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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
For quarter ended: October 31, 1998
Commission file number: 000-18081
RAMEX SYNFUELS INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
Nevada 87-0360039
(State or other jurisdiction (IRS Employer Ident. No.)
of incorporation or organization)
2204 W. Wellesley
Spokane, Washington 99205
(Address of principal executive offices) (Zip code)
(509) 328-9633
(Registrant's telephone number)
_X_ Yes, Registrant (1) has filed all reports required to be filed by Section 13
or 15(d) of the Securities Act of 1934 during the preceding 12 months (or for
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.
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date:
Common Stock, $0.01 Par Value
16,023,465 shares as of October 31, 1998
Total pages: 9
****************************************************************************
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC.
QUARTERLY REPORT ON FORM 10-Q
INDEX
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Statement of Financial Position as of October 31, 1998 and
January 31, 1998
Statement of Operations For the Three and Nine Months ended
October 31, 1998 and 1997
Statement of Changes in Stockholders' Equity For the Three
Month Periods Ended October 31, 1998 and 1997
Statement of Cash Flows For the Three and Nine Month Periods
Ended October 31, 1998 and 1997
Notes to Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC. Statement of Financial Position as of
(UNAUDITED) October 31, 1998 and January 31, 1998
- --------------------------------------------------------------------------------
ASSETS
<TABLE>
<CAPTION>
(Unaudited)
Oct. 31, January 31,
1998 1998
----------- -----------
<S> <C> <C>
CURRENT ASSET - Cash $ 10,890 $ 1,281
----------- -----------
TOTAL ASSETS $ 10,890 $ 1,281
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 62,863 $ 64,295
Due to officers and directors 115,688 105,654
----------- -----------
Total current liabilities 178,551 169,949
----------- -----------
STOCKHOLDERS' EQUITY
Common stock; $.01 par value; 125,000,000
shares authorized; 14,323,465 shares issued
and outstanding as of January 31, 1998;
16,023,465 shares issued and outstanding
as of July 31, 1998 160,234 143,234
Additional paid-in capital 4,594,929 4,577,237
Accumulated deficit (4,922,824) (4,889,139)
----------- -----------
Total stockholders' equity (167,661) (168,668)
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,890 $ 1,281
=========== ===========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC. Statement of Operations For the Three and
(UNAUDITED) Nine Month Periods Ended October 31, 1998
and 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Month Periods Nine Month Periods
---------------------------- ---------------------------
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1998 1997 1998 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUE $ -0- $ -0- $ -0- $ -0-
-------- -------- -------- --------
GENERAL AND
ADMINISTRATIVE EXPENSES 3,855 4,920 15,992 15,707
-------- -------- -------- --------
NET (LOSS) $(3,855) $(4,920) $(15,992) $(15,707)
======== ======== ======== ========
NET (LOSS) PER SHARE $ (NIL) $ (NIL) $ (NIL) $ (NIL)
======== ======== ======== ========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC. Statement of Changes in Stockholders'
(UNAUDITED) Equity For the Three Month Periods Ended
October 31, 1998 and 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Common Stock Additional
-------------------------- Paid-In Accumulated
Shares Amount Capital Deficit Total
------------- ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Balances as of
July 31, 1997 14,323,465 $ 143,234 $ 4,594,929 $(4,897,754) $ (159,591)
Net (loss) (4,920) (4,920)
------------- ------------ ------------ ------------ -----------
Balances as of
Oct. 31, 1997 14,323,465 $ 143,234 $ 4,594,929 $(4,902,674) $ (164,511)
============ =========== ============ ============ ===========
Balances as of
July 31, 1998 16,023,465 $ 160,234 $ 4,594,929 $(4,918,969) $ (163,806)
Net (loss) (3,855) (3,855)
------------ ----------- ------------ ------------ -----------
Balances as of
July 31, 1998 16,023,465 $ 160,234 $ 4,594,929 $(4,922,824) $ (167,661)
============ =========== ============ ============ ===========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
RAMEX SYNFUELS INTERNATIONAL, INC. Statement of Cash Flows For the Three and
(UNAUDITED) Nine Month Periods Ended October 31, 1998
and 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Month Periods Nine Month Periods
------------------------- --------------------------
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1998 1997 1998 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (loss) $ (3,855) $ (4,920) (15,992) $(15,717)
Increase in payables
and due to officers
and directors 3,000 3,758 8,601 10,358
-------- -------- -------- --------
Net Cash Provided
(Used) From
Operating (855) (1,162) (7,391) (5,359)
Activities -------- -------- -------- --------
CASH FLOWS FROM
FINANCING ACTIVITIES
Proceeds from sale
of common stock - - 17,000 5,000
-------- -------- -------- --------
NET INCREASE (DECREASE)
IN CASH (855) (1,162) 9,609 (359)
CASH AT BEGINNING OF PERIOD 11,745 3,012 1,281 2,209
-------- -------- -------- --------
CASH AT END OF PERIOD $ 10,890 $ 1,850 $10,890 $ 1,850
======== ======== ======== ========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
Ramex Synfuels International, Inc. Notes to Financial Statements
(Unaudited) as of October 31, 1998
- --------------------------------------------------------------------------------
NOTE 1 - MANAGEMENT OPINION:
The financial statements of Ramex Synfuels International, Inc.,
("Ramex") included herein have been prepared without audit, pursuant
to the rules and regulations of the Securities and Exchange
Commission. Although, certain information normally included in
financial statements prepared in accordance with generally accepted
accounting principles has been condensed or omitted, Ramex believes
that the disclosures are adequate to make the information presented
not misleading.
