UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-QSB
(x ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
----------------------
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File number 0-0751
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VIABLE RESOURCES, INC.
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(Exact name of registrant as specified in charter)
Nevada 83-0242652
- ----------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4700 South 900 East, 41B, Salt Lake City, Utah 84117
- -------------------------------------------------------- ------------------
(Address of principal executive offices) (Zip Code)
801-265-2170
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Registrant's telephone number, including area code
- -----------------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since last
report.)
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 preceding 12 months (or for such shorter period that the
registrant was required to file such reports), Yes [ ] No [ x ] and (2) has
been subject to such filing requirements for the past 90 days. Yes [x ] No [
]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the last practicable date.
Class Outstanding as of June 30, 1999
------------------ --------------------------------------
Common Stock, $0.001 13,013,300
<PAGE>
INDEX
Page
Number
------
PART I.
ITEM 1. Financial Statements (unaudited) 3
Balance Sheets 4
June 30, 1999 and March 31, 1999
Statements of Operations
For the three months ended June 30, 1999 and 1998 5
and the period from April 1, 1993 to June 30, 1999
Statement of Changes in Stockholders' Equity
For the period from April 1, 1993 to June 30, 1999 6
Statements of Cash Flows
For the three months ended June 30, 1999 and 1998 7
and the period from April 1, 1993 to June 30, 1999
Notes to Financial Statements 8
ITEM 2. Plan of Operations 10
PART II. Signatures 11
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The accompanying balance sheets of Viable Resources, Inc. (a development stage
company) at June 30, 1999 and March 31 1999, and the statements of operations
for the three months ended June 30, 1999 and 1998 and the period from April 1,
1993 to June 30, 1999, the cash flows and the statement of stockholder' equity
for the three months ended June 30, 1999 and 1998, and the period from April 1,
1993 to June 30, 1999, have been prepared by the Company's management and they
do not include all information and notes to the financial statements necessary
for a complete presentation of the financial position, results of operations,
cash flows, and stockholders' equity in conformity with generally accepted
accounting principles. In the opinion of management, all adjustments considered
necessary for a fair presentation of the results of operations and financial
position have been included and all such adjustments are of a normal recurring
nature.
Operating results for the quarter ended June 30, 1999, are not necessarily
indicative of the results that can be expected for the year ending March 31,
2000.
<PAGE>
VIABLE RESOURCES, INC.
( DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
JUNE 30, 1999, AND MARCH 31, 1999
<TABLE>
<CAPTION>
JUNE 30, MARCH 31,
1999 1999
---------- --------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . $ - $ -
------------------ ------------
Total Current Assets. . . . . . . . . . . . . . . . . . $ - $ -
================== ============
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable. . . . . . . . . . . . . . . . . . . . . $ - $ -
------------------ ------------
Total Current Liabilities . . . . . . . . . . . . . . . . - -
------------------ ------------
STOCKHOLDERS' EQUITY
Common stock
25,000,000 shares authorized, at $0.01 par value;
13,013,300 shares issued and outstanding . . 130,133 130,133
Capital in excess of par value. . . . . . . . . . . . . . 6,464,654 6,464,654
Accumulated deficit . . . . . . . . . . . . . . . . . (6,594,787) (6,594,787)
------------------ ------------
Total Stockholders' Equity. . . . . . . . . . . . . . . . - -
------------------ ------------
$ - $ -
================== ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
VIABLE RESOURCES, INC.
( DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1999, AND 1998
AND THE PERIOD FROM APRIL 1, 1993 TO JUNE 30, 1999
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS APR 1, 1993 TO
JUN 30, JUN 30,
1999 1998 JUN 30, 1999
------------- -------------- ----------------
<S> <C> <C> <C>
REVENUES. . . . . . $ - $ - $ 40,439
EXPENSES. . . . . . - 462 449,487
------------- -------------- ----------------
NET LOSS. . . . . . $ - $ (462) $ (409,048)
============= ============== ================
GAIN (LOSS) PER
COMMON SHARE
Basic. . . . . $ - $ -
------------- --------------
AVERAGE OUTSTANDING
SHARES
Basic. . . . . 13,013,300 13,013,300
------------- --------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
VIABLE RESOURCES, INC.
( DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
PERIOD APRIL 1, 1993 (DATE OF INCEPTION OF DEVELOPMENT STAGE)
TO JUNE 30, 1999
<TABLE>
<CAPTION>
COMMON STOCK CAPITAL In
-------------------- EXCESS OF ACCUMULATED
SHARES AMOUNT PAR VALUE DEFICIT
------ ------ ---------- ----------
<S> <C> <C> <C> <C>
BALANCE APRIL 1, 1993 (date of inception. 13,013,300 $ 130,133 $ 6,464,654 $ (6,185,739)
of development stage)
Net operating loss for the year ended
March 31, 1994 . . . . . . . . . . . . - - - (34,339)
Net operating profit for the year ended
March 31, 1995 . . . . . . . . . . . . - - - 99
Net operating profit for the year ended
March 31, 1996. . . . . . . . . . . . - - - 208,733
Net operating profit for the year ended
March 31, 1997. . . . . . . . . . . . - - - 12,771
Net operating loss for the year ended
March 31, 1998 . . . . . . . . . . . . - - - (595,850)
BALANCE MARCH 31, 1998 . . . . . . . . . . 13,013,300 130,133 6,464,654 (6,594,325)
Net operating loss for the year
ended March 31, 1999 . . . . . . . . . - - - (462)
BALANCE MARCH 31, 1999. . . . . . . . . . 13,013,300 130,133 6,464,654 (6,594,787)
Net operating loss for three months
ended June 30, 1999 . . . . . . . . . . - - - -
BALANCE JUNE 30, 1999. . . . . . . . . . . 13,013,300 $ 130,133 $ 6,464,654 $ (6,594,787)
========== ========= =========== =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
VIABLE RESOURCES, INC.
