TYPE: 10QSB
SEQUENCE: 1
DESCRIPTION: SEPTEMBER 1999 - 10QSB
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 quarterly period ended September 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 for the transition period from
__________________ to ____________________.
Commission File Number 000-25997
Silver Bow Antique Aviation
(Exact Name of Small Business Issuer as specified in its Charter)
Nevada 91-1939533
(State or other Jurisdiction of I.R.S. Employer
Incorporation or Organization Identification Number)
83-888 Ave. 51, Coachella, CA 92236
Address of principal executive offices) (Zip Code)
(760) 398-9700
(Issuer's telephone number)
Check whether the Issuer (1) 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
Indicate the number of shares outstanding of each of the
issuer's classes of Common Equity, as of the latest practicable date.
Common Stock, $0.001 par value 2,990,400
Title of Class Number of Shares outstanding
at September 30, 1999
No exhibits included.
PART I
Item 1. Description of Business.
- - ---------------------------------
Business Development.
- - ---------------------
Silver Bow Antique Aviation (the "Company") was organized under the laws
of the State of Nevada on April 28, 1994, under the name "Silver Bow Antique
Aviation". The Company was incorporated primarily to engage in the restoration
and maintenance of antique aircraft.
Part III, Item 1.
The company owns two aircraft which will eventually be sold. Other than
seeking and investigating potential assets, property or business to acquire, the
Company has had no business operations for the past four fiscal years. The
Company intends to continue to seek the acquisition of assets, property or
business that may benefit the Company and its stockholders. Because the
Company has limited assets and conducts no material business, management
anticipates that any such acquisition would require it to issue shares of its
common stock as the sole consideration for the acquisition. This may result
in substantial dilution of the shares of current stockholders. The Company's
Board of Directors shall make the final determination whether to complete any
such acquisition; the approval of stockholders will not be sought unless
required by applicable laws, rules and regulations, its Articles of
Incorporation or Bylaws, or contract nor does the Company intend to provide any
disclosure documentation to stockholders unless similarly required. The Company
makes no assurance that any future enterprise will be profitable or successful.
The Company is not currently engaging in any substantive business
activity and has no plans to engage in any such activity in the foreseeable
future. In its present form, the Company may be deemed to be a vehicle to
acquire or merge with a business or company. The Company does not intend to
restrict its search to any particular business or industry, and the areas in
which it will seek out acquisitions, reorganizations or mergers will also be
restriction free. The Company recognizes that the number of suitable
potential business ventures that may be available to it may be extremely
limited, and may be restricted to entities who desire to avoid what may be
deemed to be the adverse factors related to an initial public offering
("IPO"). The most prevalent of these factors include substantial time
requirements, legal and accounting costs, the inability to obtain an
underwriter who is willing to publicly offer and sell shares, the lack of or
the inability to obtain the required financial statements for such an
undertaking, limitations on the amount of dilution to public investors in
comparison to the stockholders of any such entities, along with other
conditions or requirements imposed by various federal and state securities
laws, rules and regulations. Any of these types of entities, regardless of
their prospects, would require the Company to issue a substantial
number of shares of its common stock to complete any such acquisition,
reorganization or merger, usually amounting to between 80 and 95 percent of
the outstanding shares of the Company following the completion of any such
transaction; accordingly, investments in any such private entity, if
available, would be much more favorable than any investment in the Company.
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.
Date: Novemer 8, 1999 By: /s/
Dempsey K. Mork
(President and Director)
(Unaudited)
SILVER BOW ANTIQUE AVIATION
(a Development Stage Company)
BALANCE SHEET
Sep. 30 Dec. 31
ASSETS 1999 1998
Current Assets
Cash $ 2,004 2,054
Other Current Assets ___________________________
Total Current Assets $ 2,004 2,054
Fixed Assets
Costs/2 Aircraft (Note 2) $ 178,000 178,000
Less Accumulated Depreciation - 3,900 -0-
Net Fixed Assets $ 174,100 178,000
Other Assets $ -0- -0-
TOTAL ASSETS $ 176,104 180,054
=============================
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
Trade Payables $ -0- -0-
Interest 10yr Note$178,000(Note2) 8,010 -0-
CurYrPortion NotePayable (Note 2) 17,800 17,800
Total Current Liabilities $ 25,810 17,800
Long Term Liabilities
Note Payable (Note 2) $ 160,200 160,200
TOTAL LIABILITIES $ 186,010 178,000
STOCKHOLDERS' EQUITY
Preferred Stock - Par value $.001;
Authorized; 1,000,000 shares;
