U.S. 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 December 31, 1995
------------------------
[ ] Transition Report Pursuance to Section 13 or 15(d) of the Securities
Exchange act of 1934.
For the transition period from to
Commission File Number 33-16820-D
----------------
TRAVIS INDUSTRIES, INC.
------------------------------
(Exact name of registrant as specified in its charter)
Colorado 84-1063149
----------------------------- ---------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
3415 W. Broadway, Council Bluffs, IA 51501
--------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(712) 328-3040
----------------------------------------------------
(Registrant's telephone number, including area code)
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.
[ X ] Yes [ ] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
[ X ] Yes [ ] No
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of December 31, 1995 Registrant had 120,208,864 shares of common stock,
$0.0001 par value, outstanding.
Transitional Small Business Disclosure Format (check one):
[ ] Yes [ X ] No
INDEX
Page
Number
--------
Part I. Financial Information
Item I. Financial Statements
Balance Sheet as of December 31, 1995 2
Statements of Operations, Three and Nine
Months Ended December 31, 1995 3
Statements of Cash Flows, Three and Nine
Months Ended December 31, 1995 4
Notes to Financial Statements 5
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of Operations 6
Part II. Other Information
Current Assets
Cash $ 11,589
Accounts receivable, net of allowance for
doubtful accounts of $53,779 85,026
Other 2,494
--------------
Total Current Assets 99,109
Furniture and equipment, net of accumulated
depreciation of $207,641 81,236
Other assets 11,527
--------------
Total Assets $ 191,872
==============
Current Liabilities
Note payable, current portion $ 16,824
Accounts payable and accrued expenses 191,753
--------------
Total Current Liabilities 208,577
Note payable, net of current portion 81,456
--------------
Total Liabilities 290,033
--------------
Commitments and contingencies (Notes 2) -
Stockholders' Equity:
Redeemable preferred stock - $.0001 par
value 100,000,000 shares authorized:
Series A, none issued and outstanding -
Series B, 28,400,000 shares issued and
outstanding, (liquidation amount of $710,000) 710,000
Common stock - $.0001 par value
500,000,000 shares authorized;
120,208,864 shares issued and outstanding 12,021
Additional paid-in capital 5,200,945
Accumulated deficit (6,021,127)
------------
Total Stockholders' (Deficit) (98,161)
------------
Total Liabilities and Stockholders' (Deficit) $ 191,872
============
The accompanying notes are an integral part of the financial statements.
TRAVIS INDUSTRIES, INC.
------------------------
STATEMENT OF OPERATIONS
(Unaudited)
Three Months Nine Months
Ended Ended
December 31 December 31
1995 1995
----------------- ---------------
Sales $ 591,392 $ 1,438,929
Cost of goods sold (exclusive of
depreciation shown separately below) 477,503 1,161,823
----------------- ---------------
Gross Profit 113,889 277,106
----------------- --------------
Operating Expenses
Depreciation 13,869 41,607
Bad debts 17,926 53,781
Rent 34,603 103,809
Salaries 63,695 191,085
Consulting fees, related party 8,025 24,075
Other operating expenses 56,771 170,310
------------------ ----------------
Total Operating Expenses 194,889 584,667
------------------ --------------
Net Operating (Loss) (81,000) (307,561)
------------------ --------------
Other Income (Expenses)
Interest and miscellaneous
income 1,186 3,558
Interest (expense) (3,542) (10,626)
------------------ ---------------
Total Other (2,356) (7,068)
------------------ ---------------
Net (Loss) $ (83,356) $ (314,629)
================== ================
Net (Loss) per Share $ nil $ nil
================== ================
Weighted Average Shares Outstanding 115,973,364 115,743,364
================== ================
The accompanying notes are an integral part of the financial statements.
TRAVIS INDUSTRIES, INC.
