FORM 10-QSB - Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
UNITED STATES
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 period ended June 30, 1997
or
[ ] 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)
None
(Former name, former address and former fiscal year, if changed
since 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.
[ X ] Yes [ ] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicated 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 June 30, 1997, Registrant had 127,808,864 shares of common stock, no
par value, outstanding.
INDEX
Page
Number
Part I. Financial Information
Item I. Financial Statements
Balance Sheet as of June 30, 1997 2
Statements of Operations, Three Months
Ended June 30, 1997 and 1996 3
Statements of Cash Flows, Three Months
Ended June 30, 1997 and 1996 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 7
<PAGE>
<TABLE>
<CAPTION>
TRAVIS INDUSTRIES, INC.
BALANCE SHEET
June 30, 1997
(Unaudited)
<S> <C>
Current Assets
Accounts receivable, net of allowance for
doubtful accounts of $117,999 $ 43,777
__________________
Total Current Assets 43,777
Furniture and equipment, net of accumulated
depreciation of $257,619 28,705
Other assets 11,528
__________________
Total Assets $ 84,010
__________________
Current Liabilities
Outstanding checks in excess of amounts
reported by banks $ 6,913
Note payable 72,114
Advances from related party 32,850
Accounts payable and accrued expenses 301,553
__________________
Total Current Liabilities 413,430
__________________
Total Liabilities 413,430
__________________
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;
127,808,864 shares issued and
outstanding 12,781
Additional paid-in capital 5,390,185
Accumulated deficit (6,442,386)
____________________
Total Stockholders' (Deficit) (329,420)
___________________
Total Liabilities and Stockholders' (Deficit) $ 84,010
____________________
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
TRAVIS INDUSTRIES, INC.
STATEMENTS OF OPERATIONS
For the Three Months Ended June 30
(Unaudited)
1997 1996
<S> <C> <C>
Sales $ 601,585 $ 442,884
Cost of goods sold (exclusive of
depreciation shown separately
below) 455,222 322,890
_____________ ____________
Gross Profit 146,363 119,994
_____________ ____________
Operating Expenses
Depreciation 7,222 7,222
Bad debts 12,440 -
Rent 21,500 29,216
Salaries 51,004 65,255
Other operating expenses 56,917 6,787
_____________ ____________
Total Operating Expenses 149,083 48,480
_____________ ____________
Net Operating (Loss) (2,720) (28,486)
Other Income (Expenses)
Interest and miscellaneous
income 2,791 9,158
Interest (expense) (5,303) -
_____________ ____________
Total Other (2,512) 9,158
_____________ _____________
Net (Loss) $ (5,232) $ (19,328)
_____________ ____________
Net (Loss) per Share $ nil $ nil
_____________ ____________
Weighted Average Shares Outstanding 127,808,864 121,308,864
_____________ ____________
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TRAVIS INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
For the Three Months Ended June 30
(Unaudited)
1997 1996
<S> <C> <C>
Cash Flows from Operating Activities:
Net (loss) $ (5,232) $ (19,328)
Adjustments to reconcile net
income (loss) to net cash used
in operating activities
Depreciation 7,222 7,222
(Decrease) in accounts payable,
accrued expenses and other (3,891) (11,110)
Decrease in accounts
receivable 11,735 23,216
_____________ ____________
Net Cash Provided by Operating
Activities 9,834 -
_____________ ____________
Cash Flows from Investing Activities - -
_____________ ____________
Cash Flows from Financing Activities:
Repayment of Note Payable and
Advances (9,834) -
_____________ ____________
Net Cash (Used by) Financing
Activities (9,834) -
_____________ ____________
Increase in cash - -
Cash, beginning of period - -
_____________ ____________
Cash, end of period $ - $ -
_____________ ____________
Interest paid $ - $ -
_____________ ____________
Income taxes paid $ - $ -
_____________ ____________
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
TRAVIS INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
June 30, 1997 (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.
(3) Subsequent Events
Subsequent to June 30, 1997 the Company issued approximately
20,346,380 shares of the Company's common stock to related
parties for debt forgiveness and certain printing equipment.
<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
$601,585 and $442,884 with cost of goods sold of approximately
$455,222 and $322,890 during the quarter ended June 30, 1997 and
1996 respectively, and incurred operating expenses of
approximately $149,083 and $148,480, respectively. The Company
had a net loss of $5,232 during the quarter ended June 30, 1997
as compared to a net loss of $19,328 during the quarter ended
June 30, 1996.
The Company had liabilities in excess of assets at June 30, 1997
of $329,420.
At June 30, 1997, 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: MARCH 31, 1998 By: JEFFREY R. SKINNER, CFO
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> JUN-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 161,776
<ALLOWANCES> 117,999
<INVENTORY> 0
<CURRENT-ASSETS> 43,777
<PP&E> 286,324
<DEPRECIATION> 257,619
<TOTAL-ASSETS> 84,010
<CURRENT-LIABILITIES> 413,430
<BONDS> 0
0
710,000
<COMMON> 12,781
<OTHER-SE> 5,390,185
<TOTAL-LIABILITY-AND-EQUITY> 84,010
<SALES> 601,585
<TOTAL-REVENUES> 601,585
<CGS> 455,222
<TOTAL-COSTS> 149,083
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,512
<INCOME-PRETAX> (5,232)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,232)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
