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Previous: PERMANENT BANCORP INC, 8-K, 1998-06-23 |
Next: STRATEGIC INCOME PORTFOLIO, N-30D, 1998-06-23 |
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 January 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 January 31, 1998
No Exhibits included.
<PAGE>
<TABLE>
<CAPTION>
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
April 30, January 31,
1997 1998
<S> <C> <C>
CURRENT ASSETS $ -- $ --
OTHER ASSETS -- --
$ $
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
CURRENT LIABILITIES
Accounts Payable $ 1,145 $ 1,145
Note Payable 1,571 1,571
Advances from Related Parties 19,965 30,314
Total Current Liabilities $ 22,681 $ 33,030
STOCKHOLDERS' EQUITY
Common stock - authorized 100,000,000 shares $.0001 par value,
issued and outstanding 15,000,000 1,500 1,500
Additional paid in capital 468,691 468,691
Retained Earnings (Deficit) (450,047) (450,047)
Deficit accumulated during development stage (42,825) (53,174)
TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY) (22,681) (33,030)
$ $
See accompanying Notes to Financial Statements
-2-
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
CUMULATIVE
FOR THE NINE FOR THE NINE FOR THE THREE FOR THE THREE FROM INCEPTION
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED (APRIL 30, 1992)
JANUARY 31, JANUARY 31, JANUARY 31, JANUARY 31, TO
1997 1998 1997 1998 JANUARY 31, 1998
<S> <C> <C> <C> <C> <C>
REVENUES $ $ $ -0- $ -0- $ -0-
COSTS AND EXPENSES 329 10,349 -0- (5,494) $ 52,582
NET LOSS ACCUMULATED DURING
THE DEVELOPMENT STAGE $ (329) $ (10,349) $ -0- $ (5,494) $ (52,582)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 15,000,000 15,000,000 15,000,000 15,000,000
LOSS PER COMMON SHARE $ nil $ nil $ nil $ nil
See accompanying Notes to Financial Statements
-3-
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
FOR THE NINE FOR THE NINE APRIL 30, 1992
MONTHS ENDED MONTHS ENDED THROUGH
JANUARY 31, JANUARY 31, JANUARY 31,
1998 1997 1998
Cash Flows From Operating Activities:
<S> <C> <C> <C>
Net Loss $ (10,349) $ -0- $ (53,174)
Other - Stock Issuance -0- -0- 1,000
Increase in Accounts Payable and related
party advances 10,349 -0- 30,270
CASH USED BY OPERATING ACTIVITIES -0- -0- (21,904)
INCREASE IN CASH -0- -0- -0-
CASH BALANCE - BEGINNING -0- -0- -0-
CASH BALANCE - ENDING $ -0- $ -0- $ -0-
See accompanying Notes to Financial Statements
-4-
</TABLE>
<PAGE>
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
January 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
<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.
Date: April 21, 1998 By: /s/ Dempsey K. Mork
-------------------------- --------------------
Dempsey K. Mork
President and Chief Financial Officer
6
<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.
Date: April 21, 1998 By:
Dempsey K. Mork
President and Chief Financial Officer
6
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENTS FOR
THE THREE AND NINE MONTHS ENDED JANUARY 31, 1998 AND AS OF
JANUARY 31, 1998 AND IS
QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000917300
<NAME> A.G.HOLDINGS, INC.
<MULTIPLIER> 1
<CURRENCY> US dollars
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-START> May-01-1997
<PERIOD-END> Jan-31-1998
<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> 33,030
<BONDS> 0
0
0
<COMMON> 1,500
<OTHER-SE> (34,530)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 10,349
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (10,349)
<INCOME-TAX> 0
<INCOME-CONTINUING> (10,349)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (10,349)
<EPS-PRIMARY> (.00)
<EPS-DILUTED> (.00)
</TABLE>
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