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<PAGE> 1
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: JUNE 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: 33-26750
CURBSTONE ACQUISITION CORP
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 75-2254743
------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4180 La Jolla Village Drive, Suite 500, La Jolla, CA 92037 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, 9109
-------------------------------------------------------------
(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 June 30, 1996, there were 1,325,000 shares of the registrant's
Common Stock, $.0001 par value, outstanding.
<PAGE> 2
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 June 30, 1996 and the results of its operations and changes
in its financial position from inception through June 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> 3
CURBSTONE ACQUISITION CORP.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, Dec. 31,
1996 1995
-------- ---------
(Unaudited)
Assets
- ------
<S> <C> <C>
Cash $ -- $ --
--------- ----------
Total Assets $ -- $ --
--------- ----------
Liabilities and Stockholders' Equity
- ------------------------------------
Accrued Liabilities $ 5,058 $
--------- ----------
Total Liabilities $ 5,058 $ --
--------- ----------
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, 1,325,000 issued
& outstanding $ 85 $ 85
Additional paid-in capital $ 15,940 $ 15,940
Deficit accumulated during development stage (21,083) (16,025)
--------- ----------
Total liabilities and stockholders' equity $ (5,058) $ --
--------- ----------
</TABLE>
Note: The balance sheet at December 31, 1995 has been taken from the audited
financial statements.
3
<PAGE> 4
CURBSTONE ACQUISITION CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
FOR THE PERIOD FROM NOVEMBER 29, 1988 (INCEPTION)
TO JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
November 29,
1988
Six Months Ended (Inception) to
June 30, June 30, June 30,
1996 1995 1996
---------- --------- -----------
<S> <C> <C> <C>
REVENUES: $ -- $ -- $ --
---------- --------- -----------
EXPENSES:
General and administrative $ 5,058 -- 21,083
---------- ---------- -----------
Net loss $ (5,058) $ -- $ (21,083)
========== ========== ===========
Net loss per common share $ (.004) $ -- $ (.016)
========== ========== ===========
Weighted average common
shares outstanding 1,325,000 1,100,000 1,325,000
========== ========== ===========
</TABLE>
4
<PAGE> 5
CURBSTONE ACQUISITION CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE PERIOD FROM NOVEMBER 29, 1988 (INCEPTION)
TO JUNE 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, NOVEMBER 29, 1988 -- $ -- $ -- $ -- $ --
Net loss, 1988 -- -- -- -- --
--------- ------ -------- --------- -------
BALANCE, DECEMBER 31, 1988 -- -- -- -- --
Stock Issued January 25, 1989 500,000 50 3,200 (6,000) (2,750)
Stock issued under stock bonus plan 250,000 -- -- -- --
Stock issued for converted debentures 250,000 25 3,725 -- 3,750
Net loss, 1989 -- -- -- (880) (880)
--------- ------ -------- --------- -------
BALANCE, DECEMBER 31, 1989 1,000,000 75 6,925 (6,880) 120
Net loss, 1990 -- -- -- (120) (120)
--------- ------ -------- --------- -------
BALANCE, DECEMBER 31, 1990, 1991,
1992 AND 1993 1,000,000 75 6,925 (7,000) --
Stock issued for legal fees 100,000 10 4,990 -- 5,000
Additional paid in capital
for accounting fees -- -- 4,025 -- 4,025
Net loss, 1994 -- -- -- (9,025) (9,025)
--------- ------ -------- --------- -------
BALANCE, DECEMBER 31, 1994 1,100,000 85 15,940 (16,025) --
Additional paid in Capital
issued for directors' fees 225,000 -- -- -- --
--------- ------ -------- --------- -------
BALANCE DECEMBER 31, 1995 1,325,000 85 15,940 (16,025) --
Net loss, 1996 -- -- -- (5,058) (5,058)
--------- ------ -------- --------- -------
BALANCE, JUNE 30, 1996 1,325,000 $ 85 $ 15,940 $ (21,083) $(5,058)
========= ====== ======== ========= =======
</TABLE>
5
<PAGE> 6
CURBSTONE ACQUISITION CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
FOR THE PERIOD FROM NOVEMBER 29, 1988 (INCEPTION)
TO JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
November 29,
1988
Six Months Ended (Inception) to
June 30, June 30, June 30,
1996 1995 1996
------- ------ --------
<S> <C> <C> <C>
NET CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS $(5,058) $ -- $(21,083)
ADJUSTMENTS TO RECONCILE NET INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Issuance of stock for cash and services -- -- 8,250
------- ------ --------
Increase (decrease) in:
Accrued liabilities 5,058 -- 5,058
------- ------ --------
Net cash used in operating activities -- -- (7,775)
CASH FLOWS USED IN INVESTING ACTIVITIES: -- -- --
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Convertible
Debentures -- -- 7,775
------- ------ --------
Net increase (decrease) in cash $ -- $ -- $ --
======= ====== ========
</TABLE>
6
<PAGE> 7
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> 8
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.
CURBSTONE ACQUISITION CORP.
(REGISTRANT)
Date: July 24, 1996 \S\ Thomas Hantges
---------------------------
By: Thomas Hantges
President
Date: July 24, 1996 \S\ Thomas R. Brooksbank
---------------------------
By: Thomas R. Brooksbank
Chief Financial Officer
8
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-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> 5058
<BONDS> 0
0
0
<COMMON> 85
<OTHER-SE> (85)
<TOTAL-LIABILITY-AND-EQUITY> (5058)
<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> (.004)
<EPS-DILUTED> 0
</TABLE>
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