UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ended - March 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission file number 0-23947
MAS ACQUISITION VI CORP.
(Name of Small Business Issuer in its charter)
Indiana 35-2035070
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
1710 E. Division St., Evansville, Indiana 47711
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 479-7266
Securities registered under Section 12(b) of the Act: None
Securities registered under Section 12(g) of the Act:
Common Stock, $.001 par value per share
(Title or class)
Indicate by check mark whether the Registrant (1) has 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 [ ]
As of March 31, 1998, the Registrant has outstanding 1,003,600 shares
of Common Stock.
<PAGE>
MAS Acquisition VI Corp.
Form 10-QSB
Quarterly Report
March 31, 1998
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
<TABLE>
<CAPTION>
(1) Financial Statements Page
<S> <C>
Balance Sheet at December 31, 1997 and
March 31, 1998 (unaudited) F-1
Statements of Operations for the three months
ended March 31, 1997 and March 31, 1998 (unaudited) F-2
Statement of Changes in Stockholder's Equity
for the period from inception (October 7, 1996)
to March 31, 1998 (unaudited) F-3
Statements of Cash Flows for the three months
ended March 31, 1997 and March 31, 1998 (unaudited) F-4
Notes to Unaudited Financial Statements F-5
</TABLE>
<PAGE>
MAS Acquisition VI Corp.
(A Development Stage Company)
Balance Sheet
<TABLE>
<CAPTION>
<S> <C> <C>
March 31, December 31,
ASSETS 1998 1997
------ --------- ------------
Current assets:
Organization costs, net of $36 and $31
amortization 58 63
--------- ---------
$ 58 $ 63
========= =========
STOCKHOLDER'S EQUITY
--------------------
Commitments and contingencies
Stockholder's equity:
Preferred stock, $.001 par value
20,000,000 shares authorized - -
Common stock, $.001 par value,
80,000,000 shares authorized, 1,003,600 shares
issued and outstanding 94 94
(Deficit) accumulated during
development stage (36) (31)
--------- ---------
58 63
--------- ---------
$ 58 $ 63
========= =========
</TABLE>
See accompanying notes to financial statements.
F-1
<PAGE>
MAS Acquisition VI Corp.
(A Development Stage Company)
Statement of Operations
<TABLE>
<CAPTION>
<S> <C> <C>
March 31, March 31,
1998 1997
--------- ---------
Operating expenses $ 5 $ 9
--------- ---------
Net (loss) (5) (9)
--------- ---------
Per share information:
Net (loss) per common share $ (0.00) $ (0.00)
========= =========
Shares used in calculating per share amounts 1,003,600 1,003,600
========= =========
</TABLE>
See accompanying notes to financial statements.
F-2
<PAGE>
MAS Acquisition VI Corp.
(A Development Stage Company)
Statement of Changes in Stockholder's Equity
<TABLE>
<CAPTION>
Deficit Accumulated
During the
Common Stock Development Stage Total
-------------------- ------------------- ----------
ACTIVITY Shares Amount
--------- --------
<S> <C> <C> <C> <C>
Balance at inception - $ - $ - $ -
Shares issued to officer to
reimburse organization costs
October at $.00009 1,000,000 90 90
Net (loss) for the year - - (9) (9)
--------- --------- --------- --------
Balance, December 31, 1996 1,000,000 90 (9) 81
--------- --------- --------- --------
Compensation of directors
January 1997 @ $.001
per share 500 1 1
Gift shares
March 1997 @ $.001 3,100 3 3
Net (loss) for the year - - (22) (22)
--------- --------- --------- --------
Balance, December 31, 1997 1,003,600 94 (31) 63
--------- --------- --------- --------
Balance, March 31, 1998 1,003,600 $ 94 $ (36) $ 58
========= ========= ========= ========
</TABLE>
See accompanying notes to financial statements.
F-3
<PAGE>
MAS Acquisition VI Corp.
(A Development Stage Company)
Statement of Cash Flows
<TABLE>
<CAPTION>
March 31, March 31,
1998 1997
------------ ----------
<S> <C>
Net income (loss) $ (5) $ (9)
Adjustments to reconcile net
income to net cash provided
by operating activities:
Amortization 5 5
Shares issued for services - 1
Gift shares issued - 3
------------ ----------
Total adjustments 5 9
Net cash provided by (used in)
operating activities - -
Increase (decrease) in cash - -
Cash and cash equivalents,
beginning of period - -
------------ ----------
Cash and cash equivalents,
end of period $ - $ -
============ ==========
See accompanying notes to financial statements.
