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, 1989
Commission File Number 33-2474-LA
SBB, INC.
(Exact name of registrant as specified in its charter)
UTAH 93-0915593
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
3018 SOUTH STATE STREET
SALT LAKE CITY, UTAH 84115
(Address of principal executive offices)
Registrant's telephone number
including area code (801) 485-7200
103 East North Street, Tekonsha, Michigan 49092
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
1,018,390
(Number of shares of common
stock the registrant had
outstanding as of January 14, 1998)
PART 1
ITEM 1 - FINANCIAL STATEMENTS
The condensed 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 presented not 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, 1989
and the results of its operations and changes in its financial position from
January 1, 1989 through
March 31, 1989 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.
SBB, INC.
( A Development Stage Company)
Balance Sheet
ASSETS
March 31,
December 31,
1989
1988
CURRENT ASSETS (unaudited)
Cash $ 18,215 $ 34,690
Prepaid Legal 1,638
-
Interest Receivable 23,367
9,417
Total Current Assets 43,220
44,107
OTHER ASSETS
Organization Costs ( less accumulated
amortization of $12 & $10) 38
40
Notes receivable 480,000
480,000
Land 10,000
-
TOTAL ASSETS $ 533,258 $ 524,147
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 386 $ 3,117
Taxes Payable 200
100
Total Current Liabilities 586
3,217
STOCKHOLDERS' EQUITY
Common Stock 800,000,000 shares
authorized at $.001 par value;
83,390 shares issued and outstanding 83
83
Capital in Excess of Par Value 753,179
753,179
Deficit Accumulated During Development Stage (220,590)
(232,332)
Total Stockholders' Equity 532,672
520,930
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 533,258
$ 524.147
SBB, INC.
(A Development Stage Company)
Statements of Operations
(unaudited)
From Inception
For the Three For the Three on
December 26,
Months Ended Months Ended 1985
through
March 31, March 31,
March 31,
1989 1988
1989
REVENUE
Interest Income $ 14,266 $ 561 $ 51,241
EXPENSES
Amortization 2 - 12
Bad Debt - - 210,000
Dues and Fees - 2,017 2,162
Interest 2 - 656
Office Expenses - 197 4,267
Officer Compensation - - 21,085
Professional Services 2,420 627 30,462
Travel - 300
2,466
Total Expenses 2,424 3,141 271,110
NET INCOME (LOSS) - Before Taxes $11,842 $(2,580 ) $ (219,869 )
Taxes 100 -
721
INCOME (LOSS) $ 11,742 $ (2,580 ) $
(220,590 )
Loss Per Common Share $ .14 $ (.03) $
(21.65 )
Average Outstanding Shares 83,390 83,390
10,185
SBB, INC.
(A Development Stage Company)
Statements of Cash Flows
(unaudited)
For the Period
For the Three For the Three From
Inception on
Months Ended Months Ended
December 26,1985
March 31, March 31,
to March 31,
1989 1988
1989
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ 11,742 $ (2,580) $(220,590)
Amortization 2 - 12
Bad Debts 210,000
Increase (Decrease)
in Accounts Payable (2,731) 1,352 385
Decrease (Increase) in
Accrued Interest Receivable (13,950) 252 (23,367)
Increase in Taxes Payable 100 (100) 200
Increase in Prepaids (1,638) 100
(1,638)
(6,475) (1,076) (34,998)
CASH FLOWS FROM
INVESTING ACTIVITIES
Loans to other Entities - - (690,000)
Collection of Loans - - -
Organization Costs - - (50)
Purchase of Land (10,000) -
(10,000)
(10,000) - (700,050)
CASH FLOWS FROM
FINANCING ACTIVITIES
Issuance of Common Stock (Net) - - 753,263
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (16,475) (1,076) 18,215
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD 34,690 61,066
-
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 18,215 $ 59,990
$ 18,215
CASH PAID DURING THE PERIOD FOR:
Interest $ 2 $ - $ 656
Income Taxes $ - $ - $ 300
SBB, INC.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 1989
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements
ended March 31, 1989 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 has approximately $42,634
as operating capital at March
31, 1989. 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, 1989, the
registrant had net income of only $11,742. In 1988 the Company made loans that
subsequently proved to be
uncollectable.
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 January 20, 1998
SBB, Inc.
/s/ John P. Stovall
President and Principal
Financial Officer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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