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UNITED STATES 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 the Quarterly Period ended: June 30, 1998
Commission File No. 33-31067
BEECHPORT CAPITAL CORP.
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(Exact Name of Small Business Issuer as Specified in its Charter)
COLORADO 84-1137359
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(State or Other Jurisdiction of (I.R.S. Employer Identi-
Incorporation or Organization) fication Number)
5770 South Beech Court, Greenwood Village, CO 80121
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(Address of Principal Executive Offices, Including Zip Code)
(303) 221-7376
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(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No___
There were 2,480,000 shares of the Registrant's common stock were outstanding as
of June 30, 1998.
Transitional Small Business Disclosure Format (check one): Yes___ No X
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INDEX
Page
Number
Part I. Financial Information
Item I. Financial Statements
Balance Sheets as of June 30, 1998
(Unaudited) and December 31, 1997 3
Statements of Operations, Three Months
Ended June 30, 1998 and June 30,
1997 (Unaudited) 4
Statements of Operations, Six Months
Ended June 30, 1998 and June 30,
1997 (Unaudited) 5
Statements of Cash Flows, Six Months
Ended June 30, 1998 and June 30,
1997 (Unaudited) 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 8
Part II. Other Information 9
2
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BEECHPORT CAPITAL CORP.
BALANCE SHEETS
(Unaudited)
ASSETS
June 30 December
1998 1997
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Current Assets
Cash $ 1,140 $ 328
Held in trust 5,630 -
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Total Current Assets 6,770 328
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Total Assets $ 6,770 $ 328
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable $ 2,115 $ 3,375
Advances payable, related party - 14,579
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Total Current Liabilities 2,115 17,954
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Stockholders' Equity (Deficit):
Preferred Stock, no par value,
10,000,000 shares authorized
none issued and outstanding - -
Common Stock, no par value,
750,000,000 shares authorized
2,480,000 shares issued and
outstanding 191,688 163,188
Additional paid-in capital 13,600 13,600
Accumulated (deficit) (200,633) (194,414)
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Total Stockholders' Equity (Deficit) 4,655 (17,626)
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Total Liabilities and Stockholders'
Equity (Deficit) $ 6,770 $ 328
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The accompanying notes are an integral part of the financial statements.
3
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BEECHPORT CAPITAL CORP.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Three Months
Ended Ended
June 30, June 30,
1998 1997
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Revenues $ - $ -
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Operating Expenses:
Professional fees 2,312 1,141
Other 223 110
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Total Operating Expenses 2,535 1,251
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Net Loss $ (2,535) $ (1,251)
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Per Share $ nil $ nil
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Weighted Average Number
of Shares Outstanding 2,480,000 1,200,000
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The accompanying notes are an integral part of the financial statements.
4
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BEECHPORT CAPITAL CORP.
STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Six Months
Ended Ended
June 30, June 30,
1998 1997
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Revenues $ - $ -
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Operating Expenses:
Professional fees 5,661 1,741
Other 558 308
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Total Operating Expenses 6,219 2,049
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Net Loss $ (6,219) $ (2,049)
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Per Share $ nil $ nil
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Weighted Average Number
of Shares Outstanding 2,480,000 1,200,000
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The accompanying notes are an integral part of the financial statements.
5
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BEECHPORT CAPITAL CORP.
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Six Months
Ended Ended
June 30, June 30,
1998 1997
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Cash Flows Operating Activities:
Net (loss) $ (6,219) $ (2,049)
(Decrease) in accounts
payable (1,260) (8,947)
(Decrease) in trust account (5,787) -
Other 157 -
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Net Cash (Used in) Operating
Activities (13,109) (10,996)
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Cash Flows from Investing
Activities - -
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Cash Flows from Financing
Activities
Issuance of common stock 21,000 -
Advances from related
parties 1,500 11,696
(Repayment) of advances
from related parties (8,579) -
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Net Cash Provided by
Financing Activities 13,921 11,696
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Increase in Cash 812 700
Cash, Beginning of Period 328 152
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Cash, End of Period $ 1,140 $ 852
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Interest Paid $ - $ -
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Income Taxes Paid $ - $ -
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The accompanying notes are an integral part of the financial statements.
6
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BEECHPORT CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 1998 (Unaudited)
(1) Condensed Financial Statements
The financial statements included herein have been prepared by Beechport
Capital Corp. without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in the financial statements prepared in
accordance with generally accepted accounting principles have been condensed
or omitted as allowed by such rules and regulations, and Beechport Capital
Corp. believes that the disclosures are adequate to make the information
presented not misleading. It is suggested that these financial statements be
read in conjunction with the December 31, 1997 audited financial statements
and the accompanying notes thereto. While management believes the procedures
followed in preparing these financial statements are reasonable, the accuracy
of the amounts are in some respect's dependent upon the facts that will exist,
and procedures that will be accomplished by Beechport Capital Corp. later in
the year.
The management of Beechport Capital Corp. believes that the accompanying
unaudited condensed financial statements contain all adjustments (including
normal recurring adjustments) necessary to present fairly the operations and
cash flows for the periods presented.
(2) Issuance of Common Stock
On January 26, 1998, the Company issued 400,000 shares of its common stock in
exchange for conversion of certain loans payable to related parties valued at
$7,500. On June 30, 1998, the Company issued 80,000 shares of its common
stock to an entity in exchange for $20,000. In addition, on June 30, 1998,
the Company issued 800,000 shares of its common stock in exchange for all the
outstanding shares of the entity with a net stockholders equity of $1,000.
7
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ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Beechport Capital Corp. (the "Company") was organized as a Colorado
corporation on January 24, 1989, in order to evaluate, structure and complete
a merger with, or acquisition of, prospects consisting of private companies,
partnerships of sole proprietorships. The Company may seek to acquire a
controlling interest in such entities in contemplation of later completing an
acquisition. The Company is not limited to any operation or geographic area
in seeking out opportunities. Management has not identified any particular
business or industry within which the Company will seek an acquisition or
merger. The Company has not conducted, nor have others made available to it,
market research supporting the viability of the Company's proposed operations.
The Company generated no revenues during the quarter ended June 30, 1998, and
management does not anticipate any revenues until following the conclusion of
a merger or acquisition, if any, as contemplated by the Company's business
plan.
The Company's capital is limited. The Company anticipates operational costs
will be limited until such time as significant evaluation work is undertaken
regarding prospective mergers or acquisitions.
At June 30, 1998, the Company had no material commitments for capital
expenditures.
8
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
None.
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SIGNATURES
Pursuant to the requirements 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.
Beechport Capital Corp.
Date: August 18, 1998 By: /s/ Lawrence Schmelzer
Lawrence Schmelzer, President
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<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheets and statements of operations found on pages 3 and 4 of the Company's Form
10-QSB for the quarter ended June 30, 1998, and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<CASH> 1140
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,770
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 6,770
<CURRENT-LIABILITIES> 2,115
<BONDS> 0
0
0
<COMMON> 191,688
<OTHER-SE> (187,033)
<TOTAL-LIABILITY-AND-EQUITY> 6,770
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6,219
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,219)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
