SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: December 31, 1995
Commission File Number: 33-21508
LORD ABBOTT, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Colorado 35-3574355
- ------------------------------- ------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
13215 Braun Road, Golden, Colorado 80401
----------------------------------------
(Address of principal executive offices)
(303) 477-3455
-----------------------------
Registrant's telephone number
including area code
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 January 8, 1996, 512,000,000 shares of common stock were outstanding.
FORM 10-QSB
INDEX
Page
Number
Part I. Financial Information
Item 1. Financial Statements
Balance Sheet 3
Statement of Operations 4
Statement of Cash Flows 5
Notes to Financial Statements 6-7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations 8
Part II. Other Information and Signatures 9
LORD ABBOTT, INC.
(A Development Stage Company)
BALANCE SHEETS
[CAPTION]
Period Ended Year Ended
12/31/95 3/31/95
(Unaudited) (Audited)
------------ ----------
[C] [S] [S]
ASSETS
Current Assets:
Cash and Certificates of Deposit $ 5,864 $ 8,967
-------- --------
TOTAL ASSETS 5,864 8,967
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities 13,575 75
Stockholders' Equity
Preferred Stock $.10 par value
per share, 10,000,000 shares
authorized and 0 shares issued 0 0
Common stock, no par value per
share, 700,000,000 shares authorized
and 512,000,000 and 512,000,000
outstanding 261,394 261,394
Deficit accumulated during
development stage (269,105) (252,502)
-------- --------
Total Stockholders' Equity (7,711) 8,892
-------- --------
TOTAL LIABILITIES AND EQUITY $ 5,864 $ 8,967
-------- --------
The accompanying notes are an integral part of this statement.
LORD ABBOTT, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
[CAPTION]
Period from
For The For The For The For The 8/15/86
Quarter Quarter 9 Months Year (Inception)
Ended Ended Ended Ended to
12/31/95 12/31/94 12/31/95 3/31/95 3/31/95
(Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
----------- ----------- ----------- ---------- -----------
[S] [C] [C] [C] [C] [C]
Revenues:
Interest income $0 $0 $0 $0 $28,868
------- ------- ------- ------- -------
Total Revenues 0 0 0 0 28,868
Expenses:
Bad Debts 0 0 0 0 160,000
Gen & admin 5,294 140 16,603 1,407 121,370
------- ------- ------- ------- --------
Total Expenses 5,294 140 16,603 1,407 281,370
------- ------- ------- ------- --------
Net Income(Loss) ($5,294) ($140) ($16,603) ($1,407) ($252,502)
------- ------- ------- ------- --------
Net Loss per share $(-) $(-) $(-) $(-) $(-)
The accompanying notes are an integral part of this statement
LORD ABBOTT, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
[CAPTION]
Period from
For The For The For The For The 8/15/86
Quarter Quarter 9 Months Year (Inception)
Ended Ended Ended Ended to
12/31/95 12/31/94 12/31/95 3/31/95 3/31/95
(Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
----------- ----------- ----------- --------- -----------
[S] [C] [C] [C] [C] [C]
Cash Flows from
Operating activities:
Net loss ($5,294) ($140) ($16,602) ($ 1,407) ($252,502)
Changes in assets &
liabilities:
Increase(decrease)
in Accts. Payable 4,500 111 13,500 (550) 75
Capital Contribution
in lieu of payment 50
------ ---- ------- ------ --------
Cash provided by
operating activities (794) (29) (3,102) (1,957) (252,377)
Cash provided by
investment activities: 0 0 0 0 0
------ ---- ------- ------ --------
Net cash from
investing activities 0 0 0 0 0
Cash flow from
financing activities:
Net proceeds from
sale of stock 0 0 0 10,000 261,344
------ ---- ------- ------- --------
Net cash provided by
financing activities 0 0 0 10,000 261,344
------ ---- ------- ------- --------
Net increase
(decrease) in cash (794) (29) (3,102) 8,043 8,967
CASH, BEGINNING 6,658 124 8,966 924 0
------ ------ ------- ------- --------
CASH, ENDING $5,864 $95 $5,864 $ 8,967 $ 8,967
The accompanying notes are an integral part of this statement
LORD ABBOTT, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
Note A - Summary of Significant Accounting Policies
ORGANIZATION
Februum, Inc. (the "Company") was incorporated under the laws of
the State of Colorado on August 15, 1986. On March 21, 1988, the Company
amended its articles of incorporation to change its name to Lord Abbott, Inc.
