SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Annual Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
JUNE 30, 1993 0-13597
ASDAR GROUP
NEVADA 88-0195105
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
2124 GLASGOW AVENUE
CARDIFF, CALIFORNIA 92007
(Address of Principal Executive Offices)
Registrant's telephone number including area code: (619) 792-7300
Former Address: 1500 East Tropicana Avenue, #110 Las Vegas, Nevada 89119
Indicate by checkmark 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 forsuch shorter
period that the registrant was required to file such reports), and (2) has
been subject tosuch filing requirements in the past 90 days:
Yes X No
---------- ----------
Indicate the number of shares outstanding for each of the issuer's
classes of Common Stock asof the last practical date:
At June 30, 1993, there were 49,949,915 shares of common stock at
$0.001 par valueoutstanding. <PAGE>
ASDAR GROUP
TABLE OF CONTENTS
PART I FINANCIAL STATEMENTS
ITEM 1 FINANCIAL STATEMENTS (Unaudited)
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . .3
Statements of Operations . . . . . . . . . . . . . . . . . . . .4
Statements of Cash Flows . . . . . . . . . . . . . . . . . . . .5
Notes to Financial Statements. . . . . . . . . . . . . . . . . .6
ITEM 2 MANAGEMENT'S DISCUSSION AND FINANCIAL CONDITION
AND RESULTS OF OPERATIONS. . . . . . . . . . . . . . .6
PART II OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . . . .7
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . .8
This report on Form 10-Q is for the period ended June 30, 1993,
however the report has been filed with the Securities & Exchange
Commission in June 1997. To the extent practicable, the
disclosure contained has been prepared to speak as of June 30,
1993, the required filing date of the report.
<PAGE>
ASDAR GROUP
Balance Sheets
June 30, 1993 (Unaudited) and December 31, 1992
<TABLE>
<CAPTION>
(Unaudited)
June December
30, 1993 31, 1992
----------- -----------
<S> <C> <C>
ASSETS
Current Assets
- --------------
Cash $ -0- $ 25
----------- -----------
Total Assets $ -0- $ 25
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
- -------------------
Accounts Payable $ 200 $ 100
----------- -----------
Total Liabilities 200 100
Stockholders' Equity
- --------------------
Common Stock 50,000,000 Shares
Authorized, at $0.001 Par Value,
49,949,915 Shares Issued &
Outstanding 49,949 49,949
Paid In Capital 4,311,951 4,311,951
Treasury Stock (199,167) (199,167)
Accumulated Deficit (4,162,933) (4,162,808)
----------- -----------
Total Stockholders' Equity (200) ( 75)
----------- -----------
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ -0- $ 25
=========== ===========
</TABLE>
The accompanying notes are an integral part
of these financial statements<PAGE>
ASDAR GROUP
Statements of Operations (Unaudited)
For the Three Month Period Ended June 30, 1993 and 1992
the Six Month Period Ended June 30, 1993 and 1992
<TABLE>
<CAPTION>
For the Three For the Six
Months Ended Months Ended
June June June June
30, 1993 30, 1992 30, 1993 30, 1992
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues $ -0- $ -0- $ -0- $ -0-
- -------- ----------- ----------- ----------- -----------
Expenses
- --------
Loss on Disposal
of Assets -0- 281,357 -0- 281,357
Professional Fees -0- 17,433 -0- 17,433
Rent -0- 555 -0- 555
General &
Administrative
Expenses -0- 1,274 125 1,374
Depreciation -0- 1,015 -0- 2,030
----------- ----------- ----------- -----------
Total Expenses -0- 301,634 -0- 302,749
----------- ----------- ----------- -----------
Net (Loss) $ (-0-) $ (301,634) $ (125) $ (302,749)
=========== =========== =========== ===========
(Loss) Per
Share $ (.00) $ (.01) $ (.00) $ (.01)
Weighted
Average
Shares
Outstanding 49,949,915 49,949,915 49,949,915 49,949,915
</TABLE>
The accompanying notes are an integral part
of these financial statements<PAGE>
ASDAR GROUP
Statements of Cash Flows (Unaudited)
For the Periods January 1, 1993 & 1992
to June 30, 1993 & 1992
<TABLE>
