UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________________ to _______________
Commission File No. 33-55254-25
VisionGlobal Corporation
(Exact name of Small Business Issuer as specified in its charter)
NEVADA 87-0438636
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
251 Kearny, 8th Floor
San Francisco, California 94108
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (415) 901-2700
Indicate by check mark whether the Issuer (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 Issuer
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. [ ] Yes [X] No
Indicate the number of shares outstanding of each of the Issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding as of December 7, 1999
- -------------------------------------- ------------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK 17,302,000 SHARES
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements.
BASIS OF REPRESENTATION
General
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and, therefore, do not include
all information and footnotes necessary for a complete presentation of financial
position, results of operations, cash flows and stockholders' deficit in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature. Operating results for the quarter
ended March 31, 1999, are not necessarily indicative of the results that can be
expected for the year ending December 31, 1999.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
The Company has had no operational history and has yet to engage in
business of any kind. All risks inherent in new and inexperienced enterprises
are inherent in the Company's business. The Company's major activity for the
quarter ended March 31, 1999 was looking for viable business opportunities.
During the quarter, the Company spent about $650,000 for various
administrative expenses to develop the business of VisionCorp ($105,000 in
1998). Included in the $650,000 is $562,000 of services to officers paid with
stock.
VisionCorp is at present a holding company whose principal business
will be to foster, develop and manage companies in highly technical operations.
VisionCorp intends to become an operating company itself in the near future.
Assets
The Company remains without significant assets and is presently being
supported by investment from various sources. The Company is now attempting to
raise capital to begin operations. Future activities will be dependent on the
Company's ability to raise substantial new capital.
While there cannot be any assurance that the Company will be successful
in obtaining substantial investment, the Company believes that if its
negotiations are successful in obtaining an agreement with certain internet
providers and internet related operations, it should be in a position to raise
the necessary capital to activate the Company.
Liabilities
The liabilities of the Company represent costs incurred in attempts to
establish business operations during the past quarter.
Operations
The Company has had no operating revenues as demonstrated by the
financial statements. The expense associated with operations primarily consists
of general and administrative costs incurred while
<PAGE>
attempting to establish a business for the Company by the negotiation of certain
options held by the Company to acquire operations in the land mine discovery and
removal business, water purification and other related businesses. At the same
time the Company has been incurring expenses in connection with its present
attempt to obtain an agreement for providing certain internet services which the
Company hopes to conclude in the near future.
Stockholders' Deficit
The Company has an accumulated loss of $1,044,936 which has been
incurred to date during the development stage. At March 31, 1999 stockholders'
deficit was $171,405.
Item 5. Other Information
On May 7, 1999, the Company announced an additional corporate strategy.
The Company which is currently positioning itself as a prime contractor for
ordnance detection and ordnance remediation utilizing geophysical technologies,
has entered into talks with several entities to facilitate their plan to take
advantage of the rapidly growing Internet and technology sector. It is
Management's belief that the earnings potential that currently exist in the
convergence of media related technologies is significant and will continue to
grow. Additionally, Management has found a lucrative synergistic relationship
between the two sectors which to date has not been exploited.
As of the date of this filing, Management has secured funding interest
for the future growth and development of the Company. Management believes this
funding will provide sufficient working capital to initiate operations.
