SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal quarter ended September 30, 1998
Commission File No. 0-9297
CRONUS CORPORATION
a NEVADA corporation
36-388074
(I.R.S. Employer Identification Number)
800 SEAGATE DRIVE #203, NAPLES, FLORIDA 34103
Registrant's telephone number, including area code (520) 885-1220
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 receding 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.
[X] Yes [ ] No
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
Class Outstanding as of October 1, 1998
$.001 PAR VALUE 30,674,285 SHARES
COMMON STOCK
DOCUMENTS INCORPORATED BY REFERENCE:
1. Audited Financial Statements for the years ended December 31, 1997 and
1996, dated June 10, 1998. 1997 10- KSB filed June 15, 1998.
PART 1
ITEM 1. Financial Statements
J. Dennis Bartlett, P.C.
Certified Public Accountant
2421 E. 6th Street
Tucson, Arizona 85716
Cronus Corporation
Tucson, Arizona
I have compiled the accompanying balance sheet of Cronus Corporation (and
subsidiary PetroSun) as of September 30, 1998, December 31, 1997 and September
30, 1997 and the related consolidated statement of Profit and Loss for the three
and nine months ended September 30, 1998 and 1997, in accordance with standards
established by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements
information that is the representation of management. I have not audited or
reviewed the accompanying financial statements and, accordingly, do not express
an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures and the
statement of cash flows required by generally accepted accounting principles. If
the omitted disclosures and statement of cash flows were included with the
financial statements, they might influence the user's conclusions about the
Company's financial position, results of operations, and cash flows.
Accordingly, these financial statements are not designed for those who are not
informed about such matters.
/s/ J. Dennis Bartlett, P.C.
November 20, 1998
J. Dennis Bartlett, P.C.
Certified Public Accountant
2421 E. 6th Street
Tucson, Arizona 85716
We hereby consent to the inclusion of our report dated November 20, 1998, in the
quarter report of Cronus Corporation on Form 10-QSB for the period ended
September 30, 1998.
/s/ J. Dennis Bartlett, P.C.
Tucson, Arizona
November 20, 1998
CRONUS CORPORATION
Balance Sheet
As of September 30, 1998
SEPTEMBER SEPTEMBER DECEMBER
1998 1997 1997
---- ---- ----
ASSETS
Current Assets
Cash $ 17,752 1,869 1,195
Other current assets 2,807 0 3,356
Stock Subscription receivable 127,500 0 0
Accounts receivable 3,054 0 10,338
Prepaid expenses 0 2,000 125,000
Total Current Assets $ 151,113 3,869 139,889
Fixed Assets
Computer equipment 3,071 3,071 3,071
Office equipment/furniture 5,342 5,342 5,342
Less: accumulated depreciation (3,062) (1,094) (3,062)
Proved property 217,729 217,500 217,728
Unproved properties 132,924 93,752 121,390
Wells and related eqiup 5,200 0 5,200
Less: accumulated depreciation (1,543) 0 (1,543)
Total Fixed Assets 359,661 318,571 348,126
Other Assets
Prepaid consulting 160,600 0 31,250
Deposits 1,802 1,802 1,802
Receivable from related company 0 0 19,212
Investment in mining claims 143,530 143,530 143,530
Other investments 0 4,203 0
Goodwill, net of accumulated amortization
and valuation allowance 1,045,215 0 516,829
Total Other Assets 1,351,147 149,535 712,623
TOTAL ASSETS 1,861,921 471,975 1,200,638
LIABILITIES & SHAREHOLDERS' EQUITY
SEPTEMBER SEPTEMBER DECEMBER
1998 1997 1997
---- ---- ----
Current Liabilities
Accounts Payable $ 153,453 151,772 171,347
Bank overdraft 0 0 4,518
Drilling advance 26,300 0 26,300
Revenue distribution 2,511 0 4,536
Due to related party 0 0 439,976
Note payable-officers, shareholders
And related entitles 34,659 28,730 80,129
Notes payable-other net of
Current portion 266,772 76,925 146,243
Accrued expenses 16,711 361,040 393,622
Payroll taxes payable 1,263 2,868 2,896
Liability not discharged in bankruptcy 0 0 0
TOTAL CURRENT LIABILITIES 501,669 621,335 1,269,567
LONG TERM LIABILITIES
Notes payable-other 0 0 16,000
Investment in joint venture 0 0 40,508
TOTAL LIABILITIES 501,669 621,335 1,326,075
STOCKHOLDERS' EQUITY
Common Stock 29,354 16,888 15,284
Additional paid in capital 3,459,983 1,034,827 1,801,826
Subscribed stock 127,500 0 0
Receivable from sale of stock 0 0 (175,981)
Treasury stock (250) (3,364) (250)
Retained Earnings (1,766,316) (3,857,922) (3,585,856)
Net income year to date (490,019) 2,660,211 1,819,540
TOTAL STOCKHOLDERS' EQUITY 1,360,252 (149,360) (125,437)
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY $ 1,861,921 $ 471,975 $1,200,638
CRONUS CORPORATION
Profit and Loss
January through March 1998
JAN-SEPT. JAN-SEPT. JULY-SEPT. JULY-SEPT.
