U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
For the transition period from _______________ to _______________
Commission File No. 1-13134
AMERICAN NORTEL COMMUNICATIONS, INC.
(Name of Small Business Issuer in its Charter)
WYOMING 87-0507851
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
7201 East Camelback Road, Suite 320
Scottsdale, AZ 85251
(Address of Principal Executive Offices)
Issuer's Telephone Number: (602) 945-1266
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1)Yes / / No /X/ (2) Yes /X/ No / /
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by court.
Yes / / No / /
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date:
November 18, 1996
Common Voting Stock - 11,746,500
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
<TABLE>
<CAPTION>
AMERICAN NORTEL COMMUNICATIONS, INC.
INCOME STATEMENT
For the NINE MONTHS ended MARCH 31, 1996
Q U A R T E R YEAR TO DATE
AMOUNT PERCENT AMOUNT PERCENT
<S> <C> <C> <C> <C>
INCOME:
INCOME - AIRTIME $ 5,657.63 2.33 $ 70,457.63 22.87
INCOME - TRADE 237,614.34 97.67 237,614.34 77.13
-------------- ------ -------------- ------
TOTAL INCOME 243,271.97 100.00 308,071.97 100.00
COST OF SALES:
COS - AIRTIME 1,245.00 0.51 15,501.00 5.03
COS - TRADE 62,474.70 25.68 62,474.70 20.28
-------------- ------ -------------- ------
TOTAL COST OF SALES 63,719.70 26.19 77,975.70 25.31
-------------- ------ -------------- ------
GROSS PROFIT 179,552.27 73.81 230,096.27 74.69
EXPENSES:
ADVERTISING 201.00 0.08 201.00 0.07
AUTOMOBILE 254.59 0.10 647.39 0.21
BANK & SERVICE CHARGES 583.10 0.24 916.61 0.30
BUSINESS PROMOTION 0.00 0.00 227.35 0.07
CASUAL LABOR 400.00 0.16 400.00 0.13
DUES AND SUBSCRIPTIONS 208.20 0.09 768.20 0.25
COMMISSIONS 282.88 0.12 3,307.88 1.07
MEALS & ENTERTAINMENT 401.79 0.17 702.37 0.23
INSURANCE 0.00 0.00 381.00 0.12
OFFICE SUPPLIES 43.58 0.02 117.43 0.04
COMPUTER SUPPLIES 66.22 0.03 708.82 0.23
OPERATING SUPPLIES 2,650.81 1.09 3,170.92 1.03
PAYROLL TAXES & INSURANCE 1,352.85 0.56 3,433.85 1.11
POSTAGE / FREIGHT / DELIVERY 3,165.58 1.30 3,267.03 1.06
PROFESSIONAL FEES 45,686.18 18.78 100,686.18 32.68
RENT 6,068.33 2.49 11,361.57 3.69
MAINTENANCE & REPAIRS 185.25 0.08 185.25 0.06
SALARIES 13,075.00 5.37 37,075.00 12.03
TAXES & LICENSES 16.70 0.01 16.70 0.01
TELEPHONE 2,084.47 0.86 6,858.98 2.23
TRAVEL 1,755.46 0.72 4,448.34 1.44
UTILITIES 141.06 0.06 141.06 0.05
-------------- ------ -------------- ------
TOTAL EXPENSES 78,623.05 32.33 179,022.93 58.11
-------------- ------ -------------- ------
OPERATING PROFIT OR (LOSS) 100,929.22 41.48 51,073.34 16.58
OTHER INCOME (EXPENSE):
INTEREST EXPENSE <30,713.00> <12.62> <92,139.00> <29.91>
DEPRECIATION <3,432.00> <1.41> <5,952.00> <1.93>
STOCK TRANSFER EXPENSES <2,232.67> <0.92> <8,076.88> <2.62>
PENALTIES/INTEREST <760.00> <0.31> <2,217.00> <0.72>
-------------- ------ -------------- ------
TOTAL OTHER INCOME & EXPENSE <37,137.67> <15.26> <108,384.88> <35.18>
-------------- ------ -------------- ------
NET PROFIT OR (LOSS) $ 63,791.55 26.22 $ <57,311.54> <18.60>
============== ====== ============== ======
</TABLE>
<TABLE>
<CAPTION>
AMERICAN NORTEL COMMUNICATIONS, INC.
