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, 1997
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, 1997, 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, 1997.
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.
Plan of Operation
The Issuer is actively engaged in a search for profitable business
opportunities, including possible merger, acquisition, joint-ventures or other
business combinations calculated to create a return for shareholder.
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
2
<PAGE>
Exhibit Index
Financial Statements and Documents
Furnished as a part of this Registration Statement
Exhibit F Financial Statements (Un-Audited) December 31, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Qsb Report for the Quarter ended December 31, 1997, has been signed
below by the following person on behalf of the Registrant and in the capacity
and on the date indicated.
December 31, 1997
Desert Springs Acquisition Corp.
A COLORADO CORPORATION
by
/S/ /S/
- ------------------------------ ------------------------------
James L. Bartel Mitchell Milgaten
PRESIDENT/DIRECTOR SECRETARY/TREASURER
3
<PAGE>
Exhibit F
UN-AUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED
DECEMBER 31, 1997
4
<PAGE>
DESERT SPRINGS ACQUISITION CORP.
BALANCE SHEETS (UNAUDITED)
for the fiscal years ended June 30, 1997 and 1996
and for the Six Months ended December 31, 1997
<TABLE>
<CAPTION>
June 30
December 31, -----------------------------
1997 1997 1996
--------- --------- ---------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Total Current Assets $ -0- $ -0- $ -0-
TOTAL ASSETS $ -0- $ -0- $ -0-
========= ========= =========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable 27301 27301 5925
Accounts Payable - Related Party $ 7,551 $ 7,551 $ 6,693
--------- --------- ---------
Total Liabilities 34,852 34,852 12,618
--------- --------- ---------
STOCKHOLDERS' EQUITY
Common Stock, $.0001 par value; authorized
500,000,000 shares; issued and outstanding,
1,942,500 shares 194 194 194
Additional Paid In Capital 420,041 420,041 420,041
Accumulated Surplus (Deficit) (455,087) (455,087) (432,853)
--------- --------- ---------
Total Stockholders' Equity (34,852) (34,852) (12,618)
--------- --------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ -0- $ -0- $ -0-
========= ========= =========
</TABLE>
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, 1997 and 1996
and for the Six Months ended December 31, 1997
<TABLE>
<CAPTION>
June 30
December 31, ---------------------------
1997 1997 1996
------------ ------------ ------------
<S> <C> <C> <C>
Revenues $ -0- $ -0- $ -0-
------------ ------------ ------------
Expenses; General & Administrative -0- 22,234 25,034
------------ ------------ ------------
Net Loss from Operations -0- (22,234) (25,034)
Net Income (Loss) $ -0- $ (22,234) $ (25,034)
============ ============ ============
Loss per Share $ -0- $ (0.0114) $ (0.0129)
============ ============ ============
Weighted Average
Shares Outstanding 1,942,500 1,942,500 1,942,500
============ ============ ============
</TABLE>
Desert Springs Acquisition Corp. o FORM 10-Q o page 7 of 9 pages
<PAGE>
DESERT SPRINGS ACQUISITION CORP.
STATEMENTS OF CASH FLOW (UNAUDITED)
for the fiscal years ended June 30, 1997 and 1996
and for the Six Months ended December 31, 1997
June 30
December 31, --------------------------
1997 1997 1996
------------ ------------ ------------
Operating Activities
Net Income (Loss) $ -0- $ (22,234) $ (25,034)
Stock Issued for Services 12,520
Increase in Accounts Payable -0- 22,234 12,514
------------ ------------ ------------
Net Cash from Operations
Investing Activities
Financing Activities
Contributions by Shareholders
Net Cash Provided (Used)
by Financing Activities
Increase (Decrease) in Cash $ -0- $ -0- $ -0-
============ ============ ============
Desert Springs Acquisition Corp. o FORM 10-Q o 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 1997
and for the period ended December 31, 1997
<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 fiscal year
ended June 30, 1997 (22,234)
---------- ---------- ---------- ---------- ----------
Balance at June 30, 1997 1,942,500 194 420,041 (455,087) (34,852)
Balance at December 31, 1997 1,942,500 194 420,041 (455,087) (34,852)
========== ========== ========== ========== ==========
</TABLE>
Desert Springs Acquisition Corp. o FORM 10-Q o page 9 of 9 pages
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 34,852
<BONDS> 0
0
0
<COMMON> 1,942,500
<OTHER-SE> 0
<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
<EPS-DILUTED> 0
</TABLE>
