U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITY
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
[ ] TRANSACTION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File No. 0-9249
UNITED TRANS-WESTERN, INC.
(Exact name of registrant as specified in its charter)
Delaware 75-1519286
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4809 Cole Avenue
Suite 340
Dallas, Texas 75205
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 526-1294
Check whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act 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
of the past 90 days.
Yes [ X ] No [ ]
State the number of shares outstanding of each of the issuer's class of
common equity, as of the latest practicable date:
Class: Common Stock, $.01 par value
Outstanding at March 31, 1997: 8,859,155
UNITED TRANS-WESTERN, INC.
INDEX
PART I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements
Condensed Balance Sheet at March 1, 1997 1
Condensed Statements of Operations for the
Three Months Ended March 31, 1997 and 1996 2
Condensed Statements of Cash Flows for the
Three Months Ended March 31, 1997 and 1996 3
Note to Condensed Financial Statements 4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 4
PART II. OTHER INFORMATION
Items 1 through 6 6
SIGNATURES 7
UNITED TRANS-WESTERN, INC.
Condensed Balance Sheet
(Unaudited)
March 31, 1997
ASSETS
Current Assets:
Cash $ 6,268
Total Current Assets $ 6,268
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
Current Liabilities
Accounts payable and accrued expenses $ 5,991
Current portion of long-term debt to shareholders -
Advances from shareholders 11,053
Accrued interest payable -
Total Current Liabilities $ 17,044
Commitments and Contingencies -
Stockholder's Equity (Deficit)
Common Stock, .01 par value: 50,000,000
shares authorized, 8,858,842 shares issued
and outstanding at March 31, 1997 $ 88,588
Additional paid-in capital $ 1,897,686
Accumulated deficit $ (1,997,050)
Total Stockholder's Equity (Deficit) $ (10,776)
Total Liabilities and Stockholder's Equity
(Deficit) $ 6,268
UNITED TRANS-WESTERN, INC.
Condensed Statements of Operations
(Unaudited)
Three Months Ended
March 31,
1997 1996
Oil and Gas Revenues $ - $ -
Operating Costs and Expenses:
General and Administrative 126,899 1,452
Income (loss) from Operations (126,899) (1,452)
Nonoperating Income (Expense)
Interest Expense - 4,717
Other Income - -
Loss on sale of oil and gas properties - -
Total - 4.717
Net Income (Loss) (126,899) 6,169
Net Income (Loss) per Common and
Common Equivalent Share (0.01) (0.00)
Weighted Average Number of Common
Shares Outstanding 8,859,155 8,425,944
UNITED TRANS-WESTERN, INC.
Statement of Cash Flows
(Unaudited)
Three Months Ended
March 31,
1997 1996
Cash Flows from Operating Activities:
Net Income (Loss) $ (126,899) $ ( 6,169)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, Depletion and Amortization - -
Decrease (Increase) in accounts receivable
and other assets - -
Increase (Decrease) in accounts payable and
accrued expenses (33,233) 938
Interest added to debt to shareholders - 4,717
Net Cash provided by (used for) operating (160,132) (514)
Cash Flow from Investing Activities:
Net Cash provided by (used for) investing - -
Cash Flow from Financing Activities:
Proceeds from Shareholders 160,000 650
Net Cash used for Financing Activities 160,000 650
Net Increase (Decrease) in cash (132) 136
Cash at Beginning of Period 6,400 60
Cash at end of Period 6,268 196
UNITED TRANS-WESTERN, INC.
NOTE TO CONDENSED FINANCIAL STATEMENTS
The accompanying condensed financial statements and related note of United
Trans-Western, Inc. are unaudited. However, in management's opinion all
adjustments necessary for a fair presentation of the results of operations,
financial position and cash flows for the three months ended March 31, 1997
have been made. Such statements are presented in accordance with the
requirements for Form 10-QSB and do not include all disclosures normally
required by generally accepted accounting principles or those normally
indicative of results for the full year of 1997.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Results of Operations
In January 1994, the Company completed the sale of all of its remaining
oil and gas properties to PremierCap, Ltd. and used the proceeds to reduce
outstanding indebtedness. Details of the sale were included in an
Information Statement mailed to stockholders and filed with the Securities
and Exchange Commission on January 6, 1994, which Information Statement is
incorporated by reference herein. This sale left the Company with no oil
and gas properties or other productive assets. Since this sale, management
of the Company has investigated several acquisition opportunities, but to
date no acquisition has been consummated.
PART I
The Company is engaged, through its Hong Kong based subsidiary and in
conjunction with two other parties, in negotiations with Huayang Petroleum
Exploration and Development Corporation ("HYPC") for rights to enhance and
develop seven existing Chinese oil fields in Jiangsu Province, China.
As negotiations continue, it is anticipated that the Company will attempt
to involve one or more experienced oil and gas exploration and production
companies to perform field operations and to provide project financing.
There is no assurance that the negotiations with HYPC will be successful
or that the Company will be able to locate and engage an appropriate
industry participant to provide the necessary field operations and project
financing.
In addition to the negotiations with HYPC, the Company continues to look
for opportunities to grow the Company. In this regard, it is anticipated
that the Company will grow, at least initially, by acquiring assets,
properties and businesses through the issuance of equity or by arranging
third party financing, or by a combination of both. There is no assurance,
however, that the Company will identify any desirable acquisition or that
the Company will be able to complete any acquisition on acceptable terms.
The Company does not have any paid employees at present. The major
shareholders of the Company are continuing to evaluate opportunities to
best utilize the Company's structure in achieving their overall objectives.
UNITED TRANS-WESTERN, INC.
PART II.
OTHER INFORMATION
Item 1 - Legal Proceedings
NONE
Item 2 - Changes in Securities
NONE
Item 3 - Defaults Upon 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 SIGNATURE
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.
May 15, 1997
UNITED TRANS-WESTERN, INC.
By: s/s J. W. Brown
J. W. Brown
President
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