Management is now focused on a more attractive opportunity to fulfill the
Company's ambitions in the ordnance sector.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
99.1 Financial Statements as of March 31, 1999
27 Financial Data Schedule
(b) Reports on Form 8-K
None
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Issuer has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VisionGlobal Corporation
Dated: January 7, 2000 /s/ Martin Wotton
Martin G. Wotton,
President and Director
<PAGE>
VISIONGLOBAL CORPORATION AND SUBSIDIARIES
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
ASSETS (Unaudited) (Audited)
---------------------- ---------------------
CURRENT ASSETS
<S> <C> <C>
Cash in bank $ 0 $ 0
---------------------- ---------------------
TOTAL CURRENT ASSETS 0 0
---------------------- ---------------------
$ 0 $ 0
====================== =====================
LIABILITIES & DEFICIT
CURRENT LIABILITIES
Accounts payable $ 76,205 $ 59,979
Payable - officer 70,200 70,200
Loans payable 25,000 25,000
---------------------- ---------------------
TOTAL CURRENT LIABILITIES 171,405 155,179
STOCKHOLDERS' DEFICIT
Common Stock $.001 par value:
Authorized - 100,000,000 shares
Issued and outstanding
17,302,000 shares (11,200,000 in 1998) 17,302 11,200
Additional paid-in capital 856,229 227,931
Deficit accumulated during the
development stage (1,044,936) (394,310)
----------------------- ----------------------
TOTAL STOCKHOLDERS' DEFICIT (171,405) (155,179)
----------------------- ----------------------
$ 0 $ 0
====================== ====================
</TABLE>
F - 1
<PAGE>
VISIONGLOBAL CORPORATION AND SUBSIDIARIES
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
4/16/86
Three Months Ended (Date of
March 31, inception) to
1999 1998 3/31/99
------------------ ----------------- -----------------------
<S> <C> <C> <C>
Net sales $ 0 $ 0 $ 0
Cost of sales 0 0 0
------------------ ----------------- -----------------------
GROSS PROFIT 0 0 0
General and administrative expenses 650,626 105,144 1,044,936
------------------ ----------------- -----------------------
NET LOSS $ (650,626) $ (105,144) $ (1,044,936)
================== ================== ========================
Net income (loss) per weighted
average share $ (.04) $ (.01)
================== ==================
Weighted average number of common
shares used to compute net income
(loss) per weighted average share 15,106,666 9,222,222
================== =================
</TABLE>
F - 2
<PAGE>
VISIONGLOBAL CORPORATION AND SUBSIDIARIES
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
4/16/86
(Date of
Three Months Ended March 31, Inception) to
1999 1998 3/31/99
--------------- --------------- ----------------
OPERATING ACTIVITIES
<S> <C> <C> <C>
Net (loss) $ (650,626) $ (105,144) $ (1,044,936)
Adjustments to reconcile net (loss) to cash used
by operating activities:
Stock issued for expenses 561,800 9,000 561,800
Amortization 0 0 50
Changes in assets and liabilities:
Accounts payable 16,226 0 76,205
Payable - officer 0 0 70,200
--------------- --------------- ----------------
NET CASH USED
BY OPERATING ACTIVITIES (72,600) (96,144) (336,681)
INVESTING ACTIVITIES
Organization costs 0 0 (50)
Purchase of equipment 0 (11,099) 0
Option 0 (34,490) 0
--------------- ---------------- ----------------
NET CASH PROVIDED (USED)
BY INVESTING ACTIVITIES 0 (45,589) (50)
FINANCING ACTIVITIES
Proceeds from sale of common stock 72,600 0 74,600
Loans 0 0 25,000
Cash from subsidiary 0 142,450 237,131
--------------- --------------- ----------------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 72,600 142,450 336,731
--------------- --------------- ----------------
INCREASE IN CASH
AND CASH EQUIVALENTS 0 717 0
Cash and cash equivalents at beginning of year 0 0 0
--------------- --------------- ----------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 0 $ 717 $ 0
=============== =============== ================
</TABLE>
SUPPLEMENTAL INFORMATION
During the quarter ended March 31, 1998, the Company issued 10,000,000 shares
of restricted common stock at par value to acquire subsidiaries. $9,000 was
treated as an acquisition cost and charged to expense.
F - 3
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted
from VisionGlobal Corporation and Subsidiaries March 31, 1999
financial statements and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 0000894535
<NAME> VisionGlobal Corpoation
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1.00
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 171,405
<BONDS> 0
0
0
<COMMON> 17,302
<OTHER-SE> (188,707)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 650,626
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (650,626)
<INCOME-TAX> 0
<INCOME-CONTINUING> (650,626)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (650,626)
<EPS-BASIC> (.04)
<EPS-DILUTED> (.04)
</TABLE>
