MONOGENESIS CORPORATION
SEMI- ANNUAL REPORT TO SHAREHOLDERS
MONOGENESIS CORPORATION
UNAUDITED FINANCIAL STATEMENTS
For The Six Months Ending June 30, 1997
MONOGENESIS CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1997
ASSETS
Investments in securities, at value-
identified cost $6,153.85 $ 63,025.00
Cash 52.44
Organizations costs, net of accumulated
amortization of $73,525.35 -
-----------
Total assets 63,077.44
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LIABILITIES
Accounts payable 7,721.77
Loans from shareholders 136.60
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Total liabilities 7,858.37
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NET ASSETS
Net assets (equivalent to $26.94 per share
based on 2,050 shares of capital stock
outstanding) (Note 5) $ 55,219.07
===========
The accompanying Notes to the Financial Statements are an
integral part of this statement.
MONOGENESIS CORPORATION
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
INVESTMENT INCOME
Income
Dividends $ -
Interest -
Other income -
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Total income -
------------
EXPENSES
Officer salaries 200.00
Professional fees 9,822.83
Custodian, transfer agent and distribution fees 9,352.19
Other administrative expenses 1,326.74
------------
Total expenses 20,701.76
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INVESTMENT INCOME-NET -20,701.76
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
(Note 2)
Net realized gain on investments 38,020.51
Change in unrealized appreciation of
investment for the six months 56,565.90
------------
Net gain on investments 94,585.41
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 73,984.65
============
The accompanying Notes to the Financial Statements are an
integral part of this statement.
MONOGENESIS CORPORATION
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
CASH FLOW FROM OPERATION ACTIVITIES
Net increase in net assets from operations $ 73,884.65
Adjustments to reconcile net (decrease) in net
assets resulting from operations to net cash
provided by operating activities
Increase in unrealized appreciation of
investment securities -56,565.90
Decrease in accounts payable -12,585.07
------------
Net cash provided by (used in)
operating activities 4,733.68
CASH FLOWS FROM FINANCING ACTIVITIES -
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments, net of
subsequent resales -6,152.85
------------
NET DECREASE IN CASH AND CASH EQUIVALENTS -1,419.17
CASH BALANCE, BEGINNING OF YEAR 1,471.61
------------
CASH BALANCE, END OF PERIOD $ 52.44
============
The accompanying Notes to the Financial Statements are an
integral part of this statement.
MONOGENESIS CORPORATION
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Investment income-net $ -20,701.76
Net realized gain on investments 38,020.51
Change in unrealized appreciation 56,565.90
------------
Net increase in net assets
resulting from operations 73,884.65
CAPITAL SHARE TRANSACTIONS 0
------------
Net increase in net assets 73,884.65
NET ASSETS
Beginning of the year -18,665.58
------------
End of year $ 55,219.07
============
The accompanying Notes to the Financial Statements are an
integral part of this statement.
MONOGENESIS CORPORATION
INVESTMENTS IN SECURITIES
JUNE 30, 1997
Number
of shares Value
COMMON STOCKS-100%
Health Care-1%
PML, Inc. 350 $ 306.25
Communications-99%
Exigent International, Inc. 27,750 58,968.75
Exigent International, Inc.
warrants 1/30/2000 15,000 3,750.00
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$63,025.00
==========
The accompanying Notes to the Financial Statements are an
integral part of this statement.
MONOGENESIS CORPORATION
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
(1) SIGNIFICANT ACCOUNTING POLICIES
Monogenesis Corporation (the Company) is registered under the
Investment Company Act of 1940 as a nondiversified management investment
company. The Company's investment objectives as well as the nature and risk of
its investment transactions are set forth in the Company's registration
statement.
Amortization- Organizational costs are amortized using the straight- line
method over a sixty month period.
Accrual of expenses- It is the Company's policy to accrue items of
expense recognized in the current period, but not paid until the subsequent
period.
Security valuation-Investments in securities in ensuing public
companies are originally valued at cost until such time as the securities are
publicly traded. Securities traded on a national securities exchange or
reported on the NASDAQ national market are stated at the last reported sales
price on the day of valuation. Other securities traded in the over-the-counter
market and listed securities for which no sale was reported on that date
are stated at the last quoted bid price.
Security transaction and investments income- Investment transactions
are accounted for on the trade date. Gain or loss on sales of securities and
options is determined on the basis of identifies cost. Dividend income and
distributions to shareholders are recognized on the ex-dividend date, and
interest income is recognized on the accrual basis.
Federal income taxes- The Company does not qualify for the preferred
tax treatment of dividends paid to stockholders afforded by Subchapter M of the
Internal Revenue Code to most regulated investment companies. No provision
for income taxes is required for this year as the net investment loss exceeded
realized gain on sales of securities.
MONOGENESIS CORPORATION
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
(2) INVESTMENT TRANSACTIONS
Purchases and sales of portfolio securities during the year were $7,250
and $39,117, respectively. Net income on investments for the six months ended
June 30, 1997, was $94,586.41. That amount represents the net increase in
value of the investments held during the period and actual gains realized on
sales of investments. All investment decisions are made by the Company's
President. Purchases, when they occur, are made from funds generated through
additional contributions to Paid-In Capital.
(3) DIVIDENDS
The Company paid no dividends during the period. The Company only
distributes property dividends of stock that it acquires in ensuing public
companies. Such acquisitions of stock are made from Paid-In Capital;
therefore, ensuing stock dividends are charged to Paid-In Capital.
(4) OFFICER/DIRECTOR COMPENSATION
The Company paid $200 in officer salaries during the period. No fees
were paid to directors.
(5) CAPITAL SHARE TRANSACTIONS
As of June 30, 1997, there were 3,000 shares of $.01 par value stock
authorized, 2,050 shares issued and outstanding, and Paid-In Capital
aggregated $89,297.28.
MONOGENESIS CORPORATION
SUPPLEMENTARY INFORMATION- STATEMENT OF CHANGES IN SURPLUS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
COMMON PAID-IN ACCUMULATED
STOCK CAPITAL DEFICIT TOTAL
Balance at begin.
of year $ 20.50 $89,297.28 $-108,288.61 $-18,970.83
Additional stock
issued - -
Additional capital
contributed - -
Net income 17,318.75 17,318.75
------- ---------- ------------ -----------
Balance at
June 30, 1997 $ 20.50 $89,297.28 $ -90,969.86 $ -1,652.08
======= =========== ============ ===========
MONOGENESIS CORPORATION
SUPPLEMENTARY INFORMATION- SELECTED PER SHARE DATA AND RATIOS
1997 1996 1995
PER SHARE DATA
Investment income $ - $ - $ 11.20
Expenses 10.10 19.03 9.30
______ ______ ______
Investment income-net -10.10 -19.03 1.90
Additional contributions - 4.88 .03
Distributions from
investment income-net - - -
Net realized and unrealized
gain (loss) on securities 46.14 .13 -.02
Distributions from realized
gains on securities - - -
------ ------ ------
Net increase/decrease in
net asset value 36.04 -14.0 1.91
Net asset value:
Beginning of year -9.11 4.91 3.00
End of year $ 26.93 $ -9.11 $ 4.91
======= ======== =========
Per share market value,
End of period $ - $ - $ -
======= ======== =========
Total investment return - - -
======= ======== =========
RATIOS
Ratio of expense to
average net assets (%) - - 235
Ratio of investment
income-net to
average net assets (%) - - 48
Portfolio turnover ratio - - -
