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: March 31, 1997
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 March 31, 1997, 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)
March June
ASSETS 31, 1997 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 $ 29,555 $ 27,055
Total Current Liabilities $ 29,555 $ 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 (104,987) (102,487)
- -------------------------------------------------------------------------------
Total Stockholder's Equity $ (29,455) (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 9 Months
Ended March 31, Ended March 31,
1996 1997 1996 1997
---------------------- ----------------------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Revenues - - - -
Gross Profit - - - -
OPERATING EXPENSES
Salaries - - - -
Office - - - -
Travel - - - -
Professional fees - 2,500 - 2,500
Telephone & Utilities - - - -
Depreciation - - - -
Miscellaneous - - - -
Interest expense - - - -
Total Operating Expense - 2,500 - 2,500
- ---------------------------------------------------------------------------------------------------------------
OTHER REVENUES & EXPENSES
Miscellaneous Income - - - -
Total Other Revenues & Expenses - - - -
- ----------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS) - (2,500) - (2,500)
=================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WHITE CLOUD EXPLORATION, INC.
Consolidated Statement of Cash Flows
(Unaudited)
Three Months Nine Months
Ended March 31, Ended March 31
1996 1997 1996 1997
---------------------- ----------------------
<S> <C> <C> <C> <C>
Cash flows from
Operating Activities:
Net Profit (Loss) - (2,500) - (2,500)
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 - (2,500) - (2,500)
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 - (2,500) - (2,500)
- -----------------------------------------------------------------------------------------------------------------
Cash and cash equivalents -
beginning of period - 100 - 100
- -----------------------------------------------------------------------------------------------------------------
Cash and cash equivalents -
end of period - 100 - 100
=================================================================================================================
</TABLE>
<PAGE>
ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Results of Operations
- ---------------------
The Company incurred expenses for the three month period of $2,500 compared
to $0 in the same period in 1996. There were no operations or revenues for the
period compared with $0 for the same period in 1996. The Company recorded a net
loss of $2,500 for the period as compared to no loss for the same period in
fiscal year 1996. The losses were due to accounting expenses to bring its
financial information current. The Company losses will continue until income
from operations can be achieved. While the Company is seeking capital sources
for investment or in the alternative, acquisition or merger candidates, there is
no assurance that capital sources can be found. The Company has no revenues and
has no other income.
Liquidity and Capital Resources
- -------------------------------
The Company had nominal cash capital at the end of the period. The Company
will be forced to make private placements of stock in order to fund operations
continuance. 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 March 31,
1997. (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.
(Registrant)
by: /S/ STEVEN C. SIGNER
-----------------------------------
Steven C. Signer, President
Dated: July 15, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> MAR-31-1997
<CASH> 100
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 100
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 100
<CURRENT-LIABILITIES> 29,555
<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> 2,500
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,500
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,500
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
