U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission File No.
2-86724D
ENCIBAR, INC.
(Name of Small Business Issuer in its Charter)
UTAH 87-0396692
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)262-8844
N/A
-----------
(Former Name or Former Address, if changed since last Report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes X No
---- ---- ---- ----
<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
None; Not applicable
APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
JANUARY 7, 2000
1,903,224
DOCUMENTS INCORPORATED BY REFERENCE
A description of any "Documents Incorporated by Reference" is contained in
Item 6 of this Report.
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this
10-QSB Quarterly Report were prepared by management and commence on the
following page, together with related Notes. In the opinion of management, the
Financial Statements fairly present the financial condition of the Registrant.
<PAGE>
<TABLE>
<CAPTION>
ENCIBAR, INC.
BALANCE SHEETS
June 30, 1999 and March 31, 1999
6/30/99 3/31/99
--------------- ----------------
[Unaudited]
ASSETS
<S> <C> <C>
Assets $ 0 $ 0
--------------- ----------------
Total Assets $ 0 $ 0
=============== ================
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts Payable 2,266 2,266
Loans from stockholders $ 1,282 $ 780
--------------- ----------------
Total Liabilities 3,548 3,046
Stockholders' Deficit:
Capital Stock--100,000,000 shares authorized
having a par value of $.001 per share; 1,087,224
shares issued and outstanding 1,088 74,482
Additional Paid-in Capital 252,575 178,229
Accumulated Deficit (257,211) (255,757)
--------------- ----------------
Total Stockholders' Deficit (3,548) (3,046)
--------------- ----------------
Total Liabilities and Stockholders' Deficit $ 0 $ 0
=============== ================
NOTE TO FINANCIAL STATEMENTS:
Interim financial statements reflect all adjustments which are, in the opinion of management, necessary
to a fair statement of the results for the periods. The March 31, 1999 balance sheet has been derived
from the audited financial statements. These interim financial statements conform with the requirements
for interim financial statements and consequently do not include all the disclosures normally required by
generally accepted accounting principles.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ENCIBAR, INC.
STATEMENTS OF OPERATIONS
For the Three-Month Periods Ended June 30, 1999 and 1998
Three Months Three Months
Ended Ended
6/30/99 6/30/98
----------------- -----------------
[Unaudited] [Unaudited]
REVENUE
<S> <C> <C>
Revenue from operations $ 0 $ 0
----------------- -----------------
Total Revenue 0 0
General and Administrative Expenses 1,454 0
----------------- -----------------
Net Income Before Taxes (1,454) 0
Income/Franchise taxes 0 0
----------------- -----------------
Net loss (1,454) 0
----------------- -----------------
Loss per share $ (0.01)$ (0.01)
================= =================
Weighted Average Shares Outstanding 37,784,717 74,482,210
================= =================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ENCIBAR, INC.
STATEMENTS OF CASH FLOWS
For the Three-Month Periods Ended June 30, 1999 and 1998
Three Months Three Months
Ended Ended
6/30/99 6/30/98
---------------- ----------------
[Unaudited] [Unaudited]
Cash Flows Used For Operating Activities:
<S> <C> <C>
Net Loss $ (1,454) $ 0
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in franchise taxes payable 0 0
Increase/(Decrease) in accounts payable 0 0
Expenses paid on behalf of company by a stockholder 1,454 0
---------------- ----------------
Net Increase/(Decrease) in Cash 0 0
</TABLE>
<PAGE>
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations during the period
ending June 30, 1999 or since before 1992. The Company intends to continue to
seek out the acquisition of assets, property or business that may be beneficial
to the Company and its stockholders.
The Company's only foreseeable cash requirements during the next 12 months
will relate to maintaining the Company in good standing in the State of Utah,
keeping its reports "current" with the Securities and Exchange Commission or the
payment of expenses associated with reviewing or investigating any potential
business venture. Management does not anticipate that the Company will have to
raise additional funds during the next 12 months, however, if additional moneys
are needed, they may be advance by management or principal stockholders as loans
to the Company. Because the Company has not identified any such venture as of
the date of this Report, it is impossible to predict the amont of any such loan.
However, any such loan will not exceed $25,000 and will be on terms no less
favorable to the Company than would be available from a commercial lender in an
arm's length transaction. As of the date of this Report, the Company has not
begun seeking any acquisition.
Results of Operations.
The Company has had no business operations during the quarterly period
ended June 30, 1999 or since on or before approximatly 1989. During the
quarterly period ended June 30, 1999, the Company received no revenue and
incurred expenses of $1,454, stemming from general and administrative expenses.
Liquidity.
At June 30, 1999, the Company had total current assets of $0 and total
liabilities of $3,548.
Year 2000.
Because the Company is not presently engaged in any substantial business
operations, management does not believe that computer problems associated with
the change of year to the year 2000 will have any material effect on its
operations. However, the possiblity exists that the Company may merge with or
acquire a business that will be negatively affected by the "Y2K" problem. The
effect of such problem or the Company in the future can not be predicted with
any accuracy until such time as the Comnpany identifies a merger or acquisition
target.
<PAGE>
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
None; not applicable.
Item 2.Changes in Securities.
None; not applicable.
Item 3.Defaults Upon Senior Securities.
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5.Other Information.
None; not applicable
Item 6.Exhibits and Reports on Form 8-K.
(a)Exhibits.*
None; Not Applicable.
(b)Reports on Form 8-K.
On December 7, 1999, the Company filed an 8-K Current Report with the
Securities and Exchange Commission.*
*A summary of any Exhibit is modified in its entirety by reference to the
actual Exhibit.
**These documents have been previously filed with the Securities and
Exchange Commission.
<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.
ENCIBAR, INC.
Date: 1/11/00 /S/ SARAH K. EDSON
Sarah K. Edson, President and Director
Date: 1/11//00 /S/ LISA J. HOWELLS
Lisa J. Howells, Vice President, Treasurer and Director
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000729976
<NAME> ENCIBAR, INC.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1999
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 3,548
<BONDS> 0
0
0
<COMMON> 1,088
<OTHER-SE> (4,636)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,454
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,454)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
