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U.S. 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, 1996
Commission file number: 33-33092-D
BRIDGESTONE CORP.
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(Exact name of small business issuer as specified in its charter)
Colorado 84-1130227
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(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization)
303 East Seventeenth Avenue, Suite 800, Denver, Colorado 80203
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(Address of principal executive offices including zip code)
(303) 830-7000
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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 past 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 ---
As of August 13, 1996, 55,000,000 shares of common stock, par value $.00001
per share, were outstanding.
Transitional Small Business Disclosure Format (check one): Yes--- No -X-
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INDEX
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheet, June 30, 1996 (Unaudited) 3
Statements of Loss and Accumulated Deficit (Unaudited)
from December 1, 1989 (Inception) to June 30, 1996, for
the three months ended June 30, 1996 and 1995 and for the
six months ended June 30, 1996 and 1995 4
Statements of Cash Flows (Unaudited) from December 1, 1989
(Inception) to June 30, 1996 and for the six months ended
June 30, 1996 and 1995 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis or Plan of Operations7
PART II. OTHER INFORMATION 7
Signatures 8
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BRIDGESTONE CORP.
(A Development Stage Company)
BALANCE SHEET
June 30, 1996
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 56,481
Prepaid expenses 233
--------
Total current assets 56,714
OTHER ASSETS
Organization costs (net) 500
--------
Total other assets 500
--------
TOTAL ASSETS $ 57,214
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 111
Accounts payable - related party 65
--------
Total current liabilities 176
STOCKHOLDERS' EQUITY
Preferred stock, $0.00001 par value; 20,000,000
shares authorized; no shares issued and out-
standing --
Common stock, $0.00001 par value; 500,000,000
shares authorized; 55,000,000 shares issued
and outstanding 550
Additional paid-in capital 89,791
Deficit accumulated during the development stage (33,303)
--------
Total stockholders' equity 57,038
--------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 57,214
The accompanying notes are an integral part of the financial statements.
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BRIDGESTONE CORP.
(A Development Stage Company)
STATEMENTS OF LOSS AND ACCUMULATED DEFICIT
(Unaudited)
PERIOD
DECEMBER 1,
1989
(INCEPTION) FOR THE THREE FOR THE SIX
TO JUNE 30, MONTHS ENDED JUNE 30, MONTHS ENDED JUNE 30,
1996 1996 1995 1996 1995
---------- ---------- ---------- ---------- ---------
REVENUES
Investment
income $ 13,731 $ 500 $ 628 $ 1,024 $ 1,254
---------- ---------- ---------- ---------- ---------
EXPENSES
General and
administrative 47,034 4,031 1,900 5,935 4,455
---------- ---------- ---------- ---------- ---------
Total expenses 47,034 4,031 1,900 5,935 4,455
---------- ---------- ---------- ---------- ---------
NET LOSS (33,303) (3,531) (1,272) (4,911) (3,201)
Accumulated deficit
Balance, beginning
of period -- (29,772) (26,461) (28,392) (24,532)
--------- --------- --------- --------- ---------
Balance, end of
period $(33,303) $(33,303) $(27,733) $(33,303) $(27,733)
NET LOSS PER SHARE $ (NIL) $ (NIL) $ (NIL) $ (NIL) $ (NIL)
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 53,618,394 55,000,000 55,000,000 55,000,000 55,000,000
The accompanying notes are an integral part of the financial statements.
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BRIDGESTONE CORP.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
PERIOD
DECEMBER 1,
1989
(INCEPTION) FOR THE SIX MONTHS
JUNE 30, ENDED JUNE 30,
1996 1996 1995
--------- ------- -------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss $(33,303) $(4,911) $(3,201)
Adjustments to reconcile net
loss to net cash used by
operating activities:
Increase in accounts payable 111 (154) 789
Increase in accounts payable
- related party 65 65 458
Increase in prepaid expenses (233) -- --
-------- ------- -------
Net cash used by operating
activities (33,360) (5,000) (1,954)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Increase in organizational costs (500) -- --
-------- ------- -------
Net cash used by investing
activities (500) -- --
CASH FLOWS FROM FINANCIAL
ACTIVITIES:
Issuance of common stock 110,000 -- --
Deferred offering costs paid (19,659) -- --
-------- ------- -------
Net cash provided by financ-
ing activities 90,341 -- --
-------- ------- -------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 56,481 (5,000) (1,954)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD -- 61,481 65,949
-------- ------- -------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 56,481 $56,481 $63,995
The accompanying notes are an integral part of the financial statements.
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BRIDGESTONE CORP.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
(Unaudited)
1. MANAGEMENT'S REPRESENTATION OF INTERIM FINANCIAL INFORMATION
The accompanying financial statements have been prepared by Bridgestone
Corp. without audit pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted as
allowed by such rules and regulations, and management believes that the
disclosures are adequate to make the information presented not misleading.
These financial statements include all of the adjustments which, in the
opinion of management, are necessary to a fair presentation of financial
position and results of operations. All such adjustments are of a normal and
recurring nature. These financial statements should be read in conjunction
with the audited financial statements at December 31, 1995.
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ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
At present, the Company has no source of revenues other than interest
income of a money market account at a commercial bank. During the quarter
ended June 30, 1996, and since completing its public offering, the Company has
engaged in no significant operations other than the search for, and
identification and evaluation of, possible acquisition candidates. Other than
interest income of $500, no revenues were received by the Company during this
quarter. The Company experienced a net loss of $(3,531) during the quarter
ended June 30, 1996, which was primarily the result of legal and accounting
costs of compliance with the reporting requirements of the securities laws and
general and administrative expenses, which expenses were only partially offset
by interest income during this period.
For the remainder of the current fiscal year, the Company anticipates
losses similar in magnitude to those experienced historically. Should the
Company intensify its search for an acquisition candidate, however, losses are
likely to accrue at a greater rate than experienced historically. The Company
anticipates that until a business combination is completed with an acquisition
candidate, it will not generate revenues other than interest income, and may
continue to operate at a loss after completing a business combination,
depending upon the performance of the acquired business.
As of June 30, 1996, the Company did not have any material commitments
for capital expenditures.
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
(a) Exhibit
27 Financial Data Schedule Filed herewith
electronically
(b) Reports on Form 8-K
None.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Date: August 14, 1996 BRIDGESTONE CORP.
By:/s/ Robert Neece
Robert Neece, 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 income(loss) found on pages 3 and 4 of the
Company's Form 10-QSB for the year to date, and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<CASH> 56,481
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 56,714
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 57,214
<CURRENT-LIABILITIES> 176
<BONDS> 0
<COMMON> 550
0
0
<OTHER-SE> 56,488
<TOTAL-LIABILITY-AND-EQUITY> 57,214
<SALES> 0
<TOTAL-REVENUES> 1,024
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,935
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (4,911)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,911)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