F-4
<PAGE>
MAS Acquisition VI Corp.
(A Development Stage Company)
Notes to Financial Statements
Note 1. ORGANIZATION
The Company was incorporated on October 7, 1996, in the State of Indiana.
The Company is in the development stage and its intent is to locate suitable
business ventures to acquire. The Company has had no significant business
activity to date and has chosen December 31, as a year end.
SIGNIFICANT ACCOUNTING POLICIES
Intangible Assets
The cost of intangible assets are amortized using the straight-line method
over their estimated useful economic lives (five years used for organization
costs). They are stated at cost less accumulated amortization. The Company
reviews for the impairment of long-lived assets and certain identifiable
intangibles whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. Under FAS 121, an
impairment loss would be recognized when estimated future cash flows
expected to result from the use of the asset and its eventual disposition
is less than its carrying amount. No such impairment losses have been
identified by the Company for the period presented.
Estimates
The preparation of the Company's financial statements requires management
to make estimates and assumptions that affect the amounts reported in
the financial statements and accompanying notes. Actual results could
differ from these estimates.
Fair Value of Financial Instruments
The Company's short-term financial instruments consists of cash. The
Carrying amounts of the Company's financial instruments approximates
fair value because of their short-term maturities. Financial
instruments that potentially subject the Company to a concentration of
credit risk consist principally of cash. During the period presented
the Company did not maintain cash deposits at financial institutions
in excess of the $100,000 limit covered by the Federal Deposit Insurance
Corporation. The Company does not hold or issue financial instruments for
trading purposes nor does it hold or issue interest rate or leveraged
derivative financial instruments.
Net loss per share
The net loss per share is computed by dividing the net loss for the
period by the number of common shares outstanding for the period.
Common stock equivalents are excluded from the computation as their
effect would be anti-dilutive.
Cash and cash equivalents
Cash and cash equivalents consist of cash and other highly liquid debt
instruments with an original maturity of less than three months.
Recent Pronouncements
In 1996 Financial Accounting Standards No. 125 (FAS 125) Accounting for
Transfer and Servicing of Financial Assets and Extiguishments of
Liabilities was issued. FAS 125 is effective for transfers and servicing
of financial assets and extinguishments of liabilities occurring after
December 31, 1996. The Company will adopt FAS 125 in 1997. Adoption of
FAS 125 is not expected to have a material effect on the Company's
financial position or operating results.
Note 2. STOCKHOLDERS' EQUITY
The Company issued 1,000,000 shares of common stock to an officer of the
Company as reimbursement of organization costs and stock offering costs
of the Company paid for by the officer in October 1996. Fair value used
for this transaction of $.00009 per share is based upon the actual cost
of incorporation. During January 1997 the Company issued 500 shares of
its common stock to directors as compensation valued at $1. Additionally,
the Company issued 3,100 shares of its common stock to 31 foreign citizens
as a gift in March 1997 for an aggregate fair value of $3.
Note 3. INCOME TAXES
Deferred income taxes may arise from temporary differences resulting from
income and expense items reported for financial accounting and tax purposes
in different periods. Deferred taxes are classified as current or non-current,
depending on the classifications of the assets and liabilities to which
they relate. Deferred taxes arising from temporary differences that are
not related to an asset or liability are classified as current or non-current
depending on the periods in which the temporary differences are expected to
reverse. The deferred tax asset related to the operating loss carryforward
has been fully reserved.
The Company has not provided current or deferred income taxes for the period
presented due to a loss from operations.
F-5
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITIONS.
The following discussion should be read in conjuction with the
information contained in the financial statements of the Company
and the Notes thereto appearing elsewhere herein.
Results of Operations - October 7, 1996 (Inception) through March 31, 1998.
The Company is considered to be in the development stage as defined
in Statement of Financial Accounting Standards No. 7. There have been
no operations since inception.
Liquidity and Capital Resources.
The Company has no cash as of March 31, 1998.
<PAGE>
Part II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K during the quarter ended
March 31, 1998
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
MAS ACQUISITION VI CORP.
Date: June 1, 1998
By: /s/ Aaron Tsai
----------------------------------
Aaron Tsai
President, Chief Executive Officer
Treasurer and Director
Date: June 1, 1998
By: /s/ Chia-Lun Tsai
----------------------------------
Chia-Lun Tsai
Vice President and Director
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Balance Sheet at March 31, 1998 (unaudited) and the Statement of
Operations for the three months ended March 31, 1998 (unaudited) and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 58
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 58
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 58
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 58
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> (5)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (5)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
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<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5)
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<EPS-DILUTED> 0
</TABLE>
