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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
Commission File Number: 0-23845
Westlake Capital Corp.
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(Exact name of small business issuer as specified in its charter)
Colorado 91-1240090
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(State of other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
5770 South Beech Court
Greenwood Village, Colorado 80121
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(Address of principal executive offices including zip code)
(303) 721-0605
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(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act 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 September 30, 1998, the Registrant had 2,000,00 shares of common stock,
no par value per share, outstanding.
Transitional Small Business Disclosure Format (check one): Yes__ No X
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INDEX
PAGE
NUMBER
Part I. Financial Information
Item I. Financial Statements
Balance Sheets as of September 30, 1998
and December 31, 1997 3
Statement of Operations, Three Months
Ended September 30, 1998 4
Statement of Operations, Nine Months
Ended September 30, 1998 5
Statement of Cash Flows Nine Months
Ended September 30, 1998 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 8
Part II. Other Information 9
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WESTLAKE CAPITAL CORP.
BALANCE SHEETS
(Unaudited)
ASSETS
September 30 December 31
1998 1997
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Current Assets
Cash $ 923 $ -
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Total Current Assets 923 -
Organization costs, net of amortization 467 50
Stock subscriptions receivable - 10,000
Deferred offering costs 7,500 -
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Total Assets $ 8,890 $ 10,050
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 612 $ -
Advances payable, related parties 1,000 -
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Total Current Liabilities 1,612 -
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Stockholders' Equity:
Preferred Stock, no par value,
5,000,000 shares authorized
none issued and outstanding - -
Common Stock, no par value,
100,000,000 shares authorized
2,000,000 shares issued and
outstanding 10,050 10,050
Additional paid-in capital 2,700 -
Accumulated deficit (5,472) -
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Total Stockholders' Equity 7,278 10,050
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Total Liabilities and Stockholders' Equity $ 8,890 $ 10,050
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The accompanying notes are an integral part of the financial statements.
3
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WESTLAKE CAPITAL CORP.
STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30, 1998
Revenues $ -
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Operating Expenses:
Amortization 28
Professional fees 1,212
Rent 300
Advertising 448
Other 51
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Total Operating Expenses 2,039
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Net Loss $ (2,039)
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Per Share $ nil
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Weighted Average Number of Shares
Outstanding 2,000,000
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The accompanying notes are an integral part of the financial statements.
4
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WESTLAKE CAPITAL CORP.
STATEMENT OF OPERATIONS
(Unaudited)
Nine Months Ended September 30, 1998
Revenues $ -
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Operating Expenses:
Amortization 83
Professional fees 3,412
Rent 900
Advertising 995
Other 82
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Total Operating Expenses 5,472
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Net Loss $ (5,472)
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Per Share $ nil
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Weighted Average Number of Shares
Outstanding 2,000,000
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The accompanying notes are an integral part of the financial statements.
5
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WESTLAKE CAPITAL CORP.
STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30, 1998
Cash Flows from Operating Activities:
Net (loss) $ (5,472)
Amortization 83
Increase in accounts payable 612
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Net Cash (Used in) Operating Activities (4,777)
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Cash Flows from Investing Activities -
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Cash Flows from Financing Activities:
Decrease in stock subscriptions receivable 10,000
(Increase) in organization costs (500)
(Increase) in deferred offering costs (7,500)
Increase in advances, related parties 1,000
Increase in additional paid-in capital 2,700
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Net Cash Provided by Financing Activities 5,700
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Increase in Cash 923
Cash, Beginning of Period -
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Cash, End of Period $ 923
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Interest Paid $ -
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Income Taxes Paid $ -
==========
The accompanying notes are an integral part of the financial statements.
6
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WESTLAKE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
September 30, 1998 (Unaudited)
(1) Condensed Financial Statements
The financial statements included herein have been prepared by Westlake
Capital Corp. without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in the financial statements prepared in
accordance with generally accepted accounting principles have been condensed
or omitted as allowed by such rules and regulations, and Westlake Capital
Corp. believes that the disclosures are adequate to make the information
presented not misleading. It is suggested that these financial statements be
read in conjunction with the December 31, 1997 audited financial statements
and the accompanying notes thereto. While management believes the procedures
followed in preparing these financial statements are reasonable, the accuracy
of the amounts are in some respect's dependent upon the facts that will exist,
and procedures that will be accomplished by Westlake Capital Corp. later in
the year.
The management of Westlake Capital Corp. believes that the accompanying
unaudited condensed financial statements contain all adjustments (including
normal recurring adjustments) necessary to present fairly the operations and
cash flows for the periods presented.
7
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ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Westlake Capital Corp. (the "Company") was organized as a Colorado corporation
on December 5, 1996, in order to evaluate, structure and complete a merger
with, or acquisition of, prospects consisting of private companies,
partnerships or sole proprietorships. The Company may seek to acquire a
controlling interest in such entities in contemplation of later completing an
acquisition. The Company is not limited to any operation or geographic area
in seeking out opportunities. Management has not identified any particular
business or industry within which the Company will seek an acquisition or
merger. The Company has not conducted, nor have others made available to it,
market research supporting the viability of the Company's proposed operations.
The Company generated no revenues during the quarter ended September 30, 1998,
and management does not anticipate any revenues until following the conclusion
of a merger or acquisition, if any, as contemplated by the Company's business
plan.
The Company's capital is limited. The Company anticipates operational costs
will be limited until such time as significant evaluation work is undertaken
regarding prospective mergers or acquisitions.
At September 30, 1998, the Company had no material commitments for capital
expenditures.
YEAR 2000 COMPLIANCE
The Company is aware of the issues associated with the programming code in
existing computer systems as the year 2000 approaches. The Company has
assessed these issues as they relate to the Company, and since the Company
currently has no operating business and does not use any computers, and since
it has no customers or supplier, it does not believe that there are any
material year 2000 issues to disclose in this Report.
8
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
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
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.
WESTLAKE CAPITAL CORP.
Date: September 10, 1998 By:/s/ Joseph J. Peirce
Joseph J. Peirce, President
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EXHIBIT INDEX
EXHIBIT METHOD OF FILING
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27. FINANCIAL DATA SCHEDULE Filed herewith electronically
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
balance sheet and statements of operations found on pages 3 and 4 of the
Company's Form 10-QSB for the year to date, and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1998
<CASH> 923
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 923
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8,890
<CURRENT-LIABILITIES> 1,612
<BONDS> 0
0
0
<COMMON> 10,050
<OTHER-SE> (2,772)
<TOTAL-LIABILITY-AND-EQUITY> 8,890
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,472
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,472)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
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