UNITED STATES
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 period ended - June 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission file number 0-25883
MAS Acquisition XII Corp.
(Name of Small Business Issuer in its charter)
Indiana 35-2074157
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
1710 E. Division St., Evansville, Indiana 47711
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 479-7266
Securities registered under Section 12(b) of the Act: None
Securities registered under Section 12(g) of the Act:
Common Stock, $.001 par value per share
(Title or class)
Indicate by check mark whether the Registrant (1) has 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 [ ]
As of June 30, 1999, the Registrant has outstanding 8,519,800 shares
of Common Stock.
<PAGE>
MAS Acquisition XII Corp.
Form 10-QSB
Quarterly Report
June 30, 1999
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
<TABLE>
<CAPTION>
(1) Financial Statements Page
<S> <C>
Balance Sheet at June 30, 1999 (unaudited) F-1
Statements of Operations for the three months
ended June 30, 1999 and the period from inception
(October 7, 1996) to June 30, 1999 (unaudited) F-2
Statement of Changes in Stockholder's Equity
for the period from inception (July 31, 1996)
to June 30, 1999 (unaudited) F-3
Statements of Cash Flows for the three months
ended June 30, 1999 and the period from inception
(October 7, 1996) to June 30, 1999 (unaudited) F-4
Notes to Unaudited Financial Statements F-5
</TABLE>
<PAGE>
MAS Acquisition XII Corp.
(A Development Stage Company)
Balance Sheet
As of June 30, 1999
Assets
Current assets:
Total current assets $ -
Other assets:
Organization costs net of amortization of $40 40
-------
Total assets $ 40
=======
Liabilities and Stockholders' Equity
Current liabilities:
Total current liabilities $ -
Stockholders' equity:
Preferred stock, $.001 par value
20,000,000 shares authorized,
none issued or outstanding -
Common stock, $.001 par value,
80,000,000 shares authorized,
8,519,800 shares issued and
outstanding 111
Deficit accumulated during the
development stage (71)
-------
Total liabilities and stockholders' equity $ 40
=======
Read the accompanying notes to the financial statements.
<PAGE>
MAS Acquisition XII Corp.
(A Development Stage Company)
Statements of Operations
For the Three Months Ended June 30, 1999 and
the Period From Inception (October 7, 1996) to June 30, 1999
Three Months Inception
Ended to
June 30, June 30,
1999 1999
------------- ----------
Revenue $ - $ -
Costs and expenses:
General and Administrative 5 71
Net (loss) $ (5) $ (71)
Per share information:
Weighted average number
of common shares
outstanding 8,519,800 8,519,800
Basic (loss) per share $ (.00) $ (.00)
Read the accompanying notes to the financial statements.
<PAGE>
MAS Acquisition XII Corp.
(A Development Stage Company)
Statement of Changes in Stockholders' Equity
For the Period From (Inception) October 7, 1996, through
June 30, 1999
Deficit Accumulated
During the
Common Stock Development Stage Total
---------------- -------------------- -----
Shares Amount
------ ------
Shares issued at inception
for organization costs
aggregating $90 8,500,000 $ 90 $ - $ 90
Shares issued for
services at $.001
per share during
January, 1997 500 1 1
Gift shares issued
during March, 1997 at
$.001 per share 7,750 8 8
Net (loss) for the period - - (18) (18)
--------- ------- -------- --------
Balance March 31, 1997 8,508,250 99 (18) 81
Net (loss) for the year - - (18) (18)
--------- ------- -------- --------
Balance March 31, 1998 8,508,250 99 (36) 63
Shares issued for
services at $.001
per share during
September, 1998 750 1 1
Gift shares issued
during September, 1998 at
$.001 per share 10,800 11 11
Net (loss) for the year - - (30) (30)
--------- ------- -------- --------
Balance March 31, 1999 8,519,800 $ 111 $ (66) $ 45
Net loss for the period - - (5) (5)
--------- ------- -------- --------
Balance June 30, 1999 8,519,800 $ 111 $ (71) $ 40
========= ======= ======== ========
Read the accompanying notes to the financial statements.
<PAGE>
MAS Acquisition XII Corp.
