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 31, 1999 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
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(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 X No
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, 1999
- ------------- -----------------------------
Common stock 70,000,000
No par value
<PAGE>
<TABLE>
<CAPTION>
KIMBELL de-CAR CORPORATION
(A Development Stage Company)
BALANCE SHEET
March 31, December 31
1999 1998
(unaudited) (unaudited)
<S> <C> <C>
Assets:
TOTAL ASSETS $196 $196
==== ====
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts Payable-Officers 0 0
Accrued Compensation 0 0
Notes Payable 0 0
--------------------------------------------------------------
Total current liabilities $0 $0
Stockholder's equity (Deficit):
Common stock, no par value; authorized,
1,000,000,000 shares: Issued and outstanding
70,000,000 shares at March 31, 1999 and
December 31, 1998: Additional paid-in capital 694,537 177,833
Accumulated (deficit) during the development
stage (694,341) (694,341)
--------- ---------
Total Stockholders' equity 196 (516,508)
--- ---------
TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY $196 $196
==== ====
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
KIMBALL deCAR CORPORATION
(A Development Stage Company)
STATEMENT OF OPERATIONS
(unaudited)
Three months Three months
ended March ended March
31, 1999 31, 1998
(Unaudited)
<S> <C> <C>
REVENUE:
Interest Income - -
Miscellaneous income - -
TOTAL REVENUES - -
EXPENSES:
General & administrative - -
Interest expense - -
Depreciation expenses - -
Professional fees - -
Bad debts - -
TOTAL - -
Loss on Operations - -
Interest Expense - -
TOTAL COSTS & EXPENSES - -
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM - -
NET INCOME (LOSS) $0 0
NET INCOME (LOSS) PER SHARE: - -
Income (loss) before extraordinary item
NET INCOME (LOSS) - -
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 70,000,000 30,000,000
</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)
Three months ending Three months ending
3/31/99 3/31/98
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss) $0 $0
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) in accounts payable $0 0
-------------------------------------------------------
Cash (used) by operating activities - -
-------------------------------------------------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Cash provided (used) by investing activities 0 0
-------------------------------------------------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Notes payable - -
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 0 0
equivalents
Cash & cash equiv- alents - beginning of - -
year
-------------------------------------------------------
Cash & cash equiv- alents - end of year 196 196
=======================================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
<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, 1999 compared to same period
- --------------------------------------------------------------------------------
in 1998.
- -------
The Company has no current business operations. The Company has
experienced no operating expenses for the three month period and none for the
same period in 1998. The revenues for the period were none in 1999 or 1998. The
company recorded no profit or loss for the period in 1999 or 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 1999 first quarter was $.0 per share, as compared
to of $.0 per share for the 1st quarter of 1998.
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
- ------ --------------------------------
A report on Form 8-K was dated January 12, 1999 and filed on
January 20, 1999.
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: 6/7/99 --------------------------------
-------------- Virgil Kimbell, President
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 196
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 196
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 196
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 694,537
<OTHER-SE> (694,341)
<TOTAL-LIABILITY-AND-EQUITY> 196
<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-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
