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, 1990
[ ] Transition report pursuant to Section 13 or 15 (d) of the Securities ]
Exchange Act of 1934 for the transition period from _____ to _____.
Commission File No. 2-97360-A
FAST EDDIE RACING STABLES, INC.
(Exact name of issuer as specified in its charter)
Florida 59-2091510
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number
424 N.E. 10th Street, Boca Raton, Florida 33432-2938
(Address of principal Executive Offices) (Zip Code)
Check whether the issuer (1) filed all reports required to be filed by
section 13 or 15 (d) of the Exchange Act during the past 12 months (or such
shorter period that the registrant was required to file such reports), and (2)
has not been subject to such filing requirements for the past 90 days.
Yes______ No __X___.
As of July 31, 1996 there were 2,245,500 shares of the Company's common stock,
$.01 par value, outstanding.
<PAGE>
FAST EDDIE RACING STABLES, INC.
MARCH 31, 1990
(Unaudited)
INDEX Page No.
PART I - Financial information
Item I - Financial Statements
Balance Sheets as of March 31, 1990
and December 31, 1989 3
Statements of Operations for the three
months ended March 31, 1990 and 1989 4
Statements of Cash Flows for the three
months ended March 31, 1990 and 1989 5
Notes to Financial Statements 6
Item2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Signatures 8
2
<PAGE>
FAST EDDIE RACING STABLES, INC.
BALANCE SHEETS
(Unaudited)
ASSETS March 31, December 31,
Current assets: 1990 1989
Cash and cash equivalents $ 0 $ 0
Marketable securities 0 0
Other current assets 0 0
Total current assets 0 0
Standardbred race horses, at cost, net of
accumulated depreciation 0 0
Loan to officer 0 0
Other assets 0 0
Total assets $ - $ -
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued expenses $ 0 $ 0
Total current liabilities 0 0
- -
Shareholders' equity:
Common stock, $.01 par value, 5,000,000
shares authorized; 2,245,500 shares
issued and outstanding 22,455 22,455
Additional paid-in capital 737,200 737,200
Deficit (759,655) (759,655)
Total shareholders' equity 0 0
Total liabilities and shareholders' equity $ - $ -
3
<PAGE>
FAST EDDIE RACING STABLES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
March 31
1990 1989
Racing revenues $ 0 $ 8,785
Racing expenses 0 5,214
0 3,571
Administrative expenses 0 4,428
Income (loss) from operations 0 (857)
Other income (expense):
Interest and other income 0 0
Gain (loss) on marketable securities 0 0
Gain (loss) on disposition of race horses 0 0
Write off of limited partnership investment 0 0
Write off of loan to officer 0 0
0 0
Net income (loss) $ 0 $ (857)
Net income (loss) per share $ - $ (0.000)
4
<PAGE>
FAST EDDIE RACING STABLES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended
March 31
1990 1989
Cash flows from operating activities
Net income (loss) $ 0 $ (857)
Adjustments to reconcile net loss to net cash
used in operating activities
Depreciation 0 0
Loss (gain) on marketable securities 0 0
Loss (gain) on disposition of race horses 0 0
Loss on write off of limited partnership investment 0 0
Write off of loan receivable - officer 0 0
Changes in operating assets and liabilities
Other current assets 0 0
Accounts payable and accrued expenses 0 0
Total adjustments 0 0
Net cash provided (used) in operating activities 0 (857)
Cash flows from investing activities
Purchase of standardbred race horses 0 0
Sales of standardbred race horses 0 0
Purchase and sales of marketable securities, net 0 0
Investment in limited partnership 0 (1,311)
Loans (advanced to) repaid by officer 0 0
Refund of security deposits 0 0
Net cash provided (used) by investing activities 0 (1,311)
Net increase (decrease) in cash 0 (2,168)
Cash, beginning of period 0 4,479
Cash, end of period $ - $ 2,311
5
<PAGE>
FAST EDDIE RACING STABLES, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1. Interim unaudited financial statements
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and do not necessarily include
all of the information and notes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments, consisting of normal recurring accruals, considered necessary
for a fair presentation have been included. These statements should be read
in conjunction with the financial statements and notes included in the
Company's annual report on Form 10-KSB.
NOTE 2. Discontinued operations
During the year ended December 31, 1989, the Company exhausted its financial
resources and decided to discontinue formal operations. In connection with
such decision, the Company sustained charges to its Statement of Operations
associated with the cost of disposing of remaining assets and the discharge of
a personal obligation to the Company by its president aggregating $78,538 and
$79,374, respectively.
During the period from discontinuing operations during 1989 through the date of
this report, the Company has been and remains inactive.
6
<PAGE>
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS
Results of operations
During the years it conducted operations (1983 - 1989), the Company owned
and raced standardbred race horses at facilities in Florida, New York, New
Jersey, Maryland and California. Through such period, the Company was not able
to generate income from operations or net income. Accordingly, its resources
were exhausted and during the year ended December 31, 1989, the Company
sold or otherwise disposed of all remaining horses and other assets in order to
settle outstanding indebtedness. At that point and through the date hereof the
Company has been inactive.
Liquidity
The Company does not currently have any cash or cash equivalents. Current
expenses of the Company including licenses, regulatory filings and related
professional fees have been paid by the Company's President.
Foreign operations
The Company has not had, and does not presently have any foreign
operations.
7
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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 on the date hereof.
FAST EDDIE RACING STABLES, INC.
By:/s/ Edward T. Shea, Jr.
Edward T. Shea, Jr., President
Dated: August 9, 1996
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, this report has
been signed below by the following persons on the behalf of the registrant in
the capacity indicated as of the date hereof
Signatures Titles Date
President, Principal Operating
Officer, Principal Financial
Officer, Principal Accounting
/s/ Edward T. Shea, Jr. Officer August 2, 1996
Edward T. Shea, Jr.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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