<PAGE>
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 quarterly period ended June 30, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission File No. 0-22711
NATIONAL AIR CORPORATION
(Name of Small Business Issuer in its Charter)
Nevada 87-05065948
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 SOUTH 900 EAST, SUITE 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 262-8844
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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 for the past 90 days.
(1) Yes X No (2) Yes X No
---- ---- ---- ----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Check whether the Issuer has filed all documents and reports required to be
filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a Plan confirmed by a court. Yes__X___ No ______
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APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
September 30, 1997
737,505
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this
10-QSB Quarterly Report were prepared by management and commence on the
following page, together with related Notes. In the opinion of management, the
Financial Statements fairly present the financial condition of the Registrant.
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations in the period ending
June 30, 1997, or since approximately 1992. The Company intends to continue
to seek out the acquisition of assets, property or business that may be
beneficial to the Company and its stockholders.
The Company's only foreseeable cash requirements during the next 12 months
will relate to maintaining the Company in good standing in the State of Delaware
and keeping its reports "current" with the Securities and Exchange Commission.
Management does not anticipate that the Company will have to raise additional
funds during the next 12 months.
Results of operations.
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The Company has had no operations since approximately 1992. During the
quarterly period covered by this Report, the Company received no revenue and had
no expenses.
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
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None; not applicable.
Item 2.Changes in Securities.
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None; not applicable.
Item 3.Defaults Upon Senior Securities.
- ---------------------------------------
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
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No matter was submitted to a vote of security holders of the Company during
the period covered by this Report.
Item 5.Other Information.
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None; not applicable.
Item 6.Exhibits and Reports on Form 8-K.
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(a)Exhibits.*
None.
(b)Reports on Form 8-K.
None.
*A summary of any Exhibit is modified in its entirety by reference to the
actual Exhibit.
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<TABLE>
<CAPTION>
NATIONAL AIR CORPORATION
BALANCE SHEETS
June 30, 1997 and December 31, 1996
6/30/97 12/31/96
---------------- ----------------
[Unaudited]
<S> <C> <C> <C> <C>
ASSETS
Total Current Assets $ 0 $ 0
---------------- ----------------
TOTAL ASSETS $ 0 $ 0
================ ================
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Payable to Stockholders $ 4,477 $ 2,119
---------------- ----------------
Total Current Liabilities 4,477 2,119
---------------- ----------------
TOTAL LIABILITIES 4,477 2,119
EQUITY
Common Stock, $.001 par value;
authorized 20,000,000 shares; issued
and outstanding 737,505 shares 738 738
Paid-in Capital 57,469 57,469
Accumulated Deficit (62,684) (60,326)
---------------- ----------------
TOTAL EQUITY (4,477) (2,119)
---------------- ----------------
TOTAL LIABILITIES & EQUITY $ 0 $ 0
================ ================
</TABLE>
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the periods. The December 31, 1996 balance sheet
has been derived from the audited financial statements. These interim financial
statements conform with the requirements for interim financial statements and
consequently do not include all the disclosures normally required by generally
accepted accounting principles.
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<TABLE>
<CAPTION>
NATIONAL AIR CORPORATION
STATEMENTS OF OPERATIONS
For the Three and Six Month Periods Ended June 30, 1997 and 1996
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
6/30/97 6/30/96 6/30/97 6/30/96
------------------- ------------------- --------------- ---------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUE
Income $ 0 $ 0 $ 0 $ 0
------------------- ------------------- --------------- ---------------
NET REVENUE 0 0 0 0
OPERATING EXPENSES
Office Expenses 10 15 263 1,490
Professional Fees 726 0 2,095 0
------------------- ------------------- --------------- ---------------
TOTAL OPERATING EXPENSES 736 15 2,358 1,490
------------------- ------------------- --------------- ---------------
NET INCOME/(LOSS) $ (736) $ (15)$ (2,358)$ (1,490)
=================== =================== =============== ===============
NET LOSS PER SHARE $ (0.01) (0.01) (0.01) (0.01)
=================== =================== =============== ===============
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 737,505 6,750,000 737,505 6,750,000
=================== =================== =============== ===============
</TABLE>
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<TABLE>
<CAPTION>
NATIONAL AIR CORPORATION
STATEMENTS OF CASH FLOWS
For the Three and Six Month Periods Ended June 30, 1997 and 1996
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
6/30/97 6/30/96 6/30/97 6/30/96
---------------- ---------------- ----------------- -------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
- ---------------------------------------------------------
Net Loss $ (736) $ (15) $ (2,358) $ (1,490)
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in accounts payable 0 0 0 0
Increase/(Decrease) in franchise taxes payable 0 0 0 0
---------------- ---------------- ----------------- ------------
Net Cash Used For Operating Activities (736) (15) (2,358) (1,490)
================ ================ ================= ============
Cash Flows Provided by Financing Activities 736 15 2,358 1,490
- --------------------------------------------------------- ---------------- ---------------- ----------------- ------------
Increase /(Decrease) in loans from shareholder 736 15 2,358 1,490
</TABLE>
<PAGE>
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.
NATIONAL AIR CORPORATION
Date: November 11, 1997 By /s/ JEFF D. JENSON
Jeffrey D. Jenson, Director and President
Date: November 11, 1997 By /S/ NICK LOVATO
Nick Lovato, Director and Vice President
Date: November 11, 1997 By /S/ KIRSTEN LOVATO
Kirsten Lovato, Director, Secretary/TR
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000768216
<NAME> National Air Corporation
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 4,477
<BONDS> 0
0
0
<COMMON> 738
<OTHER-SE> (5,225)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (736)
<EPS-PRIMARY> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
