<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.
- --------------------- -------------------
MARCH 31, 1997 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
-----------------------------
(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 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
----- -----
Indicate the number of shares outstanding for each of the issuer's
classes of Stock as of the last practical date:
At March 31, 1997, there were 1,104,499 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 March 31, 1997,
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 May 15, 1997, the required
filing date of the report.
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ASDAR INC.
Balance Sheets
March 31, 1997 (Unaudited) December 31, 1996
<TABLE>
<CAPTION>
March December
31, 1997 31, 1996
----------- -----------
<S> <C> <C>
Assets
Current Assets
- --------------
Cash $ 119 $ 2,250
----------- -----------
Total Assets $ 119 $ 2,250
=========== ===========
Liabilities & Stockholders' Equity
Current Liabilities
- -------------------
Accounts Payable 94,500 81,500
Note Payable -0- 475,000
----------- -----------
Total Current Liabilities 94,500 556,500
Stockholders' Equity
- --------------------
Common Stock, 50,000,000 Shares
Authorized, at $0.001 Par Value;
1,104,499 & 549,499 Shares
Issued & Outstanding Respectively 1,104 549
Paid In Capital 7,348,928 6,831,233
Treasury Stock ( 199,167) ( 199,167)
Accumulated Deficit (7,245,246) (7,186,865)
----------- -----------
Total Stockholders' Equity ( 94,381) ( 554,250)
----------- -----------
Total Liabilities & Stockholders' Equity $ 119 $ 2,250
=========== ===========
</TABLE>
See Accompanying Notes
3
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<PAGE>
ASDAR INC.
Statements of Operations (Unaudited)
For the Three Months Periods Ended March 31, 1997 & 1996
<TABLE>
<CAPTION>
March March
31, 1997 31, 1996
----------- -----------
<S> <C> <C>
Revenues $ -0- $ -0-
- -------- ----------- -----------
Expenses
- --------
Legal Fees 2,131 -0-
Consulting Fees 56,250 15,000
General & Administrative -0- 100
----------- -----------
Total Expenses 58,381 15,100
----------- -----------
Net Loss ($ 58,831) ($ 15,100)
=========== ===========
Loss Per Share ($ 0.07) ($ 0.00)
Weighted Average Shares Outstanding 826,999 499,499
</TABLE>
See Accompanying Notes
4
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<PAGE>
ASDAR INC.
Statements of Cash Flows (Unaudited)
For the Three Months Periods Ended March 31, 1997 & 1996
<TABLE>
<CAPTION>
March March
31, 1997 31, 1996
----------- -----------
<S> <C> <C>
Cash Flows from Operating Activities
- ------------------------------------
Net Loss ($ 58,381) ($ 15,100)
Adjustments to Reconcile Net Loss to Net
Cash Used by Operating Activities;
Non Cash Expenses 56,250 15,100
----------- -----------
Net Cash Used by Operating Activities ( 2,131) -0-
Cash Flows from Investing Activities -0- -0-
- ------------------------------------ ----------- -----------
Cash Flows from Financing Activities -0- -0-
- ------------------------------------ ----------- -----------
Increase in Cash (2,131) -0-
Cash at Beginning of Period 2,250 -0-
----------- -----------
Cash at End of Period $ 119 $ -0-
=========== ===========
Disclosures from Operating Activities
- -------------------------------------
Interest $ -0- $ -0-
Taxes -0- -0-
</TABLE>
See Accompanying Notes
5
</Page>
<PAGE>
ITEM 1
- ------
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 month
period ending March 31, 1997, are not necessarily 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, 1996.
ITEM II
- -------
Management's Discussion and Analysis of Financial Condition and Results of
Operations
- --------------------------------------------------------------------------
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 has no operations other than management's attempts to make
an acquisition. The Company has accrued $5,000 per month since January 1,
1995, payable to its Secretary for services in its acquisitions attempts.
</Page>
6
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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>
<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 24, 2000 By:/S/ Nicholas F. Coscia
----------------- -------------------------
Nicholas F. Coscia
Secretary and
Chief Financial Officer
</Page>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000746631
<NAME> ASDAR INC
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 119
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 119
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 119
<CURRENT-LIABILITIES> 94,500
<BONDS> 0
0
0
<COMMON> 1,104
<OTHER-SE> (95,485)
<TOTAL-LIABILITY-AND-EQUITY> 119
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 58,831
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (58,831)
<INCOME-TAX> 0
<INCOME-CONTINUING> (58,831)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (58,831)
<EPS-BASIC> (0.07)
<EPS-DILUTED> (0.07)
</TABLE>
