UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-SB/A
GENERAL FORM FOR REGISTRATION OF SECURITIES OF SMALL BUSINESS ISSUERS
Under Section 12(b) or (g) of the Securities Exchange Act of 1934
SOLAR GROUP, INC.
(Name of Small Business Issuer in its Charter)
Nevada 85-0290243
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5135 Golf Road Skokie, Illinois 60077
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, (847) 853-1000
Securities to be registered under Section 12(b) of the Act:
Title of each class Name of each exchange on which
to be so registered each class to be registered
___________________ _______________________________
___________________ _______________________________
Securities to be registered under Section 12(g) of the Act:
Common Stock
(Title of class)
______________________________________
(Title of class)
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SOLAR GROUP, INC. NOTES TO THE FINANCIAL STATEMENTS
(UNAUDITED) FOR SIX MONTHS ENDED DECEMBER 31, 1999
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION - SOLAR Group, Inc was incorporated under the laws of the State of
Nevada in February 1984, as a subsidiary of Solar Age Manufacturing Corp. In
August 1984, Solar Age Manufacturing Corp. and its subsidiaries were merged into
Solar Age Industries, Inc. The companies principle business activity was the
manufacture and sale of solar air and water heating devices. As of January
1,1986, the federal energy credits and most state credits expired which severely
impacted on the company's ability to market its solar products, resulting in a
substantial loss to the company for the first two calender quarters of 1986. The
Company attempted to diversify into the manufacture of greenhouses, but because
of the continuing, substantial financial losses sustained by the Company, it was
forced to file a Chapter 11 petition under the Bankruptcy Code in the United
States Bankruptcy Court, District of New Mexico. In late 1987, the company filed
its plan of reorganization which was approved by the Bankruptcy Court. Following
distribution to the creditors under the terms of the plan and consummation of
the plan, the bankruptcy case was subsequently closed. Although the Company
continued to market its greenhouse products while in bankruptcy and thereafter,
the Company never attained commercial success for its products and,
subsequently, ceased operations.
USE OF ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities,
revenues and expenses during the reporting period. Estimates also affect the
disclosure of contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.
BASIS OF PRESENTATION - The accompanying financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. During six monts
ended December 31, 1999 the Company incurred net losses of $6,531. As of
December 31, 1999 , the Company's losses accumulated from inception totaled
$1,684,404. These factors, among others, raise substantial doubt that the
Company may be unable to continue as a going concern for a reasonable period of
time. The financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts or the amount and
classification of liabilities that might be necessary should the Company be
unable to continue as a going concern. The Company's
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ability to continue as a going concern is dependent upon its ability to generate
sufficient cash flow to meet its obligations on a timely basis.
FAIR VALUE OF FINANCIAL INSTRUMENTS - The estimated fair value of financial
instruments is not presented because, in Management's opinion, there is no
material difference between carrying amounts and estimated fair values of
financial instruments as presented in the accompanying balance sheet.
CASH AND CASH EQUIVALENTS - All highly-liquid debt instruments purchased with
maturities of three months or less have been considered cash equivalents.
INCOME TAXES - The Company recognizes the amount of income taxes payable or
refundable for the current year and recognizes deferred tax assets and
liabilities for the future tax consequences attributable to differences between
the financial statement amounts of certain assets and liabilities and their
respective tax bases. Deferred tax assets and deferred liabilities are measured
using enacted tax rates expected to apply to taxable income in the years those
temporary differences are expected to be recovered or settled. Deferred tax
assets are reduced by a valuation allowance to the extent that uncertainty
exists as to whether the deferred tax assets will ultimately be realized.
BASIC LOSS PER COMMON SHARE - Loss per common share is computed by dividing net
loss available to common stockholders by the weighted-average number of common
shares outstanding during the period.
NOTE 2 NOTES PAYABLE
Notes payable at December 31, 1999, consisted of the following:
Notes payable to investors, bearing interest at 9.5%; unsecured;
due February, 2000 $ 128,000
Note payable to officer bearing interest at 9.5%; unsecured;
due February, 2000 $ 6,000
TOTAL $ 134,000
NOTE 3 RELATED PARTY TRANSACTIONS
As described in Note 2, the company borrowed $128,000 from investors during the
year ended June 30, 1999 at an annual interest rate of 9.5%. The amounts are due
February 2000. As of December 31, 1999, the Company had not made any payments.
The Company also borrowed $6,000 from its chief executive officer at an annual
interest rate of 9.5%. This amount is also due February 2000.
The Company maintained no bank accounts during six months ended December 31,
1999. Deposits were made into and expenses disbursed from an account controlled
by a related party. As of December 31, 1999, this related party held $101
belonging to the Company.
