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: June 30, 1990
OR
[ ] 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 March 5, 1997,
there were approximately 8,301,300 shares outstanding.
<PAGE>
I. PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FREEDOM FUNDING, INC.
(a development stage company)
BALANCE SHEET
June 30,
1990 1989
CURRENT ASSETS:
Cash $ - $ -
OTHER ASSETS:
Organization Costs, net of amortization 125 375
Total Assets 125 375
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities
Trade Accounts payable - -
Total Liabilities - -
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: 2,301,300 230 230
Additional paid-in capital 124,910 124,910
Accumulated deficit (125,015) (124,765)
Total Liabilities and Shareholders' Equity $125 $375
See accompanying Notes to Financial Statements
FREEDOM FUNDING, INC.
(a development stage company)
STATEMENTS OF OPERATIONS
Six Months Ended June 30,
1990 1989
Revenues $ - $ -
Costs and expenses
Operational expenses - -
Amortization 125 125
Net income (loss) (125) (125)
Net income (loss) per common share * *
Weighted average number of
common shares outstanding 2,301,300 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
Six Months Ended June 30,
1990 1989
Operations:
Net (loss) (125) (125)
Items not requiring working capital:
(Increase) decrease in organization costs 125 125
Increase (decrease) in accounts payable - -
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.
<PAGE>
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
activities 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.
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 5th
day of March, 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
* * * * * *
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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