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Previous: KEMPER TX EX INS IN TR SE A59 & MU ST SE 17 SE 86 & MU ST 39, 485BPOS, 1996-09-30 |
Next: CERBCO INC, 10-K, 1996-09-30 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 June 30, 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 Number 33-19139-NY
VENTURE WORLD, LTD.
(Exact name of registrant as specified in its charter)
DELAWARE 11-2936371
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
136 East Ninth Street, Lakewood, NJ 08701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 905-2020
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. [ ] Yes [ X ] No
Class Outstanding as of June 30, 1996
Common Stock 50,000,000 shares
Par Value $.0001
<PAGE>
VENTURE WORLD, LTD.
(A Development Stage Company)
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
BASIS OF PRESENTATION
General
The accompanying unaudited financial statements have been prepared in accordance
with the instructions to Form 10-QSB pursuant to the rules and regulations of
the Securities and Exchange Commission and, therefore, do not include all
information and footnotes necessary for a complete presentation of the financial
position, results of operations, cash flows, and stockholders' deficit in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature.
Operating results for the six months ended June 30, 1996 are not necessarily
indicative of the results that can be expected for the year ending December 31,
1996.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
FINANCIAL CONDITION
Total stockholders' deficit decreased $4,035 from $(5,689) at December 31, 1995
to $(1,654) at June 30, 1996. This decrease was the result of a contribution to
capital.
RESULTS OF OPERATIONS
The Company sustained losses of $582 and $1,072 for the six month periods ended
June 30, 1996 and June 30, 1995, respectively. The Company had income of $1 for
the three months ended June 30, 1996 compared with a loss of $461 for the same
period in 1995. Revenues of $2 and $0 for the six months ended June 30, 1996 and
1995 represented interest earned on temporary cash investments and loans.
Expenses of $584 and $1,072 for the six months ended June 30, 1996 and 1995
consisted of professional fees, depreciation, and other administrative expenses
incurred while the Company was seeking out business ventures which, in the
opinion of management, can provide a profit to the Company. Expenses were $0 and
$461 for the three months ended June 30, 1996 and 1995.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Not Applicable
Item 2. Not Applicable
Item 3. Not Applicable
Item 4. Not Applicable
Item 5. Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
99.1 Financial Statements as of June 30, 1996.
Financial Data Schedule
(b) Reports on Form 8-K
None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
VENTURE WORLD, LTD.
(Registrant)
/s/ Michael Labertew
Date Michael Labertew
Chairman & President
(Principal Executive Officer)
<PAGE>
VENTURE WORLD, LTD.
(A Development Stage Company)
BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
June 30, 1996
----------------------
ASSETS
CURRENT ASSETS:
<S> <C>
Cash $ 79
----------------------
Total Current Assets 79
----------------------
OFFICE EQUIPMENT, net of accumulated depreciation of $4,495 0
----------------------
TOTAL ASSETS $ 79
======================
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accrued expenses $ 1,733
----------------------
STOCKHOLDERS' DEFICIT:
Common stock, $.0001 par value, 300,000,000 shares authorized
50,000,000 shares issued and outstanding 5,000
Paid-in capital 213,110
Deficit accumulated during the development stage (219,764)
----------------------
(1,654)
----------------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 79
======================
</TABLE>
F-1
<PAGE>
VENTURE WORLD, LTD.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
1996 1995 1996 1995
---------------- --------------- ---------------- -----------------
REVENUES:
<S> <C> <C> <C> <C>
Interest income $ 1 $ 0 $ 2 $ 0
---------------- ---------------- ---------------- -----------------
EXPENSES:
Professional fees 0 300 300 600
Depreciation and amortization 0 161 134 322
Other 0 0 150 150
---------------- ---------------- --------------- -----------------
Total 0 461 584 1,072
---------------- ---------------- --------------- -----------------
NET INCOME (LOSS) $ 1 $ (461) $ (582) $ (1,072)
================ ================= ================ =================
INCOME (LOSS) PER COMMON SHARE $ .00 $ (.00) $ (.00) $ (.00)
WEIGHTED AVERAGE
NUMBER OF SHARES 50,000,000 50,000,000 50,000,000 50,000,000
================ ================= =============== ================
</TABLE>
F-2
<PAGE>
VENTURE WORLD, LTD.
