U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB/A
(Mark One)
X...Quarterly report under section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended February 29,
2000.
....Transition report under section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required] for the transition period
from _________ to _________.
Commission File No: __000-27109__
OSK Capital I Corp.
---------------------------------------
(Name of small business in its charter)
Nevada 84-1491631
- ---------------------- -----------------------
(State or other (IRS Employer Id. No.)
jurisdiction of Incorporation)
5330 E. 17th Ave. Pkwy Denver, Colorado 80220
- -------------------------------------------------------------------
(Address of Principal Office) Zip Code
Issuer's telephone number: (303) 394-1187
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 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 _____
At 4/06/00 the following shares were outstanding: Common Stock,
$0.001 par value, 3,206,000 shares.
Transitional Small Business Disclosure
Format (Check one):
Yes _____ No __X__
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND EXHIBITS
(a) The financial statements of registrant for the
three months ended February 29, 2000, follow. The financial
statements reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the results for the
interim period presented.
OSK Capital I Corp.
(A Development Stage Company)
FINANCIAL STATEMENTS
Quarter Ended February 29, 2000
<PAGE>
CONTENTS
Accountants' report 1
Balance Sheet 2
Statements of Operations 3
Statements of Cash Flows 4
Notes to Financial Statements 5
<PAGE>
The Board of Directors and Stockholders of
OSK Capital I Corp.
We have reviewed the accompanying balance sheet of OSK Capital I Corp.
(a development stage company) as of February 29, 2000, and the related
statements of operations and cash flows for the three and nine month periods
then ended and for the initial period from inception to February 29, 2000.
These financial statements are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial statements consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements in order for them to
be in conformity with generally accepted accounting principles.
Denver, Colorado
April 6, 2000
COMISKEY & COMPANY
PROFESSIONAL CORPORATION
1
<PAGE>
OSK Capital I Corp.
(A Development Stage Company)
BALANCE SHEET
February 29, 2000
(See Accountants' Review Report)
<TABLE>
<S> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 142
---------
Total current assets 142
---------
TOTAL ASSETS $ 142
=========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES $ -
---------
Total current liabilities -
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value;
25,000,000 shares authorized;
3,206,000 shares issued and
outstanding 3,206
Additional paid-in capital 60,914
Deficit accumulated during the
development stage (63,978)
---------
142
---------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 142
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
OSK Capital I Corp.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(See Accountants' Review Report)
<TABLE>
<S> <C> <C> <C>
For the period
from inception For the three For the nine
(February 25, months ended months ended
1999) to February 29, February 29,
February 29, 2000 2000 2000
--------------- ------------- -------------
REVENUES $ - $ - $ -
-------------- ------------- -------------
EXPENSES
Legal fees 250 - 250
Office supplies 100 100 100
Professional fees 2,248 300 2,248
Selling, general and
administrative 60,990 - 125
Transfer agent 390 - 390
--------------- ------------- ------------
Total expense 63,978 400 3,113
--------------- ------------- ------------
NET LOSS (63,978) (400) (3,113)
Accumulated deficit
Balance, beginning of period - (63,578) (60,865)
--------------- ------------- ------------
Balance, end of period $ (63,978) $ (63,978) $ (63,978)
=============== ============= ============
NET LOSS PER SHARE $ (0.02) $ (NIL) $ (NIL)
=============== ============= ============
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 3,206,000 3,206,000 3,206,000
=============== ============= ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
OSK Capital I Corp.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(See Accountants' Review Report)
<TABLE>
<S> <C> <C>
For the period
from inception
(February 25, For the nine
1999) to months ended
February 29, February 29,
2000 2000
-------------- -------------
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net Loss $ (63,978) $ (3,113)
Adjustments to reconcile
net loss to net cash used
by operating activities:
Stock issued for services 60,325 -
-------------- -------------
Net cash used by
operating activities (3,653) (3,113)
CASH FLOWS FROM
INVESTING ACTIVITIES - -
CASH FLOWS FROM
FINANCING ACTIVITIES
Issuance of common stock 3,795 40
Decrease in stock subscription
receivable - 25
Decrease in stock subscribed - (40)
--------------- --------------
Net cash provided by
financing activities 3,795 25
--------------- --------------
Net increase (decrease) in
cash and cash equivalents 142 (3,088)
CASH AND CASH EQUIVALENTS,
Beginning of period - 3,230
--------------- --------------
CASH AND CASH EQUIVALENTS,
End of period $ 142 $ 142
=============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
OSK Capital I Corp.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
February 29, 2000
(See Accountants' Review Report)
1. Management's Representation of Interim Financial Information
------------------------------------------------------------
The accompanying financial statements have been prepared by OSK Capital I
Corp. without audit pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
as allowed by such rules and regulations, and management believes that the
disclosures are adequate to make the information presented not misleading.
