SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB
Annual Report Pursuant to
the Securities Exchange Act of 1934
For the fiscal year ended 12-31-91
Commission file number 33-7075-LA
KIMBELL - deCAR CORPORATION
----------------------------
(Exact name of registrant as specified in its charter)
COLORADO 33-0179781
---------------------- -------------------
(State of incorporation) (I.R.S. Employer
Identification No.)
1820 SHARPLESS DRIVE, LA HABRA HEIGHTS, CA 90631
-----------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: None
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: NONE
Name of each exchange on which registered: N/A
Securities registered pursuant to Section 12(g) of the Act:
Title of each class: Common No Par Value
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
Check if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-B is not contained in this form, and no disclosure
will 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-KSB or any amendment to this
Form 10-KSB. X
State issuer's revenues for its most recent fiscal year. $0
1
<PAGE>
Transitional Small Business Disclosure Format:
______ Yes ___X____ No
Aggregate market value of the voting stock held by non-affiliates
of the registrant as of December 31, 1991: $0
Number of outstanding shares of the registrant's no par value
common stock, as of December 31, 1991: 30,000,000
2
<PAGE>
PART 1
Item 1. Business
The Company was incorporated under the laws of the State of Colorado.
Since its inception, the Company was engaged primarily in
organizational activities, including the raising of initial financing
and initiating activities related to the importation of men's and
ladies clothing and related products on behalf of wholesales purchaser
customers located in the United States (the "U.S. Customers"). The
business failed in 1990 and the Company has been inactive since then.
The Company's executive offices are located at 1820 Sharpless Drive, La
Habra Heights, California 90631, with a mailing address of P.O. Box
873, La Habra Heights, California 90633.
No significant business activity was conducted by the Company during
the fiscal year. As a result, no income was realized by the Company in
its last fiscal year.
The Company was inactive and presently does not participate in any
industry segment. The Company had no material revenues, or operating
profits or identifiable assets attributable to its industry segment.
Item 2. PROPERTY
The Company does not have any formal offices at year end.
Records are maintained and mail received at 1820 Sharpless Drive, La
Habra Heights, CA 90631. The company owns no real property.
Item 3. LEGAL PROCEEDINGS
The Company is a party to no pending legal proceedings, nor is its
property subject to such proceedings, at year end 1991.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted during the fiscal year covered by this report
to a vote of security holders of the Company, through the solicitation
of proxies or otherwise.
3
<PAGE>
PART II
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
As of the date of this report, management knows of no trading or
quotation of the Company's common stock. The range of high and low bid
quotations for each fiscal quarter since the last report, as reported
by the National Quotation Bureau Incorporated, was as follows:
1991 HIGH LOW
First quarter * *
Second quarter * *
Third quarter * *
Fourth quarter * *
1990 HIGH LOW
First quarter * *
Second quarter * *
Third quarter * *
Fourth quarter * *
1989 HIGH LOW
First quarter * *
Second quarter * *
Third quarter * *
Fourth quarter * *
* No quotations reported
The above quotations reflect inter-dealer prices, without retail
mark-up, mark-down, or commission and may not necessarily represent
actual transactions.
As of December 31, 1991, there were 40 record holders of the Company's
common Stock.
The Company has not declared or paid any cash dividends on its common
stock and does not anticipate paying dividends for the foreseeable
future.
4
<PAGE>
Item 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FINANCIAL CONDITION AND CHANGES IN FINANCIAL CONDITION
No operations were conducted and no revenues were generated in the
fiscal year. The Company had no income or revenues in 1991.
LIQUIDITY AND CAPITAL RESOURCES
The Company at year end had no capital, no cash, and no other assets.
The Company at year end was totally illiquid and needed cash infusions from
shareholders to provide capital, or loans from any sources.
RESULTS OF OPERATIONS
1991 Compared to 1990
During the fiscal year ended December 31, 1991, the Company had no
revenues, incurred $0 in general and administrative expenses, and accrued $0 for
services of officers. In 1990, the Company had $7,209 in Revenues and $168 in
gross profit. The Company incurred $9,323 in operating expenses, and $0 for
services rendered by officers. At present, the Company has no business, income
or operations. Accordingly, the reported financial information herein may not be
indicative of future operating results. Loss on operations in 1991 was ($1,670)
compared to the 1990 loss on operations of ($9,738).
