FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
Of the Securities Exchange Act of 1934
For Quarter Ended March 31, 1999
Commission File Number 033-02248-FW
COMPULOAN ORIGINATIONS, INC.
(Exact name of registrant as specified in its charter)
UTAH 75-2072205
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
6975 SOUTH UNION PARK DRIVE #600
SALT LAKE CITY, UTAH 84047
(Address of principal executive offices)
Registrant's telephone number
including area code (801) 256-9600
489 Sullivan Avenue, South Windsor CT 06074
Former Address, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or such shorter period that the
registrant was required to file such reports)
Yes No X
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
7,800,659
(Number of shares of common
stock the registrant had
outstanding as of October 20, 1999)
PART 1
ITEM 1 - FINANCIAL STATEMENTS
The condensed consolidated financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Company believes that
the disclosures are adequate to make the information misleading.
In the opinion of the Company, all adjustments, consisting of only normal
recurring adjustments, necessary to present fairly the financial position of
the Company as of March 31, 1999 and the results of its operations and
changes in its financial position from December 31, 1998 through March 31,
1999 have been made. The results of its operations for such interim period
is not necessarily indicative of the results to be expected for the entire year.
Compuloan Originations, Inc.
Consolidated Balance Sheet
ASSETS
March 31, December 31,
1999 1998
(unaudited)
CURRENT ASSETS
Cash $ - $ -
TOTAL CURRENT ASSETS $ - $ -
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 832,448 $ 832,448
Accrued Interest 93,650 83,244
Total Current Liabilities 926,098 915,692
STOCKHOLDERS' EQUITY
Common Stock 10,000,000 shares
authorized at $.0001 par value;
7,800,659 shares issued and outstanding 780 780
Capital in Excess of Par Value 1,796,250 1,796,250
Accumulated Deficit During Development Stage (2,723,128) (2,712,722)
Total Stockholders' Equity (926,098) (915,692)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - $ -
Compuloan Originations, Inc.
Consolidated Statements of Operations
(unaudited)
For the Three For the Three
Months Ended Months Ended
March 31, March 31,
1999 1998
REVENUE $ - $ -
EXPENSES
Dues and Fees - -
Interest 10,406 10,406
Total Expenses 10,406 10,406
NET INCOME (LOSS) - Before Taxes $ (10,406) $ (10,406)
Taxes - -
INCOME (LOSS) $ (10,406) $ (10,406)
Loss Per Common Share $ - $ -
Average Outstanding Shares 7,800,659 7,800,659
Compuloan Originations, Inc.
Consolidated Statements of Cash Flows
(unaudited)
For the Three For the Three
Months Ended Months Ended
March 31, March 31,
1999 1998
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (10,406) $ (10,406)
(Increase) Decrease
in Interest Receivable - -
in Accounts Payable/Accrued
Interest 10,406 10,406
- -
CASH FLOWS FROM
INVESTING ACTIVITIES - -
CASH FLOWS FROM
FINANCING ACTIVITIES - -
- -
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - -
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD - -
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ - $ -
CASH PAID DURING THE PERIOD FOR:
Interest $ - $ -
Income Taxes $ - $ -
Compuloan Originations, Inc.
Notes to the Consolidated Financial Statements
March 31, 1999
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended March 31, 1999 but has made all the necessary
adjustments to present an accurate financial statements for the three months
presented.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately $0 as
operating capital at March 31, 1999, compared to $0 for the same period last
year. The Registrant intends to raise additional funds as needed through
private placements with accredited and sophisticated investors.
Results of Operation. Due to the lack of operations during the quarter
ended March 31, 1999, the registrant had net loss of $(10,406), compared to
net loss of $(10,406) for the same period last year.
Plan of Operations. The Company is currently in the process of looking for
business opportunities to acquire or merge with. There is no guarantee that
management will be successful in finding such an opportunity. The Company is
also in the process of bringing all of its periodic reports current for
filing with the Securities and Exchange Commission. During this process, the
Company intends to raise operational capital through private placements.
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. None
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 authorized officer.
Dated October 20, 1999
Compuloan Originations, Inc.
/s/ James Jeppson
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<PERIOD-END> MAR-31-1999
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