<PAGE>
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SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q Amendment #1
Annual Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
October 31, 1996 0-5304
INCORP, INC.
UTAH 87-0282745
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
11339 Sorrento Valley Road, Suite C, San Diego, California 92121
(Address of Principal Executive Offices)
Registrant's telephone number including area code: (619) 643-1777
Former name, former address, and former fiscal
year end, if changed since last report. None
Indicate by checkmark 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), and (2) has
been subject to such filing requirements in the past 90 days:
Yes X No
----------- --------
Indicate the number of shares outstanding for each of the issuer's
classes of Common Stock as of the last practical date:
Common Stock, Par Value $.01 Per Share, 20,781,992 Shares Outstanding
at October 31, 1996.
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INCORP, INC.
TABLE OF CONTENTS
PART I FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
Balance Sheets............................................. 3
Statement of Operations.................................... 4
Statement of Cash Flows.................................... 5
Notes to Financial Statements.............................. 6
PART II
ITEM 2 MANAGEMENT DISCUSSION AND FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.............. 6
SIGNATURES....................................... 7
<PAGE>
<PAGE>
INCORP, INC.
Balance Sheets (Unaudited)
October 31, 1996 & July 31, 1996
<TABLE>
<CAPTION>
October July
31, 1996 31, 1996
------------ ------------
<S> <C> <C>
ASSETS
Current Assets
- --------------
Cash $ 75 $ 3,248
Receivables 3,048 3,048
Inventory 500 500
------------ ------------
Total Current Assets 3,623 6,796
Other Assets
- ------------
Refundable Deposit 3,000 3,000
Equipment 5,896 6,151
Oil & Gas Properties
(Successful Efforts Method) 907,901 932,901
Less Accumulated Depletion (678,740) (673,505)
------------ ------------
Total Other Assets 238,057 268,547
------------ ------------
TOTAL ASSETS $ 241,680 $ 275,343
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
- -------------------
Accounts Payable &
Accrued Expenses $ 328,027 $ 320,752
Notes Payable 161,522 176,522
------------ ------------
Total Current Liabilities 489,549 497,274
Long Term Liabilities
- ---------------------
Notes Payable 57,105 32,105
Stockholders' Equity
- --------------------
Capital Stock $0.1 Par Value
50,000,000 Shares Authorized,
20,781,992 Shares Issued &
Outstanding 209,320 207,820
Paid In Capital 6,181,787 6,168,287
Deficit in Retained Earnings (6,696,081) (6,630,143)
------------ ------------
Total Stockholders' Equity (304,974) (254,036)
------------ ------------
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ 241,680 $ 275,343
============ ============
</TABLE>
The accompanying notes are an integral part
<PAGE>
of these financial statements
INCORP, INC.
Statement of Operations (Unaudited)
For the Period August 1, 1996 to October 31, 1996 and
the Period August 1, 1995 to October 31, 1995
<TABLE>
<CAPTION>
October October
31, 1996 31, 1995
----------- -----------
<S> <C> <C>
Revenues
- --------
Oil & Gas Production $ 9,379 $ 6,840
Other Income 21,617 -0-
------------ -----------
Total Revenues 30,996 6,840
Cost & Expenses
- ---------------
Operating Expenses 84,169 50,069
Depreciation & Depletion 5,490 7,176
Interest 7,275 600
------------ ------------
Total Cost & Expenses 96,934 57,845
------------ ------------
Net Income (Loss) $ (65,938) $ (51,005)
============ ============
(Loss) Per Share (.01) (.00)
Weighted Average Shares
Outstanding 20,781,992 14,531,992
</TABLE>
The accompanying notes are an integral part
of these financial statements
<PAGE>
INCORP, INC.
Statement of Cash Flows (Unaudited)
For the Period August 1, 1996 to October 31, 1996
and the Period August 1, 1995 to October 31, 1995
<TABLE>
<CAPTION>
October October
31, 1996 31, 1995
----------- ------------
<S> <C> <C>
Operating Expenses
- ------------------
Net (Loss) from Operations $ (65,938) $ (51,005)
Adjustments to Reconcile Net Income
(Loss) to Net Cash Provided by
Operating Activities:
Depreciation 5,490 7,176
Write Off Impaired Assets 25,000 -0-
Changes in Operating Assets &
Liabilities
(Increase) Decrease in Receivables -0- 5,304
Increase (Decrease) in Accounts
Payable 7,275 21,996
------------ ------------
Net Cash Provided (Used) by
Operating Activities (28,173) (16,529)
Cash Flows From Investing Activities -0- -0-
- ------------------------------------ ------------ ------------
Net Cash Provided (Used) by
Investing Activities -0- -0-
------------ ------------
Cash Flows from Financing Activities
- ------------------------------------
Sale of Common Shares 10,000 -0-
Increase in Notes Payable 15,000 35,000
Payment on Notes Payable -0- (14,000)
------------ ------------
Net Cash Provided (Used) by
Financing Activities 25,000 21,000
------------ ------------
Increase (Decrease) in Cash (3,173) 4,471
------------ ------------
Cash at Beginning of Period 3,248 1,515
------------ ------------
Cash at End of Period $ 75 $ 5,986
============ ============
Disclosures from Operating Activities
Interest $ 7,275 $ 600
Taxes -0- -0-
</TABLE>
The accompanying notes are an integral
of these financial statements
<PAGE>
INCORP, INC.
Notes to Financial Statements (Unaudited)
ITEM I
NOTE #1 - Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01
of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three month
period ending October 1996 are not necessarily indicative of the results that
may be expected for the year ended July 31, 1997. For further information,
refer to the financial statements and footnotes thereto included in the
Company's annual report on Form 10-K for the year ended July 31, 1996.
ITEM II
Management's Discussion and Analysis of Financial Condition and Results of
Operation
Total operating revenues for the quarter ended October 31, 1996 were
$30,996 compared to $6,840 for the quarter ended October 31, 1995.
Total operating expenses for the quarter ended October 31, 1996 were
$96,934 compared to $57,845 for the quarter ended October 31, 1995 due to
expenses related to establishment of the Company's entry into the golf
business.
<PAGE>
INCORP, INC.
OTHER INFORMATION
Item 1 Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . .None
Item 2 Changes in the Rights of the Company's Security Holders . . . . .None
Item 3 Defaults be the Company on its Senior Securities. . . . . . . . .None
Item 4 Results of Votes of Security Holders. . . . . . . . . . . . . . .None
Item 5 Other Information . . . . . . . . . . . . . . . . . . . . . . . .None
Item 6 Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . . . .None
<PAGE>
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.
INCORP, INC. (Registrant)
Date: August 11, 1997 By: /S/ Edmund J. Irvine, Jr.
---------------- ----------------------------
Edmund J. Irvine, Jr.
President
Date: August 11, 1997 By: /S/ Michael Sharp
---------------- ----------------------------
Michael Sharp
Secretary
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> OCT-31-1996
<CASH> 75
<SECURITIES> 0
<RECEIVABLES> 3,048
<ALLOWANCES> 0
<INVENTORY> 500
<CURRENT-ASSETS> 0
<PP&E> 919,188
<DEPRECIATION> (684,130)
<TOTAL-ASSETS> 241,680
<CURRENT-LIABILITIES> 489,549
<BONDS> 0
0
0
<COMMON> 209,320
<OTHER-SE> (514,294)
<TOTAL-LIABILITY-AND-EQUITY> 214,680
<SALES> 0
<TOTAL-REVENUES> 30,996
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 96,934
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> (65,938)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (65,938)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> 0
</TABLE>
