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Previous: UNIVERSAL EXPRESS INC/, 10KSB, 1999-11-24 |
Next: TRANSCEND SERVICES INC, PRER14A, 1999-11-24 |
SECURITIES 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 08/31/99
Commission file number 0-21210
NELX, INC.
(Exact name of registrant as specified in its charter)
Kansas 84-0922335
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
10525 W. 23rd Place, Lakewood, CO 80215
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (304) 622-9599
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 for such shorter period that the registrant was
required to file such reports), and (2) has been subject to the filing
requirements for at least the past 90 days.
Yes X No ____
As of August 31, 1999, there were 46,352,042 outstanding shares of common stock,
par value $.0001.
<PAGE>
PART 1. FINANCIAL INFORMATION
ITEM 1. Financial Statements
<TABLE>
<CAPTION>
NELX, INC.
Consolidated Balance Sheet
(Unaudited)
August May
31, 1999 31, 1999
ASSETS
<S> <C> <C>
Current Assets
Cash & Cash Equivalents $ 2,787 $ 254
Property, Plant and Equipment
Plant and Plant Equipment 100,000 100,000
Equipment - -
Buildings 54,175 54,175
------- ------
154,175 154,175
Less Accumulated Depreciation 104,411 104,411
-------- -------
Net Fixed Assets 49,764 49,764
TOTAL ASSETS $ 52,551 $ 50,018
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable $ 23,254 $ 24,254
Accrued Expenses - -
Current Portion of Long-Term Debt 69,650 68,650
------- ------
Total Current Liabilities 92,904 92,904
Long Term Liabilities
Notes Payable - -
Total Liabilities 92,904 92,904
Stockholders' Equity
Common Stock. $0.0001 par value, 500,000,000 shares authorized
46,352,042 issued and outstanding at May 31, 1999 and August 31,
1999, respectively 4,460 4,435
Additional paid-in capital 7,631,450 7,623,975
Retained Deficit (7,676,263) (7,671,296)
----------- -----------
TOTAL STOCKHOLDERS' DEFICIT (40,353) (42,886)
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 52,551 $ 50,018
=============== ===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NELX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended August 31
(Unaudited)
1999 1998
---- ----
REVENUES
<S> <C> <C>
Oil & gas sales - -
Sale of ORRI
Misc Income
Cost of Sales
Gross Profit - -
EXPENSES
Interest 500 4,540
Office Expense 1,773 937
Professional Fees 2,650 1,050
Telephone & Utilities 44 386
--- ---
Total Operating Expenses 4,967 6,913
NET INCOME (LOSS) $ (4,967) $ (6,913)
=============== ===============
Loss per Common Share (0.00) (0.00)
Weighted average number of shares outstanding 44,602,042 46,352,042
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NELX, INC.
Consolidated Statement of Cash Flows
(Unaudited)
Three Months
Ended August 31,
1999 1998
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net Profit (Loss) (4,967) $(6,913)
Depreciation
(Decrease) Increase in Accounts Payable (1,000) -38510
(Decrease) Increase in Accrued Expenses
(Increase) Decrease in Accounts Receivable
------------- ------------
Net Cash Flows Used for Operating Activities (5,967) (45,423)
Cash Flows from Investing Activities
(Purchase) Sale of Fixed Assets - (3,176)
(Purchase) Sale of Note Receivable
(Purchase) Sale of Investment
------------- ------------
Net Cash (Used by) From Investing Activities - (3,176)
Cash Flows from Financing Activities
Increase (Decrease) in Note Payable 1,000 (96,000)
Sale of Common Stock 7,500
Sale of Treasury Stock - 158000
------------- ------------
Total Cash from (Used by) Financing Activities 8,500 62,000
Increase (Decrease) in Cash 2,533 13,401
------
Cash and Cash Equivalents - Beginning of Period 254 1,662
-----
Cash and Cash Equivalents - end of Period 2,787 15,063
============= ============
</TABLE>
<PAGE>
ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of
Operations.
Results of Operations for quarter ended August 31, 1999 compared to same period
in 1998.
The Company has experienced continuing operating expenses for the three
month period of $6,913 in 19999 as compared to $6,913 in the same period for
1998. The revenues for the period were none from operations in 1999 or 1998. The
Company recorded a net loss of $(4,967) for the period as compared to a $(4,967)
loss for the same period in fiscal year 1998. The Company losses on operations
will continue until income from any operations can be achieved. While the
Company is seeking capital sources for investment, there is no assurance that
sources can be found. The loss per share for the period in 1999 was and 1998 was
nominal.
Liquidity and Capital Resources
The Company had inadequate cash capital at the end of the period for
any significant operations. The Company will be forced to either borrow against
or sell assets or make private placements of stock in order to fund operations.
No assurance exists as to the ability to achieve sales of assets or loans
against the assets, or make private placements of stock.
<PAGE>
PART II
OTHER INFORMATION
Item 1. Legal proceedings - There are presently no material pending
legal proceedings which would result in any uninsured
liability.
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
Item 6. Exhibits and reports on Form 8-K
(a) The following are filed as Exhibits to this Quarterly
Report. The numbers refer to the Exhibit Table of Item
601 of Regulation S-K:
None.
(b) Reports on Form 8-K filed during the three months ended
August 31, 1999:
8-K filed August 27, 1999
<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.
NELX, Inc.
Date: November 24, 1999
/s/ Denis Iler
by: -------------------------------
Denis Iler, Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> AUG-31-1999
<CASH> 2787
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2787
<PP&E> 49764
<DEPRECIATION> 0
<TOTAL-ASSETS> 52551
<CURRENT-LIABILITIES> 92904
<BONDS> 0
0
0
<COMMON> 4460
<OTHER-SE> (44813)
<TOTAL-LIABILITY-AND-EQUITY> 52551
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4967
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (4967)
<INCOME-TAX> 0
<INCOME-CONTINUING> (4967)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4967)
<EPS-BASIC> (.0)
<EPS-DILUTED> (.0)
</TABLE>
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