<PAGE>
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, 1996 0-13597
ASDAR INC.
--------------------------
(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: (702) 795-1802
---------------
Former address: 1500 East Tropicana Avenue, Suite 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 June 30, 1996, there were 49,949,915 shares of common stock at
$0.001 par value outstanding.
</Page>
<PAGE>
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 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 September 30, 1996,
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 November 15, 1996, the required
filing date of the report.
</Page>
<PAGE>
ASDAR INC.
Balance Sheets
September 30, 1996 (Unaudited) and December 31, 1995
<TABLE>
<CAPTION>
(Unaudited)
September December
30, 1996 31, 1995
------------ ------------
<S> <C> <C>
ASSETS
Current Assets
- --------------
Cash $ 22,097 $ -0-
------------ ------------
TOTAL ASSETS $ 22,097 $ -0-
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
- -------------------
Accounts Payable $ 476,171 $ 120,400
------------ ------------
Total Current Liabilities 476,171 120,400
Contingent Liability 177,500 177,500
Stockholders' Equity
- --------------------
Common Stock 50,000,000 Shares
Authorized, at $0.001 Par Value,
49,949,914 Shares Issued & Outstanding 49,949 49,949
Paid In Capital 4,311,951 4,311,951
Treasury Stock (199,167) (199,167)
Accumulated Deficit (4,794,307) (4,460,633)
------------ ------------
Total Stockholders' Equity (631,574) (297,900)
------------ ------------
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ 22,097 $ -0-
============= =============
</TABLE>
See Accompanying Notes
3
</Page>
<PAGE>
ASDAR INC.
Statements of Operations (Unaudited)
For the Three Months Ended September 30, 1996 and 1995
and For the Six Months Ended September 30, 1996 and 1995
<TABLE>
<CAPTION>
For the Three For the Six
Months Period Months Period
September September September September
30, 1996 30, 1995 30, 1996 30, 1995
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues
- --------
Interest Income $ 1,122 $ -0- $ 1,804 $ -0-
----------- ----------- ----------- -----------
Expenses
- --------
Legal Fees 193,061 -0- 211,061 -0-
Consulting Fees 34,250 15,000 78,250 45,000
General & Administrative
Expenses 40,436 -0- 46,167 100
----------- ----------- ----------- -----------
Total Expenses 267,747 15,000 335,478 45,100
----------- ----------- ----------- -----------
Net Income (Loss) $ (266,625) $ (15,000) $ (333,674) $ (45,100)
=========== =========== =========== ===========
(Loss) Per Share (.01) (.00) (.01) (.00)
Weighted Average
Shares Outstanding 49,949,915 49,949,915 49,949,915 49,949,915
</TABLE>
See Accompanying Notes
4
</Page>
<PAGE>
ASDAR INC.
Statements of Cash Flows (Unaudited)
For the Periods January 1, 1996 and 1995
to September 30, 1996 and 1995
<TABLE>
<CAPTION>
1996 1995
------------ ------------
<S> <C> <C>
Cash Flows from Operating Expenses
- ----------------------------------
Net (Loss) $ (333,674) $ (45,100)
Changes in Operating Assets & Liabilities
Increase in Accounts Payable 355,771 45,100
------------ ------------
Net Cash Provided (Used) by
Operating Activities 22,097 -0-
------------ ------------
Cash Flows From Investing Activities
- ------------------------------------
Net Cash Provided (Used) by
Investing Activities -0- -0-
------------ ------------
Cash Flows from Financing Activities
- ------------------------------------
Net Cash Provided (Used) by
Financing Activities -0- -0-
------------ ------------
Increase in Cash 22,097 -0-
Cash at Beginning of Period -0- -0-
------------ ------------
Cash at End of Period $ 22,097 $ -0-
============ ============
Disclosure from Operating Activities
- ------------------------------------
Interest $ -0- $ -0-
Taxes -0- -0-
</TABLE>
See Accompanying Notes
5
</Page>
<PAGE>
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 six and three
month period ending June 30, 1996, are not necessary indicative of the
results that may be expected for the year ended December 31, 1996. 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, 1995.
ITEM II
- -------
Management's Discussion and Analysis of Financial Condition and Results of
Operation
- --------------------------------------------------------------------------
Liquidity & Capital Resources
- -----------------------------
In April of 1996, the Company signed a letter of intent with a
Delaware Corporation to acquire a license from the Delaware Corporation,
which would enable the Company to operate a "vertical casino" on the
Internet. In contemplation of the acquisition the Company received an open
account approximately $460,000 for purposed business activities.
In subsequent periods the Company spent this money on legal fees,
consulting fees and other business expenses. In 1997, the Delaware
Corporation withdrew from the letter of intent and the Company owes the
Delaware Corporation $425,000.
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.
</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
</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: May 24, 2000 By:/S/ Nicolas F. Coscia
-----------------------------
Nicholas F. Coscia
Secretary & Chief Accounting Officer
</Page>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000746631
<NAME> ASDAR INC.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 22,097
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 22,097
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 22,097
<CURRENT-LIABILITIES> 476,171
<BONDS> 0
0
0
<COMMON> 49,949
<OTHER-SE> (681,523)
<TOTAL-LIABILITY-AND-EQUITY> 22,097
<SALES> 0
<TOTAL-REVENUES> 1,122
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 267,747
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (266,625)
<INCOME-TAX> 0
<INCOME-CONTINUING> (266,625)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (266,625)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
