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 June 30, 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 June 30, 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 June 30, 1997 (Unaudited) and December 31, 1996 ......... 3
Statement of Operations (Unaudited):
For the six months ended June 30, 1997 and 1996
and Cumulative from inception (February 13, 1989) through
Juneh 30, 1997.................................................. 4
Statements of Cash Flows (Unaudited):
For the six months ended June 30, 1997 and 1996
and Cumulative from inception (February 13, 1989) through
June 30, 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)
June 30, Dec. 31,
1997 1996
--------- --------
ASSETS
CURRENT ASSETS
Cash 23,624 27,528
--------- ---------
Total Current Assets 23,624 27,528
TOTAL ASSETS 26,275 27,528
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable 1,458 1,458
--------- ---------
Total Liabilities 1,458 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 (40,959) (37,055)
--------- ---------
Total Stockholders' Equity 22,166 26,070
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 23,624 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 Six Months Ended, through
Juneh 30, June 30, June 30,
1997 1996 1997
----------- ----------- --------------
Revenues 0 0 0
----------- ------------ --------------
Costs and Expenses:
Legal and acct. services 2,466 2,080 25,256
Stock transfer and promotion 365 265 17,546
Office and postage 0 250 3,378
Amortization 0 0 1,760
General and administrative 1,073 0 1,073
----------- ----------- --------------
Total Expenses 3,904 2,595 49,013
----------- ----------- --------------
Loss from operations (3,904) (2,595) (49,013)
----------- ----------- --------------
Other Income
Interest income 0 0 8,054
----------- ----------- --------------
Net Loss Incurred during
Development Stage (3,904) (2,595) (40,959)
----------- ----------- --------------
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 Six months ended, inception (Feb. 13,
June 30, 1989) through
1997 1996 June 30, 1997
---------- ---------- -----------------
Cash flow operating activities
Net loss (3,904) (2,310) (40,959)
Adjustments to reconcile net
loss to net cash used by
operating activities:
Amortization 0 0 1,760
Increase (decrease) in
accounts payable 0 (60) 1,458
--------- ---------- -----------------
Net cash provided by (used
In) operating activities (3,904) (2,370) (37,741)
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 (3,904) (2,370) 23,624
---------- ---------- -----------------
Cash and cash equivalents
at beg. of period 27,528 32,208 0
---------- ---------- -----------------
Cash and cash equivalents
at end of period 23,624 29,838 23,624
---------- ---------- -----------------
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 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 second quarter
covered by these statements and realized no revenues, although it
incurred a loss for the quarter of $751.
Note 3. Future working capital requirements are dependent on the Company's
ability to attain profitable operations, to restructure its financ-
ing 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-
ooking 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 uncertainties
materialize, or should underlying assumptions prove incorrect, 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 corporation. 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
1997 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 June 30, 1997, the Company
had accumulated a deficit (net loss) of $40,959 since inception and had
$23,624 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 June 30, 1997 (second quarter of this year), the
Company had no revenues and did not engage in any active business but
incurred a loss of $751. 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: August 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 JUNE 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FORM 10-QSB.
</LEGEND>
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