SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q SB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended October 31, 1996
Commission File Number: 33-24329 NY
READY CAPITAL CORP.
(Exact name of registrant as specified in its charter)
New York 13-3475609
----------- -------------
(State or other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification No.)
416 41st Street, Brooklyn, New York 11232
----------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 718-633-1879
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
----- -------
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date -- to
wit: 1,000,000 shares at August 1, 1996.
<PAGE>
Ready Capital Corp.
FORM 10-Q SB
Quarter Ended October 31, 1996
Part I Financial Information
Balance Sheets - October 31, 1996 and January 31, 1996 F-2
Statement of Operations for nine months ended
October 31, 1996 and 1995, the three months
ended October 31, 1996 and 1995, and inception
(February 23, 1988) to October 31, 1996 F-3
Statement of Changes in Shareholders' Equity -
Inception (February 23, 1988) to October 31, 1996 F-4
Statement of Cash Flows for the nine months ended
October 31, 1996 and 1995 and Inception
(February 23, 1988) to October 31, 1996 F-5
Notes to Financial Statements F-7
Management Discussion and Analysis of
Quarterly Income F-8
Part II Other Information - Items 1 to 6 F-9
Signatures F-10
F-1
<PAGE>
Ready Capital Corp.
(A Development Stage Enterprise)
Balance Sheet
Quarter Ended October 31, 1996
(Unaudited)
ASSETS
October 31, January 31,
1996 1996
-------- --------
Current Assets:
Cash in bank $ 0 $ 0
------- -----------
Total Current Assets 0 0
Other Assets:
Loans receivable shareholders 0 0
------- --------
Total Assets $ 0 $ 0
------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accrued expenses payable $ 16,951 $ 16,951
Other Liabilities:
Loan payable officers 1,544 1,544
Shareholders' Equity:
Common Stock, authorized 25,000,000
shares, $.001 par value,
issued and outstanding, 1,000,000
and 800,000 shares, respectively 1,000 1,000
Additional paid-in capital 117,329 117,329
Deficit accumulated during the
development stage (136,824) (136,824)
--------- --------
Total Shareholders' Equity (18,495) (18,495)
--------- --------
Total Liabilities and
Shareholders' Equity $ 0 $ 0
-------- ----------
SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
F-2
<PAGE>
Ready Capital Corp.
(A Development Stage Enterprise)
Statement of Operations
Quarter Ended October 31, 1996
(Unaudited)
Nine Inception
Months (February 23, 1988)
Ended to
October 31, October 31, 1996
------------- -----------------
1996 1995
----- -----
Revenues $ 0 $ 0 $ 3,148
Costs and Expenses 0 0 (63,785)
------- ------- ----------
Net Operating Loss 0 0 (60,637)
Bad Debts 0 0 (28,700)
Loss on sale of
marketable securities - - (47,487)
------- ------ ----------
Net Loss $ 0 $ 0 $(136,824)
------ -------- ------------
Weighted average number of
common shares outstanding 1,000,000 1,000,000
--------- ---------
Net Income (Loss) Per Share Nil 0 0
------ ------ ------------
SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
F-3
PAGE
<PAGE>
<TABLE>
Ready Capital Corp.
A Development Stage Enterprise)
Statement of Changes in Shareholders' Equity
Inception (February 23, 1988) to October 31, 1996
<CAPTION>
Deficit
Common Stock Additional Accumulated
Number of Paid-In in the
Shares Amount Capital Development Stage
-------- ---------- -------- ------------------
<S> <C> <C> <C> <C>
Inception - February 23, 1988 0 $ 0 $ 0 $ 0
Issuance of common stock to
officers, directors and
founders for cash 600,000 600 1,600 0
Proceeds from sale of common
stock to the public, less
stock offering costs of
$34,271 200,000 200 115,729 0
Net Income (Loss) 0 0 0 (12,561)
------ ----- ------ -----------
Balance - January 31, 1989 800,000 800 117,329 (12,561)
Net Income (Loss) 0 0 0 (53,202)
------- ---- ------ ----------
Balance - January 31, 1990 800,000 800 117,329 (65,763)
Net Income (Loss) 0 0 0 (7,710)
------- ---- ------- ---------
Balance - January 31, 1991 800,000 800 117,329 (73,473)
Net Income (Loss) 0 0 0 (20,862)
<FN>
SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
F-4
</TABLE>
PAGE
<PAGE>
<TABLE>
Ready Capital Corp.
