SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
Quarterly Report under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For Quarter Ended Commission File Number
March 30, 1998 33-7075-LA
Kimbell - deCar Corporation
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(Exact name of registrant as specified in its charter)
Colorado 33-0179781
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(State of incorporation) (I.R.S. Employer
Identification No.)
1820 Sharpless Drive, LaHabra Heights, CA 90631
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 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 the filing
requirements for at least the past 90 days.
Yes __ No X
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at March 31, 1998
Common stock 30,000,000
No par value
<PAGE>
KIMBELL de-CAR CORPORATION (A Development Stage Company)
<TABLE>
<CAPTION>
BALANCE SHEET
March 31, December 31,
1998 1997
(unaudited) (audited)
<S> <C> <C>
Assets:
TOTAL ASSETS $196 $196
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
<S> <C> <C>
Current liabilities:
Accounts Payable-Officers 26,861 26,861
Accrued Compensation 112,000 112,000
Notes Payable 377,843 377,843
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Total current liabilities $516,704 $516,704
Stockholder's equity (Deficit):
Common stock, no par value; authorized,
1,000,000,000 shares: Issued and outstanding
30,000,000 shares at March 31, 1998 and
December 31, 1997 177,833 177,833
Accumulated (deficit) during the development
stage (694,341) (694,341)
Total Stockholders' equity (516,508) (516,508)
TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY $196 $196
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
KIMBALL deCAR CORPORATION
(A Development Stage Company)
STATEMENT OF OPERATIONS
(unaudited)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Cumulative During Three months ended Three months ended
Development Stage to March 31, 1998 March 31, 1997
12/31/97 (Unaudited)
REVENUE:
Interest Income 2,299 - -
Miscellaneous income - - -
TOTAL REVENUES 2,299 - -
EXPENSES:
General & administrative - - 14,722
Interest expense (68,156) - -
Depreciation expenses 17,257 - -
Professional fees 300,785 - 127,692
Bad debts - - 359
TOTAL 249,886 - 142,773
Loss on Operations (650,962) - (142,773)
Interest Expense (68,156) - (52,295)
TOTAL COSTS & EXPENSES 691,899 - (195,068)
NET INCOME (LOSS) BEFORE ($24,363) - 0
EXTRAORDINARY ITEM
NET INCOME (LOSS) ($24,363) $0 (195,068)
NET INCOME (LOSS) PER SHARE: .023 - .007
Income (loss) before extraordinary item
NET INCOME (LOSS) >.000 - -
WEIGHTED AVERAGE NUMBER OF 30,000,000 30,000,000 30,000,000
SHARES OUTSTANDING
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
KIMBELL deCAR, CORPORATION
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(unaudited)
<S> <C> <C> <C>
Cumulative During Three months ending Three months ending
Development Stage 3/31/98 3/31/97
to 12/31/97
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(694,341) $0 ($195,068)
Items not requiring cash: - - -
Depreciation 17,257 - -
Contributed services - - -
(Gain) loss on disposal of equipment - - -
Other - - -
Contingency recorded as note payable - - -
Additional payables transferred to equity - - -
(Increase) decrease in accounts receivable - -
Increase (decrease)in accounts payable $(26,861) $0 $195,068
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Cash (used) by operating activities (538,223) - (195,068)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Cash provided (used) by investing activities - 0 0
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CASH FLOWS FROM FINANCING ACTIVITIES:
Notes payable 377,843 - -
Proceeds from saleof common stock and warrant 177,833 - -
net of registration costs
Purchase of treasury stock - - -
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Cash provided by financing activities - - -
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Increase (decrease) in cash & cash equivalents 0 0 0
Cash & cash equivalents - beginning of year - - -
------------------------------------------------------------------------------
Cash & cash equivalents - end of year 196 0 196
==============================================================================
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
KIMBELL deCAR CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Organization and Summary of Significant Accounting Policies
Organization:
The Company was incorporated on April 22, 1986 under the laws of the State of
Colorado for the principal purpose of engaging in the incorporation of men's and
ladies clothing and related products and accessories for wholesale purchasers in
the United State. The company completed a public stock offering in November
1986. Although the company has commenced its principal business operations, the
revenues therefrom are not significant enough to warrant a reclassification from
the status of a company in the development state.
The accompanying financial statements have been prepared on the going concern
basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. The company's continuation as a
going concern is dependent on its ability to generate sufficient cash flow to
meet its obligations on a timely basis, to raise additional capital as may be
required, and ultimately to attain successful operations. The financial
statements do not include any adjustment that might result from the outcome of
this uncertainty.
Initial Public Offering:
Of the 1,000,000,000 shares of no par value common shares authorized, 30,000,000
shares are issued and outstanding at March 31, 1997. On June 23, 1986,
25,000,000 shares were issued to the founders of the Company for $2,500. On
November 19, 1986, the company completed a public stock offering of 5,000,000
shares at a total purchase price of $250,000. Offering costs of $74,667 were
offset against the proceeds.
The Company's fiscal year end is December 31.
Cash Equivalents:
For purposes of the statement of cash flows, the Corporation considers all cash
and other highly liquid investments with initial maturities of three months or
less to be cash equivalent.
Estimates:
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect certain report amounts and disclosures.
Accordingly, actual results could differ from those estimates.
<PAGE>
Net Loss Per Share:
Net loss per share is based on the weighted average number of common shares and
common share equivalents outstanding during the period.
ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of
Operations.
Results of Operations for quarter ended March 31, 1998 compared to same period
in 1997.
The Company has no current business operations. The Company has
experienced no operating expenses for the three month period as compared to
($142,773) for the same period in 1997. The revenues for the period were none in
1997 or 1998. The company recorded a net loss of ($195,068) for the period in
1997 and no loss in 1998. The Company losses will continue until revenues can be
achieved. While the Company is seeking capital sources for investment; there is
no assurance that sources can be found.
Loss per share for the 1998 first quarter was $.00 per share, as
compared to a loss of ($.007) per share for the 1st quarter of 1997.
Liquidity and Capital Resources
The Company had nominal cash capital at the end of the period. The
Company will be forced to either borrow money or make private placements of
stock in order to fund any limited operations. No assurance exists as to the
ability to achieve loans or make private placements of stock.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULT UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
<PAGE>
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports on Form 8-K were made for the period for which this
report is filed.
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.
KIMBELL deCAR CORPORATION
/s/Virgil Kimbell
----------------------------
Date: Virgil Kimbell, President
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 196
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 196
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 196
<CURRENT-LIABILITIES> 516,704
<BONDS> 0
0
0
<COMMON> 177,833
<OTHER-SE> (694,341)
<TOTAL-LIABILITY-AND-EQUITY> (516,508
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
