UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT TO THE 1934
ACT REPORTING REQUIREMENTS
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998 Commission File No.
000-23959
10
LAS VEGAS SPORTS AND CELEBRITY HALL OF FAME, INC.
(Exact name of registrant as specified in its charter)
Nevada 86-0874368
(State of organization) (I.R.S. Employer Identification No.)
7910 Bermuda Road, Las Vegas, NV 89123
(Address of principal executive offices)
Registrant's telephone number, including area code (702) 898-3765
Check whether the issuer (1) filed all reports required to be
file by Section 13 or 15(d) of the Exchange Act during the past
12 months and (2) has been subject to such filing requirements
for the past 90 days. Yes X
There were 6,000,000 shares of common stock of Las Vegas Sports
and Celebrity Hall of Fame, Inc. outstanding as of February 28,
1998.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The financial statements and supplemental data required by this
Item follow the index of financial statements appearing at Item 6
of this Form 10Q-SB.
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This statement includes projections of future results and
"forward-looking statements" as that term is defined in Section
27A of the Securities Act of 1933 as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934 as
amended (the "Exchange Act"). All statements that are included in
this Registration Statement, other than statements of historical
fact, are forward-looking statements. Although Management
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Important factors
that could cause actual results to differ materially from the
expectations are disclosed in this Statement, including, without
limitation, those expectations reflected in forward-looking
statements contained in this Statement.
Plan of Operation
The Company's Plan of Operation has not changed since the filing
of its Form 10 filed with the SEC on March 27, 1998. The
description of the current plan of operation is incorporated by
reference to Section 2 of its Form 10.
Competition
The Company is an insignificant participant among firms which
engage in business combinations with, or financing of,
development-stage enterprises. There are many established
management and financial consulting companies and venture capital
firms which have significantly greater financial and personal
resources, technical expertise and experience than the Company.
In view of the Company's limited financial resources and
management availability, the Company will continue to be at
significant competitive disadvantage vis-a-vis the Company's
competitors.
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, suppliers or other constituents, it does not believe
that there are any material year 2000 issues to disclose in this
report.
Employees
The Company's only employees at the present time are its officers
and directors, who will devote as much time as the Board of
Directors determine is necessary to carry out the affairs of the
Company.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal
proceedings and, to the best of its knowledge, no such action has
been threatened by or against the Company.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
No issues of securities and no changes in the existing securities
took place during the period covered by this report. At the end
of the quarter there were 6,000,000 shares of common stock
outstanding.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the most recent quarter.
ITEM 6. EXHIBITS
FINANCIAL STATEMENTS
Unaudited financial statements for the quarter ended March 31,
1998.
INDEPENDENT AUDITORS' REPORT
Board of Directors October 22, 1999
Las Vegas Sports and Celebrity Hall of Fame, Inc.
Las Vegas, Nevada
I have audited the accompanying Balance Sheets of Las Vegas
Sports and Celebrity Hall of Fame, Inc. (A Development Stage
Company), as of March 31, 1998, and December 31, 1997, and the
related statements of stockholders' equity for March 31, 1998,
and December 31, 1997, and statements of operation and cash flows
for the three months ending March 31, 1998, and March 31, 1997,
and the two years ended December 31, 1997, and December 31, 1997,
and the period February 7, 1991 (inception), to March 31, 1998.
These financial statements are the responsibility of the
Company's management. My responsibility is to express an opinion
on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Las
Vegas Sports and Celebrity Hall of Fame, Inc. (A Development
Stage Company), as of March 31, 1998, and December 31, 1997, and
the related statements of stockholders' equity for March 31,
1998, and December 31, 1997, and statements of operation and cash
flows for the three months ending March 31, 1998, and March 31,
1997, and the two years ended December 31, 1997, and December 31,
1997, and the period February 7, 1991 (inception), to March 31,
1998, in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming
the Company will continue as a going concern. As discussed in
Note #5 to the financial statements, the Company has no
established source of revenue. This raises substantial doubt
about its ability to continue as a going concern. Management's
plan in regard to these matters is described in Note #5. These
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
/s/ Barry L. Friedman
Barry L. Friedman
Certified Public Accountant
Las Vegas Sports and Celebrity Hall of Fame, Inc.