1990 Compared to 1989
During the fiscal year ended December 31, 1990, the Company had $7,209
in revenues and $168 in gross profit. In 1990 it incurred $9,323 expenses, and
$0 for services contributed by officers. In 1989 the Company had $18,158 in
revenues and a gross profit of $2,880. It incurred $65,651 in operating
expenses, including $48,000 for salaries of officers. Accordingly, the reported
financial information herein may not be indicative of future operating results.
Loss on operations in 1990 was ($9,738) compared to the 1989 loss on operations
of ($47,653).
Item 7. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Please refer to pages F-1 through F-10.
Item 8. CHANGES IN AND DISAGREEMENTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
In connection with audits of two most recent fiscal years and any
interim period preceding resignation, no disagreements exist
5
<PAGE>
with any former accountant on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope of procedure, which
disagreements if not resolved to the satisfaction of the former accountant would
have caused him to make reference in connection with his report to the subject
matter of the disagreement(s).
The principal accountants' reports on the financial statements for any
of the past two years contained no adverse opinion or a disclaimer of opinion
nor was qualified as to uncertainty, audit scope, or accounting principles
except for the "going concern" qualification.
PART III
Item 9. DIRECTORS AND EXECUTIVE OFFICERS OF THE
REGISTRANT
The directors and executive officers of the Company as of December 31,
1991, are as follows:
NAME AGE POSITION
- ----------------- --- ----------------------
Virgil K. Kimbell 71 President and Director
The term of office of each director and executive officer ends at, or
immediately after, the next annual meeting of shareholders of the Company.
Except as otherwise indicated, no organization by which any director or officer
has been previously employed is an affiliate, parent or subsidiary of the
Company.
VIRGIL K. KIMBELL has served as President and as a Director, and has
been a Principal Shareholder of the Company, since its inception. From 1970
until the inception of the Company, Mr. Kimbell was self-employed as a sales and
marketing representative, operating under the business name of VKC Company,
which he has operated as a sole proprietorship, operating out of La Habra
Heights, California, performing sales and marketing functions and related
consulting services, working closely with the management of various apparel
manufacturers, both within and outside of the United States. Until March of
1986, Mr. Kimbell served as the sole employee of VKC, which currently employs
three persons, including Mr. Kimbell, on a commission basis. VKC is currently an
agent for Fox River Mills of Osage, Iowa, Moretz Mills of Newton, North
Carolina, Reliable of Milwaukee, Milwaukee, Wisconsin, and was for four years,
from 1978 to 1981, the head of development for Lane Walker Rudkin of
Christchurch, New Zealand, for their knitted outwear U.S.A. division. VKC
operates solely in the domestic market and has not transacted business with or
participated in any overseas arrangements or ventures with the exception of work
performed for Lane Walker Rudkin, through their U.S. office in San Francisco,
nor does it intend to do so. From 1960 to 1970, Mr. Kimbell was employed by
Ripon Knitting Works of Ripon, Wisconsin, an apparel manufacturer, where he
was eventually promoted to the position of Executive Vice President.
<PAGE>
Item 10. EXECUTIVE COMPENSATION
The Company accrued no compensation to the executive officers as a
group for services rendered to the Company in all capacities during the 1991
fiscal year. No one executive officer received, or has accrued for his benefit,
in excess of $60,000 for the year. No cash bonuses were or are to be paid to
such persons.
The Company does not have any employee incentive stock option plans.
There are no plans pursuant to which cash or non-cash compensation was
paid or distributed during the last fiscal year, or is proposed to be paid or
distributed in the future, to the executive officers of the Company. No other
compensation not described above was paid or distributed during the last fiscal
year to the executive officers of the Company. There are no compensatory plans
or arrangements, with respect to any executive office of the Company, which
result or will result from the resignation, retirement or any other termination
of such individual's employment with the Company or from a change in control of
the Company or a change in the individual's responsibilities following a change
in control.
