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, 1998
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.)
4505 WASATCH BLVD #300
SALT LAKE CITY, UTAH 84124
(Address of principal executive offices)
Registrant's telephone number
including area code (801) 274-8600
3018 South State Street, Salt Lake City, Utah 84115
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
1,046,677
(Number of shares of common
stock the registrant had
outstanding as of May 20, 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, 1998 and the results of its
operations and changes in its financial position from January 1, 1998 through
March 31, 1998 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,
1998 1997
CURRENT ASSETS
Cash $ - $ -
Interest receivable 3,703 2,717
Total Current Assets 3,703 2,717
OTHER ASSETS
Notes receivable 40,000 40,000
TOTAL ASSETS $ 43,703 $ 42,717
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 471 $ 471
Taxes Payable 400 400
Total Current Liabilities 871 871
STOCKHOLDERS' EQUITY
Common Stock 800,000,000 shares
authorized at $.001 par value;
1,046,677 shares issued and outstanding 1,047
1,047
Capital in Excess of Par Value 845,715
845,715
Deficit Accumulated During Development Stage (803,930)
(804,916)
Total Stockholders' Equity 42,832
41,846
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 43,703
$ 42,717
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,
1998 1997 1998
REVENUE
Interest Income $ 986 $ - $ 43,373
EXPENSES
Amortization - - 50
Bad Debt - - 578,084
Dues and Fees - - 3,098
Interest - - 654
Office Expenses - - 4,267
Officer Compensation - - 143,825
Professional Services - - 113,559
Travel - - 2,466
Total Expenses - - 846,003
NET INCOME (LOSS) - Before Taxes $986 $- $ (802,630 )
Taxes - - 1,300
INCOME (LOSS)
$ 986 $ - (803,930)
Loss Per Common Share
$ - $ - (10.70 )
Average Outstanding Shares
1,018,390 83,390 75,137
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,
1998 1997 1998
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ 986 $ - $(803,930)
Amortization - - 50
Bad Debts - - 568,666
(Increase) Decrease in
Accounts Receivable (986) - (3,703)
Increase (Decrease)
in Accounts Payable - - 471
Increase in Taxes Payable - - 400
Expenses paid by note
receivable holder - - 40,000
- - (198,046)
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) - - 766,763
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
SBB, INC.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 1998
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended March 31, 1998 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 $2,832
as operating capital at March 31, 1998, compared to $(300) 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, 1998, the registrant had net income of $986, compared to
net income of $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 May 20, 1998
SBB, Inc.
/s/ Robert B. Wallace
President and Principal Financial Officer
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