UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934
For the quarterly period ended September 30, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 0-11043
ORION FINANCIAL, LTD.
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(Exact name of registrant as specified in its charter)
Colorado 84-0858679
------------------------------ ------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
80 N. Hoyt Street, Lakewood, Colorado 80226
- --------------------------------------- --------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 238-0937
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 13 or 15(d) 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 [ ] NO [X]
As of October 15, 1996, Registrant had 4,641,522 shares of its no par value
common stock issued and outstanding.
9 Total Pages
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ORION FINANCIAL, LTD.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 1995
INDEX
SECTION PAGE
PART I - FINANCIAL INFORMATION*
Balance Sheets September 30, 1995 & June 30, 1995 ........................... 3
Statement of Operations - For the three months ended September 30,
1995 & 1994 ........................................................ 4
Statements of Cash Flow - For the three months ended September 30, 1995
and 1994 .......................................................... 5
Notes to the Financial Statements ........................................... 6
Management's Discussion and Analysis ........................................ 7
PART II - OTHER INFORMATION
Signatures .................................................................. 8
*The accompanying financial statements are not covered by an Independent
Certified Accountant's Report.
2
<PAGE>
<TABLE>
<CAPTION>
Orion Financial, Ltd.
Balance Sheets
Assets
Year Ended
September 30, June 30,
1995 1995
<S> <C> <C>
------------ -----------
Current Assets
Cash ............................................. 13,496 18,443
Short term investments ........................... 218,161 247,272
--------- ---------
Total Current Assets .................... 231,657 265,715
Fixed Assets
Furniture & Equipment ............................ 0 0
Accumulated Depreciation ......................... 0 0
--------- ---------
Net Fixed Assets ........................ 0 0
Other Assets
Restricted Cash .................................. 0 0
Advance to Affiliate ............................. 0 0
--------- ---------
Total Assets ..................................... 231,657 265,715
========= =========
Liabilities & Equity
Current Liabilities
Accounts Payable ................................. 0 11,146
Accrued Expenses ................................. 0 8,095
--------- ---------
Total Current Liabilities ............... 0 19,241
Equity ........................................... 371,322 371,322
Additional Paid-In Capital ....................... 4,639,182 4,639,182
Accumulated Deficit .............................. -4,778,847 -4,764,030
--------- ---------
231,657 246,474
--------- ---------
Total Liabilities & Equity ....................... 231,657 265,715
========= =========
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
Orion Financial, Ltd.
Statement of Operation
For the Three Months Ended
9/30/95 9/30/94
----------- ----------
<S> <C> <C>
Interest income .............................. 485 4,470
Accounting & Legal Expenses .................. (11,460) (8,419)
Compensation Expense ......................... (3,000) (4,000)
Miscellaneous Expenses ....................... (842) (392)
--------- ---------
Net income (Loss) ............................ (14,817) (8,341)
========= =========
Net income (Loss) per Share .................. $ 0.00 $ 0.00
========= =========
Weighted Average Shares Outstanding........... 4,641,522 4,641,522
========= =========
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
Orion Financial, Ltd.
Statement of Cash Flows
Three Months Ended
September 30,
--------------------
1995 1994
---- ----
<S> <C> <C>
Cash Flow from operating activities:
Net income (loss) ............................................. (14,817) (8,341)
Adjustments to reconcile net loss to net
cash provided (used) by operating activities:
Depreciation ........................................................... 0 0
Changes in assets and liabilities:
Restricted Cash ........................................................ 0 50,000
Investment in Partnership .............................................. 0 (29,705)
Accounts Payable ....................................................... (11,146)
Accrued Liabilities .................................................... (8,095)
------- -------
Net cash provided (used) by operating activities .............. (34,058) 11,954
Increase (decrease) in cash and cash equivalents ....................... (34,058) 11,954
Cash and cash equivalents, beginning of period ......................... 265,715 85,882
------- -------
Cash and cash equivalents, end of period ............................... 231,657 97,835
</TABLE>
5
<PAGE>
ORION FINANCIAL, LTD.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. GENERAL:
Orion Financial, Ltd. (the "Company"), has elected to substantially omit
footnotes to the Financial Statements for the three months ended September 30,
1995, since there have been no material changes to the information previously
reported by the Company in its annual report filed Form 10-K, for the year ended
June 30, 1995.
2. UNAUDITED INFORMATION:
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments which
are, in the opinion of management, necessary to property reflect the results for
the interim periods presented. The information presented is not necessarily
indicative of the results from operations expected for the full fiscal year.
6
<PAGE>
ORION FINANCIAL, LTD.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
Orion Financial, Ltd (the "Company") had working capital at September 30, 1995,
of approximately $231,000 which should be sufficient for the Company to fund its
obligations for the next 18 to 24 months provided the Company does not enter
into a business combination that provides the Company with business operations.
The Company's minimal cash position limits the Company in its future direction
because it does not have the ability to raise additional funds through
borrowings or equity offerings given its lack of business operations. The long
term survivability of the Company depends on whether or not the Company is able
to enter into a business combination that would provide the Company with
successful business operations.
The Company has no material commitments for capital expenditures.
RESULTS OF OPERATIONS
The Company had no significant operations during the fiscal year. Revenue
consists solely of interest income on the remaining cash on hand. Expenses are
generally related to the payment of professional fees in the preparation of the
annual reports on Form 10-K and minimal compensation to the Company's President.
The Company is continually reviewing business combination proposals in an
ongoing effort to combine the Company an organization which has successful
operations.
7
<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.
Orion Financial, Ltd.
Dated April 16, 1997 /s/ Dean H. Boedeker
---------------------------------
Dean H. Boedeker
President and Principal Financial
Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> SEP-30-1995
<CASH> 13,496
<SECURITIES> 218,161
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 231,657
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 231,657
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 371,322
<OTHER-SE> (139,665)
<TOTAL-LIABILITY-AND-EQUITY> 231,657
<SALES> 0
<TOTAL-REVENUES> 485
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 15,302
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (14,817)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (14,817)
<EPS-PRIMARY> (0.003)
<EPS-DILUTED> 0
</TABLE>
