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 September 30, 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 - September 30, 1999 and
December 31, 1998 3
Statements of Operations - Three and Nine
Months Ended September 30, 1999 and 1998, 4
and Inception to September 30, 1999
Statements of Cash Flows - Three and Nine
Months Ended September 30, 1999 and 1998,
and Inception to September 30, 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
September 30, December 31,
1999 1998
(Unaudited)
CURRENT ASSETS
Cash $ 5,203 $ 100
Total Current Assets 5,203 100
TOTAL ASSETS $ 5,203 $ 100
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accrued interest $ - $ 18,931
Accounts payable - 8,355
Notes payable - related party - 1,000
Total Current Liabilities - 28,286
LONG-TERM LIABILITIES
Note payable - related party - 25,000
Total Long-Term Liabilities - 25,000
Total Liabilities - 53,286
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock authorized: 50,000,000
common shares at $0.001 par value;
9,680,000 and 380,000 shares issued
and outstanding, respectively 9,680 380
Capital in excess of par value 326,709 268,587
Deficit accumulated during the
development stage (331,186) (322,153)
Total Stockholders' Equity (Deficit) 5,203 (53,186)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ 5,203 $ 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 For the February 7,
Three Months Ended Nine Months Ended 1986 Through
September 30, September 30, September 30,
1999 1998 1999 1998 1999
REVENUES $ - $ - $ - $ - $ -
EXPENSES
General and administrative 1,041 2,088 6,542 6,266 59,764
Interest expense 770 500 2,491 1,500 21,422
Total Expenses 1,811 2,588 9,033 7,766 81,186
DISPOSAL OF ASSETS - - - - 250,000
NET LOSS $ (1,811) $ (2,588) $ (9,033) $ (7,766) $(331,186)
BASIC LOSS PER SHARE $ (0.00) $ (0.01) $ (0.01) $ (0.02)
WEIGHTED AVERAGE
NUMBER OF SHARES 370,000 370,000
4
The accompanying notes are an intergarl part of these financial statements
<PAGE>
PRESTIGE CAPITAL CORPORATION
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
From
Inception on
For the For the February 7,
Three Months Ended Nine Months Ended 1986 Through
September 30, September 30, September 30,
1999 1998 1999 1998 1999
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss $ (1,811) $ (2,588) $ (9,033) $ (7,766) $(331,186)
Adjustments to reconcile
net loss to net cash
(used) by operating
activities:
Loss from disposal of
assets - - - - 250,000
Changes in operating assets
and liability accounts:
Increase (decrease) in
accounts payable - 2,088 (8,355) 6,266 -
Increase in accrued interest 770 500 2,491 1,500 21,422
(Increase) in inventory - - - - (165,000)
Net Cash (Used) by
Operating Activities (1,041) - (14,897) - (224,764)
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 (1,041) 5,103 - 5,203
CASH AT BEGINNING OF PERIOD 6,244 - 100 - -
CASH AT END OF PERIOD $ 5,203 $ - $ 5,203 $ - $ 5,203
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
Issuance of stock for debt
and accrued interest
payable $ 67,422 $ - $ 67,422 $ - $ 67,422
5
The accompanying notes are an integral part of these financial statements.
<PAGE>
(A Development Stage Company)
Notes to the Financial Statements
September 30, 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 September 30, 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
September 30, 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
Nine Month periods Ended September 30, 1999 and 1998
The Company had no revenue from continuing operations for the
nine-month periods ended September 30, 1999 and 1998.
General and administrative expenses for the nine month periods
ended September 30, 1999 and 1998, consisted of general corporate
administration, legal and professional expenses, and accounting
and auditing costs. These expenses were $6,542 and $6,266 for
the nine-month periods ended September 30, 1999 and 1998,
respectively.
Interest expense in the nine-month periods ended September 30,
1999 and 1998, was $2,491 and $1,500, respectively.
As a result of the foregoing factors, the Company realized a net
loss of $9,033 for the nine months ended September 30, 1999, as
compared to a net loss of $7,766 for the same period in 1998.
Liquidity and Capital Resources
At September 30, 1999, the Company had working capital of
approximately $5,203, as compared to a working capital deficit
$28,186 at December 31, 1998. The Company's cash in the amount
of $5,203 is the result of 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. In September, 1999 the Company
converted its notes payable and accrued interest to common stock
at the rate of $0.0076 per share, or a total of 9,300,000 shares.
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 September 30, 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
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 5,203
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5,203
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 5,203
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 9,680
<OTHER-SE> (4,477)
<TOTAL-LIABILITY-AND-EQUITY> 5,203
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 6,542
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,491
<INCOME-PRETAX> (9,033)
<INCOME-TAX> 0
<INCOME-CONTINUING> (9,033)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,033)
<EPS-BASIC> (.01)
<EPS-DILUTED> (.01)
</TABLE>