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' DEFICIT FOR THE PERIOD
MAY 6, 1987 (INCEPTION) TO JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Common Accumulated
Stock Deficit during
Purchase Common Par Paid-In the Development
Warrants Shares Value Capital Stage
------------ ---------- -------------- ------------- -------------------
<S> <C> <C> <C> <C> <C>
Shares issued to officers and others 37,500,000 $ 3,750 $ 24,145 $
Public offering 25,000 units at $10.00 per
unit 12,500,000 12,500,000 1,250 248,750
Offering costs (64,402)
Net (loss) for May 6, 1987 to
December 31, 1990 (72,877)
------------ ---------- -------------- ------------- -------------------
Balance, December 31, 1990 12,500,000 50,000,000 5,000 208,493
Net (loss) year ended December 31, 1991 (56,562)
------------ ---------- -------------- ------------- -------------------
Balance, December 31, 1991 12,500,000 50,000,000 5,000 208,493 (129,439)
Net (loss) year ended December 31, 1992 (56,408)
------------ ---------- -------------- ------------- -------------------
Balance, December 31, 1992 12,500,000 50,000,000 5,000 208,493 (185,847)
Net (loss) year ended December 31, 1993 (28,329)
------------ ---------- -------------- ------------- -------------------
Balance, December 31, 1993 12,500,000 50,000,000 5,000 208,493 (214,176)
Net (loss) year ended December 31, 1994 (2,445)
------------ ---------- -------------- ------------- -------------------
Balance, December 31, 1994 12,500,000 50,000,000 5,000 208,493 (216,621)
Net (loss) year ended December 31, 1995 (2,561)
Balance, December 31, 1995 12,500,000 50,000,000 5,000 208,493 (219,182)
Warrants expired (12,500,000)
Capital contributions 4,617
Net (loss) for six months ended June 30, 1996 (582)
------------ ---------- -------------- ------------- -------------------
Balance, June 30, 1996 0 50,000,000 $ 5,000 $ 213,110 $ (219,764)
============= =========== ============== ============= ==================
</TABLE>
F-3
<PAGE>
VENTURE WORLD, LTD.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six months ended June 30,
1996 1995
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net (loss) $ (582) $ (1,072)
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 134 322
Increase (decrease) in accounts payable and accrued expenses (4,167) 750
------------------ -------------------
Total (4,615) 0
------------------ -------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Paid-in capital contributions 4,617 0
------------------ -------------------
Total 4,617 0
------------------ -------------------
NET INCREASE (DECREASE) IN CASH 2 0
CASH - beginning of period 77 75
------------------ -------------------
CASH - end of period $ 79 $ 75
================== ===================
</TABLE>
F-4
<PAGE>
VENTURE WORLD, LTD.
(A Development Stage Company)
STATEMENT OF OPERATIONS
FOR THE PERIOD MAY 6, 1987 (INCEPTION) TO JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
REVENUES:
<S> <C>
Interest income $ 42,392
------------------
EXPENSES:
Consulting fees 133,247
Secretarial services 13,141
Rent and leasing expense 44,812
Telephone 15,127
Professional fees 18,141
Depreciation and amortization 5,430
Underwriter's fees 10,000
Other 22,258
------------------
Total 262,156
------------------
NET LOSS - deficit accumulated during the development stage $ (219,764)
==================
LOSS PER COMMON SHARE $ (.00)
WEIGHTED AVERAGE NUMBER OF SHARES 50,000,000
==================
</TABLE>
F-5
<PAGE>
VENTURE WORLD, LTD.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
FOR THE PERIOD MAY 6, 1987 (INCEPTION) TO JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C>
Net (loss) - deficit accumulated during the development stage $ (219,764)
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 5,195
Increase (decrease) in accounts payable and accrued expenses 1,733
Increase in organization costs (700)
-----------------
Total (213,536)
-----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Payment for purchase of equipment (4,495)
----------------
Total (4,495)
----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Paid-in capital contributions 4,617
Proceeds from initial issue of stock 27,895
Proceeds from public offering of 25,000 units of stock and warrants 250,000
Less: public offering costs (64,402)
----------------
Total 218,110
----------------
NET INCREASE IN CASH 79
Cash - beginning of period 0
------------------
Cash - end of period $ 79
==================
</TABLE>
F-6
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Venture
World, Ltd. June 30, 1996 financial statements and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 79
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 79
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 79
<CURRENT-LIABILITIES> 1,733
<BONDS> 0
0
0
<COMMON> 5,000
<OTHER-SE> (6,654)
<TOTAL-LIABILITY-AND-EQUITY> 79
<SALES> 0
<TOTAL-REVENUES> 2
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 584
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (582)
<INCOME-TAX> 0
<INCOME-CONTINUING> (582)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (582)
<EPS-PRIMARY> .00
<EPS-DILUTED> .00
</TABLE>
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