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: March 31, 1997; 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)
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 March 31, 1997, there were 3,519,777 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 March 31, 1997 and the results of its operations and changes in
its financial position from inception through March 31, 1997 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>
March 31, Dec. 31,
1997 1996
------------ ----------
(Unaudited)
<S> <C> <C>
Assets
- ------
Cash $ 1,670 $ 1,858
----------- ----------
Total Assets $ 1,670 $ 1,858
----------- ----------
Liabilities
- -----------
Accrued Liabilities $ 1,013 $ 460
Stockholders' Equity
- ------------------------------------
Common Stock, $.0001 par value 60,000,000
shares authorized, 3,519,777
issued & outstanding $ 500 $ 500
Additional paid-in capital $ 95,022 $ 95,022
Deficit accumulated during
development stage ( 94,865) ( 94,124 )
---------- ---------
$ 657) ( 1,398 )
----------- ----------
Total liabilities and stockholders' equity $ 1,670 $ 1,858
=========== ==========
</TABLE>
Note:The balance sheet at December 31, 1996 has been taken from the audited
financial statements.
3
<PAGE>
CAPITAL ADVISORS ACQUISITION CORP.
(A Development Stage Company)
Statements of Operations
For the Period from November 22, 1988 (inception)
to March 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
November 22,
1988
Three Months Ended (Inception)to
March 31, March 31, March 31,
1997 1996 1997
------------- ------------- ------------
<S> <C> <C> <C>
Revenues: $ -- $ -- $ 4,100
------------- ------------- ------------
Expenses:
General and administrative $ 741 -- 96,465
Loss on investment transactions -- -- 2,500
------------- ------------- ------------
Net loss before income
tax benefit ( 741 ) -- ( 94,865)
------------- ------------- ------------
Income tax benefit -- -- --
------------- ------------- ------------
Net loss $( 741 ) $ -- $( 94,865)
------------- ------------- ------------
Net loss per common share $( .000 ) $ -- $( .027)
------------- ------------- ------------
Weighted average common shares
outstanding
(as restated for 1996) 3,519,777 11,000 3,519,777
============= ============= ============
</TABLE>
4
<PAGE>
CAPITAL ADVISORS ACQUISITION CORP.
(A Development Stage Company)
Statements of Stockholders' Equity
For the Period From November 22, 1988 (inception)
to March 31, 1997
(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 21, 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 ) -
Stock issued for
directors' fees 225,000 - - - -
--------- -------- ------- -------- -------
Balance
December 31, 1995 1,325,000 85 13,937 (14,022 ) -
Stock issued for legal
and accounting fees 150,000 15 1,485 - 1,500
Stock issued for cash 500,000 50 9,950 - 10,000
Stock reverse split (1,955,223) - - - -
Stock issued for legal
and accounting fees 3,500,000 350 69,650 - 70,000
Net loss, 1996 - - - ( 80,102) ( 80,102)
--------- ------- ------- --------- -------
Balance,
December 31, 1996 3,519,777 500 95,022 (94,124) 1,398
Net loss first
quarter 1997 - - - ( 741) ( 741)
--------- ------- ------- --------- -------
Balance
March 31, 1997 3,519,777 $ 500 $95,022 $(94,865) $ 657
========= ======== ======= ========= =======
</TABLE>
5
<PAGE>
CAPITAL ADVISORS ACQUISITION CORP.
(A Development Stage Company)Statements of Cash Flows
For the Period from November 22, 1988 (inception)
to March 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
November 22,
1988
Three Months Ended (Inception)to
March 31, March 31, March 31,
1997 1996 1997
------------- ------------- ------------
<S> <C> <C> <C>
Net Cash Flows from Operating
Activities:
Net Loss $( 741) $ - $( 94,865)
Adjustments to reconcile net
income to net cash provided by
operating activities:
Increase in accrued liabilities 553 - 1,013
Issuance of stock for services - - 76,500
Loss on investment - - 2,500
------------- ------------- ------------
Net cash used in operating
activities ( 188 ) - ( 14,852)
Cash flows used in investing
activities: - - ( 2,500)
Cash flows from financing activities:
Issuance of stock for cash - - 10,000
Additional paid in capital - - 9,022
------------- ------------ -------------
- - 19,022
------------- ------------ -------------
Net increase (decrease) in cash $( 188 ) $ - $ 1,670
Cash, beginning of period 1,858 - -
------------- ------------ -------------
Cash, end of period $ 1,670 $ - $ 1,670
============= ============ =============
</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: May 2, 1997 /S/ Thomas R. Brooksbank
---------------------------------
By: Thomas R. Brooksbank
Its: President and
Chief Financial Officer
Date: May 2, 1997 /S/ George G. Chachas
---------------------------------
By: George G. Chachas
Its: Secretary
8
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1670
<CURRENT-LIABILITIES> 1013
<BONDS> 0
0
0
<COMMON> 500
<OTHER-SE> 157
<TOTAL-LIABILITY-AND-EQUITY> 1670
<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> (0.000)
<EPS-DILUTED> 0
</TABLE>
