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 September 30, 1997
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 September 30,
1997 and the results of its operations and changes in its financial position
from January 1, 1997
through September 30, 1997 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
September 30,
December 31,
1997
1996
CURRENT ASSETS (unaudited)
Cash $ - $
- -
Notes Receivable 80,000
-
Interest Receivable 1,118
-
Total Current Assets 81,118
-
TOTAL ASSETS $ 81,118 $
-
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 472
$ -
Taxes Payable 300
300
Total Current Liabilities
772 300
STOCKHOLDERS' EQUITY
Common Stock 800,000,000 shares
authorized at $.001 par value;
168,390 & 83,390 shares issued
and outstanding 168
83
Capital in Excess of Par Value
838,094 753,179
Deficit Accumulated During Development Stage (757,915)
(753,562)
Total Stockholders' Equity 80,347
(300)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 81,118
$ -
SBB, INC.
(A Development Stage Company)
Statements of Operations
(unaudited)
From Inception
For the Three For the Three For the Nine
For the Nine on December 26,
Months Ended Months Ended Months Ended
Months Ended 1985 through
September 30, September 30, September 30,
September 30, September 30,
1997 1996
1997 1996 1997
REVENUE
Interest Income $1,118 $- $1,118 $ - $ 40,788
EXPENSES
Amortization - - - - 50
Bad Debt - - - - 578,084
Dues and Fees - - - - 3,098
Interest - - - - 654
Office Expenses - - - - 4,267
Officer Compensation 5,000 - 5,000 - 103,825
Professional Services 471 - 471 - 105,059
Travel - - -
- 2,466
Total Expenses 5,471 - 5,471 - 797,503
NET INCOME
(LOSS) - Before Taxes $(4,353) $- $(4,353) $- $(756,715)
Taxes - - -
- 1,200
INCOME (LOSS) $ (4,353) $ - $
(4,353) $ - $ (757,915)
Loss Per Common
Share
$ (.03) $ - $ (.04)
$ - $ (10.57)
Average Outstanding Shares 140,057 83,390
102,279 83,390 71,713
SBB, INC.
(A Development Stage Company)
Statements of Cash Flows
(unaudited)
For the
Period
For the Nine For the
Nine From Inception on
Months Ended Months Ended
December 26,1985
September 30, September 30, to
September 30,
1997 1996
1997
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (4,353) $ - $(757,915)
Amortization - - 50
Bad Debts - - 568,666
Increase (Decrease)
in Accounts Payable 472 - 472
Decrease (Increase) in
Accrued Interest Receivable (1,118) - (1,118)
Increase in Taxes Payable -
- 300
(5,000) - (189,546)
CASH FLOWS FROM
INVESTING ACTIVITIES
Loans to other Entities - - (730,000)
Collection of Loans - - 161,333
Organization Costs - -
(50)
- - (568,717)
CASH FLOWS FROM
FINANCING ACTIVITIES
Issuance of Common Stock (Net) 5,000 - 758,263
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 $ - $ - $ 656
Income Taxes $ - $ - $900
Non-Cash Information:
Stock Issued for Note $ 80,000 $ - $ 80,000
SBB, INC.
(A Development Stage Company)
Notes to the Financial Statements
September 30, 1997
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements
ended September 30, 1997 but has made all the necessary adjustments to
present an
accurate financial statements for the nine months presented.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately
$80,346 as operating capital at
September 30, 1997, compared to $(200) 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 September 30, 1996, the
registrant had a net loss of $4,353, compared to a net loss of $0 for the same
period last year. The registrant
had net loss of $ 4,353 for the nine months ended September 30, 1997 compared
to $ 0 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 January 20, 1998
SBB, Inc.
/s/ John P. Stovall
President and Principal
Financial Officer
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