U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Three Months Ended: September 30, 1996
[ X ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE EXCHANGE ACT
For the transition period from: to:
Commission file Number 0-14039
AMERICAN GENERAL VENTURES, INC.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
NEVADA 11-2712721
- ------------------------------- -----------------
(State or Other Jurisdiction of I.R.S. Employer
Incorporated or Organization) Identification No.
3650 Austin Bluffs Parkway-Suite 138
Colorado Springs, Colorado
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices)
(719) 548-1616
- --------------------------------------------------------------------------------
(Registrant's Telephone Number)
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 shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes x No
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Check mark whether the issuer has filed all documents and reports required to
be filed by Sections 2, 12, or 15 (d) of the Securities Exchange Act after the
distribution of securities under a plan confirmed by a court. Yes__ No__
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each issuer's classes of common
stock, as of the latest practicable date.
Common Stock $.001 par value, 10,900,000
(title of class) (Shares outstanding at
September 30, 1996)
1
<PAGE>
AMERICAN GENERAL VENTURES, INC.
FORM 10-QSB
FOR THREE MONTHS ENDED SEPTEMBER 30, 1996
INDEX
PART I - FINANCIAL INFORMATION
ITEM 1 - Financial Statements PAGE
Balance Sheet as of 3
September 30, 1996 & September 30,1995
Income Statements for quarters ending 4
September 30, 1996 & 1995
Statement of Cash Flows for three months ended 5
September 30, 1996 & 1995
ITEM 2 - Management Discussion and Analysis 6
PART II - OTHER INFORMATION
ITEMS 1-5 7
SIGNATURE PAGE 7
2
<PAGE>
AMERICAN GENERAL VENTURES, INC
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1996 & SEPTEMBER 30, 1995
(UNAUDITED)
ASSETS 9-30-96 9-30-95
------- -------
Current Assets:
Cash (47,048) 58,853
Marketable Securities -0- 37,308
Accounts Receivable 299,743 -0-
Inventory 500,393 135,339
Other Current Assets -0- 7,642
----------- -----------
Total Current Assets 753,088 239,142
Net Prop,Plant,Equip 31,552 685
Other Assets 27,360 32,299
----------- -----------
Total Assets 812,000 272,126
=========== ===========
LIABILITIES and STOCKHOLDERS' EQUITY
Current Liabilities:
Notes Payable-Officer 302,573 55,160
Accounts Payable 138,669 -0-
Other Current Liabilities 8,033 7,112
----------- -----------
Total Current Liabilities 449,275 62,272
Long Term Liabilities:
Notes Payable-Officer 129,691 131,031
----------- -----------
Total Liabilities 578,966 193,303
Stockholders' Equity:
Common Stock 10,900,000 10,900,000
Paid in Capital 1,702,099 1,671,499
Accumulated Deficit (1,478,265) (1,593,476)
----------- -----------
Total Equity 233,034 78,823
----------- -----------
Total Liabilities & Equity 812,000 272,126
=========== ===========
3
<PAGE>
AMERICAN GENERAL VENTURES, INC.
CONSOLIDATED INCOME STATEMENT
QTRS ENDING SEPTEMBER 30, 1996 & 1995
(UNAUDITED)
3RD QTR 3RD QTR
1996 1995
------- -------
REVENUES 504,728 305,837
Cost and Expenses:
Cost of Sales 355,445 164,516
Sell & General Admin 119,242 58,696
Interest -0- -0-
---------- ----------
Total Cost & Expenses 474,687 223,212
---------- ----------
Income (Loss) from Operations 30,041 82,625
Interest Income -0- 1,800
Net Income (Loss) Before Taxes 30,041 84,425
Income Tax Expense -0- -0-
Net Income (Loss) 30,041 84,425
Net Income Per Common Share .00 .00
Weighted Average Common Shares 10,900,000 9,200,000
Outstanding
========== ==========
4
<PAGE>
AMERICAN GENERAL VENTURES, INC.
