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 March 31, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
-------------- ------------------
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 ______
<PAGE>
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:
March 31, 1998
Common Voting Stock
737,505
March 31, 1998
Preferred - Class A
March 26, 1998
-0-
March 31, 1998
Preferred - Class B
March 26, 1998
-0-
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
March 31, 1998, 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.
- ----------------------
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.
<PAGE>
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
- -------------------------
None; not applicable.
Item 2.Changes in Securities.
- -----------------------------
None; not applicable.
Item 3.Defaults Upon Senior Securities.
- ---------------------------------------
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
- -----------------------------------------------------------
No matter was submitted to a vote of security holders of the Company during
the period covered by this Report.
Item 5.Other Information.
- -------------------------
None; not applicable.
Item 6.Exhibits and Reports on Form 8-K.
- ----------------------------------------
(a)Exhibits.*
<TABLE>
<S> <C>
27 Financial Data Schedule
</TABLE>
(b)Reports on Form 8-K.
None; not applicable.
*A summary of any Exhibit is modified in its entirety by reference to the
actual Exhibit.
<PAGE>
<TABLE>
<CAPTION>
NATIONAL AIR CORPORATION
BALANCE SHEETS
March 31, 1998
3/31/98
----------------
[Unaudited]
<S> <C> <C>
ASSETS
TOTAL ASSETS $ 0
================
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Current Liabilities 275
Loans from Stockholders $ 6,360
----------------
Total Liabilities 6,635
----------------
STOCKHOLDERS' DEFICIT
Preferrec stock
Class A, $.25 par value; authorized
1,000,000 shares; 0 issued
Class B, $.10 par value; authorized
1,000,000 shares; 0 isssued
Common Stock, $.001 par value;
authorized 20,000,000 shares; issued
and outstanding 737,505 shares 738
Additional paid-in capital 57,469
Accumulated Deficit (64,842)
----------------
Total Stockholder's Deficit (6,635)
----------------
Total Liabilities and
Stockholders Defecit $ 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. 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.
<PAGE>
<TABLE>
<CAPTION>
NATIONAL AIR CORPORATION
STATEMENTS OF OPERATIONS
For the Three Month Periods Ended March 31, 1998 and 1997
Three Months Three Months
Ended Ended
3/31/98 3/31/98
------------------- -------------------
[Unaudited] [Unaudited]
<S> <C> <C> <C> <C>
REVENUE
Income $ 0 $ 0
------------------- -------------------
NET REVENUE 0 0
OPERATING EXPENSES
Office Expenses 85 253
Professional Fees 944 1,369
------------------- -------------------
TOTAL OPERATING EXPENSES 1,029 1,622
------------------- -------------------
NET INCOME/(LOSS) $ (1,029) $ (1,622)
=================== ===================
NET LOSS PER SHARE $ (0.01) (0.01)
=================== ===================
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 737,505 737,505
=================== ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NATIONAL AIR CORPORATION
STATEMENTS OF CASH FLOWS
For the Three Month Periods Ended March 31, 1998 and 1997
Three Months Three Months
Ended Ended
3/31/98 3/31/97
---------------- ----------------
[Unaudited] [Unaudited]
<S> <C> <C>
Cash Flows Used For Operating Activities
- ---------------------------------------------------------
Net Loss $ (1,029) $ (1,622)
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in loans from shareholder 1,029 1,622
---------------- ----------------
Net Cash Used For Operating Activities 0 0
================ ================
Cash Flows Provided by Financing Activities 0 0
- --------------------------------------------------------- ---------------- ----------------
Net Increase In Cash 0 0
Beginning Cash Balance 0 0
Ending Cash Balance 0 0
================ ================
</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: 4/13/98 /S/ JEFF D. JENSON
Jeffrey D. Jenson, Director and President
Date: 4/13/98 /S/ NICK LOVATO
Nick Lovato, Director and Vice President
Date: 4/13/98 /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-31-1998
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAR-31-1998
<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> 6,635
<BONDS> 0
0
0
<COMMON> 738
<OTHER-SE> (7,373)
<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> (1,029)
<EPS-PRIMARY> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
