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 July 31, 1999
[ ] 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.)
83-888 Avenue 51, Coachella, California
92236
(Address of Principal Executive Offices)
(Zip Code)
(760) 398-9700
(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, 1999
No Exhibits included.
Item 1. - General
The condenced consolidated financial statements of A. G. Holdings, Inc.
included herein, have been prepared without audit pursuant to the rules
and regulations of the Securities and Exchange Commission. Although certain
information normally included in financial statements prepared in accordance
with generally accepted accounting principles has been condensed or omitted,
A. G. Holdings, Inc.'s management believes that the disclosures are adequate
to make the information presented not misleading. The condensed financial
statements for the three months ended June 30,1998, and 1999, should be read
in conjunction with the financial and notes thereto included in this report
and A. G. Holdings, Inc.'s annual report on Form 10-KSB for fiscal year ended
April 30, 1999.
The condensed financial statements included herein reflect all normal
recurring adjustments that, in the opinion of management, are necessary
for a fair presentation. The result for the interim period are not
necessarily indicative of trends or of results to be expected for a full
year.
Item 2. Mangements 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: September 13, 1999 By: /s/ Dempsey K. Mork
------------------ ------------------------
Dempsey K. Mork
President and Chief Financial Officer
6
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
April 30, July 31,
1999 1999
CURRENT ASSETS
$ -- $ --
OTHER ASSETS
$ -- $ --
Total 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)
$ $
Total Liabilities & Shareholders Equity (Deficiency)
$ -0- -0-
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
FOR THE THREE FOR THE THREE CUMULATIVE FROM
MONTHS ENDED MONTHS ENDED INCEPTION (APRIL
JULY 31, JULY 31, 30 1992) TO
1998 1999 JULY 31, 1999
REVENUES $ -0- $ -0- $ -0-
COSTS AND EXPENSES 10,349 -0- 47,134
Interest Expense -0- -0- 1,486
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 $ -0- $ (.24)
A.G. HOLDINGS, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
FOR THE THREE FOR THE THREE CUMULATIVE FROM
MONTHS ENDED MONTHS ENDED INCEPTION (APRIL 30,
JULY 31, JULY 31, 1992) THROUGH JULY 31,
1998 1999 1999
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-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> JUL-31-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 28,166
<BONDS> 0
0
0
<COMMON> 313
<OTHER-SE> (28,479)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
