<PAGE>
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
- --------------------- -------------------
JUNE 30, 1998 0-13597
ASDAR INC.
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(Exact Name of Registrant)
NEVADA 88-0195105
- ------------------------------- ------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
2124 GLASGOW AVENUE
CARDIFF, CALIFORNIA 92007
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(Address of Principal Executive Offices)
Registrant's telephone number including area code: (619) 792-7300
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Former Address: 1500 East Tropicana Avenue, #110, Las Vegas, Nevada 89119
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 report), and (2) has
been subject to such filing requirements in the past 90 days:
YES NO X
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Indicate the number of shares outstanding for each of the issuer's
classes of Stock as of the last practical date:
At June 30, 1998, there were 1,734,499 shares of common stock at
$0.001 par value outstanding.
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ASDAR INC.
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 of Form 10-Q is for the period ended June 30, 1998,
however the report has been filed with the Securities and Exchange
Commission in April 2000. To the extent practicable, the disclosures
contained have been prepared to speak as of August 15, 1998, the required
filing date of the report.
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ASDAR INC.
Balance Sheets
June 30, 1998 (Unaudited) December 31, 1997
<TABLE>
<CAPTION>
June December
30, 1998 31, 1997
----------- -----------
<S> <C> <C>
ASSETS
Current Assets
- --------------
Cash $ 87 $ 67
----------- -----------
Total Assets $ 87 $ 67
=========== ===========
Current Liabilities
- -------------------
Accounts Payable 24,500 24,500
----------- -----------
Total Current Liabilities 24,500 24,500
Stockholders' Equity
- --------------------
Common Stock, 50,000,000 Shares
Authorized, at $0.001 Par Value;
1,734,499 & 1,519,499 Shares Issued
& Outstanding Respectively 1,734 1,519
Paid In Capital 7,478,548 7,454,013
Treasury Stock ( 199,167) ( 199,167)
Accumulated Deficit (7,305,528) ( 7,280,798)
----------- -----------
Total Stockholders' Equity ( 24,413) ( 23,433)
----------- -----------
Total Liabilities & Stockholders' Equity $ 87 $ 67
=========== ===========
</TABLE>
See Accompanying Notes
3
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<PAGE>
ASDAR INC.
Statements of Operations (Unaudited)
For the Three Months Ended June 30, 1998 & 1997
and the Six Months Periods Ended June 30, 1998 & 1997
<TABLE>
<CAPTION>
For the Three For the Six
Months Period Ended Months Period Ended
April 1, April 1, January 1, January 1,
to June to June to June to June
30, 1998 30, 1997 30, 1998 30, 1997
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues $ 39,409 $ -0- $ 39,409 $ -0-
- -------- ----------- ----------- ----------- -----------
Expenses
- --------
Legal Fees 39,389 -0- 24,000 2,131
Consulting Fees 12,000 10,000 39,389 66,250
General & Administrative -0- 1,552 750 1,552
----------- ----------- ----------- -----------
Total Expenses 51,389 11,552 64,139 69,933
----------- ----------- ----------- -----------
Net Loss ($ 11,980) ($ 11,552) ($ 24,730) ($ 69,933)
=========== =========== =========== ===========
Loss Per Share ($ 0.01) ($ 0.01) ($ 0.02) ($ 0.08)
Weighted Average
Shares Outstanding 1,626,999 896,166 1,626,999 896,166
</TABLE>
See Accompanying Notes
4
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<PAGE>
ASDAR INC.
Statements of Cash Flows (Unaudited)
For the Three Months Periods Ended June 30, 1998 & 1997
<TABLE>
<CAPTION>
June June
30, 1998 30, 1997
----------- -----------
<S> <C> <C>
Cash Flows from Operating Activities
- ------------------------------------
Net Loss ($ 24,730) ($ 69,933)
Adjustments to Reconcile Net Loss to Net
Cash Used by Operating Activities;
Non Cash Expenses 750 52,750
Increase in Accounts Payable 24,000 15,000
----------- -----------
Net Cash Used by Operating Activities 20 ( 2,183)
Cash Flows from Investing Activities -0- -0-
- ------------------------------------ ----------- -----------
Cash Flows from Financing Activities -0- -0-
- ------------------------------------ ----------- -----------
Increase in Cash 20 ( 2,183)
Cash at Beginning of Period 67 2,250
----------- -----------
Cash at End of Period $ 87 $ 67
=========== ===========
Disclosures from Operating Activities
- -------------------------------------
Interest $ -0- $ -0-
Taxes -0- -0-
</TABLE>
See Accompanying Notes
5
</Page>
<PAGE>
ITEM I
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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 six months and
the three months periods ending June 30, 1998, are not necessary indicative
of the results that may be expected for the year ended December 31, 1997.
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, 1997.
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 ha 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. The Company has
accrued $5,000 per month since January 1, 1995, payable to its Secretary
for services in its acquisitions attempts.
</Page>
<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
7
</Page>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
ASDAR INC.
Date: April 20, 2000 By: /S/ Nicholas F. Coscia
- -------------------- --------------------------
Nicholas F. Coscia
Secretary & Chief Accounting Officer
8
</Page>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000746631
<NAME> ASDAR INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 87
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 87
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 87
<CURRENT-LIABILITIES> 24,500
<BONDS> 0
0
0
<COMMON> 1,734
<OTHER-SE> (26,147)
<TOTAL-LIABILITY-AND-EQUITY> 87
<SALES> 0
<TOTAL-REVENUES> 39,409
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 51,389
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (11,980)
<INCOME-PRETAX> 0
<INCOME-TAX> (11,980)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11,980)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
