SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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, 1997
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: 2 41703
CASSCO CAPITAL CORPORATION
--------------------------
(Exact name of small business issuer as specified in its charter)
Delaware 43 1594165
-------- ----------
(State or other jurisdiction (I.R.S. employer identification number)
of incorporation or organization)
1999 Broadway, Ste. 3250, Denver, Colorado 80202
- ------------------------------------------ -----
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (303) 292 2992
Indicate by check mark whether the issuer (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 for the past 90 days. Yes X No ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: As of June 30, 1999, there were
approximately 22,817,005 shares outstanding.
<PAGE>
<TABLE>
<CAPTION>
I. PART I FINANCIAL INFORMATION
Item 1. Financial Statements
September 30, 1997 December 31, 1996
------------------ -----------------
(Unaudited) (Audited)
ASSETS
Current Assets:
<S> <C> <C>
Cash -- $ --
--------- ---------
Total Current Assets -- $ --
--------- ---------
Total Assets $ -- $ --
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ -- $ --
--------- ---------
Total Current Liabilities -- $ --
--------- ---------
Shareholders' Equity (Deficit)
Common Stock, $.00333 par value, 75,000,000
shares authorized, 3,442,505 shares
issued and outstanding 11,464 11,464
Additional paid in capital 100,552 100,552
Retained earnings (deficit) (112,016) (112,016)
--------- ---------
Total Shareholders' Equity (Deficit) -- --
--------- ---------
Total Liabilities and Shareholders' Equity (Deficit) $ -- --
========= =========
</TABLE>
<PAGE>
CASSCO CAPITAL CORP.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
Nine months ended September 30
1997 1996
---- ----
Total Income -- --
------------ -------------
General and administrative expenses:
Accountng -- --
Telephone -- --
Office rental -- --
Legal expenses -- --
------------ -------------
Total Expenses -- --
------------ -------------
Other income and expenses:
Forgiveness of debt -- --
Gain on stock recession -- --
Interest expense -- --
------------ -------------
------------ -------------
Net income (loss) $ -- $ --
============ =============
<PAGE>
CASSCO CAPITAL CORP.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
Nine months ended September 30
1997 1996
---- ----
Cash (used) by operating activities:
Net income (loss) $ -- $ --
Adjustments to reconcile net gain (loss) to
net cash provided by operating activities: -- --
Net Cash Flows (used) by
operating activities -- --
Increase (decrease) in Cash -- --
Cash at Beginning of the Period -- --
--------- ------------
Cash at End of the Period -- --
--------- ------------
$ -- $ --
========= ============
<PAGE>
CASSCO CAPITAL CORPORATION
(a development stage company)
Notes to Financial Statements
September 30, 1997
(Unaudited)
In the opinion of management, all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair presentation of the financial
condition of registrant have been included, and the disclosures are adequate to
make the information presented not misleading.
Note 1. A summary of significant accounting policies is currently on file with
the U.S. Securities and Exchange Commission.
Note 2. The loss per share was computed by dividing net loss by the weighted
average number of shares of common stock outstanding during the period.
Note 3. Registrant has not declared or paid dividends on its common shares since
inception.
Note 4. The accompanying unaudited condensed financial statements have been
prepared in accordance with the instructions to Form 10 QSB and do not include
all information and footnotes required by generally accepted accounting
principles for complete financial statements.
Note 5. Income taxes have not been provided for in that registrant has not had a
tax liability from inception through the date of this report, due to operating
losses.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations: Cassco Capital Corp. (Company) was incorporated as
Anthony Kane Incorporated under the laws of the State of Delaware on February 5,
1969, and became subject to the reporting provisions of the Securities Exchange
Act of 1934 on June 11, 1969, when a registration statement filed by the Company
was declared effective by the U.S.
Securities and Exchange Commission.
The name of the Company was changed to Maid-Rite Ventures, Inc., on April 8,
1985, and to Grandee Corporation on September 23, 1985, on which date the
Company also increased its authorized shares of common stock from 25,000,000 to
75,000,000, concurrently effecting a decrease in par value per share from $.01
to $.00333.
In July, 1992, the Company entered into an agreement with K C Jakes BBQ & Grill,
Inc., for the purpose of acquiring KC Jakes as a subsidiary. This agreement was
set aside by a court of competent jurisdiction in 1994, as previously reported
by the Company in a filing under the Securities Exchange Act of 1934 on Form
8-K.
On January 10, 1995, the Company entered into an agreement with Epsitek, Inc., a
Delaware corporation to acquire two subsidiaries of Epsitek as wholly-owned
subsidiaries of the Company. In conjunction with the acquisition, the Company
issued 6,000,000 shares of common stock to Epsitek, which also appointed new
directors and took control of the Company. Subsequently, Epsitek was unable to
complete the conditions imposed for and at closing. The acquisition, therefore,
did not occur and the shares issued in connection with the acquisition were
returned to treasury and the board members of the Company appointed by Epsitek
resigned.
The Company is now engaged in the process of locating a merger and/or
acquisition candidate.
The Company has had recurring losses from operations since inception and had a
net capital deficiency at year end, each of which raise substantial doubts about
the ability of the Company to continue as a going concern. Accordingly, the
auditors' report and opinion included in this report contain an explanatory
paragraph about these uncertainties.
The Company, as a result of the cessation of its business and the failure of its
proposed acquisitions, had no operations during the year; thus, no meaningful
comparison can be made to prior years.
Liquidity and Capital Resources: The Company, from inception has relied on
capital infusions from executive officers and directors and on credit from
vendors.
PART II OTHER INFORMATION
Item 1. Litigation
No material legal proceedings to which the Company (or any officer or director
of the Company, or any affiliate or owner of record or beneficially of more than
five percent of the Common Stock, to management's knowledge) is a party or to
which the property of the Company is subject is pending and no such material
proceeding is known by management of the Company to be contemplated.
Item 2. Change in Securities
This item is not applicable to the Company for the period covered by this
report.
Item 3. Defaults Upon Senior Securities
This item is not applicable to the Company for the period covered by this
report.
<PAGE>
Item 4. Submission of Matters to a Vote of Security Holders
There were no meetings of security holders during the period covered by this
report; thus, this item is not applicable.
Item 5. Other Information
There is no additional information which the Company is electing to report under
this item at this time.
Item 6. Exhibits and Reports on Form S K
No reports on Form 8 K were filed by the Company during the period covered by
this report.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 this 2nd day of July, 1999.
CASSCO CAPITAL CORPORATION
(Registrant)
By: /s/ Richard Gregory
-----------------------
Richard Gregory, President and
Chief Executive Officer
By: /s/ Richard Gregory
-----------------------
Richard Gregory, Chief Financial
and Accounting Officer and Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 11,464
<OTHER-SE> (11,464)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
