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Previous: ADVANTA NATIONAL BANK USA /PA/, 8-K, 1997-11-17 |
Next: LEGEND PROPERTIES INC, 8-K, 1997-11-17 |
UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C., 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1997
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.
(Exact name of Registrant as specified in its Charter)
Colorado 84-00978689
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Ident. Number)
933 Pearl Street, Denver, Colorado 80203
(Address of principal executive offices)
Issuer's telephone number: (303) 831-9335
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months
and (2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
As of October 15, 1997, Registrant had 876,602,000 shares of its $0.0001 par
value common stock outstanding.
ART CARDS, INC.
Form 10-QSB Quarterly Report
Table of Contents
Part I - Financial Statements
Item 1 - Financial Statements
Condensed Balance Sheets
as of September 30, 1997 and December 31, 1996
Condensed Statements of Operations
for the three months and nine months ended September 30, 1997 and 1996
Condensed Statements of Cash Flows
for the nine months ended September 30, 1997 and 1996
Notes to Condensed Financial Statements
Item 2 - Management's Discussion and Analysis or Plan of Operation
Part II - Other Information
Exhibits and Reports on Form 8-K
(A) Exhibits - None
(B) Reports on Form 8-K
<TABLE>
<CAPTION>
ART CARDS, INC
Condensed Balance Sheets
September 30,
1997 December 31,
(unaudited) 1996
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash $ 26 $ 62
-------- ---------
TOTAL ASSETS 26 62
===== =====
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts Payable $ 0 $ 0
Accrued liabilities, officer 70,430 69,855
-------- --------
TOTAL CURRENT LIABILITIES 70,430 69,855
-------- --------
SHAREHOLDERS' DEFICIT:
Common Stock, $.0001 par value,
3,000,000,000 shares authorized,
878,602,000 shares issued and
outstanding as of September 30,
1997, and December 31, 1996,
respectively 87,660 87,660
Additional paid-in capital 950,373 950,373
Accumulated deficit (1,108,437) (1,107,826)
------------- ------------
TOTAL SHAREHOLDERS' DEFICIT (70,404) (69,793)
------------- ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' DEFICIT $ 26 $ 62
======= ========
<CAPTION>
"See notes to condensed financial statements."
</TABLE>
<TABLE>
<CAPTION>
ART CARDS, INC.
Condensed Statements of Operations (unaudited)
For the Nine For the Nine
Months Ended Months Ended
September 30, September 30,
1997 1996
<S> <C> <C>
Sales, net $ 0 $ 0
, ------ --------
OPERATING EXPENSES:
Bank charges 36 30
Professional fees 575 12,625
Filing fees 500
Travel expenses 875
------- --------
TOTAL OPERATING EXPENSES (611) (14,030)
------- --------
Operating loss (611) (14,030)
Other Income 17,200
------- --------
NET INCOME(LOSS) $ (611) $ 3,170
==== =====
NET INCOME (LOSS)
PER SHARE OF COMMON STOCK $ * $ *
AVERAGE COMMON SHARES OUTSTANDING 878,602,000 878,602,000
* less than $.01 per share
<CAPTION>
"See notes to condensed financial statements."
</TABLE>
<TABLE>
<CAPTION>
ART CARDS, INC.
Condensed Statements of Operations (unaudited)
For the Three For the Three
Months Ended Months Ended
September 30, September 30,
1997 1996
<S> <C> <C>
Sales, net $ 0 $ 0
------ -------
OPERATING EXPENSES:
Bank charges 0 18
Professional fees 5,073
Travel expenses 875
------ -------
TOTAL OPERATING EXPENSES 0 (5,966)
------ -------
Operating loss 0 (5,966)
OTHER INCOME 6,200
------ -------
NET (LOSS) $ 0 $ 234
==== ====
NET INCOME (LOSS)
PER SHARE OF COMMON STOCK $ * $ *
AVERAGE COMMON SHARES OUTSTANDING 878,602,000 878,602,000
* less than $.01 per share
<CAPTION>
"See notes to condensed financial statements."
</TABLE>
<TABLE>
<CAPTION>
ART CARDS, INC.
Condensed Statements of Cash Flows (Unaudited)
For the Nine For the Nine
Months Ended Months Ended
September 30, September 30,
1997 1996
OPERATING ACTIVITIES:
<S> <C> <C>
Net Income(Loss) $ (611) $ 3,170
Adjustments to reconcile net loss
to net cash used in operating
activities:
Changes in operating assets
and liabilities:
Increase (decrease) in accounts
payable and other current
liabilities 575 (3,290)
-------- --------
NET CASH USED IN OPERATING ACTIVITIES (36) (120)
-------- --------
FINANCING ACTIVITIES:
Proceeds from issuance of
Common stock 0 200
----- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 0 200
----- --------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (36) 80
CASH AND CASH EQUIVALENTS,
BEGINNING OF THE PERIOD $ 62 $ 0
------ ------
CASH AND CASH EQUIVALENTS,
END OF THE PERIOD $ 26 $ 80
==== ====
<CAPTION>
"See notes to condensed financial statements."
</TABLE>
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 1996 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 nine months ended September 30, 1997, are not
necessarily indicative of the results that may be expected for the full
calendar year ended December 31, 1997. 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 sixmonths of 1997, the Company's working capital deficit
increased by $611.
Results of Operations
The results of operations for the three months and nine months ended September
30, 1997 and 1996 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.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: November 14, 1997 /S/ Richard Miller
Richard Miller
President, Chief Executive Officer
and Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1997
<PERIOD-END> Sep-30-1997
<CASH> 26
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 26
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 26
<CURRENT-LIABILITIES> 70,430
<BONDS> 0
<COMMON> 87,660
0
0
<OTHER-SE> (158,064)
<TOTAL-LIABILITY-AND-EQUITY> 26
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 611
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (611)
<INCOME-TAX> 0
<INCOME-CONTINUING> (611)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (611)
<EPS-PRIMARY> .00
<EPS-DILUTED> .00
</TABLE>
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