UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly report ended: March 31, 1999
or
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from January 1, 1999 to March 31, 1999
Commission File Number: 01-18824
CORPORATE VISION, INC.
(Exact name of registrant in its charter)
Oklahoma
(State or other jurisdiction of incorporation or organization)
73-1380820
(I.R.S. Employer Identification No.)
6130 S. Memorial, Tulsa, OK 74133
(Address of principal executive offices)
918 748-3603
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last
report) Indicated 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 such filing requirements for the past 90 days.
[ ] Yes [ ] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12. 13 or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.
[ ] Yes [ ] No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
<PAGE>
PART I
Item 1. Financial Statements
See Attached
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity
Since June 1997, the Registrant's cash requirements have been minimal with
services donated or performed in return for shares of the company's common
stock. The Registrant had no liquidity.
Capital Resources
The Registrant had capital commitments in the form of accrued debts, but no
capital resources.
Results of Operations: Three months ended March 31, 1999. The Registrant
settled indebtness with Federal Express to the satisfaction of both parties.
The Board of Directors approved a resolution approving a third party
investment, in return of 17.5% ownership into IPO site, a new, internet web
site dealing in information concerning new Intial Public Offerings.
The Board of Directors also approved initiating negotiations with an online
Broker Dealer to determine if the Registrant desires
to form an alliance/agreement.
The Board of Directors approved Cross & Robinson as our corporate auditors.
The Board of Directors also approved a 15% ownership prositin in Archival CD
in return for the underwriting and IPO offering of that company.
Item 3. Default Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 5. Other Information
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
Not Applicable
<PAGE>
CORPORATE VISION, INC.
BALANCE SHEET
(Unaduited)
ASSETS
March 31, 1999 December 31, 1998
Current Assets
Cash 10,678 326,585
Note Receivable 461,122 150,000
Accured Interest Rec 31,421 3,326
Total Current Assets 503,221 479,911
Property and Equipment
Equipment 5,387 8,568
Less: accumulated depreciation (1,244) ( 326)
4,143 8,242
TOTAL ASSETS 507,364 488,153
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable 35,090 37,162
Accrued liabilities 99,078 92,467
Payroll Tax Payable 14,042 56
148,210 129,685
Stockholders' Equity
Preferred stock, $0.01 par value
1,000,000 shares authorized, 44000
shares issued or Outstanding at
March 31, 1999 or March 31, 1998.
Common stock, $0.01 par value 5,177 4,391
50,000,000 shares authorized,
517,662 shares issued and
outstaning at March 31, 1999,
and 439,083 December 31, 1998.
Additional paid in capital 5,237,275 4,555,477
Deficit accumulated during
development state (4,864,646) (4,181,954)
Net loss from operations ( 18,652) ( 19,446)
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY 507,154 488,153
<PAGE>
CORPORATE VISION, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
For the three months ended March 31, 1999 March 31, 1998
Revenue 0 0
Investment Income 1,120
0 1,120
General & Administrative
Consulting fees 11,000 9,491
Marketing 3,000
Accounting 5,106 3,288
Office expense 66 626
Rent 400
Travel 580 1,096
Telephone 1,434
Transfer agent fee 1,132
SEC filing fee 500
18,652 20,567
Net Income (loss) (18,652) (19,446)
Earnings (loss) per share ( 0.04) ( 0.04)
Weighted average common shares 517,662 493.083
<PAGE>
CORPORATE VISION, INC.
STATEMENTS OF CASH FLOWS
(UNUDITED)
For the three months ended March 31. 1999 March 31,1998
Cash provided by (used in) operating activities
Net income (loss) (18,652) (19,446)
Changes in operating assets and liabilities:
Change in accounts payable ( 2,072) 794
Change in accured payable 6,611
Change in payroll tax 13,938
Change in other current
liabilities ( 18,447) 794
Cash provided by (used in )
investing activities ( 175) ( 18,652)
Cash Flows from Financing
activities
Commin stock 3,184
Net increase (decrease) in cash 3,009 ( 18,652)
Cash blance at end of period 10,678 326,585
Cash balance beginning of period ( 7,610) 345,237
Net increase (decrease) in cash 3,008 10,109
<PAGE>
SIGNATURES
Pursuant to the requirement 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.
CORPORATE VISION, INC.
(Registrant)
March 31,1999__________________________________
Keith Anderson, CEO, President
