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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the transition period from __________________
to __________________
Commission File Number 0-22236
FARADAY FINANCIAL, INC.
(Exact Name of Registrant as specified in its Charter)
Delaware 33-0565710
(State or other Jurisdiction of I.R.S. Employer Identi-
Incorporation or Organization fication No.)
1500 Quail Street, Suite 550, Newport Beach, California 92660
(Address of Principal Executive Offices) (Zip Code)
(714) 660-1500
(Registrant's Telephone Number, including Area Code)
Indicate by check mark whether the Registrant (i) 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 (of for such shorter period that the
Registrant was required to file such reports) and (ii) 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.
Common Stock, $.001 par value 424,600
- ---------------------------------- --------------------
Title of Class Number of Shares outstanding
at June 30, 1995
No exhibits included.
1
<PAGE>
FARADAY FINANCIAL, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
March 31, June 30,
1995 1995
<S> <C>
CURRENT ASSETS - CASH -0-
OTHER ASSETS
Organization costs, net of accumulated
amortization of $104 and $119 (Note 1) 110 95
TOTAL ASSETS $ 110 $ 95
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES - Accounts payable $ 216 $ 1,231
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 1,000,000 shares authorized, including one
share of Series A Preferred
Stock; no shares issued and outstanding $ -0-
Common Stock, $.001 par value; 20,000,000 shares
authorized; 424,600 shares issued and outstanding 425 425
Additional paid-in Capital 821 821
Accumulated deficit during the development stage (1,352) (2,382)
TOTAL STOCKHOLDERS' EQUITY (106) (1,136)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 110 $ 95
</TABLE>
See accompanying Notes to Financial Statements
2
<PAGE>
FARADAY FINANCIAL, INC.
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
<TABLE>
CUMULATIVE
<CAPTION>
FOR THE THREE FROM INCEPTION
MONTHS ENDED (June 11, 1992)
JUNE 30, TO
1995 1994 JUNE 30, 1995
<S> <C> <C> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0-
OPERATING EXPENSES
General and Administrative 15 118 2,206
Amortization 15 15 176
TOTAL OPERATING EXPENSES 30 133 2,382
NET (LOSS) $ (30) $ (133) $ (2,382)
NET (LOSS) PER SHARE $ (Nil) $ (Nil) $ (Nil)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 424,600 424,600 413,105
</TABLE>
See accompanying Notes to Financial Statements
3
<PAGE>
FARADAY FINANCIAL, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
<TABLE>
CUMULATIVE
FOR THE THREE FROM INCEPTION
<CAPTION>
MONTHS ENDED (June 11, 1992)
JUNE 30, TO
1995 1994 JUNE 30, 1995
CASH FLOWS FROM OPERATING
ACTIVITIES
<S> <C> <C> <C>
Net (Loss) $ (30) $ (133) $ (2,382)
Add item not requiring the
use of cash - amortization 15 15 176
Increase (decrease) in accounts
payable 15 118 1,231
Net cash flows from operating
activities (975)
CASH FLOWS INVESTING ACTIVITIES
Organizational Costs (271)
CASH FLOWS FROM FINANCING
ACTIVITIES
Contribution to Capital 500
Sale of Common Stock 746
Net Cash flows from financing
activities 1,246
NET INCREASE (DECREASE) IN CASH
CASH BALANCE AT BEGINNING OF PERIOD
CASH BALANCE AT END OF PERIOD $ $ $
</TABLE>
See accompanying Notes to Financial Statements
4
<PAGE>
FARADAY FINANCIAL, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
JUNE 30, 1995
1. Comments
The accompanying financial statements are unaudited, but in the opinion
of the management of the Company, contain all adjustments, consisting
of only normal recurring accruals, necessary to present fairly the
financial position at June 30, 1995, the results of operations for the
three months ended June 30, 1995 and 1994, and the cash flows for the
three months ended June 30, 1995 and 1994.
Reference is made to the Company's Form 10-KSB for the year ended March
31, 1995. The results of operations for the three months ended June 30,
1995 are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending March 31, 1996.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
The Company has limited working capital and no activities.
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS - None
Item 2. CHANGES IN SECURITIES - None
Item 3. DEFAULTS UPON SENIOR SECURITIES - None
Item 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS - None
Item 5. OTHER INFORMATION - None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits--None
Reports on Form 8-K--None.
5
<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.
FARADAY FINANCIAL, INC.
Date: February 20, 1996 By: /s/ Jehu Hand
-------------
Jehu Hand,
Chairman and Chief Financial
Officer (chief financial officer
and accounting officer and duly
authorized officer)
6
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE STATEMENTS FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND
AS OF JUNE 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000919602
<NAME> FARADAY FINANCIAL, INC.
<MULTIPLIER> 1
<CURRENCY> US dollars
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Mar-31-1996
<PERIOD-START> Apr-01-1995
<PERIOD-END> Jun-30-1995
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 1,231
<BONDS> 0
0
0
<COMMON> 1,246
<OTHER-SE> (2,382)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 30
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (30)
<INCOME-TAX> 0
<INCOME-CONTINUING> (30)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (30)
<EPS-BASIC> (.00)
<EPS-DILUTED> (.00)
</TABLE>
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