SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1O-QSB
(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended June 30, 1998.
or
( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from ____________ to ____________
Commission File No.0-24029
UNITED VENTURE CAPITAL FUND, INC.
(Exact Name of Small Business Issuer as specified in its charter)
COLORADO 84-1454125
(State or other (IRS Employer File Number)
jurisdiction of
incorporation)
6000 E. Evans, Suite 1-022
DENVER, COLORADO 80222
(Address of principal executive offices) (zip code)
(303) 759-3053
(Registrant's telephone number, including area code)
Securities to be Registered Pursuant to Section 12(b) of the Act:
None
Securities to be Registered Pursuant to Section 12(g) of the Act:
Common Stock, $0.0001 per share par value
Indicate by check mark whether the Registrant (1) had 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
The number of shares outstanding of Registrant's common stock, par value $
.0001 per share, as of March 31, 1998 were 10,381,000 common shares.
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM I. Financial Statements
See attached financial statements
ITEM 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations
The Company has generated no revenues from its operations since
inception. Since the Company has not generated revenues and has never been
in a profitable position, it operates with minimal overhead. The Company's
primary activity will be to seek an acquisition candidate. As of the end of
the reporting period, the Company has concluded no acquisitions and has
spoken with no potential candidates. The attempt to seek an acquisition
candidate or candidates will be the primary focus of the Company's
activities in the coming fiscal year.
Liquidity and Capital Resources
As of the end of the reporting period, the Company had no cash or cash
equivalents. There was no significant change in working capital during
this fiscal year.
Management feels that the Company has inadequate working capital to
pursue any business opportunities other than seeking an acquisition
candidate. The Company will have minimal capital requirements prior to the
consummation of any acquisition but can pursue an acquisition candidate.
Until a suitable candidate is identified, Mr. Stephan R. Levy will
personally provide the necessary funds for the operation of the Company,
which are expected to be minimal. There is no specific arrangement for Mr.
Levy to advance funds. Each situation will be handled as needed. Further,
there are no plans to reimburse Mr. Levy for any advances. The Company does
not intend to pay dividends in the foreseeable future.
PART II- OTHER INFORMATION
ITEM 1. Legal Proceedings
No legal proceedings of a material nature to which the Company is a
party were pending during the reporting period, and the Company knows of no
legal proceedings of a material nature pending or threatened or judgments
entered against any director or officer of the Company in his capacity as
such.
ITEM 2. Changes in Securities. None.
ITEM 3. Defaults upon Senior Securities. None.
<PAGE>
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.
No exhibits as set forth in Regulation S-K are considered necessary in this
lO-QSB filing. No reports on Form 8-K were filed as of the most recent
fiscal quarter.
<PAGE>
SIGNATURES
In accordance with Section 12 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.
UNITED VENTURE CAPITAL, INC.
Dated:9/20/98 By. ///JUDITH F. HARAYDA///
Judith F. Harayda
President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
CHIEF FINANCIAL AND ACCOUNTING
OFFICER
Dated:9/20/98 By: ///STEPHAN R. LEVY///
Stephan R. Levy
Treasurer
<PAGE>
UNITED VENTURE CAPITAL FUND, INC.
(A Development Stage Company)
FORM 10-QSB QUARTERLY REPORT
JUNE 30, 1998
<PAGE>
Janet Loss, C.P.A, P.C.
Certified Public Accountant
3525 South Tamarac Drive, Suite 120
Denver, Colorado 80237
UNITED VENTURE CAPITAL FUND, INC.
(A Development Stage Company)
INDEX TO FORM 10-QSB QUARTERLY REPORT
TABLE OF CONTENTS
PART I - FINANCIAL STATEMENTS
ITEM PAGE
Condensed Balance Sheets as of
June 30, 1998 and March 31, 1998 .........1
Condensed Statements of Operations
for the three months ended
June 30, 1998 and 1997.......................2
Statement of Stockholders' Equity (Deficit)
for the three months ended
June 30, 1998 ...............................3
Condensed Statements of Cash Flows
for the three months ended
June 30, 1998 and 1997.......................4
Notes to Condensed Financial Statements........5
Item 2 - Management's Discussion and
Analysis or Plan of Operation................6
Part II - Other Information
Exhibits and Reports on Form 8-K
(A) Exhibits - None
(B) Reports on Form 8-K
<PAGE>
<TABLE>
<CAPTION>
UNITED VENTURE CAPITAL FUND, INC.
