SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ending November 7, 2000.
Or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15 (d)OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-31267
PONCA ACQUISITION CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 91-2048013
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1800 North Hill Avenue, Willow Grove, PA 19090
(Address of principal executive offices (zip code))
215-658-0131
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) filled
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
The registrant became subject to the filing
requirements within the past 90 days.
Indicate the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest
practicable date.
Class Outstanding at November 7, 2000
Common Stock, par value $0.001 500,000
PART I - - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PONCA ACQUISITION CORPORATION
(A Development Stage Company)
As of November 7, 2000
(Unaudited)
ASSETS
Cash $ 500
TOTAL ASSETS $ 500
LIABILITIES AND STOCKHOLDER'S EQUITY
LIABILITIES $ -
STOCKHOLDER'S EQUITY
Common stock, .001 par value, 100,000,000 shares
authorized, 500,000 issued and outstanding 500
Total Stockholder's Equity 500
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 500
See accompanying notes to financial statements
PONCA ACQUISITION CORPORATION
(A Development Stage Company)
Statement of Operations
(Unaudited)
July 16, 2000 to May 3, 2000 (Inception)
November 7, 2000 November 7, 2000
Income $ - $ -
Expenses - -
Total expenses - -
NET LOSS $ 0 $ 0
See accompanying notes to financial statements
PONCA ACQUISITION CORPORATION
(A Development Stage Company)
Statement of Changes in Stockholder's Equity
For the Period From May 3, 2000 (Inception)
To November 7, 2000
(Unaudited)
Deficit
Accumulated
Common Stock Additional During
Issued Paid-In Development
Shares Amount Capital Stage Total
Common Stock
Issuance 500,000 $ 500 - - $500
Fair value of
expenses contributed - - - - -
Net losses for the periods ended:
November 7, 2000 - - - - -
BALANCE AT
November 7, 2000 500,000 $ 500 - - $500
See accompanying notes to financial statements
PONCA ACQUISITION CORPORATION
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
July 16, 2000 to May 5, 2000 (Inception)
November 7, 2000 November 7, 2000
CASH FLOW FROM OPERATING
ACTIVITIES:
Net loss $ - $ -
Adjustment to reconcile net
loss to net cash used by
operating activities
Capitalized expenses - -
Net cash used in operating
activities - -
CASH FLOWS FROM INVESTING
ACTIVITIES - -
CASH FLOWS FROM FINANCING
ACTIVITIES - -
Proceeds from issuance of - 500
common stock
Net cash provided by financing - 500
activities
CASH AND CASH EQUIVALENTS
BEGINNING OF PERIOD 500 -
CASH AND CASH EQUIVALENTS
END OF PERIOD $ 500 $ 500
See accompanying notes to financial statement.
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNT POLICIES
A. Organization and Business Operations
Ponca Acquisition Corporation (a development stage
company) ("the Company") was incorporated in Nevada on May
3, 2000 to serve as a vehicle to effect a merger, exchange
of capital stock, asset acquisition or other business
combination with a domestic or foreign private business.
At November 7, 2000, the Company has not yet commenced any
formal business operations, and all activity to date
relates to the Company's formation and proposed fund
raising. The Company's formation and proposed fund
raising. The Company's fiscal year end is December 31.
The Company's ability to commence operation is contingent
upon its ability to identify a prospective target business.
B. Cash and Cash Equivalents
The preparation of the financial statements requires
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts
of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
C. Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company
considers all highly liquid investments purchased with the
original maturity of three months or less to be cash
equivalents.
D. Income Taxes
The Company accounts for income taxes under the Financial
Accounting Standards Board of Financial Accounting
Standards No. 109, "Accounting for Income Taxes"
("Statement 109"). Under Statement 109, deferred tax
assets and liabilities are recognized for the future tax
consequences attributable to differences between the
financial statement carrying amounts of existing assets
and liabilities and their respective tax basis. Deferred
tax assets and liabilities are there respective tax basis.
Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in
the years in which those temporary differences are
expected to be recovered or settled. Under Statement
108, the effect on deferred tax assets and liabilities of
a change in tax rates is recognized in income in the
period that includes the enactment date. There were no
current or deferred income tax expense or benefits due to
the Company not having any material operations for the
period ending November 7, 2000.
NOTE 2 STOCKHOLDER'S EQUITY
Common Stock
The Company is authorized to issue 100,000,000 shares of
common stock at $ .001 par value. The Company issued
500,000 shares of its common stock to Peter R. Goss
pursuant to Rule 506 for an aggregate consideration of $500.
