SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For Quarter Ended March 31, 1997 Commission File No. 33-30476-D
RENEGADE VENTURE CORPORATION
(Exact name of Registrant as specified in its charter)
COLORADO 84-1108499
(State or other jurisdiction of (I.R.S. Empl. Ident. No.)
incorporation or organization)
90 Madison Street, Suite 707
Denver, Colorado 80206
(Address of Principal Executive Offices) (Zip Code)
(303) 355-3000
(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 such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing to such filing requirements for at least the past 90 days.
Yes No X
The number of shares outstanding of each of the Registrant's classes of
common equity, as of March 31, 1997 are as follows:
Class of Securities Shares Outstanding
------------------- ------------------
Common Stock, no par value 320,000
INDEX
Page of
Report
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets:
As of March 31, 1997 (Unaudited) and December 31, 1996 ......... 3
Statement of Operations (Unaudited):
For the three months ended March 31, 1997 and 1996
and Cumulative from inception (February 13, 1989) through
March 31, 1997.................................................. 4
Statements of Cash Flows (Unaudited):
For the three months ended March 31, 1997 and 1996
and Cumulative from inception (February 13, 1989) through
March 31, 1997.................................................. 5
Notes to Financial Statements (Unaudited) ...................... 6
Item 2. Management's Discussion and Analysis or Plan of Operation ... 7
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K ............................ 7
Signatures ..................................................... 8
RENEGADE VENTURE CORPORATION
(A Development Stage Company)
Balance Sheets
(Unaudited)
March 31, Dec. 31,
1997 1996
--------- --------
ASSETS
CURRENT ASSETS
Cash 26,275 27,528
--------- ---------
Total Current Assets 26,275 27,528
TOTAL ASSETS 26,275 27,528
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable 3,358 1,458
--------- ---------
Total Liabilities 3,358 1,458
STOCKHOLDERS' EQUITY
Common stock, no par value; 3,000,000
shares authorized, 320,000 shares
issued and outstanding 63,125 63,125
Deficit accumulated during the
development stage (40,208) (37,055)
--------- ---------
Total Stockholders' Equity 22,917 26,070
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 26,275 27,528
========= =========
See accompanying notes to financial statements.
RENEGADE VENTURE CORPORATION
(A Development Stage Company)
Statement of Operations
(Unaudited)
Cumulative from
inception
(Feb. 13, 1989)
For The Three Months Ended, through
March 31, March 31, March 31,
1997 1996 1997
----------- ----------- --------------
Revenues 0 0 0
----------- ------------ --------------
Costs and Expenses:
Legal and acct. services 1,900 1,880 24,690
Stock transfer and promotion 180 180 17,361
Office and postage 0 250 3,378
Amortization 0 0 1,760
General and administrative 1,073 0 1,073
----------- ----------- --------------
Total Expenses 3,153 2,310 48,262
----------- ----------- --------------
Loss from operations (3,153) (2,310) (48,261)
----------- ----------- --------------
Other Income
Interest income 0 0 8,054
----------- ----------- --------------
Net Loss Incurred during
Development Stage (3,153) (2,310) (40,207)
----------- ----------- --------------
Net Loss per common share (.01) (.01)
----------- -----------
Weighted average shares
outstanding 320,000 320,000
----------- -----------
Dividends declared per common - -
----------- -----------
See accompanying notes to financial statements.
RENEGADE VENTURE CORPORATION
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
Cumulative from
For the Three months ended, inception (Feb. 13,
March 31, 1989) through
1997 1996 March 31, 1997
---------- ---------- -----------------
Cash flow operating activities
Net loss (3,153) (2,310) (40,208)
Adjustments to reconcile net
loss to net cash used by
operating activities:
Amortization 0 0 1,760
Increase (decrease) in
accounts payable 1,900 (60) 3,358
--------- ---------- -----------------
Net cash provided by (used
In) operating activities (1,253) (2,370) (35,090)
Cash flow from investing
activities
Net cash provided by
investing activities 0 0 (1,760)
--------- ---------- -----------------
Cash flows from financing
activities
Net cash provided by
financing activities 0 0 63,125
---------- ---------- -----------------
Net increase (decrease)
in cash (1,253) (2,370) 26,275
---------- ---------- -----------------
Cash and cash equivalents
at beg. of period 27,528 32,208 0
---------- ---------- -----------------
Cash and cash equivalents
at end of period 26,275 29,838 26,275
---------- ---------- -----------------
See accompanying notes to financial statements.
RENEGADE VENTURE CORPORATION
(A Development Stage Company)
Notes to Financial Statements (Unaudited)
Note 1. Renegade Venture Corporation ("Company") was incorporated in the
State of Colorado on February 13, 1989. The Company was to obtain
funding from a public offering in order to provide a vehicle to
acquire or engage in one or more business opportunities believed by
management to have a potential for profitability. The accompanying
unaudited financial statements of the Company have been prepared on
the accrual basis and in accordance with the instructions to Form
10-QSB and do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. These financial statements
should be read in conjunction with the financial statements and
notes thereto included in the Company's annual report on Form 10-KSB
for the fiscal year ended December 31, 1996.
