FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1995
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: 0-8149
___SOUTHWEST CAPITAL CORPORATION___
(Exact name of small business issuer in its charter)
___New Mexico___ __85-0169650__
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
___1650 UNIVERSITY BLVD., N.E. SUITE 100__
___ALBUQUERQUE, NEW MEXICO___87102__
(Address of principal executive offices) (Zip Code)
505-242-4561
Registrant's telephone number, including area code
Not Applicable
(Former names, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 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.
Yes___X_ No_____
The number of shares outstanding of the Registrant's common stock, par
value $ 0.00 per share, at November 10,1995 was 1,568,791 shares.
SOUTHWEST CAPITAL, CORPORATION
AND SUBSIDIARIES
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements:
Condensed Consolidated Balance Sheets,
September 30, 1995 (Unaudited) and December 31, 1994 3
Condensed Consolidated Statements of Operations,
Three Months Ended September 30, 1995 and 1994 (Unaudited) 4
Condensed Consolidated Statements of Cash Flows,
Three Months Ended September 30, 1995 and 1994 (Unaudited) 5
Notes to Consolidated Financial Statement (Unaudited) 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 7
PART II.
Item 3. Submission of Matters to a Vote of Security Holders 8
Item 4. A report on Form 8-K was filed on July 3, 1995 8
SIGNATURES 8
PART I
Item 1. FINANCIAL STATEMENTS
SOUTHWEST CAPITAL, CORPORATION
CONDENSED BALANCE SHEETS
UNAUDITED AUDITED
September 30, DECEMBER 31
1995 1994
ASSETS
CURRENT ASSETS
Cash and Interest Bearing Deposits ...... $ 7,864 $ 11,801
----------- -----------
Total Assets ........................... $ 7,864 $ 11,801
=========== ===========
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES
Accrued Expenses ......................... $ 0 $ 0
Accounts Payable ......................... 945 2,755
Notes Payable - Officers ................. 10,000 0
----------- -----------
Total Current Liabilities .............. $ 10,945 $ 2,755
SHAREHOLDERS EQUITY
Common Stock, $0.00 par value,
authorized: 10,000,000 shares
authorized; 1,568,791 shares
issued and outstanding ................. 1,568,791 1,568,791
Additional Paid in Capital ............... 1,659,054 1,659,054
Accumulated Deficit ...................... (3,230,926) (3,218,799)
Total Stockholders Equity .............. (3,081) 9,046
----------- -----------
$ 7,864 $ 11,801
=========== ===========
See accompanying notes to consolidated financial statements
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SOUTHWEST CAPITAL, CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Sept. 30, 1995 Sept. 30, 1994 Sept. 30, 1995 Sept. 30, 1994
<S> <C> <C> <C> <C>
REVENUES
Interest Income ............................... $ 0 $ 103 $ 74 $ 433
----------- ----------- ----------- -----------
0 103 74 433
----------- ----------- ----------- -----------
EXPENSES
General and administrative .................... 2,915 1,659 12,201 8,364
----------- ----------- ----------- -----------
Total expenses ........................... 2,915 1,659 12,201 8,364
----------- ----------- ----------- -----------
Net (loss) ......................................... (2,915) (1,556) (12,127) (7,931)
=========== =========== =========== ===========
Earnings (loss) per common share: .................. (.001) (.0009) (.007) (.005)
=========== =========== =========== ===========
Weighted Average Number of Shares .................. 1,568,791 1,568,791 1,568,791 1,568,791
=========== =========== =========== ===========
</TABLE>
See accompanying notes to consolidated financial statement
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CONDENSED STATEMENTS OF CASH FLOWS
UNAUDITED
<TABLE>
<CAPTION>
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Sept. 30, 1995 Sept. 30, 1994 Sept. 30, 1995 Sept. 30, 1994
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES
Net Income (loss) from Operations ............................ $ (2,914) $ (1,556) $(12,127) $ (7,931)
Depreciation ............................................. 184 502
Change in Operating Assets and Liabilities ............... (271) 8,190 (2,962)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES ............... (2,914) (1,643) (3,937) (10,341)
NET CASH PROVIDED (BY)
Contract Receivable ................................... 355
INCREASE (DECREASE) IN CASH
AND INTEREST-BEARING DEPOSITS ............................. (2,924) (1,643) (3,937) (9,986)
