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Previous: STAR RESOURCES INC /DE/, 10QSB/A, 1996-07-31 |
Next: KANSAS TAX EXEMPT TRUST SERIES 22, 485BPOS, 1996-07-31 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
FORM 10-QSB\A
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
------------------
For Quarter Ended January 31, 1996 Commission File No. 33-19324
STAR RESOURCES, INC.
(Exact name of registrant as specified in charter)
Delaware 75-0223079
(State or other jurisdiction (IRS Employer Identification No.)
at incorporation)
5420 LBJ Freeway Suite 540
Dallas, Texas 75240
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (214)770-2255
------------------------------------------------------
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
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
As of March 11, 1996, there were outstanding 41,426,186 shares of common
stock, $.0001 par value.
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
(Audited and consolidated as of April 30, 1995; Unaudited as of January 31,1996)
See Notes
January 31, April 30,
1996 1995
---------------------------------------
ASSETS
- --------------
Current Assets
<S> <C> <C>
Cash $127 $33,634
Accounts receivable, net of allowance for
uncollectible accounts of $23,600 at April 30, 1995 - 105,150
Broadcast rights - 130,721
---------------------------------------
Total Current 127 269,505
Assets
Property and Equipment, at cost net of depreciation - 163,191
Other Assets
Investment in unconsolidated - 334,858
affiliate
Broadcast rights, net of - 179,580
amortization
Other - 7,752
---------------------------------------
$127 $954,886
=======================================
Liabilities and Stockholders' Equity
- --------------------------------------------------------------
Current Liabilities
Accounts payable and accrued expenses 637 194,292
Contracts payable for - 322,942
broadcast rights
Advance from stockholders - 17,000
Loan from - 1,682,095
stockholder
---------------------------------------
Total Current 637 2,216,329
Liabilities
Contracts payable for broadcast rights - 124,612
---------------------------------------
Total Liabilities 637 2,340,941
Preferred stock- $.01 par value
Authorized -1,000,000 shares - -
Issued and outstanding-none
Common stock-
Authorized -120,000,000
shares
Issued and outstanding-40,876,186 par value $.001 April 30,
1995;
41,426,186 par value $.0001 issued and outstanding January 4,143 40,876
31, 1996
Additional paid-in capital 355,128 294,492
Retained deficit (359,781) (1,721,423)
---------------------------------------
Total Stockholders' Equity ($510) ($1,386,055)
(Deficit)
---------------------------------------
$127 $954,886
=======================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
Statements of Operations
Unaudited ; Consolidated for the period ending January 31, 1995
Three months ended Nine months ended
January 31, January 31,
1996 1995 1996 1995
----------------------------------------- ---------------------------------------
<S> <C> <C> <C> <C>
Advertising $0 $174,501 $0 $482,581
Other 0 194,833 0 495,428
----------------------------------------- ---------------------------------------
Total Revenue $0 $369,334 $0 $978,009
----------------------------------------- ---------------------------------------
Expenses:
Accounting fees $0 $6,000 $0 $26,590
Administration 637 48,489 637 99,304
Advertising and promotion 0 86,224 0 166,590
Agency Commissions 0 10,273 0 33,072
Consulting fees 0 19,747 0 20,570
Depreciation 0 11,324 0 33,140
Insurance 0 6,639 0 20,713
Interest 0 31,647 0 91,694
Legal 0 1,504 398 14,408
Programming 0 145,386 0 419,211
Rents 0 16,500 0 49,500
Salaries and wages 0 93,790 0 265,004
Supplies 0 5,426 0 21,041
Taxes 0 24,137 0 44,093
Telephone 0 4,662 0 15,721
Travel 0 5,860 0 12,901
Utilities 0 4,038 0 17,842
Other 0 12,634 340 35,374
----------------------------------------- ---------------------------------------
Total Expenses 637 534,278 1,375 1,386,766
Net Income (Loss) from ($637) ($164,944) ($1,375) ($408,757)
operations
Loss on disposition of (301,309) - (301,309) -
investment
----------------------------------------- ---------------------------------------
Net loss ($301,946) ($164,944) ($302,684) ($408,757)
========================================= =======================================
Weighted Average loss per ($0.0074) ($0.0040) ($0.0073) ($0.0098)
share
========================================= =======================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
Statements of Cash Flows
Unaudited; Consolidated fro the period ending January 31, 1995
Nine months ended
January 31,
1995 1995
---------------------------------------
<S> <C> <C>
Net loss (302,684) (714,548)
Adjustments to reconcile net loss to net cash used
Accounts receivable 0 (134,368)
Accounts payable and accrued expenses 637 54,902
Depreciation and amortization 0 281,289
Accrued interest 0 180,117
Loss on disposition of 301,309 -
subsidiary
---------------------------------------
Net cash used (738) (332,608)
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Proceeds from security deposit 0 160,000
Proceeds used for equipment and furniture 0 (75,256)
Proceeds used for leasehold improvements 0 (4,900)