Management's plans for the Company include keeping the Company alive
with occasional cash advances from officers and directors, minimizing
the Company's cash expenditures, and searching for a financially
stronger partner, already operating in an energy-related environment,
with which to form a strategic alliance or join venture. Management
believes that these plans are realistic and workable. Management
further believes that the liquidation basis of accounting is not
appropriate in view of management's plans.
The condensed financial statements should be read in conjunction with
the financial statements and notes thereto included in Ramex's annual
report on Form 10-K/A for the fiscal year ended January 31, 1998.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Results of Operations
During the three month period ending October 31, 1998, the Company's only
activity was to evaluate the Ramex Oil Shale Gasification Process and search
for potential financing entities for the Process and possible other ventures.
Obtaining additional financing is crucial to the ongoing development of
the process as well as the corporate existence. Management is considering a
possible restructure of the Corporation as a means of further financing
possibilities. Any changes in corporate structure are subject to shareholder
approval and at the present no specific changes have been proposed.
Liquidity and Capital Resources:
As of October 31, 1998 Ramex's current assets were $10,890. The Company
had no income during the three month period ended October 31, 1998 and had
total expenses of $3,855, a decrease of $1,065 compared to the same three
month period in the previous fiscal year. Said expenses were incurred in the
course of minimal daily operations of the Company and for consulting services.
Since there is no certainty of the success of the negotiations for funding
for the further research, laboratory testing and since the Registrant has no
significant source of income at this time, uncertainties do exist with
respect to the future levels of Liquidity and Capital which will be necessary
to fund the Company's operations and its ability to maintain adequate levels
thereof.
PART II OTHER INFORMATION.
Item 1. Legal Proceedings.
The officers and directors of the Registrant certify that to the best of
their knowledge, neither the Registrant nor any of its officers or directors are
parties to any material legal proceedings or litigation other than those
referenced herein, if any, or others that were reported in prior reports on Form
10-Q. The officers and directors of the registrant do not know of any other
litigation being threatened or contemplated.
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
No reports were filed on Form 8-K in the quarter ending October 31, 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 thereunto duly authorized.
RAMEX SYNFUELS INTERNATIONAL, INC.
Dated: February 1, 1999 /s/ Maynard M. Moe
------------------------------------
Maynard M. Moe, President and
Chief Executive Officer
Dated: February 1, 1999 /s/ Kerry L. Weger
------------------------------------
Kerry L. Weger,
Secretary-Treasurer and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
RAMEX SYNFUELS INTERNATIONAL, INC.
This schedule contains summary financial information extracted from the
Statement of Financial Condition at October 31, 1998 (Unaudited) and the
Statement of Income for the Three Month Period ended October 31, 1998
(Unaudited) and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> AUG-01-1998
<PERIOD-END> OCT-31-1998
<CASH> 10,890
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 10,890
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,890
<CURRENT-LIABILITIES> 178,551
<BONDS> 0
0
0
<COMMON> 160,234
<OTHER-SE> (327,895)
<TOTAL-LIABILITY-AND-EQUITY> 10,890
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,855
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,855)
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
