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FORM 10-QSB/A
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: March 31, 2000
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
-------------------------------------------------- --------
(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
----------- ----------
Shares of common stock outstanding at March 31, 2000
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
BALANCE SHEETS
March 31, 2000 and December 31, 1999
ASSETS
March 31, 1999 Dec 31, 1999
---------------- ----------------
<S> <C> <C>
CURRENT ASSETS:
Cash $ 0 $ 0
---------------- ----------------
TOTAL ASSETS $ 0 $ 0
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable $ 9,138 $ 5,436
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value 6,126 6,126
Additional paid in capital 1,500 1,500
Accumulated Deficit (16,764) (13,062)
---------------- ----------------
Total Stockholders' Equity (9,138) (5,436)
---------------- ----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 0 $ 0
================ ================
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
SPARTAN OIL CORPORATION
STATEMENT OF OPERATIONS
Three months ended March 31, 2000 and 1999
and
Period from inception (January 5, 1988) to March 31, 2000
Accumulated
Three months Three months since
ended ended inception
March 31, 2000 March 31, 1999 (Jan 5, 1988)
----------------------------------------------------
<S> <C> <C> <C>
REVENUE: $ 0 $ 0 $ 0
OPERATING EXPENSE:
Professional fees 2,500 0 2,500
General and administrative 1,202 374 14,264
-------------------------------- ----------------
Total Operating Expense 3,702 374 16,764
-------------------------------- ----------------
NET LOSS ($3,702) ($374) ($16,764)
================================ ================
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
STATEMENT OF STOCKHOLDERS' EQUITY AND ACCUMULATED DEFICIT
Period from inception (May 27, 1998) to March 31, 2000
Common Paid In Accumulated
Shares Amount Capital Deficit Total
-------------------------------------------------------------- ----------------
<S> <C> <C> <C> <C> <C>
Balance at inception,
January 5, 1988 -0- -0- -0- -0- -0-
Shares issued for cash:
January 1988 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, 1998 1,000,000 $1,000 $1,000 ($1,250) $750
============================================================== ================
Shares issued for services:
May 1989 4,625,527 4,626 4,626
Net Loss (5,875) (5,875)
-------------------------------------------------------------- ----------------
Balance
December 31, 1998 5,625,527 5,626 1,000 (7,125) (499)
============================================================== ================
Shares issued for services 1990 500,000 500 500 1,000
Net Loss - 1990 (1,251) (1,251)
Net Loss - 1991 (300) (300)
Net Loss - 1992 (300) (300)
Net Loss - 1993 (300) (300)
Net Loss - 1994 (300) (300)
Net Loss - 1995 (300) (300)
Net Loss - 1996 (491) (491)
Net Loss - 1997 (520) (520)
Net Loss - 1998 (580) (580)
Net Loss - 1999 (1,595) (1,595)
-------------------------------------------------------------- ----------------
Balance
December 31, 1999 6,125,527 6,126 1,500 (13,062) (5,436)
============================================================== ================
Net Loss
Three months - March 31, 2000 (3,702) (3,702)
-------------------------------------------------------------- ----------------
Balance
March 31, 2000 6,125,527 6,126 1,500 (16,764) (9,138)
============================================================== ================
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
SPARTAN OIL CORPORATION
STATEMENT OF CASH FLOWS
Three months ended March 31, 2000 and 1999
and
Period from inception (January 5, 1988) to March 31, 2000
Accumulated
Three months Three months since
ended ended inception
March 31, 2000 March 31, 1999 Jan 5, 1988
----------------------------------------------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($3,702) ($374) ($16,764)
Adjustments to reconcile net loss to net
cash (used) by operating activities:
Increase in accounts payable 3,702 374 9,138
Stock issued for services 6,626
-------------------------------- ----------------
NET CASH (USED) BY OPERATING ACTIVITIES: 0 0 (1,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of assets to lease 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 March 31, 2000 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
7
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