SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 33-14707-NY
FREEDOM FUNDING, INC.
(Exact name of small business issuer as specified in its charter)
Colorado 84-1047159
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
331 Kenilworth Circle, Stone Mountain, Georgia 30083
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (404) 296-4347
Indicate by check mark whether the issuer (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 such filing requirements for
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: As of
April 18, 1997, there were approximately 8,301,300 shares
outstanding.
I. PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FREEDOM FUNDING, INC.
(a development stage company)
BALANCE SHEET
March 31,
1997 1996
CURRENT ASSETS:
Cash $ - $ -
OTHER ASSETS:
Organization Costs, net of amortization - -
Total Assets - -
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities
Trade Accounts payable $52,151 -
Total Liabilities 52,151 -
Stockholders' Equity:
Preferred stock, par value $.001
per share. Authorized 100,000,000
shares; none issued.
Common stock, $.0001 par value,
per share. Authorized 500,000,000
shares; issued: 8,301,300 230 230
Additional paid-in capital 124,910 124,910
Accumulated deficit (177,084) (125,140)
Total Liabilities
and Shareholders' Equity $ - $ -
See accompanying Notes to Financial Statements
FREEDOM FUNDING, INC.
(a development stage company)
STATEMENTS OF OPERATIONS
Three Months Ended March 31,
1997 1996
Revenues $ - $ -
Costs and expenses
Operational expenses 52,151 -
Amortization - -
Net income (loss) (52,151) -
Net income (loss) per common share * *
Weighted average number of
common shares outstanding 8,301,300 2,301,300
* Less than $.01 per share
See accompanying Notes to Financial Statements
FREEDOM FUNDING, INC.
(a development stage company)
STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
1997 1996
Operations:
Net (loss) $(52,151) -
Items not requiring working capital:
(Increase) decrease in organization costs - -
Increase (decrease) in accounts payable 52,151 -
Net cash from operations - -
Financing:
Sale of common stock - -
Net cash from financing - -
Net increase (decrease) in cash - -
Cash at beginning of period - -
Cash at end of period - -
See accompanying Notes to Financial Statements
FREEDOM FUNDING, INC.
(a development stage company)
Notes to Financial Statements
(Unaudited)
In the opinion of management, all adjustments (consisting of normal
recurring adjustments) considered necessary for a fair presentation
of the financial condition of registrant have been included, and
the disclosures are adequate to make the information presented not
misleading.
Note 1. A summary of significant accounting policies is currently
on file with the U.S. Securities and Exchange Commission in
registrant's Form S-18 effective in 1987.
Note 2. The loss per share was computed by dividing net loss by
the weighted average number of shares of common stock outstanding
during the period.
Note 3. Registrant has not declared or paid dividends on its
common shares since inception.
Note 4. The accompanying unaudited condensed financial statements
have been prepared in accordance with the instructions to Form 10-Q
and do not include all information and footnotes required by
generally accepted accounting principles for complete financial
statements.
Note 5. Income taxes have not been provided for in that registrant
has not had a tax liability from inception through the date of this
filing, due to operating losses.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity
The Company has not generated any cash flows from operating or
investing ctivities since inception. Operating capital was
primarily provided from inception through 1987 from the proceeds of
an initial funding prior to a public offering and then from the
public offering itself. The proceeds of these efforts resulted in
approximate gross proceeds of $47,000 in cash and services valued
at $1,000. An additional $77,140 in operating capital was provided
through the exercise of warrants in the final quarter of 1988, all
of which was expended in the final quarter of 1988.
Results of Operations
The Company had no operations, other than its search for a business
opportunity, from inception through 1988. In 1989, these efforts
ceased due to lack of working capital. In 1997, this business plan
was again implemented due to an agreement with Mr. Mark S. Pierce
to infuse working capital and services as needed up to the amount
of $100,000. Mr. Pierce rendered services and expended costs on
behlaf of the Company in the amount of $52,151 during the first
quarter of 1997.
PART II - OTHER INFORMATION
Item 1. Litigation
No material legal proceedings to which the Company (or any officer
or director of the Company, or any affiliate or owner of record or
beneficially of more than five percent of the Common Stock, to
management's knowledge) is a party or to which the property of the
Company is subject is pending and no such material proceeding is
known by management of the Company to be contemplated.
Item 2. Change in Securities
This item is not applicable to the Company for the period covered
by this report.
Item 3. Defaults Upon Senior Securities
This item is not applicable to the Company for the period covered
by this report.
Item 4. Submission of Matters to a Vote of Security Holders
There were no meetings of security holders during the period
covered by this report; thus, this item is not applicable.
Item 5. Other Information
There is no additional information which the Company is electing to
report under this item at this time.
Item 6. Exhibits and Reports on Form S-K
No reports on Form 8-K were filed by the Company during the period
covered by this report.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 this 18th day of April, 1997.
FREEDOM FUNDING, INC.
(Registrant)
By: /s/ Roger F. Tompkins
Roger F. Tompkins President and
Chief Executive Officer
By: /s/ Roger F. Tompkins
Roger F. Tompkins, Chief Financial
and Accounting Officer and
Treasurer
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