SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-KSB
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the year ended December 31, 1998.
CORPORATE TOURS & TRAVEL, INC.
(Exact name of registrant as specified in its charter)
Nevada 88-0306099
(State of organization) (I.R.S. Employer Identification No.)
8452 Boseck Street, Suite 272, Las Vegas, NV 89128
(Address of principal executive offices)
Registrant's telephone number, including area code (702) 228-4688
Securities registered under Section 12(g) of the Exchange Act:
Common stock, $0.001 par value per share
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
Check if there is no disclosure of delinquent filers in response
to Item 405 of Regulation S-B not contained in this form, and no
disclosure will be contained, to the best of registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any
amendments to this Form 10-KSB. [ X ]
Issuer's Revenue during the year ended December 31, 1998: $ 0
Aggregate market value of the voting and non-voting common equity
held by non-affiliates based on the price of N/A per share (the
selling or average bid and asked price) as of March 29, 1999:
N/A.
NOTE: The company's stock is not, and has not, been traded or
quoted, and the book value is negative. Therefore, there is no
way to ascertain a market value for the stock.
DOCUMENTS INCORPORATED BY REFERENCE:
The Company's form 10-SB/A, filed on March 3, 1999, and the
exhibits attached thereto, are incorporated by reference. The
Company is currently preparing a second amended Form 10-SB/A to
reflect a number of changes that have occurred since that filing
date. Those changes are included by reference to the Company's
Form 8-K, filed on May 12, 1999. A list of the exhibits
incorporated by reference to the March 3, 1999 filing is provided
in ITEM 13 below.
PART I
ITEM 1. DESCRIPTION OF BUSINESS
Background
Corporate Tours & Travel, Inc. (the "Company") is a Nevada
corporation formed on September 23, 1993. Its principal place of
business is located at 8452 Boseck Street, Suite 272, Las Vegas,
NV 89128. The Company was organized to engage in any lawful
corporate business, including but not limited to, participating
in mergers with and acquisitions of other companies. The Company
has been in the developmental stage since inception and has no
operating history other than organizational matters.
The Company was formed for the purpose of being a travel agency.
The incorporators were Mr. Lewis Eslick, and Mr. Henry Richard
Vicencio. Mr. Eslick and his then wife each purchased stock in
the Company, Mr. Eslick purchasing 2,300,000 shares, Ms. Eslick,
1,800,000 shares. Mr. Eslick sold or gifted a total of 2,000,000
of his shares to three business acquaintances, and Ms. Eslick
sold or gifted a total of 1,620,000 of her shares to nine
business acquaintances. All such sales or transfers were made in
reliance on section 4(2) of the Securities Act of 1933, as
amended (the "Securities Act").
The Company was unable to secure financing to achieve its initial
objective, and the original business plan was abandoned. The
primary activity of the Company currently involves seeking a
company or companies that it can acquire or with whom it can
merge. The Company has not selected any company as an acquisition
target or merger partner and does not intend to limit potential
candidates to any particular field or industry, but does retain
the right to limit candidates, if it so chooses, to a particular
field or industry. The Company's plans are in the conceptual
stage only.
The proposed business activities described herein classify the
Company as a "blank check" company. Many states have enacted
statutes, rules, and regulations limiting the sale of securities
of "blank check" companies in their respective jurisdictions.
Management does not intend to undertake any efforts to cause a
market to develop in the Company's securities until such time as
the Company has successfully implemented its business plan.
ITEM 2. DESCRIPTION OF PROPERTY.
The Company neither owns nor leases any real property at this
time. The Company does have the use of a limited amount of office
space from, Mr. Lewis Eslick, a director and officer, at no cost
to the Company, and Management expects this arrangement to
continue. The Company pays its own charges for long distance
telephone calls and other miscellaneous secretarial,
photocopying, and similar expenses. This is a verbal agreement
between Mr. Eslick, a director and officer and the Board of
Directors.
ITEM 3. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal
proceedings and, to the best of its knowledge, no such action by
or against the Company has been threatened.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No such matters were submitted during the fourth quarter of 1998.
PART II
ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS.
