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
September 30, 1999 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 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 SEPTEMBER 30, 1999
- ---------------- ---------------------------------
Common stock 2,916,681
No par value
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<TABLE>
<CAPTION>
KIMBELL DECAR CORPORATION
(A Development Stage Company)
BALANCE SHEET
<S> <C> <C>
September 30, December 31,
1999 1998
---- ----
(unaudited) (audited)
Assets:
Total $196 196
--------------------------- --------------------------
TOTAL ASSETS $196 $196
=========================== ==========================
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable-Officer $0 $ 0
Accrued Compensation 0 0
Note Payable - Scovil 0 0
Note Payable - Porter 0 0
--------------------------- --------------------------
TOTAL CURRENT LIABILITIES 0 0
TOTAL LIABILITIES 0 0
STOCKHOLDER'S DEFICIENCY:
Common stock 1,000,000,000 shares
authorized, no par value
2,916,681 shares, issued and 694,537 694,537
outstanding
Deficit accumulated during the (694,341) (694,341)
development stage
--------------------------- --------------------------
TOTAL STOCKHOLDERS' DEFICIENCY 196 196
--------------------------- --------------------------
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 Nine Nine
months months months months
ended ended ended ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998
(Unaudited) (Unaudited) (Unaudited)
REVENUE:
Interest - - - -
Income
- - - -
Miscellaneous
income
--------------------------------------------------------------------------------------------------
TOTAL REVENUES - - - -
EXPENSES:
General & 0 0 0 0
administrative
Depreciation - - - -
expenses
Professional - - - 0
Fees
Bad debts - - - 0
Services - - - -
contributed by
officers
--------------------------------------------------------------------------------------------------
TOTAL COSTS & $0 $0 0 0
EXPENSES
--------------------------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------------------------
NET INCOME 0 0 0 0
(LOSS) ON
OPERATIONS
ITEM
Interest - - - 0
Expense
NET INCOME $0 $0 $0 0
(LOSS)
==================================================================================================
NET INCOME >.000 0 0 0
(LOSS) PER
SHARE:
Income (loss)
before
extraordinary
item
--------------------------------------------------------------------------------------------------
NET INCOME >.000 0 0 0
(LOSS)
--------------------------------------------------------------------------------------------------
WEIGHTED 2,916,681* 1,250,000* 2,915,681* 1,250,000*
AVERAGE NUMBER
OF SHARES
OUTSTANDING
--------------------------------------------------------------------------------------------------
* Adjusted for one for 24 reverse split.
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>
Nine months ended Nine months ended
September 30, 1999 September 30, 1998
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) $0 $0
in accounts payable
----------------------------------
Cash (used) by - 0
operating
activities
----------------------------------
<PAGE>
CASH FLOWS FROM
INVESTING ACTIVITIES:
Purchase - -
Purchase of other - -
equipment
----------------------------------
Cash provided - -
(used) by investing
activities
----------------------------------
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 196 196
equivalents -
beginning of year
----------------------------------
Cash & cash 196 196
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.
SHARES ISSUED:
Of the 1,000,000,000 shares of no par value common shares authorized, 70,000,000
shares are issued and outstanding at September 30, 1999. In December 1998,
40,000,000 shares were issued in settlement of debt to the President and major
shareholders. 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 shareholders approved a reverse split of issued and outstanding shares on a
one for 24 basis in April 1999. 2,916,681 shares are now issued and outstanding
post reverse split.
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.
<PAGE>
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
RESULTS OF OPERATIONS FOR QUARTER ENDED SEPTEMBER 30, 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 in 1999 or in 1998. The revenues for the period were none in 1999 or
1998. The Company recorded no loss for the period in 1999 and no loss in 1998.
Losses on operations may occur until revenues can be achieved. 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 third quarter was $.00 per share as
compared to a profit/loss of $.00 per share for the same quarter of 1998.
RESULTS OF OPERATIONS FOR NINE MONTHS ENDED SEPTEMBER 30, 1999 COMPARED TO SAME
PERIOD IN 1998.
The Company has no current business operations. The Company had no expenses
for the nine month period in 1999 or in the 1998 period. The revenues for the
period were none in 1999 or 1998. The Company recorded no loss or profit for the
period in 1999 or 1998. Losses on operations can be expected until revenues and
business can be achieved. 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 nine month period was $.00 per share, as
compared to a profit/loss of $.0 per share for the same period of 1998.
<PAGE>
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
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Reports on Form 8-K were made for the period for which this
report is filed as follows: None.
<PAGE>
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: November 23, 1999 Virgil Kimbell, President
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<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>
