FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended December 31, 1996
AND
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 33-12029-D
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Desert Springs Acquisition Corp.
formerly Bartel Financial Group, Inc.
(Exact name of Registrant as specified in its charter)
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Colorado 84-1043258
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
5160 South Valley View, Suite 106, Las Vegas NV 89118
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 739-6552
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Yes [X] No [ ] (Indicate by check mark whether the Registrant (1) has filed all
report 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 such
filing requirements for the past 90 days.)
As of December 31, 1996, the number of shares outstanding of the Registrant's
Common Stock was 1,942,500.
<PAGE>
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
Attached hereto and incorporated herein by this reference are consolidated
unaudited financial statements for the Quarter ended December 31, 1996
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Liquidity and Capital Resources
The Issuer (and its wholly-owned subsidiary) has no current business, and
has had no operations in the last fiscal year.
Results of Operations
The Issuer (and its wholly-owned subsidiary) has no current business, and
has had no operations in the last fiscal year. The Issuer (and its wholly-owned
subsidiary) has no capital resource and no liquidity.
PART II: OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Change in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
On November 25, 1996 the issuer filed a form 8-Ksb reporting the following;
On July 11, 1995, as previously reported pursuant to authority granted by
shareholders at the Special Shareholders Meeting of October 28, 1994, the Board
of Directors had resolved as follows: The Officers were empowered and directed
to grant to Glenneyre Capital Corporation and option to
2
<PAGE>
acquire 200,000,000 shares of new investment common stock at $0.0001/share or
$20,000.00, and further that the proceeds thereof shall be placed into an
Attorney Escrow to be drawn upon for expenses of the reorganization of the
Issuer.
Since that time, that Option has expired unexercised, and has not been
renewed. As a result, that option is of no further force or effect.
Exhibit Index
Financial Statements and Documents
Furnished as a part of this Registration Statement
Exhibit F Financial Statements (Un-Audited) December 31, 1996
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Qsb Report for the Quarter ended December 31, 1996, has been signed
below by the following person on behalf of the Registrant and in the capacity
and on the date indicated.
December 31, 1996
Desert Springs Acquisition Corp.
A COLORADO CORPORATION
by
/s/ James L. Bartel /s/ Mitchell Milgaten
- ---------------------------- -----------------------
James L. Bartel Mitchell Milgaten
PRESIDENT/DIRECTOR SECRETARY/TREASURER
4
<PAGE>
Exhibit F
UN-AUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED
DECEMBER 31, 1996
5
<PAGE>
DESERT SPRINGS ACQUISITION CORP.
BALANCE SHEETS (UNAUDITED)
for the fiscal years ended June 30, 1996 and 1995
and for the Six Months ended December 31, 1996
<TABLE>
<CAPTION>
December 31, June 30
-----------------------------
1996 1996 1995
----------------- ------------ -------------
ASSETS
<S> <C> <C> <C>
CURRENT ASSETS
Total Current Assets $ -0- $ -0- $ -0-
TOTAL ASSETS $ -0- $ -0- $ -0-
========= ========= =========
<CAPTION>
LIABILITIES & STOCKHOLDERS' EQUITY
<S> <C> <C> <C>
CURRENT LIABILITIES
Accounts Payable $ 5,925 $ 5,925 $ 104
Accounts Payable - Related Party 7,806 6,693
--------- --------- ---------
Total Liabilities $ 13,731 $ 12,618 $ 104
--------- --------- ---------
STOCKHOLDERS' EQUITY
Common Stock, $.0001 par value; authorized
500,000,000 shares; issued and outstanding,
1,942,500 shares and 690,500 shares
respectively $ 194 $ 194 $ 69
Additional Paid In Capital 420,041 420,041 407,646
Accumulated Surplus (Deficit) (433,966) (432,853) (407,819)
--------- --------- ---------
Total Stockholders' Equity (13,731) (12,618) (104)
--------- --------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ -0- $ -0- $ -0-
========= ========= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
Desert Springs Acquisition Corp. o FORM 10-Q o page 6 of 9 pages
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 810932
<NAME> Desert Springs Acquisition Corp.
<S> <C>
<PERIOD-TYPE> 3-Mos
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> OCT-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 000
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 13,731
<BONDS> 0
0
0
<COMMON> 420,235
<OTHER-SE> 433,966
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 1113
<OTHER-EXPENSES> (1113)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1113)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1113)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1113)
<EPS-PRIMARY> (0.00)
<EPS-DILUTED> (0.00)
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