Note 2. During the fiscal year ended December 31, 1996, the Company incurred
a net loss of $5,753 and, as of that date, had accumulated a deficit
of $37,055. The Company had no operations during the first quarter
covered by these statements and realized no revenues, although it
incurred a loss for the quarter of $3,153.
Note 3. Future working capital requirements are dependent on the Company's
ability to attain profitable operations, to restructure its
financing arrangements or capital structure, and to obtain financing
or new capital as required. It is not possible at this time to
predict the outcome of future operations, restructuring efforts,
or whether the necessary alternative financing can be arranged.
Note 4. Subsequent to quarter ended June 30, 1996, the Company's share-
holders approved at a special meeting an amendment to the Company's
certificate of incorporation which effected a 1-for-100 reverse
split (combination) of the Company's Common Stock and, in conjunc-
tion with such combination, an increase in the number of authorized
shares and eliminate the $.0001 per share par value of the common
shares, changing them to shares without par value. As a result of
the reverse split, the 32,000,000 common shares of the Company,
$.0001 par value, issued and outstanding prior to the reverse split
were changed into 320,000 common shares without par value. No
preferred shares are issued or outstanding. Following the reverse
split and amendment to the articles of incorporation, the Company's
articles of incorporation authorize the issuance of 50,000,000
shares of common stock without par value and 15,000,000 preferred
shares without par value.
Note 5. Loss per common share is based on the weighted average number of
common shares outstanding during the period.
Item 2. Management's Discussion and Analysis or Plan of Operation.
FORWARD LOOKING STATEMENTS
This report contains certain forward-looking statements and
information relating to the Company that are based on the beliefs
of its management as well as assumptions made by and information
currently available to its management. When used in this report,
the words "anticipate", "believe", "estimate", "expect", "intend",
"plan" and similar expressions, as they relate to the Company or its
management, are intended to identify forward-looking statements.
These statements reflect management's current view of the company
with respect to future events and are subject to certain risks,
uncertainties and assumptions. Should any of these risks or uncer-
tainties materialize, or should underlying assumptions prove in-
correct, actual results may vary materially from those described in
this report as anticipated, estimated or expected. The Company's
realization of its business aims will depend in the near future
principally on the successful completion of its acquisition of
operations as discussed below.
BUSINESS
Renegade Venture Corporation, a Colorado corporation ("Company"),
is in the development stage in accordance with Financial Accounting
Standards Board Standard No. 7. The Company has not had active
business operations or significant revenues since inception, other
than occasionally searching for a business or venture to acquire as
described below.
The Company has no operations or source of revenues. The Company's
business plan at this time is to seek to acquire assets of or an
interest in a small to medium-size company or venture actively
engaged in a business generating revenues or having immediate
prospects of generating revenues and to thereby become operational.
The Company plans to acquire such assets or shares by exchanging
therefor the Company's securities. In order to avoid becoming
subject to regulation under the Investment Company Act of 1940, as
amended, the Company does not intend to enter into any transaction
involving the purchase of another corporation's stock unless the
Company can acquire at least a majority interest in that corpora-
tion. The Company has not identified any industry, segment within
an industry or type of business, nor geographic area, in which it
will concentrate its efforts, and any assets or interest acquired
may be in any industry or location, anywhere in the world. The
Company will give preference to profitable companies or ventures
with a significant asset base sufficient to support a listing on a
national securities exchange or quotation on the NASDAQ system.
Members of the Company's management, all of whom are devoting part
time to the Company's affairs, will conduct the Company's search for
an operating business or venture to acquire. There is no assurance
that the Company will be successful in this endeavor or that any
business, venture or assets acquired will be profitable.
LIQUIDITY AND CAPITAL RESOURCES
The Company did not realize any cash from equity financing
activities in 1996 and has no line of credit or similar credit
facility available to it. However, the Company currently pays no
salaries or rent, has little in the way of general or administrative
overhead expenses, and has and will have no material capital
commitments unless and until it is able to acquire a business or
assets. The Company has little in the way of expenses, therefore,
except for legal, accounting and other expenses related to filing of
reports with the Securities and Exchange Commission. As of March 31,
1997, the Company had accumulated a deficit (net loss) of $40,207
since inception and had $26,275 cash on hand or other significant
assets. The Company believes that cash on hand will be sufficient to
cover its out-of-pocket expenses for at least the next twelve months.
RESULTS OF OPERATIONS
During the quarter ended March 31, 1997 (first quarter of this
year), the Company had no revenues and did not engage in any active
business but incurred a loss of $3,153. Expenses for this period
primarily related to accounting fees and costs related to Securities
and Exchange Commission filings.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. Exhibit 27 - Financial Data Schedule.
(b) Reports on Form 8-K. NONE
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this Report on Form 10-QSB to be signed on its behalf by the under-
signed, thereunto duly authorized.
DATED: May 8, 1997
RENEGADE VENTURE CORPORATION
/s/ Randy J. Sasaki
By.........................................
Randy J. Sasaki, Chief Executive Officer
and Chief Financial Officer
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORM 10-QSB FOR THE PERIOD ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FORM 10-QSB.
</LEGEND>
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