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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 March 31, 1999
OR
[ ] 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: 001-01337
CIMARRON-GRANDVIEW GROUP, INC.
(Exact name of registrant as specified in its charter)
State of Washington 91-0239195
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
601 West Main Avenue, Suite 714
Spokane, Washington 99201-0677
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) 509-455-9077
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 at least the past
90 days. Yes (X) No ( )
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date. . 16,863,076
Transitional Small Business Disclosure Format (check one): Yes ( ) No (X)
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DOCUMENT PAGE 1 of 6
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CIMARRON-GRANDVIEW GROUP, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999
PART I. - FINANCIAL INFORMATION
Item 1 Financial Information
CIMARRON-GRANDVIEW GROUP, INC.
BALANCE SHEET MARCH 31, 1998 (UNAUDITED)
<TABLE>
ASSETS
CURRENT ASSETS:
<S> <C>
Cash and cash equivalents:
Cash in bank $ 21,778
Certificate of deposit 125,453
Temporary cash investments 3,844
-------------
Total current assets 151,078
SECURITIES 10,795
MINING PROPERTIES 3,911
-------------
$ 165,782
=============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 767
STOCKHOLDERS' EQUITY:
Common stock--50,000,000 shares,
no par value, authorized;
16,862,792 shares issued and outstanding $ 693,949
Note receivable, stock purchase (6,000)
Accumulated other comprehensive income:
Unrealized loss, marketable securities (26,716)
Retained earnings (deficit) (496,218)
-------------
Total stockholders' equity 165,015
-------------
$ 165,782
=============
</TABLE>
DOCUMENT PAGE 2 of 6
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CIMARRON-GRANDVIEW GROUP, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999
CIMARRON-GRANDVIEW GROUP, INC.
STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
Three Months Ended Year to date ended
-------------------------- --------------------------
March 31, March 31, March 31, March 31,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCOME:
Dividend and interest income $ 597 $ 178 $ 597 $ 178
------------ ------------ ------------ ------------
EXPENSES:
Directors' fees 150 - 150 -
Professional fees 245 7,309 245 7,309
Office expense 450 410 450 410
Taxes, licenses, and fees 501 870 501 870
------------ ------------ ------------ ------------
1,346 8,589 1,346 8,589
------------ ------------ ------------ ------------
LOSS BEFORE OTHER INCOME
(EXPENSE) (749) (8,411) (749) (8,411)
OTHER INCOME (EXPENSE):
Gain on sale of investment 24,487 68 24,487 68
------------ ------------ ------------ ------------
NET GAIN (LOSS) $ 23,738 $ (8,343) $ 23,738 $ (8,343)
============ ============ ============ ============
BASIC INCOME PER SHARE $ NIL $ NIL $ NIL $ NIL
============ ============ ============ ============
</TABLE>
DOCUMENT PAGE 3 of 6
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CIMARRON-GRANDVIEW GROUP, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999
CIMARRON-GRANDVIEW GROUP, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
Three Months Ended
March 31,
---------------------------------
1999 1998
---------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN CASH
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 23,738 $ (8,343)
Adjustments to reconcile net income
(loss) to net cash used in operations:
Gain (loss) on sale of securities - (69)
Gain (loss) on sale of mining properties (24,487) -
Increase (decrease) in:
Accounts payable (1,500) -
---------------- --------------
Net cash used in operating activities (25,987) (69)
---------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of securities 24,487 13,719
---------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of stock for services 150 -
Proceeds from sale of common stock 100,000 -
---------------- --------------
Net cash provided by financing activities 100,150 -
---------------- --------------
NET INCREASE IN CASH 122,388 5,307
CASH, BEGINNING OF PERIOD 28,688 8,297
---------------- --------------
CASH, END OF PERIOD $ 151,076 $ 13,604
================ ==============
</TABLE>
DOCUMENT PAGE 4 of 6
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CIMARRON-GRANDVIEW GROUP, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999
CIMARRON-GRANDVIEW GROUP, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION:
The financial statements included herein have been prepared by
Cimarron-Grandview Group, Inc. (the Company), without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission (the SEC).
