SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO 13 OR 15(D)
OF THE SECURITES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 1997
Commission file number 0-15216
AUTOCORP EQUITIES, INC.
(Formerly Chariot Entertainment, Inc.)
Exact name of registrant as specified in its charter
NEVADA 87-0522501
(State of Incorporation) (I.R.S. Employer ID#)
7373 Scottsdale Mall Suite 15
Scottsdale, Arizona 85251
(Address of principal office & Zip Code)
(602) 970-4622
(Registrants telephone number including area code)
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 and Exchange act of 1934 during the
preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
------ ------
Common Stock, $.001 par value 164,865
- ----------------------------- -------
(Title of class) (Number of shares
outstanding 3/31/97)
<PAGE>
AUTOCORP EQUITIES, INC.
INDEX
Page
Part I Financial Information 3-7
Item 1 Financial Statements 3-7
Notes 7
Item 2 Management's Discussion and 7-8
Analysis of Financial Condition
and Operating Results
Part II Other Information, Items 1-5 8-9
Signatures 9
<PAGE>
AUTOCORP EQUITIES, INC.
Balance Sheet (Unaudited)
ASSETS Mar. 31, 1997 June 30, 1996
(Audited)
Current Assets
Cash -- $ --
Prepaid Expenses -- --
License -- --
Barter credits $ -- --
Total Current Assets $ -- --
Other Assets
Prepaid Advertising 400,000 400,000
Prepaid Rent -- --
Total Other Assets 400,000 400,000
Total Assets $400,000 $400,000
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
Accounts Payable 52,552 31,552
Notes payable; 117,442 107,442
related party
Judgment payable 177,599 177,599
Total Current Liabilities $ 347,593 316,593
Stockholders Equity
Common Stock 161 4,695
3,666,667 shares
authorized;$0.001 par value;
161,592 issued
Additional Paid-in Capital 8,927,254 8,927,254
Retained Deficit (8,196,542) (8,196,542)
Subscription receivable (652,000) (652,000)
Total Stockholders' Equity $ 52,407 83,407
Total Liabilities &
Stockholders Equity $ 400,000 400,000
<PAGE>
AUTOCORP EQUITIES, INC.
Statement of Operations
3 Months ended 9 Months ended
3/31/97 3/31/96 3/31/97 3/31/96
Revenue $ 35,000 -- $42,500 --
EXPENSES
General & administrative 23,600 $ 138,749 85,600 416,247
Discounted Operations -- 174,354 -- 523,062
Total Expenses 23,600 313,103 85,600 939,309
NET GAIN (LOSS) PRE TAXES 11,400 (313,103) (43,100) (939,309)
PROVISION FOR INCOME TAXES -- -- -- --
NET GAIN/LOSS 11,400 (313,103) (43,100) (939,309)
NET GAIN/LOSS PER SHARE .145 (.07) (.038) (.499)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 164,865 4,695,964 164,865 4,695,964
<PAGE>
AUTOCORP EQUITIES, INC.
Statement of Cash Flows
9 Mo. ended 9 Mos. ended
3/31/97 3/31/96
Unaudited Unaudited
------------ -----------
CASH FLOWS FROM
OPERATING ACTIVITIES
(Loss) Gain from operation ($ 43,100) ($939,309)
Discontinued operations
Amortized pre-paid rent
Increase(decrease)
in payables (66,544)
(Increase) decrease
in receivables
Write off license
(Increase) decrease in
prepaids
(Increase)decrease barter
credits 94,606
Increase judgment payable 177,559
Increase notes payable 107,442
Prepaid exenses
(Increase)decrease
deposits & other assets
Stock issued for
services
(Increase) barter credits
Net Cash Used by
Operating Activities -- --
CASH FLOWS FROM
INVESTING ACTIVITIES --
CASH FLOW FROM
FINANCING ACTIVITIES
Net proceeds from sale 10,000 --
of stock
Net Cash Provided by
Financing Activities -- --
NET INCREASE(DECREASE)
IN CASH -- --
CASH BEGINNING -- --
CASH ENDING -- --
<PAGE>
AUTOCORP EQUITIES, INC.
