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 September 30, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
-------------- ------------------
Commission File No. 33-1210-D
SUMMA VEST, INC.
(Name of Small Business Issuer in its Charter)
UTAH 87-042552
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
1787 East Ft. Union Blvd., #106
Salt Lake City, Utah 84121
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 942-7722
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
None; Not Applicable.
<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:
November 8, 1996
325,198*
*Reflects a 350 for 1 reverse split of the outstanding voting securities
effective November 5, 1996, while retaining the authorized capital at $50,000
divided into 50,000,000 shares of one mill ($0.001) par value common voting
stock, and with appropriate adjustments in the stated capital and capital
surplus accounts of the Company.
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.
<PAGE>
<TABLE>
<CAPTION>
SUMMA VEST, INC.
BALANCE SHEET
September 30, 1996
9/30/96
Unaudited]
<S> <C>
ASSETS
Assets $ 0
-----------------
TOTAL ASSETS $ 0
=================
LIABILITIES & EQUITY
Current Liabilities $ 23,372
Loans from Shareholders 2,019
$ 25,391
-----------------
TOTAL LIABILITIES
EQUITY
Common Stock, $.001 par value;
authorized 50,000,000 shares; issued
and outstanding 18,154,000 shares $ 18,154
Additional paid in capital 304,018
Accumulated Deficit (347,563)
-----------------
Stockholders' Deficit (25,391)
Total Liabilities and Stockholders' Deficit $ 0
=================
</TABLE>
Note to Financial Statements:
-----------------------------------
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-QSB and Item
310 3(b) of Regulation S-B. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all normal
adjustments, consisting of normal recurring accruals, considered necessary for a
fair presentation have been included.
<PAGE>
<TABLE>
<CAPTION>
SUMMA VEST, INC.
STATEMENT OF OPERATIONS
For the Three-Month and Nine-Month Periods Ended September 30, 1996 and September 30, 1995
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
9/30/96 9/30/95 9/30/96 9/30/95
---------------- --------------- ---------------- ----------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C>
REVENUE:
Revenues from operations $ 0 $ 0 $ 0 $ 0
---------------- --------------- ---------------- ----------------
NET REVENUE 0 0 0 0
OPERATING EXPENSES
Professional Expenses $ 168 $ 541 $ 872 $ 541
---------------- --------------- ---------------- ----------------
TOTAL OPERATING EXPENSES
Net Income Before Taxes (168) (541) (872) (541)
Income taxes 0 0
---------------- --------------- ---------------- ----------------
Net Loss $ (168) $ (541) $ (872) $ (541)
================ =============== ================ ================
Loss per share $ (0.01) $ (0.01) (0.01) (0.01)
================ =============== ================ ================
Weighted Average Shares Outstanding 18,154,000 18,154,000 18,154,000 18,154,000
================ =============== ================ ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUMMA VEST, INC.
STATEMENTS OF CASH FLOWS
For the Nine-Month and Three-Month Periods Ended September 30, 1996 and September 30, 1995
Nine Months Nine Months Three Months Three Months
Ended Ended Ended Ended
9/30/96 9/30/95 9/30/96 9/30/95
----------------- ---------------- -------------- ------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
- - ---------------------------------------------------
Net Loss $ (872) $ (541) $ (168) $ (541)
Adjustments to reconcile net income
to net cash used for operating
activities:
Expenses Paid by Shareholder 872 541 168 541
----------------- ---------------- --------------- -----------
Net Cash Used For Operating Activities 0 0 0 0
Cash Flows Provided by Financing Activities
- - ---------------------------------------------------
Net Increase In Cash/(Loss) In Cash 0 0 0 0
Beginning Cash 0 0 0 0
----------------- ---------------- ------------- ------------
Ending Cash $ 0 $ 0 $ 0 $ 0
================= ================ ============= ============
</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
September 30, 1996, or since December 30, 1993. 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 Nevada
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 December, 1993. During the
quarterly period covered by this Report, the Company received no revenue and had
$168 in expenses that were paid by a shareholder. The Company currently has no
liquidity.
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, whether through the solicitation of proxies
or otherwise.
Item 5.Other Information.
None; not applicable.
Item 6.Exhibits and Reports on Form 8-K.
(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.
<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.
SUMMA VEST, INC.
Date: November 13, 1996 By /s/ CHRISTOPHER D. EARL
--------------------------
Christopher Earl, Director and President
Date: November 13, 1996 By /s/ JEFFREY D. JENSON
------------------------
Jeffrey D. Jenson, Director and Secretary/
Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000780882
<NAME> SUMMA VEST, INC.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> SEP-30-1996
<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> 25,391
<BONDS> 0
0
0
<COMMON> 18,154
<OTHER-SE> (43,545)
<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> (168)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (168)
<EPS-PRIMARY> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