1998 1997 1998 1997
---- ---- ---- ----
INCOME
Bayou Pierre - Gas $ 20,942 0 8,152 0
Falco - Oil 1,350 0 0 0
Grawhawk Oil & Gas 0 2,000 0 2,000
Total 22,292 2,000 8,152 2,000
OPERATING EXPENSES
Automobile expense 204 80 0 30
Bank charges 591 178 81 67
Bonus 7,400 0 0 0
Commissions 0 8,000 0 0
Contributions 200 0 0 0
Dues & subscriptions 3,938 221 480 221
Education 300 0 200 0
Equipment rental 548 0 0 0
Fees 2,901 4,026 106 1,580
Insurance 300 2,933 0 1,985
Interest 34,954 0 5,723 0
Internet access 176 120 88 60
Licenses & permits 650 10 235 10
Maintenance expense 1,874 0 0 0
Marketing 0 942 0 360
Office 3,136 2,790 419 1,130
Operating expense 88,263 5,000 16,563 0
Payroll 155,233 190,250 3,500 67,750
Payroll taxes 4,694 5,104 268 1,885
Postage & delivery 2,528 1,094 421 478
Printing 0 2,361 0 0
Professional fees 53,870 34,389 6,326 7,332
Proxy 85 0 0 0
Rent 8,801 6,447 2,086 2,533
Royalties 6,450 0 2,511 0
Supplies 6,186 0 453 0
Taxes 50 50 0 0
Telephone 5,915 4,581 2,442 1,847
Travel & entertainment 8,197 2,385 22 682
Utilities 764 962 239 572
Web site hosting fee 775 0 0 0
TOTAL EXPENSE 391,583 271,923 42,163 88,473
NET OPERATING INCOME (369,291) (269,923) (34,011) (86,473)
OTHER INCOME
Extraordinary gain 0 2,930,134 0 2,930,134
Sales of assets (144,100) 0 (144,100) 0
Reversed interest 23,372 0 23,372 0
NET INCOME $(490,019) $ 2,660,211 $(154,739) $2,843,661
Please see Audited Financial Statements and Notes for the years ended December
31, 1997 and 1996, dated June 10, 1998, filed as an exhibit to the Company's
1997 10-KSB on June 15, 1998.
ITEM 2. Management's Discussion and Analysis or Plan of Operation.
Disclosure Regarding Forward-Looking Statements. This report on Form 10-KSQ
includes "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All
statements other than statements of historical facts included in this report,
including, without limitation, statements under "Management's Discussion and
Analysis or Plan of Operations" regarding the Company's financial position,
reserve quantities and net present values, business strategy, plans and
objectives of management of the Company for future operations and capital
expenditures, are forward-looking statements and the assumptions upon which such
forward-looking statements are based are believed to be reasonable. The Company
can give no assurance that such expectations and assumptions will prove to have
been correct. Reserve estimates of oil and gas properties are generally
different from the quantities of oil and natural gas that are ultimately
recovered or found. This is particularly true for estimates applied to
exploratory prospects. Additionally, any statements contained in this report
regarding forward-looking statements are subject to various known and unknown
risks, uncertainties and contingencies, many of which are beyond the control of
the Company. Such things may cause actual results, performance, achievements or
expectations to differ materially from the anticipated results, performance,
achievements or expectations. Factors that may affect such forward-looking
statements include, but are not limited to, the Company's ability to generate
additional capital, risks inherent in oil and gas acquisitions, exploration,
drilling, development and production, price volatility of oil and gas,
competition, shortages of equipment, services and supplies, government
regulation, environmental matters, financial condition of the other companies
participating in the exploration, development and production of oil and gas
programs and other matters. All written and oral forward- looking statements
attributable to the Company or persons acting on its behalf subsequent to the
date of this report are expressly qualified in their entirety by this
disclosure.
