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 June 30, 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 X No
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 June 30, 1999 and the results of its operations and changes
in its financial position from March 31, 1999 through June 30, 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
June 30, December 31,
1999 1998
(unaudited)
CURRENT ASSETS
Cash $ - $ -
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 832,448 $ 832,448
Accrued Interest 104,05 83,244
Total Current Liabilities 936,504 915,692
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 (2,733,534) (2,712,722)
Total Stockholders' Equity (936,504) (915,692)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - $ -
Compuloan Originations, Inc.
Consolidated Statements of Operations
(unaudited)
For the Three For the Three For the Six For the Six
Months Ended Months Ended Months Ended Months Ended
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
REVENUE $ - $ - $ - $ -
EXPENSES
Interest 10,406 10,406 20,812 20,812
Dues and Fees - - - -
Total
Expense 10,406 10,406 20,812 20,812
NET INCOME
(LOSS) -
Before
Taxes $ (10,406) $ (10,406) $ (20,812) $ (20,812)
Taxes - - - -
INCOME
(LOSS) $ (10,406) $(10,406 ) $ (20,812) $ (20,812)
Loss Per Common
Share $ - $ - $ - $ -
Average
Outstanding
Shares 7,800,659 7,800,659 7,800,659 7,800,659
Compuloan Originations, Inc.
Consolidated Statements of Cash Flows
(unaudited)
For the Six For the Six
Months Ended Months Ended
June 30, June 30,
1999 1998
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (20,812) $ (20,812)
Increase (Decrease)
in Accounts Payable/Accrued Interest 20,812 20,812
Interest receivable - -
- -
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 (Including
Interest & Penalties) $ - $ -
Compuloan Originations, Inc.
Notes to the Consolidated Financial Statements
June 30, 1999
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended June 30, 1999 but has made all the necessary
adjustments to present an accurate financial statements for the six months
presented.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately
$(936,504) as operating capital at June 30, 1999, compared to $(894,880) 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 June 30, 1999, the registrant had net loss of $(10,406), compared to
net loss of $(10,406) for the same period last year. The registrant had net
loss of $(20,812) for the six months ended June 30, 1999, compared to
$(20,812) 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 29, 1999
Compuloan Originations, Inc.
/s/ James Jeppson
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