CONSOLIDATED CASH FLOW
FOR THREE MONTHS ENDING SEPTEMBER 30, 1996 & 1995
(UNAUDITED)
1996 1995
---- ----
Cash Flow from Operating Activities
Net Income (Loss) 30,040 94,160
Adjustments to Reconcile Net Income
to Net Cash:
Inc (Dec) in Accounts Receivable (122,806) (3,674)
Inc (Dec) in Inventory (37,577) 42,557
Inc (Dec) in Other Assets 361 -0-
Inc (Dec) in Accounts Payable 60,480 (17,714)
Inc (Dec) in Payroll Tax Payable 1,343 -0-
Inc (Dec) in Sales Tax Payable (744) -0-
-------- --------
Net Cash Provided by (Used In)
Operating Activities (98,943) 115,329
Cash Flow from Investing Activities:
Inc (Dec) in Marketable Sec -0- (23,133)
Plant and Equipment -0- 5,425
-------- --------
Net Cash Provided by (Used in)
Investing Activities -0- (17,708)
Cash Flow from Financing Activities:
Inc (Dec) in Notes Payable 1,373 -0-
Inc (Dec) in Notes Pay-Walker 20,000 56,501
-------- --------
Net Cash Provided by (Used in)
Financing Activities 21,373 56,501
-------- --------
Inc (Dec) in Cash (47,529) 53,049
Cash (Beginning) 498 5,804
Cash (Ending) (47,031) 58,853
5
<PAGE>
AMERICAN GENERAL VENTURES, INC.
FORM 10-QSB
FOR THE THREE MONTHS ENDED SEPTEMBER, 1996
ITEM 2 - MANAGEMENT DISCUSSION AND ANALYSIS
Results of Operations
During the period from July 1, 1996 through September 30, 1996 the Company
revenues were $504,728, a 65% increase, compared from the $305,837 for the same
period in 1995. The increase in revenues was due to increased orders for
computers and accessories from Wal-Mart Stores, Inc. taken by the Company's
subsidiary ACI Micro Systems, Inc. ACI has its product in more than 70 Wal-Mart
stores located in Colorado, New Mexico, Nebraska, Oklahoma, Missouri, Iowa and
Kansas. Profits (loss) were 30,041 compared to a profit of 82,625 for the same
period a year ago.
Working Capital and Capital Resources
Working capital at September 30, 1996 (current assets less current liabilities)
totaled $303,813 compared to $176,870 at June 30, 1995. The increase in working
capital was due to an increase in account receivables and inventory.
The Company has determined that no significant adjustments were necessary during
this current quarter.
6
<PAGE>
PART II OTHER INFORMATION
Item 1 Legal Proceedings
The Company knows of no litigation pending, threatened or contemplated, or
unsatisfied judgments against the Company, nor any proceedings to which the
Company is a party that will adversely affect the Company.
Item 2 Changes in Securities - The outstanding number of common shares has
increased from 9,200,000 to 10,900,000.
Item 3 Defaults Upon Senior Securities - None
Item 4 Submission of Matters to a Vote of Securities Holders
- - None
Item 5 Other Information - None
Item 6 Exhibits and Reports on Form 8-K - None
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.
AMERICAN GENERAL VENTURES, INC.
By: /S/ STEVEN H. WALKER
------------------------------------------
President/CEO
Date: December 5, 1996
7
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Balance Sheet 9/30/96 and 9/30/95
Income Statements for Quarters ending 9/30/96 and 9/30/95
Statement of Cash Flows for Three Months ended 9/30/96 and 9/30/95
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> (47,048)
<SECURITIES> 37,308
<RECEIVABLES> 299,743
<ALLOWANCES> 0
<INVENTORY> 500,393
<CURRENT-ASSETS> 753,088
<PP&E> 31,552
<DEPRECIATION> 0
<TOTAL-ASSETS> 812,000
<CURRENT-LIABILITIES> 449,275
<BONDS> 0
0
0
<COMMON> 10,900,000
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 812,000
<SALES> 504,728
<TOTAL-REVENUES> 304,728
<CGS> 355,445
<TOTAL-COSTS> 474,687
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 30,041
<INCOME-TAX> 0
<INCOME-CONTINUING> 30,041
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 30,041
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
