UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-KSB
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT
OF 1934
For the fiscal year ended DECEMBER 31, 1993
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT
OF 1934
For the transition period from to .
Commission File No. 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, SALT LAKE CITY, UTAH 84115
(Address and zip code of principal executive offices)
Registrant's telephone number, including area code: (801) 485-7200
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
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 for such shorter period that
the Registrant was required to file such reports, and (2) has been
subject to such
filing requirements for the past 90 days. [ X] YES [ ] NO
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. [ X ]
Revenue for the year ended 1993: $ 0.
As of January 14, 1998 it is unclear as to the aggregate market value of the
voting stock held by non-affiliates of the
Registrant. This is due to the low or almost non-existing trading of the
Registrant's Securities.
As of January 14, 1998 the number of shares outstanding of the Registrant's
Common Stock was 1,018,390.
Documents incorporated by reference: Not applicable.
PART I
ITEM 1. DESCRIPTION OF BUSINESS
SBB, Inc., ("the Company") was formed as a corporation in the State
of Utah on December 26,
1985 for the purpose of investing in any and all types of assets, properties
and businesses, and to seek, investigate
and acquire an interest in business opportunities. In October, 1986 a
Registration Statement on Form S-18 was
declared effective by the Securities and Exchange Commission. Pursuant to the
public offering, the Registrant
sold 2,000,000 Units, each Unit consisting of five shares of common stock and
A warrants to purchase eighty
shares and B warrants to purchase eighty shares. The public "blind pool"
offering resulted in net proceeds of
approximately $ 748, 262 (after expenses and commissions).
During the following three years the Company entered into several
letters of intent which were
subsequently terminated. Additionally, the Company made loans totaling
approximately $575,000 to unaffiliated
entities. Since 1988 the Company attempted unsuccessfully to collect these
loans. Since 1988, funds remaining
after the public offering, and funds collected from defaulting debtors, were
expended for company expenses and
compensation to the Company's president.
The Company is currently seeking a business opportunity merge with
or acquire, but to date has
not located in any such business opportunities. There is no assurance that
the Company will be successful in
finding any business opportunity to merge with or acquire.
ITEM 2. DESCRIPTION OF PROPERTY
The Company currently operates from the office of the Company's
President and pays no rent or
expenses.
ITEM 3. LEGAL PROCEEDINGS
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
None - not applicable
PART II
ITEM 5. MARKET PRICE FOR REGISTRANT'S COMMON EQUITY AND
RELATED STOCKHOLDER MATTERS
Because this report is being prepared in 1998, the Company has not
been able to obtain any
reliable trading history for the period reported. During the year ended
December 31, 1993 there appeared to be
little or no trading in the stock of the Company. As of January 14, 1998, the
Company had 385 shareholders
of record.
The Company has not declared any cash dividends on its Common Stock
since inception and its
Board of Directors has no present intention of declaring any dividends. For
the foreseeable future, the Company
intends to retain all earnings, if any, for use in the development and
expansion of its business.
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Company had no material revenue during the year ended December
31, 1993. Total
stockholders' equity was $100,933, as compared to $101,113 at December 31,
1992. The decrease of $180 was,
principally, due to taxes and fees during the year with no income.
LIQUIDITY AND CAPITAL RESOURCES
At year-end the Company's assets totaled $ 101,133. The Company is
currently in the process
of looking for business opportunities to merge with or acquire. At minimum,
the Company will need to raise
additional capital through private funding to meet the financial needs of
being a reporting company. There is
no guarantee that the Company will be successful in obtaining necessary
funding to develop any business
opportunities.
RESULTS OF OPERATIONS
The Company sustained losses of $(180) and $(12,040) for the years
ended December 31,1993
and December 31, 1992 respectively. Revenues of $0 and $0 for the two periods
represented interest earned on
temporary cash investments and loans. Expenses of $80 and $11,940 for the
periods consisted of bad debt and
professional services and other administrative expenses incurred while the
Company was seeking out business
ventures.
ITEM 7. FINANCIAL STATEMENTS
(a)(1) The following financial statements of the Company and its
subsidiaries have been filed as part of
this report
(see Item 8 "Financial Statements and Supplementary Data"):
Independent Auditors' Report
Balance Sheets as of December 31, 1993.
Statements of Operations for the years ended December 31, 1993 and
December 31, 1992 and
from December 26, 1985 to December 31 1993.
Statement of Stockholders' Equity for the years ended December 31,
1993 and December 31,
1992 and from December 26, 1985 to December 31 1993.