( DEVELOPMENT STAGE COMPANY )
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 1999 AND 1998
AND THE PERIOD APRIL 1, 1993 (DATE OF INCEPTION OF DEVELOPMENT STAGE)
TO JUNE 30, 1999
<TABLE>
<CAPTION>
JUN 30, JUN 30, APR 1,1993
1999 1998 TO JUN 30, 1999
----- ------ ------------------
<S> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss. . . . . . . . . . . . . . . . . . . $ - $ (462) $(409,048)
Adjustments to reconcile net loss to
net cash provided by operating
activities
Loss of assets . . . . . . . . . . . - - 409,048
Net (Decrease) in Cash from Operations - (462) -
------- ------- ----------
CASH FLOWS FROM INVESTING
ACTIVITIES. . . . . . . . . . . . . . . . . . - - -
------- ------- ----------
CASH FLOWS FROM FINANCING
ACTIVITIES
- - -
------- ------- ----------
Net Increase (Decrease) in Cash . . . . . . . - (462) -
Cash at Beginning of Period . . . . . . . . . - 462 -
------- ------- ----------
Cash at End of Period . . . . . . . . . . . . $ - $ - $ -
======= ======= ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
VIABLE RESOURCES, INC.
( DEVELOPMENT STAGE COMPANY )
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
The Company was incorporated under the laws of the state of Nevada on August 24,
1978 with authorized common stock of 25,000,000 shares at a par value of $.01.
Since inception the Company and its wholly owned subsidiary has been engaged
in the business of the exploration, development and production of mineral
properties. During 1992 the Company ceased operations and has since
remained inactive.
On February 29, 1984, the Registrant filed a voluntary petition under chapter XI
of the United States Bankruptcy Code, in the United States Bankruptcy Court,
District of Wyoming. Previous Annual Reports on Form 10-K have detailed the
background of the filing and progress in the reorganization proceedings. On
February 18, 1987, the Bankruptcy Court confirmed the Registrant's plan of
Reorganization which had been submitted to and approved by creditors. On July
13, 1988, the Bankruptcy Court issued the final decree closing the case of
Viable Resources, Inc. No 84-00138-B, pursuant to Rule 3022 of the bankruptcy
rules.
The ability of the Registrant to meet its obligations under the plan depended on
the operational success under the agreement. The registrant's share of the
revenues under the agreement was not sufficient to meet the payments to
creditors under the plan and during 1990 became delinquent on the payments to
creditors.
At the date of this report all remaining debt of the registrant after completion
of the bankruptcy has been extinguished by the statute of limitations.
The company is considered to have been in the development stage since April 1,
1993.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
- -------------------
The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
- ----------------
The Company has not yet adopted a policy regarding payment of dividends.
Income Taxes
- -------------
On March 31, 1999, the Company had a net operating loss carry forward of
$6,594,787. The tax benefit from the loss carry forward has been fully offset
by a valuation reserve because the use of the future tax benefit is doubtful
since the Company has no operations and an estimated 6,000,000 of the loss
carryforward has expired and the balance will expire starting in 1999 through
2019.
<PAGE>
VIABLE RESOURCES, INC.
( DEVELOPMENT STAGE COMPANY )
NOTES TO FINANCIAL STATEMENTS - CONTINUED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Estimates and Assumptions
- ---------------------------
Management uses estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.
Financial instruments
- ----------------------
The carrying amounts of financial instruments are considered by management to be
their estimated fair values. These values are not necessarily indicative of the
amounts that the Company could realize in a current market exchange.
Earnings (Loss) Per Share
- ----------------------------
Earnings (loss) per share amounts are computed based on the weighted average
number of shares actually outstanding in accordance with FASB No. 128.
3. GOING CONCERN
The Company's management intends to acquire interests in various business
opportunities which, in the opinion of management, will provide a profit to the
Company but it does not have the working capital to be successful in this
effort.
Continuation of the Company as a going concern is dependent upon obtaining the
working capital for its planned activity and the management of the Company has
developed a strategy, which they believe can obtain the needed working capital
through additional equity funding and long term debt which will enable the
Company to pursue its objective.
<PAGE>
ITEM 2. PLAN OF OPERATIONS
The Company's management intends to acquire interests in various business
opportunities which, in the opinion of management, will provide a profit to the
Company but it does not have the working capital to be successful in this
effort.
Continuation of the Company as a going concern is dependent upon obtaining the
working capital for its planned activity and the management of the Company has
developed a strategy, which they believe can obtain the needed working capital
through additional equity funding and long term debt which will enable the
Company to pursue its objective.
Liquidity and Capital Resources
- ----------------------------------
The Company will need additional working capital to finance its planned
activity.
Results of Operations
- -----------------------
The Company has had no operations during this reporting period.
PART 2 - SIGNATURES
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 there unto duly authorized.
VIABLE RESOURCES, INC.
[Registrant]
/s/ Lynn Noerring
Dated: October 25 , 1999 By Lynn Noerring , President
<TABLE> <S> <C>
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
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<PP&E> 0
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0
0
<COMMON> 130133
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<TOTAL-LIABILITY-AND-EQUITY> 0
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</TABLE>
