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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 March 31, 2000
[ ] 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 X No
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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:
March 31, 2000
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
March 31, 2000 (Unaudited)
& June 30,1999
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[Letterhead]
Schvaneveldt & Company
Certified Public Accountant
275 East South Temple, Suite #300
Salt Lake City, Utah 84111
(801) 521-2392
Darrell T. Schvaneveldt, C.P.A.
Board of Directors
First Deltavision, Inc.
(A Development Stage Company)
I have reviewed the accompanying balance sheets, of First Deltavision, Inc.,
as of March 31, 2000, and for the three months and the nine months periods
then ended. These financial statements are the responsibility of the
Company's management.
I conducted my review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
consists principally of applying analytical procedures to financial data and
making inquiries of persons responsible for financial and accounting matters.
It is substantially less in scope than an audit conducted in accordance with
generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, I do not express such an opinion.
Based on my review, I am not aware of any material modifications that should
be made to the accompanying financial statements for them to be in conformity
with generally accepted accounting principles.
/S/ Schvaneveldt & Company
Salt Lake City, Utah 84111
May 11, 2000
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<TABLE>
First Deltavision, Inc.
(A Development Stage Company)
Balance Sheets
For the Nine Months Period Ended March 31, 2000 (Unaudited)
and the Year Ended June 30, 1999
<CAPTION>
March June
30,
31, 2000 1999
Assets
<S> <C> <C>
Current Assets $ -0- $ -0-
Total Assets $ -0- $ -0-
Liabilities & Stockholders' Equity
Current Liabilities
Accounts Payable $ 19,648 $16,403
Due to Officers 13,911 11,154
Total Liabilities 33,559 27,557
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 ( 135,170) (129,168)
Total Stockholders' Equity ( 33,559) ( 27,557)
Total Liabilities & Stockholders' Equity $ -0- $ -0-
</TABLE>
<TABLE>
First Deltavision, Inc.
(A Development Stage Company)
Statement of Operations (Unaudited)
For the Three Months Periods Ended March 31, 2000 & 1999
and for the Nine Months Periods Ended March 31, 2000 & 1999
<CAPTION>
Three Months Periods Ended Nine Months Periods Ended
March March March March
31, 2000 31, 1999 31, 2000 31, 1999
<S> <C> <C> <C> <C>
Revenues $ -0- $ -0- $ -0- $ -0-
Expenses
Filing Fees $ 85 $ -0- $ 355 $ 165
Professional Fees 2,839 1,342 4,874 5,572
Transfer Agent Fees 97 -0- 773 -0-
Total Expenses 3,021 1,342 6,002 5,737
Net Loss ($ 3,021)($ 1,342) ($ 6,002) ($5,737)
Loss Per Share (0.01) (0.00) (0.03) (0.02)
Weighted Average Shares
Outstanding 235,000 235,000 235,000 235,000
</TABLE>
<TABLE> First Deltavision, Inc.
(A Development Stage Company)
Statement of Cash Flows (Unaudited)
For the Three Months Period July 1, 2000 to March 31, 2000
and the Nine Months Periods July 1, 1999 to March 31, 1999
<CAPTION>
March March
31, 2000 31, 1999
<S> <C> <C>
Cash Flows from Operating Activities
Net Loss ($6,002) ($5,737)
Adjustments to Reconcile Net
Cash to Net Loss:
Non Cash Expense -0- -0-
Changes in Operating Assets & Liabilities:
Increase in Accounts Payable 3,245 3,033
Increase in Due to Officers 2,757 2,704
Net Cash Used by Operating Activities -0- -0-
Cash Flows from Investing Activities
Net Cash Used by Investing Activities -0- -0-
Cash Flows from Financing Activities
Net Cash Used by 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, 1999
10-KSB Annual Report.
Item 2. Management's Discussion and Analysis or Plan of Operation.
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Plan of Operation.
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During this quarterly period, the Company received no revenues.
Total expenses were $3,021 and net income totaled $(3,021). There were also
no revenues during the same quarter of 1998.
The Company is presently attempting to determine which industries or
areas where the Company should concentrate its business efforts, and at their
determination, will formulate its business plan and commence operations.
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.
- ----------------------
During the quarterly period ended March 31, 2000, the Company
had no business operations. During this period, the Company received total
revenues of $0 and had net income of $(3,021).
Liquidity.
- ----------
At March 31, 2000, the Company had no current assets, with total
current liabilities of $33,559. Total stockholder's equity was $(33,559). 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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The Company has authorized the issuance of 150,000 shares of its
common stock that will be registered on Form S-8. See the Company's
Definitive Proxy Statement dated January 28, 2000, which has been previously
filed with the Securities and Exchange Commission and is incorporated herein.
Item 6. Exhibits and Reports on Form 8-K.
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(a) Exhibits.
Financial Data Schedule.
Definitive Proxy Statement dated January 28, 2000*
(b) Reports on Form 8-K.
None.
*Incorporated herein by reference.
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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: 5/15/2000 By/S/David C. Merrell
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David C. Merrell
Director and President
Date: 5/15/2000 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> 9-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> MAR-31-2000
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
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<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 33559
<BONDS> 0
0
0
<COMMON> 235
<OTHER-SE> (33794)
<TOTAL-LIABILITY-AND-EQUITY> 0
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<OTHER-EXPENSES> 6002
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (6002)
<INCOME-TAX> 0
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<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6002)
<EPS-BASIC> (0.03)
<EPS-DILUTED> (0.03)
</TABLE>