The Company's common stock is quoted on the over-the-counter
market in the United States under the symbol CTOR. Management has
not undertaken any discussions, preliminary or otherwise, with
any prospective market maker concerning the participation of such
market maker in the after-market for the Company's securities and
management does not intend to initiate any such discussions until
such time as the Company has consummated a merger or acquisition.
There is no assurance that a trading market will ever develop or,
if such a market does develop, that it will continue.
After a merger or acquisition has been completed, one or both of
the Company's officers and directors will most likely be the
persons to contact prospective market makers. It is also possible
that persons associated with the entity that merges with or is
acquired by the Company will contact prospective market makers.
The Company does not intend to use consultants to contact market
makers.
Market Price
The Registrant's Common Stock is not quoted at the present time.
Holders
As of May 6, 1999, there were 58 holders of the Company's Common
Stock.
Dividends
The Registrant has not paid any dividends to date, and has no
plans to do so in the immediate future.
Recent Sales of Unregistered Securities.
With respect to the transfers made by the founders and the
officers and directors, the Registrant relied on Section 4(2) of
the Securities Act of 1933, as amended. No advertising or general
solicitation was employed in offering the shares. The securities
were offered for investment only and not for the purpose of
resale or distribution, and the transfer thereof was
appropriately restricted.
Even after the business plan is completed, the shares held by the
Company's officers and directors, totaling 2,250,000 shares, will
be restricted from trading freely, other than in accordance with
Rule 144 enacted under the Securities Act. In general, under Rule
144, a person (or persons whose shares are aggregated) who has
satisfied a one year holding period, under certain circumstances,
may sell within any three-month period a number of shares which
does not exceed the greater of one percent of the then
outstanding Common Stock or the average weekly trading volume
during the four calendar weeks prior to such sale. Rule 144 also
permits, under certain circumstances, the sale of shares without
any quantity limitation by a person who has satisfied a two-year
holding period and who is not, and has not been for the preceding
three months, an affiliate of the Company.
ITEM 6. 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, in conjunction with those forward-looking statements
contained in this Statement.
Plan of Operation
The Company's Plan of Operation has not changed since the filing
of its amended Form 10-SB. The description of the current plan of
operation is incorporated by reference to Section 2 of that
amended Form 10-SB filed with the SEC on March 3, 1999.
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
Form 10-SB.
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. (See "Management").
ITEM 7. FINANCIAL STATEMENTS.
The financial statements and supplemental data required by this
Item 7 follow the index of financial statements appearing at Item
13 of this Form 10K-SB.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE.
The Registrant has not changed accountants since its formation,
and Management has had no disagreements with the findings of its
accountants.
PART III
ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL
PERSONS
The members of the Board of Directors of the Company serve until
the next annual meeting of the stockholders, or until their
successors have been elected. The officers serve at the pleasure
of the Board of Directors.
There are no agreements for any officer or director to resign at
the request of any other person, and none of the officers or
directors named below are acting on behalf of, or at the
direction of, any other person.
The Company's officers and directors will devote their time to
the business on an "as-needed" basis, which is expected to
require 5-10 hours per month.
Information as to the directors and executive officers of the
Company is as follows:
<TABLE>
<S> <C> <C>
Name/Address Age Position
Lewis M. Eslick 60 President /
8452 Boseck Street, Director
#272
Las Vegas, NV 89128
Paul B. Eslick 64 Secretary / Director
P.O. Box 1769
Paradise, CA 95967
Patsy Harting 58 Treasurer / Director
14133 Elmira Circle
Magalia, CA 95954
</TABLE>
The biographies of the Mr. Lewis Eslick, together with a
description of his experience with blank-check companies is
included in the Company's Amended Form 10-SB, and is incorporated
by reference to section 5 of that document. The biographies of
Mr. Paul Eslick and Ms. Harting are incorporated by reference to
the Form 8-K filed on May 12, 1999.
ITEM 10. EXECUTIVE COMPENSATION
None of the Company's officers and/or directors receive any
compensation for their respective services rendered to the
Company, nor have they received such compensation in the past.
