U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
[ ] 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. 33-3583-S
PRESTIGE CAPITAL CORPORATION
(Exact name of small business issuer as specified in its charter)
Nevada 93-0945181
(State or Other Jurisdiction of (IRS Employer Incorporation
or Organization) Identification No.)
311 South State, Suite 400, Salt Lake City, Utah 84111
(Address of principal executive offices)
(801) 364-9262
(Issuer's telephone number)
Not Applicable
(Former name, address and fiscal year, if changed since last report)
Check whether the issuer (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the issuer was
required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ ]
No [ X]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Check whether the registrant has filed all documents and reports
required to be filed by Sections 12, 13, or 15(d) of the
Exchange Act subsequent to the distribution of securities under a
plan confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
9,680,000 shares of common stock.
<PAGE>
FORM 10-QSB
PRESTIGE CAPITAL CORPORATION
INDEX
Page
PART I. Financial Information
Financial Statements
Balance Sheets - March 31, 1999 and
December 31, 1998 3
Statements of Operations - Three Months
Ended March 31, 1999 and 1998, and
Inception to March 31, 1999 4
Statements of Cash Flows - Three Months
Ended March 31, 1999 and 1998,
and Inception to March 31, 1999 5
Notes to Consolidated Financial Statements 6
Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
PART II. Other Information 8
Signatures 8
PART I.
Financial Information
In the opinion of management, the accompanying unaudited
financial statements included in this Form 10-QSB reflect all
adjustments (consisting only of normal recurring accruals)
necessary for a fair presentation of the results of operations for
the periods presented. The results of operations for the periods
presented are not necessarily indicative of the results to be
expected for the full year.
2
<PAGE>
PRESTIGE CAPITAL CORPORATION
(A Development Stage Company)
Balance Sheets
ASSETS
March 31, December 31,
1999 1998
(Unaudited)
CURRENT ASSETS
Cash $ 8,769 $ 100
Total Current Assets 8,769 100
TOTAL ASSETS $ 8,769 $ 100
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accrued interest $ 19,732 $18,931
Accounts payable - 8,355
Notes payable - related party 21,000 1,000
Total Current Liabilities 40,732 28,286
LONG-TERM LIABILITIES
Note payable - related party 25,000 25,000
Total Long-Term Liabilities 25,000 25,000
Total Liabilities 65,732 53,286
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock authorized: 50,000,000
common shares at $0.001 par value;
380,000 and 380,000 shares issued
and outstanding, respectively 380 380
Capital in excess of par value 268,587 268,587
Deficit accumulated during the
development stage (325,930) (322,153)
Total Stockholders' Equity (Deficit) (56,963) ( 53,186)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ 8,769 $ 100
3
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRESTIGE CAPITAL CORPORATION
(A Development Stage Company)
Statements of Operations
(Unaudited)
From
Inception on
For the February 7,
Three Months Ended 1986 Through
March 31, March 31,
1999 1998 1999
REVENUES $ - $ - $ -
EXPENSES
General and administrative 2,976 2,089 56,198
Interest expense 801 500 19,732
Total Expenses 3,777 2,589 75,930
DISPOSAL OF ASSETS - - 250,000
NET LOSS $ (3,777) $(2,589) $(325,930)
BASIC LOSS PER SHARE $ (0.01) $ (0.01)
WEIGHTED AVERAGE NUMBER
OF SHARES 380,000 370,000
3
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRESTIGE CAPITAL CORPORATION
(A Development Stage Company)
Statements of Cash Flows (Unaudited)
From
Inception on
For the February 7,
Three Months Ended 1986 Through
March 31, March 31,
1999 1998 1999
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss $ (3,777) $ (2,589) $(325,930)
Adjustments to reconcile net
loss to net cash provided
(used) by operating activities:
Loss from disposal of assets - - 250,000
Changes in operating assets
And liability accounts:
Increase (decrease) in
accounts payable (8,355) 2,089 -
Increase in accrued interest 801 500 19,732
(Increase) in inventory - - (165,000)
Net Cash (Used) by
Operating Activities (11,331) - (221,198)
CASH FLOWS FROM INVESTING
ACTIVITIES - - -
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from notes payable
- related party 20,000 - 21,000
Issuance of common stock
for cash - - 208,967
Net Cash Provided by Financing
Activities 20,000 - 229,967
NET INCREASE (DECREASE) IN CASH 8,669 - 8,769
CASH AT BEGINNING OF PERIOD 100 - -
CASH AT END OF PERIOD $8,769 $ - $ 8,769
CASH PAYMENTS FOR:
Income taxes $ - $ - $ -
Interest $ - $ - $ -
NON-CASH FINANCING ACTIVITIES:
Issuance of stock for inventory $ - $ - $60,000
Issuance of note payable for
inventory $ - $ - $25,000
5
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRESTIGE CAPITAL CORPORATION
(A Development Stage Company) Notes
to the Financial Statements
March 31, 1999 and December 31, 1998
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by
the Company without audit. In the opinion of
management, all adjustments (which include only normal
recurring adjustments) necessary to present fairly the
financial position, results of operations and cash flows at
March 31, 1999 and 1998 and for all periods presented have
been made.