Issued & Outstanding; -0- shares
$ -0- -0-
Common Stock - Par value $.001;
Authorized; 99,000,000 shares;
Issued & Outstanding; 2,990,400
shares (both periods) 2,990 2,990
Paid in capital -0- -0-
Equity; Accum. Earnings/<Deficit> < 12,896> < 936>
TOTAL STOCKHOLDERS'
NET EQUITY < 9,906> 2,054
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $176,104 180,054
===========================
The accompanying notes are an integral part of these financial statements
-2-
(Unaudited)
SILVER BOW ANTIQUE AVIATION
(a Development Stage Company)
STATEMENT OF OPERATIONS
3nd Qtr (3) Mon end Ytd (9) Mo End
September 30, September 30,
1999 1998 1999 1998
REVENUES
Income $ -0- -0- -0- -0-
Total Revenues $ -0- -0- -0- -0-
OPERATING EXPENSES
G & A Expenses-
Transfer Agent Fees/Registration
Depreciation 1,300 -0- 3,900 -0-
Accounting Fees
Legal Fees
Interest Expense 2,670 -0- 8,010 -0-
Other Expenses 20 -0- 50 -0-
Total Expenses 3,990 -0- 11,960 -0-
Operating Income <Loss> <3,990> -0- <11,960> -0-
OTHER INCOME <EXPENSES> -0- -0- -0- -0-
Pretax Income <Loss> $<3,990> -0- <11,960> -0-
=================================================
Average No. of Common
Shares Outstanding 2,990,040 2,990,040 2,990,040 2,990,040
Income <Loss> Per Share <$0.001> $ -0- $ <$0.004> -0-
Diluted Average No. of Common
Shares Outstanding 2,990,040 2,990,040 2,990,000 2,990,000
Income <Loss> Per Share <$0.001> $ -0- <$0.004 -0-
The accompanying notes are an integral part of these financial statements
-3-
(Unaudited)
Silverbow Antique Aviation
(a Development Stage Company)
STATEMENTS OF CASH FLOWS
For The Periods Ended
3rd Qtr 3 Mon End Ytd (9) Mon End
September 30 September 30
1999 1998 1999 1998
Cash Flows From Operating Activities
Net Profit <Loss> $<3,990> -0- $<11,960> -0-
Non cash items; Depreciation 1,300 -0- 3,900 -0-
<Increase>/decrease in Current Assets
-0- -0- -0- -0-
<Decrease>/increase in Current Liabilities
(Note 2) 2,670 -0- 8,010 -0-
Increase/<decrease> Long Term Liability
-0- -0- -0- -0-
Cash <Used> by Operating Activities
$ <20> -0- $ <50> -0-
Cash flows <used> from Investing Activities
$ -0- -0- -0- -0-
Cash flows <used> from Financing Activities
$ -0- -0- -0- -0-
Increase <decrease> in Cash $ <20> -0- <50> -0-
Cash and Cash Equivalents Beginning Period
$ 2,024 -0- $ 2,054 -0-
Cash and Cash Equivalents End of Period
$ 2,004 -0- $ 2,004 -0-
==================================================
The accompanying notes are an integral part of these financial statements
-4-
(Unaudited)
SILVER BOW ANTIQUE AVIATION
(a Development Stage Company)
CONSOLIDATED FINANCIAL NOTES
For the Nine Months Ending September 30, 1999
General
The condensed consolidated financial statements of Silver Bow Antique
Aviation included herein, have been prepared without audit pursuant to the
rules and regulations of the Securities and Exchange Commission. Although
certain information normally included in financial statements prepared in
accordance with generally accepted accounting principles has been condensed
or omitted, Silver Bow Antique Aviation believes that the disclosure are
adequate to make the information presented not misleading. The condensed
financial statements for the nine months ended September 30, 1999 should be read
in conjunction with the financial statements and notes thereto included in
this report and the Company's report on Form 10SB12G filed with the Security
and Exchange Commission on May 7, 1999, along with the Independent Auditors'
Financial Report covering the years 1994 through and including the year
ending December 31, 1998, and the 10-QSB's for the first and second quarter
of 1999.
The condensed consolidated financial statements included herein reflect
all normal recurring adjustments that, in the opinion of management, are
necessary for a fair presentation. The results for the interim period are
not necessarily indicative of trends or of results to be expected for a full
year.
Note 1 Organization and business purpose - The Company is "a Development
Stage Company" and has had no significant business activity. Incidental costs
to maintain the legal registration of the Company in the State of Nevada and
with any other agency, have been paid or assumed by the current officers and
directors and a related party Corporation. Certain other costs with respect to
maintaining the (2) Company-owned aircraft have similarily been absorbed.
Note 2 Notes payable to the majority stockholder for the acquisition of
aircraft - The Current Liability Accounts reflect the accrual of the annual
6% Interest Expense.
The accompanying notes are an integral part of these financial statements
-5-
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 2,004
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,004
<PP&E> 178,000
<DEPRECIATION> (3,900)
<TOTAL-ASSETS> 176,104
<CURRENT-LIABILITIES> 25,810
<BONDS> 160,200
0
0
<COMMON> 2,990
<OTHER-SE> (12,896)
<TOTAL-LIABILITY-AND-EQUITY> 176,104
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,950
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,010
<INCOME-PRETAX> (11,960)
<INCOME-TAX> 0
<INCOME-CONTINUING> (11,960)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11,960)
<EPS-BASIC> (0.004)
<EPS-DILUTED> (0.004)
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