SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
For the quarterly period ended: December 31, 1996
Commission File number: 0-114244
WHITE CLOUD EXPLORATION, INC.
(Exact name of registrant as specified in its charter)
Utah 84-0959153
- --------------------------------- ----------------------
State or Other Jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
1430 Larimer #209, Denver, CO 80202
- --------------------------------------- -------
(Address of principal Executive Offices Zip Code)
Registrant's telephone number, including area code: None
Indicate by check mark 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 the filing
requirements for at least the past 90 days.
Yes No X
----- -----
As of December 31, 1996, there were 9,825,000 outstanding shares of common
stock, par value $.0001 outstanding.
<PAGE>
PART 1. FINANCIAL INFORMATION
ITEM 1. Financial Statements
--------------------
WHITE CLOUD EXPLORATION, INC.
Consolidated Balance Sheet
(Unaudited)
December June
ASSETS 31, 1996 30, 1996
-------- --------
CURRENT ASSETS:
Cash and Cash Equivalents $ 100 $ 100
Prepaid Expenses - -
Accounts Receivable - -
Accrued Interest Receivable - -
Intercompany Receivable - -
Total Current Assets $ 100 $ 100
- -------------------------------------------------------------------------------
TOTAL ASSETS $ 100 $ 100
===============================================================================
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts Payable $27,055 $27,055
Total Current Liabilities $27,055 $27,055
STOCKHOLDER'S EQUITY (DEFICIT):
Common Stock, $.001 par value
- 50,000,000
shares authorized, 9,825,000
shares issued and outstanding $ 9,825 $ 9,825
Additional Paid In Capital $65,707 $65,707
Deficit accumulated during the
development stage (102,487) (102,487)
- -------------------------------------------------------------------------------
Total Stockholder's Equity $(26,955) (26,955)
- -------------------------------------------------------------------------------
TOTAL LIABILITIES &
STOCKHOLDER'S EQUITY $ 100 $ 100
===============================================================================
The accompanying notes are considered an integral part
of these financial statements
<PAGE>
<TABLE>
<CAPTION>
WHITE CLOUD EXPLORATION, INC.
Consolidated Statement of Income and Expense
(Unaudited)
3 Months 6 Months
Ended December 31, Ended December 31,
1996 1995 1996 1995
---------------------- ----------------------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Revenues - - - -
Gross Profit - - - -
OPERATING EXPENSES
Salaries - - - -
Office - - - -
Travel - - - -
Professional fees - - - -
Telephone & Utilities - - - -
Depreciation - - - -
Miscellaneous - - - -
Interest expense - - - -
Total Operating Expense - - - -
- --------------------------------------------------------------------------------------------------
OTHER REVENUES & EXPENSES
Miscellaneous Income - - - -
Total Other Revenues & Expenses - - - -
- --------------------------------------------------------------------------------------------------
NET INCOME (LOSS) - - - -
===================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WHITE CLOUD EXPLORATION, INC.
Consolidated Statement of Cash Flows
(Unaudited)
Three Months Six Months
Ended December 31, Ended December 31
1996 1995 1996 1995
---------------------- ---------------------
<S> <C> <C> <C> <C>
Cash flows from
Operating Activities:
Net Profit (Loss) - - - -
Depreciation - - - -
Stock issued for services - - - -
(Increase) decrease in Accts Receivable - - - -
(Increase) decrease in Prepaids - - - -
(Increase) decrease in Deposits - - - -
(Decrease) increase in Accrued Expenses - - - -
(Decrease) increase in Accts Payable - - - -
(Decrease) increase in advance payable - - - -
Net Cash Flows Used for
Operating Activities - - - -
Cash Flows from investing activities
(Purchase) sale of Fixed Assets - - - -
(Purchase) sale of Note Receivable - - - -
(Purchase) sale of Lease Interests - - - -
Total cash used for investing - - - -
- --------------------------------------------------------------------------------------------------
Cash flows from financing activities
Increase (Decrease) in Note Payable - - - -
Sale of Common Stock - - - -
Total Cash from financing activities - - - -
- --------------------------------------------------------------------------------------------------
Increase (Decrease) in cash - - - -
Cash and cash equivalents -
beginning of period 100 100 100 100
====================================================================================================
Cash and cash equivalents -
end of period 100 100 100 100
====================================================================================================
</TABLE>
<PAGE>
ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of
Operations.
Results of Operations
- ---------------------
The Company had no operations for the period. During the same period in
1995 there were no operations nor revenues.
Liquidity and Capital Resources
- -------------------------------
The Company had nominal cash capital at the end of the period. The Company
will be forced to either borrow against or sell assets or make private
placements of stock in order to fund any operations. No assurance exists as to
the ability to make private placements of stock.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings - None.
Item 2. Changes in securities - None.
Item 3. Defaults upon senior securities - None.
Item 4. Submission of matters to a vote of security holders - None.
Item 5. Other information - None.
Item 6. Exhibits and reports on Form 8-K
(a) The following are filed as Exhibits to this Quarterly Report. The
numbers refer to the Exhibit Table of Item 601 of Regulation S-K:
None.
(b) Reports on Form 8-K filed during the three months ended December
31, 1996. (incorporated by reference)
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 of the
undersigned thereunto duly authorized.
WHITE CLOUD EXPLORATION, INC.
by: /S/ STEVEN C. SIGNER
--------------------------------------
Steven C. Signer, President
Dated: July 15, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<CASH> 100
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 100
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 100
<CURRENT-LIABILITIES> 27,055
<BONDS> 0
0
0
<COMMON> 9,825
<OTHER-SE> 65,707
<TOTAL-LIABILITY-AND-EQUITY> 100
<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-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
