U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
-------------- ------------------
Commission File No.
0-27305
COMSTOCK COAL COMPANY, INC.
(Name of Small Business Issuer in its Charter)
UTAH 87-0627421
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)262-8844
None, Not Applicable;
-----------
(Former Name or Former Address, if changed since last Report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes No X
---- ---- ---- ----
<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
None, Not Applicable;
APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
September 30, 1999
1,000,000
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this
10-QSB Quarterly Report were prepared by management and commence on the
following page, together with related Notes. In the opinion of management, the
Financial Statements fairly present the financial condition of the Registrant.
<PAGE>
<TABLE>
<CAPTION>
COMSTOCK COAL COMPANY, INC.
[A Development Stage Company]
BALANCE SHEETS
September 30, 1999 and December 31, 1998
9/30/99 12/31/98
---------------- -----------------
[Unaudited]
<S> <C> <C>
ASSETS
Total Current Assets $ 0 $ 0
---------------- --------------
TOTAL ASSETS $ 0 $ 0
================ ==============
LIABILITIES & STOCKHOLDERS' DEFICIT
LIABILITIES
Current Liabilities
Loans from stockholders $ 1,390 $ 0
Accounts Payable 0 0
Income Taxes Payable 0 0
---------------- --------------
Total Current Liabilities 1,390 $ 0
---------------- --------------
TOTAL LIABILITIES 1,390 0
================ ==============
STOCKHOLDERS DEFICIT
Common Stock, $.001 par value;
authorized 100,000,000 shares;
issued and outstanding
1,000,000 shares 1,000 49,750
Paid-in Capital 77,350 28,300
Accumulated Deficit (79,740) (78,050)
---------------- --------------
TOTAL STOCKHOLDERS'DEFICIT (178) (4,435)
---------------- --------------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $ 0 $ 0
================ ==============
</TABLE>
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the periods. The December 31, 1998 balance sheet
has been derived from the audited financial statements. These interim financial
statements conform with the requirements for interim financial statements and
consequently do not include all the disclosures normally required by generally
accepted accounting principles.
<PAGE>
<TABLE>
<CAPTION>
COMSTOCK COAL COMPANY, INC.
[A Development Stage Company]
STATEMENTS OF OPERATIONS
For the Three and Nine Month Periods Ended September 30, 1999 and 1998
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
9/30/99 9/30/98 9/30/99 9/30/98
------------------ ------------------ ------------------- ----------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUE
Income $ 0 $ 0 $ 0 $ 0
------------------ ------------------ ----------------- ----------------
NET REVENUE 0 0 0 0
OPERATING EXPENSES
Office Expenses 60 0 260 0
Professional Fees 1072 0 1330 0
------------------ ------------------ ----------------- ----------------
TOTAL OPERATING EXPENSES 1,132 0 1,590 0
------------------ ------------------ ------------------ ----------------
NET INCOME BEFORE TAXES $ (1,132) $ 0 $ (1,590) 0
================== ================== ================== ================
INCOME/FRANCHISE TAXES 0 0 100 0
NET LOSS (1,132) 0 (1,690) 0
LOSS PER SHARE $ (0.01) $ (0.01) $ (0.01) (0.01)
================== ================== ================== ================
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 1,000,000 995,000 997,788 995,000
================== ================== ================== ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMSTOCK COAL COMPANY, INC.
[A Development Stage Company]
STATEMENTS OF CASH FLOWS
For the Three and Nine Month Periods Ended September 30, 1999 and 1998
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
9/30/99 9/30/98 9/30/99 9/30/98
----------------- ---------------- ---------------- ---------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
- ----------------------------------------
Net Loss $ (1,132) $ 0 $ (1,690) 0
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in Accounts Payable 0 0 300 0
Increase/(Decrease) in loans from shareholder 1,132 0 1,390 0
----------------- ------------- -------------- --------------
Net Cash Used For Operating Activities $ 0 $ 0 $ 0 0
================= ============== ============== ==============
Cash Flows Provided by Financing Activities
- -------------------------------------------
Net Increase In Cash 0 0 0 0
Beginning Cash Balance 0 0 0 0
Ending Cash Balance $ 0 $ 0 $ 0 0
================= =============== ============== ===============
</TABLE>
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations in the period ending
September 30, 1999, or since before April 1986. The Company intends to continue
to seek out the acquisition of assets, property or business that may be
beneficial to the Company and its stockholders.
The Company's only foreseeable cash requirements during the next 12 months
will relate to maintaining the Company in good standing in the State of
Utah, keeping its reports "current" with the Securities and Exchange
Commission or the payment of expenses associated with reviewing or investigating
any potential business venture. Management does not anticipate that the Company
will have to raise additional funds during the next 12 months, however, if
additional moneys are needed, they may be advanced by management or principal
stockholders as loans to the Company. Because the Company has not identified any
such venture as of the date of this Report, it is impossible to predict the
amont of any such loan. However, any such loan will not exceed $25,000 and will
be on terms no less favorable to the Company than would be available from a
commercial lender in an arm's length transaction. As of the date of this Report,
the Company has not begun seeking any acquisition.
Results of Operations.
The Company has had no operations during the quarterly period ended
September 30, 1999, or since on or before approximatly 1986. During the
quarterly period covered by this Report, the Company received no revenue and
incurred expenses of $1,132, stemming from general, administrative and tax
expenses.
Liquidity
At September 30, 1999, the Company had total current assets of $0 and total
liabilities of $1,390.
Year 2000.
Because the Company is not presently engaged in any substantial business
operations, management does not believe that computer problems associated with
the change of year to the year 2000 will have any material effect on its
operations. However, the possiblity exists that the Company may merge with or
acquire a business that will be negatively affected by the "Y2K" problem. The
effect of such problem or the Company in the future can not be predicted with
any accuracy until such time as the Comnpany identifies a merger or acquisition
target.
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
None; not applicable.
Item 2.Changes in Securities.
None; not applicable
Item 3.Defaults Upon Senior Securities.
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
None; not applicable
Item 5.Other Information.
None; applicable
Item 6.Exhibits and Reports on Form 8-K.
None; not applicable
(b)Reports on Form 8-K.
None; Not Applicable.
<PAGE>
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.
COMSTOCK COAL COMPANY, INC.
Date: 10-20-99 By/S/ JAMES DOOLIN
James Doolin, President and Director
Date: 10-20-99 By/S/ JASON JENSON
Jason Jenson, Secretary and Director
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001094084
<NAME> COMSTOCK COAL COMPANY, INC.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 1,390
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (2,390)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,132
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,132)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
