SECURITIES AND EXCHANGE COMMISSION
Washington, DC 25049
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FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities and Exchange Act of 1934
For the Quarter Ended June 30, 1996...Commission File No. 0-85818
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NORTH AMERICAN ENERGY OF DELAWARE, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 95-3111611
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(State or other jurisdiction of (IRS Employer Indentification
incorporation or organization) Number)
555 Madison Avenue, New York, NY, 22nd Floor 10022
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 980-5050
Securities registered pursuant to Section 12(g) of the Act:
Common stock $.01 par value
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(Title of Class)
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 and 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
APPLICABLE ONLY TO CORPORATE ISSUERS:
If the registrant has been involved in bankruptcy proceedings during the
preceeding five years, indicate by check mark whether it has filed all
documents and reports required to be filed by Sections 12, 13 or 15 (d) of the
Securities and Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court.
Yes No Not Applicable X
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at June 30, 1996
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Common Stock, $.01 par value 14,995,099 shares
Exhibit Index on Page 9
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NORTH AMERICAN ENERGY OF DELAWARE, INC.
Form 10-Q
June 30, 1996
TABLE OF CONTENTS
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PART I Page
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Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6-7
PART II
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Legal Proceedings 8
Changes in Securities 8
Other Information 8
Signatures 8
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NORTH AMERICAN ENERGY OF DELAWARE, INC.
Balance Sheets
As of June 30, 1996 and 1995
Unaudited
1996 1995
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ASSETS
Cash $ 13,880 $ 27,853
Marketable Securities 1,925 1,925
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TOTAL ASSETS $ 15,805 $ 29,778
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LIABILITIES AND SHAREHOLDERS EQUITY
LIABILITIES
Accounts Payable $ 17,209 $ 1,679
SHAREHOLDERS EQUITY
Common Stock (issued) 1,116,759 1,116,759
$.01 par value; authorized 15,000,000
shares; issued 14,995,099 in 1995 and
1994
Common Stock (to be issued) 2,862,420
shares in 1995 and 1,762,420 in 1994 46,575 46,575
Paid-In Capital 5,395,362 5,395,362
Accumulated Deficit (6,560,100) (6,530,597)
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TOTAL SHAREHOLDERS EQUITY (1,404) 28,099
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TOTAL LIABILITIES AND
SHAREHOLDERS EQUITY $ 15,805 $ 29,788
========= =========
See accompanying notes to financial statements.
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NORTH AMERICAN ENERGY OF DELAWARE, INC.
Statements of Operations
For the Quarters Ended June 30, 1996, 1995 and 1994
Unaudited
REVENUE 1996 1995 1994
---- ---- ----
Interest Income $ 157 $ - $ -
EXPENSES
Professional Fees 13,169 6,530 2,654
Regulatory and Filing Fees 745 4,358 1,244
Postage and Delivery - 135 22
Other Administrative 64 285 65
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TOTAL EXPENSES 13,978 11,308 3,985
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NET (LOSS) $ (13,821) $(11,308) $ (3,985)
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See accompanying notes to financial statements.
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NORTH AMERICAN ENERGY OF DELAWARE, INC.
Statement of Cash Flows
For the Quarters Ended June 30, 1996, and 1995
Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES: 1996 1995
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Net Profit (Loss) $ (13,821) $ (3,029)
OTHER SOURCES
Increase (Decrease) in Accounts Payable 12,622 163
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NET INCREASE (DECREASE) IN CASH (1,199) (2,866)
CASH - Beginning of Period 15,079 27,853
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CASH - End of Period $ 13,880 $ 24,987
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See accompanying notes to financial statements.
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NORTH AMERICAN ENERGY OF DELAWARE, INC.
Notes to Financial Statements
June 30, 1996
NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
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Basis of Presentation:
The Company which has no current sources of income, has been financed by loans
from officers and directors while it continues to pursue acquisitions and
attempts to establish revenue generating operations. There is no assurance
that such financing will continue to be adequate to support the Company or
whether revenue generating operations will be acquired or established. These
factors indicate that the Company's continued existence is dependent upon,
among other things, obtaining additional sources of financing, and ultimately
achieving profitable future operations. The financial statements do not
include any adjustments that might result from the outcome of these
uncertainties.
Net Income/Loss Per Common Share:
Net loss per share of common stock is calculated by dividing net income or
loss by the weighted average shares of common stock outstanding and to be
issued.
Statement of Cash Flows:
For the purposes of the statements on cash flows, the Company considers all
highly liquid investments with a maturity of three months or less to be cash
equivalents. No interest or income taxes were paid in the fiscal years ended
March 31, 1996 and 1995 and the quarterly period ended June 30, 1996.
NOTE 2 - MARKETABLE SECURITIES
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During fiscal 1984, the Company received 11,748 restricted common shares of BT
Energy Corporation for various working interests in oil and gas properties.
The value of such common shares was as follows:
1996 1995
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Initial cost of shares $ 62,770 $ 62,770
Provision for decline in value (60,845) (60,845)
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$ 1,925 $ 1,925
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The balance at June 30, 1996 and 1995 represents the quoted market value of
the common shares at such dates. Such shares are no longer subject to
restriction.
NOTE 3 - COMMON STOCK
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As of June 30, 1996, 630,920 shares of common stock "to be issued" are due Mr.
Raymond L. Burke, President and Director, 31,500 shares of such stock are due
to David Rosenberg, Chairman and 600,000 shares are due to Robert Geber,
Director. These shares are to be issued in consideration of general
administrative expenses incurred by Mr. Burke or Mr. Rosenberg in the
corporate name or directly on its behalf. In addition, 500,000 shares and
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NORTH AMERICAN ENERGY OF DELAWARE, INC.
Notes to Financial Statements (Con't)
June 30, 1996
1,100,000 shares of common stock to be issued are due to Mica Minerals, Inc.
and private investors, respectively.
NOTE 4 - INCOME TAXES
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At March 31, 1996, the Company had available for application against future
federal taxable income net operating loss carryforwards for financial
reporting and federal income tax purposes of approximately $3,782,718,
expiring between 1996 and 2010.
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NORTH AMERICAN ENERGY OF DELAWARE, INC.
Form 10-Q
June 30, 1996
PART II
ITEM 1. Legal Proceedings
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None.
ITEM 2. Changes in Securities
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None.
ITEM 3. Other Information, Exhibits and Reports on Form 8-K
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Exhibits - Exhibit 27 - Financial Data Schedule.
Reports on Form 8-K - None.
SIGNATURES
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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.
NORTH AMERICAN ENERGY OF DELAWARE, INC.
(Registrant)
By: /s/David Rosenberg
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David Rosenberg, Chairman
Dated: July 25, 1996
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By: /s/Raymond L. Burke
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Raymond L. Burke, President and
Chief Executive Officer
Dated: July 25, 1996
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By: /s/ Robert Geber
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Robert Geber, Secretary
Dated: July 25, 1996
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EXHIBIT INDEX
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Exhibit No. Description Page
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27 Financial Data Schedule 10
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