Certain information and footnote disclosures normally
included in financial statements prepared in accordance
with generally accepted accounting principles have been
condensed or omitted. It is suggested that these
condensed financial statements be read in conjunction
with the financial statements and notes thereto included in
the Company's December 31, 1998 audited financial
statements. The results of operations for periods ended
March 31, 1999 and 1998 are not necessarily indicative of the
operating results for the full years.
6
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
Three Month periods Ended March 31, 1999 and 1998
The Company had no revenue from continuing operations for the
three-month periods ended March 31, 1999 and 1998.
General and administrative expenses for the three month periods
ended March 31, 1999 and 1998, consisted of general corporate
administration, legal and professional expenses, and accounting and
auditing costs. These expenses were $2,976 and $2,089 for the
three-month periods ended March 31, 1999 and 1998,
respectively.
Interest expense in the three-month periods ended March 31, 1999 and
1998, was $801 and $500, respectively.
As a result of the foregoing factors, the Company realized a net
loss of $3,777 for the three months ended March 31, 1999, as
compared to a net loss of $2,589 for the same period in 1998.
Liquidity and Capital Resources
At March 31, 1999, the Company had working capital deficit of
approximately $31,963, as compared to $28,186 at December 31,
1998. The Company's cash in the amount of $8,769 resulted from a loan
from an officer and director, bearing interest at eight
percent per annum and payable on demand. The funds were loaned to the
Company to fund its revival and finance its becoming a reporting
company under the Securities Exchange Act of 1934. Management
believes that the Company has sufficient cash and
short-term investments to meet the anticipated needs of the
Company's operations through at least the next 12 months.
However, there can be no assurances to that effect, as the
Company has no significant revenues and the Company's need for
capital may change dramatically if it acquires an interest in a
business opportunity during that period. The Company's current
operating plan is to (i) handle the administrative and reporting
requirements of a public company, and (ii) search for potential
businesses, products, technologies and companies for acquisition. At
present, the Company has no understandings, commitments or
agreements with respect to the acquisition of any business
venture, and there can be no assurance that the Company will
identify a business venture suitable for acquisition in the
future. Further, there can be no assurance that the Company
would be successful in consummating any acquisition on favorable
terms or that it will be able to profitably manage any business
venture it acquires.
7
<PAGE>
PART II. OTHER INFORMATION
EXHIBITS AND REPORTS ON FORM 8-K
EXHIBITS: Included only with the electronic filing of this
report is the Financial Data Schedule for the three-month period
ended March 31, 1999 (Exhibit Ref. No. 27).
REPORTS ON FORM 8-K: None
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PRESTIGE CAPITAL CORPORATION
Date: November 16, 1999 By: /s/ Glen R. Ulmer, President
8
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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
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<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 8,769
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8,769
<CURRENT-LIABILITIES> 40,732
<BONDS> 0
0
0
<COMMON> 380
<OTHER-SE> (57,343)
<TOTAL-LIABILITY-AND-EQUITY> 8,769
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 2,976
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 801
<INCOME-PRETAX> (3,777)
<INCOME-TAX> 0
<INCOME-CONTINUING> (3,777)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,777)
<EPS-BASIC> (.01)
<EPS-DILUTED> (.01)
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