SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1O-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, 1998.
or
( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from ____________ to ____________
Commission File No.0-23123
CENTRAL OIL CORPORATION.
(Exact name of Registrant as specified in its charter)
COLORADO 74-1383447
(State or other (IRS Employer File Number)
jurisdiction of
incorporation)
6000 East Evans Ave., Bldg #1
SUITE 22, DENVER, CO 80222
(Address of principal executive offices) (zip code)
(303) 759-3053
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) had filed all reports
required to be filed by Section 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. Yes X No
The number of shares outstanding of Registrant's common stock, par value $
.0001 per share, as of May 1, 1998 were 10,021,000 common shares.
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM I. Financial Statements
See attached financial statements
ITEM 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations
The Company has generated no substantial revenues from its operations
in recent years and has been a development stage company since 1993. Since
the Company has not generated revenues and has not been in a profitable
position, it operates with minimal overhead. The Company's primary activity
will be to The Company plans to search for and to acquire oil and gas
leases for its own account for the foreseeable future will be to search for
and to acquire oil and gas leases for its own account and for the account
of its clients. No leases or clients have been identified at this time. It
is the Company's intention to develop oil and gas lease projects in which
the Company can act either as the drilling operator for an investor group
or as a broker of leases for a lessor and for the account of its clients.
As of the end of the reporting period, the Company has concluded no
acquisitions and has spoken with no potential candidates.
Liquidity and Capital Resources
As of the end of the reporting period, the Company had no material
cash or cash equivalents. There was no significant change in working
capital during this fiscal year.
Management feels that the Company has inadequate working capital to
pursue any business opportunities other than seeking leases for acquisition
and partnership with third parties. The Company will have negligible
capital requirements prior to the consummation of any such acquisition.
The Company does not intend to pay dividends in the foreseeable future.
PART II- OTHER INFORMATION
ITEM 1. Legal Proceedings
No legal proceedings of a material nature to which the Company is a
party were pending during the reporting period, and the Company knows of no
legal proceedings of a material nature pending or threatened or judgments
entered against any director or officer of the Company in his capacity as
such.
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
<PAGE>
ITEM 5. Other Information. None.
ITEM 6. Exhibits and Reports on Form 8-K.
No exhibits as set forth in Regulation S-K are considered necessary in this
lO-QSB filing. No reports on Form 8-K were filed as of the most recent
fiscal quarter.
<PAGE>
SIGNATURES
In accordance with Section 12 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.
CENTRAL OIL CORPORATION
Dated: 7/22/98 By: ///SIGNED///
Charles L. Mattis
President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
CHIEF FINANCIAL AND ACCOUNTING
OFFICER
Dated: 7/22/98 By: ///SIGNED///
Stephan R. Levy
Treasurer
<PAGE>
CENTRAL OIL CORPORATION
FORM 10-QSB QUARTERLY REPORT
JUNE 30, 1998
<PAGE>
Janet Loss, C.P.A, P.C.
Certified Public Accountant
3525 South Tamarac Drive, Suite 120
Denver, Colorado 80237
CENTRAL OIL CORPORATION
INDEX TO FORM 10-QSB QUARTERLY REPORT
TABLE OF CONTENTS
PART I - FINANCIAL STATEMENTS
ITEM PAGE
Condensed Balance Sheets as of
June 30, 1998 and December 31, 1997............1
Condensed Statements of Operations
for the three and six months ended
June 30, 1998 and 1997.........................2
Statement of Stockholders' Equity (Deficit)
for the six months ended
June 30, 1998 .................................3
Condensed Statements of Cash Flows
for the three and six months ended
June 30, 1998 and 1997.........................4
Notes to Condensed Financial Statements..........5
Item 2 - Management's Discussion and
Analysis or Plan of Operation..................6
Part II - Other Information
Exhibits and Reports on Form 8-K
(A) Exhibits - None
(B) Reports on Form 8-K
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
CONDENSED BALANCE SHEETS
June 30, December, 31
1998 1997
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash in Checking $330 $5,435
OTHER ASSETS:
Deferred Offering
Costs 7,501 4,057
TOTAL ASSETS $7,831 9,492
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: $ 0 $ 0
STOCKHOLDERS' EQUITY:
Preferred stock, no par
value, 10,000,000
shares issued,
none issued 0 0
Common stock, $.0001
par value, 100,000,000
shares authorized,
10,021,000 and
10,000,000 shares
issued and outstanding 6,002 6,002
Additional Paid-In-
Capital 10,498 10,498
Retained Earnings
(Deficit) (8,669) (7,008)
TOTAL STOCKHOLDERS'
EQUITY 7,831 9,492
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $7,831 9,492
</TABLE>
"See notes to condensed financial statements."
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
For the three For the six
months ended months ended
JUNE 30, JUNE 30,
<S> <C> <C> <C> <C>
1998 1997 1998 1997
Sales, net $0 $0
OPERATING EXPENSES:
Accounting 250 0 $250 0
Advertising 232 0 232 0
Bank charges 21 0 23 0
Transfer and
filing fees 441 0 1,156 0
Total Operating
Expenses: 944 0 1,661 0
NET INCOME (LOSS)
PER SHARE $(944) $0 $(1,661) $0
NET INCOME (LOSS)
PER SHARE OF
COMMON STOCK * * * *
Weighted average
number of shares
outstanding 10,021,000 10,000,000 10,021,000 10,000,000
* less than $.01 per share
</TABLE>
"See notes to condensed financial statements."
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT)
For the six months ended June 30, 1998
Common stock Common Additional Stockholders'
Number of stock Paid-In- Equity
SHARES AMOUNT CAPITAL (DEFICIT) (DEFICIT)
<S> <C> <C> <C> <C> <C>
Balance,
January 1,
1998 10,021,000 $6,002 $10,498 $(7,008) $9,492
Net (Loss)
for the six
months ended
June 30, 1998 (1,661) (1,661)
Balance,
June 30,
1998 10,021,000 $6,002 $10,498 (8,669) $7,831
</TABLE>
"See notes to condensed financial statements."
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
For the six For the six
months ended months ended
JUNE 30, 1998 JUNE 30, 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income (Loss) $(1,661) $ 0
Adjustments to reconcile
net loss to net cash
used in operating
activities 0 0
Net cash provided (Used) by
Operating activities (1,661) 0
CASH FLOWS FROM (TO)
FINANCING ACTIVITIES:
Deferred offering costs (3,444) 0
Net cash (used) by
financing activities (3,444) 0
Net decrease in cash (5,105) 0
CASH, BEGINNING OF THE
PERIOD 5,435 0
CASH, END OF THE PERIOD $330 $ 0
</TABLE>
"See notes to condensed financial statements."
<PAGE>
CENTRAL OIL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
The accompanying statements should be read in conjunction with the audited
financial statements included in the Company's 1997 Annual Report on Form 10-
KSB. In the opinion of management, all adjustments (consisting only of normal
recurring accruals) considered necessary in order to make the financial
statements not misleading, have been included. Operating results for the six
months ended June 30, 1998 are not necessarily indicative of the results that
may be expected for the full calendar year ended December 31, 1998. The
financial statements are presented on the accrual basis.
