(Unaudited)
SILVER BOW ANTIQUE AVIATION
(a Development Stage Company)
CONSOLIDATED FINANCIAL STATEMENTS
FIRST QUARTER 1999
Covering the Three Month Periods Ended March 31, 1999 and 1998
The accompanying notes are an integral part of the
financial statements
-1-
(Unaudited)
SILVER BOW ANTIQUE AVIATION
(a Development Stage Company)
BALANCE SHEET
Mar. 31 Dec. 31
ASSETS 1999 1998
Current Assets
Cash $ 2,039 2,054
Other Current Assets ____________________________
Total Current Assets $ 2,039 2,054
Fixed Assets
Costs/2 Aircraft (Note 2) $ 178,000 178,000
Less Accumulated Depreciation 1,300 -0-
Net Fixed Assets $ 176,700 178,000
Other Assets $ -0- -0-
TOTAL ASSETS $ 178,739 180,054
==============================
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
Trade Payables $ -0- -0-
Interest 10yr Note$178,000(Note2)
2,670 -0-
CurYrPortion NotePayable (Note 2)
17,800 17,800
Total Current Liabilities $ 20,470 17,800
Long Term Liabilities
Note Payable (Note 2) $160,200 160,200
TOTAL LIABILITIES $180,670 178,000
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> < 4,921> < 936>
TOTAL STOCKHOLDERS'
NET EQUITY < 1,931> 2,054
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ 178,739 180,054
===========================
The accompanying notes are an integral part of these financial statements
-2-
(Unaudited)
SILVER BOW ANTIQUE AVIATION
(a Development Stage Company)
STATEMENT OF OPERATIONS
3 Months Ended 6 Months Ended
March 31, June 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
Accounting Fees
Legal Fees
Interest Expense 2,670
Other Expenses 15
Total Expenses 3,985 -0- -0- -0-
Operating Income <Loss> <3,985> -0- -0- -0-
OTHER INCOME <EXPENSES> -0- -0- -0- -0-
Pretax Income <Loss $<3,985> -0- -0- -0-
==============================================
Average No. of Common
Shares Outstanding 2,990,040 2,990,040
Income <Loss> Per Share <$0.001> $ -0-
Diluted Average No. of Common
Shares Outstanding 2,990,040 2,990,040
Income <Loss> Per Share <$0.001> $ -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
3 Months Ended
March 31
1999 1998
Cash Flows From Operating Activities
Net Profit <Loss> $<3,985> -0-
Non cash items; Depreciation 1,300 -0-
<Increase>/decrease in Current Assets -0- -0-
<Decrease>/increase in Current Liabilities
(Note 2) 2,670 -0-
Increase/<decrease> Long Term Liability -0- -0-
Cash <Used> by Operating Activities $ < 15> -0-
Cash flows <used> from Investing Activities
$ < -0- -0-
Cash flows <used> from Financing Activities$ -0- -0-
Increase <decrease> in Cash $ < 15> -0-
Cash and Cash Equivalents Beginning Period$ 2,054 -0-
Cash and Cash Equivalents End of Period $ 2,039 -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 Three Months Ending March31, 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 three months ended March 31, 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.
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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 2,039
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,039
<PP&E> 178,000
<DEPRECIATION> (1,300)
<TOTAL-ASSETS> 178,739
<CURRENT-LIABILITIES> 20,470
<BONDS> 160,200
0
0
<COMMON> 2,990
<OTHER-SE> (4,921)
<TOTAL-LIABILITY-AND-EQUITY> 178,739
<SALES> 0
<TOTAL-REVENUES> 9
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,315
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,670
<INCOME-PRETAX> (3,985)
<INCOME-TAX> 0
<INCOME-CONTINUING> (3,985)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,985)
<EPS-PRIMARY> (0.001)
<EPS-DILUTED> (0.001)
</TABLE>