They both have agreed to act without compensation until
authorized by the Board of Directors, which is not expected to
occur until the Registrant has generated revenues from operations
after consummation of a merger or acquisition. As of the date of
this registration statement, the Company has no funds available
to pay directors. Further, none of the directors are accruing any
compensation pursuant to any agreement with the Company.
No retirement, pension, profit sharing, stock option or insurance
programs or other similar programs have been adopted by the
Registrant for the benefit of its employees.
ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT.
The following table sets forth each person known to the Company,
as of December 31, 1997, to be a beneficial owner of five percent
(5%) or more of the Company's common stock, by the Company's
directors individually, and by all of the Company's directors and
executive officers as a group. Except as noted, each person has
sole voting and investment power with respect to the shares
shown. (Note that there are no 5% holders of the Company's stock.
Therefore, only one table is included.)
<TABLE>
<S> <C> <C> <C>
Title of Name/Address Shares Percentage
Class of Owner Beneficially Ownership
Owned
Common Paul B. Eslick 1,000 0.02%
P.O. Box 1769
Paradise, CA 95967
Common Patsy Harting 1,000 0.02%
14133 Elmira Circle
Magalia, CA 95954
Common All officers and 2,000 0.05%
directors (2
individuals)
</TABLE>
Note: Mr. Lewis Eslick, the Company's President, and Ms. Leslie
Eslick, a former officer and director, were previously married.
Ms. Eslick owns 180,000 shares of the Company's common stock. Mr.
and Ms. Eslick are no longer married, and disclaim beneficial
ownership of the shares held by each other.
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The Board of Directors has passed a resolution which contains a
policy that the Company will not seek an acquisition or merger
with any entity in which any of the Company's Officers,
Directors, principal shareholders or their affiliates or
associates serve as officer or director or hold any ownership
interest. Management is not aware of any circumstances under
which this policy may be changed through their own initiative.
The proposed business activities described herein classify the
Company as a "blank check" company. Many states have enacted
statutes, rules and regulations limiting the sale of securities
of "blank check" companies in their respective jurisdictions.
Management does not intend to undertake any efforts to cause a
market to develop in the Company's securities until such time as
the Company has successfully implemented its business plan
described herein.
ITEM 13. FINANCIAL STATEMENTS AND EXHIBITS.
FINANCIAL STATEMENTS
Report of Independent Auditor Barry L. Friedman, dated
February 4, 1999
Balance Sheets as of December 31, 1998, December 31,
1997, and December 31, 1996.
Statement of Operations for the Years ended December
31, 1998, December 31, 1997, and December 31, 1996,
and for the period from the Company's inception
(September 31, 1993) to December 31, 1998.
Statement of Changes in Shareholders' Equity.
Statement of Cash Flows for the Years ended December
31, 1998, December 31, 1997, and December 31, 1996,
and for the period from the Company's inception
(September 31, 1993) to December 31, 1998.
Notes to Financial Statements
BARRY L. FRIEDMAN, P.C.
Certified Public Accountant
To Whom It May Concern:
February 4, 1999
The firm of Barry L. Friedman, P.C., Certified Public Accountant
consents to the inclusion of their report of February 4, 1999, on
the Financial Statements of Corporate Tours & Travel, Inc., as of
December 31, 1998, in any filings that are necessary now or in
the near future with the U.S. Securities and Exchange Commission.
Very Truly Yours,
s/Barry L. Friedman
Barry L. Friedman
Certified Public Accountant
CORPORATE TOURS & TRAVEL, INC.
(FORMERLY THE OLD CORPORATE TOURS & TRAVEL, INC.)
(A DEVELOPMENT STAGE COMPANY)
FINANCIAL STATEMENTS
December 31, 1998
December 31, 1997
December 31, 1996
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT 1
ASSETS 2
LIABILITIES AND STOCKHOLDERS' EQUITY 3
STATEMENT OF OPERATIONS 4
STATEMENT OF STOCKHOLDERS' EQUITY 5
STATEMENT OF CASH FLOWS 6
NOTES TO FINANCIAL STATEMENTS 7-10
BARRY L. FRIEDMAN, P.C.
Certified Public Accountant
INDEPENDENT AUDITORS' REPORT
Board of Directors February 4, 1999
Corporate Tours & Travel, Inc.
