<PAGE>
U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File No. 0-23511
FIRST DELTAVISION, INC.
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(Name of Small Business Issuer in its Charter)
NEVADA 87-0412182
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(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
9005 Cobble Canyon Lane
Sandy, Utah 84093
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(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 942-0555
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes No X
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date:
September 30, 1998
235,000
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Financial Statements of the Registrant required to be filed with
this 10-QSB Quarterly Report were prepared by management, and commence on the
following page, together with Related Notes. In the opinion of management,
the Financial Statements fairly present the financial condition of the
Registrant.
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First Deltavision, Inc.
(A Development Stage Company)
Financial Statements
September 30, 1998
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<TABLE>
First Deltavision, Inc.
(A Development Stage Company)
Balance Sheets
For the Period Ended September 30, 1998
and the Year Ended June 30, 1998
<CAPTION>
September June
30, 1998 30, 1998
Assets
<S> <C> <C>
Current Assets $ -0- $ -0-
Total Assets $ -0- $ -0-
Liabilities & Stockholders' Equity
Current Liabilities
Accounts Payable $ 13,658 $ 12,442
Due to Officers 9,167 8,050
Total Liabilities 22,825 20,492
Stockholders' Equity
Common Stock 50,000,000 Shares Authorized:
$0.001 Par Value, 235,000 Shares Issued &
Outstanding Retroactively Restated Respectively 235 235
Paid In Capital 101,376 101,376
Accumulated Deficit ( 124,436) ( 122,103)
Total Stockholders' Equity ( 22,825) ( 20,492)
Total Liabilities &
Stockholders' Equity $ -0- $ -0-
</TABLE>
<TABLE>
First Deltavision, Inc.
(A Development Stage Company)
Statement of Operations
For the Period July 1, 1998 to September 30, 1998
and the Period July 1, 1997 to September 30, 1997
<CAPTION>
September September
30, 1998 30, 1997
<S> <C> <C>
Revenues $ -0- $ -0-
Expenses
Professional Fees 2,333 -0-
Total Expenses 2,333 -0-
Net Loss ($ 2,333) ($ -0-)
Loss Per Share ( .01) .00
Weighted Average Shares
Outstanding 235,000 200,000
</TABLE>
<TABLE>
First Deltavision, Inc.
(A Development Stage Company)
Statement of Cash Flows
For the Period July 1, 1998 to September 30, 1998
and the Period July 1, 1997 to September 30, 1997
<CAPTION>
September September
30, 1998 30, 1998
<S> <C> <C>
Cash Flows from Operating Activities
Net Loss ($ 2,333) $ -0-
Changes in Operating Assets & Liabilities:
Increase in Accounts Payable 1,216 -0-
Increase in Due to Officers 1,117 -0-
Net Cash Used by Operating Activities -0- -0-
Cash Flows from Investing Activities -0- -0-
Cash Flows from Financing Activities -0- -0-
Increase (Decrease) in Cash -0- -0-
Cash at Beginning of Period -0- -0-
Cash at End of Period $ -0- $ -0-
Cash Disclosures from Operating Activities
Interest $ -0- $ -0-
Taxes -0- -0-
</TABLE>
First Deltavision, Inc.
(A Development Stage Company)
Note to Financial Statements
NOTE #1 - Statement Preparation
The Company has prepared the accompanying financial statements with interim
financial reporting requirements promulgated by the Securities & Exchange
Commission. The information furnished reflects all adjustments which are, in
the opinion of management, necessary for a fair presentation of financial
position and results of operations.
The financial statements should be read in conjunction with the consolidated
financial statements and notes thereto included in the Company's June 30, 1998
10-K report.
Item 2. Management's Discussion and Analysis or Plan of Operation.
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Plan of Operation.
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The Company has not engaged in any material operations since the
calendar year ended December 31, 1991, or during the quarterly period ended
September 30, 1998. During this period, the Company received revenues of $0.
During the same period, total expenses were $2,333 and net income totaled
$(2,333).
The Company's plan of operation for the next 12 months is to continue
to seek the acquisition of assets, properties or businesses that may benefit
the Company and its stockholders. Management anticipates that to achieve any
such acquisition, the Company will issue shares of its common stock as the
sole consideration for such acquisition.
During the next 12 months, the Company's only foreseeable cash
requirements will relate to maintaining the Company in good standing or the
payment of expenses associated with reviewing or investigating any potential
business venture, which the Company expects to pay from its cash resources.
Results of Operations.
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During the quarterly period ended September 30, 1998, the Company
had no business operations. During this period, the Company received total
revenues of $0 and had net income of $(2,333).
Liquidity.
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At September 30, 1998, the Company had no current assets, with total
current liabilities of $22,825. Total stockholder's equity was $(22,825). In
order to meet its expenses during the next 12 months, management expects that
the Company may be required to sell shares of its common stock to "accredited"
or "sophisticated" investors.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
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None; not applicable.
Item 2. Changes in Securities.
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None; not applicable.
Item 3. Defaults Upon Senior Securities.
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None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
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None; not applicable.
Item 5. Other Information.
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None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
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(a) Exhibits.
Financial Data Schedule.
(b) Reports on Form 8-K.
None.
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SIGNATURES
Pursuant to the requirements 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.
FIRST DELTAVISION, INC.
Date: 11/5/98 By/S/David C. Merrell
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David C. Merrell
Director and President
Date: 11/5/98 By/S/Todd D. Ross
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Todd D. Ross
Director and Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0001051488
<NAME> FIRST DELTAVISION, INC.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> SEP-30-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
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<CURRENT-LIABILITIES> 22825
<BONDS> 0
0
0
<COMMON> 235
<OTHER-SE> (23060)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2333
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2333)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2333)
<EPS-PRIMARY> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
