UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10 QSB
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended September 30, 1996.
( ) 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 24-2472-A
CALDERA CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA 59-3243555
(State of Incorporation) (IRS Employer ID Number)
444 Seabreeze Avenue, Suite 435, Daytona Beach, Florida 32118
Post Office Box 1632, Daytona Beach, Florida 32115-1632
(Address of principal executive offices and Zip Code)
registrants telephone number, including area code 904-254-2920
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,
and (2) has been subject to such filing requirements for the past
90 days.
Yes X No
on September 30, 1996, there were 16,625,000 shares outstanding
of the registrant's common stock, par value $.0025 per share.
Transitional Small Business Disclosure Format (Check one:
Yes No x
SEC 2334 (3/94)
<PAGE>
CALDERA CORPORATION
(a development Company)
table of contents Page No.
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Balance Sheet as at September 30, 1996 2
and September 30, 1995
Income statement for the nine months
ended September 30, 1996 and 1995 3
Cash Flows for the nine months
ended September 30, 1996 and 1995 4
Statement of Stockholder's equity for the
year ended December 31, 1995 and the
nine months ended September 30, 1996 5
Notes to Financial Statements 6-8
Item 2. Plan of Operation. 8
PART II OTHER INFORMATION 8
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
CALDERA CORPORATION
(a development Company)
BALANCE SHEET
September 30
1996 1995
ASSETS
CURRENT ASSETS:
Cash $ 716 $ 33,649
FIXED ASSETS:
Property & Equipment At Cost
Less Accumulated depreciation of
$1,853 & $994 4,595 4,051
OTHER ASSETS:
Mining Leases 6,875 6,875
Advance Deposits 1,816 6,650
Total Assets $ 14,002 $ 51,225
LIABILITIES & STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts Payable $ $ 281
Notes Payable Stockholders 51,104 65,821
Accrued interest on notes 2,536 1,115
Total Current Liabilities 53,640 67,217
OTHER LIABILITIES:
Mining Lease Dispute 41,560 41,560
Certificate Replacement 100 100
Total Other Liabilities 41,660 41,660
STOCKHOLDER'S EQUITY
Common stock $.0025 par value
200,000,000 shares authorized
16,625,000 shares issued and 41,563 41,563
outstanding
Additional paid in capital 19,002 19,002
Accumulated deficit (141,863) (118,217)
Total Stockholder's Equity (81,298) (57,652)
Total Liabilities & Stockholder's Equity $ 14,002 $ 51,225
<PAGE> See notes to financial statements
CALDERA CORPORATION
(a development Company)
Statement of Income and Accumulated Deficit
(Unaudited)
For the Nine Months
Ended September 30,
1996 1995
$ -0- $ -0-
EXPENSES:
Selling, General & Administrative Expenses 13,492 11,815
Legal and Accounting 5,278 5,150
Interest 4,017 3,480
Depreciation 859 575
Net (loss) (23,646) (21,020)
(Loss) per share (.001) (.001)
Accumulated (deficit), as of Dec. 31 (118,217) (92,229)
Accumulated (deficit), as of September 30 $(141,863)$(113,249)
See notes to financial statements
<PAGE>
CALDERA CORPORATION
(a development Company)
STATEMENT OF CASH FLOWS
(Unaudited)
For the Nine Months Ended
September 30
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (23,646) $ (21,020)
Adjustments to reconcile net income to
net cash used by operating activities:
Depreciation 859 575
Changes in Assets & Liabilities
Accrued Interest & Expenses 1,140 8,401
Plant & Equipment (1,403) (954)
Advance Deposits 4,834 200
Reserves 100
Net Cash Used by Operating Activities (18,216) (12,698)
CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of stock to shareholders 1,285
Additional paid in capital by shareholders 13,965
Reduction in Loans from shareholders (14,717) (2,600)
Net Cash Provided By Financing Activities (14,717) 12,650
NET CHANGE IN CASH AND CASH EQUIVALENTS $ (32,933) $ 48
Cash and Cash Equivalents, Beg. of Period 33,649 321
Cash and Cash Equivalents, End of Period $ 716 $ 273
See notes to financial statements
<PAGE>
CALDERA CORPORATION
(a development Company)
STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited)
FOR THE YEAR ENDED DECEMBER 31, 1995
AND THROUGH SEPTEMBER 30 1996
Common Stock Capital in
______________________ Excess of Accum.
Shares Amount Par Value Deficit
__________ ________ _________ _________
BALANCE
DECEMBER 31, 1994 16,111,000 $40,278 $ 5,037 $(92,229)
Shares exchanged for cash
January 1995 1,000 3 997
February 1995 10,000 25 9,975
March 1995 (note 3) 500,000 1,250 -
April 1995 2,000 5 1,995
May 1995 1,000 2 998
Net loss for the period (25,988)
ended December 31, 1995
BALANCE
DECEMBER 31, 1995 16,625,000 $41,563 $ 19,002 $(118,217)
Net loss for the period (23,646)
ended September 30, 1996
BALANCE
September 30, 1996 16,625,000 $41,563 $ 19,002 $ (141,863)
See notes to financial statements
<PAGE>
CALDERA CORPORATION
(a development Company)
NOTES TO FINANCIAL STATEMENTS
( Unaudited)
NOTE 1 -GENERAL ACCOUNTING POLICIES
ACCOUNTING FOR GOLD SALES REVENUE - Revenue from the sale of gold
is recognized at the point of sale to the customer. The Company
will also deliver the gold at that time and collect the cash.
Therefore the Company will have no accounts receivable resulting
from the sale of gold.