The Company is in the development stage as more fully defined in Statement
No. 7 of the Financial Accounting Standards Board. Planned principal
operations of the Company have just recently commenced, and activities to date
have been largely limited to its formation and obtaining initial
capitalization of $6,350 through the issuance of 22,000,000 shares of common
stock, and the completion of its initial public offering (See Note E). The
Company intends to actively seek, locate, evaluate, structure and complete
mergers with or acquisitions of private companies, partnerships or sole
proprietorship.
INCOME TAXES
The Company has recorded no income tax benefit because it has incurred
losses since its inception. Net operating losses can be carried forward for
fifteen years.
NET LOSS PER SHARE
The net loss per share of common stock is computed by dividing the net
loss by the weighted average number of shares outstanding during the period.
The common stock warrants (see Note D) which are common stock equivalents were
excluded from the computation because their inclusion would have an
anti-dilutive effect.
DEFERRED OFFERING COSTS
Costs incurred in connection with the public offering were charged
against common stock proceeds.
Note B - Incentive Stock Option Plan
On August 15, 1986, the Company's Board of Directors authorized an
Incentive Stock Option Plan and have reserved 10,000,000 shares of the
Company's no par common stock for key employees. The Board of Directors is
authorized to determine the exercise price, the time period, the number of
shares subject to the option and the identity of those receiving the options.
No stock options have been granted pursuant to the plan.
Note C - Preferred Stock
The preferred stock may be issued by the Board of Directors in one or
more series. The Board shall determine the distinguishing features of each,
including preferences, rights and restrictions, upon the establishment of each
series.
Note D - Public Offering of Common Stock
The Company completed its offering of 30,000 units (maximum units to be
sold) at a price of $10.00 per unit in a public offering which closed on
August 11, 1988. Estimated net proceeds from the offering were $245,000.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The Company was formed on August 15, 1986 to evaluate, structure and
complete a merger with, or acquisition of, other entities. The Company's
activities to date have largely been limited to organizational matters, the
completion of its initial public offering, and the October 12, 1988 signing of
a Letter of Intent to acquire Good Hope Resources, Inc.
The Company completed its public offering on August 11, 1988 from which
it received net proceeds of approximately $245,000. With this funding the
Company has begun its business activities but it will still remain an
insignificant participant among the firms which engage in the acquisition of
business opportunities.
On October 12, 1988 the Company signed a Letter of Intent to acquire all
the outstanding shares of Good Hope Resources, Inc. of West Palm Beach
Florida. In conjunction with this transaction Lord Abbott Loaned $100,000 to
Good Hope for a period of six months. No payments have been received on this
note and it has been written off as worthless and the Letter of Intent has
been terminated.
The Company subsequently entered into a transaction with Platinum
Productions, Inc. Platinum was a startup company currently arranging a series
of live concert events to be presented on a pay-per-view basis through the
cable television industry. The Company advanced $60,000 to Platinum as part
of an anticipated merger dated November 24, 1992. Platinum has ceased
operations and the Company has been forced to write off this investment.
Management continues to actively seek out business opportunities for the
Company and is optimistic that it will be successful in the near future.
On March 31, 1995 the Company sold 460,000,000 common shares to Mark
Moldenhauer, President of the Company, for the sum of $10,000. Mr.
Moldenhauer has agreed to retire these shares for the repayment of $10,000 and
if the Company completes a merger within a period of one year.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of matters to a vote of Shareholders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Forms 8-K
None
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.
LORD ABBOTT, INC.
February 8, 1996 By /s/ Mark R. Moldenhauer
Mark R. Moldenhauer
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
balance sheets and statements of operations found on pages 2 and 3 of
the Company's Form 10-QSB for the year to date, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> DEC-31-1995
<CASH> 5864
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5864
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 5864
<CURRENT-LIABILITIES> 13575
<BONDS> 0
<COMMON> 261394
0
0
<OTHER-SE> (269,105)
<TOTAL-LIABILITY-AND-EQUITY> 5864
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 16603
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (16603)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