<TABLE>
<CAPTION>
SUMMARY COMPENSATION TABLE OF EXECUTIVES
<S> <C> <C> <C> <C> <C> <C>
Annual Compensation Awards
====================================================================================================================================
Name and Year Salary Bonus Other Annual Restricted Securities
Principal ($) ($) Compensation Stock Underlying
Position ($) Award(s) Options/
($) SARs (#)
- ------------------------------------------------------------------------------------------------------------------------------------
Virgil K. 1991 0 0 0 0 0
Kimbell,
President
------------------------------------------------------------------------------------------------------------
1990 $48,000* 0 0 0 0
====================================================================================================================================
</TABLE>
* accrued but not paid
Option/SAR Grants Table (None)
Aggregated Option/SAR Exercises in Last Fiscal Year an FY-End
Option/SAR value (None)
Long Term Incentive Plans - Awards in Last Fiscal Year (None)
7
<PAGE>
DIRECTOR COMPENSATION FOR LAST FISCAL YEAR
(Except for compensation of Officers who are also Directors which Compensation
is listed in Summary Compensation Table of Executives)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Cash Compensation Security Grants
=================================================================================================================================
Name Annual Meeting Consulting Number Number of
Retainer Fees Fees/Other of Securities
Fees ($) ($) Fees ($) Shares Underlying
(#) Options/SARs(#)
- ---------------------------------------------------------------------------------------------------------------------------------
A. Director 0 0 0 0 0
Virgil K. Kimbell
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth information, as of December 31, 1991,
with respect to the beneficial ownership of the Company's no par value common
stock by each person known by the Company to be the beneficial owner of more
than five percent of the outstanding common stock.
<S> <C> <C> <C>
Stock Names and Address Beneficial Percent
TITLE OF CLASS OF BENEFICIAL OWNER OWNERSHIP OF CLASS
- ----------------- -------------------- ------------ --------
Common Virgil K. Kimbell 12,500,000 42%
1820 Sharpless Dr.
La Habra Heights, CA
Common Gerald de Carvahlo 12,500,000 42%
9930 Tecum Road
Downey, CA 90240
</TABLE>
<TABLE>
<CAPTION>
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT (CONTINUED)
The following table sets forth information, as of December 31, 1991,
with respect to the beneficial ownership of the Company's no par value common
stock by the directors and officers of the Company, both individually and as a
group.
<S> <C> <C> <C>
Stock Names and Address Beneficial Percent
TITLE OF CLASS OF BENEFICIAL OWNER OWNERSHIP OF CLASS
- ----------------- ---------------------- ----------- ----------
Common Virgil K. Kimbell 12,500,000 42%
1820 Sharpless Dr.
La Habra Heights, CA
Officers and Directors as a group 42%
</TABLE>
8
<PAGE>
Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS -
----------------------------------------------
None.
PART IV
Item 13. EXHIBITS AND REPORTS ON FORM 8-K
The following documents are filed as part of this report:
1. Reports on Form 8-K: None
2. Exhibits:
INDEX
Form 10-K
Regulation Consecutive
S-K NUMBER EXHIBIT PAGE NUMBER
- ----------- --------------------------- --------------------------
3.1 Articles of Incorporation *Incorporated by reference
to Registration Statement
#33-7075-LA
3.2 Bylaws *Incorporated by reference
to Registration Statement
#33-7075-LA
27.1 Financial Data Schedule EX-27.1
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.
KIMBELL - DECAR CORPORATION
(Registrant)
Date: October 22, 1998
/s/Virgil K. Kimbell
-----------------------------------
Virgil K. Kimbell, President
Pursuant to the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
KIMBELL - DECAR CORPORATION
(Registrant)
Date: October 22, 1998
/s/Virgil K. Kimbell
------------------------------------
Virgil K. Kimbell, Director
9
<PAGE>
DORAN PECK, C.P.A., P.C.
2121 South Oneida Street, Suite 636
Denver, CO 80224
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors of Kimbell-DeCar Corporation:
We have audited the accompanying balance sheets of Kimbell-DeCar Corporation as
of December 31, 1995, 1994, 1993, 1992, and 1991 and the related statements of
operations, stockholders' deficiency, and cash flows for the years then ended.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on the financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that I 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 Kimbell-DeCar Corporation as of
December 31, 1995, 1994, 1993, 1992, and 1991, and the results of its operations
for the years then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 1 to the
financial statements, the Company's recurring losses from operations, working
capital deficiency, and capital deficiency raise substantial doubts about its
ability to continue as a going concern. The Company's continuation as a going
concern is dependent upon its ability to generate sufficient cash flows to meet
its obligations on a timely basis, raising capital as may be required, and
ultimately to attain successful operations. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
/s/ Doran Peck, C.P.A., P.C.