----------------------------
STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Nine Months
Ended Ended
December 31 December 31
1995 1995
--------------- ----------------
Cash Flows from Operating Activities:
Net income (loss) $ (83,356) $ (314,629)
Adjustments to reconcile net
income (loss) to net cash used
in operating activities
Depreciation 13,869 41,607
Increase in accounts payable,
accrued expenses and other (119,285) 101,968
(Increase) in accounts
receivable (19,045) (57,136)
----------------- ----------------
Net Cash Provided by Operating
Activities (207,817) (228,190)
----------------- ----------------
Cash Flows from Investing Activities - -
Cash Flows from Financing Activities:
Proceeds from the issuance of
common stock 211,775 223,275
----------------- ----------------
Net Cash Provided by Financing
Activities 211,775 223,275
----------------- ----------------
Increase (decrease) in cash 3,958 (4,915)
Cash, beginning of period 7,631 16,504
----------------- ----------------
Cash, end of period $ 11,589 $ 11,589
================= ================
Interest paid $ 3,542 $ 10,626
================= ================
Income taxes paid $ - $ -
================= ================
The accompanying notes are an integral part of the financial statements.
<PAGE>
TRAVIS INDUSTRIES, INC.
-------------------------
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 (Unaudited)
(1) Condensed Financial Statements
--------------------------------
The financial statements included herein have been prepared by Travis
Industries, Inc. without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in the financial statements prepared in
accordance with generally accepted accounting principles have been condensed
or omitted as allowed by such rules and regulations, and management believes
that the disclosures are adequate to make the information presented not
misleading.
The management of Travis Industries, Inc. believes that the accompanying
unaudited condensed financial statements contain all adjustments (including
normal recurring adjustments) necessary to present fairly the operations and
cash flows for the periods presented.
(2) Basis of Presentation - Going Concern
-------------------------------------
The accompanying financial statements have been prepared in conformity
with generally accepted accounting principles, which contemplates continuation
of the Company as a going concern. However, the Company has sustained
recurring operating losses, has a net capital deficiency, and is delinquent on
payment of payroll taxes and creditor liabilities pursuant to the plan of
reorganization. Management is attempting to raise additional capital and
looking for a business combination.
In view of theses matters, realization of certain of the assets in the
accompanying balance sheet is dependent upon continued operations of the
Company, which in turn is dependent upon the Company's ability to meet its
financing requirements, raise additional capital, and the success of its
future operations. Management believes that actions planned and presently
being taken to revise the Company's operating and financial requirements
provide the opportunity for the Company to continue as a going concern.
<PAGE>
Item - 2 Management's Discussion and Analysis of Financial Condition and
Results of Operations
----------------------------------------------------------
Travis Industries, Inc. (the "Company") was organized as a Colorado
corporation on June 21, 1987. The Company is in the business of printing
advertising materials and coupons and mailing them to its customers. During
1995, the Company filed a plan of reorganization which was approved by the
United States Bankruptcy Court.
The Company generated operating revenues of approximately $591,392 and
$1,438,929 during the three and nine month periods ended December 31, 1995,
respectively, and incurred operating expense and cost of goods sold of
approximately $672,392 and $1,746,490 during the three and nine month periods
ended December 31, 1995, respectively.
The Company had liabilities in excess of assets at December 31, 1995 of
$98,161.
At December 31, 1995, the Company had no material commitments for capital
expenditures.
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 Matters 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.
Travis Industries, Inc.
Date JANUARY 14, 1997 By STEPHEN E. CAYOU
-------------------- --------------------
Stephen E. Cayou, President,
Chief Executive Officer, and Director
Date JANUARY 14, 1997 By: JEFFREY R. SKINNER
-------------------- ----------------------
Jeffrey R. Skinner, Chief Financial
Officer Secretary, Treasurer and
Director
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> DEC-31-1995
<CASH> 11,589
<SECURITIES> 0
<RECEIVABLES> 138,805
<ALLOWANCES> 53,779
<INVENTORY> 0
<CURRENT-ASSETS> 99,109
<PP&E> 288,877
<DEPRECIATION> 207,641
<TOTAL-ASSETS> 191,872
<CURRENT-LIABILITIES> 208,577
<BONDS> 0
0
710,000
<COMMON> 12,021
<OTHER-SE> 820,182
<TOTAL-LIABILITY-AND-EQUITY> 191,872
<SALES> 591,392
<TOTAL-REVENUES> 592,578
<CGS> 477,503
<TOTAL-COSTS> 672,392
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,542
<INCOME-PRETAX> (83,356)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (83,356)
<EPS-PRIMARY> .00
<EPS-DILUTED> .00
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