FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended: August 31, 1996
Commission File Number: 33-14987-A
ABCOR PRODUCTS, INC.
(exact name of registrant as specified in its charter)
Florida 65-0023471
(State or other jurisdiction of (IRS Employer
incorporation of organization Identification No.)
P.O. Box 669, Palm Beach, FL 33480
(Address of principal executive offices)
(407) 833-5092
(Registrant's telephone number, including area code)
(former name, address and former fiscal year, if changed from last report)
Indicate by check mark whether the registrant (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
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of Common Stock, as of the latest practicable date.
As of August 31, 1996 there were 1,000,000 shares of Common Stock
outstanding.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
See financial statements (unaudited), attached as an exhibit.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
The Registrant had not yet commenced business operations as of the end of
this quarter. Since inception the Registrant has received only minimal revenues
and maintained only nominal capital.
Because of the total lack of revenues and business operations, there is no
basis for comparison of financial statements, sales, revenues or earnings with
any other statements of any other fiscal period.
PART 11 - OTHER INFORMATION
Items 1-5. Not Applicable
Item 6. Exhibits
(a) Financial Statements (unaudited) of Registrant for the current
quarterly period.
2
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
Registrant:
ABCOR PRODUCTS, INC.
By: /s/ Dale B. Finfrock
Dale B. Finfrock, Jr., President
Date: September 1, 1996
3
<PAGE>
ABCOR PRODUCTS, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
AUGUST 31, 1996 (UNAUDITED) AND MAY 31, 1996 (AUDITED)
UNAUDITED AUDITED
08/31 05/31
1996 1996
ASSETS
Current Assets:
Cash $ -0- $ -0-
Total Current Assets -0- __ -0-_
Total Assets $ -0- $ -0-
SHAREHOLDERS' EQUITY
Shareholders' Equity:
Common Stock, No par value;
Authorized 50,000,000 Class A
Common Shares and 150,000,000
Ordinary Common Shares; Issued and
Outstanding-Ordinary Common Shares:
1,000,000 299,964 299,964
Preferred Stock, $1,000 Par Value,
12% Redeemable and Convertible,
1,000,000 Shares Authorized;
Issued And Outstanding-None -0- -0-
Accumulated (Deficit) (299,964) (299,964)
Total Shareholders' Equity $ -0- $ -0-
See Accompanying Notes to Financial Statements
F-1
<PAGE>
ABCOR PRODUCTS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
THREE MONTHS ENDED AUGUST 31, 1996 AND 1995
(UNAUDITED)
1996 1995
Revenues $ -0- $ -0-
Cost of Revenues -0- -0-
Gross Profit -0- -0-
Expenses:
General & Administrative -0- -0-
Total Expenses -0- -0-
Net (Loss) $ -0- $ -0-
Net (Loss) Per Share $ -0- $ -0-
See Accompanying Notes to Financial statements
F-2
<PAGE>
ABCOR PRODUCTS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
THREE MONTHS ENDED AUGUST 31, 1996 AND 1995
(UNAUDITED)
1996 1995
Shareholder's Equity:
Beginning of period $ -0- $ -0-
Additions:
Issuance of common stock -0- -0-
Deductions:
Net loss -0- -0-
Ending Balance $ -0- $ -0-
See Accompanying Notes to Financial Statements
F-3
<PAGE>
ABCOR PRODUCTS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
THREE MONTHS ENDED AUGUST 31, 1996 AND 1995
(UNAUDITED)
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) $ -0- $ -0-
Adjustment to Reconcile Net
(Loss) to Net Cash Used by
Operating Activities -0- -0-
Net Cash Used by
Operating Activities -0- -0-
CASH FLOWS FROM INVESTING ACTIVITIES -0- -0-
Net Cash Provided from
Investing Activities -0- -0-
CASH FLOWS FROM FINANCING ACTIVITIES -0- -0-
Net Cash Provided by
Financing Activities -0- -0-
Net (Decrease) in Cash -0- -0-
Cash - Beginning of Period -0- -0-
Cash - End of Period $ -0- $ -0-
See Accompanying Notes to Financial Statements
F-4
<PAGE>
ABCOR PRODUCTS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business Activity
Abcor Products, Inc. (the Company) was organized under the laws of the State of
Florida on April 9, 1987 as HWS Noviembre Corporation. On May 19, 1989, the
Company filed as amendment changing its name to Abcor Products, Inc.
The Company is a development stage entity. It is inactive, ceasing operations in
the second quarter of 1990. The Company intends to effect a merger, acquire the
assets or the common stock of existing businesses. There can be no assurance of
the Company's success in such endeavors.
NOTE 2 - In the opinion of management, the accompanying unaudited financial
statements contain all adjustments necessary to present fairly the financial
position of Abcor Products, Inc. as of August 31, 1996, and the results of its
operations, changes in its shareholders' equity and cash flows for the three
months then ended.
NOTE 3 - The results of operations for the three months ended August 31, 1996
are not necessarily indicative of the results to be expected for the entire
year.
otccc\abcor\896full.10q
F-5
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<PERIOD-TYPE> 3-MOS
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