SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT OR [ ] TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended September 30, 1995 Commission File No.
33-25779
BUD FINANCIAL GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
Colorado 84-1100609
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
33806 North 70th Way, Terra Vita #BH-36
Scottsdale, Arizona
85377
(Address of principal executive offices) (Zip
Code)
(602) 488-8431
(Registrant's telephone number, including area
code)
9 Exchange Place, Suite 1006 Salt Lake City, Utah 84111
(Former Address)
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.
Yes X No
As of September 30, 1995, 1,781,000 shares of common stock
were outstanding.
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PART I
Item 1. Financial Statements:
Unaudited financial statements for the quarter covered
by this report are attached hereto.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
The Company currently has no business operations.
The Company's current business plan is to seek one or more
potential business ventures, which, in the opinion of
management may warrant involvement by Company.
PART II
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 Security Holders
None.
Item 5. Other Information
On June 10, 1996, Larry E. Clark sold 1,415,000 shares
of Company common stock (approximately 79%) to a group
consisting of Ronald Conquest, Jay S. Hoffman, T.L. "Thom"
Holmes and Steven E. Trabish. As a part of this transaction
Mr. Clark, Donna J. Rose and Jacquelyn Clark resigned as
officers and directors of Company effective July 1, 1996.
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Ronald Conquest, John H. Berry and T.L. "Thom" Holmes were
appointed as new officers and directors.
Item 6. Exhibits and Reports on Form 8-K
See attached Form 8-K dated June 26, 1996 reporting
the change in control identified in Item 5 above.
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SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the
undersigned, thereunto duly authorized:
THE BUD FINANCIAL GROUP, INC.
Date: June 26, 1996 By: /s/ Larry E. Clark
Larry E. Clark, President
L7(b)10QSep95.bfg
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June 24, 1996
BOARD OF DIRECTORS
THE BUD FINANCIAL GROUP, INC.
The accompanying Statement of financial Position, Statement of
Operations, and Statement of Cash Flow for THE BUD FINANCIAL GROUP,
INC. for the nine months ended September 30, 1995 have been
compiled by us.
A compilation is limited to presenting, in the form of financial
statements, information that is the representation of management.
We have not audited or reviewed the accompanying Statement of
Financial Position, Statement of Operations and Statement of Cash
Flow and, accordingly, do not express an opinion or any other form
of assurance on them.
Management has elected to omit substantially all of the disclosures
required by generally accepted accounting principles. If the
omitted disclosures were included in the financial statements they
might influence the user's conclusions about the company's
financial position. Accordingly, The Statement of Financial
Position, Statement of Operations, and Statement of Cash Flow are
not designed for those who are not informed about such matters.
Casper & Casper
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THE BUD FINANCIAL GROUP, INC.
(A development stage company)
STATEMENT OF FINANCIAL POSITION
Sept 30, December 31,
1995 1994
(Unaudited) (Audited)
------------- ------------
ASSETS
CURRENT ASSETS
Cash in Bank $ 2,496 $ -
Cash in escrow 5,341 5,236
Marketable securities - 128,032
Accrued interest receivable 625 625
------------- ------------
Total current assets $ 8,462 $ 133,893
------------- ------------
OTHER ASSETS
Notes receivable 25,000 25,000
------------- ------------
TOTAL ASSETS $ 33,462 $ 158,893
============= ============
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 550 $ 9,893
Advances from officers 4,500 129,484
------------- ------------
Total current liabilities 5,050 139,377
------------- ------------
STOCKHOLDERS' EQUITY
Preferred stock
$.0001 par value, 40,000,000 shares
authorized; no shares issued and
outstanding
Common stock
$.0001 par value, 500,000,000 shares
authorized; 1,781,000 shares
issued and outstanding 178 178
Additional paid in capital 53,743 53,743
Deficit accumulated during the
development stage (25,509) (34,405)
------------- ------------
Total stockholders' equity 28,412 19,516
------------- ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 33,462 $158,893
============= ============
See accompanying notes to financial statements
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THE BUD FINANCIAL GROUP, INC.
(A development stage company)
STATEMENT OF OPERATIONS
Nine months Year
ended ended
Sept 30, December 31,
1995 1994
(Unaudited) (Audited)
------------- ------------
REVENUES
Interest Income $ 2,605 $ 748
Gain on sale of
marketable securities 21,068 -
Other Income - 6,769
------------- ------------
Total revenues 23,673 7,517
------------- ------------
EXPENSES
Consulting 10,000 -
Interest - 184
Office expenses 20 2,377
Professional services 3,850 14,620
Rent exp - 2,481
Stockholder expenses 907 177
------------- ------------
Total expenses 14,777 19,839
------------- ------------
NET INCOME (LOSS) $ 8,896 $ (12,322)
============= ============
EARNINGS (LOSS) PER COMMON SHARE $ 0.005 $ (0.01)
============= ============
See accompanying notes to financial statements
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THE BUD FINANCIAL GROUP, INC.