As described more fully below, management expects to receive income from
PetroSun oil and gas leases in Louisiana during 1998. The Company has incurred
losses from operations and has deficits in working capital. The Company earned
minimal income from its first three quarters of operations do to the ongoing
rehabilitation of the shut-in wells in Louisiana, however, it expects to receive
income in the next quarter from those oil and gas leases. The drilling projects
are further explained below. There can be no assurance that a cash flow will be
generated or that funding will be raised. The Company currently has no
commitments for any type of funding, and there is no assurance that the Company
will be able to obtain any such financing or that such financing, if obtainable,
will be on terms necessary to enable the Company to operate profitably.
Future Business Strategy and Operations.
The Company's ongoing business strategy is to create and expand its reserve base
and cash flow primarily through the following:
1. Raising significant capital to conduct assessments of the economical
feasibility of extracting minerals from its properties, and to take
advantage of leading edge technologies such as horizontal drilling and 3-D
seismic exploration projects.
2. Position itself with strategic sources of capital and partners that can
react to opportunities in the oil and gas industry when they present
themselves.
3. Developing alliances with oil and gas industry partners.
4. Participate in projects that have opportunities involving relatively small
amounts of capital that could potentially generate significant rates of
return. These projects include areas with large field potentials in
Northern Arizona, New Mexico, Louisiana and Queensland, Australia.
5. Implementing the Company's investment strategy to carefully consider,
analyze, and exploit the potential value of the Company's existing assets
to increase the rate of return to its shareholders.
6. Reinvesting future operating cash flows into development of drilling and
recompletion activities.
7. Acquiring properties that build upon and enhance the Company's existing
asset base.
8. Developing a long term track record regarding stock price performance and a
reasonable rate of return to the shareholder.
The Company recognizes that the ability to implement its business strategies is
largely dependent on the ability to increase operating cash flows by raising
additional debt or equity capital to fund future drilling and developmental
activities. Management believes that it will be necessary to raise additional
equity or debt capital to overcome the Company's undercapitalization.
The steps the Company intends to take to assess the feasibility of its current
projects are described below. There can be no assurance that the Company will be
able to place such oil and gas into production or to conclude such feasibility
assessments, or that if it is able to do so, that it will be able to engage in
oil and gas operations profitably.
OIL AND GAS PLAN OF OPERATIONS
The Company's primary objective is to place the oil and gas assets of its
subsidiary into production. PetroSun controls oil and gas leases on
approximately 2,200 acres of land in Louisiana referred to as Bayou Pierre
Project. The leases contain 17 proven developed oil and gas wells. These wells
were shut-in since the late 1980's due to the then low price of oil and gas and
due to the property then being subject to litigation unrelated to the Company.
Currently, 13 of the wells have been rehabilitated and placed into production.
The Company estimates that the cost to complete the rehabilitation of the wells
to be $150,000. The leases also contain an additional 105 proven undeveloped
vertical or 60 horizontal locations, 4 Puluxy, 4 Glen Rose, and 2 Rodessa, which
the Company plans to drill if economically feasible.
Drilling Projects
Louisiana:
PetroSun has joint ventured with Vector Horizontal Inc. to drill a horizontal
Nacatoch gas well (William Prince #20) on the Bayou Pierre lease. The drilling
commenced in the second week of November 1998. The drilling cost for this
project is estimated to be $80,000. Also, PetroSun has Joint Ventured with Tedan
to drill a Paluxy / Glen Rose test well (William Prince #21) on the Bayou Pierre
Lease. The drilling is anticipated to begin in December 1998. The drilling cost
for this project is expected to be $45,000.