Statement of Changes in Stockholders' Equity
Common Stock Retained Total
Deficit
Shares Amount
------- ----- --------- -------
Balance 6/30/96 4,695,964 4,695 (8,196,542) 83,407
Net loss 9/30/96 (33,000) (33,000)
Balance 9/30/96 4,695,964 4,695 (8,219,042) 60,907
Partial payment
of Note payable 150,000
Net loss 12/31/96 (25,500) (25,500)
Balance 12/31/96 4,845,964 4,845 (8,244,542) 38,407
Net loss 3/31/97 (43,100) (43,100)
Stock Sold 100,000
Reverse Split(30x1) 4,781,099
Balance 3/31/97 164,865 165 (8,287,642) (4,693)
<PAGE>
Part I continued:
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Organization
The financial statements presented are those of AutoCorp Equities, Inc.
b. Accounting Method/Unaudited Information
The Company's financial statements are prepared using the accrual method of
accounting. The Company has elected a June 30, fiscal year end.
c. Earnings Per Share
The computation of earnings per share is based on the weighted average number of
shares outstanding for the time period presented.
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The Company is a development stage company. The following discussion of the
operations and financial condition should be read in conjunction with the
unaudited financial statements and notes thereto appearing elsewhere in this
Form 10-QSB. As set forth in Item 1, currently the Company has no on going
operations.
Liquidity and Capital Resources:
For the three months ending March 31, 1997, the Company had total assets
of $400,000 and total stockholders equity of $52,407. During the same period the
Company had no current assets and current liabilities of $347,593 which results
in a substantial lack of liquidity. The Company's capital resources does not
include cash and its single asset consists of an advertising credit. For the
period ending March 31, 1996, the Company had total assets of $400,000 and total
stockholder's equity of $83,407. During the same period the Company had current
liabilities of $316,593. The Company continues to experience a liquidity problem
with no cash reserves as of March 31, 1997. Historically the Company's working
capital needs have been satisfied through financing activities primarily
consisting of the sale of shares of the Company's Common Stock. The Company
anticipates meeting its working capital needs during the current fiscal year
primarily with proceeds resulting from the private placement of Company
securities.
<PAGE>
At March 31, 1997, the Company showed an operating gain for that period of
$11,400. The Company believes that it will require additional funds to cover the
costs (primarily legal and accounting) to continue its plan of acquisition,
meeting its reporting obligations under the Exchange Act and supporting general
and administrative overhead. The Company will seek to borrow such funds and/or
raise such funds through the private or public sale of its Common Stock. No
assurances can be given that such financing will be available or that it can be
obtained on terms satisfactory to the Company. If the Company is unable to
secure financing from the sale of its securities or from private lenders,
management believes that the Company will be unable to continue with its current
business plan. In the opinion of management, inflation has not had a material
effect on the operations of the Company.
During the next twelve months the Company will stress the acquisition of
existing automotive related businesses. The Company is currently contemplating
undertaking a new offering of its debt and/or equity securities in order to
achieve its business objectives over the next twelve months. Unless the Company
is able to raise additional capital from borrowing or the sale of corporate debt
and/or equity securities, the Company will encounter a shortage of capital to
accomplish its business objectives.
Results of Operations:
Included herein are unaudited financial statements of the Company covering
the 3 month period ending March 31, 1997. For the years ended June 30, 1994,
1995 and 1996, the Company had net operating loss of ($6,910,305), ($1,144,688),
($313,103), respectively on total revenues of $78,365, $0.00, $0.00
respectively. The Company has short term debts consisting of past due trade
payables, a demand note due to the President of the Company and an outstanding
judgment. The Company is still in the development stage and at present has no on
going operations. However, the Company has entered into a non-binding Letter of
Intent for the acquisition of two existing automotive related businesses. Should
the Company successfully complete the acquisition then during 1997 the Company
will be the subject of on going operations.
Part II Other Information
Item 1. Legal Proceedings
None
<PAGE>
Item 2. Changes in Securities
Effective March 19, 1997, the Company completed a thirty for one (30
for 1) reverse stock split by filing a certificate of said change with the
Nevada Secretary of State.
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a vote of Shareholders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Forms 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 thereunto duly authorized.
AUTOCORP EQUITIES, INC.
May 14, 1997 /s/ Stanley F. Wilson
----------------------------
Stanley F. Wilson, President
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<S> <C>
<PERIOD-TYPE> 9-MOS
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<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
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0
0
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