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 June 30, 1995 Commission File No. 3325779
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 June 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
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July 1, 1996. 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)10QJun95.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 six
months ended June 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
June 30 December 31,
1995 1994
(Unaudited) (Audited)
------------- ------------
ASSETS
CURRENT ASSETS
Cash in Bank $ 980 $ -
Cash in escrow 5,306 5,236
Marketable securities - 128,032
Accrued interest receivable - 625
------------- ------------
Total current assets $ 8,462 $ 133,893
------------- ------------
OTHER ASSETS
Notes receivable 25,000 25,000
------------- ------------
TOTAL ASSETS $ 31,286 $ 158,893
============= ============
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 550 $ 9,893
Advances from officers 2,000 129,484
------------- ------------
Total current liabilities 2,550 139,377
------------- ------------
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 (25,185) (34,405)
------------- ------------
Total stockholders' equity 28,736 19,516
------------- ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 31,286 $ 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 $ 1,945 $ 748
Gain on sale of
marketable securities 21,068 -
Other Income - 6,769
------------- ------------
Total revenues 23,013 7,517
------------- ------------
EXPENSES
Consulting 10,000 -
Interest - 184
Office expenses 10 2,377
Professional services 3,025 14,620
Rent exp - 2,481
Stockholder expenses 758 177
------------- ------------
Total expenses 13,793 19,839
------------- ------------
NET INCOME (LOSS) $ 9,220 $ (12,322)
============= ============
EARNINGS (LOSS) PER COMMON SHARE $ .01 $ (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) $ 9,220 $ (12,322)
Adjustments to net cash
Forgiveness of debt (6,259)
(Increase) decrease in
accrued interest receivable 625 (625)
Increase (decrease) in
accounts payable (9,342) 7,877
Increase (decrease) in
officer advances (2,500) 1,452
------------- ------------
Net cash provided (to) operations (1,997) (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 1,050 123
CASH - BEGINNING OF PERIOD 5,236 5,113
------------- ------------
CASH - END OF PERIOD $ 6,286 $ 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
consideraction of a cash payment of $5,000 in order to
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pay legal, accounting and filing expenses of the
Company. CanAmerican immediately sold these shares to
Larry E. Clark. Contemporanaisle, 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
autoairiest 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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