Denver, Colorado
May 28, 1996
F-1
<PAGE>
KIMBELL-DECAR CORPORATION
(A development stage Company)
FINANCIAL STATEMENTS
DECEMBER 31, 1995, 1994, 1993, 1992 AND 1991
(WITH INDEPENDENT AUDITORS' REPORT THEREON)
F-2
<PAGE>
<TABLE>
<CAPTION>
KIMBELL-DECAR CORPORATION
(A Development Stage Company)
Balance Sheets
December 31, 1995, 1994, 1993, 1992 AND 1991
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
ASSETS
Current Assets
Cash 0 0 0 0 0
Fixed Assets:
Offices 0 0 6,901 6,901 6,901
Equipment
Less
Accumulated
Deprec. 0 0 (6,901) (6,901) (6,901)
Net Fixed
Assets 0 0 0 0 0
------------------- ------------------- ------------------- ------------------- -------------
Total Assets 0 0 0 0 0
=================== =================== =================== =================== =============
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts
Payable-
Officer 40,135 39,635 39,530 39,430 39,438
Accrued
Compensation 112,000 112,000 112,000 112,000 112,000
------------------- ------------------- ------------------- ------------------- -------------
Total Current
Liabilities 152,135 151,635 151,530 151,438 151,438
------------------- ------------------- ------------------- ------------------- -------------
Stockholders' Deficiency:
Common Stock-
1,000,000,000
shares authorized, no
par value, 30,00,000
shares issued and
outstanding 177,833 177,833 177,833 177,833 177,833
Deficit Accumulated
during the development
stage (329,968) (329,468) (329,363) (329,271) (329,271)
--------- --------- --------- --------- --------
Total Stockholders'
Deficiency (152,135) (151,635) (151,530) (151,438) (151,438)
--------- --------- --------- --------- ---------
Total Liabilities
and Stockholders'
Deficiency 0 0 0 0 0
=================== =================== =================== =================== ====================
See Notes to Financial Statements.
F-3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
KIMBELL-DECAR CORPORATION
(A Development Stage Company)
Statements of Operations
For the Years Ended December 31, 1995, 1994, 1993, 1992 and 1991
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
Revenues 0 0 0 0 0
Operating Expenses:
Professional Fees 500 0 0 0 0
Depreciation 0 0 0 0 1,432
Bank Charges &
Miscellaneous Expenses 0 105 92 0 238
Total Operating Expenses (500) (105) (92) 0 (1,670)
============ ============== ============ ============ =======
See Notes to Financial Statements.
F-4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
KIMBELL-DECAR CORPORATION
(A Development Stage Company)
Statement of Stockholders' Deficiency
<S> <C> <C> <C> <C>
Common Accumulated
Shares Stock Deficit Total
------------ ----------- ----------- ------
Issuance of Stock to
Founders 25,000,000 $ 2,500 $ 2,500
Public Stock
Offering 5,000,000 175,333 175,333
Net Loss-April 22,
1986 to December 31,
1986 ($ 24,388) ( 24,388)
Balance at December
31, 1986 30,000,000 177,833 ( 24,388) 153,445
Net Loss 1987 ( 133,090) (133,090)
--------------------- ------------------ ---------- ---------
Balance at December
31, 1987 30,000,000 177,833 (157,478) 20,355
Net Loss 1988 (113,921) (113,921)
--------------------- ------------------ ---------- ---------
Balance at December
31, 1988 30,000,000 177,833 (271,399) ( 93,566)
Net Loss 1989 ( 47,653) ( 47,653)
--------------------- ------------------ ---------- ---------
Balance at December
31, 1989 30,000,000 177,833 ( 319,052) (141,219)
Net Loss 1990 ( 10,538) ( 10,538)
--------------------- ------------------ ---------- ---------
Balance at December
31, 1990 30,000,000 $177,833 ($329,590) ($151,757)
Prior period adjustment
(provision for income taxes payable
eliminated) 1,989 1,989
Net Loss 1991 ( 1,670) ( 1,670)
--------------------- ------------------ ---------- ----------
Balance December 31,
1991 30,000,000 177,833 ( 329,271) ( 151,438)
Net Loss 1992 0 0
--------------------- ------------------ ----------- ---------
Balance December 31,
1992 30,000,000 177,833 ( 329,271) ( 151,438)
F-5
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Net Loss 1993 ( 92) ( 92)
--------------------- ------------------ ---------- ----------
Balance December 31,
1993 30,000,000 177,833 ( 329,363) ( 151,530)
Net Loss 1994 ( 105) ( 105)
--------------------- ------------------ ----------- ----------
Balance December 31,
1994 30,000,000 177,833 ( 329,468) ( 151,635)