NOTE 3 AGREEMENT
On June 29, 2000, the Company signed an agreement with
Peter R. Goss, a related entity (See Note 4). The
Agreement calls for Peter R. Goss to provide the following
services, without reimbursement from the Company, until
the Company enters into a business combination as
described in Note 1A:
1. Preparation and filing of required documents with
the Securities and Exchange Commission.
2. Location and review of potential target companies.
3. Payment of all corporate, organizational, and other
costs incurred by the Company.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Company has registered its common stock on a Form
10-SB registration statement filed pursuant to the
Securities Exchange Act of 1934 (the "Exchange Act") and
Rule 12 (g) thereof. The Company files with the
Securities and Exchange Commission periodic and episodic
reports under Rule 13 (a) of the Exchange Act, including
quarterly reports on Form 10-QSB and annual reports Form
10-KSB.
The Company was formed to engage in a merger with or
acquisition of and unidentified foreign or domestic
private company which desires to become a reporting
company whose securities have been registered under the
Exchange Act. The Company may be deemed to meet the
definition of a "blank check" company contained in Section
(7) (b) (3) of the Securities Act of 1933, as amended.
Management believes that there are perceived benefits to
being a reporting company which may be attractive to
foreign and domestic private companies.
These benefits are commonly thought to include:
1 the ability to use securities to make acquisition
of assets or businesses;
2 increased visibility in the financial community;
3 the facilitation of borrowing from financial
institutions;
4 improved trading efficiency;
5 the potential for shareholder liquidity;
6 greater ease in subsequently raising capital;
7 compensation of key employees through options for
stock for which there may be a public market;
8 enhanced corporate image; and
9 a presence in the United States capital market.
A private company which may be interested in a business
combination with the company may include:
(1) a company for which a primary purpose of becoming a
reporting company is the use of its securities for
the acquisition of assets or businesses;
(2) a company which is unable to find an underwriter of
its securities or is unable to find an underwriter
of securities on terms acceptable to it;
(3) a company which wishes to become a reporting
company with less dilution of its common stock than
would occur normally upon an underwriting;
(4) a company which believes that it will be able to
obtain investment capital on more favorable terms
after it has become a reporting company;
(5) a foreign company which may wish an initial entry
into the United States securities market;
(6) a company seeking one or more of the other benefits
believed to attach to a reporting company.
The Company is authorized to enter into a definitive
agreement with a wide variety of private businesses
without limitation as to their industry of revenues. It
is not possible at this time to predict with which private
company, if any, the Company will enter into a definitive
agreement or what will be the industry, operating history,
revenues, future prospects or other characteristics of
that company.
As of the date hereof, management has not made any final
decision concerning or entered into any final agreements
for a business combination. When any such final agreement
is effected the Company will file notice of such agreement
or fact with the Securities and Exchange Commission on
Form 8-K. Persons reading this form 10-QSB are advised to
see if the Company has subsequently filed a Form 8-K.
The current shareholders of the Company have agreed not to
sell or otherwise transfer any of their common stock of
the Company except in connection with a business combination.
The Company does not intend to trade its securities in the
secondary market until completion of a business
combination. It is anticipated that following such
occurrence the Company will take the steps required to
cause its common stock to be admitted to quotation on the
Nasdaq OTC Bulletin Board or, if it then meets the
financial and other requirements thereof, on the Nasdaq
SmallCap Market, National Market System or regional or
national exchange.
PART II - - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no legal proceedings against the Company and the
Company is unaware of such proceedings contemplated
against it.
ITEM 2. CHANGES IN SECURITIES
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTER 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
Certificate of Incorporation filed as an
exhibit to the Company's registration statement on Form
10-SB filed on August 7, 2000, and is incorporated herein
by reference.
By-Laws filed as an exhibit to the Company's
registration statement of Form 10-SB filed on August 7,
2000, which is incorporated herein by reference.
Shareholder agreement filed as an exhibit to
the Company's registration statement on Form 10-SB filed
on August 7, 2000, which is incorporated herein by reference.
Agreement with Peter R. Goss filed as an
exhibit to the Company's registration statement of Form
10-SB filed on August 7, 2000, which is incorporated
herein by reference.
(b) Reports on Form 8-K
There were no reports on Form 8-K filed by the Company
during the quarter.
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.
PONCA ACQUISITION CORPORATION
By: /s/ Peter R. Goss
Peter R. Goss
President
Dated: November 7, 2000