These financial statements include all of the adjustments which, in the opinion
of management, are necessary to a fair presentation of financial position and
results of operations. All such adjustments are of a normal and recurring
nature. These financial statements should be read in conjunction with the
audited financial statements at May 31, 1999.
2. Agreement Plan of Reorganization
- --------------------------------
By agreement entered into on February 24, 2000, New York Regional Rail
Corporation, a Delaware corporation ("NYRR"), purchased OSK Capital I
Corporation ("OSK"), making OSK a subsidiary of NYRR. As part of the
agreement, NYRR will acquire, and the owners of OSK ("the Shareholders")
will transfer, all of the issued and outstanding securities of OSK in a
transaction intended to qualify as a reorganization within the meaning of
Section 368(a)(1)(B) of the Internal Revenue Code of 1986.
Pursuant to this agreement, the Shareholders will transfer to NYRR all
3,206,000 shares of common stock of OSK, $0.001 par value per share, in
exchange for an aggregate of 480,600 shares of voting common stock of
NYRR, $0.01 par value per share, and the sum of $18,000. No additional
assets have been placed into OSK as of February 29, 2000.
5
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR
PLAN OF OPERATIONS.
Liquidity and Capital Resources
The Company remains in the development stage and, since
inception, has experienced no significant change in liquidity or capital
resources or stockholder's equity. The Company's balance sheet for the
period ending February 29, 2000, reflects a current asset value of $142
and a total asset value of $142, exclusively in the form of cash.
Results of Operations
During the period from February 25, 1999 (inception) through
February 29, 2000, the Company has engaged in no significant operations
other than organizational activities, acquisition of capital and
preparation for registration of its securities under the Securities
Exchange Act of 1934, as amended. No revenues were received by the
Company during this period.
For the quarter and initial period ended February 29, 2000, the
Company experienced losses of $400 and $63,978 respectively. Of this
$60,325 of services was settled for shares of stock in the Company.
Need for Additional Financing
On February 24, 2000, the Company entered into an agreement with New
York Regional Rail Corporation whereby the Company's shareholders would
transfer ownership of the Company to NYRR for stock and cash. No commitments
to provide additional funds have been made by management or other
stockholders. Accordingly, there can be no assurance that any additional funds
will be available to the Company to allow it to cover its expenses.
Irrespective of whether the Company's cash assets prove to be
inadequate to meet the Company's operational needs, the Company
might seek to compensate providers of services by issuances of stock in
lieu of cash.
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBIT 27 - FINANCIAL DATA SCHEDULE
There have been no reports on Form 8-K for the quarter ending
February 29, 2000.
<PAGE>
Signatures
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
OSK Capital I Corp.
(Registrant)
Date: April 6, 2000
/s/
Frank Kramer, President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
BALANCE SHEET AND STATEMENTS OF OPERATIONS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH 10QSB FOR THE QUARTER ENDED February 29,
2000.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> May-31-2000
<PERIOD-END> Feb-29-2000
<CASH> 142
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 142
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 142
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 3206
<OTHER-SE> (3064)
<TOTAL-LIABILITY-AND-EQUITY> 142
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 142
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (142)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (142)
<EPS-BASIC> (.000)
<EPS-DILUTED> (.000)
</TABLE>