Statement of Cash Flows for the years ended December 31, 1993 and
December 31, 1992 and
from December 26, 1985 to December 31 1993.
Notes to Financial Statements.
(2) Schedules are omitted because of the absence of conditions under
which they are required or
because the required information is given in the financial
statements or notes thereto.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE
In 1997 the Company engaged Crouch Bierwolf & Company as its
auditors. The new firm was
engaged to prepare audit reports for the years ended December 31, 1993 and
1992. This change in the
Company's auditors was
not the result of disagreements with the Company's auditors.
PART III
ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The following information is furnished with respect to the Company's
Board of Directors and executive
officers. There are no family relationship between or among any of the
Company's directors or executive
officers.
DIRECTORS AND EXECUTIVE OFFICERS
Age Director
Name (1998) Since Position with the Company
John P. Stovall 49 1985 President, CEO and Director
JOHN P. STOVALL, President and a Director since 1985. Mr. Stovall
attended the University of Houston
where he studied radio and television communication. For the past year Mr.
Stovall has been an owner and
operator of a pawn broker business in Salt Lake City, Utah. He is a former
President, and the current Chairman,
of the National Pawnbrokers Association.
ITEM 10. EXECUTIVE COMPENSATION
COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS
During the current fiscal year, no one in the Company's management
received more than $60,000 in
compensation. The Company's President received -0-
in compensation for the year.
EMPLOYMENT AGREEMENTS AND OTHER COMPENSATION ARRANGEMENTS
There are currently no agreements with members of management as to
employment or compensation.
COMPENSATION OF NON-EMPLOYEE DIRECTORS
There is currently no compensation paid to non-employment directors.
ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth as of January 14, 1998, the number of
shares of the Company's common
stock owned by persons who owned of record, or was known to own beneficially,
more than 5% of the
outstanding shares of the Company's common stock, sets forth the number of
shares of the Company's current
directors and officers, and sets forth the number of shares owned by all of
the Company's directors and officers
as a group:
The beneficial owners listed have sole voting and investment power with
respect to the shares unless
otherwise indicated.
Amount and Nature
Name and Address of Beneficial
Percent of
of Beneficial Owner Ownership
Class
John P. Stovall 51,000 5.0
Officers and Directors
as a Group (one) 51,000 5.0
International Advisory, Inc. 935,000 91.8
3340 Topaz, Suite 210
Las Vegas, Nevada 89121
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Other than executive compensation, during the reported year the
Registrant did not entered into any
transactions with management which are to be reported under this Item.
ITEM 13. EXHIBITS, AND REPORTS ON FORM 8-K
(A) Exhibits
EXHIBIT
NO. DESCRIPTION
3.01 Certificate of Incorporation (Incorporated by reference
to Registration Statement
No. 33-2474-LA)
3.02 By-laws (Incorporated by reference to Registration
Statement No. 33-2474-
LA.)
23.01 Consent of Crouch Bierwolf & Company, CPA
27.01 Financial Data Schedule
(b) The Registrant filed no current reports on Form 8-K during the last
quarter of the fiscal year ended
December 31, 1993.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.
SBB, Inc.
By: John P. Stovall
/s/ John P. Stovall
Dated: January 20, 1998
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the
following persons of behalf of the Registrant and in the capacities and on the
dates indicated.
SIGNATURE TITLE DATE
/s/ John P. Stovall President and Director
(Principal Executive and
Financial Officer) January 20, 1998
INDEX TO FINANCIAL STATEMENTS
Report of Independent Certified Public Accountant
Financial Statements:
Balance Sheets - December 31, 1993.
Statements of Operations - For the years ended December 31, 1993 and
December 31, 1992 and from December 26,1985 to December 31, 1992.
Statement of Stockholders' Equity - For the period from (inception)
December 26, 1985 to December 31, 1993.
Statement of Cash Flows - For the years ended December 31, 1993 and
December 31, 1992 and from December 26,1985 to December 31, 1992.
Notes to Financial Statements
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors and Stockholders
of SBB, Inc
We have audited the accompanying balance sheet of SBB, Inc. ( a Utah
corporation) ( a development
stage company) as of December 31, 1993 and the related statements of income,
retained earnings,
and cash flows for the year then ended and for the period from January 1, 1989
to December 31,
1993. These financial statements are the responsibility of the Company's
management. Our
responsibility is to express an opinion on these financial statements based on
our audit. The financial
statements of SBB, Inc. as of December 31, 1988 and for the period from
December 26, 1985 to
December 31, 1988 were audited by other auditors whose report dated September
25, 1989
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the
financial position of SBB, Inc. as of December 31, 1993 and the results of its
operations and its cash
flows for the year then ended and for the period from January 1, 1989 to
December 31, 1993 in
conformity with generally accepted accounting principles.
