FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: September 30, 1999
Commission file number: 33-19961
Spartan Oil Corporation
(formerly Oliver Owen Corporation)
(exact name of registrant as specified in its charter)
Delaware 75-2224650
------------------------ ------------
(State of Incorporation) (IRS ID No.)
4714 Greenville Ave, Dallas, Texas 75206
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 972-841-6929
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 Act of 1934 during the past
12 months and (2) has been subject to such filing requirements for the past 90
days.
X YES NO
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Shares of common stock outstanding at September 30, 1999
6,125,527
<PAGE>
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page Number
Item 1. Financial Statements 1-4
Item 2. Managements's Discussion and Analysis
of Financial Condition and Results of
Operations 5
PART II - OTHER INFORMATION 6
<PAGE>
<TABLE>
<CAPTION>
SPARTAN OIL CORPORATION
(A Development Stage Enterprise)
BALANCE SHEETS
September 30, 1999 and December 31, 1998
ASSETS
Sept 30, 1999 Dec 31, 1998
---------------- -----------------
<S> <C> <C>
CURRENT ASSETS:
Cash $ -0- $ -0-
---------------- -----------------
TOTAL ASSETS $ -0- $ -0-
=====================================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable 4,963 3,841
---------------- -----------------
Total Current Liabilities 4,963 3,841
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 6,125,527 shares issued
and outstanding at September 30, 1999 and December 31, 1998 6,126 6,126
Additional paid-in-capital 1,500 1,500
Accumulated Deficit (12,589) (11,467)
---------------- -----------------
Total Stockholders' Equity (4,963) (3,841)
---------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 0 0
================ =================
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
SPARTAN OIL CORPORATION
(A Development Stage Enterprise)
STATEMENT OF OPERATIONS
Three months ended September 30, 1999 and 1998
and Period from Inception (January 5, 1988) to September 30, 1999
Accumulated
Three months Three months since inception
Sept 30, 1999 Sept 30, 1998 (Jan 5, 1988)
--------------------------------- -----------------
<S> <C> <C> <C>
REVENUE: $ -0- $ -0- $ -0-
OPERATING EXPENSE:
General & administrative 374 145 12,589
--------------------------------- -----------------
Total Operating Expense 374 145 12,589
--------------------------------- -----------------
NET LOSS ($374) ($145) ($12,589)
================================= =================
Weighted average shares outstanding 6,125,527 6,125,527 6,125,527
================================= =================
LOSS PER SHARE ($0.00) ($0.00) ($0.00)
================================= =================
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
SPARTAN OIL CORPORATION
(A Development Stage Enterprise)
STATEMENT OF STOCKHOLDERS' EQUITY AND ACCUMULATED DEFICIT
Period from Inception (January 5, 1988) to September 30, 1999
Common Paid In Accumulated
Shares Amount Capital Deficit Total
----------------------------- --------------------------------- -----------------
<S> <C> <C> <C> <C> <C>
Balance, Date of Inception
January 5, 1988
Shares issued on January 5, 1988:
For cash 500,000 500 500 1,000
Shares issued for services 500,000 500 500 1,000
Net Loss (1,250) (1,250)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1988 1,000,000 $1,000 $1,000 ($1,250) $750
============================= ================================= =================
Shares issued in May 1989:
For services 4,625,527 4,626 4,626
Net Loss (5,875) (5,875)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1989 5,625,527 $5,626 $1,000 ($7,125) ($499)
================================================================== =================
Shares issued in March 1990:
For services 500,000 500 500 1,000
Net Loss (1,251) (1,251)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1990 6,125,527 $6,126 $1,500 ($8,376) ($750)
================================================================== =================
Net Loss (300) (300)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1991 6,125,527 $6,126 $1,500 ($8,676) ($1,050)
================================================================== =================
Net Loss (300) (300)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1992 6,125,527 $6,126 $1,500 ($8,976) ($1,350)
================================================================== =================
Net Loss (300) (300)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1993 6,125,527 $6,126 $1,500 ($9,276) ($1,650)
================================================================== =================
