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: June 30, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transaction Period From ____________ to ___________
Commission file number 000 111 3524
CREATIVE VISTAS, INC.
(Exact name of small business issuer as specified in its charter)
Arizona 86-0464104
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4609 East Mcdowell Road, Suite 100, Phoenix, Arizona 85008
(Address of principal executive offices)
(602) 225-0504
(Issuer's telephone number)
Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the last 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 [ ] No [X]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.
Class Outstanding at May 10, 2000
----- ---------------------------
Common Stock, no par value 1,000,000
Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
CREATIVE VISTAS, INC.
Unaudited Financial Statements
As of and For the Three Months Ended June 30, 2000
INDEX TO UNAUDITED FINANCIAL STATEMENTS
Balance Sheets............................................................... 3
Statements of Income......................................................... 4
Statement of Stockholders' Equity ........................................... 5
Statement of Cash Flows...................................................... 6
Notes to Financial Statements................................................ 7
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CREATIVE VISTAS, INC.
BALANCE SHEETS
Unaudited Audited
June 30, 2000 September 30, 1999
------------- ------------------
Assets
Current Assets
Cash and Cash Equivalents $ 574 $ 88
Total Assets $ 574 $ 88
-------- -------
Liabilities and Shareholders' Equity
Current Liabilities
Notes Payable- Related Entities $ 6,700 $ --
-------- -------
Total Liabilities $ 6,700 $ --
======== =======
Shareholders' Equity
Common stock, no par value;
1,000,000 shares authorized issued 7,553 7,553
Accumulated deficit (13,679) (7,465)
-------- -------
(6,126) 88
-------- -------
Total Liabilities and Shareholders' Equity $ 574 $ 88
======== =======
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CREATIVE VISTAS, INC.
STATEMENTS OF INCOME
For the Three Months and Nine Months Ended June 30, 2000 and 1999
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30 June 30
--------------------------- ---------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenue $ -- $ -- $ -- $ --
Expenses
Printing 308 -- 308 --
Accounting -- -- 5,810 --
Fees -- 39 -- 189
Miscellaneous 13 28 96 46
----------- ----------- ----------- -----------
Total Expenses 321 67 6,214 235
Net Loss $ (321) $ (67) $ (6,214) $ (235)
=========== =========== =========== ===========
Loss per common share $ -- $ -- $ (0.01) $ --
=========== =========== =========== ===========
Weighted average number
of common shares 1,000,000 1,000,000 1,000,000 1,000,000
=========== =========== =========== ===========
</TABLE>
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<PAGE>
CREATIVE VISTAS, INC.
STATEMENT OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
Common Stock Additional Total
----------------- paid-in Accumulated Stockholders'
Shares Amount capital Deficit Equity
------ ------ ------- ------- ------
<S> <C> <C> <C> <C> <C>
Balance at September 30, 1999
(Audited) 1,000,000 $7,553 $ -- $ (7,465) $ 88
Net loss for the three month
period ended June 30, 2000
(Unaudited) $ $ -- $ (6,214) $(6,214)
--------- ------ ------- -------- -------
Balance at June 30, 2000
(Unaudited) 1,000,000 $7,553 $ -- $(13,679) $(6,126)
========= ====== ======= ======== =======
</TABLE>
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<PAGE>
CREATIVE VISTAS, INC.
STATEMENTS OF CASH FLOWS
For the Nine Months Ended June 30
(Unaudited)
2000 1999
------- -----
Increase (Decrease) in Cash and Cash Equivalents:
Cash Flows from Operating Activities:
Cash received from customers $ -- $ --
Cash paid to suppliers and employees (6,214) (235)
------- -----
Net cash used in operating activities $(6,214) $(235)
------- -----
Cash Flows from Financing Activities:
Notes from related entities 6,700 --
------- -----
Net cash provided by financial activities 6,700 --
------- -----
Net increase (decrease) in cash and cash equivalents 486 (235)
Cash and cash equivalents at beginning of period 88 244
Cash and cash equivalents at end of period $ 574 $ 9
======= =====
Supplemental Information
Income taxes paid $ -- $ --
Interest paid $ -- $ --
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<PAGE>
CREATIVE VISTAS, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - History and organization of the Company
The Company was incorporated on July 18, 1983, under the laws of the State
of Arizona as Vista Financial Services, Inc. The Company was a wholly-owned
subsidiary of Century Pacific Corporation ("Century Pacific").
In 1993, the Company filed a petition for reorganization under Chapter 11
of the United States Bankruptcy Code (Case No. B93-05704-PHX-GBN). Century
Pacific also filed a petition for reorganization under Chapter 11 of the United
States Bankruptcy Code. The Bankruptcy Court confirmed the Company's modified
plan of reorganization (the "Plan") on November 27, 1996. Pursuant to the Plan,
the Company's Common Stock previously owned by Century Pacific was exchanged for
two and one-half percent of the post-reorganization Common Stock of the Company.