Salt Lake City, Utah
November 26, 1997
SBB, INC.
( A Development Stage Company)
Balance Sheet
ASSETS
December 31,
1993
CURRENT ASSETS
Cash $ 133
Notes Receivable - (Note 2,3, & 6) 101,000
Total Current Assets 101,133
TOTAL ASSETS $ 101,133
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Taxes Payable (Note 1) $
200
Total Current Liabilities 200
STOCKHOLDERS' EQUITY
Common Stock 800,000,000 shares
authorized at $.001 par value;
83,390 shares issued and outstanding 83
Capital in Excess of Par Value 753,179
Deficit Accumulated During Development Stage
(652,32 9)
Total Stockholders' Equity 100,933
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 101,133
SBB, INC.
(A Development Stage Company)
Statements of Operations
From Inception
For the Year For the Year on
December 26,
Ended Ended 1985
through
December 31, December 31,
December 31,
1993 1992
1993
REVENUE
Interest Income $ - $ - $ 38,898
EXPENSES
Amortization - 10 50
Bad Debt - 2,005 578,084
Dues and Fees 80 225 3,042
Interest - - 654
Office Expenses - - 4,267
Officer Compensation - - 21,085
Professional Services - 9,700 80,679
Travel -
- - 2,466
Total Expenses 80 11,940 690,327
NET INCOME (LOSS) - Before Taxes $(80) $(11,940 ) $ (651,429 )
Taxes (Note 1) 100 100
900
INCOME (LOSS) $ (180) $ (12,040 ) $
(652,329 )
Loss Per Common Share (Note 1) $ - $ (.14
$ (10.64 )
Average Outstanding Shares 83,390 83,390
61,272
SBB, INC.
(A Development Stage Company)
Statements of Stockholders' Equity
From Inception on December 26, 1985 through December 31, 1993
Deficit
Accumulated
Capital in During
Common Common Excess of Development
Shares Stock Par Value
Stage
Balance at Inception
on December 26, 1985 - $ - $ - $ -
Issuance of 5,000 shares
to officers & directors for
cash at $1.00 per share 5,000 5 4,995 -
Issuance of 10,000 shares
of common stock to the public
in February of 1987 for
$10 per share 10,000 10 99,990 -
Deferred offering costs offset
against capital in excess
of par value - - (35,388) -
Net loss from inception on
December 26, 1985
through December 31, 1987 - -
- (8,954)
Balance, December 31, 1987 15,000 15 69,597 (8,954)
Issuance of 68,390,000 shares
upon exercise of A Warrants for
$10 per share (less brokerage
fees of $250) 68,390 68 683,582 -
continued
SBB, INC.
(A Development Stage Company)
Statements of Stockholders' Equity
From Inception on December 26, 1985 through December 31, 1993
Deficit
Accumulated
Capital in During
Common Common Excess of Development
Shares Stock Par Value
Stage
Net loss for the year ended
December 31, 1988 - -
- (223,378)
Balance, December 31, 1988 83,390 83 753,179 (232,332)
Net loss for the year
ended December 31, 1989 -
- - (387,263)
Balance, December 31, 1989 83,390 $ 83
$ 753,179 (619,595)
Net loss for the year
ended December 31, 1990
(12,292)
Balance, December 31, 1990 83,390 83
753,179 (631,887)
Net loss for the year ended
December 31, 1991 - -
- (8,222)
Balance, December 31, 1991 83,390 83
753,179 (640,109)
Net loss for the year ended
December 31, 1992 - -
- (12,040)
Balance, December 31, 1992 83,390 83
753,179 (652,149)
Net loss for the year ended
December 31, 1993 - -
- (180)
Balance, December 31, 1993 83,390 $ 83 $
753,179 $ (652,329)
SBB, INC.
(A Development Stage Company)
Statements of Cash Flows
For the Period
For the Year For the Year From
Inception on
Ended Ended
December 26,1985
December 31, December 31,
to December 31,
1993 1992
1993
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (180) $ (12,040) $(652,329)
Amortization - 10 50
Bad Debts - 2,005 568,666
Increase (Decrease)
in Accounts Payable - (4,000) -
Decrease (Increase) in
Accrued Interest Receivable - - -
Increase in Taxes Payable 100 (100)
200
(80) (14,125) (83,413)
CASH FLOWS FROM
INVESTING ACTIVITIES
Loans to other Entities - - (730,000)
Collection of Loans - 12,445 60,333
Organization Costs - -
(50)
- 12,445 (669,717)
CASH FLOWS FROM
FINANCING ACTIVITIES
Issuance of Common Stock (Net) - - 753,263
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (80) (1,680) 133
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD 214 1,893
-
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 133 $ 214 $
133
CASH PAID DURING THE PERIOD FOR:
Interest $ - $ - $ 656
Income Taxes $ - $ 200 $ 700
SBB, INC.
