SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1O-QSB/A
Amendment No. 2
(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 1997
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 September 30, 1997 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 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
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.
<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) 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: 11-5-97 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: 11-5-97 By: ///SIGNED///
Stephan R. Levy
Treasurer
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
CONDENSED BALANCE SHEETS
(Unaudited)
September 30, December 31,
1997 1996
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash $ 7,488 $ 0
TOTAL ASSETS $ 7,488 $ 0
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable trade $ 200 $ 0
STOCKHOLDERS' EQUITY
Common stock, $.0001 par
value 100,000,000 shares
authorized, 10,021,000 and
10,000,000 shares issued and
outstanding 6,002 6,000
Additional Paid-In-Capital 10,498 0
Preferred stock, no par value,
10,000,000 shares authorized,
none issued 0 0
Retained (Deficit) (9,212) (6,000)
TOTAL STOCKHOLDERS' EQUITY 7,288 0
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 7,488 $ 0
</TABLE>
The accompanying notes are an integral part of these financial
statements.
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
REVENUES:
Sales $ 0 $ 0 $ 0 $ 0
OPERATING EXPENSES:
Office Supplies 12 0 12 0
Legal and Accounting
Expenses 3,200 3,200
Total Operating
Expenses $ 3,212 $ 0 $ 3,212 $ 0
NET INCOME (LOSS): $( 3,212) 0 $( 3,212) $ 0
NET (LOSS) PER SHARE N/A N/A N/A N/A
Weighted average
number of shares
outstanding (1) (1) (1) (1)
10,007,000 10,000,000 10,002,333 10,000,000
</TABLE>
(1) Adjusted for a 1 for 2,000 forward split of common stock.
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited)
For the nine months ended September 30, 1997
Additional
Number of Paid-In-
shares Amount Capital (Deficit) Equity
<S> <C> <C> <C> <C> <C>
Balance,
January 1, 1997 $ 5,000 $ 6,000 $ 0 $( 6,000) $ 0
August 22, 1997
1 for 2,000
Forward split
of common stock 9,995,000 0 0 0 0
August 31, 1997
21,000 shares
issued for cash
at $.0001 21,000 2 10,498 0 10,500
Net (Loss) for
the nine months
ended
September 30, 1997 0 0 0 ( 3,212) (3,212)
Balance,
September 30, 1997 $10,021,000 $ 6,002 $10,498 $( 9,212) $ 7,288
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
1997 1996
CASH FLOWS FROM
OPERATING ACTIVITIES:
<S> <C> <C>
Net (Loss) $ (3,212) $ 0
Changes in Assets and
liabilities:
Increase in accounts
payable 200 0
Net cash used by
operating activities (3,012) 0
Cash flows from (to)
Financing activities:
Proceeds from issuance
of common stock 10,500 0
Net cash provided by
financing activities 10,500 0
Net increase in cash 7,488 0
Cash beginning of period 0 0
Cash end of period $ 7,488 $ 0
</TABLE>
The accompanying notes are an integral part of these financial
statements.
<PAGE>
CENTRAL OIL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS
NOTE 1 - CONDENSED FINANCIAL STATEMENTS:
The condensed balance sheet as of September 30, 1997, the
condensed statements of operations for the three months ended
September 30, 1997 and 1996, and the nine months ended September
30, 1997 and 1996 and cash flows for the nine months ended
September 30, 1997 and 1996 have been prepared by the Company
without audit. In the opinion of management, all adjustments
(which includes only normal recurring adjustments) necessary to
present fairly the financial position, results of operations and
cash flows at September 30, 1997 and for all periods presented
have been made.
Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally
accepted accounting principals have been condensed or omitted.
It is suggested that these condensed financial statements be
read in conjunction with the December 31, 1996 and 1995
financial statements, and notes thereto included in the
Company's Form 10-SB. The results of operations for the periods
ended September 30, 1997 and 1996, are not necessarily
indictable of the operating results for the full year.
