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, 2000
[ ] 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.
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2-98075-D
VENTURES-NATIONAL, INC.
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(Name of Small Business Issuer in its Charter)
UTAH 87-0433444
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(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
None, Not Applicable;
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(Former Name or Former Address, if changed since last Report)
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
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
None, Not Applicable;
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:
JUNE 30, 2000
293,583,687
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.
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<TABLE>
<CAPTION>
VENTURES-NATIONAL, INC.
(A Development Stage Company)
Statements of Financial Position
For the Period Ending March 31, 2000 and the Year Ended June 30, 1999
March 31, June 30,
2000 1999
ASSETS
<S> <C> <C>
Current assets $ - $ -
Total assets $ - $ -
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Loans from stockholders $ 1,543 $ -
Total current liabilities 1,543 -
Stockholders' deficit
Common stock, $.001 par value; 950,000,000
shares authorized; 590,221,925 shares issued
and outstanding 590,222 590,222
Additional paid-in capital 1,838,735 1,838,735
Accumulated deficit during the development stage (2,430,500) (2,428,957)
Total stockholders' deficit (1,543) -
Total liabilities and stockholders' deficit $ - $ -
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VENTURES-NATIONAL, INC.
(A Development Stage Company)
Statements of Operations
For the three and nine month Periods Ending March 31, 2000 and 1999
and Cumulative from Inception to March 31, 2000
Cumulative
From
Inception
(January 1983)
Three Months Ended Nine Months Ended To March 31,
2000 1999 2000 1999 2000
<S> <C> <C> <C> <C>
Revenues $ - $ - $ - $ - $ 5,329,705
Operating expenses
General and Administrative 1,427 - 1,543 - 7,417,861
Total operating expenses 1,427 - 1,543 - 7,417,861
Loss before income taxes and
discontinued operations (1,427) - (1,543) - (2,088,156)
Income taxes - - - - -
Loss from discontinued operations - - - - (342,344)
Net (loss) (1,427) $ - $ (1,543) $ - $(2,430,500)
Basic and diluted (loss) per common share - $ - $ - $ - $ -
Weighted average number of common
shares used in per share calculation 590,221,925 590,221,925 590,221,925 520,889,448
</TABLE>
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<TABLE>
<CAPTION>
VENTURES-NATIONAL, INC.
(A Development Stage Company)
Statements of Cash Flows
For the three and nine month Periods Ending March 31, 2000 and 1999
and Cumulative from Inception to March 31, 2000
Cumulative
From
Inception
(January 1983)
Three Months Ended Nine Months Ended To March 31,
2000 1999 2000 1999 2000
Cash Flows From Operating Activities
<S> <C> <C> <C> <C>
Net (loss) $ (1,427) $ - $ (1,543) $ - $(2,088,156)
Adjustments to reconcile net (loss) to net
cash used in operating activities
Depreciation - - - - 178,755
Loss from discontinued operations - - - - (342,344)
Net cash flows from operating activities(1,427) - (1,543) - (2,251,745)
Cash Flows From Investing Activities
Acquisitions of property and equipment - - - - (419,779)
Net cash flows from investing activities - - - - (419,779)
Cash Flows From Financing Activities
Proceeds from stock issuances - - - - 2,428,957
Net proceeds from debt - - - - 241,024
Proceeds from shareholder loan 1,427 - 1,543 - 1,543
Net cash flows from financing activities1,427 - 1,543 - 2,671,524
Net increase/decrease in cash - - - - -
Cash balance at beginning of period - - - - -
Cash balance at end of period $ - $ - $ - $ - $ -
</TABLE>
<PAGE>
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, 2000, or since before approximately 1989. 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 Utah,
keeping its reports "current" with the Securities and Exchange Commission or the
payment of expenses associated with reviewing or investigating any potential
business venture. Management does not anticipate that the Company will have to
raise additional funds during the next 12 months, however, if additional moneys
are needed, they may be advanced by management or principal stockholders as
loans to the Company. Because the Company has not identified any such venture as
of the date of this Report, it is impossible to predict the amont of any such
loan. However, any such loan will not exceed $25,000 and will be on terms no
less favorable to the Company than would be available from a commercial lender
in an arm's length transaction. As of the date of this Report, the Company has
not begun seeking any acquisition.
Results of Operations.
The Company has had no operations during the quarterly period ended March
31, 2000, or since on or before approximately 1989. During the quarterly period
covered by this Report, the Company received no revenue and incurred expenses of
$1,543, stemming from general and administrative expenses.
Liquidity
At March 31, 2000, the Company had total current assets of $0 and total
liabilities of $1,543.
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.
None; not applicable
Item 5.Other Information.
None; applicable
Item 6.Exhibits and Reports on Form 8-K.
None; not applicable
(b)Reports on Form 8-K.
None; Not Applicable.
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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.
VENTURES-NATIONAL, INC.
Date:08/29/2000 /S/JOHN WINCHESTER
John Winchester, President and Director
Date:08/29/2000 /S/ TYLER DESPAIN
Tyler Despain, Vice President and Director
