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 April 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.0-23365
NEW WORLD PUBLISHING, INC.
(Exact Name of Small Business Issuer as specified in its charter)
COLORADO 84-1290152
(State or other (IRS Employer File Number)
jurisdiction of
incorporation)
1977 S. Vivian Street
LAKEWOOD, COLORADO 80228
(Address of principal executive offices) (zip code)
(303) 763-5630
(Registrant's telephone number, including area code)
Securities to be Registered Pursuant to Section 12(b) of the Act:
None
Securities to be Registered Pursuant to Section 12(g) of the Act:
Common Stock, $0.0001 per share par value
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 10,781,500 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 since inception and has been a development stage company during
this period. Since the Company has not substantial generated revenues and
has not been in a profitable position, it operates with minimal overhead.
The Company's primary activity for the foreseeable future will be in the
art publishing and wholesale picture frame business. 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 minimal
cash and 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 artists for its
publishing business. The Company will have negligible capital requirements
in publishing art works, which it intends to fulfill by loans, additional
equity investment, or joint ventures. 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.
<PAGE>
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.
NEW WORLD PUBLISHING, INC.
Dated:5/15/98 By. ///JOHN B. QUAM///
John B. Quam
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:5/15/98 By: ///JUDITH F. HARAYADA///
Judith F. Harayda
Treasurer
<PAGE>
NEW WORLD PUBLISHING, INC.
(Formerly Known as JLQ, Inc.)
FORM 10-QSB QUARTERLY REPORT
APRIL 30, 1998
Janet Loss, C.P.A, P.C.
<PAGE>
Certified Public Accountant
3525 South Tamarac Drive, Suite 120
Denver, Colorado 80237
NEW WORLD PUBLISHING, INC.
(Formerly Known as JLQ, Inc.)
INDEX TO FORM 10-QSB QUARTERLY REPORT
TABLE OF CONTENTS
PART I - FINANCIAL STATEMENTS
ITEM PAGE
Condensed Balance Sheets as of
April 30, 1998 and January 31, 1998...... 1
Condensed Statements of Operations
for the three months ended
April 30, 1998 and 1997......................2
Statement of Stockholders' Equity (Deficit)
for the three months ended
April 30, 1998...............................3
Condensed Statements of Cash Flows
for the three months ended
April 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>
NEW WORLD PUBLISHING, INC.
(Formerly Known as JLQ, Inc.)
CONDENSED BALANCE SHEETS
April 30,
1998 January 31,
(UNAUDITED) 1998
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash in Checking $1,160 $6,060
Inventory, Lower of
Cost or Market
(Note 2) 26,760 26,760
Total Current Assets 27,920 32,820
FIXED ASSETS:
Furniture and
Equipment 7,885 7,885
Less accumulated
depreciation (5,465) (5,237)
Net Fixed Assets 2,420 2,648
OTHER ASSETS:
Organization costs,
net of amortization 219 244
Deferred Offering costs 8,237 4,086
Total Other Assets 8,456 4,330
TOTAL ASSETS $38,796 39,798
<PAGE>
LIABILITIES AND STOCKHOLDERS' EQUITY
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,
10,781,500 shares
issued and outstanding 5,740 5,740
Additional Paid-In-
Capital 11,497 11,497
Contributed Paid-In-
Capital 29,144 29,144
Deficit (7,585) (6,583)
TOTAL STOCKHOLDERS'
EQUITY 38,796 39,798
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $38,796 39,798
</TABLE>
"See notes to condensed financial statements."
<PAGE>
<TABLE>
<CAPTION>
NEW WORLD PUBLISHING, INC.
(Formerly Known as JLQ, Inc.)
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
For the three For the three
months ended months ended
APRIL 30, 1998 APRIL 30, 1997
<S> <C> <C>
REVENUES:
Sales $ 0 $ 0
OPERATING EXPENSES:
Amortization 25 25
Depreciation Expense 227 378
Office Expense 140 50
Filing and Transfer
Fees 610 0
Total Operating Expenses: 1,002 453
NET INCOME (LOSS) $(1,002) $ (453)
NET INCOME (LOSS) PER
SHARE OF COMMON STOCK $ N/A $ N/A
Weighted average number of
shares outstanding 10,781,500 10,781,500
</TABLE>
"See notes to condensed financial statements."
<PAGE>
NEW WORLD PUBLISHING, INC.
(Formerly Known as JLQ, Inc.)
STATEMENTS OF STOCKHOLDERS EQUITY
For the three months ended April 30, 1998
<TABLE>
<CAPTION>
Common stock Common Additional Stockholders'
Number of stock Paid-In- Contributed Equity
SHARES AMOUNT CAPITAL CAPITAL (DEFICIT) (DEFICIT)
<S> <C> <C> <C> <C> <C> <C>
Balance,
February 1,
1998 10,781,500 $5,740 $11,497 $29,144 $(6,583) $39,798
Net (Loss)
for the three
months ended
April 30, 1998 (1,002) (1,002)
Balance,
April 30,
1998 10,781,500 $5,740 $11,497 29,144 (7,585) $38,796
</TABLE>
"See notes to condensed financial statements."
<PAGE>
<TABLE>
<CAPTION>
NEW WORLD PUBLISHING, INC.
(Formerly Known as JLQ, Inc.)
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
For the three For the three
months ended months ended
APRIL 30, 1998 APRIL 30, 1997
CASH FLOWS FROM OPERATING
ACTIVITIES:
<S> <C> <C>
Net Income (Loss) $(1,002) (453)
Adjustments to reconcile
net loss to net cash
used in operating
activities
Amortization 25 25
Depreciation Expense 227 378
Deferred Offering Costs (4,150) 0
Net cash provided (Used) by
Operating activities (4,900) (50)
CASH, BEGINNING OF THE
PERIOD 6,060 355
CASH, END OF THE PERIOD $1,160 $305
</TABLE>
"See notes to condensed financial statements."
<PAGE>
NEW WORLD PUBLISHING, INC.
(Formerly Known as JLQ, Inc.)
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 January 31, 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 April 30, 1998 are not necessarily indicative
of the results that may be expected for the full calendar year
ended January 31, 1998. The financial statements are presented
on the accrual basis.