Proceeds from prepaid 0 24,384
insurance
Proceeds used for prepaid insurance 0 (15,290)
Proceeds used for 0 (71,292)
programming
Proceeds used for investments (24,000) -
---------------------------------------
Net cash from (used) in (24,000) 17,645
investing
CASH FLOWS FROM FINANCING
ACTIVITIES:
Advances from shareholders - 601,000
Proceeds from issuance of common stock 550 0
Proceeds from cancellation of common 0 (1,940)
stock
Proceeds from paid in capital 23,350 0
Programming notes payable 0 443,764
Payment of programming notes 0 (488,697)
Payment of shareholder loans 0 (300,000)
---------------------------------------
Net cash used in financing 23,900 254,127
---------------------------------------
Net increase (decrease) in (838) (60,836)
cash
CASH AT BEGINNING OF PERIOD 964 (1,470)
---------------------------------------
CASH AT END OF PERIOD $126 ($62,306)
=======================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
Statements of Changes in Stockholders' Equity
Unaudited; Consolidated through April 30, 1995
Additional Total
Common Stock Paid-in Retained Stockholders'
Shares Amount Capital Deficit Equity
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance April 30, 1994 42,815,989 42,816 292,552 (1,298,549) (963,181)
Net loss for the quarter
ended July 31, 1994 - - - (134,497) (134,497)
--------------------------------------------------------------------------------------------
Balance July 31, 1994 42,815,989 $42,816 $292,552 ($1,433,046) ($1,097,678)
Shares returned and canceled (1,939,803) (1,940) 1940 0
Net loss for the quarter
ended October 31, 1994 - - - (5,410) (5,410)
--------------------------------------------------------------------------------------------
Balance October 31, 1994 40,876,186 $40,876 $294,492 ($1,438,456) ($1,103,088)
Net loss for the quarter
ended January 31, 1995 - - - (165,883) (165,883)
--------------------------------------------------------------------------------------------
Balance January 31, 1995 40,876,186 40,876 294,492 (1,604,339) (1,268,971)
Net loss for the quarter
ended April 30, 1995 - - - (117,084) (117,084)
--------------------------------------------------------------------------------------------
Balance April 30, 1995 40,876,186 40,876 294,492 (1,721,423) (1,386,055)
Issuance of common stock 550,000 550 4,950 5,500
Elimination of investment
in New View Broadcasting, Inc. 1,686,328 1,686,328
LES contribution 18,400 18,400
Change in par value of stock (37,284) 37,284 0
Net income for the quarter
ended July 31, 1995 - - - (300,074) (300,074)
--------------------------------------------------------------------------------------------
Balance July 31, 1995 41,426,186 4,142 355,126 (335,169) 24,099
Net income for the quarter
ended October 31, 1995 - - - 26 26
Dividend distribution - - - (24,000) (24,000)
--------------------------------------------------------------------------------------------
Balance October 31, 1995 41,426,186 $4,142 $355,126 ($359,143) $125
Net loss for the quarter
ended January 31, 1996 - - - ($637) 637
--------------------------------------------------------------------------------------------
Balance January 31, 1996 41,426,186 4,142 355,126 (359,780) ($512)
============================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STAR
RESOURCES INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS
January 31, April 30,
1996 1995
----------------------------------------
<S> <C> <C>
Cash and cash $127 $33,634
items
Marketable securities 0 0
Notes and accounts receivable-trade 0 128,750
Allowances for doubtful 0 23,600
accounts
Inventory 0 0
Total current assets 127 269,505
Property, plant and equipment 0 307,398
accumulated deprecation 0 144,207
total assets 127 954,886
Total current liabilities 637 2,216,329
bonds, mortgages, and similar debt 0 0
Preferred stock-mandatory redemption 0 0
Preferred stock-no mandatory redemption 0 0
Common stock 4,143 40,876
Other stockholders' equity (4,653) (1,680,547)
Total liabilities and stockholders' equity (510) (1,386,055)
Net sales of tangible products 0 0
Total revenues 0 1,389,098
Cost of tangible goods sold 0 0
Total costs and expenses applicable to sales and revenues 1,375 1,811,972
other costs and expenses 0 0
Provision for doubtful accounts and notes 0 0
Interest and amortization of debt discount 0 124,896
Income before taxes and other items (1,375) (422,874)
Income tax expense 0 0
Income/loss continuing (1,375) (422,874)
operations
Discontinued operations (301,309) 0
Extraordinary items 0 0
Cumulative effect- changes in accounting principles 0 0
Net income or loss (302,684) (422,874)
Earnings per share - primary ($0.0073) $0.0101
Earnings per share - fully ($0.0073) $0.0101
diluted
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Quarterly Report to be signed on its behalf
by the undersigned thereunto duly authorized.
STAR RESOURCES, INC.
(Registrant)
Date: June 7, 1996 By:___s/Lawrence E. Steinberg
--------------- ---------------------------
Lawrence E. Steinberg, Chief Executive Officer
Principal Executive Officer
Date: June 7, 1996 By: Michael A. Hershman
------------- --------------------
Michael A. Hershman, Treasurer
Principal Financial Officer
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