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: January 31, 1998
Commission File Number: 0-29356
PASCAL VENTURES, INC.
(Exact name of small business issuer as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
33-0312389
(IRS Employer Identification No.)
6 Venture, Suite 207
Irvine, CA
(Address of principal executive offices)
92618
(Zip Code)
(714)453-9262
(Issuer's Telephone Number)
(Former name, former address and former fiscal year,
if changed 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 January 31, 1998, was 500,000 shares.
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<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS.
The unaudited financial statements for the nine month period
ended January 31, 1998, 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 nine month period
ending January 31, 1998. 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.
Year 2000 Disclosure
Many existing computer programs use only two digits to
identify a year in the date field. These programs were designed
and developed without considering the impact of the upcoming change
in the century. If not corrected, many computer applications could
fail or create erroneous results by or at the Year 2000. As a
result, many companies will be required to undertake major projects
to address the Year 2000 issue. Because the Company has nominal
assets, including no personal property such as computers, it is not
anticipated that the Company will incur any negative impact as a
result of this potential problem. However, it is possible that
this issue may have an impact on the Company after the Company
successfully consummates a merger or acquisition. Management
intends to address this potential problem with any prospective
merger or acquisition candidate. There can be no assurances that
new management of the Company will be able to avoid a problem in
this regard after a merger or acquisition is so consummated.
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<PAGE>
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
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<TABLE>
PASCAL VENTURES, INC.
(a Development Stage Company)
(A Delaware corporation)
BALANCE SHEET
<CAPTION>
Unaudited Audited
ASSETS: January 31, April 30
1998 1997
-------- ------
<S> <C> <C>
Current Assets $ 0 $ 0
Organization Costs (net of $500
accumulated amortization) 0 0
Total Assets $ 0 0
======= =======
LIABILITIES
Current Liabilities
Accounts Payable $ 1,900 $ 900
Total Current Liabilities 1,900 900
Total Liabilities 1,900 900
STOCKHOLDERS' EQUITY
Common Stock - Par Value $.001 per shares;
15,000,000 Shares Authorized
500,000,000 Shares Issued and Outstanding 500 500
Additional Paid-In Capital -------- ------
Retained Deficit, accumulated in the
development stage ( 2,400) (1,400)
Total Stockholders' Equity ( 1,900) ( 900)
Total Liabilities and Stockholders' Equity $ 0 $ 0
======== ======
</TABLE>
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<PAGE>
<TABLE>
PASCAL VENTURES, INC.
(a Development Stage Company)
(A Delaware corporation)
STATEMENT OF REVENUES AND EXPENSES
<CAPTION>
For the Period
Nine 8/31/88
Months Fiscal (Inception)
Ended Year Ended to
1/31/98 4/30/97 4/30/97
------- ------ -------
<S> <C> <C> <C>
REVENUE:
Revenue $ 0 $ 0 $ 0
EXPENSES:
Amortization Cost 0 0 500
Legal and Accounting 1,000 0 1,000
Taxes and Licenses 0 100 900
Total Expenses 1,000 100 2,400
Net Income/(Loss) $(1,000) $( 100) $(2,400)
======= ====== =======
Net loss per share $ .002 $ 0 $ .0048
======= ====== =======
</TABLE>
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<PAGE>
<TABLE>
PASCAL VENTURES, INC.
(a Development Stage Company)
(A Delaware corporation)
STATEMENT OF CASH FLOWS
<CAPTION>
Period
For the 8/31/88
Nine Months Fiscal (Inception)
Ended Year Ended to
1/31/98 4/30/97 4/30/97
------- ------- -------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
OPERATING ACTIVITIES
Cash Received from Operating Activities $ 0 $ 0 $ 0
Cash Paid for Operating Activities 0 0 0
Net Cash Used By Operating Activities 0 0 0
CASH FLOWS FROM INVESTING ACTIVITIES
Net Cash Used in Investing Activities 0 0 (500)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Cash From Financing Activities 0 0 500
Net Decrease in Cash and Cash Equivalents 0 0 0
Cash and Cash Equivalents at
Beginning of Period 0 0 0
Cash and Cash Equivalents
at End of Period $ 0 $ 0 $ 0
======= ======= =======
Reconciliation of Net Profit to Net Cash
Provided by Operating Activities:
Net Income/(Loss) $(1,000) $( 100) $(2,400)
Adjustments to Reconcile Net Income
to Net Provided by Operating Activities:
Amortization and Depreciation Expense 0 0 500
Increase in Accounts Payable 1,000 100 1,900
Total Adjustments 1,000 100 2,400
NET CASH PROVIDED BY
OPERATING ACTIVITIES $ 0 $ 0 $ 0
======= ======= =======
</TABLE>
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<PAGE>
<TABLE>
PASCAL VENTURES, INC.
(a Development Stage Company)
(A Delaware corporation)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Number of Additional Retained
Common Common Paid-In Earnings
Shares Stock Capital (Deficit) Total
-------- ------ ------ ------ -------
<S> <C> <C> <C> <C> <C>
Balance as at August 31, 1988 - - - - -
Net Income (Loss)
from August 31, 1988 (inception)
to April 30, 1991 ________ ______ ______ (567) (567)
Balance at April 30, 1991 0 0 0 (567) (567)
Issuance of Common Stock 500,000 500 500
Net Income (Loss)
from May 1, 1991
to April 30, 1996 ________ ______ ______ (733) (733)
Balance as at April 30, 1996 500,000 500 0 (1,300) (800)
Net Income (Loss) ________ ______ ______ 100 (100)
Balance at April 30, 1997 500,000 500 0 (1,400) (900)
Net Income (Loss) ________ ______ ______ (1,000) (1,000)
Balance as at January 31, 1998 $500,000 $ 500 $ 0 $(2,400) $(1,900)
======== ====== ====== ======== ========
</TABLE>
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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.
PASCAL VENTURES, INC.
(Registrant)
Dated: March 15, 1998
By: s/Bruce Crawford
Bruce Crawford, President
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PASCAL VENTURES, INC.
Exhibit Index to Quarterly Report on Form 10-QSB
For the Quarter Ended January 31, 1998
EXHIBITS Page No.
EX-27 Financial Data Schedule . . . . . . . . . . . 10
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<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THR
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> JAN-31-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 1,900
<BONDS> 0
0
0
<COMMON> 500
<OTHER-SE> (2,400)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,000)
<EPS-PRIMARY> (.002)
<EPS-DILUTED> 0
</TABLE>
