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<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1989
COMMISSION FILE NO. 33-17966-LA
XANTHIC ENTERPRISES, INC.
A Colorado Corporation EIN: 94-3030021
1182 Market St. # 540
San Francisco, CA 94102
Telephone: 415-420-5859
Securities registered under Section 12(g) of the Exchange Act:
Common Shares and Series A and Series B
Common Stock Purchase Warrants
<PAGE>
The registrant has filed all reports required to be filed by Section 13 or
15(d) of the Exchange Act during the past 12 months or such shorter period for
which such reports were required.
The Company's Form 10-K for the fiscal year ended December 31, 1988 was
filed late.
The number of common shares issued and outstanding as of June 30, 1989 was
5,481,826.
This report form is not filed as a transitional format.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
The Company's unaudited financial statements for the third quarter of 1989
are at the end of this report.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATION.
(1) LIQUIDITY. The Company has no cash assets and no liquidity.
(2) CAPITAL RESOURCES. The Company has no capital resources.
(3) RESULTS OF OPERATIONS. The Company has not operated during the past
fiscal year and there are no results of operations.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no legal proceedings in which the Company is engaged.
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<PAGE>
ITEM 2. CHANGES IN SECURITIES
There have been no changes in the rights, preferences or privileges of
any security of the Company during the third quarter of 1989.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
There has been no default on any security during the third quarter of
1989.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters have been submitted to a vote of security holders during
the third quarter of 1989.
ITEM 5. OTHER INFORMATION
N/A
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
During the third quarter of 1989 the Company filed no reports on Form 8-K.
FINANCIAL STATEMENTS.
The Company's unaudited financial statements for the period ending
September 30, 1989 follow this page.
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<PAGE>
XANTHIC ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
September 30,
December 31, ------------------
1988 1989 1988
------------ ---- ----
(Audited) (Unaudited)
ASSETS
CURRENT ASSETS:
Cash $ 48 $ - $ 368
Other assets - - 301
-------- -------- --------
$ 48 $ - $ 669
-------- -------- --------
-------- -------- --------
LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 1,156 $ - $ 1,002
Note payable 17,051 - 17,051
-------- -------- --------
18,207 - 18,053
-------- -------- --------
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock - $.0001 par,
50,000,000 shares authorized,
5,160,500 and 5,481,826 issued
and outstanding 516 548 516
Paid in Capital 4,152 11,651 4,152
Retained deficit (22,827) (12,199) 22,052)
-------- -------- --------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (18,159) - (17,384)
-------- -------- --------
$ 48 $ - $ 669
-------- -------- --------
-------- -------- --------
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<PAGE>
XANTHIC ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
For the ending September 30, ending September 30, October 27, 1986
year ending ---------------------- ---------------------- (date of inception) to
December 31, 1988 1989 1988 1989 1988 September 30, 1989
----------------- ------- ------ ------ ------ ----------------------
(Audited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
REVENUES $ - $ - $ - $ - $ - $ -
--------- --------- --------- --------- --------- ---------
OPERATING EXPENSES:
General and administrative 3,101 - 775 6,423 2,326 10,684
--------- --------- --------- --------- --------- ---------
Loss from operations (3,101) - (775) (6,423) (2,326) (10,684)
OTHER INCOME (EXPENSES)
Interest expense (1,500) - - - (1,500) (1,500)
Aborted offering costs (17,066) - - - (17,066) (17,066)
Debt relief - - - 17,051 - 17,051
--------- --------- --------- --------- --------- ---------
TOTAL OTHER INCOME
(EXPENSES) (18,566) - - 17,051 (18,556) (1,515)
--------- --------- --------- --------- --------- ---------
NET INCOME (LOSS) $ (21,667) $ - $ (775) $ 10,628 $ (20,892) $ (12,199)
--------- --------- --------- --------- --------- ---------
NET INCOME (LOSS) PER
COMMON SHARE $ (.004) $ 0 $ (.0001) $ .002 $ (.004) $ (.002)
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 5,160,500 5,481,826 5,160,500 5,481,826 5,160,500 5,481,826
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
</TABLE>
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<PAGE>
XANTHIC ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
<TABLE>
<CAPTION>
ACCUMULATED
DEFICIT
COMMON STOCK DURING
----------------------- PAID IN DEVELOPMENT
SHARES AMOUNT CAPITAL STAGE TOTAL
--------- --------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C>
BALANCE, DECEMBER 31, 1987 1,010,000 $ 101 $ 2,212 $ (1,160) $ 1,153
Issued 4,150,500 shares of
common stock 4,150,500 415 1,510 - 1,925
Additional paid-in Capital - - 430 - 430
Net loss for year - - - (21,667) (21,667)
--------- --------- --------- --------- ---------
BALANCE, DECEMBER 31, 1988 5,160,500 $ 516 $ 4,152 $ (22,827) $ (18,159)
Sold 7,500 shares of
common stock 7,500 1 7,499 - 7,500
Issued shares of common stock 313,826 31 - - 31
Net income for period - - - 10,628 10,628
--------- --------- --------- --------- ---------
BALANCE, SEPTEMBER 30, 1989 5,481,826 $ 548 $ 11,651 $ (12,199) $ -
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
</TABLE>
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<PAGE>
XANTHIC ENTERPRISES, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
For the year For the Nine months
ending December 31, ending September 30, October 27, 1986
------------------- -------------------------- (Date of inception) to
1988 1989 1988 September 30, 1989
--------- ------ ------ ----------------------
(Audited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ (21,667) $ 10,628 $ (20,892) $(12,199)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Debt relief - (17,051) - -
Common stock issued for services - 31 - 31
Changes in operating assets and liabilities:
Accounts payable 1,156 (1,156) 1,002 -
Other Assets (1,020) - (1,321) -
Deferred Costs 17,066 - 17,066 -
--------- -------- --------- --------
NET CASH USED IN OPERATING ACTIVITIES (4,465) (7,548) (4,145) (12,168)
--------- -------- --------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of common stock 1,925 7,500 1,925 12,168
Note payable 1,500 - 1,500 -
--------- -------- --------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,425 7,500 3,425 12,168
--------- -------- --------- --------
NET INCREASE (DECREASE) IN CASH (48) (48) (720) -
CASH, BEGINNING OF PERIOD 48 48 1,088 -
--------- -------- --------- --------
CASH, END OF PERIOD $ - $ - $ 368 $ -
--------- -------- --------- --------
--------- -------- --------- --------
</TABLE>
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<PAGE>
SIGNATURE
In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, this registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
XANTHIC ENTERPRISES, INC.
Dated: 4/2/97
---------------------------------
By: /s/ Mark A. Lilly
--------------------------------------------------------------------
Mark A. Lilly, President, Director and Chief Financial Officer
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