Las Vegas, Nevada
I have audited the accompanying Balance Sheets of Corporate Tours
& Travel, Inc., (A Development Stage Company), as of December 31,
1998, December 31, 1997, and December 31, 1996, and the related
statements of operations, stockholders' equity and cash flows for
the three years ended December 31, 1998, December 31, 1997, and
December 31, 1996. 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
Corporate Tours & Travel, Inc., as of December 31, 1998, December
31, 1997, and December 31, 1996, and the results of its
operations and cash flows for the three years ended December 31,
1998, December 31, 1997, and December 31, 1996, 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 suffered
recurring losses from operations and 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 are also described in Note #5. The 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
CORPORATE TOURS & TRAVEL, INC.
(A Development Stage Company)
BALANCE SHEET
<TABLE>
<S> <C> <C> <C>
December 31, December 31, December 31,
1998 1997 1996
ASSETS
CURRENT ASSETS: $ 0 $ 0 $ 0
OTHER ASSETS:
TOTAL ASSETS $ 0 $ 0 $ 0
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts Payable $4,060 $900 $0
TOTAL CURRENT LIABILITIES $4,060 $900 $0
STOCKHOLDERS' EQUITY: (Note 1)
Preferred stock, par value, $.001
authorized 10,000,000 shares issued
and outstanding at December 31, 1998
- - NONE
Common stock, par value, $.00l $ 4,100
authorized 50,000,000 shares issued
and outstanding at December 31, 1996;
4,100,000 shares
December 31, 1997; 4,100,000 shares $ 4,100
December 31, 1998; 4,100,000 shares $ 4,100
Additional paid in Capital 0 0 0
Accumulated loss -8,160 -5,000 -4,100
TOTAL STOCKHOLDERS' EQUITY -4,060 -900 0
TOTAL LIABILITIES AND STOCKHOLDERS' $ 0 $ 0 $ 0
EQUITY
</TABLE>
See accompanying notes to financial statements & audit report
CORPORATE TOURS & TRAVEL, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
<TABLE>
<S> <C> <C> <C> <C>
Year Ended Dec. Year Ended Dec. Year Ended Dec. Sept. 23, l993
31, 1998 31, 1997 31, 1996 (inception) to
Dec. 31, 1998
INCOME:
Revenue $ 0 $ 0 $ 0 $ 0
EXPENSES:
General Selling and $ 3,160 $ 900 $ 0 $ 8,160
Administrative
Total Expenses $ 3,160 $ 900 $ 0 $ 8,160
Net Profit/Loss(-) $ -3,160 $ -900 $ -0 $ -8,160
Net Profit/Loss(-) $ NIL $ NIL $ NIL $ NIL
per weighted share
(Note 1)
Weighted average 4,100,000 4,100,000 4,100,000 4,100,000
number of common
shares outstanding
</TABLE>
See accompanying notes to financial statements & audit report
CORPORATE TOURS & TRAVEL, INC.
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
<TABLE>
<S> <C> <C> <C> <C>
Common Shares Stock Amount Additional paid- Accumulated
in capital Deficit
Balance, December 31, 4,100,000 $4,100 $0 -4,100
1995
Net Income/ Loss year 0
ended December 31, 1996
Balance, December 31, 4,100,000 $4,100 $0 $-4,100
1996
Net Income/ Loss year -900
ended December 31, 1997
Balance, December 31, 4,100,000 $4,100 $0 $-5,000
1997
Net Income/ Loss year -3,160
ended December 31, 1998
Balance, December 31, 4,100,000 $4,100 $0 $-8,160
1998
</TABLE>
See accompanying notes to financial statements & audit report
CORPORATE TOURS & TRAVEL, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
<TABLE>
<S> <C> <C> <C> <C>
Year Ended Dec. Year Ended Dec. Year Ended Dec. Sept. 23, l993
31, 1998 31, 1997 31, 1996 (inception) to
Dec. 31, 1998
Cash Flows from Operating
Activities:
Net Loss $-3,160 $-900 $0 $-8,160
Adjustment to reconcile net 0 0 0 0
loss to net cash provided by
operating activities
Issued common stock for +4,100
services
Changes in assets and
liabilities:
Increase in current +3,160 +900 0 +4,060
liabilities:
Advances Payable
Net cash used in operating 0 0 0 0
activities
Cash Flows from investing 0 0 0 0
activities
Cash Flows from Financing 0 0 0 0
Activities
Net increase (decrease) in $0 $0 $0 $0
cash
Cash, beginning of period 0 0 0 0
Cash, end of period $0 $0 $0 $0
</TABLE>
See accompanying notes to financial statements & audit report
CORPORATE TOURS & TRAVEL, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
December 31, 1998, December 31, 1997, and December 31, 1996
NOTE 1 - HISTORY AND ORGANIZATION OF THE COMPANY
The Company was organized September 23, 1993, under laws of the
State of Nevada, as Corporate Tours & Travel, Inc.. The company
currently has no operations and, in accordance SFAS #7, is
considered a development stage 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. They're no cash equivalents as
of December 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.