A Development Stage Enterprise)
Statement of Changes in Shareholders' Equity
Inception (February 23, 1988) to October 31, 1995
<CAPTION> Deficit
Common Stock Additional Accumulated
Number of Paid-In in the
Shares Amount Capital Development Stage
------- ------- -------- ------------------
<S> <C> <C> <C> <C>
Balance - January 31, 1992 800,000 800 117,329 (94,335)
Net Income (Loss) 0 0 0 (3,138)
------- ---- ------- ----------
Balance - January 31, 1993 800,000 800 117,329 (97,473)
Net Income (Loss) 0 0 0 (2,860)
------- ---- ------- ----------
Balance - January 31, 1994 800,000 800 117,329 (100,333)
Shares issued for services 200,000 200 0 0
Net Income (Loss) 0 0 0 ( 4,691)
------- ---- ------- ---------
Balance - January 31, 1995 1,000,000 1,000 117,329 (105,024)
Net Income (Loss) 0 0 0 (31,800)
--------- ----- ------- ----------
Balance - January 31, 1996 1,000,000 1,000 117,329 (136,824)
Net Income (Loss) 0 0 0 0
--------- ----- ------- - --------
Balance - October 31, 1996 1,000,000 $ 1,000 $ 117,329 $ (136,824)
<FN>
SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
F-5
</TABLE>
<PAGE>
Ready Capital Corp.
(A Development Stage Enterprise)
Statement of Cash Flows
(Unaudited)
Nine Inception
Months (February 23, 1988)
Ended to
October 31, October 31, 1996
1996 1995
--------- ------- ------------------
Cash Flows From Operating Activities:
Net Loss $ 0 $ 0 $(136,824)
Shares issued for expenses 0 0 200
Changes in assets and liabilities:
Increase in accrued expenses 0 0 16,951
and payables
Bad Debts 0 0 28,700
------ ----- ---------
Funds Used in Operating Activities 0 0 (90,973)
------ ----- ---------
Cash Flows From Financing Activities:
Proceeds from loans 1,544
Proceeds from issuance
of common stock 0 0 152,400
Payment of deferred offering costs 0 0 (34,271)
Loans to shareholders
& Officers 0 0 (28,700)
------ ------- -----------
Funds Provided by Financing Activities 0 0 90,973
------ ------ -----------
Cash Flows From Investing Activities:
Purchase (sale) of securities 0 0 (47,488)
Increase (decrease) on due to
gain or loss on sale on
of marketable securities 0 0 47,488
------ ----- ----------
Funds Provided By (Used In)
Investing Activities 0 0 0
------ ----- ---------
Increase (Decrease) in Cash 0 0 0
Cash Balance - Beginning 0 0 0
-------- ---- -------
Cash Balance - End $ 0 $ 0 $ 0
-------- -------- ---------
SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
F-6
<PAGE>
Ready Capital Corp.
(A Development Stage Enterprise)
Management's Discussion and Analysis of
Quarterly Income Statement
Quarter Ended October 31, 1996
1. Basis of Presentation
The accompanying financial statements, reflect all adjustments, which
in the opinion of management, are necessary for the fair presentation
of the financial position and the results of operations for the
interim periods presented are not necessarily indicative of the
results to be expected for the full year.
SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
F-7
<PAGE>
Ready Capital Corp.
(A Development Stage Enterprise)
Management's Discussion and Analysis of
Quarterly Income Statement
Quarter Ended October 31, 1996
The Company is in the development stage and is searching to find and
acquire a suitable business which the Company would operate directly or
as a subsidiary corporation. Ready Capital Corp. had no operations except
investment and business search activities.
SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
F-8
<PAGE>
Ready Capital Corp.
Quarter Ended October 31, 1996
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 Securities Holders - None
Item 5 Other Information - None other than already referred to in the
instant 10-Q.
Item 6 Exhibits and Reports on Form 8-K - None
SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
F-9
<PAGE>
Ready Capital Corp.
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.
Ready Capital Corp.
Date: April 16, 1997 BY: Jeanette Zammetti
--------------- ---------------------
President
F-10
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000839702
<NAME> READY CAPITAL CORP.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> OCT-31-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 16,951
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> 119,329
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
