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 May 31, 1997
[ ] 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 X No (2) Yes X No
---- ---- ---- ----
<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:
May 31, 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
May 31, 1997 and November 30, 1996
5/31/97 11/30/96
---------------- ----------------
[Unaudited]
<S> <C> <C> <C> <C>
ASSETS
Total Current Assets $ 0 $ 0
---------------- ----------------
TOTAL ASSETS $ 0 $ 0
================ ================
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Loans from stockholders $ 3,544 $ 2,038
Accounts Payable 0 100
Total Current Liabilities 3,544 2,138
---------------- ----------------
---------------- ----------------
TOTAL LIABILITIES 3,544 2,138
EQUITY
Common Stock 902 266
Paid-in Capital 3,055,039 3,055,039
Accumulated Deficit (3,059,485) (3,057,443)
---------------- ----------------
TOTAL EQUITY (3,544) (2,138)
---------------- ----------------
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, 1996 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 and Six Month Periods Ended May 31, 1997 and 1996
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
5/31/97 05/31/96 5/31/97 5/31/96
--------------- --------------- -------------- --------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUE
Income $ 0 $ 0 $ 0 $ 0
---------- ---------- ---------- ----------
NET REVENUE 0 0 0 0
OPERATING EXPENSES
Office Expenses 213 216 273 216
Professional Fees 523 0 1770 0
---------- ---------- ---------- ----------
TOTAL OPERATING EXPENSES (736) (216) (2,043) (216)
---------- ---------- ---------- ----------
NET INCOME/(LOSS) $ (736) $ (216) $ (2,043) $ (216)
NET LOSS PER SHARE $ (0.01) $ (0.01) $ (0.01) $ (0.01)
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 902,017 39,800,080 902,017 39,800,080
========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OLYMPUS M.T.M. CORPORATION
STATEMENTS OF CASH FLOWS
For the Three and Six Month Periods Ended May 31, 1997 and 1996
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
05/31/97 05/31/96 05/31/97 05/31/96
------------- ------------ ------------ ------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
- ----------------------------------------
Net Loss $ (736) $ (216) $ (2,043) $ (216)
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in Accounts Payable (100) 0 (100) 0
Increase/(Decrease) in loans from shareholder 836 216 2,143 216
------------ ------------ ------------ ------------
Net Cash Used For Operating Activities 0 0 0 0
============ ============ ============ ============
Cash Flows Provided by Financing Activities 0 0 0 0
- -------------------------------------------
Net Increase In Cash 0 0 0 0
Beginning Cash Balance 0 0 0 0
Ending Cash Balance $ 0 $ 0 $ 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
May 31, 1997, or since on or before April 1990. On December 1, 1995, the Company
was involuntarily dissolved by the State of Utah for failure to file an annual
report and was subsequently reinstated by the State of Utah on July 31, 1996.
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.
None; not applicable.
Item 5.Other Information.
On December 20, 1996, 636,350 "unregistered" and "restricted" shares of the
Company's common stock were issued to Jenson Services, Inc., a consultant to the
Company for expenses incurred by the Company and settled by Jenson Services,
Inc. These shares were authorized for issuance by the Board of Directors on July
23, 1996.
Item 6.Exhibits and Reports on Form 8-K.
(a)Exhibits.*
None; Not Applicable.
(b)Reports on Form 8-K.
None; Not Applicable.
*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: 7-15-97 By /S/ Ernest C. Psarras
Ernest C. Psarras, President and Director
Date: 7-15-97 By /S/ Quinton Hamilton
Quinton Hamilton, Secretary, Treasurer and Director
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000831489
<NAME> OLYMPUS M.T.M. CORPORATION
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> MAR-01-1997
<PERIOD-END> MAY-31-1997
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 3,544
<BONDS> 0
0
0
<COMMON> 902
<OTHER-SE> (2,642)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 736
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (736)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (736)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