(A Development Stage Company)
BALANCE SHEET
<TABLE>
<S>
<C> <C>
3 Mos. Ending Year Ended Dec.
March 31, 1998 31, 1997
ASSETS
CURRENT ASSETS: 0 0
TOTAL CURRENT ASSETS 0 0
OTHER ASSETS; 0 0
TOTAL OTHER ASSETS 0 0
TOTAL ASSETS 0 0
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES;
Officers Advances $3,025 $1,890
TOTAL CURRENT LIABILITIES $3,025 $1,890
STOCKHOLDERS' EQUITY;
Common stock, $0.001 par value, $6,000
authorized 50,000,000 shares
issued and outstanding at
December 31, 1997 - 6,000,000
March 31, 1998 - 6,000,000 $6,000
Additional paid-in Capital -1,000 -1,000
Deficit Accumulated During the -8,025 -6,890
Development Stage
TOTAL STOCKHOLDERS' EQUITY -3,025 -1,890
TOTAL LIABILITIES AND 0 0
STOCKHOLDERS' EQUITY
</TABLE>
Las Vegas Sports and Celebrity Hall of Fame, Inc.
(A Development Stage Company)
STATEMENT OF OPERATION
<TABLE>
<S> <C> <C> <C> <C>
<C>
3 Mos. 3 Mos. Year Feb. 7.
Ended Ended Ended Year 1991
March March Decembe Ended (Incept
31, 1998 31, 1997 r 31, December ion) to
1997 31, 1996 March
31,
1998
INCOME:
Revenue 0 0 0 0 0
EXPENSES:
General, Selling 1,135 0 1,890 0 8,025
and
Administrative
Total Expenses 1,135 0 1,890 0 8,025
Net Profit/Loss(--1,135 0 -1,890 0 -8,025
)
Net Profit/Loss -.0002 NIL -.0003 NIL -.0013
(-) Per weighted
Share (Note 2)
Weighted average 6,000,00 6,000,00 6,000,0 6,000,00 6,000,0
Number of common 0 0 00 0 00
Shares
outstanding
</TABLE>
See accompanying notes to financial statements & audit report
Las Vegas Sports and Celebrity Hall
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
<TABLE>
<S>
<C> <C> <C> <C>
Common Shares Stock Amount Additional paid- Accumulated
in Capital Deficit
Balance, 6,000,000 $6,000 -1,000 -5,000
December 31, 1996
Net loss, Year -1,890
Ended December
31, 1997
Balance, 6,000,000 $6,000 -1,000 -6,890
December 31, 1997
Net Loss January -1,135
1, 1998 to March
31, 1998
Balance, 6,000,000 $6,000 -1,000 -8,025
March 31, 1998
</TABLE>
See accompanying notes to financial statements & audit report.
Las Vegas Sports and Celebrity Hall of Fame, Inc.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
<TABLE>
<S> <C> <C> <C> <C> <C>
3 Mos. Ended 3 Mos Ended Year Ended Year Ended Feb. 7, 1991
March 31, 1998 March 31, 1997` December 31, December 31, (Inception) to
1997 1996 March 31, 1998
Cash Flows from
Operating Activities:
Net Loss -1,135 0 -1,890 0 -8,025
Adjustment to 0 0 0 0 0
Reconcile net loss to
cash provided by
operating activities:
Changes in Assets and
Liabilities:
Increase in current
Liabilities:
Officers Advances +1,135 0 +1,890 0 +3,025
Net cash used in 0 0 0 0 -5,000
operating activities
Cash Flows from 0 0 0 0 0
Investing Activities
Cash Flows from
Financing Activities:
Issuance of common 0 0 0 00 +5,000
stock
Net increase 0 0 0 0 0
(decrease) in cash
Cash, Beginning of 0 0 0 0 0
period
Cash, end of period 0 0 0 0
</TABLE>
See accompanying notes to financial statements & audit report
Las Vegas Sports and Celebrity Hall of Fame, Inc.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
March 31, 1998, and December 31, 1997
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized February 7, 1991, under the laws of the
State of Nevada as Las Vegas Sports and Celebrity Hall of Fame,
Inc. The Company currently has no operations and in accordance
with SFAS #7, is considered a development company.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Method
The Company records income and expenses on the accrual method.
Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
Cash and equivalents
The Company maintains a cash balance in a non-interest-bearing
bank that currently does not exceed federally insured limits. For
the purpose of the statements of cash flows, all highly liquid
investments with the maturity of three months or less are
considered to be cash equivalents. There are no cash equivalents
as of March 31, 1998.