BALANCE SHEET
As of MARCH 31, 1996
<S> <C> <C>
A S S E T S
CURRENT ASSETS:
CASH IN BANK WESTERN $ 4,165.71
CASH IN BANK - NATIONAL 154.03
---------------
TOTAL CURRENT ASSETS $ 4,319.74
PROPERTY AND EQUIPMENT:
EQUIPMENT 37,564.20
ACCUMULATED DEPRECIATION <5,952.00>
--------------
TOTAL PROPERTY & EQUIPMENT 31,612.20
OTHER ASSETS:
INVESTMENTS-OFFICE SUPPLIES 74,984.55
INVESTMENTS-OFFICE FURNITURE 117,574.34
INVESTMENTS-EQUIPMENT 22,555.45
INVESTMENT-LAND 20,000.00
--------------
TOTAL OTHER ASSETS 235,114.34
--------------
TOTAL ASSETS $ 271,046.28
==============
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES:
ACCOUNTS PAYABLE - REGULAR $ 92,927.52
ACCOUNTS PAYABLE - TRADE 58,823.00
FEDERAL PAYROLL TAXES PAYABLE 10,543.30
STATE WITHHOLDING PAYABLE 206.38
STATE UNEMPLOYMENT PAYABLE 461.02
FEDERAL UNEMPLOYMENT PAYABLE 136.60
--------------
TOTAL CURRENT LIABILITIES 163,097.82
LONG TERM LIABILITIES:
NOTES PAYABLE 675,000.00
ACCRUED INTEREST 280,628.00
--------------
TOTAL LONG TERM LIABILITIES 955,628.00
--------------
TOTAL LIABILITIES 1,118,725.82
STOCKHOLDERS EQUITY:
COMMON STOCK 20,294,032.00
RETAINED EARNINGS <21,084,400.00>
Current Earnings (Loss) <57,311.54>
--------------
TOTAL STOCKHOLDERS EQUITY <847,679.54>
--------------
TOTAL LIABILITIES & STOCKHOLDERS EQUITY $ 271,046.28
==============
</TABLE>
Item 2. Management's Discussion and Analysis or Plan of Operation.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None; not applicable.
Item 2. Changes in Securities.
None; not applicable.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
(a)Exhibits.
27 Financial Data Sheet
(b)Reports on Form 8-K.
No reports were filed on Form 8-K during the quarter for which
this report is filed.
<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.
AMERICAN NORTEL COMMUNICATIONS, INC.
Date: November 18, 1996 By: /S/ W.P. Williams, Jr.
------------------- -----------------------------------
W. P. WILLIAMS, JR., Director
Chief Executive Officer
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 5
<LEGEND>
</LEGEND>
<MULTIPLIER> 1
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> FEB-28-1996
<CASH> 4,319
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,319
<PP&E> 37,564
<DEPRECIATION> 5,952
<TOTAL-ASSETS> 271,046
<CURRENT-LIABILITIES> 163,097
<BONDS> 0
0
0
<COMMON> 20,294,032
<OTHER-SE> (21,141,711)
<TOTAL-LIABILITY-AND-EQUITY> 271,046
<SALES> 243,271
<TOTAL-REVENUES> 243,271
<CGS> 63,719
<TOTAL-COSTS> 142,342
<OTHER-EXPENSES> 37,173
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 63,791
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 63,7915
<EPS-PRIMARY> 0.01
<EPS-DILUTED> 0.01
</TABLE>