Net Loss (300) (300)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1994 6,125,527 $6,126 $1,500 ($9,576) ($1,950)
================================================================== =================
Net Loss (300) (300)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1995 6,125,527 $6,126 $1,500 ($9,876) ($2,250)
================================================================== =================
Net Loss (491) (491)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1996 6,125,527 $6,126 $1,500 ($10,367) ($2,741)
================================================================== =================
Net Loss (520) (520)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1997 6,125,527 $6,126 $1,500 ($10,887) ($3,261)
================================================================== =================
Net Loss (580) (580)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1998 6,125,527 $6,126 $1,500 ($11,467) ($3,841)
================================================================== =================
Net Loss - three months - March 1999 (374) (374)
Net Loss - three months - June 1999 (374) (374)
Net Loss - three months - Septemeber 1999 (374) (374)
----------------------------- --------------------------------- -----------------
Balance, September 30, 1999 6,125,527 $6,126 $1,500 ($12,589) ($4,963)
================================================================== =================
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
SPARTAN OIL CORPORATION
(A Development Stage Enterprise)
STATEMENT OF CASH FLOWS
Three months ended September 30, 1999 and 1998
and Period from Inception (January 5, 1988) to September 30, 1999
Accumulated
Three months Three months since inception
Sept 30, 1999 Sept 30, 1998 (Jan 5, 1988)
--------------------------------- -----------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss (374) (145) (12,589)
Adjustments to reconcile net loss to net
cash (used) by operating activities:
Accounts payable 374 145 4,963
Stock issued for services 6,626
--------------------------------- -----------------
NET CASH (USED) BY OPERATING ACTIVITIES: -0- -0- (1,000)
CASH FLOWS FROM INVESTING ACTIVITIES: -0- -0- -0-
CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of common stock -0- -0- 1,000
--------------------------------- -----------------
NET INCREASE IN CASH -0- -0- -0-
CASH, BEGINNING OF PERIOD -0- -0- -0-
--------------------------------- -----------------
CASH, END OF PERIOD $ -0- $ -0- $ -0-
======================================================
</TABLE>
4
<PAGE>
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Results of Operations
The Company has had no operations for the quarter ended September 30, 1999 and
similarly, no operations for the same period last year. The Company is trying to
attract capital in order to purchase an ongoing business or to attract a
business to buy or merge with. Efforts to attract capital to date have been
unsuccessful.
There have been no economic events or changes that have affected the Registrant,
for better or worse, to attract capital and there are no economic trends or
uncertainties that the Registrant expects will have a material impact on whether
it can attract capital in the future.
Liquidity
The Registrant has no liquid assets and no assets. The Registrant has no
liquidity and the liquidity the Registrant will be able to attract will from the
sale of stock in the company, either for cash or issuance of stock for purchase
of a business.
The Registrant has minimal expenses and no commitments.
Capital Resources
The Registrant has no capital resources and if it can generate capital, it will
be from the sale of stock in the company for cash or issuance of stock for
purchase of a business.
There were no stock offerings during the quarter and none are currently planned.
There were no plans or requirements for purchase of capital items during the
quarter. The Registrant does not foresee any material capital purchase in the
coming twelve months.
5
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is not involved in any legal proceedings.
Item 2. Changes in Securities.
Registrant has made no changes in its securities.
Item 3. Defaults Upon Senior Securities.
Registrant has no senior securities and accordingly no
defaults.
Item 4. Submission of Matters to a Vote of Security Holders.
Registrant submitted no matters to a vote of security holders.
Item 5. Other Information.
None.
6
<PAGE>
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 thereunto duly authorized.
Spartan Oil Corporation
-----------------------
(Registrant)
BY: /s/ Sean Gallagher
-------------------
Sean Gallagher
Its: Secretary
DATE: June 14, 2000
Dallas, Texas
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