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
The Company was organized under the laws of the state of Utah on
December 26, 1985.
The Company was incorporated for the purpose of investing in any and all
types of assets,
properties and businesses and is considered a development stage company
as defined in SFAS
No 7.
INCOME (LOSS) PER SHARE
The computation of income (loss) per share of common stock is based
on the weighted
average number of shares outstanding during the period.
INCOME TAXES
The Company adopted Statement of Financial Standards No. 109
"Accounting for Income
taxes" in the fiscal year ended December 31, 1989 and was applied
retroactively.
Statement of Financial Accounting Standards No. 109 " Accounting for
Income Taxes"
requires an asset and liability approach for financial accounting and
reporting for income tax
purposes. This statement recognizes (a) the amount of taxes payable or
refundable for the
current year and (b) deferred tax liabilities and assets for future tax
consequences of events
that have been recognized in the financial statements or tax returns.
Deferred income taxes result from temporary differences in the
recognition of accounting
transactions for tax and financial reporting purposes. There were no
temporary differences
at December 31, 1993 and earlier years; accordingly, no deferred tax
liabilities have been
recognized for all years.
The Company has cumulative net operating loss carryforwards of
approximately $615,000
at December 31, 1992. No effect has been shown in the financial
statements for the net
operating loss carryforwards as the likelihood of future tax benefit from
such net operating
loss carryforwards is not presently determinable. Accordingly, the
potential tax benefits of
the net operating loss carryforwards, estimated based upon current tax
rates of $209,000 at
December 31, 1993 have been offset by valuation reserves of the same
amount. The net
change in deferred tax asset and offsetting valuation reserve amounted to
$0 for 1993.
The Company has available $615,000 in net operating loss
carryforwards that will begin
to expire in the year 2000. The Company has accrued $100 per year
minimum state income
taxes.
SBB, INC.
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1993
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
CASH EQUIVALENTS
The Company considers all highly liquid investments with a maturity
of three months or
less when purchased to be cash equivalents.
NOTE 2 - NOTES RECEIVABLE
On September 30, 1988, SBB, Inc. loaned $210,000 to King of Video,
Inc. a Nevada
Corporation, at 18% interest per annum. The note was due and payable on
January 2, 1989
and is secured by debtor's cash, accounts receivable, fixtures, and other
items. The loan is
granted by Source Venture Capital, Inc. On May 15, 1989 King of Video,
Inc. declared
bankruptcy. Consequently, the Company has written off the entire amount
of the note.
On October 13, 1988, SBB, Inc.
loaned $250,000 to Hogan-Garner Development
Corporation, a Colorado corporation, at ten percent (10%) interest per
annum. The note was
due and payable on October 1, 1989 and is secured by debtor's accounts
receivable, fixtures,
and other items. The loan is guaranteed by Source Venture Capital, Inc.
This loan was
written off as totally worthless as of December 31, 1989.
On October 28, 1988, SBB, Inc. loaned $115,000 to South Hecla
Development Corp., a
Utah corporation, at sixteen percent (16%) interest per annum. The note
was due and
payable on August 30, 1989, but is renewable under certain conditions for
an additional ten
months, and until June 30, 1990. The note is secured by 60,000 shares of
Spectralytic, Inc.
This note was paid in the third quarter of 1989 with stock, see Note 3.
The stock was written
off as totally worthless as of December 31, 1989.
On November 23, 1988, SBB, Inc.
loaned $100,000 to Hogan-Garner Development
Corp., a Colorado corporation, at ten percent (10%) interest per annum.
The note was due
and payable on November 1, 1989 and is secured by the debtor's machinery,
equipment and
other items. The loan is guaranteed by Source Venture Capital, Inc.
SBB, INC.
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1993
NOTE 2 - NOTES RECEIVABLE (continued)
On December 13, 1988, SBB, Inc. loaned $15,000 to South Hecla
Development Corp.,
a Utah corporation, at sixteen percent (16%) interest per annum. The
note was due and
payable on February 11, 1989. The note is secured
by 2,500,000 shares of Touch'fon
International. This note was paid in the third quarter of 1989 with
stock, see Note 3. The
stock was written off as totally worthless as of December 31, 1989.
