,600
============ ============
<FN>
The Accompanying Notes Are An Integral Part Of These Unaudited
Financial Statements.
</TABLE>
4
<PAGE>
<TABLE>
Princeton Management Corporation
(A Development Stage Company)
Statement Of Operations
- ----------------------------------------------------------------------
<CAPTION>
Unaudited Unaudited Inception
6 Month 6 Month January 1,
Period Ended Period Ended 1996
Through
June June June
30, 1997 30, 1996 30, 1997
------------ ------------ ----------
<S> <C> <C> <C>
Revenue $0 $0 $0
Expenses:
Administrative 0 24 145
Legal And Accounting 2,000 0 7,200
------------ ------------ ----------
Total 2,000 24 7,345
------------ ------------ ----------
Net (Loss) Before Other Income (2,000) (24) (7,345)
Other Income - Interest 0 0 26
------------ ------------ ----------
Net (Loss) ($2,000) ($24) ($7,319)
============ ============ ==========
Net Profit Per
Common Share ($0.01) ($0.00) ($0.03)
============ ============ ==========
Weighted Average Common Shares
Outstanding 288,600 188,600 288,600
============ ============ ==========
<FN>
The Accompanying Notes Are An Integral Part Of These Unaudited
Financial Statements.
</TABLE>
5
<PAGE>
<TABLE>
Princeton Management Corporation
(A Development Stage Company)
Statement Of Cash Flows
- ----------------------------------------------------------------------
<CAPTION>
Unaudited Unaudited Inception
6 Month 6 Month January 1,
Period Ended Period Ended 1996
Through
June June June
30, 1997 30, 1996 30, 1997
------------ ------------ ----------
<S> <C> <C> <C>
Net (Loss) ($2,000) ($24) ($7,319)
Adjustments To Reconcile
Net Loss To Net Cash
Used In Operating Activities: 0 0 0
Debt paid by shareholder on
behalf of Company 0 0 5,000
Changes In Operating
Assets And Liabilities:
0 0
------------ ------------ ----------
Net Flows From Operations (2,000) (24) (2,319)
------------ ------------ ----------
Cash Flows From
Investing Activities:
0 0
------------ ------------ ----------
Net Cash Flows From Investing 0 0
------------ ------------ ----------
Cash Flows From
Financing Activities:
Funds Received As Additional
Capital Contribution 3,072 0 3,072
------------ ------------ ----------
Cash Flows From Financing 3,072 0 3,072
------------ ------------ ----------
Net Increase In Cash 1,072 (24) 753
Cash At Beginning Of Period 1,065 1,384 1,384
------------ ------------ ----------
Cash At End Of Period $2,137 $1,360 $2,137
============ ============ ==========
Summary Of Non-Cash Investing
And Financing Activities:
Debt paid by shareholder
on behalf of Company $0 $0 $5,000
============ ============ ==========
<FN>
The Accompanying Notes Are An Integral Part Of These Unaudited
Financial Statements.
</TABLE>
6
<PAGE>
<TABLE>
Princeton Management Corporation
(A Development Stage Company)
Statement Of Shareholders' Equity
- -------------------------------------------------------------------------------
<CAPTION>
(Deficit)
Accumulated
Number Of Capital Paid During The
Common Common In Excess Of Development Retained
Shares Stock Par Value Stage (Deficit) Total
--------- ------ ------------ ------------ --------- -------
<S> <C> <C> <C> <C> <C> <C>
Balance At
December 31, 1995 188,600 $19 $149,981 $0 ($148,616) $1,384
Net (Loss) At
December 31, 1996 (5,319) (5,319)
Issuance Of Common
Stock - November
1996 100,000 10 4,990 0 0 5,000
--------- ------ ------------ ------------ --------- -------
Balance At
December 31, 1996 288,600 29 154,971 (5,319) (148,616) 1,065
Contribution To
Equity 3,072 3,072
Net (Loss) At
June 30, 1997 (2,000) (2,000)
--------- ------ ------------ ------------ --------- -------
Balance At
June 30, 1997 288,600 $29 $158,043 ($7,319)($148,616) $2,137
========= ====== ============ ============ ========= =======
<FN>
The Accompanying Notes Are An Integral Part Of These Unaudited
Financial Statements.
</TABLE>
7
<PAGE>
Princeton Management Corporation
Notes To Unaudited Financial Statements
For The Six Month Period Ended June 30, 1997
Note 1 - Unaudited Financial Information
The unaudited financial information included for the six month and interim
periods ended June 30, 1997 and June 30, 1996 were taken from the books and
records without audit. However, such information reflects all adjustments
(consisting only of normal recurring adjustments, which are of the opinion of
management, necessary to reflect properly the results of interim periods
presented). The results of operations for the six month period ended June 30,
1997 are not necessarily indicative of the results expected for the year ended
December 31, 1997.
8
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 12 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.
PRINCETON MANAGEMENT CORPORATION
(Registrant)
Dated: August 13, 1997
By: s/Greg Simonds
Greg Simonds,
President
9
<PAGE>
PRINCETON MANAGEMENT CORPORATION
Exhibit Index to Quarterly Report on Form 10-QSB
For the Quarter Ended June 30, 1997
EXHIBITS Page No.
EX-27 Financial Data Schedule . . . . . . . . . . . . . . . . . . . .11
10
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1997
<CASH> 2137
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2137
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2137
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 29
<OTHER-SE> 2108
<TOTAL-LIABILITY-AND-EQUITY> 2137
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
