[As adopted in Release No. 34-32231, April 28, 1993, 58 F.R 26509]
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from to
Commission file number 33-1599
D-Vine, Ltd.
(Exact name of small business issuer as
specified in its charter)
Delaware 22-2732163
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
241 North Vine St. (406 West), Salt Lake City, UT 84103
(Address of principal executive offices)
(801) 521-9020
Issuer's telephone number
Trans West, Inc.
(Former name, former address and former fiscal year, if changed
since last report.)
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 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. Yes
No X
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the
Exchange Act after the distribution of securities under a plan
confirmed by a court. Yes
No
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practical date:
March 31, 1996 36,666,657 fully diluted
Transitional Small Business Disclosure Format (check one).
Yes ; No
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
D-VINE, LTD.
(FORMERLY TRANS WEST, INC.)
(A Development Stage Company)
BALANCE SHEETS
(Unaudited)
March 31, September 30,
1996 1995
Assets: $ - $ 4,000
Liabilities:
Accounts Payable $ 638 $ -
Total Liabilities 638 -
Stockholders' Equity:
Convertible Preferred Stock,
Par value $0.001,
Authorized 10,000,000,
Issued 10 shares at
December 31, 1995 and
September 30, 1995 1 1
Common Stock Authorized
50,000,000, Issued
16,666,657 of $0.01 Par
Value 166,667 166,667
Paid-In Capital 669,670 669,175
Retained Deficit (831,843) (831,843)
Earnings (Deficit)
Accumulated During the
Development Stage (5,133) -
Total Stockholders'
Equity (638) 4,000
Total Liabilities and
Stockholders' Equity $ - $ 4,000
The accompanying notes are an integral part of these financial
statements.
D-VINE, LTD.
(FORMERLY TRANS WEST, INC.)
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
Cumulative
Since
Inception
for the Three Months For the Six Months of
Ended March 31, Ended March 31, Development
1996 1995 1996 1995 Stage
Revenues: $ - $ - $ - $ - $ -
Expenses: - - 5,133 - 5,133
Net Income
(Loss) $ - $ - $ (5,133) $ - $ (5,133)
Primary loss
Per Share $ - $ - $(0.0003) $ -
The accompanying notes are an integral part of these financial
statements.
D-VINE, LTD.
(FORMERLY TRANS WEST, INC.)
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
Cumulative
Since
Inception
for the Six Months of
Ended March 31, Development
1995 1994 Stage
CASH FLOWS
FROM OPERATING ACTIVITIES:
Net Loss $ (5,133) $ - $ (5,133)
Adjustments Used to Reconcile
Net Loss to Net Cash Provided by
(Used in) Operating Activities:
Increase (Decrease) in
Accounts Payable 638 - 638
Franchise Tax Payable - - -
Net Adjustment 638 - 638
Net Cash Used in
Operating Activities (4,495) - (4,495)
Cash Flows From Investing Activities:
Net Cash Provided by
Investing Activities - - -
Cash Flows From Financing Activities:
Proceeds From Contributed Capital 495 - 495
Proceeds From Capital Stock Issued - - 4,000
Net Cash Provided by
Financing Activities 495 - 4,495
Net (Decrease) Increase in
Cash and Cash Equivalents (4,000) - -
Cash and Cash Equivalents
at Beginning of Period 4,000 - -
Cash and Cash Equivalents
at End of Period $ - $ - $ -
Supplemental Disclosure of Cash
Flow Information:
Cash Paid During the Year For:
Interest $ - $ - $ -
Franchise and Income Taxes 495 - 495
Supplemental Disclosure of Non-Cash
Investing and Financing Activities: None
The accompanying notes are an integral part of these financial
statements.
TRANS WEST, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED MARCH 31, 1996
(Unaudited)
1. Interim Reporting
The accompanying unaudited financial statements have been
prepared in accordance with generally accepted accounting
principles and withForm 10-QSB requirements. 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 adjustments
considered necessary for a fair presentation have been included.
Operating results for the six month period ended March 31, 1996,
are not necessarily indicative of the results that may be expected
for the year ended September 30, 1996. For further information,
refer to the financial statements and footnotes thereto included in
the Company's annual report on Form 10-KSB for the year ended
September 30, 1995.
Item 2. Management's Discussion and Analysis or Plan of Operation.
General - This discussion should be read in conjunction
with Management's Discussion and Analysis of Financial Condition
and Results of Operations in the Company's annual report on Form
10-KSB for the year ended September 30, 1995.
Results of Operations - From March 31, 1987 to September 27,
1995
the Company was an inactive corporation. On September 27, 1995
the Company was reactivated and for the three and six months ended
March 31, 1996 the Company became a development stage company and
has not begun principal operations.
Liquidity and Capital Resources - The Company intends to seek
an acquisition of a larger and potentially more profitable
business. The Company intends to focus on opportunities to acquire
new products or technologies in development as well as those
currently being operated, including a complete operating business
that has demonstrated long-term growth potential, strong marketing
presence, and the basis for continuing profitability. The Company
has not identified any specific target or possible acquisition. As
the Company pursues its acquisition program, it will incur costs
for ongoing general and administrative expenses as well as for
identifying, investigating, and negotiating a possible acquisition.
In order to complete any acquisition, the Company may be
required to supplement its available cash and other liquid assets
with proceeds from borrowings, the sale of additional securities,
or other sources. There can be no assurance that any such required
additional funding will be available or, if available, that it can
be obtained on terms favorable to the Company.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
The Company did not file a report on Form 8-K during the
six months ended March 31, 1996.
SIGNATURES
In accordance with the requirements of the Exchange Act,
the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
D-VINE, LTD.
(Registrant)
DATE: May 14, 1996
By: /s/
Barbara Tersptra
President, Vice President & Director
(Principal financial and Accounting Officer)
By: /s/
Erma S. Warburg
Sec., Treasure & Director
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET OF D-VINE, LTD. AS OF MARCH 31, 1996 AND THE RELATED STATEMENTS OF
OPERATIONS AND CASH FLOWS FOR THE SIX MONTHS THEN ENDED AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENT.
</LEGEND>
<CIK> 0000783454
<NAME> D-VINE LTD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 638
<BONDS> 0
0
0
<COMMON> 1
<OTHER-SE> (639)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5133
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (5133)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5133)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5133)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
