FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Quarterly Report Under Section 13 or 15D of the
Securities and Exchange Act of 1934
FOR QUARTER ENDED: DEC. 31, 1999
DELTA STATES OIL INC.
(Exact name as specified in charter)
COMMISSION FILE: 10-7539
Delaware #13-2599131
(State or other jurisdiction IRS EMPLOYER IDENTIFICATION
of incorporation or organization)
(Address of principal executive offices)
Alfred D. Morgan, Ph.D., President
Delta States Oil Inc.
888 Riverbank Road, Stamford, CT 06903
Registrant's Telephone No.: 203 322 1003
Indicate by checkmark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15D 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 practicable date:
As of December 31, 1999 there were 2,390,000 of the Company's common shares
outstanding of which 780,132 were in the Company Treasury and 1,609,168 common
shares par value $0.05 were in stockholder hands.
Documents incorporated by reference: none
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PART I. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS:
Registrant did not conduct any operations during this quarter, continuing its
inactive status. 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 changes in securities issued occurred during this Quarter. However, during
fiscal 1994 the Board voted to issue to each Director 20,000 shares of common
stock in lieu of a cash stipend for work performed and responsibilities assumed
in behalf of the Company, and in view of lack of Directorial insurance or other
per quisites.
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. As of Dec. 31, 1999 In addition
to President/Chairman, Treasurer Alfred D. Morgan, Ph.D., Board Members were
Saul Horing, J.D. Secretary, Robert P. Maerz, J.D., Larry Neuman, M.D.
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.
/s/ Alfred D. Morgan
---------------------------------------
Alfred D. Morgan, Ph.D.
President, Chairman, Treasurer
Feb. 2, 2000
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PART I DELTA STATES OIL INC. 1OQ QUARTERLY REPORT, Dec. 31, 99
FINANCIAL STATEMENTS 1ST QUARTER ENDED DEC. 31 1999
UNAUDITED
BALANCE SHEET--UNAUDITED
(ROUNDED TO NEAREST DOLLAR)
12/31/99 12/31/98
ASSETS (cash bank accts) $ 9,417 $ 10,638
LIABILITIES (Est. current) (350) (670)
SHAREHOLDER EQUITY
Authorized common, 6,000,000
shares; issued and outstanding
2,230,000 including 780,832
Treasury shares not in float 108,500 108,500
Additional paid-in capital 7,660 7,660
Accumulated deficit 61,258 58,297
Less Cost, Treasury shares 39,042 39,042
EQUITY 9,019 9,968
INCOME STATEMENT--UNAUDITED
INTEREST RECEIVED (bank fund) 117 110
EXPENSES (Travel, phone, mail) 1,000 1,000
NET INCOME (Loss) (883) (890)
Per Share loss
(nm: not meaningful) nm nm
Note: Cash held in corporate bank account at Fleet Bank, Conn.