On December 13, 1988, SBB, Inc. loaned $15,000 to South Hecla
Development Corp.,
a Utah corporation, at sixteen percent (16%) interest per annum. The
note is secured by
2,500,000 shares of Touch'fon International. This note was paid in the
third quarter of 1989
with stock, see Note 3. The stock was written off as totally worthless
as of December 31,
1989.
On February 5, 1990 SBB, Inc. loaned $30,000 to Larry R. Vonwold, an
individual, at six
percent (6%) per annum. The note is unsecured. The note was due on
February 15, 1993.
Interest is due monthly beginning March 5, 1990. Over the years, only
$27,995 was
collected, and $2,005 was written off as a bad debt. No interest income
was ever realized on
this note.
As of January 1, 1989 the Company has suspended the accrual of any
interest income on
the notes receivable since it was subsequently discovered that all the
notes were eventually
worthless except for $100,000 which was collected in 1994.
Notes Receivable Summary
King of Video, Inc. $210,000
Hogan-Garner Development Corp. 250,000
Hogan-Garner Development Corp. 100,000
Larry Vonwold 30,000
Total Notes Receivable 590,000
Less Written off as Bad Debt (462,005)
Less collected in 1990 to 1993 (26,995)
Net Notes Receivable 101,000
Less: Collected in 1994 (current portion)
101,000
Total Notes Receivable-Long Term $ -
SBB, INC.
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1993
NOTE 3- NOTES RECEIVABLE - COLLECTION
Pursuant to a board of directors meeting held on July 27, 1989, the
Company has accepted
2,500,000 restricted shares of Touch'fon International previously pledged
as security for the
repayment of a $15,000 loan, as full payment for the debt. The stock was
found to be
worthless and was written off as worthless as of December 31, 1989.
The Company has also accepted 900,000 restricted common shares of
Republic Gold &
Silver Incorporated in full settlement and satisfaction of the $115,000
note plus accrued
interest from South Helca Development. The note was found to be
worthless and was written
off as worthless as of December 31, 1989.
NOTE 4 - INVESTMENT IN LAND
In February of 1989 the Company paid $10,000 earnest money deposit
on the purchase
of approximately ninety (90) acres in Vernal, Utah. The Company
subsequently decided not
to purchase the land and converted the $10,000 to a note receivable. The
note was never
collected and was written off as a bad debt in 1989.
NOTE 5 - USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect reported amounts of assets and liabilities, disclosure of
contingent assets
and liabilities at the date of the financial statements and revenues
and expenses
during the reporting period. In these financial statements, assets,
liabilities and
earnings involve extensive reliance on management's estimates. Actual results
could differ from those estimates.
SBB, INC.
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1993
NOTE 6 - FAIR VALUES OF FINANCIAL INSTRUMENTS
The following listing of the estimated fair value of financial
instruments is made
in accordance with the requirements of SFAS No. 107, "Disclosure About
Fair Value
of Financial Instruments", The carrying amounts and fair value of
the Company's
financial instruments at December 31, 1993 are as follows:
<TABLE>
<S> <C>
December 31,
1993
</TABLE>
<TABLE>
<S> <C><C> <C><C> <C><C> <C><C>
CarryingAmountsFair
Values
</TABLE>
<TABLE>
<S> <C><C> <C><C> <C><C> <C><C>
Cash and Cash Equivalents $ 133$ 133
</TABLE>
The following methods and assumptions were used by the Company
in estimating its fair
value disclosures for financial instruments:
CASH AND CASH EQUIVALENTS
The carrying amounts reported on the balance sheet for cash and cash
equivalents approximate their fair value.
NOTE 7 - REVERSE STOCK SPLIT
In 1997, the shareholders approved a 1 for 1,000 share reverse stock
split. This change has
been made retroactive to the beginning balances of this financial statement.
We hereby consent to the use of our audit report of SBB, Inc. dated November
26, 1997 for the year
ended December 31, 1993 in the Form 10KSB Annual Report for the year 1993.
s/s Crouch, Bierwolf & Chisholm
Salt Lake City, Utah
January 20, 1998
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-END> DEC-31-1993
<CASH> 133
<SECURITIES> 0
<RECEIVABLES> 101,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 101,133
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 101,133
<CURRENT-LIABILITIES> 200
<BONDS> 0
0
0
<COMMON> 83
<OTHER-SE> 753,179
<TOTAL-LIABILITY-AND-EQUITY> 101,133
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 80
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 100
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (180)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