(A Development Stage Company)
Statements of Cash Flows
For the Three Months Ended June 30, 1999 and
the Period From Inception (October 7, 1996) to June 30, 1999
Three Months Inception
Ended to
June 30, June 30,
1999 1999
------------ -----------
Cash Flows From Operating Activities:
Net (loss) $ (5) $ (71)
Adjustments to reconcile net (loss)
to net cash provided by (used in)
operating activities:
Amortization 5 50
Issuance of common stock for services 2
Gift shares issued - 19
--------- ---------
Net cash provided by (used in)
operations - -
--------- ---------
Cash flows from investing activities:
Net cash provided by (used in)
investing activities - -
--------- ---------
Cash flows from financing activities:
Net cash provided by (used in)
financing activities - -
--------- ---------
Net increase (decrease) in cash and
cash equivalents - -
--------- ---------
Beginning cash and cash equivalents - -
--------- ---------
Ending cash and cash equivalents $ - $ -
========= =========
Supplemental disclosure of cash flow information:
Cash paid for: Income taxes $ - $ -
Interest $ - $ -
Supplemental schedule of non-cash investing and financing activities:
Common shares issued for organization
costs $ - $ 90
Read the accompanying notes to the financial statements.
<PAGE>
MAS Acquisition XII Corp.
(A Development Stage Company)
Notes to Financial Statements
As of June 30, 1999
Note 1. SIGNIFICANT ACCOUNTING POLICIES
A. Organization
The Company was incorporated on October 7, 1996, in the State of
Indiana. The Company is in the development stage and its intent is to
locate suitable business ventures to acquire. The Company has had no
significant business activity to date and has chosen March 31, as a
year end.
B. Cash and cash equivalents
Cash and cash equivalents consist of cash and other highly liquid debt
instruments with an original maturity of less than three months.
C. Intangible assets
The cost of intangible assets is amortized using the straight line
method over the estimated useful economic life (five years for
organization costs). They are stated at cost less accumulated
amortization. The Company reviews for the impairment of long-lived
assets and certain identifiable intangibles whenever events or changes
in circumstances indicate that the carrying value of the asset may not
be recoverable. An impairment loss would be recognized when estimated
future cash flows expected to result from the use of the asset and its
eventual disposition is less than its carrying amount. No such
impairment losses have been identified in the periods presented.
D. Net loss per share
Basic loss per share is computed by dividing the net loss for the
period by the weighted average number of common shares outstanding for
the period.
E. Use of estimates
The preparation of the Company's financial statements requires
management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual
results could differ from these estimates.
<PAGE>
MAS Acquisition XII Corp.
(A Development Stage Company)
Notes to Financial Statements
As of June 30, 1999
(Continued)
Note 2. STOCKHOLDERS' EQUITY
At inception the Company issued 8,500,000 shares of its $.001 par value
common stock to an officer as reimbursement of organization costs paid
by the officer. Fair value used for this transaction of $90 is based
upon the actual cost of incorporation.
During January, 1997 the Company issued 500 shares of its $.001 par
value common stock to directors as compensation valued at $1.
During March, 1997 the Company issued 7,750 shares of its common stock
to foreign citizens as a gift with an aggregate fair value of $8.
During September, 1998 the Company issued 750 shares of its $.001 par
value common stock to directors as compensation valued at $1.
During September, 1998 the Company issued 10,800 shares of its common
stock to foreign citizens as a gift with an aggregate fair value of $11.
Note 3. INCOME TAXES
Deferred income taxes may arise from temporary differences resulting
from income and expense items reported for financial accounting and tax
purposes in different periods. Deferred taxes are classified as current
or non-current, depending on the classifications of the assets and
liabilities to which they relate. Deferred taxes arising from temporary
differences that are not related to an asset or liability are classified
as current or non-current depending on the periods in which the temporary
differences are expected to reverse. The deferred tax asset
related to the operating loss carryforward has been fully reserved.
The Company's net operating loss carryforwards expire in 2011 through
2013.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITIONS.
The following discussion should be read in conjuction with the
information contained in the financial statements of the Company
and the Notes thereto appearing elsewhere herein.
Results of Operations - Inception (October 7, 1996) through June 30, 1999.
The Company is considered to be in the development stage as defined
in Statement of Financial Accounting Standards No. 7. There have been
no operations since inception.
Liquidity and Capital Resources.
The Company has no cash as of June 30, 1999.
<PAGE>
Part II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K during the quarter ended
June 30, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
MAS Acquisition XII Corp.
Date: July 1, 1999
By: /s/ Aaron Tsai
----------------------------------
Aaron Tsai
President, Chief Executive Officer
Treasurer and Director
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Balance Sheet at June 30, 1999 (unaudited) and the Statement of
Operations for the three months ended June 30, 1999 (unaudited) and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 40
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 40
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 111
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 40
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
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<OTHER-EXPENSES> (5)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (5)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
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<NET-INCOME> (5)
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</TABLE>
