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 September 30, 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 September 30, 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 September 30, 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
None
Exhibit Index
2
<PAGE>
Financial Statements and Documents
Furnished as a part of this Registration Statement
Exhibit F Financial Statements (Un-Audited) September 30, 1996
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Q Report for the Quarter ended September 30, 1996, has been signed below
by the following person on behalf of the Registrant and in the capacity and on
the date indicated.
September 30, 1996
Desert Springs Acquisition Corp.
A COLORADO CORPORATION
by
/s/ /s/
- ------------------ --------------------
James L. Bartel Mitchell Milgaten
PRESIDENT/DIRECTOR SECRETARY/TREASURER
4
<PAGE>
Exhibit F
UN-AUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 1996
5
<PAGE>
DESERT SPRINGS ACQUISITION CORP.
BALANCE SHEETS (UNAUDITED)
for the fiscal years ended June 30, 1996 and 1995
and for the Three Months ended September 30, 1996
<TABLE>
<CAPTION>
June 30
September 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 5925 5925 104
Accounts Payable - Related Party $ 6,693 $ 6,693 $
--------- --------- ---------
Total Liabilities 12,618 12,618 104
--------- --------- ---------
STOCKHOLDERS' EQUITY
Common Stock, $.0001 par value;
authorized 500,000,00 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) (432,853) (432,853) (407,819)
--------- --------- ---------
Total Stockholders' Equity (12,618) (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
<PAGE>
DESERT SPRINGS ACQUISITION CORP.
STATEMENTS OF LOSS AND ACCUMULATED DEFICIT (UNAUDITED)
for the fiscal years ended June 30, 1996 and 1995
and for the Three Months ended September 30, 1996
June 30
September 30, --------------------------
1996 1996 1995
----------- ----------- -----------
Revenues $ -0- $ -0- $ -0-
----------- ----------- -----------
Expenses; General & Administrative -0- 25,034 1,314
----------- ----------- -----------
Net Loss from Operations -0- (25,034) (1,314)
Net Income (Loss) $ -0- $ (25,034) $ (1,314)
=========== =========== ===========
Loss per Share $ (0.00) $ (0.02) $ (0.00)
=========== =========== ===========
Weighted Average
Shares Outstanding 1,942,500 1,673,000 690,500
=========== =========== ===========
The accompanying notes are an integral part of these financial statements.
Desert Springs Acquisition Corp. FORM 10-Q page 7 of 9 pages
<PAGE>
DESERT SPRINGS ACQUISITION CORP.
STATEMENTS OF CASH FLOW (UNAUDITED)
for the fiscal years ended June 30, 1996 and 1995
and for the Three Months ended September 30, 1996
June 30
September 30, ----------------------
1996 1996 1995
------ -------- --------
Operating Activities
Net Income (Loss) $ -0- $(25,034) $ (1,314)
Stock Issued for Services 12,520
Increase in Accounts Payable -0- 12,514 104
------ -------- --------
Net Cash from Operations (1,210)
Investing Activities -0-
Financing Activities -0-
Contributions by Shareholders 1,210
Net Cash Provided (Used)
by Financing Activities 1,210
Increase (Decrease) in Cash $ -0- $ -0- $ -0-
====== ======== ========
The accompanying notes are an integral part of these financial statements.
Desert Springs Acquisition Corp. FORM 10-Q page 8 of 9 pages
<PAGE>
DESERT SPRINGS ACQUISITION CORP.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED)
for the period from inception of the Development Stage on July 1,
1991, for the fiscal years ended June 30, 1992 through 1996
and for the period ended September 30, 1996
<TABLE>
<CAPTION>
Additional Accumulated Total Stock-
Common Par Paid-In Equity holders' Equity
Stock Value Capital (Deficit) (Deficit)
----- ----- ------- --------- ---------
<S> <C> <C> <C> <C> <C>
Balance on June 30, 1991 690,500 $ 69 $ 397,728 $(404,633) $ -0-
Contributions from Shareholders 624
Net Loss during the fiscal year
ended June 30, 1992 (624)
Contributions from Shareholders 624
Net Loss during the fiscal year
ended June 30, 1993 (624)
--------- --- --------- --------- -------
Balance at June 30, 1993 690,500 69 405,812 (405,881) -0-
Contributions from Shareholders 624
Net Loss during the fiscal year
ended June 30, 1994 (624)
--------- --- --------- --------- -------
Balance at June 30, 1994 690,500 69 406,436 (406,505) -0-
Contributions from Shareholders 1,210
Net Loss during the fiscal year
ended June 30, 1995 (1,314)
--------- --- --------- --------- -------
Balance at June 30, 1995 690,500 69 407,646 (407,819) (104)
Shares Issued for Services Rendered 1,252,000 125 12,395
Net Loss during the fiscal year
ended June 30, 1996 (25,034)
--------- --- --------- --------- -------
Balance at June 30, 1996 1,942,500 194 420,041 (432,853) (12,618)
Net Loss during the period
ended September 30, 1996 (1,113)
--------- --- --------- --------- -------
Balance at September 30, 1996 1,942,500 194 420,041 (433,966) (13,731)
</TABLE>
The accompanying notes are an integral part of these financial statements.
Desert Springs Acquisition Corp. FORM 10-Q page 9 of 9 pages
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<CIK> 810932
<NAME> Desert Springs Acquisition Corp.
<S> <C>
<PERIOD-TYPE> 3-Mos
<FISCAL-YEAR-END> JUN-01-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> Sep-30-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 000
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 12,618
<BONDS> 0
0
0
<COMMON> 420,235
<OTHER-SE> 432,853
<TOTAL-LIABILITY-AND-EQUITY> 0
<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> (0.00)
<EPS-DILUTED> (0.00)
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