FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
For the quarterly period ended March 31, 1996
Commission File No. 0-23178
ALOE VERA NATUREL, INC.
(Exact name of registrant as specified in its charter)
Minnesota 41-1309882
(State or other jurisdiction (IRS Employer Identification No.)
of Incorporation or Organization)
600 South Conklin Avenue, Sioux Falls SD 57103
(Address of principal executive office) (Zip Code)
Registrant's telephone number: (605) 335-1942
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act: None
Common Stock, par value $.001 per share
(Title of Class)
Indicate by check mark whether the Registrant (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 Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes_X_ NO___
5,575,833 shares of Registrant's Common Stock, no par value were outstanding on
March 31, 1996.
ALOE VERA NATUREL, INC.
BALANCE SHEET
MAY 10, 1996
(UNAUDITED)
May 10, 1996
- --------------------------------------------------------------
ASSETS $ --
=========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accrued compensation to stockholder/
officer (Note 2) $ 51,667
Due to stockholder/officer (Note 2) 19,518
---------
$ 71,185
---------
Stockholders' Equity (Deficit)
Common stock, par value $.001 per share;
authorized 10,000,000 shares;
issued 5,575,833 shares $ 5,576
Additional paid-in capital 314,751
Accumulated (deficit) (391,512)
---------
$ (71,185)
$ --
=========
See Notes to Financial Statements.
ALOE VERA NATUREL, INC.
STATEMENTS OF OPERATIONS AND ACCUMULATED (DEFICIT)
FOR THE PERIOD FROM APRIL 1, 1996 TO MAY 10, 1996
(UNAUDITED)
Revenue $ --
Expenses (Note 2):
Office and other expenses $ 171
Accounting fees 1,696
------------
$ 1,867
------------
NET (LOSS) BEFORE INCOME TAXES $ (1,867)
Income taxes --
------------
NET (LOSS) $ (1,867)
============
Loss percommon share (Note 3) $ n.m.
============
Weighted Average Number of Common
Shares and Common Share Equivalents 5,575,833
ACCUMULATED (DEFICIT)
Balance, beginning $ (389,645)
Net (loss) (1,867)
------------
Balance, ending $ (391,512)
============
See Notes to Financial Statements
ALOE VERA NATUREL, INC.
STATEMENTS OF CASH FLOWS
FOR THE PERIOD FROM APRIL 1, 1996 TO MAY 10, 1996
(UNAUDITED)
Cash Flows From Operating Activities
Net (loss) $(1,867)
Adjustments to reconcile net (loss) to net cash
provided by (used in) operating activities:
Change in assets and liabilities:
Increase in due to stockholder/officer 1,867
-------
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES $ --
-------
NET INCREASE IN CASH AND
CASH EQUIVALENTS $ --
Cash and cash equivalents:
Beginning --
-------
Ending $ --
=======
See Notes to Financial Statements.
ALOE VERA NATUREL, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1. INTERIM FINANCIAL STATEMENTS
The financial information presented has been prepared from the books and records
without audit but, in the opinion of management, includes all adjustments,
consisting of only normal recurring adjustments, necessary for a fair
presentation of the financial information for the periods presented. The results
of operations for the period from April 1, 1996, to May 10, 1996, are not
necessarily indicative of the results expected for the entire year.
NOTE 2. RELATED PARTY TRANSACTIONS
In order to simplify accounting of office expenses incurred by the president in
connection with services performed for the Company, the Company agreed to pay
its president, beginning October, 1992, $100 per month for office expenses. Such
expenses include the use of office machines and normal day-to-day expenditures
for postage and telephone usage. Since the Company has no capital, the amounts
due are being accrued.
The Company owes its president for funds he advanced in order to pay certain
general and administrative expenses which for the period from April 1, 1996, to
May 10, 1996, totaled $1,734.
The Company has an employment agreement with its president, for a period of
three years, beginning November 20, 1991, and thereafter from month to month
unless sooner terminated as therein provided. Under the agreement, the president
earned $5,000 per month from November 1991 to September 1992, all of which was
accrued since the Company has no capital. Beginning October 1992, accruals of
additional compensation were suspended pending further activity in the Company.
"Further activity" is understood between the parties to mean such activity that
is reasonably expected to result in the production of cash flows within the
three months following resumption of accruals, where such cash flows are
determined by the board of directors to be sufficient to justify a resumption of
accruals. No such activity has occurred since October, 1992.
NOTE 3. COMPUTATION OF (LOSS) PER COMMON SHARE
(Loss) per common share: (Loss) per common share is computed based on the
Company's net (loss) and the weighted average number of outstanding shares of
common stock. For the period from April 1, 1996, to May 10, 1996, the weighted
average number of common stock shares outstanding was 5,575,833 shares.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITIONS AND RESULTS OF OPERATIONS
There was no change in the business of the Company from January 1, 1996
to March 31, 1996. During this period the Company entered into an agreement for
a Plan of Exchange regarding Equihot Herverzekering N.V., which will be voted
upon by the shareholders on May 10, 1996.
SIGNATURES
In accordance with Section 12 of the Securities Exchange Act of 1934,
the registrant caused this registration statement to be signed on its behalf by
the undersigned thereunto duly authorized.
Date: 5/9/96
Aloe Vera Naturel, Inc.
By /s/ George N. Berger
George N. Berger, President
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