New Mexico:
On October 22, 1997, PetroSun acquired the Red Dog Prospect located in McKinley
County, New Mexico, covering 1,921.18 acres. The Red Dog Prospect is situated on
a northeast - southwest trending anticlinal fold on the Chaco Slope of the San
Juan Basin. Seismic data indicates a feature in the Entrada formation that has
been interpreted as a reflection from an oil-water contact. In a homogenous
sandstone such as the Entrada a 30 foot oil column is needed before an oil-water
contact can be detected. Analysis of satellite imagery confirmed that there is
micro-seepage to the surface. The hydrocarbon reflectance covers approximately
1420 acres. The Entrada has excellent reservoir quality, with an average
porosity of 23.6% and an average permeability of 315 millidarcies. On 40 acre
spacing, recoverable reserves are estimated to be 456,800 barrels of oil for a
well with 30 feet of pay and a water drive recovery of 35%. The secondary
objectives of the Red Dog Prospect include the Dakota at 3,300 feet and the
Mancos at 2,900 feet. PetroSun anticipates drilling the initial test well in the
Entrada by the end of 1998.
PetroSun has joint ventured with industry partners, including Tiger Exploration
& Production, Incorporated, to raise the funds for this prospect. In the event
that Tiger Exploration & Production, Incorporated does not raise sufficient
funds for this project in order to drill the initial test well by the end of
1998, PetroSun will be required to renegotiate the terms of the lease of this
prospect or risk losing the lease.
PetroSun acquired the Cholla Tank Prospect located in McKinley County, New
Mexico on November 22, 1997. The Cholla Prospect is situated on a northeast -
southwest trending anticlinal fold on the Chaco Slope of the San Juan Basin.
Seismic data indicates a feature in the Entrada formation that has been
interpreted as a reflection from an oil-water contact. In a homogenous sandstone
such as the Entrada a 30 foot oil column is needed before an oil-water contact
can be detected. Analysis of satellite imagery confirmed that there is
microseepage to the surface. The Entrada has excellent reservoir quality, with
an average porosity of 23.6% and an average permeability of 315 millidarcies. On
40 acre spacing, recoverable reserves are estimated to be 456,800 barrels of oil
for a well with 30 feet of pay and a water drive recovery of 35%. The secondary
objectives of the Cholla Prospect include the Dakota at 3,300 feet and the
Mancos at 2,900 feet. The Cholla Tank Prospect is a direct offset to PetroSun's
Red Dog Prospect and drilling is anticipated to commence by the end of 1998.
PetroSun has joint ventured with industry partners, including Tiger Exploration
& Production, Incorporated, to raise the funds for this prospect. In the event
that Tiger Exploration & Production, Incorporated does not raise sufficient
funds for this project in order to drill the initial test well by the end of
1998, PetroSun will be required to renegotiate the terms of the lease of this
prospect or risk losing the lease.
Australia:
Triple JJJ Resources Pty., Ltd. On February 14, 1998, the Company entered into
an agreement to acquire all the outstanding shares of Triple "J" Resources Pty.,
LTD. ("JJJ"). JJJ is the holder of ATP 594P, a 375,000 acre oil and gas
concession located in Queensland, Australia within the oil and gas producing
region of the Eromanga basin. JJJ has a farmout agreement with Icon Oil, NL by
which Icon agreed to drill the first test well on ATP 594P, and to thereafter
provide 50% of the costs of any additional wells in return for half of the
Company's interest in ATP 594P. The Company has sold a half interest in JJJ to
Tiger Tool, Inc. and Tiger Exploration & Production, Inc., effectively leaving
the Company with approximately a 23% working interest and 16% net revenue
interest in ATP 594P.
On April 16, 1998, Cronus announced the completion of drilling on the first well
on ATP 594P, the Taylor Franks No. 1 well in the Eromanga Basin of east-central
Australia. The well reached a total depth of 2,643 meters with gas shows from
2,520 to 2,643 meters. Two drill stem tests were performed in the Toolachee and
Patchawarra formations in the Permian section. The tests indicated
non-commercial gas flow rates of approximately 10,000 cubic feet per day with no
water.
