<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
x Quarterly report under Section 13, or 15 (d) of the Securities
Exchange Act of 1934
For the quarterly period ended October 31, 1996
o Transition report under Section 13 or 15 (d) of the Exchange
Act
For the transition period from ________________ to
_________________
Commission file number 33-19435
ADINA, INC..
(Exact Name of Small Business Issuer as Specified in Its Charter)
Delaware 75-2233445
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification
No.)
17770 Preston Road,Dallas, Texas 75252
(Address of Principal Executive Offices)
(972) 733-3005
(Issuer's Telephone Number, Including Area Code)
Check whether the issuer: (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 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 past 90 days.
x Yes o No
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports
required to be filed by Section 12, 13, or 15 (d) of the Exchange Act
after the distribution of securities under a plan confirmed by a
court.
o Yes o No
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
11,250,000
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ADINA, INC.
I N D E X
Page No.
Part I FINANCIAL INFORMATION:
Item 1. Balance Sheets 2
Statements of Operations 3
Statements of Cash Flows 4
Notes to Financial
Statements (unaudited) 5
Item 2. Management's Discussion
and Analysis of Financial
Condition and Results of
Operations 5
Part II OTHER INFORMATION 6
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ADINA, INC.
(a development stage company)
PART I. FINANCIAL INFORMATION
CONDENSED BALANCE SHEETS
(Unaudited)
ASSETS
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October 31, 1995 April 30, 1996
Cash $ 10 $ 10
Total Assets $ 10 $ 10
LIABILITIES AND STOCKHOLDERS' EQUITY
Note Payable - Affiliate $ 540 $ 540
Stockholders' Equity:
Common stock (number of
shares authorized 25,000,000,
issued and outstanding
11,250,000 shares, par value
$.001/sh) 11,250 11,250
Retained earnings (deficit) (11,780) (11,780)
Total Liabilities &
Stockholders' Equity $ 10 $ 10
The accompanying notes are an integral part of these financial
statements.
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ADINA, INC.
(a development stage company)
STATEMENTS OF OPERATION
(Unaudited)
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Six Months Ended
October 31,
1996 1995
Income $ - $ -
Expenses - General and
Administrative $ - $ -
Net Income (Loss) $ - $ -
Earnings per common share* * *
*(less than $0.001 per
share)
Weighted average number of
shares outstanding 11,250,000 11,250,000
The accompanying notes are an integral part of these statements.
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ADINA, INC.
(a development stage company)
STATEMENTS OF CASH FLOWS
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Six Months Six Months
Ended Ended
October 31, 1996 October 31,1995
CASH FLOWS FROM OPERATING
ACTIVITIES:
Cash Received From Customers $ - $ -
Cash Paid to Employees and
Other Suppliers of Goods
and Services - -
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES - -
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES - -
NET CASH PROVIDED (USED) BY
FINANCIAL ACTIVITIES - -
NET INCREASE (DECREASE) IN CASH - -
BEGINNING CASH BALANCE 10 10
CASH BALANCE AT END OF PERIOD $10 $10
The accompanying notes are an integral part of these financial
statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
Financial Statements
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-Q and do not include all
of the information and footnotes required by generally accepted
accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have
been included. These statements should be read in conjunction with
the audited financial statements and notes thereto included in the
Registrant's annual 10-K filing for the year ended April 30, 1996.
Item 2. Management Discussion and Analysis of Financial Condition
and Results of Operations
Registrant has no operations or substantial assets and intends to
seek out and obtain candidates with which it can merge or whose
operations or assets can be acquired through the issuance of common
stock and possibly debt. Following a distribution of its common
stock to the shareholders of Forme Capital, Inc. ("Forme") the
Registrant has approximately 1,000 shareholders.
It is the present expectation of the Management of Registrant that in
connection with any such merger or acquisition of operations or
assets that the Management of Registrant will be transferred to the
new controlling shareholders. The Management of Registrant intends
to negotiate covenants with any such company or controlling
shareholders that it/they will maintain Registrant's registration
with the Securities and Exchange Commission, comply with the terms of
its Articles of Incorporation and Bylaws in all respects, maintain
and promote an orderly market in Registrant's Common Stock and
otherwise treat Registrant's shareholders fairly.
Liquidity and Capital Resources
Registrant is a development-stage company and has not conducted any
business operations as yet. The Company's cash resources and
liquidity are extremely limited. The Company has no assets to use as
collateral to allow the Company to borrow, and there is no available
external funding source other than Forme which has agreed to provide
up to $9,200 for expenses connected with the attempt to find a
business combination partner. If no combination partner is found
within twelve months, Registrant will experience severe cash flow
difficulties. Registrant's principal needs for capital are for
Securities and Exchange Commission reporting requirements,
bookkeeping, and professional fees.
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PART II. OTHER INFORMATION
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 thereto duly authorized.
ADINA, INC.
(Registrant)
By: /s/ Daniel Wettreich
DANIEL WETTREICH, PRESIDENT
Date: December 14, 1996
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<CIK> 0000826773
<NAME> ADINA, INC.
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> APR-30-1997 APR-30-1997
<PERIOD-END> JUL-31-1996 OCT-31-1996
<CASH> 10 10
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 10 10
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 10 10
<CURRENT-LIABILITIES> 540 540
<BONDS> 0 0
0 0
0 0
<COMMON> 11250 11250
<OTHER-SE> (11780) (11780)
<TOTAL-LIABILITY-AND-EQUITY> 10 10
<SALES> 0 0
<TOTAL-REVENUES> 0 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 0 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
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<EPS-PRIMARY> 0 0
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