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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 December 31, 1998
[ ] 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.)
24351 Pasto Road, Suite B, Dana Point, California 92629
(Address of Principal Executive Offices) (Zip Code)
(949) 489-2400
(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 December 31, 1998
No exhibits included.
1
<PAGE>
FARADAY FINANCIAL, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
<CAPTION>
March 31, December 31,
1998 1998
<S> <C>
TOTAL ASSETS $ $
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES - Accounts payable $ 1,546 $ 1,591
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
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 (2,792) (2,837)
TOTAL STOCKHOLDERS' EQUITY (1,546) (1,591)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ $
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
FARADAY FINANCIAL, INC.
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
CUMULATIVE
FOR THE NINE MONTHS FOR THE THREE FROM INCEPTION
ENDED MONTHS ENDED (June 11, 1992)
December 31, December 31, TO
1998 1997 1998 1997 December 31, 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0- $ -0- $ -0-
OPERATING EXPENSES
General and Administrative 45 45 15 15 2,566
Amortization 271
TOTAL OPERATING EXPENSES 45 45 15 15 2,837
NET (LOSS) $ (45) (45) (15) $ (15) $ (2,837)
NET (LOSS) PER SHARE $ (Nil) $ (Nil) $ (Nil) $ (Nil) $ (.01)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 424,000 424,600 424,600 424,000 420,491
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
FARADAY FINANCIAL, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
<TABLE>
CUMULATIVE
<CAPTION>
FOR THE NINE MONTHS FOR THE THREE FROM INCEPTION
ENDED MONTHS ENDED (June 11, 1992)
December 31, December 31, TO
1998 1997 1998 1997 December 31, 1998
CASH FLOWS FROM OPERATING
ACTIVITIES
<S> <C> <C> <C> <C> <C>
Net (Loss) $ (45) $ (45) $ (15) $ (15) $ (2,837)
Add item not requiring the
use of cash - amortization 271
Increase (decrease) in accounts
payable 45 45 15 15 1,591
Net cash flows from operating
activities (975)
CASH FLOWS FROM 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 (763)
CASH BALANCE AT BEGINNING
OF PERIOD 763
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)
December 31, 1998
1. Comments
The accompanying financial statements are unaudited, but in the opinio
of the management of the Company, contain all adjustments, consisting of only
normal recurring accruals, necessary to present fairly the financial position
at December 31, 1998, the results of operations for the three and six months
ended December 31, 1998 and 1997, and the cash flows for the three and six
months ended December 31, 1998 and 1997.
Reference is made to the Company's Form 10-KSB for the year ended
March 31, 1998. The results of operations for the three months ended December
31, 1998 are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending March 31, 1999.
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: January 10, 1999 By: /s/ Jehu Hand
Jehu Hand,
President 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 NINE MONTHS ENDED DECEMBER 31, 1997 AND
AS OF DECEMBER 31, 1998 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> 9-MOS
<FISCAL-YEAR-END> Mar-31-1998
<PERIOD-START> Apr-01-1997
<PERIOD-END> Dec-31-1996
<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> 1,591
<BONDS> 0
0
0
<COMMON> 1,246
<OTHER-SE> (2,837)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 45
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (45)
<INCOME-TAX> 0
<INCOME-CONTINUING> (45)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (45)
<EPS-BASIC> (.00)
<EPS-DILUTED> (.00)
</TABLE>
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