(A development stage company)
STATEMENT OF CASH FLOW
Nine months Year
ended ended
Sept 30, December 31,
1995 1994
(Unaudited) (Audited)
------------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ 8,896 $ (12,322)
Adjustments to net cash
Forgiveness of debt - (6,259)
(Increase) decrease in
accrued interest receivable - (625)
Increase (decrease) in
accounts payable (9,342) 7,877
Increase (decrease) in
officer advances - 1,452
------------- ------------
Net cash provided (to) operations (446) (9,877)
------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES - -
------------- ------------
CASH FLOW FROM FINANCING ACTIVITIES
Repayments from borrowing - net (124,985)
Proceeds from sale of investments 128,032
Proceeds from sale of common stock 100
Contribution to capital 4,900
Common stock issued to pay
accounts payable 5,000
------------- ------------
Net cash provided by
financing activities 3,047 10,000
------------- ------------
INCREASE (DECREASE) IN CASH 2,601 123
CASH - BEGINNING OF PERIOD 5,236 5,113
------------- ------------
CASH - END OF PERIOD $ 7,837 $ 5,236
============= ============
See accompanying notes to financial statements
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THE BUD FINANCIAL GROUP, INC.
(a development stage company)
NOTE TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization - The Bud Financial Group, Inc. was organized on
May 27,, 1988 under the laws of the state of Colorado. The
Company was organized for the primary purpose of seeking,
evaluating, and merging with other entities, and to seek
financing as may be appropriate.
Earnings Per Share - The computation of earnings (loss)
per common stock is based on the weighted average number
of shares outstanding during the periods presented.
Organization Costs - The Company has amortized organization
costs.
Income Taxes - Due to net operating losses available, no
provision for income taxes has been made.
2. COMMON STOCK TRANSACTION
The Company completed its public offering in July, 1991,
having sold 95,000 common shares for a total of $9,500.
One-half of the proceeds has been deposited in an escrow
account as required by the laws of the State of Colorado,
and will be released at such time as a specific line of
business is identified.
3. COMMON STOCK
The Company was originally capitalized on May 27, 1988 by
the issuance of 1,000,000 common shares, 3,000,000 "A"
common stock purchase warrants, and 3,000,000 "B" common
stock purchase warrants to three individuals in exchange
for $7,500. In January, 1992 the Company recalled all
of the outstanding warrants.
Of the 1,781,000 shares currently outstanding, a certain
number are "restricted securities" and under certain
circumstances may in the future be sold in compliance with
Rule 144 adopted under the Securities Act of 1933, as
amended.
4. RELATED PARTY TRANSACTIONS
On June 27, 1994, the Company's board of directors issued
1,000,000 shares of par value $0.0001 Restricted Common
Stock to CanAmerican Business Capital, Inc., in consider-
action of a cash payment of $5,000 in order to pay legal,
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accounting and filing expenses of the Company. CanAmerican
immediately sold these shares to Larry E. Clark.Contemporan-
aisle, CanAmerican also acquired 600,000 shares of Common
Stock from other shareholders of the Company. Such shares
were also immediately sold by CanAmerican to Larry E.
Clark.
On October 31, 1994 the Company's board of directors auto-
airiest the issuance of 6,000,000 restricted shares of par
value $0.0001 common stock to Larry E. Clark, the Company
president, for a total consideration of $30,000; $5,000
in cash and $25,000 in the form of a promissory note
payable by a third party.
On December 19, 1994, the Company's board of directors
authorized a 1-for-5 reverse split of the company's common
stock effective January 4, 1995 with a record date of
January 3, 1995.
On December 19, 1994, the Company's board of directors
authorized the issuance of 56,800 share of its restricted
Series "A" Preferred Stock to Larry E. Clark, the Company
president, in exchange for his net proceeds in the amount
of $128,032.20 from his brokerage sale of 56,800 shares
of common stock of Radiation Care, Inc. The Company then
used such proceeds to purchase 56,800 share of Radiation
Care in the market for 128,032.20.
On March 23, 1995, the Company sold the 56,800 shares of
Radiation Care for $149,100.
On April 1, 1995 the Company's board of directors adopted,
by unanimous consent, to return to Larry E. Clark the sum
of $128,032.20 which he paid for 56,800 shares of the
restricted Series "A" preferred stock and the transaction
was declared rescinded and the shares of stock cancelled.
The corporation kept the approximately $21,000 profit it
made by investing said sum.
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