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.
SEPTEMBER 30, 1994 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 for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements in the past 90 days:
Yes No X
---------- -----------
Indicate the number of shares outstanding for each of the issuer's
classes of Common Stock as of the last practical date:
At September 30, 1994, there were 49,949,915 shares of common stock at
$0.001 par value outstanding. <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 September
30, 1994, 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
September 30, 1994, the required filing date of the report.
<PAGE>
ASDAR GROUP
Balance Sheets
September 30, 1994 (Unaudited) and December 31, 1993
<TABLE>
<CAPTION>
(Unaudited)
September December
30, 1994 31, 1993
----------- -----------
<S> <C> <C>
ASSETS
Current Assets $ -0- $ -0-
- -------------- ----------- -----------
Total Assets $ -0- $ -0-
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
- -------------------
Accounts Payable $ 45,300 $ 200
----------- -----------
Total Liabilities 45,300 200
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 (4,208,033) (4,162,933)
----------- -----------
Total Stockholders' Equity (45,300) (200)
----------- -----------
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ -0- $ -0-
=========== ===========
</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 September 30, 1994 and 1993
the Nine Month Period Ended September 30, 1994 and 1993
<TABLE>
<CAPTION>
For the Three For the Nine
Months Ended Months Ended
September September September September
30, 1994 30, 1993 30, 1994 30, 1993
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues $ -0- $ -0- $ -0- $ -0-
Expenses
- --------
Consulting Fees 15,000 -0- -0- -0-
General &
Administrative
Expenses -0- -0- 45,100 125
----------- ----------- ----------- -----------
Total Expenses 15,000 -0- 45,100 125
Net (Loss) $ (15,000) $ -0- $ (45,100) $ (125)
=========== =========== =========== ===========
(Loss) Per
Share $ (.00) $ (.00) $ (.00) $ (.00)
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, 1994 & 1993
to September 30, 1994 & 1993
<TABLE>
<CAPTION>
1994 1993
----------- -----------
<S> <C> <C>
Cash Flows from Operating Expenses
- ----------------------------------
Net (Loss) $ (45,100) $ (125)
Changes in Operating Liabilities:
(Increase) Decrease in Accounts
Payable 45,100 100
----------- -----------
Net Cash Provided (Used) by
Operating Activities -0- (25)
----------- -----------
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 -0- (25)
----------- -----------
Cash at Beginning of Period -0- 25
----------- -----------
Cash at End of Period $ -0- $ -0-
=========== ===========
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 nine
month periods ending September 30, 1994, are not necessarily
indicative of the results that may be expected for the year ended
December 31, 1994. 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, 1993.
ITEM II
Management's Discussion and Analysis of Financial Condition and
Results of Operation
Liquidity & Capital Resources
- -----------------------------
The Company has been inactive 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. The Company has accrued $5,000 per month
since January 1, 1994, payable to its Secretary for services in its
acquisition attempts.
<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. . . . . . . . . . . . . .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 by the
undersigned thereunto duly authorized.
ASDAR GROUP
Date: June 19, 1997 By:/s/ Nicholas F. Coscia
---------------------- --------------------
Nicholas F. Coscia
Secretary & Chief
Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 45,300
<BONDS> 0
<COMMON> 49,949
0
0
<OTHER-SE> (95,249)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 45,100
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (45,100)
<EPS-PRIMARY> 0
<EPS-DILUTED> .00
</TABLE>
