SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 Page 1 of 6 Sequentially
FORM 10-QSB Numbered Document
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 1997
[ ] 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 0-23180
A.G. HOLDINGS, INC.
(Exact Name of Registrant as specified in its Charter)
Washington 91-1253514
(State or other Jurisdiction of I.R.S. Employer Identi-
Incorporation or Organization fication No.)
45110 Club Drive, Suite B, Indian Wells, California 92210
(Address of Principal Executive Offices) (Zip Code)
(619) 360-1042
(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, $.0001 par value 15,000,000
- ----------------------------------- -----------------------
Title of Class Number of Shares outstanding
at January 31, 1997
No Exhibits included.
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A. G. HOLDINGS, INC.
(A Development Stage Company)
BALANCE SHEET
ASSETS
July 31, April 30,
1997 1997
CURRENT ASSETS:
Cash $_______- $_______-
Total Current Assets -
-
TOTAL ASSETS $ - $ -
========
=======
LIABILITIES AND STOCKHOLDERSAE EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 1,145 $ 1,145
Note Payable 1,571
1,571
Advances from related parties 30,314 19,965
---------
- --------
Total Current Liabilities 33,030 $ 22,681
---------
- -------
STOCKHOLDERSAE EQUITY (DEFICIT):
Common stock, $.0001 par value, 100,000,000
shares authorized, 15,000,001 shares issued
and outstanding at July 31 and April 30, 1997 1,500 1,500
Capital in excess of par value 468,691 468,691
Retained earnings (deficit) (450,047) (450,047)
(Deficit) accumulated during the development
stage ( 53,174) ( 42,825)
--------
- --------
Total StockholderAEs Equity (Deficit) ( 33,030) ( 22,281)
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--------
- --------
TOTAL LIABILITIES & STOCKHOLDERSAEEQUITY $ - $ -
=======
=======
The accompanying notes are an integral part of these financial statements
- -2-
A. G. HOLDINGS, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
Cummulative
From
For the Three Months Ended April 30,
July 31 1992 through
_____________________________July 31,
1997 1996 1997
--------- ----------- -----------
REVENUES
Sales $ - $ - $
-
--------- ----------- -----------
Total Revenues - -
-
--------- ----------- -----------
EXPENSES
General and administrative10,349 - 42,582
--------- ----------- -----------
Total Expenses
10,349 - 42,582
--------- ----------- ------------
LOSS FROM OPERATIONS ( 10,349) - ( 42,582)
OTHER INCOME (EXPENSE) - - -
INTEREST EXPENSE - - 592
-------- ---------- ----------
LOSS FROM OPERATIONS
BEFORE INCOME TAXES ( 10,349) - ( 43,174)
CURRENT INCOME TAX - - -
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DEFERRED INCOME TAX - - -
-------- ---------- ----------
NET (LOSS) $ ( 10,349) $ - $ ( 43,174)
====== ========= =========
NET (LOSS) PER SHARE $ (0.0007) $ - $ (0.003)
====== ========= =========
No. Shares Outstanding 15,000,001 at 4/30/97 and 7/31/97
The accompanying notes are an integral part of these financial statements
- -3-
A. G. HOLDINGS, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
For the Three Months Ended April 30, July 31, 1992
through
_______________________ July 31,
1997 1996
1997
------------ ---------
- ----------
Cash Flows to Operating Activities:
Net income (loss) $ ( 10,349) $ - $ ( 43,174)
Adjustments to reconcile net (loss) to
net cash used by operating activities:
Issuance of stock payment of services - -
1,000
Changes in assets and liabilities:
Increase (decrease) in accounts
payable and related party advances 10,349 - 20,270
------------ ---------
- ----------
Net Cash Flows to Operating Activites - - ( 21,904)
------------ ---------
- ---------
Cash Flows to Investing Activities:
Proceeds from sales of property
and equipment - -
-
------------ ---------
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- ---------
Net Cash to Investing Activities - -
-
------------ ---------
- --------
Cash Flows from Financing Activities:
Proceeds from notes payable - -
1,118
Proceeds from shareholder advances - - 20,142
------------ ---------
- --------
Net Cash from Financing Activities - -
21,260
------------ ---------
- --------
Net Cash Flow Activity - -
(644)
Cash at Beginning of the Year - - 644
------------ ---------
- --------
Cash at End of Year $ - $ - $
-
=========== ========
=======
The accompanying notes are an integral part of these financial statements
- -4-
A. G. HOLDINGS, INC.
(A Development State Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
July 31, 1997
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
July 31, 1997, the results of operations for the three months ended July 31,
1996 and 1997, and the cash flows for the three months ended July 31, 1996 and
1997. Certain information and footnote disclosures normally included in
financial statements that have been prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to the
rules and regulations of the Securities and Exchange Commission, although
management of the Company believes that the disclosures in these financial
statements are adequate to make the information presented therein not
misleading. For further information, refer to the financial statements and
footnotes thereto
<PAGE>
for the fiscal year ended April 30, 1997 included in the CompanyAEs Form 10-KSB.
The results of operations for the three months ended July 31, 1997, are
not necessarily indicative of the results of operations to be expected for the
full fiscal year ending April 30, 1998.
Item 2. MANAGEMENTAES DISCUSSION AND ANALYSIS OF THE RESULTS OF
OPERATIONS AND FINANCIAL CONDITION
The Company has not commenced operations and has no working
capital.
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
See Item 2
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
None
- -5-
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf the
undersigned thereto duly authorized.
Date: September 15, 1997 By: /s/ Dempsey K. Mork
Dempsey K. Mork
President (chief financial officer
and accounting officer and duly authorized
officer
<PAGE>
- -6-
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 thereto duly authorized.
Date: September 15, 1997 By: ______________________________
Dempsey K. Mork
President (chief fiancial officer and
accounting officer and duly authorized
officer)
<PAGE>
