UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K A
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 1996
Commission File No. 000-18389
(Filing Dated: May 20, 1997)
WORLD WIDE STONE CORPORATION
(Exact Name of Registrant as specified in its Charter)
NEVADA 33-0297934
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
2150 W. University Dr., Tempe, Arizona 85281
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (602) 966-0047
Securities registered pursuant to Section 12(g) of the Act:
$.001 Par Value Common;
$.001 Par Value Preferred.
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
---- ----
The aggregate market value of Common Stock (voting stock) of Registrant
held by non-affiliates at December 31, 1996, based upon the low equity sale
price of 6(cent) per share, was approximately $2,113,357 within 60 days of
December 31, 1996.
The number of shares outstanding of the Registrant's Common Stock as of
December 31, 1996, was 35,222,618.
Documents incorporated by reference: NONE.
PART I
Item 1. Business. WORLD WIDE STONE CORPORATION
The Registrant was incorporated under the laws of the State of Delaware
on June 12, 1988, under the name Tacitus Ventures, Inc. as a blind pool - blank
check company for the purpose of acquiring or merging with one or a limited
number of private companies, sole proprietorships or partnerships. On November
15, 1989, the Registrant filed its Certificate of Amendment of Certificate of
Incorporation with the Delaware Secretary of State. Said Amendment allowed for a
name change of Registrant to World Wide Stone Corporation, a Delaware
corporation,
('96 Form 10-K; Pg 1 / 14)
<PAGE>
World Wide Stone Corporation
Consolidated Balance Sheet
as of December 31, 1996 and 1995
<TABLE>
<CAPTION>
Assets
1996 1995
---------- ----------
<S> <C> <C>
Cash 43,756 23,570
Accounts Receivable 27,561 109,116
Inventory 590,335 296,495
Prepaid Expenses 8,136
---------- ----------
Total Current Assets 669,788 429,181
Property, Plant and Equipment (net of depreciation) 4,123,493 4,038,839
Trade Name and Company Files (net of amortization) 209,751 227,990
Prepaid Taxes Mexico 108,981 52,435
Deposits 68,575 1,995
---------- ----------
Total Assets 5,180,588 4,750,440
========== ==========
Liabilities
Accounts Payable 113,496 38,485
Taxes, Pensions and Fees Payable 10,386 22,627
Short Term Notes Payable 43,449 52,516
Current Portion of Long Term Debt 89,932 30,182
---------- ----------
Total Current Liabilities 257,263 143,810
---------- ----------
Bank Debt Mexico 805,166 811,830
Equipment Loans US 35,953 28,512
---------- ----------
Total Liabilities 1,098,382 984,152
---------- ----------
Stockholders' Equity
Common Stock
100,000,000 shares authorized, 35,222,618
and 34,225,868 shares outstanding respectively, 35,223 34,226
par value $.001
Paid in Capital 7,889,017 7,838,209
Retained Earnings (Loss) (3,842,034) (4,106,147)
---------- ----------
Total Stockholders' Equity 4,082,206 3,766,288
---------- ----------
Total Liabilities and Stockholders' Equity 5,180,588 4,750,440
========== ==========
</TABLE>
The accompanying notes are an integral part of these statements
('96 Form 10-K; Pg 2 / 14)
<PAGE>
SIGNATURES:
Pursuant to the requirement of Section 13 or 15(d) 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.
Dated: May 20, 1997 WORLD WIDE STONE CORPORATION
By: /s/ Frank Cunningham
--------------------------
/s/ Frank Cunningham
Frank Cunningham
Director, President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this Report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
<S> <C> <C>
By: /s/Frank Cunningham Director, Chairman May 20, 1997
----------------------------- of the Board, and
/s/ Frank Cunningham President
Frank Cunningham
By: /s/Lee M. Cunningham Director and May 20, 1997
----------------------------- Secretary
/s/ Lee M. Cunningham
Lee M. Cunningham
By: /s/Spencer W. Cunningham Director and May 20, 1997
------------------------------ Executive Vice
/s/ Spencer W. Cunningham President
Spencer W. Cunningham
By: /s/L. Ernest Weitsel Director May 20, 1997
---------------------------------
/s/ L. Ernest Whitesel
L. Ernest Whitesel
</TABLE>
('96 Form 10-K; Pg. 14 / 14)