An additional two and one-half percent of the post-reorganization Common Stock
of the Company was distributed under the Century Pacific plan of reorganization
and the remaining ninety-five percent was issued in satisfaction of rent
obligations owing by the Company.
On March 12, 1997, the Company changed its name to Creative Vistas, Inc.
The Company currently has no operations.
NOTE 2 - Accounting Policies and Procedures
The unaudited interim consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions in Item 310(b) of Regulation
S-B. Accordingly, they do not include all of the information and notes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting only of normal
recurring accruals) considered necessary for a fair presentation have been made.
Operating results for the nine-month period ended June 30, 2000 are not
necessarily indicative of the results that may be expected for the year ending
September 30, 2000.
Loss per share is calculated by dividing income available to common
stockholders by the weighted average number of common shares outstanding.
No dividends have been paid since inception.
NOTE 3 - Going Concern
The company's financial statements are prepared using the generally
accepted accounting principles applicable to a going concern, which contemplates
the realization of assets and liquidation of liabilities in the normal course of
business. However, the Company had no operating activities last quarter and has
no current source of revenue.
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<PAGE>
Without realization of additional capital, it would be unlikely for the
Company to continue as a going concern. The Company currently has limited
expenses other than legal, accounting and commissions. It is management's plan
to seek additional capital through further equity financings and necessary bank
loans.
NOTE 4 - Related Party Transactions
The Company neither owns nor leases any real or personal property. Office
services are provided without charge by an affiliate of the Company. Such costs
are immaterial to the financial statements and accordingly, have not been
reflected therein. The officers and directors of the Company are involved in
other business activities and may, in the future, become involved in other
business opportunities. If a specific business opportunity becomes available,
such persons may face a conflict in selecting between the Company and their
other business interests. The Company has not formulated a policy for the
resolution of such conflicts.
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<PAGE>
ITEM 2. PLAN OF OPERATION
The Company is in a development stage and has very limited assets, capital,
operating expenses, and income. The costs and expenses associated with the
preparing and filing of this Quarterly Report have been paid, and all other
necessary capital prior to locating a business opportunity shall be provided by,
present management with their personal funds or from related parties or entities
as loans to the Company. The Company anticipates that it will repay these loans
upon the consummation of a business combination.
The Company will seek to acquire assets or shares of an entity actively
engaged in a business that generates revenues in exchange for the Company's
securities. The Company has not identified a particular business opportunity and
has not entered into any negotiations regarding any business combination. As of
the date of this registration statement, none of the Company's officers,
directors or affiliates has engaged in any preliminary contact or discussions
with a representative of any other company regarding the possibility of a
business combination between the Company and such business opportunity.
The Company could incur significant legal and accounting costs in
connection with the consummation of a business combination.
Depending upon the nature of the business opportunity and the applicable
state statutes governing the manner in which the transaction is structured, the
Company's Board of Directors may not provide the Company's shareholders with
disclosure documentation concerning a business opportunity and/or the structure
of the proposed business combination prior to consummation of such combination.
In the event the Company does provide its shareholders with disclosure
documentation, audited financial statements for the business opportunity may not
be available. The Company's Board of Directors intends to obtain certain
assurances of the value of the business opportunity's assets prior to
consummating the business combination, with further assurances that an audited
statement will be provided within sixty days after closing.
As the Company intends to remain a shell corporation until a business
opportunity is identified, the Company's cash requirements will be minimal. The
Company does not anticipate that it will need to raise capital in the next
twelve months. The Company also does not expect to acquire any plant or
significant equipment, or to perform any product research and development within
the next year.
The Company has no full time employees. The Company does not expect any
significant changes in the number of employees. The current officers of the
Company have agreed to allocate a portion of their time to the activities of the
Company without compensation. These officers anticipate devoting whatever time
may be reasonably required to the business affairs of the Company.
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<PAGE>
PART II -- OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no legal proceedings against the Company and the Company is
unaware of any such proceedings contemplated against it.
ITEM 2. CHANGES IN SECURITIES
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
ITEM 5. OTHER INFORMATION
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
1.1 Plan of Reorganization *
1.2 Amended Order Confirming the Plan of Reorganization *
3.1 Articles **
3.2 By-Laws **
27 Financial Data Schedule *
----------
* filed herewith
** previously filed
(b) Reports on Form 8-K
There were no reports on Form 8-K filed by the Company during the quarter.
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<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.
CREATIVE VISTAS, INC.
By: /s/ Rudy R. Miller, President
------------------------------------
Rudy R. Miller, President
Dated: August 14, 2000
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