(A Development Stage Company)
CONDENSED BALANCE SHEETS
June 30, 1998
June 30,
1998 March 31,
(UNAUDITED) 1998
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash in Checking $16,436 $22,500
OTHER ASSETS:
Organization Costs,
Net of amortization 392 417
Deferred Offering
Costs 3,537 0
TOTAL OTHER ASSETS 3,929 417
TOTAL ASSETS $20,365 $22,917
<PAGE>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: $ - $ -
STOCKHOLDERS' EQUITY:
Preferred stock,
10,000,000 shares
authorized, $.0001
par value per share,
none issued - -
Common stock,
100,000,000 shares
authorized, $.0001
par value per share,
10,381,000 shares
issued and outstanding 1,038 1,038
Additional Paid-In-
Capital 22,992 22,992
(Deficit) (3,665) (1,113)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $20,365 $22,917
</TABLE>
"See notes to condensed financial statements."
<PAGE>
<TABLE>
<CAPTION>
UNITED VENTURE CAPITAL FUND, INC.
( A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
For the three For the three
months ended months ended
June 30, June 30,
1998 1997
<S> <C> <C>
REVENUES: $ 0 $ 0
OPERATING EXPENSES:
Amortization Expense 25 4
Consulting Services - 1,030
Entertainment 534 -
Office and Postage
Expenses 1,993 -
Total Operating
Expenses: 2,552 1,034
NET (LOSS) $(2,552) $(1,034)
NET (LOSS)
PER SHARE N/A N/A
Weighted average
number of shares
outstanding 10,381,000 10,301,000
</TABLE>
"See notes to condensed financial statements."
<PAGE>
<TABLE>
<CAPTION>
UNITED VENTURE CAPITAL FUND, INC.
(A Development Stage Company)
STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT)
For the three months ended June 30, 1998
(Deficit)
Accumulation
Common stock Common Additional during the
Number of stock Paid-In- Development Equity
SHARES AMOUNT CAPITAL STAGE (DEFICIT)
<S> <C> <C> <C> <C> <C>
Balance,
April 1,
1998 10,381,000 $1,038 $22,992 $(1,113) $22,917
Net (Loss)
for the three
months ended
March 31, 1998 (2,552) (2,552)
Balance,
June 30,
1998 10,381,000 $1,038 $22,992 $(3,665) $20,365
</TABLE>
"See notes to condensed financial statements."
<PAGE>
<TABLE>
<CAPTION>
UNITED VENTURE CAPITAL FUND, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
For the three months ended June 30, 1998 and 1997
For the three For the three
months ended months ended
JUNE 30, 1998 JUNE 30, 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income (Loss) $(2,552) $(1,034)
ADJUSTMENTS TO RECONCILE
NET LOSS TO NET CASH
USED IN OPERATING
ACTIVITIES:
Amoritization 25 4
Deferred offering
costs 3,537 0
Stock issued for
services 0 1,030
Stock issued for
organization costs 0 500
Net cash provided by
financing activities 1,010 500
CASH USED FROM INVESTING
ACTIVITIES:
Organization costs 0 (500)
NET INCREASE IN CASH $1,010 $ 0
CASH, BEGINNING OF THE
PERIOD 0 0
CASH, END OF THE PERIOD $1,010 $ 0
</TABLE>
"See notes to condensed financial statements."
<PAGE>
UNITED VENTURE CAPITAL FUND, INC.
(A Development Stage Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been
prepared in accordance with generally accepted accounting
principles for interim financial information and with the
instructions to Form 10-QSB and Regulation S-B. Accordingly,
they do not include all of the information and footnotes
required by generally accepted accounting principles for
complete financial statements. The accompanying statements
should be read in conjunction with the audited financial
statements included in the Company's March 31, 1998 Annual
Report on Form 10-KSB. In the opinion of management, all
adjustments (consisting only of normal recurring accruals)
considered necessary in order to make the financial statements
not misleading, have been included. Operating results for the
three months ended June 30, 1998 are not necessarily indicative
of the results that may be expected for the full calendar year
ended January 31, 1999. The financial statements are presented
on the accrual basis.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001059749
<NAME> UNITED VENTURE CAPITAL FUND INC.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> JUN-30-1998
<CASH> 16,437
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 16,437
<PP&E> 3,929
<DEPRECIATION> 0
<TOTAL-ASSETS> 20,366
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,038
<OTHER-SE> 19,328
<TOTAL-LIABILITY-AND-EQUITY> 20,366
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,552
<LOSS-PROVISION> (2,552)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2,552)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,552)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
