U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended February 29, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission File No. 0-16665
OLYMPUS M.T.M. CORPORATION
(Name of Small Business Issuer in its Charter)
UTAH 87-0426358
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)262-8844
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes No X (2) Yes X No
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<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
None; Not Applicable
APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares
outstanding of each of the Registrant's classes of common stock, as of the
latest practicable date:
February 11, 1997
902,017*
*Reflects a 150 for 1 reverse split of the outstanding voting securities of
the Company, effective August 20, 1996, while retaining the authorized capital
at $50,000 divided into 50,000,000 shares of $0.001 par value common voting
stock, with appropriate adjustments in the stated capital and capital surplus
accounts of the Company and with fractional shares being rounded to the
nearest whole share. Any shareholder holding 100 or more pre-split shares
retained a minimum of 100 post-split shares.
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this
10-QSB Quarterly Report were prepared by management and commence on the
following page, together with related Notes. In the opinion of management, the
Financial Statements fairly present the financial condition of the Registrant.
<PAGE>
<TABLE>
<CAPTION>
OLYMPUS M.T.M. CORPORATION
BALANCE SHEETS
February 29, 1996 and November 30, 1995
2/29/96 11/30/95
----------------- -----------------
[Unaudited]
<S> <C> <C> <C> <C>
ASSETS
Total Current Assets $ 0 $ 0
----------------- -----------------
TOTAL ASSETS $ 0 $ 0
================= =================
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Loans from stockholders $ 0 0
Total Current Liabilities 0 0
----------------- -----------------
----------------- -----------------
TOTAL LIABILITIES 0 0
EQUITY
Common Stock 39,800 39,800
Paid-in Capital 3,015,505 3,015,505
Accumulated Deficit (3,055,305) (3,055,305)
----------------- -----------------
TOTAL EQUITY 0 0
----------------- -----------------
TOTAL LIABILITIES & EQUITY $ 0 $ 0
================= =================
</TABLE>
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the periods. The November 30, 1995 balance sheet
has been derived from the audited financial statements. These interim financial
statements conform with the requirements for interim financial statements and
consequently do not include all the disclosures normally required by generally
accepted accounting principles.
<PAGE>
<TABLE>
<CAPTION>
OLYMPUS M.T.M. CORPORATION
STATEMENTS OF OPERATIONS
For the Three-Month Periods Ended February 29, 1996 and 1995
Three Months Three Months
Ended Ended
2/29/96 2/29/95
------------------- -------------------
[Unaudited] [Unaudited]
<S> <C> <C> <C> <C>
REVENUE
Income $ 0 $ 0
------------------- -------------------
NET REVENUE 0 0
OPERATING EXPENSES
Office Expenses 0 0
Professional Fees 0 0
------------------- -------------------
TOTAL OPERATING EXPENSES 0 0
------------------- -------------------
NET INCOME/(LOSS) $ 0 $ 0
=================== ===================
NET LOSS PER SHARE $ 0.00 $ 0.00
=================== ===================
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 39,800,080 39,800,080
=================== ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OLYMPUS M.T.M. CORPORATION
STATEMENTS OF CASH FLOWS
For the Three-Month Periods Ended February 29, 1996 and 1995
Three Months Three Months
Ended Ended
2/29/96 2/29/95
------------------ ------------------
[Unaudited] [Unaudited]
<S> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
- ----------------------------------------
Net Loss $ 0 $ 0
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in loans from shareholder 0 0
------------------ ------------------
Net Cash Used For Operating Activities 0 0
================== ==================
Cash Flows Provided by Financing Activities 0 0
- -------------------------------------------
Net Increase In Cash 0 0
Beginning Cash Balance 0 0
Ending Cash Balance $ 0 $ 0
------------------ ------------------
</TABLE>
<PAGE>
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations in the period ending
February 29, 1996, or since on or before April 1990. On December 1, 1995, the
Company was involuntarilry dissolved by the State of Utah for failure to file an
annual report. On July 31, 1996 the Company was reinstated. The Company intends
to continue to seek out the acquisition of assets, property or business that may
be beneficial to the Company and its stockholders.
The Company's only foreseeable cash requirements during the next 12 months
will relate to maintaining the Company in good standing in the State of Utah and
keeping its reports "current" with the Securities and Exchange Commission.
