SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 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 0-23180
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)
(760) 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 15,000,001
- ----------------------------------- -----------------------
Title of Class Number of Shares
outstanding
at July 31, 1998
No Exhibits included.
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
April 30, July 31,
1998 1998
CURRENT ASSETS
$ -- $ --
OTHER ASSETS
$ $
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
CURRENT LIABILITIES
Accounts Payable
$ 5,353 $ 5,353
Note Payable
1,518 1,518
Advances from Related Parties
21,295 21,295
Total Current Liabilities
$ 28,166 $ 28,166
STOCKHOLDERS' EQUITY
Common stock - authorized 100,000,000 shares $.0001 par value,
issued and outstanding 15,000,000
313 313
Additional paid in capital
470,188 470,188
Retained Earnings (Deficit)
(450,047) (450,047)
Deficit accumulated during development stage
(48,620) (48,620)
TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY)
(28,166) (28,166)
$ $
See accompanying Notes to Financial Statements
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
FOR THE THREE FOR THE THREE FROM INCEPTION
MONTHS ENDED MONTHS ENDED (APRIL 30, 1992)
JULY 31, JULY 31, TO
1997 1998 JULY 31, 1998
REVENUES $ -0- $ -0- $ -0-
COSTS AND EXPENSES 10,349 -0- 48,620
NET LOSS ACCUMULATED DURING
THE DEVELOPMENT STAGE
$ (10,349) $ -0- $ (48,620)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING
15,000,001 15,000,001 15,000,001
LOSS PER COMMON SHARE
$ nil $ nil $ nil
See accompanying Notes to Financial Statements
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
FOR THE THREE FOR THE THREE APRIL 30, 1992
MONTHS ENDED MONTHS ENDED THROUGH
JULY 31, JULY 31, JULY 31,
1997 1998 1998
Cash Flows From Operating Activities:
Net Loss $ (10,349) $ -0- $ (48,620)
Other - Stock Issuance -0- -0- 1,310
Increase in Accounts Payable and related
party advances 10,349 -0- 25,406
CASH USED BY OPERATING ACTIVITIES
-0- -0- (21,904)
Cash Flows From Financing Activities
Proceeds from Notes payable
-0- -0- 1,118
Proceeds from Shareholder Advances
-0- -0- 20,142
DECREASE IN CASH -0- -0- (644)
CASH BALANCE - BEGINNING -0- -0- 644
CASH BALANCE - ENDING $ -0- $ -0- $ -0-
See accompanying Notes to Financial Statements
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
July 31, 1998
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 January 31, 1998, the results of operations for the
three and nine months ended January 31, 1997 and 1998, and the cash flows for
the nine months ended January 31, 1997 and 1998. 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 for the fiscal year ended April 30, 1997 included in
the Company's Form 10-KSB.
The results of operations for the three and nine months ended
January 31, 1998, are not necessarily indicative of the results of
operations to be expected for the full fiscal year ending April 30, 1998.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF 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
None
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
None
5
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.
Date: April 21, 1998 By: /s/ Dempsey K. Mork
-------------------------- --------------------
Dempsey K. Mork
President and Chief Financial Officer
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 thereunto duly authorized.
Date: April 21, 1998 By:
Dempsey K. Mork
President and Chief Financial Officer
6
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