SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1997 Commission File No. 0-27480
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LAHAINA ACQUISITIONS, INC.
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(Exact name of registrant as specified in its charter)
Colorado 84-1325695
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(State of Incorporation) (IRS Employer Identification No.)
5459 S. Iris Street, Littleton, Colorado 80123
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (303) 986-6923
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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 requirements for
the past 30 days.
Yes X No
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The number of shares outstanding of registrant's Common Stock, no par value per
share, as of June 30, 1997 was 996,500.
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
LAHAINA ACQUISITIONS, INC
INTERIM OPERATING RESULTS
(unaudited)
<PAGE>
Lahaina Acquisitions, Inc.
BALANCE SHEET
ASSETS
June 30, September 30,
1997 1996
(Unaudited)
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Organization costs $ 600 $ 600
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LIABILITIES AND STOCKHOLDERS EQUITY
Liabilities
Loan payable to officer/shareholders 2,503 2,982
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2,503 2,982
Stockholders equity
Common stock, 800,000,000
shares authorized no par value;
996,500 shares issued and
outstanding (Note A) 300 300
Preferred stock, 10,000,000
authorized, no par value -0- -0-
Paid in capital 300 300
Accumulated deficit (2,503) (2,982)
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Total $ 600 $ 600
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See accompanying notes to the financial statements.
<PAGE>
Lahaina Acquisitions, Inc.
STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended June 30,
1997 1996
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Cash flows from operations:
Net income (loss) $ 479 $(2,982)
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Net cash (used) from
operating activities: $ 479 $(2,982)
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Cash flows from investing
activities: $ -0- $ -0-
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Net cash (used) by
investing activities: $ -0- $ -0-
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Cash flows from financing activities:
Loan - officer/shareholders $ 4,211 $ 2,982
Loan from officer - forgiven $(4,690) $ -0-
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Net cash (used) by financing
activities: $ (479) $(2,982)
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Beginning cash balance -0- -0-
Ending cash balance -0- -0-
See accompanying notes to the financial statements.
<PAGE>
Lahaina Acquisitions, Inc.
STATEMENT OF OPERATIONS
(Unaudited)
Three Months Nine Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
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Revenues
Income from relief of
indebtedness $ 4,690 -0- $ 4,690 -0-
Expenses
Legal and accounting fees 45 2,532 1,305 2,982
Stock Transfers 1,921 -0- 2,369 -0-
Printing 537 -0- 537 -0-
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Net Income (Loss) $ 2,187 (2,532) 479 (2,982)
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See accompanying notes to the financial statements.
<PAGE>
LAHAINA ACQUISITIONS, INC.
NOTES TO FINANCIAL STATEMENTS
June 30, 1997
Note A - Summary of Significant Accounting Policies
ORGANIZATION
Lahaina Acquisitions, Inc. was incorporated under the laws of the State of
Colorado in April 1989. The Company is in the development stage and has had no
operations.
The Company is in the development stage as more fully defined in Statement No. 7
of the Financial Accounting Standards Board. The Company intends to actively
seek, locate, evaluate, structure and complete mergers with or acquisitions of
private companies, partnerships or sole proprietorships.
In September 1989, the Company filed a Registration Statement with the United
States Securities and Exchange Commission to register 100,000 Units of its
securities sold to Coyote Acquisitions, Inc. Each Unit consists of one share of
Common Stock, five A Warrants and five B Warrants. In April 1991, the Company
canceled the 100,000 Units of its securities issued to Coyote Acquisitions, Inc.
since the Securities and Exchange Commission failed to clear the Registration
Statement.
In May 1991, the Company distributed 496,500 Units of its securities under the
provisions of Regulation D, Rule 504 on a pro rata basis to the shareholders of
St. Joseph Corp. Each Unit consists of:
1 Share of common no par stock
2 Class A common stock purchase warrants
2 Class B common stock purchase warrants
Each Class A warrant entitles the holder to purchase one share of common stock
at $1.00 per share.
Each Class B warrant entitles the holder to purchase one share of common stock
at $1.50 per share.
These common stock purchase warrants expire May 10, 1999. The Company has the
right to redeem the warrant upon 30 days written notice at $.0001 per share.
On May 27, 1997, certain shareholders agreed to the cancellation of 800,000
Class A and Class B warrants owned directly and beneficially by them, leaving
193,000 Class A and Class B warrants outstanding.
Professional fees of $450 were incurred in December 1995 for the audit for the
years ending September 30, 1995, 1994, 1993, 1992, 1991 and 1990. This expense
was paid by the President of the Company.
<PAGE>
Legal and additional accounting fees totaling $2,532 were incurred during March
through June, 1996 and were paid by the President of the Company. Additional
legal and accounting fees and stock transfer fees totaling $1,708 were incurred
during November 1996 through March 1997 and were also paid by the President of
the Company. In May 1997 the President forgave the accumulated loan payable to
him totaling $4,690, and the Company has recognized that amount as income.
In May and June 1997, other shareholders of the Company paid for stock transfer
fees and other expenses of the Company totaling $2,503.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULT OF OPERATIONS .
Results of Operations - Inception (April 5, 1989) through June 30, 1997.
The registrant is considered to be in the development stage as defined in
Statement of Financial Accounting Standards No. 7 There have been no operations
since incorporation.
Liquidity and Capital Resources.
The registrant has no cash as of June 30, 1997.
There have been no material changes in the Registrant's results of
operations, since filing its Form 10-K with the Securities and Exchange
Commission on December 27, 1996. Said Form 10-K is incorporated herein by
reference.
<PAGE>
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 hereunto duly authorized.
LAHAINA ACQUISITIONS, INC.
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(the "Registrant")
Date: October 1, 1997 By: /s/ Graham Cooper
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Graham Cooper, President
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description
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27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Financial Condition at June 30, 1997 (unaudited) and the Statement
of Income for the nine months ended June 30, 1997 (unaudited) sand is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> JUN-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 600
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 600
<CURRENT-LIABILITIES> 2,503
<BONDS> 0
0
0
<COMMON> 600
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 3,903
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (316)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (316)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