Organization Costs
Costs incurred to organize the Company are being amortized on a
straight-line basis over a sixty-month period
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 December 31, 1998, the Company had no dilative
common stock equivalents such as stock options.
Year End
The Company has selected December 31, 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.
Based on a recent and ongoing assessment, the Company has
determined that it will require only off-the-shelf software
utilizing a Microsoft Windows platform for all of its computing
requirements. The Company presently believes that with
modifications to existing off-the-shelf software or conversions
to new software, the Year 2000 issue will not pose a significant
operational problem and will not materially affect future
financial results.
The Company currently anticipates purchasing new off-the-shelf
Year 2000 compatible software within the near future, which is
prior to any anticipated impact on its operating systems. The
total cost of this new software is not anticipated to be a
material expense to the Company at this time. However, there can
be no guarantee that these new off-the-shelf software products
will be adequately modified, which could have a material adverse
effect on the Company's results of operations.
NOTE 3- INCOME TAXES
There is no provision for income taxes for the period ended
December 31, 1998, due to the net loss and no state income tax in
the state of the Company's domicile and operations, Nevada. The
Company's total deferred tax asset as of December 31, 1998 is as
follows:
Net operation loss carry forward $8,160
Valuation allowance 8,160
Net deferred tax asset $0
The federal net operating loss carry forward will expire various
amounts from 2013 to 2018.
This carry forward may be limited upon the consummation of a
business combination under IRC Section 381.
NOTE 4- SHAREHOLDERS' EQUITY
Common Stock
The authorized common stock of Corporate Tours & Travel, Inc.
consists of 50,000,000 shares with a par value of $.001 per
share.
Preferred Stock
The authorized Preferred Stock of Corporate Tours & Travel, Inc.
consists of 10,000,000 shares with a par value of $0.001 per
share.
On September 27, 1993, the Company issued 4,100,000 shares of
it's $.00l par value common stock for services of $ 4,100.
On September 7, 1996, the Company restated its Articles of
Incorporation. The Company increased its capitalization from
5,000,000 common shares to 50,000,000 common shares. The par
value was unchanged at $0.001. Also, the Company approved the
authority to issue 10,000,000 shares of preferred shares, par
value $0.001.
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 TRANSACTION
The Company neither owns nor leases any real or personal
property. Office services are provided without charge by a
director. 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
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 shares of common or preferred stock.
EXHIBITS
The exhibits, consisting of the Company's Articles of
Incorporation and Bylaws, are attached to the Company's Amended
Form 10-SB, filed on March 3, 1999. 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.
Corporate Tours & Travel, Inc.
By: /s/ Lewis M. Eslick
Lewis M. Eslick, President
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1997
<PERIOD-END> DEC-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> 4060 900
<BONDS> 0 0
0 0
0 0
<COMMON> 4100 4100
<OTHER-SE> (8160) (5000)
<TOTAL-LIABILITY-AND-EQUITY> 0 0
<SALES> 0 0
<TOTAL-REVENUES> 0 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 3160 900
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (3160) (900)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> (3160) (900)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (3160) (900)
<EPS-PRIMARY> (0.00) (0.00)
<EPS-DILUTED> (0.00) (0.00)
</TABLE>