The results of this first well indicate good structure and the presence of gas
in this province. The flow results and penetration rate confirmed a tight
reservoir and lack of sufficient porosity at this location, thus the well was
plugged. While proving that there is gas on this concession, the next step is to
drill a confirmation well in the same zone that has greater porosity and
provides commercially viable flow rates to capitalize on this find. Cronus and
Icon Oil NL have determining a second location for the next well and anticipates
the well to be spudded in early 1999 on the concession.
Pursuant to its acquisition of an interest in JJJ, Tiger Exploration &
Production, Incorporated is obligated to carry Cronus for its share of the costs
of drilling the next well on ATP 594P. In the event that Tiger Exploration &
Production, Incorporated does not raise sufficient funds for this project in
order to drill the next well Cronus will be required to raise the funds of up to
$400,000 or risk losing its interest in that well.
Strategic Consulting and Administration, Inc.
On October 17, 1997, the Company entered into an agreement to acquire all the
outstanding shares of Strategic Consulting and Administration, Inc. ("SCI"). SCI
is the designated company to receive ATP 636P, a 640,000 acre oil and gas
concession located in Queensland, Australia within the oil and gas producing
region of the Eromanga basin. SCI cannot receive the Authority To Prospect until
the issues surrounding the Native Title Claims Act have been resolved by the
parliament of Queensland, Australia. The Company currently has no estimate as to
how much it would cost to develop this prospect.
With the establishment of commercial production on any prospect, further
development wells may be drilled during the balance of 1999.
Although the Company is currently pursuing prospects within the project areas
described above, and has budgeted to drill the number of wells set forth, there
can be no assurance that these prospects will be drilled at all or within the
expected time frame. In particular, budgeted wells that are based upon
statistical results of drilling activities in other project areas are subject to
greater uncertainties than wells for which drillsites have been identified. The
final determination with respect to the drilling of any identified drillsites or
budgeted wells will be dependent on a number of factors, including (i) the
results of exploration efforts and the acquisition, review and analysis of the
seismic data, (ii) the availability of sufficient capital resources by the
Company and the other participants for the drilling of The prospects, (iii) the
approval of the prospects by other participants after additional data has been
compiled, (iv) the economic and industry conditions at the time of drilling,
including prevailing and anticipated prices for oil and natural gas and the
availability of drilling rigs and crews, (v) the financial resources and results
of the Company and (vi) the availability of leases on reasonable terms and
permitting for the prospect. There can be no assurance that these projects can
be successfully developed or that the identified drillsites or budgeted wells
discussed will, if drilled, encounter reservoirs of commercially productive oil
or natural gas.
The success of the Company will be materially dependent upon the success of its
exploratory and developmental drilling program. Exploratory drilling involves
numerous risks, including the risk that no commercially productive oil or
natural gas reservoirs will be encountered. The cost of drilling, completing and
operating wells is often uncertain, and drilling operations may be curtailed,
delayed or canceled as a result of a variety of factors, including unexpected
drilling conditions, pressure or irregularities in formations, equipment
failures or accidents, adverse weather conditions, compliance with governmental
requirements and shortages or delays in the availability of drilling rigs and
the delivery of equipment. Although the Company believes that its use of
available data and other advanced technologies should increase the probability
of success of its exploratory wells and should reduce average finding costs,
exploratory drilling remains a speculative activity. Even when fully utilized
and properly interpreted, seismic data and other advanced technologies only
assist geoscientists in identifying subsurface structures and do not enable the
interpreter to know whether hydrocarbons are in fact present in such structures.
