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: June 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, 9,200,000
(title of class) (Shares outstanding at
June 31, 1996)
1
<PAGE>
AMERICAN GENERAL VENTURES, INC.
FORM 10-QSB
FOR THREE MONTHS ENDED June 30, 1995
INDEX
PART I - FINANCIAL INFORMATION
ITEM 1 - Financial Statements PAGE
Balance Sheet as of June 30, 1996 & June 30,1995 3
Income Statements for quarters ending 4
June 30, 1996 & 1995
Statement of Cash Flows for three months ended 5
June 30, 1996 & 1995
ITEM 2 - Management Discussion and Analysis 6
PART II - OTHER INFORMATION
ITEMS 1-5 7
SIGNATURE PAGE 7
2
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AMERICAN GENERAL VENTURES, INC
CONSOLIDATED BALANCE SHEET
JUNE 30, 1996 & JUNE 30, 1995
(UNAUDITED)
ASSETS 6-30-96 6-30-95
------- -------
Current Assets:
Cash 610 8,522
Marketable Securities -0- 60,441
Accounts Receivable 177,510 10,903
Inventory 442,507 110,339
Other Current Assets -0- 7,642
-------- --------
Total Cuurent Assets 620,627 197,847
Net Prop,Plant,Equip 31,552 685
Other Assets 27,360 32,299
-------- --------
Total Assets 679,539 230,832
======== ========
LIABILITIES and STOCKHOLDERS' EQUITY
Current Liabilities:
Notes Payable-Officer 86,000 55,160
Notes Payable-Bank 195,200
Accounts Payable 58,222 5,892
Other Current Liabilities 7,433 7,112
-------- --------
Total Current Liabilities 346,855 68,164
Long Term Liabilities:
Notes Payable-Officer 129,691 116,031
-------- --------
Total Liabilities 476,546 184,195
Stockholders' Equity:
Common Stock 9,200 800
Paid in Capital 1,702,099 1,671,499
Accumulated Deficit (1,588,400) (1,618,421)
--------- ---------
Total Equity 202,933 46,637
--------- ---------
Total Liabilities & Equity 679,445 230,832
======== =========
3
<PAGE>
AMERICAN GENERAL VENTURES, INC.
CONSOLIDATED INCOME STATEMENT
QTRS ENDING JUNE 30, 1995 & 1995
(UNAUDITED)
2ND QTR 2ND QTR
1996 1995
---------- ----------
REVENUES 423,365 153,545
Cost and Expenses:
Cost of Sales 275,248 105,855
Sell & General Admin 103,256 49,456
Interest -0- -0-
---------- ---------
Total Cost & Expenses 378,504 155,311
---------- ---------
Net Income (Loss) Before Taxes 44,861 (1,766)
Income Tax Expense -0- -0-
Net Income (Loss) 44,861 (1,766)
Net Income Per Common Share .00 .00
Weighted Average Common Shares 9,200,0000 9,200,000
Outstanding
========== =========
4
<PAGE>
AMERICAN GENERAL VENTURES, INC.
CONSOLIDATED CASH FLOW
FOR THREE MONTHS ENDING JUNE 30, 1996 & 1995
(UNAUDITED)
1996 1995
---- ----
Cash Flow from Operating Activities
Net Income (Loss) 44,861 10,185
Adjustments to Reconcile Net Income
to Net Cash:
Inc (Dec) in Accounts Receivable 50,310 7,229
Inc (Dec) in Inventory (16,272) 17,557
Inc (Dec) in Other Assets 112 124
Inc (Dec) in Accounts Payable (35,636) (19,113)
Inc (Dec) in Payroll Tax Payable (5,890)
Inc (Dec) in Sales Tax Payable (330)
--------- ---------
Net Cash Provided by (Used In)
Operating Activities (37,455) 16,037
Cash Flow from Investing Activities:
Inc (Dec) in Marketable Sec -0- -0-
Plant and Equipment -0- 5,425
--------- ---------
Net Cash Provided by (Used in)
Investing Activities -0- 5,425
Cash Flow from Financing Activities:
Inc (Dec) in Notes Payable 45,200 -0-
Inc (Dec) in Notes Pay-Walker 26,000 41,501
--------- ---------
Net Cash Provided by (Used in)
Financing Activities 71,200 41,501
--------- ---------
Inc (Dec) in Cash 33,745 2,718
Cash (Beginning) (33,247) 5,804
Cash (Ending) 498 8,522
5
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AMERICAN GENERAL VENTURES, INC.
FORM 10-QSB
FOR THE THREE MONTHS ENDED JUNE, 1996
ITEM 2 - MANAGEMENT DISCUSSION AND ANALYSIS
Results of Operations
During the period from April 1, 1996 through June 30, 1996 the Company revenues
were $423,365, a 179% increase, compared from the $153,545 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 40 Wal-Mart stores located in
Colorado, New Mexico, Nebraska and Kansas. Profits (loss) were 44,861 compared
to a loss of ($1,766) for the same period a year ago.
Working Capital and Capital Resources
Working capital at June 30, 1994 (current assets less current liabilities)
totalled $129,683 compared to $209,618 at June 30, 1994. The decrease in working
capital was due to an increase in short term debt and an operational loss.
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 - None
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: August 5, 1996
7
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 610
<SECURITIES> 0
<RECEIVABLES> 177,510
<ALLOWANCES> 0
<INVENTORY> 442,507
<CURRENT-ASSETS> 620,627
<PP&E> 96,905
<DEPRECIATION> 37,993
<TOTAL-ASSETS> 679,539
<CURRENT-LIABILITIES> 476,546<F1>
<BONDS> 0
0
0
<COMMON> 9,200
<OTHER-SE> 193,793
<TOTAL-LIABILITY-AND-EQUITY> 679,539
<SALES> 423,365
<TOTAL-REVENUES> 423,365
<CGS> 275,248
<TOTAL-COSTS> 378,504
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 44,861
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 44,861
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Includes Long-Term Liability of 129,691
</FN>
</TABLE>
