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Previous: PENN MUTUAL VARIABLE LIFE ACCOUNT I, 485BPOS, 1998-04-23 |
Next: DREYFUS BASIC GNMA FUND, 485BPOS, 1998-04-23 |
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
- --------------------------------------------------------------------------------
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended March 31, 1998
AND
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 33-12029-D
- --------------------------------------------------------------------------------
Desert Springs Acquisition Corp.
formerly Bartel Financial Group, Inc.
(Exact name of Registrant as specified in its charter)
- --------------------------------------------------------------------------------
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 March 31, 1998, the number of shares outstanding of the Registrant's
Common Stock was 2,542,500.
<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 March 31, 1998.
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
Financial Statements and Documents
Furnished as a part of this Registration Statement
Exhibit F Financial Statements (Un-Audited) March 31, 1998
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Qsb Report for the Quarter ended March 31, 1998, has been signed below
by the following person on behalf of the Registrant and in the capacity and on
the date indicated.
March 31, 1998
Desert Springs Acquisition Corp.
A COLORADO CORPORATION
by
/S/ JAMES L. BARTEL /S/ MITCHELL MILGATEN
- ------------------------------ --------------------------------
James L. Bartel Mitchell Milgaten
PRESIDENT/DIRECTOR SECRETARY/TREASURER
3
<PAGE>
Exhibit F
UN-AUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED
MARCH 31, 1998
4
<PAGE>
DESERT SPRINGS ACQUISITION CORP.
BALANCE SHEETS (UNAUDITED)
for the fiscal years ended June 30, 1997 and 1996
and for the Nine Months ended March 31, 1998
<TABLE>
<CAPTION>
June 30
March 31, ---------------------------------
1998 1997 1996
--------------------- -------------- ----------------
ASSETS
CURRENT ASSETS
<S> <C> <C> <C> <C> <C> <C>
Total Current Assets $ -0- $ -0- $ -0-
TOTAL ASSETS $ -0- $ -0- $ -0-
===================== ============== ================
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable 27,301 27,301 5,925
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
and 2,542,500 shares 254 194 194
Additional Paid In Capital 425,981 420,041 420,041
Accumulated Surplus (Deficit) (461,087) (455,087) (432,853)
--------------------- -------------- ----------------
Total Stockholders' Equity (34,852) (34,852) (12,618)
--------------------- -------------- ----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ -0- $ -0- $ -0-
===================== ============== ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DESERT SPRINGS ACQUISITION CORP.
STATEMENTS OF LOSS AND ACCUMULATED DEFICIT (UNAUDITED)
for the fiscal years ended June 30, 1997 and 1996
and for the Nine Months ended March 31, 1998
March 31, June 30
-------------------------------
1998 1997 1996
--------------- -------------- ------------
<S> <C> <C> <C>
Revenues $ -0- $ -0- $ -0-
--------------- ------------ ------------
Expenses; General & Administrative 6,000 22,234 25,034
--------------- ------------ ------------
Net Loss from Operations (6,000) (22,234) (25,034)
Net Income (Loss) $ (6,000) $ (22,234) $ (25,034)
=============== ============ ============
Loss per Share $ (0.0031) $ (0.0114) $ (0.0129)
=============== ============ ============
Weighted Average
Shares Outstanding 1,942,500 1,942,500 1,942,500
=============== ============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DESERT SPRINGS ACQUISITION CORP.
STATEMENTS OF CASH FLOW (UNAUDITED)
for the fiscal years ended June 30, 1997 and 1996
and for the Nine Months ended March 31, 1998
March 31, June 30
-------------------------------
1998 1997 1996
--------------- -------------- ------------
<S> <C> <C> <C>
Operating Activities
Net Income (Loss) $ (6,000) $ (22,234) $ (25,034)
Stock Issued for Services 6,000 12,520
Increase in Accounts Payable 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-
=============== ================ ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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 March 31, 1998
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)
Shares Issued for Services Rendered 600,000 60 5,940
Net Loss during the period (6,000)
Balance at March 31, 1998 2,542,500 254 425,981 (461,087) (34,852)
=============== ========== ============= ============== ==============
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> MAR-31-1998
<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> 254
<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>
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