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been omitted pursuant to such SEC rules and regulations. In the opinion of
management of the Company, the foregoing statements contain all adjustments
necessary to present fairly the financial position of the Company as of March
31, 1999, and its results of operations for the three month period ended March
31, 1999 and 1998, and its cash flows for the three month period ended March 31,
1999 and 1998. The interim results reflected in the foregoing financial
statements are not considered indicative of the results expected for the full
fiscal year.
NOTE 2 - RECENT DEVELOPMENTS:
In January 1999, the Company sold approximately 34 acres of surface and mineral
rights located in northern Stevens County for $25,000 cash.
In February 1999, 400,000 shares of Company stock was issued and exercised by
Company directors. The exercised price is $.005 per share, payable by a
one-year nonrecourse promissory note bearing interest at 8 percent per annum.
Also, the Company issued restricted stock grants (50,000) each to three
directors for services.
In March 1999, the Company sold 8,431,538 shares of its common stock for
$100,000.
Item 2. Management's Discussion and Analysis or Plan of Operation
The Registrant has no revenues from operations. It's only income has been
derived from interest.
The Registrant's plan of operation for the next twelve months will consist of
attempting to acquire an interest in a business opportunity. Due to the
Registrant's limited assets and its inability to raise additional financing due
to the lack of a market for its Common Stock, it is anticipated that any such
acquisition would be a "reverse take-over" accomplished through a merger or
share exchange. In such event, the Registrant's existing shareholders would
likely become minority shareholders in the surviving entity. The Registrant is
not currently evaluating any specific acquisition opportunities.
The Company does not currently have any employees and anticipates utilizing the
services of consultants to accomplish its plan of operation. The Company
currently has sufficient resources to meet its financial obligations for the
next twelve months.
DOCUMENT PAGE 5 of 6
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CIMARRON-GRANDVIEW GROUP, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999
PART II OTHER INFORMATION
Item 6. Exhibits and Reports of Form 8-K
(b) Reports on Form 8-K
During the Quarter ended March 31, 1999 the Registrant filed the following Form
8-Ks:
Date of Report Item Reported
- --------------------- --------------
February 16, 1999 Item 4. Change in Registrants Certifying Accountant
February 16, 1999 Item 4. Change in Registrants Certifying Accountant
(accountant's confirming letter)
March 8, 1999 Item 4. Change in Registrants Certifying
Accountant
March 9, 1999 Item 1. Changes in Control
March 29, 1999 Item 5. Other Events (re change of transfer agent)
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SIGNATURES
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In accordance with Section 13 or 15(d) of the Exchange Act , the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
CIMARRON-GRANDVIEW GROUP, INC.
By: /s/ Gregory B. Lipsker Date: May 12, 1999
_______________________________________ _______________________________
GREGORY B. LIPSKER, President
(Principal Executive Officer)
By: /s/ Eunice R. Campbell Date: May 12, 1999
_______________________________________ _______________________________
EUNICE R. CAMPBELL, Secretary/Treasurer
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the Balance
Sheets for CIMARRON-GRANDVIEW GROUP, INC. at March 31,1999, the Statements of
Income for the year ended March 31, 1999, and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 151,078
<SECURITIES> 10,795
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 161,873
<PP&E> 3,911
<DEPRECIATION> 0
<TOTAL-ASSETS> 165,782
<CURRENT-LIABILITIES> 767
<BONDS> 0
0
0
<COMMON> 693,949
<OTHER-SE> (528,934)
<TOTAL-LIABILITY-AND-EQUITY> 165,015
<SALES> 0
<TOTAL-REVENUES> 25,084
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,346
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 23,738
<INCOME-TAX> 0
<INCOME-CONTINUING> 23,738
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 23,738
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