CASH AND INTEREST- BEARING
DEPOSITS AT BEG. OF PERIOD ................................ 10,778 16,062 11,801 24,405
-------- -------- -------- --------
CASH AND INTEREST - BEARING
DEPOSITS AT END OF PERIOD ................................. $ 7,864 $ 14,419 $ 7,864 $ 14,419
======== ======== ======== ========
</TABLE>
See accompanying notes to consolidated financial statements
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SOUTHWEST CAPITAL, CORPORATION
NOTES TO FINANCIAL STATEMENTS
September 30, 1995
UNAUDITED
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The consolidated balance sheets as of September 30, 1995 and December 31,
1994, the consolidated statement of operations for the nine months period ended
September 30, 1995 and 1994 and the consolidated statements of cash flows for
the nine months periods then ended have been prepared by the Company without
audit. In the opinion of management, all adjustments (which include only normal
recurring adjustments) necessary to present fairly the financial position,
results of operations and cash flows at September 30, and 1994, and for the
periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. Its suggested that these consolidated financial
statements be read in conjunction with the consolidated financial filing of
Securities & Exchange Commission Form 10-k. The results of operations for the
periods ended September 30, 1995 and 1994 are not necessarily indicative of the
operating results for the full year.
EARNINGS (LOSS) PER SHARE
Earnings (loss) per share are computed using the weighted number of common
shares outstanding of 1,568,791 for the three month periods ended September 30,
1995 and 1994, respectively. Weighted average number of shares is calculated as
follows for the three months ended September 30, 1995.
Outstanding Number Weighted Average
of Shares of Shares
Date (Unchanged) (Unchanged)
June 30, 1995 - September 30, 1995 1,568,791 1,568,791
========= =========
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Item 2. MANGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The following is Management's discussions and analysis of the financial
condition and results of operations of the Company during the quarter ended
September 30, 1995.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity, as discussed herein, refers to the Company's ability to generate
adequate amounts of cash to meet its needs.
At September 30, 1995 the Company had cash and interest bearing assets of
$7,864 and liabilities of $10,945.
The Company is presently without significant income and its future is
dependent upon the Company's obtaining moneys, through borrowings or through the
sale of equities, to acquire or develop new business interests. There is no
assurance that the Company, however, will be successful in raising new capital
or securing an new business.
RESULTS OF OPERATIONS
The Company's net loss of $12,127 for the period ended September 30, 1995
represents the excess of expense over revenue for the period.
Operations for the quarter ended September 30, 1995 generated interest
income on savings of $0.00 compared $103 for the quarter ended September 30,
1994. The Company had no other income during the quarter ended September 30,
1995. Total operating expenses for the quarter ended September 30, 1994 reveues
for the period ended Setpember, 30, 1995 were $2,915 compared with $1,659 for
the quarter ended September 30, 1995 were $74 compared $433 for the nine months
ended September 30, 1994. In order to meet expenditures, the Registrant borrowed
$10,000 from two of its' officers. Such borrowings are evidenced by a Demand
Promissory notes.
As the Company has incurred operating losses, no provision for income taxes
was required for the quarter ended September 30, 1995.
-7-
PART II.
ITEM 3 Submission of Matters to a Vote of Security Holders
No matters were voted upon by Security Holders during the preceding
reporting period.
ITEM 4 Exhibits and Reports of Form 8-K
No reports were filed during the preceding reporting period.
SIGNATURES
Pursuant to the requirements of Section 13, or 15 (d) 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.
Laurence S. Zipkin
__________________________________________________ November 10, 1995
Laurence S. Zipkin, President
Alan R Geiwitz
__________________________________________________ November 10, 1995
Alan R.Geiwitz, Assistant Secretary
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