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, 1998 Commission File No. 0-27480
LAHAINA ACQUISITIONS, INC.
(Exact name of registrant as specified in its charter)
COLORADO 84-1325695
(State of Incorporation) (IRS Employer Identification No.)
5459 S. IRIS STREET, LITTLETON, COLORADO 80123
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (303) 986-6923
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 90 days.
Yes X No
The number of shares outstanding of registrant's Common Stock, no par value per
share, as of June 30, 1998 was 996,500.
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
LAHAINA ACQUISITIONS, INC
INTERIM OPERATING RESULTS
(unaudited)
<PAGE>
LAHAINA ACQUISITIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE NINE FOR THE NINE FOR THE THREE FOR THE THREE FROM INCEPTION
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED (APRIL 1989) TO
JUNE 30, 1998 JUNE 30, 1997 JUNE 30, 1998 JUNE 30, 1997 JUNE 30, 1998
-------------- -------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
REVENUE: $ - $ - $ - $ - $ -
---------------- --------------- --------------- --------------- ----------------
OPERATING EXPENSE:
Administrative Costs 41,678 1,780 3,594 - 48,871
---------------- --------------- --------------- --------------- ----------------
Total Operating Expenses 41,678 1,780 3,594 - 48,871
---------------- --------------- --------------- --------------- ----------------
Net Loss $ (41,678) $ (1,780) $ (3,594) $ $ (48,871)
================ =============== =============== =-------------- ================
Net Loss Per Share $ 0 $ 0 $ 0 $ - $ 0
---------------- --------------- --------------- -------------- ----------------
Weighted Average Shares Outstanding 996,500 996,500 996,500 996,500 996,500
================ =============== =============== =============== ================
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
LAHAINA ACQUISITIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
<TABLE>
<CAPTION>
JUNE 30, 1998 SEPTEMBER 30, 1997
------------- ------------------
ASSETS
<S> <C> <C>
Cash $ 1,500 $ -
Acquisition Cost Reimbursement Receivable-Current - 47,985
Organization costs - Non-current 600 600
--------------- -----------------
Total Assets $ 2,100 $ 48,585
=============== =================
LIABILITIES AND STOCKHOLDER'S EQUITY
LIABILITIES
Accounts Payable $ 6,686 $ 47,985
--------------- -----------------
Total Liabilities - Current $ 6,686 $ 47,985
--------------- -----------------
STOCKHOLDERS' EQUITY
Common Stock (No Par Value, Authorized 800,000,000
Shares, Issued and Outstanding 996,500 Shares) 7,793 7,793
Preferred Stock (No Par Value, Authorized 10,000,000
Shares, None Issued) - -
Paid in Capital 36,492 -
Deficit Accumulated During the development Stage (48,871) (7,193)
---------------- ------------------
Total Stockholders' Equity (4,586) 600
---------------- -----------------
Total Liabilities and Stockholders' Equity $ 2,100 $ 48,585
=============== =================
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
LAHAINA ACQUISITIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
FOR THE NINE FOR THE NINE FROM INCEPTION
MONTHS ENDED MONTHS ENDED (APRIL 1989) TO
JUNE 30, 1998 JUNE 30, 1997 JUNE 30, 1998
----------------- ---------------- ----------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ (41,678) $ (1,780) $ (48,871)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Capital contributions expenses incurred on
behalf of Company by Shareholders 1,780
Organizational Costs - Non-Current (600)
Accounts Payable 6,686 - 6,686
------------- ------------- --------------
Net Cash Used in Operating Activities (34,992) - (42,785)
-------------- ------------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds received from investor 36,492 - 44,285
------------- ------------- --------------
Net Cash Provided by Investing Activities 36,492 - 44,285
------------- ------------- --------------
Net Increase in Cash 1,500 - 1,500
Cash at Beginning of Period - - -
------------- ------------- --------------
Cash at End of Period $ 1,500 $ - $ 1,500
============= ============= ==============
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
LAHAINA ACQUISITIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - GENERAL
The financial information included herein is unaudited; however, such
information reflects all adjustments (consisting solely of normal recurring
adjustments), which are, in the opinion of management, necessary for a fair
statement of the Company's financial position.
The accompanying unaudited interim financial statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission
for reporting on Form 10-Q. Pursuant to such rules and regulations, certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted.
The information contained in this Form 10-Q should be read in conjunction with
the Notes to the Financial Statements appearing in the Company's Annual Report
ended September 30, 1997.
NOTE 2 - SHAREHOLDERS' EQUITY
The Company is authorized to issue 800,000,000 shares of common stock having no
per share par value. As of December 31, 1997, the Company has issued 996,500
common shares.
In May 1991, in connection with a private placement, the Company issued 993,000
Class A Warrants and 993,000 Class B Warrants each to purchase one share of
common stock at $1.00 and $1.50, respectively. These Warrants expire May 10,
1999 and may be redeemed by the Company at $.0001 per share upon 30 days'
written notice. In July 1997, the Company sent redemption notices to all warrant
holders and, accordingly, the warrants expired.
The Company has authorized the issuance of 10,000,000 shares of Preferred Stock
with no per share par value. There has been no issuance of Preferred Stock.
NOTE 3 - CAPITAL CONTRIBUTIONS
Certain Officers and Shareholders have paid for expenses on behalf of the
Company. Those amounts have been treated as Capital Contributions and have been
credited to common stock.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULT OF OPERATIONS.
RESULTS OF OPERATIONS - INCEPTION (APRIL 5, 1989) THROUGH JUNE 30, 1998.
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.
For the nine months ended June 30, 1998, the Company incurred additional
legal and other costs of $41,678. During the nine months, the majority
shareholder contributed additional capital of $36,492.
LIQUIDITY AND CAPITAL RESOURCES.
The Registrant has $1,500 in cash as of June 30, 1998.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable
<PAGE>
PART II
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Report on Form 8-K
No reports on Form 8-K were filed during the quarter ended June 30, 1998.
<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.
(the "Registrant")
Date: October 19, 1998 By: /S/ GRAHAM COOPER
----------------- ----------------------------------------------
Graham Cooper, President and Officer
Responsible for Financial Affairs of
Lahaina Acquisitions, Inc.
<PAGE>
EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
- ------- -----------
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, 1998 (unaudited) and the Statement
of Income for the nine months ended June 30, 1998 (unaudited) and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> JUN-30-1998
<CASH> 1,500
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 600
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,100
<CURRENT-LIABILITIES> 6,686
<BONDS> 0
0
0
<COMMON> 7,793
<OTHER-SE> (12,379)
<TOTAL-LIABILITY-AND-EQUITY> 2,100
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (41,678)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (41,678)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
