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 September 30, 1997
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934
From the transition period from ____________ to ___________.
Commission File Number 33-55254-40
COMPU-GRAPHICS, LTD.
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(Exact name of small business issuer as specified in its charter)
Nevada 87-0485311
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
440 Louisiana, Suite 475, Houston, TX 77002
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(Address of principal executive offices)
(713) 547-8900
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(Issuer's telephone number)
N/A
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(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (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
--- ---
Class Shares Outstanding Date
------- ------------------ ------
Common, $.001 par value 1,000,000 November 1, 1997
<PAGE>
COMPU-GRAPHICS, LTD.
INDEX
Page
Number
------
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements
Condensed Balance Sheets - September 30, 1997 and
December 31, 1996 .......................................... 1
Condensed Statements of Operations - For the three
months and nine months ended September 30, 1997 and 1996 and
for the period from inception (July 26, 1990) to
September 30, 1997.......................................... 2
Condensed Statements of Cash Flows - For the nine months
ended September 30, 1997 and 1996 and for the period from
inception (July 26, 1990) to September 30, 1997 ............ 3
Notes to Condensed Financial Statements..................... 4
Item 2.Management's Discussion and Analysis of Financial
Condition and Results of Operations....................... 5
PART II - OTHER INFORMATION........................................... 5
Item 6.Exhibits and Reports on Form 8-K.......................... 5
SIGNATURES............................................................ 6
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
COMPU-GRAPHICS, LTD.
(A Development Stage Company)
Balance Sheets
Assets
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
------------- ------------
<S> <C> <C>
Current Assets
Cash $ 0 $ 0
-------- --------
Total Current Assets 0 0
-------- --------
Total Assets $ 0 $ 0
======== ========
Liabilities & Stockholder Equity
Current Liabilities
Accounts Payable $ 0 $ 0
-------- --------
Total Current Liabilities $ 0 $ 0
-------- --------
Stockholders Equity
Authorized shares 25,000,000
$0.001 par value; 1,000,000
outstanding at 9-30-97 and
at 12-31-96 1,000 1,000
Deficit accumulated during
development stage (1,000) (1,000)
-------- -------
Total Stockholders Equity $ 0 $ 0
-------- -------
Total Liabilities & Stockholders Equity $ 0 $ 0
======== =======
</TABLE>
See Notes to the Financial Statements
1
<PAGE>
COMPU-GRAPHICS, LTD.
(A Development Stage Company)
Statement of Operations
(Unaudited)
<TABLE>
<CAPTION>
From
Inception
For the Three (July 26, 1990)
Months Ended For the Nine Months Through
September 30, Ended September 30, September 30,
-------------------------- ------------------------- --------------
1997 1996 1997 1996 1997
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
REVENUES $ 0 $ 0 $ 0 $ 0 $ 0
----------- ----------- ----------- ----------- -----------
EXPENSES
Administration Expenses 0 0 0 0 1,000
----------- ----------- ----------- ----------- -----------
Total Expenses 0 0 0 0 1,000
NET (LOSS) $ (0) $ (0) $ (0) $ (0) $ (1,000)
=========== =========== =========== =========== ===========
(LOSS) PER SHARE $ (.00) $ (.00) $ (.00) $ (.00) $ (.01)
=========== =========== =========== =========== ===========
AVERAGE SHARES
OUTSTANDING 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
=========== =========== =========== =========== ===========
</TABLE>
See Notes to the Financial Statements
2
<PAGE>
COMPU-GRAPHICS, LTD.
(A Development Stage Company)
Statements of Cash Flows
<TABLE>
<CAPTION>
For the Nine Months Ended From Inception (July 26, 1990)
September 30, to September 30,
------------------------ -----------------------------
1997 1996 1997
---- ---- ----
<S> <C> <C> <C>
CASH FLOWS FROM FINANCING
ACTIVITIES
Net Income (Loss) $ (0) $ (0) $ (1,000)
Adjustments to reconcile net loss
to cash used in operating
activities: 0 0 0
-------- ------- ---------
Net Cash Used By Operating
Activities $ (0) $ 0 $ (1,000)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issuance of
common stock 0 0 1,000
-------- ------- --------
Net cash provided from financing
activities $ 0 $ 0 1,000
-------- ------- ---------
Net Increase (Decrease) in Cash $ 0 $ 0 $ 0
Cash at Beginning of Period 0 0 0
-------- ------- ---------
Cash at End of Period $ 0 $ 0 $ 0
======== ======= =========
</TABLE>
See Notes to the Financial Statements
3
<PAGE>
COMPU-GRAPHICS, LTD.
(A Development Stage Company)
Notes to the Condensed Financial Statements
September 30, 1997
1. General
The interim financial statements are prepared pursuant to the
requirements for reporting on Form 10-QSB. The December 31, 1996 balance sheet
data was derived from audited financial statements but does not include all
disclosures required by generally accepted accounting principles. The interim
financial statements and notes thereto should be read in conjunction with the
financial statements and notes included in the Company's Form 10-KSB for the
year ended December 31, 1996. In the opinion of management, the interim
financial statements reflect all adjustments of a normal recurring nature
necessary for a fair statement of the results for the interim periods presented.
4
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Material Changes in Result of Operations
During the three months and nine months ended September 30, 1997 and 1996,
the Company had no operations other than the search for a business to acquire
or with which to combine.
The Company reported no revenues or expenses for either of the three month
or nine month periods ended September 30, 1997 or 1996 and the Company incurred
no expenses for either the three month or nine month periods ended September 30,
1996 or 1995.
Material Changes in Financial Condition, Liquidity and Capital Resources
At September 30, 1996 the Company had no current assets and no current
liabilities as compared to no current assets and no current liabilities at
December 31, 1996.
Although the Company has no liquidity, it believes that it will be able
to find a suitable Company with which to merge.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits
27.1 Financial Data Schedule
b) Reports on Form 8-K
None
5
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
COMPU-GRAPHICS, LTD.
Date: November 21, 1997 By: /s/ Craig Barton
-------------------------------------
Craig Barton, President
Principal Executive Officer and
Principal Financial Officer
Date: November 21, 1997 By: /s/ Hank Vanderkam
-------------------------------------
Hank Vanderkam, Treasurer
Principal Financial Officer
6
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1000
<OTHER-SE> (1000)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
