SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549 FORM
1O-QSB
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 For the quarterly period ended March 31, 1999.
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.
CENTRAL OIL CORPORATION.
(Exact name of Registrant as specified in its charter)
COLORADO 84-0856436
(State or other (IRS Employer File Number)
jurisdiction of
incorporation)
2121 S. ONEIDA, SUITE 332, DENVER, CO 80224
(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 18, 1999 were 10,021,000 common shares.
PART 1 - FINANCIAL INFORMATION
ITEM 1. Financial Statements
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CENTRAL OIL CORPORATION
FORM 10-QSB QUARTERLY REPORT
MARCH 31,1999
JANET LOSS, C.P.A., P.C.
CERTIFIED PUBLIC ACCOUNTANT
3525 SOUTH TAMARAC DRIVE, SUITE 120
DENVER, COLORADO 80237
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CENTRAL OIL CORPORATION
INDEX TO FORM 10-QSB QUARTERLY REPORT
TABLE OF CONTENTS
PART I - FINANCIAL STATEMENTS
ITEM PAGE
Condensed Balance Sheets as of
March 31, 1999 and December 31, 1998.......................1
Condensed Statements of Operations
for the three months ended
March 31, 1999 and 1998 ............................................2
Statement of Stockholders' Equity (Deficit)
for the three months ended
March 31, 1999 and 1998 ............................................3
Condensed Statements of Cash Flows
for the three months ended
March 31, 1999 ............................................................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
March 31, 1999 December 31,
(UNAUDITED) 1998
ASSET
<S> <C> <C>
CURRENT ASSETS:
Cash in checking $ 18 $ 48
Total Assets $ 18 $ 48
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current liabilities $ 0 $ 0
STOCKHOLDERS' EQUITY:
Preferred stock, no par
value, 10,000,000 shares
authorized, none issued 0 0
Common stock, $.0001 par value,
100,000,000 shares authorized,
10,021,000 shares issued and
outstanding. 6,002 6,002
Additional Paid In Capital 10,498 10,498
Retained Earnings (Deficit) (16,482) (16,452)
Total Stockholders' Equity 18 48
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 18 $ 48
</TABLE>
"See notes to condensed financial statements"
1
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
For the three For the three
months ended months ended
MARCH 31, 1999 March 31, 1998
<S> <C> <C>
Sales, net $ 0 $ 0
OPERATING EXPENSES:
Bank charges 30 2
Transfer and
Filing fees 0 716
TOTAL OPERATING EXPENSES 30 718
NET INCOME (LOSS) $ (30) $ (718)
NET INCOME (LOSS) PER
SHARE OF COMMON SHARE $ * $ *
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING $ 10,021,000 $ 10,021,000
* Less than $.01 per share.
</TABLE>
"See notes to condensed financial statements"
2
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
For the three months ended March 31, 1999
Common
Stock Common Additional Stockholders'
Number of Stock Paid-In Equity
SHARES AMOUNT CAPITAL (DEFICIT) (DEFICIT)
<S> <C> <C> <C> <C> <C>
Balance
January 1,1999 10,021,000 $ 6,002 $ 10,498 (16,452) $ 48
Net (Loss) for three (30) (30)
Month ended March
31, 1999
Balance 10,021,000 $ 6,002 $ 10,498 $(16,482) $ 18
March 31, 1999
</TABLE>
"See notes of condensed financial statements"
3
<PAGE>
<TABLE>
<CAPTION>
CENTRAL OIL CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the three For the three
Months ended Months ended
MARCH 31, 1999 MARCH 31, 1998
<S> <C> <C>
CASH FLOWS FROM OPERATION
ACTIVITITES:
Net Income (Loss) $ (30) $ (718)
Adjustments to Reconcile
Net loss to net cash used
In operating activities 0 0
Net cash provided (Used) by
Operating activities (30) (718)
CASH FLOWS FROM (TO)
FINANCING ACTIVITIES:
Deferred offering costs 0 (3,444)
Net cash used by
Financing activities 0 (3,444)
Net decrease in cash (30) (4,162)
Cash beginning of the
Period 48 5,435
CASH END OF THE
PERIOD $ 18 $ 1,273
</TABLE>
"See notes to condensed financial statements"
4
<PAGE>
CENTRAL OIL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
NOTE A - BASIS OF PRESENTATION
The accompanying 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 5-B. Accordingly, they do
not include all of the information and footnotes required by generally accepted
accounting principals for complete financial statements. The accompanying
statements: should be read in conjunction with the audited financial statements
included in the Company's 1998 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 three months ended March 31,
1999 are not necessarily indicative of the results that may be expected for the
full calendar year ended December 31, 1999. The financial statements are
presented on the accrual basis.
5
<PAGE>
ITEM 2. Management's Discussion and Analysis
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 has been to
search for 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. As of the end
of the reporting period, the Company had concluded no acquisitions and had
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 quarter. Management feels that the Company has inadequate working capital
to pursue any business opportunities other than seeking business opportunities
with third parties. The Company will have negligible capital requirements
prior to the consummation of any transaction. 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. 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: May 18, 1999 By: /S/ CHARLES L. MATTIS
Charles L. Mattis, President and Chief Executive
Officer
Dated: May 18, 1999 By: /S/ STEPHAN R. LEVY
Stephan R. Levy, Treasurer,
Chief Financial and Accounting Officer
<PAGE>
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<NAME> CENTRAL OIL CORP.
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