Net Loss 1995 ( 500) ( 500)
--------------------- ------------------ ----------- ----------
Balance December 31,
1995 30,000,000 177,833 ( 329,968) ( 152,135)
========== ======= =========== ==========
F-6
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
KIMBELL-DECAR CORPORATION (A Development Stage Company) Statement of Cash Flows
For the Years Ended December 31, 1990 and 1989 and the Period April 22, 1986
(Date of Inception) to December 31, 1988
<S> <C> <C> <C>
1990 1989 1988
---------------------- ---------------------- --------
Cash Flows From Operating
Activities:
Cash Collected From Customers $ 7,209 $ 18,158 $ 232,152
Cash Paid to Suppliers and
Employees ( 7,041) (14,561) ( 177,354)
Other Cash Expenses ( 575) ( 1,691) ( 211,178)
Interest Paid ( 583) ( 3,417) ( 7,724)
Interest Received 2,299
Net Cash Applied to Operating
Activities ( 990) ( 1,511) ( 161,805)
Cash Flows From Investing
Activities:
Proceeds From Sale of Vehicle 8,500
Capital Expenditures ( 21,815)
Cash Flows From Financing
Activities:
Proceeds From Issuance of
Common Stock 177,833
Increase (Decrease) in Cash ( 990) ( 1,511) 2,713
Cash, Beginning of Period 1,202 2,713 0
--------- --------- ---------
Cash, End of Period $ 212 $ 1,202 $ 2,713
========= ========= =========
See Notes to Financial Statements
F-7
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
KIMBELL-DECAR CORPORATION
Statement of Cash Flows Years
Ended August 31, 1995, 1994, 1993, 1992 and 1991
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
Cash flows from operating activities:
Net Loss (500) (105) ( 92) 0 (1,670)
------ ------ ------ ----------- -------
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 1,432
Increase in accounts payable
500 105 92 0 26
----- ----- ----- ----------- -------
Total adjustments 500 105 92 0 1,458
----- ----- ----- ----------- -------
Net cash provided by (used
in) operating activities 0 0 0 0 ( 212)
----- ----- ----- ----------- -------
Net increase (decrease) in
cash 0 0 0 0 ( 212)
----- ----- ----- ----------- -------
Cash at beginning of year 0 0 0 0 212
----- ----- ----- ----------- -------
Cash at end of year 0 0 0 0 0
===== ===== ===== =========== =======
See accompanying notes to financial statements
F-8
</TABLE>
<PAGE>
KIMBELL-DECAR CORPORATION
(A Development Stage Company)
Notes to Financial Statements
Note A - 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 importation of men's and
ladies' clothing and related products and accessories for wholesale purchasers
in the United States. 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 stage.
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
require and ultimately to attain successful operations. The financial statements
do not include any adjustments that might result from the outcome of this
uncertainty.
Note B - STOCKHOLDERS' EQUITY
Of the 1,000,000,000 shares of no par value common shares authorized, 30,000,000
shares are issued and outstanding at December 31, 1995. 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.
F-9
<PAGE>
KIMBELL-DECAR CORPORATION
(A Development Stage Company)
Notes to Financial Statements
Note C - RELATED PARTY TRANSACTIONS
Accounts payable-officer represents advances to the Company by the Company's
President.
Due to the financial condition of the Company, the President has not been paid a
salary since September 1987. The accrued compensation has been shown as a
liability in the accompanying balance sheets.
The Company is provided office space, rent free, by the President of the
Company. As the Company's activities are minimal, the value of any rent would be
immaterial.
Note D - SUBSEQUENT EVENTS
In May, 1996 the President advanced an additional $500 for professional
accounting services.
F-10
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1991
<PERIOD-END> DEC-31-1991
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 6,901
<DEPRECIATION> (6,901)
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 151,438
<BONDS> 0
0
0
<COMMON> 177,833
<OTHER-SE> (329,271)
<TOTAL-LIABILITY-AND-EQUITY> (151,438)
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,670
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,670)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,670)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,670)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