Income Taxes
Income taxes are provided for using the liability method of
accounting in accordance with Statement of Financial Accounting
Standards No. 109 (SFAS #109) "Accounting for Income Taxes". A
deferred tax asset or liability is recorded for all temporary
difference between financial and tax reporting. Deferred tax
expense (benefit) results from the net change during the year of
deferred tax assets and liabilities.
Loss Per Share
Net loss per share is provided in accordance with Statement of
Financial Accounting Standards No. 128 (SFAS #128) "Earnings Per
Share". Basic loss per share is computed by dividing losses
available to common stockholders by the weighted average number
of common shares outstanding during the period. Diluted loss per
share reflects per share amounts that would have resulted if
dilative common stock equivalents had been converted to common
stock. As of March 31, 1998, the Company had no dilative common
stock equivalents such as stock options.
Year End
The Company has selected December 31st as its year-end.
Year 2000 Disclosure
The year 2000 issue is the result of computer programs being
written using two digits rather than four to define the
applicable year. Computer programs that have time sensitive
software may recognize a date using "00" as the year 1900 rather
than the year 2000. This could result in a system failure or
miscalculations causing disruption of normal business activities.
Since the Company currently has no operating business and does
not use any computers, and since it has no customers, suppliers
or other constituents, there are no material Year 2000 concerns.
NOTE 3 - INCOME TAXES
There is no provision for income taxes for the period ended March
31, 1998, due to the net loss and no state income tax in Nevada,
the state of the Company's domicile and operations. The Company's
total deferred tax asset as of December 31, 1997 is as follows:
Net operation loss carry forward $6,890
Valuation allowance $6,890
Net deferred tax asset $ 0
The federal net operation loss carry forward will expire in
various amounts from 2011 to 2018.
This carry forward may be limited upon the consummation of a
business combination under IRC Section 381.
NOTE 4 - STOCKHOLDERS' EQUITY
Common Stock
The authorized common stock of the corporation consists of
50,000,000 shares with a par value of $0.001 per share.
Preferred Stock
Las Vegas Sports and Celebrity Hall of Fame, Inc. has no
preferred stock.
On February 8, 1991, the Company issued 5,000 shares of its $1,00
par value common stock in consideration of $5,000.00 in cash.
On February 14, 1997, the Company restated its Articles of
Incorporation. The Company authorized an increase in its
capitalization from 25,000 Common Shares at $1.00 par value to
50,000,000 Common Shares with a par value of $0.001 per share.
On February 14, 1997, the Company had a 1,200:1 forward stock
split, increasing the number o issued and outstanding Common
Shares from 5,000 to 6,000,000 Common Shares.
NOTE 5 - GOING CONCERN
The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern
which contemplates the realization of assets and liquidation of
liabilities in the normal course of business. However, the
Company does not have significant cash or other material assets,
nor does it have an established source of revenues sufficient to
cover its operating costs and to allow it to continue as a going
concern. It is the intent of the Company to seek a merger with an
existing, operating company. Until that time, the
stockholders/officers and or directors have committed to
advancing the operating costs of the Company interest free.
NOTE 6 - RELATED PARTY TRANSACTIONS
The Company neither owns nor leases any real or personal
property. An officer of the corporation provides office services
without charge. Such costs are immaterial to the financial
statements and accordingly, have not been reflected therein. The
officers and directors of the Company are involved in other
business activities and may, in the future, become involved in
other business opportunities. If a specific business
opportunity becomes available, such persons may face a conflict
in selecting between the Company and their other business
interests. The Company has not formulated a policy for the
resolution of such conflicts.
NOTE 7 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to acquire any
additional share of common stock.
EXHIBITS
a) The exhibits, consisting of the Company's Articles of
Incorporation and Bylaws, are attached to the Company's Form 10,
filed on March 27, 1998. These exhibits are incorporated by
reference to that Form.
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the Registrant has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized.
Las Vegas Sports and Celebrity Hall
of Fame, Inc.
By: /s/ Charles F. Richards
Charles F. Richards, President
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1997
<PERIOD-END> MAR-31-1998 DEC-31-1997
<CASH> 0 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 0 0
<CURRENT-LIABILITIES> 3,025 1,890
<BONDS> 0 0
0 0
0 0
<COMMON> 5,000 5,000
<OTHER-SE> (8,025) (6,890)
<TOTAL-LIABILITY-AND-EQUITY> 0 0
<SALES> 0 0
<TOTAL-REVENUES> 0 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 1,135 1,890
<LOSS-PROVISION> (1,135) (1,890)
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (1,135) (1,890)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> (1,135) (1,890)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 0 0
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
