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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended Commission File Number
September 30, 1994 0-23506
QUASAR PROJECTS COMPANY
(Exact Name of Registrant as specified in its Charter)
Delaware 33-0601497
(State or other Jurisdiction of I.R.S. Employer Identi-
Incorporation or Organization fication No.)
1500 Quail Street, Suite 550, Newport Beach, California 92660
(Address of Principal Executive Offices) (Zip Code)
(714) 660-1500
(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, $.001 par value 1,273,800
- ---------------------------------- ----------------------
Title of Class Number of Shares outstanding
at September 30, 1994
No exhibits included.
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<PAGE>
<TABLE>
<CAPTION>
QUASAR PROJECTS COMPANY
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
March 31, September 30,
1994 1994
CURRENT ASSETS - CASH
OTHER ASSETS
Organization costs, net of accumulated
<S> <C> <C>
amortization of $104 and $133 (Note 1) 167 138
TOTAL ASSETS $ 167 $ 138
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES - Accounts payable $ 48 $ 688
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 1,000,000 shares
authorized; no shares issued and outstanding
Common Stock, $.001 par value; 20,000,000 shares
authorized; 1,273,800 shares issued and outstanding 1,274 1,274
Additional paid-in Capital 821 821
Accumulated deficit during the development stage (1,976) (2,645)
TOTAL STOCKHOLDERS' EQUITY 119 (550)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 167 $ 138
</TABLE>
See accompanying Notes to Financial Statements
2
<PAGE>
<TABLE>
<CAPTION>
QUASAR PROJECTS COMPANY
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
CUMULATIVE
FOR THE FOR THE FROM
SIX MONTHS THREE INCEPTION
ENDED MONTHS ENDED (MAY 4, 1992)
SEPTEMBER 30, SEPTEMBER 30, TO SEPTEMBER
1994 1993 1994 1993 30, 1994
<S> <C> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0- $ -0- $
OPERATING EXPENSES
General and Administrative 640 522 3,512
Amortization 29 29 14 14 133
TOTAL OPERATING EXPENSES 669 29 536 14 2,645
NET (LOSS) $ (699) $ (29) $ (536) $ (14) $ (2,645)
NET (LOSS) PER SHARE $ (Nil) $ (Nil) $ (Nil) $ (Nil) $ (Nil)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 1,273,800 400,134 1,273,800 400,270 829,092
</TABLE>
See accompanying Notes to Financial Statements
3
<PAGE>
<TABLE>
<CAPTION>
QUASAR PROJECTS COMPANY
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
CUMULATIVE
FOR THE FOR THE FROM
SIX MONTHS THREE INCEPTION
ENDED MONTHS ENDED (MAY 4, 1992)
SEPTEMBER 30, SEPTEMBER 30, TO SEPTEMBER
1994 1993 1994 1993 30, 1994
CASH FLOWS FROM OPERATING
ACTIVITIES
<S> <C> <C> <C> <C> <C>
Net (Loss) $ (669) $ (29) $ (536) $ (14) $ (2,645)
Add item not requiring the
use of cash-Amortization 29 29 14 14 133
Services rendered for common stock 849
Increase (decrease) in accounts
payable 640 522 688
Net cash flows from operating
activities (975)
CASH FLOWS INVESTING ACTIVITIES
Organizational Costs (271)
CASH FLOWS FROM FINANCING
ACTIVITIES
Contribution to Capital 500
Sale of Common Stock 746
Net Cash flows from financing
activities 1,246
NET INCREASE (DECREASE) IN CASH
CASH BALANCE AT BEGINNING OF PERIOD 229 229
CASH BALANCE AT END OF PERIOD $ $ 229 $ $ 229 $
NON CASH TRANSACTIONS
Issuance of stock for services 849
</TABLE>
See accompanying Notes to Financial Statements
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<PAGE>
QUASAR PROJECTS COMPANY
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
SEPTEMBER 30, 1994
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 September 30, 1994, the results of operations for
the three and six months ended September 30, 1994 and 1993, and the
cash flows for the three and six months ended September 30, 1994 and
1993.
Reference is made to the Company's Form 10-KSB for the year ended March
31, 1994. The results of operations for the six months ended September
30, 1994 are not necessarily indicative of the results of operations to
be expected for the full fiscal year ending March 31, 1995.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL
CONDITION
The Company has limited working capital and no activities.
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
Exhibits--None
Reports on Form 8-K--None.
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<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.
QUASAR PROJECTS COMPANY
Date: January 31, 1995 By: /s/ Jehu Hand
-------------
Jehu Hand,
President and Chief Financial
Officer (chief financial officer
and accounting officer and duly
authorized officer)
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