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, 1989
[ ] 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, 1989
(Unaudited)
INDEX Page No.
PART I - Financial information
Item I - Financial Statements
Balance Sheets as of March 31, 1989
and December 31, 1988 3
Statements of Operations for the three
months ended March 31, 1989 and 1988 4
Statements of Cash Flows for the three
months ended March 31, 1989 and 1988 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: 1989 1988
Cash and cash equivalents $ 2,311 $ 4,479
Marketable securities 2,347 2,347
Other current assets 0 0
Total current assets 4,658 6,826
Standardbred race horses, at cost, net of
accumulated depreciation 76,191 76,191
Loan to officer 79,374 78,063
Other assets 0 0
Total assets 160,223 $161,080
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued expenses $ 7,000 $ 7,000
Total current liabilities 7,000 7,000
- -
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 (606,432) (605,575)
Total shareholders' equity 153,223 154,080
Total liabilities and shareholders' equity $160,223 $ 161,080
3
<PAGE>
FAST EDDIE RACING STABLES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
March 31
1989 1988
Racing revenues $ 8,785 $ 55,792
Racing expenses 5,214 33,155
3,571 22,637
Administrative expenses 4,428 45,093
Income (loss) from operations (857) (22,456)
Other income (expense):
Interest and other income 0 2,218
Gain (loss) on marketable securities 0 24,106
Gain (loss) on disposition of race horses 0 (1,562)
Write off of limited partnership investment 0 0
Write off of loan to officer 0 0
0 24,762
Net income (loss) $ (857) $ 2,306
Net income (loss) per share $(0.000) $ 0.001
4
<PAGE>
FAST EDDIE RACING STABLES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended
March 31
1989 1988
Cash flows from operating activities
Net income (loss) $ (857) $ 2,306
Adjustments to reconcile net loss to net cash
used in operating activities
Depreciation 0 7,506
Loss (gain) on marketable securities 0 (24,106)
Loss (gain) on disposition of race horses 0 1,562
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 9,829
Accounts payable and accrued expenses 0 14,193
Total adjustments 0 8,984
Net cash provided (used) in operating
activities (857) 11,290
Cash flows from investing activities
Purchase of standardbred race horses 0 (13,128)
Sales of standardbred race horses 0 8,350
Purchase and sales of marketable securities, net 0 (21,269)
Investment in limited partnership 0 (1,062)
Loans (advanced to) repaid by officer (1,311) 9,105
Refund of security deposits 0 0
Net cash provided (used) by investing
activities (1,311) (18,004)
Net increase (decrease) in cash (2,168) (6,714)
Cash, beginning of period 4,479 43,010
Cash, end of period $ 2,311 $ 36,296
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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