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Previous: PHOENIX MULTI PORTFOLIO FUND, NSAR-A, 1996-07-31 |
Next: STAR RESOURCES INC /DE/, 10QSB/A, 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 October 31, 1995 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/(803)884-3185
------------------------------------------------------
(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 December 13, 1995, 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 October 31,1995)
See Notes
October 31, April 30,
1995 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, - 105,150
1995
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 affiliate - 334,858
Broadcast rights, net of amortization - 179,580
Other - 7,752
-------------------------------------
$127 $954,886
=====================================
Liabilities and Stockholders' Equity
- ------------------------------------------------------
Current Liabilities
Accounts payable and accrued expenses - 194,292
Contracts payable for broadcast rights - 322,942
Advance from stockholders - 17,000
Loan from stockholder - 1,682,095
-------------------------------------
Total Current Liabilities 0 2,216,329
Contracts payable for broadcast - 124,612
rights
-------------------------------------
Total Liabilities 0 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 vaule $.0001 issued and outstanding 4,143 40,876
October 31, 1995.
Additional paid-in capital 355,128 294,492
Retained deficit (359,144) (1,721,423)
-------------------------------------
Total Stockholders' Equity (Deficit) $127 ($1,386,055)
-------------------------------------
$127 $954,886
=====================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
Statements of Operations
Unaudited ; Consolidated for the period ending October 31, 1994
Three months ended Six months ended
October 31, October 31,
1995 1994 1995 1994
--------------------------------------- ---------------------------------------
<S> <C> <C> <C> <C>
Advertising $0 $162,968 $0 $308,080
Other - 220,791 - 300,595
--------------------------------------- ---------------------------------------
Total Revenue $0 $383,759 $0 $608,674
--------------------------------------- ---------------------------------------
Expenses:
Accounting fees $0 $8,925 $0 $20,590
Administration - 29,447 - 50,816
Advertising and promotion - 59,875 - 80,365
Agency Commissions - 12,945 - 22,798
Consulting fees - 602 - 823
Depreciation - 12,421 - 21,816
Insurance - 7,905 - 14,073
Interest - 29,851 - 60,047
Legal - 635 398 12,904
Programming - 181,682 - 273,824
Rents - 16,500 - 33,000
Salaries and wages - 88,284 - 171,214
Supplies - 7,243 - 15,615
Taxes - 9,684 - 19,956
Telephone - 5,695 - 11,058
Travel - 4,484 - 7,041
Utilities - 6,537 - 13,804
Other (26) 11,204 340 22,740
--------------------------------------- ---------------------------------------
Total Expenses (26) 493,919 738 852,487
--------------------------------------- ---------------------------------------
Net Income (Loss) from $26 ($110,161) ($738) ($243,813)
operations
Loss on disposition of (301,309) - (301,309) -
investment
--------------------------------------- ---------------------------------------
Net ($301,283) ($110,161) ($302,047) ($243,813)
loss
======================================= =======================================
Weighted Average loss ($0.0073) ($4.6678) ($0.0073) ($0.0057)
per share
======================================= =======================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES,
INC.
Statements of Cash Flows
Unaudited ; Consolidated for the period ending October 31, 1994
Six months ended
October 31,
1995 1994
-------------------------------------
<S> <C> <C>
Net (302,047) (383,721)
loss
Adjustments to reconcile net loss to net cash used
Accounts receivable - (144,005)
Accounts payable and accrued - 43,473
expenses
Depreciation and - 181,886
amortization
Accrued interest - 117,788
Loss on disposition of subsidiary 301,309 -
-------------------------------------
Net cash used (738) (184,579)
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Proceeds from security deposit - 160,000
Proceeds used for equipment and - (27,431)
furniture
Proceeds used for leasehold - (4,900)
improvements
Proceeds from prepaid insurance - (8,843)
Proceeds used for programming - (71,292)
Investments (24,000)
-------------------------------------
Net cash from (used) in investing (24,000) 47,534
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from - 379,000
shareholders
Proceeds from issuance of common 550 0
stock
Proceeds from cancellation of common stock - (1,940)
Proceeds from paid in 23,350 -
capital
Programming notes - 385,387
payable
Payment of programming notes - (403,239)
Payment of shareholder - (300,000)
loans
-------------------------------------
Net cash used in financing 23,900 59,208
-------------------------------------
Net increase (decrease) in cash (838) (77,837)
CASH AT BEGINNING OF PERIOD 964 (1,470)
-------------------------------------
CASH AT END OF $126 ($79,307)
PERIOD
=====================================
</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 (1,939,803) (1,940) 1940 0
canceled
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)
Exercise of stock options 550,000 550 4,950 5,500
Disposition of investment
in New View Broadcasting, Inc. 1,686,328 1,686,328
LES 18,400 18,400
contribution
Change in par value of (37,284) 37,284 0
stock
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
==========================================================================================
</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
October 31, April 30,
1995 1995
-------------------------------------
<S> <C> <C>
Cash and cash items $127 $33,634
Marketable securities 0 0
Notes and accounts receivable-trade 0 128,750
Allowances for doubtful accounts 0 23,600
Inventory 0 0
Total current assets 127 269,505
Property, plant and 0 307,398
equipment
accumulated deprecation 0 144,207
total assets 127 954,886
Total current liabilities 0 2,216,329
bonds, mortgages, and similar debt 0 0
Preferred stock-mandatory 0 0
redemption
Preferred stock-no mandatory 0 0
redemption
Common stock 4,143 40,876
Other stockholders' equity (4,016) (1,680,547)
Total liabilities and stockholders' 127 (1,386,055)
equity
Net sales of tangible 0 0
products
Total revenues 0 1,389,098
Cost of tangible goods 0 0
sold
Total costs and expenses applicable to sales and 738 1,811,972
revenues
other costs and expenses 0 0
Provision for doubtful accounts and 0 0
notes
Interest and amortization of debt 0 124,896
discount
Income before taxes and other items (738) (422,874)
Income tax expense 0 0
Income/loss continuing operations (738) (422,874)
Discontinued operations (301,309) 0
Extraordinary 0 0
items
Cumulative effect- changes in accounting principles 0 0
Net income or (302,047) (422,874)
loss
Earnings per share - ($0.0073) $0.0101
primary
Earnings per share - fully diluted ($0.0073) $0.0101
</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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