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 Quarterly Period Ended March 31, 1996
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 No.
33-17229-D
ART CARDS, INC.
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(Exact name of small business issuer as specified in its charter)
Colorado 84-00978689
-------------------------------- -------------------------------
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
933 Pearl Street
Denver, Colorado 80203
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(Address of principal executive offices)
Issuer's telephone number: (303) 831-9335.
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months and, (2)
has been subject to such filing requirements for the past 90 days.
YES [ ] NO [X]
As of May 15, 1996, Registrant had 878,602,000 shares of its $0.0001 par value
common stock outstanding.
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ART CARDS, INC.
Form 10-QSB Quarterly Report
Table of Contents
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Part I - Financial Statements
Item 1 - Financial Statements
Condensed Balance Sheets
as of March 31, 1996 and December 31, 1995.......................... 1
Condensed Statements of Operations
for the three months ended March 31, 1996 and 1995.................. 3
Condensed Statements of Cash Flows
for the three months ended March 31, 1996 and 1995.................. 4
Notes to Condensed Financial Statements............................. 5
Item 2 - Management's Discussion and Analysis or
Plan of Operation................................................... 6
Part II - Other Information
Not Applicable
i
<PAGE>
<TABLE>
<CAPTION>
ART CARDS, INC.
Condensed Balance Sheets
March 31, December 31,
1996 1995
------------ -----------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash ............................................. $ 0 $ 0
----------- -----------
OTHER ASSETS:
Organization and other costs,
net of accumulated amortization
of $14,509 in 1995 and 1994 .................... 0 0
----------- -----------
TOTAL ASSETS .............................................. $ 0 $ 0
=========== ===========
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts Payable ................................. $ 3,090 $ 3,090
Accrued liabilities, officer ..................... 69,755 69,755
----------- -----------
TOTAL CURRENT LIABILITIES ........................ 72,845 72,845
----------- -----------
SHAREHOLDERS' DEFICIT:
Common Stock, $.0001 par value,
3,000,000,000 shares authorized,
878,602,000 and 876,602,000 shares
issued and outstanding as of
March 31, 1996, and December 31,
1995, respectively ............................... 87,860 87,660
Additional paid-in capital ....................... 950,373 950,373
Accumulated deficit .............................. (1,111,078) (1,110,878)
----------- -----------
TOTAL SHAREHOLDERS' DEFICIT ...................... (72,845) (72,845)
----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' DEFICIT ............................ $ 0 $ 0
=========== ===========
</TABLE>
"See notes to condensed financial statements."
1
<PAGE>
<TABLE>
<CAPTION>
ART CARDS, INC.
Condensed Statements of Operations (Unaudited)
For the Three Months Ended
March 31, March 31,
1996 1995
------------ ------------
<S> <C> <C>
Sales, net ..................... $ 0 $ 0
----------- -----------
OPERATING EXPENSES:
Professional fees ..... 200 1,200
----------- -----------
200 1,200
----------- -----------
NET (LOSS) ..................... $ (200) $ (1,200)
=========== ===========
NET INCOME (LOSS) PER
SHARE OF COMMON STOCK ......... $ * $ *
=========== ===========
AVERAGE COMMON SHARES
OUTSTANDING .................. 878,602,000 866,602,000
=========== ===========
* less than $.01 per share
</TABLE>
"See notes to condensed financial statements."
2
<PAGE>
<TABLE>
<CAPTION>
ART CARDS, INC.
Condensed Statements of Cash Flows (Unaudited)
For the Three Months Ended For the Three Months Ended
March 31, 1996 March 31, 1995
-------------------------- ---------------------------
<S> <C> <C>
Operating Activities:
Net Loss ...................................... $(200) $(1,200)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Common stock issued for services ..... $ 0 $ 1,200
----- ------
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable
and other current liabilities ........ $ 0 $ (107)
----- ------
NET CASH USED IN OPERATING ACTIVITIES .................. $(200) $ (107)
----- ------
FINANCING ACTIVITIES
Proceeds from issuance of common stock ........ $ 200 $ 0
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NET CASH PROVIDED BY FINANCING ACTIVITIES .............. $ 200 $ 0
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INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ....... $ 0 $ (107)
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CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD ..... $ 0 $ 107
----- ------
CASH AND CASH EQUIVALENTS, END OF THE PERIOD ........... $ 0 $ 0
===== ======
</TABLE>
"See notes to condensed financial statements."
3
<PAGE>
ART CARDS, INC.
Notes to Condensed Financial Statements (Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and
Regulation S-B. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. The accompanying statements should be
read in conjunction with the audited financial statements included in
the Company's 1995 Annual Report on Form 10-KSB. In the opinion of
management, all adjustments (consisting only of normal recurring
accruals) considered necessary in order to make the financial
statements not misleading, have been included. Operating results for
the three months ended March 31, 1996, are not necessarily indicative
of the results that may be expected for the full calendar year ended
December 31, 1996. The financial statements are presented on the
accrual basis.
NOTE B - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Liquidity and Capital Resources
During the first three months of 1996, the Company's working capital
deficit increased by $200.00.
Results of Operations
The results of operations for the three months ended March 31, 1996 and
1995 reflect the cessation of operations of the Company. Since the
Company has ceased operations, it has minimal operating expenses.
Operating expenses primarily represent legal and accounting fees.
"See notes to condensed financial statements."
4
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
Dated: June 11, 1996 /s/ Richard H. Miller
--------------------------------
Richard H. Miller
President, Chief Executive Officer
and Principal Financial Officer
5
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 72,845
<BONDS> 0
0
0
<COMMON> 87,860
<OTHER-SE> (160,705)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 200
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (200)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (200)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