In addition, the use of seismic data and other advanced technologies requires
greater predrilling expenditures than traditional drilling strategies and the
Company could incur losses as a result of such expenditures. The Company's
future drilling activities may not be successful, and if unsuccessful, such
failure will have a material adverse effect on the Company's results of
operations and financial condition. There can be no assurance that the Company's
overall drilling success rate or its drilling success rate for activity within a
particular project area will not decline. The Company may choose not to acquire
option and lease rights prior to acquiring seismic data and, in many cases, the
Company may identify a prospect or drilling location before seeking option or
lease rights in the prospect or location. Although the Company has identified
numerous drilling prospects, there can be no assurance that such prospects will
ever be drilled (or drilled within the scheduled or budgeted time frame) or that
oil or natural gas will be produced from any such prospects or any other
prospects. In addition, prospects may initially be identified through a number
of methods, some of which do not include interpretation of seismic data. Wells
that are currently included in the Company's capital budget may be based upon
statistical results of drilling activities in other project areas that the
Company believes are geologically similar, rather than on analysis of seismic or
other data. Actual drilling and results are likely to vary from such statistical
results and such variance may be material. Similarly, the Company's drilling
schedule may vary from its capital budget because of future uncertainties,
including those described elsewhere.
Financial Requirements and Source of Funds.
The Company is currently rehabilitating the shut-in oil and gas wells by setting
compressors and pumps which will allow it to put its revenue producing assets in
Louisiana into production. The Company will need to place its oil and gas leases
in Louisiana into production, and then must raise sufficient capital to fully
develop its properties and acquire new prospects to develop revenues.
Thereafter, the Company believes it will need to raise at least $2,000,000 in
order to fully conduct the drilling of its oil and gas properties in Louisiana.
Such funds may be sought through the issuance of additional shares of the
Company's Common Stock or other equity securities, through debt financing, or
through various arrangements, including joint ventures and/or mergers, with
third parties. However, the Company currently has no commitments for any type of
funding, and there is no assurance that the Company will be able to obtain any
such financing or that such financing, if obtainable, will be on terms necessary
to enable the Company to operate profitably. If the Company is unsuccessful in
completing a private type placement, or if additional funds are necessary either
before or after such a transaction, it is uncertain at this time what actions
the Company will take. Possibilities include other debt or equity financings or
the sale of existing assets.
Competition - Oil and Gas
The oil and gas industry is highly competitive in all phases. The Company will
encounter strong competition from other independent oil and gas companies in
acquiring economically desirable prospects as well as in marketing production
therefrom and obtaining external financing. Substantially all of the Company's
competitors have financial resources, personnel resources, and facilities
substantially greater than those of the Company.
In addition to the uncertainty surrounding the eventual development of oil and
gas on the Company's properties, the success of any operation which might be
conducted is dependent upon the price of oil and gas on the domestic and world
markets, which is subject to fluctuations, in part as a result of actions by
central banks and government policies.
PART II
ITEM 1. Legal Proceedings.
From time to time the Company is a party to various legal proceedings arising in
the ordinary course of business. The Company is not currently a party to any
litigation that it believes could have a material adverse effect on the
financial position of the Company.
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
CHANGE IN CONTROL.
There has been a change in the management of the Company. On July 3, 1998, Mr.
Jonathan Roberts resigned as President and Director of the Company.
Additionally, Thomas J. Nieman, J. Dennis Bartlett, Jim Karten and Gordon M.
LeBlanc, Jr., have since resigned their respective positions as directors of the
Company. James W. McCabe was appointed as the President and a Director of the
Company. Mr. McCabe has over 20 years of executive oil and gas experience in
Texas, Oklahoma, Kansas and Ohio.
On August 6, 1998, Douglas Ohlman was appointed chairman of the Board of
Directors and David Naharin was appointed as a director. Mr. McCabe holds
2,500,000 shares of the company's common stock. Mr. Ohlman holds 3,013,248
shares of the company's common stock. Mr. Naharin holds 312,500 shares of the
company's common stock. As the percentage holdings of new management
approximates that of the departing management, the Company does not believe that
a change in control has taken place. There are no agreements or understandings
with respect to the voting of the stock held any member of management.
ITEM 6. Exhibits and Reports on Form 8-K.
During the third quarter of 1998 ending on September 30, 1998, no form 8-K
reports were filed.
SIGNATURES
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.
CRONUS CORPORATION
DATE: November 23, 1998 By:
__/s/_________________
James W. McCabe,
President and Director
15
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THIS SCHEDULE CONTAINS SUMMARY FINACIAl INFORMATION EXTRACTED FROM THE COMPANY'S
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