<CAPTION>
1993 1992
----------- -----------
<S> <C> <C>
Cash Flows from Operating Expenses
- ----------------------------------
Net (Loss) $ (125) $ (302,749)
Adjustments to Reconcile Net Loss to
Net Cash Used by Operating Activities:
Loss on Disposal of Assets -0- 281,357
Depreciation -0- 2,030
Changes in Operating Liabilities:
Increase (Decrease) in Accounts
Payable 100 (10,592)
Increase in Notes Payable -0- 29,900
----------- -----------
Net Cash Provided (Used) by
Operating Activities (25) (54)
Cash Flows From Investing Activities -0- -0-
- ------------------------------------ ----------- -----------
Net Cash Provided (Used) by
Investing Activities -0- -0-
----------- -----------
Cash Flows from Financing Activities -0- -0-
- ------------------------------------ ----------- -----------
Net Cash Provided (Used) by
Financing Activities -0- -0-
----------- -----------
Increase (Decrease) in Cash (25) (54)
----------- -----------
Cash at Beginning of Period 25 219
----------- -----------
Cash at End of Period $ -0- $ 165
=========== ===========
Disclosures from Operating Activities
- -------------------------------------
Interest $ -0- $ -0-
Taxes -0- -0-
</TABLE>
The accompanying notes are an integral part
of these financial statements<PAGE>
ASDAR GROUP
Notes to Financial Statements (Unaudited)
ITEM I
NOTE #1 - Basis of Presentation
- -------------------------------
The accompanying unaudited financial statements have been
prepared in accordance with generally accepted accounting
principles for interim financial information and with the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X.
Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management,
adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating
results for the three and six month periods ending June 30, 1993,
are not necessarily indicative of the results that may be expected for
the year ended December 31, 1993. For further information, refer
to the financial statements and footnotes thereto included in the
Company's annual report on Form 10-K for the year ended December 31,
1992.
ITEM II
Management's Discussion and Analysis of Financial Condition and
Results of Operation
Liquidity & Capital Resources
- -----------------------------
The Company has been active for the current year and has no
assets with which to conduct business. The Company is dependent
upon its officers or shareholders for cash for any purpose.
Results Of Operations
- ---------------------
The Company had no operations other than management attempts
to make an acquisition. If there were any cost associated with
such attempts they were minimal and no expenses were incurred by
the Company. As reported in the Company's June 8-K filed May 3,
1993 Judge Heep denied the Company's motion to approve its
previously announced settlement in the Adams V. Sindler class action
lawsuit.
<PAGE>
PART II - OTHER INFORMATION
---------------------------
Item 1 Legal Proceedings . . . . . . . . . . . . . . . . . . . . None
Item 2 Changes in the Rights of the Company's Security Holders . None
Item 3 Defaults by the Company on its Senior Securities. . . . . .None
Item 4 Results of Votes of Security Holders. . . . . . . . . . . .None
Item 5 Other Information . . . . . . . . . . . . . . . . . . . . .None
Item 6 Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . . .
(a) None
(b) The Company filed a current report on Form 8-K dated May 3,
1993 to report certain litigation matters.
<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.
June 19, 1997 /s/ Nicholas F. Coscia
Date: ---------------- By:-----------------------
Nicholas F. Coscia
Secretary & Chief
Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-END> JUN-30-1993
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 200
<BONDS> 0
<COMMON> 49,949
0
0
<OTHER-SE> (50,149)
<TOTAL-LIABILITY-AND-EQUITY> (200)
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 125
<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> (125)
<EPS-DILUTED> (.00)
</TABLE>
