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
June 30, 1998 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, 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 JUNE 30, 1998
Common stock 30,000,000
No par value
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<TABLE>
<CAPTION>
KIMBELL DECAR CORPORATION
(A Development Stage Company)
BALANCE SHEET
<S> <C> <C>
June 30, December 31,
1998 1997
---- ----
(unaudited) (audited)
Assets:
Total $0 0
--------------------------- --------------------------
TOTAL ASSETS $0 $0
=========================== ==========================
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable-Officer $26,861 $27,861
Accrued Compensation 112,000 112,000
Note Payable - Scovil 10,692 10,692
Note Payable - Porter 367,151 367,151
--------------------------- --------------------------
TOTAL CURRENT LIABILITIES 516,704 516,704
TOTAL LIABILITIES 516,704 516,704
STOCKHOLDER'S DEFICIENCY:
Common stock 1,000,000,000 shares
authorized, no par value
30,000,000 shares, issued and 177,833 177,833
outstanding
Deficit accumulated during the (694,341) (694,341)
development stage
--------------------------- --------------------------
TOTAL STOCKHOLDERS' DEFICIENCY (516,508) (516,508)
--------------------------- --------------------------
TOTAL LIABILITIES & STOCKHOLDERS' $196 $196
DEFICIENCY
=========================== ==========================
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
KIMBELL-DECAR CORPORATION
(A Development Stage Company)
STATEMENT OF OPERATIONS
(unaudited)
<S> <C> <C> <C> <C>
Three Three Six months Six
months months ended June months
ended June ended 30, 1998 ended
30, 1998 June 30, 1997 (Unaudited) June 30, 1997
(Unaudited) (Unaudited)
REVENUE:
Interest Income - - - -
Miscellaneous Income - - - -
--------------------------------------------------------------------------------------------------
TOTAL REVENUES - - - -
EXPENSES:
General & 0 0 0 17,722
administrative
Depreciation - - - -
expenses
Professional - - - 127,692
Fees
Bad debts - - - 359
Services - - - -
contributed by
officers
--------------------------------------------------------------------------------------------------
TOTAL COSTS & $0 $0 0 142,773
EXPENSES
--------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------
NET INCOME 0 0 0 (142,773)
(LOSS) ON
OPERATIONS
ITEM
Interest - - - (52,295)
Expense
NET INCOME $0 $0 $0 (195,068)
(LOSS)
==================================================================================================
NET INCOME >.000 0 - ($.007)
(LOSS) PER
SHARE:
Income (loss)
before
extraordinary
item
--------------------------------------------------------------------------------------------------
NET INCOME >.000 0 - ($.007)
(LOSS)
--------------------------------------------------------------------------------------------------
WEIGHTED 30,000,000 30,000,000 30,000,000 30,000,00
AVERAGE NUMBER 0
OF SHARES
OUTSTANDING
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
KIMBELL DECAR CORPORATION
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(unaudited)
<S> <C> <C>
Six months ended Six months ended
June 30, 1998 June 30, 1997
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income (loss) $0 $(195,068)
Items not requiring - -
cash:
Depreciation - -
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) $0 $195,068
in accounts payable
------------------------------------------------
Cash (used) by - (195,068)
operating activities
------------------------------------------------
CASH FLOWS FROM
INVESTING ACTIVITIES:
Purchase assets - -
Cash provided - -
(used) by investing
activities
------------------------------------------------
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CASH FLOWS FROM
FINANCING ACTIVITIES:
Notes payable - -
payments
Proceeds from sale - -
of common stock and
warrants, net of
registration costs
Purchase of - -
treasury stock
------------------------------------------------
Cash provided by - -
financing
activities
------------------------------------------------
Increase (decrease) - -
in cash & cash
equivalents
Cash & cash - -
equivalents -
beginning of year
------------------------------------------------
Cash & cash - -
equivalents - end of
year
================================================
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 June 30, 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
<PAGE>
make estimates and assumptions that affect certain report amounts and
disclosures. Accordingly, actual results could differ from those estimates.
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 JUNE 30, 1998 COMPARED TO SAME PERIOD IN
1997.
The Company has no current business operations. The Company had no expenses
for the three month period in 1998 or 1997. The revenues for the period were
none in 1997 or 1998. The Company recorded no loss or profit for the period in
1997 or in 1998. While the Company is seeking capital sources for investment;
there is no assurance that sources can be found.
Profit/loss per share for the 1998 second quarter was $.00 per share,
as compared to a profit/loss of ($.00) per share for the second quarter of 1997.
RESULTS OF OPERATIONS FOR SIX MONTHS ENDED JUNE 30, 1998 COMPARED TO SAME PERIOD
IN 1997.
The Company has experienced no operating expenses for the three month
period in 1998 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. Losses on
operations may occur until sufficient 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 six month period was $.00 per share, as
compared to a loss of less than ($.007) per share for the same period in 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.
<PAGE>
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
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
Date: ----------------------------------
Virgil Kimbell, President
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<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>