PROPERTY AND EQUIPMENT - The cost of property and equipment is
depreciated over the estimated useful lives of the related
assets. The estimated useful lives of the office equipment is
five years. Depreciation is computed on a straight-line basis
for financial reporting purposes and on ACRS for income tax
purposes.
MAINTENANCE AND REPAIRS - Maintenance and repairs are charged to
operations when incurred. Improvement and renewals are
capitalized. When property and equipment are sold or otherwise
disposed of, the asset account and related accumulated
depreciation account are relieved, and any gain or loss is
included in operations.
VALUATION OF STOCK ISSUED IN NONCASH TRANSACTIONS - Stock issued
in noncash transactions will be valued at current market value.
If no current market value can be established through a
recognized national stock market, assets acquired by issuance of
stock will be valued at the par value of the stock issued.
There is currently no market in the stock.
CARRYING VALUE OF MINING PROPERTIES - All mining properties will
be carried at cost.
PROVISION FOR TAXES - The Company has not made a profit to date
and is in the development stage with no ascertainable time
table for profitability, if ever, therefore no provisions have
been made for taxes or loss carryover benefit under FAS 109
guidelines.
USE OF ESTIMATES - The preparation of financial statements in
conformity with generally accepted accounting principals
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could
differ from these estimates.
<PAGE>
NOTE 2 - PROPERTY AND EQUIPMENT
The following is a summary of property and equipment - at cost,
less accumulated depreciation:
Office equipment $6,448
Less: Accumulated depreciation (1,853)
_______
Total $4,595
=======
The Company incurred $6,139 rental expense under non-cancelable
operating leases to date in 1996. Future minimum lease
payments related to the current lease are as follows:
1996 $ 2,594
1997 10,377
1999 10,377
2000 6,918
-------
TOTAL $30,266
=======
NOTE 3 - LEGAL PROCEEDINGS
The Company is currently litigating the State of Alaska's
determination that the Company had not filed its annual
assessment affidavit correctly. The State asserted this
constituted an abandonment of all of its claims. This
determination is being contested by the Company by way of an
appeal to the appropriate court in Alaska. An unfavorable
decision could result in the loss of the assets related to
Alaska mining leases.
Although not currently in litigation; management believes that
the current owners of the Beluga Mining Company feel that
Caldera has defaulted on the provisions of an option agreement
between the two companies by the failure to pay the rental fees
of Seventy Thousand ($70,000) dollars to the State of Alaska
for certain mining claims held by Beluga.
Management does not know of any other potential litigation
involving the Company which may be filed in the future.
The Company has hired Legal counsel to pursue its disputed
Alaska mining claims. Legal counsel at this time can not
express an opinion as to the outcome of this litigation.
Negotiations have been initiated with the representatives of
the State of Alaska to resolve the issues involved in the above
mining claims and management believes that a satisfactory
settlement can be negotiated.
<PAGE>
Item 2. Plan of Operation
The Company is currently inactive and no significant
exploration is planned for the current year. The Company is
dependant upon obtaining additional financing through a stock
offering, loan or joint venture in order to be able to initiate
significant exploration of the existing leases and to
investigate the acquisition of additional leases that could
show favorable exploration results.
Negotiations have been initiated with the representatives of
the State of Alaska to resolve the issues currently under
litigation. Completion of these negotiations in a
satisfactory manner will be required before additional
significant financing options can be completed.
Part II Other Information
Item 1. Legal Proceedings.
The Company is currently litigating the State of Alaska's
determination that the Company had not filed its annual
assessment affidavit correctly. The State asserted this
constituted an abandonment of all of its claims. This
determination is being contested by the Company by way of
an appeal to the appropriate court in Alaska. An
unfavorable decision could result in the loss of the
assets related to Alaska mining leases.
Although not currently in litigation; management believes
that the current owners of the Beluga Mining Company feel
that Caldera has defaulted on the provisions of an option
agreement between the two companies by the failure to pay
the rental fees of Seventy Thousand ($70,000) dollars to
the State of Alaska for certain mining claims held by
Beluga.
Management does not know of any other potential litigation
involving the Company which may be filed in the future.
The Company has hired legal counsel to pursue its disputed
Alaska Mining Claims. Legal counsel at this time can not
express an opinion as to the outcome of this litigation.
Negotiations have been initiated with the representatives
of the State of Alaska to resolve the issues involved in
the above mining claims and management believes that a
satisfactory settlement can be negotiated.
Item 2. Changes in Securities.
None.
<PAGE>
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission Of Matters to a Vote of Security Holders.
At the annual meeting of shareholders held April 27, 1996
at Daytona Beach, Florida the name of the Corporation was
changed from CALDERA CORPORATION, INC. to CALDERA
CORPORATION. Said vote was by all 10,009,500 shares
present.
Item 5. Other information.
None.
Item 6. Exhibits and Reports on Form 8-K (Section 294.308 of
this chapter).
None.
signature
Pursuant to the requirements of the Securities Act of 1934
the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
CALDERA CORPORATION
by J. Allen Thumser
J. Allen Thumser, Treasurer and
Chief Financial Officer
Date October 31,1996
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEPT-30-1996
<CASH> 716
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 716
<PP&E> 6,448
<DEPRECIATION> 1,853
<TOTAL-ASSETS> 14,002
<CURRENT-LIABILITIES> 53,640
<BONDS> 41,660
0
0
<COMMON> 41,560
<OTHER-SE> (122,861)
<TOTAL-LIABILITY-AND-EQUITY> 14,011
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 19,620
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,017
<INCOME-PRETAX> (23,646)
<INCOME-TAX> 0
<INCOME-CONTINUING> (23,646)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (23,646)
<EPS-PRIMARY> (.001)
<EPS-DILUTED> (.001)
</TABLE>
