SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
ended June 30, 1998
[ ] 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 33-15596-D
Knickerbocker Capital Corporation
(Exact Name of Registrant as specified in its Charter)
Colorado 54-1059107
(State or other Jurisdiction of I.R.S. Employer Identi-
Incorporation or Organization fication No.)
45110 Club Drive, Suite B, Indian Wells, California
92210
(Address of Principal Executive Offices)
(Zip Code)
(760) 360-1042
(Registrant's Telephone Number, including Area Code)
Indicate by check mark whether the Registrant (i) 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
(of for such shorter period that the Registrant was required to file such
reports) and (ii) has
been subject to such filing requirements for the past 90 days.
Yes No X
Indicate the number of shares outstanding of each of the issuer's
classes of Common Stock, as
of the latest practicable date.
Common Stock, $.001 par value 261,200,000
----------------------------------------------------------
Title of Class Number of Shares outstanding
at June 30, 1998
No Exhibits included.
General
The condensed consolidated financial statements of Knickerbocker Capital
Corporation included
herein, have been prepared without audit pursuant to the rules and regulations
of the Securities
and Exchange Commission. Although certain information normally included in
financial
statements prepared in accordance with generally accepted accounting
principles has been
condensed or omitted, Knickerbocker Capital Corporation's management believes
that the
disclosures are adequate to make the information presented not misleading.
The condensed
financial statements for the three months and the six months ended June 30,
1998 should be read
in conjunction with the financial statements and notes thereto included in
this report and
Knickerbocker Capital Corporation's annual report on Form 10-KSB for the
fiscal year ended
December 31, 1997, and Form 10-QSB for the period ending March 31, 1998..
The condensed financial statements included herein reflect all normal
recurring adjustments that,
in the opinion of management, are necessary for a fair presentation. The
result for the interim
period are not necessarily indicative of trends or of results to be expected
for a full year.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
The Company has not commenced operations and has no
working capital.
KNICKERBOCKER CAPITAL CORPORATION
BALANCE SHEET
June
30 December 31,
1998
1997
ASSETS:
Total Assets $ -
$ -
LIABILITIES AND STOCKHOLDERS' DEFICIT:
Current Liabilities: -
-
Total Liabilities: $ -
$ -
Stockholders' Equity:
Common Stock, 500,000,000 shares
authorized, $ .001 par value,
261,200,000 shares issued and
outstanding 261,200 261,200
Preferred stock, 50,000,000 shares
authorized, $ .01 par value, no shares
issued and outstanding -
-
Additional Paid-In Capital 90,845 90,845
Accumulated Deficit (352,045) (352,045)
Toal Stockholders' Deficit -
-
Total Liabilities and
Stockholders' Deficit $ - $
-
The accompanying notes are an integral part of these fincial statements.
KNICKERBOCKER CAPITAL CORPORATION
STATEMENTS OF OPERATIONS
For the 3
Months ended And for 6 Months ended
June 30, June 30,
1998 1997 1998 1997
Operating Expenses:
Total Operating Expense $ -
$ - $ - $ -
Net (Loss) Income from Operations $ - $
- $ - $ -
Weighted average number of
shares outstanding 261,200,000
261,200,000 261,200,000 261,200,00
Net Loss per Share $ -
$ - $ - $ -
The accompanying notes are an integral part of these financial statements.
KNICKERBOCKER CAPITAL CORPORATION
STATEMENTS OF CASH FLOWS
For the 3 Months
Ended For the 6 Months Ended
March
31, June 30,
1998
1997 1998 1997
Cash Flows From
Operating Activities: $ - $
- - $ - $ -
Net Profit (Loss) -
- - -
Adjustments to Reconcile
Net Loss to Net Cash Used
for Operations:
Net Cash Provide (Used) by
Operating Activities -
- - -
Increase (Decrease) in Cash
Cash and Cash Equivalents,
Beginning of Period -
- - - -
Cash and Cash Equivalents,
End of Period $ - $
- $ - $ -
The accompanying notes are an integral part of these financial statements.
KNICKERBOCKER CAPITAL CORPORATION
STATEMENT OF STOCKHOLDERS' EQUITY
For the Years End December 31, 1995-1997
and
For the Period Ending June 30, 1998
Additional
Paid-In Accumulated
Shares Common Stock Capital Deficit Totals
Balance
12/31/95 261,200,000 $ 261,200 $ 90,845 $(352,045) $ -
Balance
12/31/96 261,200,000 $ 261,200 $ 90,845 $(352,045) $ -
Balance
12/31/97 261,200,000 $ 261,200 $ 90,845 $(352,045) $ -
Balance
3/31/98 261,200,000 $ 261,200 $ 90.845 $(352,045) $ -
Balance
6/30/98 261,200,000 $ 261,200 $ 90,845 $ (352,045) $ -
KNICKERBOCKER CAPITAL CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June30, 1998
NOTE 1 - ORGANIZATION:
Knickerbocker Capital Corporation, (the "Company") commenced operations
with certain nominal operations on November 6, 1986 upon establishing a
bank account and subsequently incorporating in the State of Colorado on
February 24, 1987 for the purpose of acquiring an interest in unspecified
business opportunities through merger or acquisitions.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Public Stock Offering:
On April 7, 1988 the Company completed a public stock offering and raised
$300,000. Stock offering costs were $38,430 and were offset against the
proceeds.
Reverse acquisition and Subsequent Business Discontinuance:
On June 10, 1988, Knickerbocker Capital Corporation entered into and
agreement to acquire a concrete formula and rights to produce and sell the
product from Promotional Video Productions, Inc. (PVP), a Nevada
corporation. PVP had been incorporated April 27, 1987 to acquire the
aforementioned product and rights. As a result of the agreement, the
Company issued common stock for 100% of the common stock of PVP. The
transaction has been treated as a reverse acquisition in that PVP acquired
the net assets of the Company. The Company issued 29,775,000 shares in
connection with the reverse acquisition by PVP, the cost of acquisition and
issuance of shares were offset against the pre-capitalization equity and
resulted in a discount to the common stock. The concrete business was not
a profitable business and was discontinued in 1990. There have been no
significant operations since that date.
Fixed Assets:
Fixed assets were depreciated on a straight line basis commencing in the
month the asset was purchased and placed in service. The fixed assets were
sold at a loss in 1989, and the resulting charge was to operations and is
included in accumulated deficit.
NOTE 3 - GOING CONCERN AND INCIDENTAL COSTS:
The Company has had no significant business activity. The Company incurred
significant losses from operations until 1990 and certain other incidental
costs and expenses in 1995 and 1994. The Company has a significant
accumulated deficit and no assets. These factors indicate that the Company
may be unable to continue in existence. The financial statements do not
include any adjustments relating to the amounts and classification of
liabilities that might be necessary in the event the Company cannot
continue in existence.
Incidental costs to maintain the legal registration of the Company in the
State of Colorado and with the Securities Exchange Commission have been
paid or assumed by the current officers and directors.
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
None
Item 2. CHANGES IN SECURITIES
None
Item 3. DEFAULTS UPON SENIOR SECURITIES
None
Item 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS
None
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
None
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.
Date: September 10, 1998 By: /s/ Dempsey K. Mork ---
- -------------------------------------------
Dempsey K. Mork
President and Chief
Financial Officer
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.
Date: September 10, 1998 By:
Dempsey K. Mork
President and Chief
Financial Officer
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0
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