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Previous: FIDELITY HEREFORD STREET TRUST, 485BPOS, 1998-06-16 |
Next: FINISHMASTER INC, 10-K/A, 1998-06-16 |
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 October 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)
(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 October 31, 1997
No Exhibits included.
<PAGE>
<TABLE>
<CAPTION>
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
October 31, July 31,
1997 1997
CURRENT ASSETS
Total Current Assets
<S> <C> <C>
TOTAL ASSETS $ -- $ --
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
CURRENT LIABILITIES:
Accounts Payable $ 1,145 $ 1,145
Note Payable 1,571 1,571
Advances from Related Parties 30,314 30,314
Total Current Liabilities $ 30,030 $ 30,030
STOCKHOLDERS' EQUITY
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 development stage (53,174) (53,174)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ -- $ --
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 SIX FOR THE SIX FROM INCEPTION
MONTHS ENDED MONTHS ENDED APRIL 30, 1992
OCTOBER 31, OCTOBER 31, TO
1997 1996 OCTOBER 31, 1997
---- ---- ----------------
REVENUES
<S> <C> <C> <C>
Sales $ -- $ -- $ --
Total Revenues -- -- --
EXPENSES
General and Administrative 10,349 -- (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 -- -- --
DEFERRED INCOME TAX -- -- --
NET (LOSS) (10,349) $ -- $ (43,174)
NET (LOSS) PER SHARE $ (.0007) $ -- $ (.003)
No. Shares Outstanding 15,000,001 at 7/31/97 and 10/31/97
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
Increase (Decrease) in Cash and Cash Equivalents
FOR THE SIX FOR THE SIX FROM INCEPTION
MONTHS ENDED MONTHS ENDED APRIL 30, 1992
OCTOBER 31, OCTOBER 31, TO
1997 1996 OCTOBER 31, 1997
---- ---- ----------------
Cash Flows From Operating Activities:
<S> <C> <C> <C>
Net Income (Loss) $ (10,349) $ -- $ (43,174)
Adjustments to reconcile net (loss) to net cash used by operating activities:
Issuance of stock payment services -- -- 1,000
Changes in assets and liabilities:
Increase (decrease) in accounts payable
and related party advances 10,349 -- 20,270
CASH FLOWS TO INVESTING ACTIVITIES:
Proceeds from sales of property and equipment -- -- --
Net Cash to Investing Activities -- -- --
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable -- -- 1,118
Proceeds from shareholder advances -- -- 20,142
NET CASH FLOW ACTIVITY -- -- (644)
CASH AT BEGINNING OF THE YEAR -- -- 644
CASH AT END OF THE YEAR $ -- $ -- $ --
See accompanying Notes to Financial Statements
-4-
</TABLE>
<PAGE>
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
October 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
October 31, 1997, the results of operations for the six months ended October 31,
1996 and 1997, and the cash flows for the six months ended October 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 for the fiscal year ended April 30, 1997 included in the
Company's Form 10-KSB and the three months ended July 31, 1997 Form 10-QSB.
The results of operations for the six months ended October 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. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION AS OF OCTOBER 31, 1997
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: September 15, 1998 By: /s/ Dempsey K. Mork
-------------------------- --------------------
Dempsey K. Mork
President (Chief Financial Officer,
Accounting Officer and Duly
Authorized 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: September 15, 1997 By:
Dempsey K. Mork
President (Chief Financial Officer, Accounting
Officer and Duly Authorized Officer)
6
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENTS FOR
THE THREE AND SIX MONTHS ENDED OCTOBER 31, 1997 AND AS OF OCTOBER 31, 1997 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> 6-MOS
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-START> May-01-1997
<PERIOD-END> Oct-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> 30,030
<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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