FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Under Section 13 or 15(d) of the
Securities and Exchange Act of 1934
FOR QUARTER ENDED: MARCH 31, 2000
DELTA STATES OIL INC.
(Exact name as specified in charter)
Delaware Commission File: 10-7539
(State or other jurisdiction IRS Employer Identification:
of incorporation or organization) # 13-2599131
(Address of principal executive offices)
Alfred D. Morgan, Ph.D., Pres.
Delta States Oil Inc.
888 Riverbank Road, Stamford Ct. 06903
Registrant's Telephone No.: 203 322 1003
Indicate by check mark whether the registrant (1) had filed all reports required
to be filed by Section 13 or 15(d) of the Securities and Exchange act of 1934
during the preceding twelve 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 ___
Indicate the number of shares outstanding of each of the registrant's classes of
common stock as of the latest predictable date:
As of March 31, 2000 there were 2,390,000 of the Company's common shares
outstanding of which 780,132 were treasury shares.
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PART 1 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS:
Registrant did not conduct any operations during this quarter. Management,
however, continued to search for means of engaging in active operations by
merger or acquisition. Although financial resources at hand are inadequate for a
significant acquisition by cash, liquid assets at hand appear adequate to
support anticipated administrative costs for this fiscal year.
PART II
1. The Company has not been informed of any legal proceedings against it during
this quarter or in the preceding fiscal year. Nor have any legal actions been
commenced by the Company in the period herein referred to.
2. No change in securities issued occurred during this Quarter. However, during
fiscal 1997 the Board voted to issue to each Director 20,000 shares of common
stock in lieu of cash stipend for work performed and responsibilities assumed in
behalf of the Company, and in view of lack of Directorial insurance or other
perquisites, During the past fiscal year the Board was reduced to two directors
due to the death of Mr. Sheldon Pearlman. During the 1998 Fiscal Year new
Directors were appointed subject to shareholder approval, Robert P. Maers, J.D.,
Dr. Larry Neuman, M.D.
3. The above-mentioned issuance of 60,000 shares to Directors increased the
common outstanding to 2,390,000 shares of which, however, 780.132 shares remain
as Treasury shares not in public hands or float.
4. No securities were issued in the Quarter concerned.
5. No matters required to be voted on by stockholders were submitted during this
period. When Corporate actions will require vote by stockholders, such Board
changes made by vote of the Board will be submitted for vote by proxy to
shareholders as may be required by Company by-laws.
6. EXHIBITS THIS REPORT: FINANCIAL STATEMENTS, PART I
Pursuant to the requirements of the Securities Exchange Act of 1934, and as
amended, the registrant has duly caused this report to be signed by the duly
authorized officer shown below:
May 5, 2000 /s/ Alfred D. Morgan, Ph.D.
------------------------------
Alfred D. Morgan
President, Chairman, Treasurer
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PART I DELTA STATES OIL INC 10Q QUARTERLY REPORT
FINANCIAL STATEMENTS 2ND QUARTER, MARCH 31, 1999
UNAUDITED
BALANCE SHEET - UNAUDITED
(ROUNDED TO NEAREST DOLLAR)
3/31/00 3/31/99
ASSETS (cash bank accts) $9,034 $9,770
LIABILITIES (est. current) 600 600
SHAREHOLDER EQUITY
Authorized common, 6,000,000
Shares; issued and outstanding
2,390,000 including 780,832
Treasury shares not in float 108,500 108,500
Additional paid-in capital 7,660 7,660
Accumulated deficit 59,287 59,287
Less Cost Treasury Shares 39,042 39,042
EQUITY 15,405 15,405
INCOME STATMENT-UNAUDITED
INCOME RECEIVED (Fleet bank) 42 35
EXPENSES (Travel, phone, mail, acctng) (350) (350)
NET INCOME (Loss) (308) (325)
Per Share Loss nm nm
(nm: not meaningful)
Note: All funds kept at Fleet Bank, Stamford, Ct.
