<PAGE>
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, 1997
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 NE, Suite 100, Albuquerque, NM 87102
(Address of principal executive offices) (Zip Code)
505-884-7161
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 $1.00 per share, at October 15,
1997 was 1,568,791 shares.
</PAGE>
<PAGE>
PART I
Item 1. FINANCIAL STATEMENTS
SOUTHWEST CAPITAL CORPORATION
CONSOLIDATED BALANCE SHEET
UNAUDITED
<TABLE>
<CAPTION>
<S> <C>
September 30,
1997
ASSETS
CURRENT ASSET $ 115
__________
115
==========
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES
Accrued Expenses $ 3,884
Accounts Payable 1,473
__________
Total current liabilities 5,357
NOTES PAYABLE TO RELATED PARTIES 16,000
SHAREHOLDERS EQUITY
Common Stock, no par value; authorized,
10,000,000 shares;issued and outstanding,
1,568,791 shares 1,568,791
Preferred stock - no par value; authorized,
3,000,000 shares;issued and outstanding,
none
Additional paid-in capital 1,659,054
___________
Accumulated Deficit (3,249,087)
___________
$ 115
===========
</TABLE>
See accompanying notes to consolidated financial statements.
</PAGE>
<PAGE>
SOUTHWEST CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
Nine Nine
Months Ended Months Ended
Sept. 30 Sept. 30
1997 1996
<S> <C> <C>
REVENUES
Interest Income $ 0 $ 0
__________ _________
0 0
EXPENSES
General and Administrative 5,992 6,285
Interest 1,197 748
___________ _________
NET LOSS $ (7,189) $ (7,034)
=========== ==========
Net loss per common share $ (0000) $ (0000)
Weighted average common shares outstanding 1,568,791 1,568,791
See accompanying notes to consolidated financial statements
</PAGE>
<PAGE>
SOUTHWEST CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
Three Three
Months Ended Months Ended
Sept. 30, Sept. 30,
1997 1996
<S> <C> <C>
REVENUES
Interest Income $ 0 $ 0
__________ ___________
0 0
EXPENSES
General and Administrative 1,710 200
Interest 404 250
__________ __________
NET LOSS $ (2,114) $ (450)
=========== ==========
Net loss per common share $ (0000) $ (0000)
Weighted average common shares outstanding 1,568,791 1,568,791
See accompanying notes to consolidated financial statements
</PAGE>
<PAGE>
SOUTHWEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
</TABLE>
<TABLE>
<CAPTION>
NINE Months NINE Months
Ended Ended
Sept. 30, Sept. 30,
1997 1996
<S> <C> <C>
OPERATING ACTIVITIES
Net Income (Loss) from
Operations $ (7,189) $ (7,034)
Change in Operating Assets and Liabilities (6,382) (135)
NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES (807) (6,889)
DECREASE IN CASH
AND INTEREST-BEARING DEPOSITS (807) (6,889)
CASH AT THE BEGINNING OF PERIOD 922 7,864
_________ _________
CASH AT END OF PERIOD $ 115 $ 965
========= =========
</TABLE>
See accompanying notes to consolidated financial statements
</PAGE>
<PAGE>
SOUTHWEST CAPITAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 1997
UNAUDITED
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The consolidated balance sheet as of Sept. 30, 1997 and the
consolidated statements of operations for the three and nine
month periods ended Sept. 30, 1997 and 1996 and consolidated
statements of cash flows for the three and nine month period
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 Sept. 30, 1997 and 1996, 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. It is suggested that these consolidated
financial statements be read in conjunction with the
consolidated financial statements and notes thereto
included in the Registrant's December 31, 1996 filing on
Securities & Exchange Commission Form 10-KSB. The results
of operations for the periods ended Sept. 30, 1997 and 1996
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 Sept. 30, 1997
and 1996, respectively. Weighted average number of shares
is calculated as follows for the three months ended Sept.
30, 1997.
[CAPTION]
<TABLE>
Outstanding Number Weighted Average
of Shares of Shares
Date (Unchanged) (Unchanged)
_____ __________________ ________________
<S> <C> <C>
Jan. 1,-Sept. 30, 1997 1,568,791 1,568,791
================== ================
</TABLE>
</PAGE
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following is Management's discussions and analysis of
the financial conditions and results of operations of the
Company during the quarter ended September 30, 1997.
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 Sept. 30, 1997, the Company had cash of $ 115
and liabilities of $5,357. The Company is presently
without significant income and its future is dependent
upon the Company's obtaining monies, through borrowings
or through the sale of equities, to acquire or develop
new business interests. Management will continues to
seek out opportunities to improve the Company's financial
position. There is no assurance that the Company, will be
successful in raising new capital or securing a new
business.
RESULTS OF OPERATIONS
The Company's net loss of $ 7,189 for the period ended
Sept. 30, 1997 represents the excess of expense over
revenue for the period. Operations for the quarter ended
Sept. 30, 1997 generated no income. Total operating
expenses for the quarter ended Sept. 30, 1997 were
$ 7,189. As the Company has incurred substantial
operating losses in the past and has significant net
operating loss carrying forward, no provision for
income taxes was required for the quarter ended June 30,
1997. A valuation allowence has been provided for all
deferred tax assets since it is more likely than not that
the tax assets will not be realized.
PART II
Item 1. The Registrant has been subject to the
following judgements:
None
Item 2. Changes In Securities
None
Item 3. Defaults In Senior Securities
None
Item 4. Submission of Matters to a Vote of Security
Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
None
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.
SOUTHWEST CAPITAL CORPORATION
s/Laurence S. Zipkin
BY:__________________________
Laurence S. Zipkin, President
s/Nasser J. kazeminy
BY:__________________________
Nasser J. Kazeminy, Secretary
and Cheif Accounting Officer
DATE: NOVEMBER 12, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 115
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 115
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 115
<CURRENT-LIABILITIES> 21,357
<BONDS> 0
0
0
<COMMON> 1568791
<OTHER-SE> (1659054)
<TOTAL-LIABILITY-AND-EQUITY> (3249087)
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3884
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1197
<INCOME-PRETAX> (7189)
<INCOME-TAX> 0
<INCOME-CONTINUING> (7189)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (7189)
<EPS-PRIMARY> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
