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Previous: STAR RESOURCES INC /DE/, 10QSB/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 July 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 October 23, 1995, there were outstanding 41,426,186 shares of common
stock, $.0001 par value.
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
Balance
Sheets
(Audited and consolidated as of April 30, 1995; Unaudited as of July
31, 1995)
July 31, April 30,
1995 1995
--------------------------------
ASSETS
- ------------
Current Assets
<S> <C> <C>
Cash $101 $33,634
Accounts receivable, net of allowance for doubtful accounts - 105,150
of $23,600 at April 30,1995
Broadcast rights - 130,721
--------------------------------
Total Current Assets 101 269,505
Property and Equipment, at cost net of - 163,191
depreciation
Other Assets
Investment in unconsolidated affiliate - 334,858
Investments 24,000 -
Broadcast rights, net of amortization - 179,580
Other - 7,752
--------------------------------
$24,101 $954,886
================================
Liabilities and Stockholders' Equity
- ---------------------------------------------------
Current
Liabilites
Accounts payable and accrued - 194,292
expenses
Contracts payable for broadcast - 322,942
rights
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
41,426,186 issued and outstanding July 31, 1995 par value $.0001
40,876,186 issued and outstanding April 30, 1995 par value $.001 4,143 40,876
Additional paid-in 355,128 294,492
capital
Retained (335,170) (1,721,423)
deficit
--------------------------------
Total Stockholders' Equity (Deficit) $24,101 ($1,386,055)
--------------------------------
$24,101 $954,886
================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
Statements of Operations
Unaudited; Consolidated for the period ending July 31, 1994
Three months ended
July 31,
1995 1994
---------------------------------
<S> <C> <C>
Advertising $0 $154,987
Bartering - 69,565
Other - 458
---------------------------------
Total Revenue $0 $225,010
---------------------------------
Expenses:
Accounting $0 $11,665
fees
Administration - 21,368
Advertising and - 20,491
promotion
Agency Commissions - 9,852
Consulting - 221
fees
Depreciation - 10,335
Insurance - 6,169
Interest - 30,196
Legal 398 12,269
Programming - 92,143
Rents - 16,500
Salaries and wages - 82,929
Supplies - 8,372
Taxes - 10,272
Telephone - 5,364
Travel - 2,557
Utilities - 7,267
Other 366 11,537
---------------------------------
Total 764 359,507
Expenses
---------------------------------
Net Income (Loss) from operations ($764) ($134,497)
Loss on disposition of investment (301,309) -
---------------------------------
Net ($302,073) ($134,497)
loss
=================================
Weighted average loss per share ($0.00729) ($0.00314)
=================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
Statements of Cash Flows
Unaudited;Consolidated for the period ending July 31,
1994
Three months ended
July 31,
1995 1994
---------------------------------
<S> <C> <C>
Net ($302,073) ($134,497)
loss
Adjustments to reconcile net loss to net cash used
during the development stage:
Accounts receivable - (52,177)
Allowance for doubtful accounts - 3,000
Accounts - 27,277
payable
Salaries - (376)
payable
Payroll taxes payable - 1,806
Depreciation and amortization - 42,613
Interest - 29,397
payable
Loss on disposition of subsidiary 301,309 -
---------------------------------
Net cash used during the development stage (764) (82,957)
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Proceeds from prepaid insurance - 4,591
Proceeds used for security deposit - 160,000
Proceeds used for equipment - (2,628)
Proceeds used for prepaid - (9,367)
insurance
Proceeds used for programming - (20,049)
Investments (24,000) -
---------------------------------
Net cash used in (24,000) 132,547
investing
CASH FLOWS FROM FINANCING
ACTIVITIES:
Advances from shareholders - 139,500
Repay advances from shareholders - (160,000)
Proceeds from paid in capital 18,402 0
Proceeds from issuance of common stock 5,500 0
Programming notes payable - (11,651)
---------------------------------
Net cash from (used) in financing 23,902 (32,151)
---------------------------------
Net increase (decrease) in cash (862) 17,439
CASH AT BEGINNING OF 964 (675)
PERIOD
---------------------------------
CASH AT END OF $102 $16,764
PERIOD
=================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STAR RESOURCES, INC.
Consolidated Statements of Changes in Stockholders'
Equity
Unaudited
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
cancelled
Net loss for the quarter
ended October 31, 1994 - - - (5,410) (5,410)
-------------------------------------------------------------------------------------
Balance October 31, 40,876,186 $40,876 $294,492 ($1,438,456) ($1,103,088)
1994
Net loss for the quarter
ended January 31, 1995 - - - (165,883) (165,883)
-------------------------------------------------------------------------------------
Balance January 31, 40,876,186 40,876 294,492 (1,604,339) (1,268,971)
1995
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 550,000 550 4,950 5,500
stock
Elimination of investment
in New View Broadcasting, Inc. 1,686,328 1,686,328
Capital contribution 18,400 18,400
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
=====================================================================================
</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
July 31, April 30,
1995 1995
------------------------------------
<S> <C> <C>
Cash and cash items $101 $33,634
Marketable securities 0 0
Notes and accounts receivable- 0 128,750
trade
Allowances for doubtful accounts 0 23,600
Inventory 0 0
Total current assets 101 269,505
Property, plant and equipment 0 307,398
accumulated 0 144,207
deprecation
total assets 24,101 954,886
Total current liabilities 0 2,216,329
bonds, mortgages, and similar debt 0 0
Preferred stock-mandatory 0 0
redemption
Preferred stock-no mandatory redemption 0 0
Common stock 4,143 40,876
Other stockholders' 19,958 (1,680,547)
equity
Total liabilities and stockholders' 24,101 (1,386,055)
equity
Net sales of tangible products 0 0
Total revenues 0 1,389,098
Cost of tangible goods 0 0
sold
Total costs and expenses applicable to 764 1,811,972
sales and revenues
other costs and 0 0
expenses
Provision for doubtful accounts and notes 0 0
Interest and amortization of debt 0 124,896
discount
Income before taxes and other (764) (422,874)
items
Income tax expense 0 0
Income/loss continuing operations (764) (422,874)
Discontinued operations (301,309) 0
Extraordinary items 0 0
Cumulative effect- changes in accounting 0 0
principles
Net income or loss (302,073) (422,874)
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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