Management does not anticipate that the Company will have to raise additional
funds during the next 12 months.
Results of Operations.
The Company has had no operations since on or before April 1990. During the
quarterly period covered by this Report, the Company received no revenue and
incurred nominal expenses.
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
None; Not applicable.
Item 2.Changes in Securities.
None; Not applicable.
Item 3.Defaults Upon Senior Securities.
None; Not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
On July 20, 1996, by Unanimous Consent of Majority Shareholders of Olympus
M.T.M. Corporation, Duane S. Jenson and Ernest C. Psarras, who, on the date
thereof, collectively owned seventy-nine percent (79%)of the issued and
outstanding shares of the Company's common stock, unanimously consented to adopt
Quinton Hamilton as Secretary, Treasurer and Director and Jason Ritchie as Vice
President and Director. In addition, Ernest C. Psarras was retained as President
and Director of the Company.
<PAGE>
Item 5.Other Information.
On December 1, 1995, the Company was involuntarily dissolved
under provisions of Utah Law for failure to file an annual report. The
Company was reinstated on July 31, 1996 with the State of Utah.
Subsequent Events:
On April 19, 1996, Duane S. Jenson, President of Jenson Services, Inc.,
purchased 10,000,000 pre-split or 66,670 post-split, shares of the Company's
securities from A-Vista Corporation. At the time of purchase, these securities
represented approximately 25.77 percent of the Company's outstanding securities.
As of February 11, 1997, these shares represent approximately 7.39 percent of
the Company's outstanding securities.
On July 20, 1996, by Unanimous Consent of Majority Shareholders of Olympus
M.T.M. Corporation, Duane S. Jenson and Ernest C. Psarras, who, on the date
thereof, collectively owned seventy-nine percent (79%)of the issued and
outstanding shares of the Company's common stock, unanimously consented to adopt
Quinton Hamilton as Secretary, Treasurer and Director and Jason Ritchie as Vice
President and Director. In addition, Ernest C. Psarras was retained as President
and Director of the Company.
On July 23, 1996, the Board of Directors of the Company resolved to: adopt
new Bylaws; reissue lost stock certificates of Eadac Investments, contingent on
Eadac Investments submitting a signed and notarized copy of a lost certificate
affidavit; enact a 1 for 150 reverse split of the 39,800,080 outstanding
securities of the Company, while retaining the present authorized capital
(50,000,000) and par value (.001) and accounts of the Company, with fractional
shares being rounded to the nearest whole share, and with any stockholder
holding 100 or more pre-split shares retaining a minimum of 100 post-split
shares, the effective date of the reverse split was set for August 20, 1996;
issue 636,350 shares of post-split common stock to Jenson Services, Inc., for
expenses incurred by the Company and settled by Jenson Services; that Leonard W.
Burningham, Esq. and Branden T. Burningham., Esq. be retained as legal counsel
for the Company; that Jenson Services, Inc. be retained as consultants to the
company; that the registered agent of the Company be changed from Swen A.
Mortenson to Jeff D. Jenson, Vice-President of Jenson Services, Inc., the office
of the new registered agent is 5525 S. 900 E. Suite 110 S.L.C., UT 84117. Unless
otherwise noted, all subsequent share calculations take into account this
reverse split.
On October 27, 1996, Jason Ritchie resigned as officer and
director of the Company, at that time, Terry Hardman was appointed as an officer
and director to replace Mr. Ritchie.
Item 6.Exhibits and Reports on Form 8-K.
(a) Exhibits*
None.
(b)Reports on Form 8-K.
None.
*A summary of any Exhibit is modified in its entirety by reference to the
actual Exhibit.
<PAGE>
SIGNATURES
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.
OLYMPUS M.T.M. CORPORATION
Date: 4-2-97 By/S/Ernest C. Psarras
Ernest C. Psarras, President and Director
Date: 4-2-97 By/S/Terry Hardman
Terry Hardman, Vice President and Director
Date: 4-3-97 By/S/Quinton Hamilton
Quinton Hamilton, Secretary, Treasurer and Director
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<CIK> 0000831489
<NAME> OLYMPUS M.T.M. CORPORATION
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1995
<PERIOD-END> Feb-29-1996
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<CASH> 0
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0
0
<COMMON> 39,800
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