SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For Quarter Ended: September 30, 1996; or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period _________ to __________
Commission File Number: 33-26344
CAPITAL ADVISORS ACQUISITION CORP.
----------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 75-2254748
- ---------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identifciation No.)
4180 La Jolla Village Drive, Suite 500, La Jolla, CA 92037
- ----------------------------------------------------- -------------
(Address of principal executive offices) (Zip Code)
(619) 457-3800
--------------------------------------------------
(Registrant's telephone number, including area code)
3900 Paradise Road, Suite 263, Las Vegas, Nevada, 89109
----------------------------------------------------------
(Former name or former address, if changed since last report)
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 a
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ X ] No [ ]
On September 30, 1996, there were 1,475,000 shares of the registrant's
Common Stock, $.0001 par value, outstanding.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The condensed financial statements included herein have been prepared by
the Company, without audit pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote disclosure
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to such
rules and regulations, although the Company believes that the disclosures are
adequate to make the information presented not misleading.
In the opinion of the Company, all adjustments, consisting of only normal
recurring adjustments, necessary to present fairly the financial position of the
Company as of September 30, 1996 and the results of its operations and changes
in its financial position from inception through September 30, 1996 have been
made. The results of its operations for such interim period is not necessarily
indicative of the results to be expected for the entire year.
2
<PAGE>
CAPITAL ADVISORS ACQUISITION CORP.
(A Development Stage Company)
Balance Sheets
<TABLE>
<CAPTION>
September 30, Dec. 31,
1996 1995
------------ ----------
(Unaudited)
<S> <C> <C>
Assets
- ------
Cash $ -- $ --
----------- ----------
Total Assets $ -- $ --
----------- ----------
Liabilities and Stockholders' Equity
- ------------------------------------
Accrued Liabilities $ 6,578 $ --
Due to related party $ 281 $ --
----------- ---------
Total Liabilities $ 6,859 $ --
----------- ---------
Stockholders' Equity:
Preferred stock, $1.00 par value
1,000,000 shares authorized, none
issued & outstanding - -
Common stock, $.0001 par value 50,000,000
shares authorized, 1,475,000 issued
& outstanding $ 100 $ 85
Additional paid-in capital $ 15,422 $ 13,937
Deficit accumulated during
development stage ( 22,381) ( 14,022)
---------- ---------
( 6,859) ( -- )
----------- ----------
Total liabilities and stockholders' equity $ -- $ --
=========== =========
Note: The balance sheet at December 31, 1995 has been taken from the
audited financial statements.
3
</TABLE>
<PAGE>
CAPITAL ADVISORS ACQUISITION CORP.
(A Development Stage Company)
Statements of Operations
For the Period from November 22, 1988 (inception)
to September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
November 22,
1988
Nine Months Ended (Inception) to
September 30, September 30, September 30,
1996 1995 1996
------------- ------------- -------------
<S> <C> <C> <C>
Revenues: $ -- $ -- $ 4,100
------------- ------------- -------------
Expenses:
General and administrative $ 8,359 -- 23,981
Loss on investment transactions -- -- 2,500
------------- ------------- -------------
Net loss $( 8,359 ) $ -- $( 22,381)
------------- ------------- ------------
Net loss per common share $( .006 ) $ -- $( .015)
------------- ------------- ------------
Weighted average common
shares outstanding 1,475,000 1,325,000 1,475,000
============= ============= ============
</TABLE>
4
<PAGE>
CAPITAL ADVISORS ACQUISITION CORP.
(A Development Stage Company)
Statements of Stockholders' Equity
For the Period From November 22, 1988 (inception)
to September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Accumulated
Number Additional Deficit
of Paid During
Common in Development
Shares Amount Capital Stage Total
------ ------- -------- ---------- ------
<S> <C> <C> <C> <C> <C>
Balance,
December 31, 1988 500,000 50 950 ( 3,750) ( 2,750)
Stock issued under
stock bonus plan 250,000 - - - -
Stock issued for
converted debentures 250,000 25 3,725 - 3,750
Net Income 1989 - - - 3,981 3,981
------- ------- ------- --------- ------
Balance,
December 31, 1989 1,000,000 75 4,675 231 4,981
Net loss, 1990 - - - ( 981 ) ( 981)
-------- ------- ------- --------- -------
Balance,
December 31, 1990 1,000,000 75 4,675 ( 750 ) 4,000
Net loss, 1991 - - - ( 4,000 ) ( 4,000)
-------- ------- ------- --------- -------
Balance, December 31,
1991, 1992 and 1993 1,000,000 75 4,675 ( 4,750 ) -
Stock issued for
legal fees 100,000 10 4,990 - 5,000
Additional paid in
capital for accounting
fees - - 4,272 - 4,272
Net loss, 1994 - - - ( 9,272 ) ( 9,272)
-------- -------- ------- --------- -------
Balance,
December 31, 1994 1,100,000 85 13,937 (14,022 ) -
Additional paid in
Capital issued for
directors' fees 225,000 - - - -
--------- -------- ------- -------- -------
Balance
December 31, 1995 1,325,000 85 13,937 (14,022 ) -
Stock issued July
27, 1996 150,000 15 1,485 - 1,500
Net loss, 1996 - - - ( 8,359 ) ( 8,359)
--------- ------- ------- --------- -------
Balance,
September 30, 1996 1,475,000 $ 100 $15,422 $(22,381) $(6,859)
========= ======== ======= ========= =======
</TABLE>
5
<PAGE>
CAPITAL ADVISORS ACQUISITION CORP.
(A Development Stage Company)Statements of Cash Flows
For the Period from November 22, 1988 (inception)
to September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
November 22,
1988
Nine Months Ended (Inception) to
September 30, September 30, September 30,
1996 1995 1996
------------- ------------ -------------
<S> <C> <C> <C>
Net Cash Flows from Operating
Activities:
Net Loss $( 8,359) $ - $( 22,381)
Adjustments to reconcile net
income to net cash provided by
operating activities:
Issuance of stock
for cash and services 1,500 - 6,500
Loss on investments - - 2,500
Increase (decrease) in:
Accrued payables 6,578 - 6,578
Due to related party 281 - 281
------------- ------------ -------------
Net cash used in operating
activities - - ( 6,522)
Cash flows used in investing
activities: - - ( 2,500)
Cash flows from financing activities:
Proceeds from stock
and debenture issues - - 9,022
------------- ------------ -------------
Net increase (decrease) in cash $ - $ - $ -
------------- ------------ -------------
</TABLE>
6
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
At the present time there are no legal proceedings against the Company and
the Company is unaware of any unasserted claim or assessment which will have a
material effect on the financial position or future operations of the Company.
Item 2. Changes in Securities.
Not required.
Item 3. Defaults Upon Senior Securities.
Not required.
Item 4. Submission of Matters to a Vote of Security Holders.
Not required.
Item 5. Other Information.
Not required.
Item 6. Exhibits and Reports on Form 8-K.
(a) No exhibits have been filed with this Form 10-Q.
(b) No other reports on Form 8-K were filed during the last quarter of the
period covered.
7
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
CAPITAL ADVISORS ACQUISITION CORP.
(Registrant)
Date: November 8, 1996 /s/ Thomas R. Brooksbank
------------------------
By: Thomas R. Brooksbank
Its: President and
Chief Financial Officer
Date: November 8, 1996 /s/ George G. Chachas
---------------------
By: George G. Chachas
Its: Secretary
8
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 6859
<BONDS> 0
0
0
<COMMON> 100
<OTHER-SE> (6959)
<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> (0.006)
<EPS-DILUTED> 0
</TABLE>
