U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-QSB
Quarterly Report Under
the Securities Exchange Act of 1934
For Quarter Ended: September 30, 1996
Commission File Number: 0-24684
K & S VENTURES, INC.
(Exact name of small business issuer as specified in its charter)
Colorado
(State or other jurisdiction of incorporation or organization)
84-1214336
(IRS Employer Identification No.)
19921 East Kent Drive
Aurora, Colorado
(Address of principal executive offices)
80013
(Zip Code)
(303) 690-7851
(Issuer's Telephone Number)
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days: Yes
__X__ No ____.
The number of shares of the registrant's only class of common stock issued and
outstanding, as of September 30, 1996, was 10,000 shares.
1
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS.
The unaudited financial statements for the nine month period ended
September 30, 1996, are attached hereto.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the Financial
Statements and notes thereto included herein.
The Company generated no revenues during the nine month period ending
September 30, 1996. Management of the Company anticipates that the Company will
not generate any significant revenues until the Company accomplishes its
business objective of merging with a nonaffiliated entity or acquiring assets
from the same.
The Company's securities are currently not liquid. There are no market
makers in the Company's securities and it is not anticipated that any market
will develop in the Company's securities until such time as the Company
successfully implements its business plan of engaging in a business opportunity,
either by merger or acquisition of assets. The Company presently has no liquid
financial resources to offer such a candidate and must rely upon an exchange of
its stock to complete such a merger or acquisition.
Because the Company is not required to pay rent or salaries to any of its
officers or directors, management believes that the Company has sufficient funds
to continue operations through the foreseeable future.
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 MATTERS TO A VOTE OF SECURITY HOLDERS - NONE.
ITEM 5. OTHER INFORMATION - NONE.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -
(a) Exhibits
EX-27 Financial Data Schedule
(b) Reports on Form 8-K - None.
2
<PAGE>
<TABLE>
K & S VENTURES, INC.
(A Development Stage Company)
Unaudited
Balance Sheet
<CAPTION>
Unaudited Audited
September 30 December 31
1996 1995
_________ ___________
<S> <C> <C>
ASSETS
Current Assets - Cash $ 0 $ 0
_________ ___________
TOTAL ASSETS $ 0 $ 0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities-Accounts Payable $ 4,110 $ 4,110
_________ ___________
Total Current Liabilities $ 4,110 $ 4,110
SHAREHOLDERS' EQUITY
Common Stock - $.01 Par Value;
100,000,000 Shares Authorized,
10,000 Issued and Outstanding $ 100 $ 100
Additional Paid In Capital 15,047 15,047
Deficit Accumulated During
the Development Stage (19,257) (19,257)
_________ ___________
Total Shareholders' Equity $ (4,110) $ (4,110)
_________ ___________
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY $ 0 $ 0
</TABLE>
3
<PAGE>
<TABLE>
K & S VENTURES, INC.
(A Development Stage Company)
Unaudited
Statement of Operations
<CAPTION>
For the For the
Nine Months Nine Months (Inception)
Ended Ended Thru
September 30, September 30, September 30,
1996 1995 1996
____________ ____________ _____________
<S> <C> <C> <C>
Income
Sales $ 0 $ 0 $ 52,949
Less Returns and
Allowance 0 0 (962)
____________ ____________ _____________
Net Sales $ 0 $ 0 $ 51,987
Cost of Sales 0 0 44,876
____________ ____________ _____________
Gross Profit $ 0 $ 0 $ 7,111
Operating Expenses
Legal $ 0 $ 0 $ 4,110
Telephone 0 0 4,080
Postage and shipping 0 0 4,840
Office supplies 0 0 588
Bank charges 0 0 56
Depreciation 0 0 94
Taxes and licenses 0 0 339
Automobile 0 0 3,065
Commissions 0 0 170
Payroll taxes 0 0 27
Advertising & Promotion 0 0 2,812
Professional fees 0 0 380
Utilities 0 0 97
Travel & Entertainment 0 0 3,937
Supplies 0 0 1,733
Donations 0 0 40
____________ ____________ _____________
Total Operating Expenses 0 0 26,368
Net (Loss) $ 0 $ 0 $ (19,257)
Net (Loss) Per Share $ ($0.00) $ ($0.00) $ ($1.93)
Common Shares
Outstanding 10,000 10,000 10,000
</TABLE>
4
<PAGE>
<TABLE>
K & S VENTURES, INC.
(A Development Stage Company)
Unaudited
Cash Flow Statement
<CAPTION>
For the For the
Nine Months Nine Months (Inception)
Ended Ended Thru
September 30, September 30, September 30,
1996 1995 1996
____________ ____________ ______________
<S> <C> <C> <C>
Cash Flows From
Operating Activities:
Net (Loss) $ 0 $ 0 $ (19,157)
Adjustments to Reconcile
Net Income to Net Cash
Provided (Used) by
Operating Activities:
Depreciation Expense 0 0 0
Increase (Decrease)
in Accounts Payable 0 0 4,110
____________ ____________ _____________
Cash Flows From
Operating Activities 0 0 (15,147)
Cash Flows From
Financing Activities:
Issuance of Common Stock 0 0 100
Additional Paid In Capital 0 0 15,047
____________ ____________ _____________
Cash Flows From
Financing Activities 0 0 15,147
____________ ____________ _____________
Net Increase (Decrease) in Cash 0 0 0
Cash At Beginning of Period 0 0 0
____________ ____________ _____________
Cash At End of Period $ 0 $ 0 $ 0
</TABLE>
5
<PAGE>
<TABLE>
K & S VENTURES, INC.
(A Development Stage)
Unaudited
Statement of Shareholders' Equity
<CAPTION>
Deficit
Accumulated
Number of Additional During the
Shares Common Paid In Development
Common Stock Stock Capital Stage Total
____________ ______ __________ ___________ _______
<S> <C> <C> <C> <C> <C>
Balance at
June 21, 1990 0 $ 0 $ 0 $ 0 $ 0
Issuance of Common Stock:
March 4, 1991 - For
Cash At $.01
Per Share 10,000 $ 100 0 0 100
Net (Loss) 2,358 (2,505) (147)
____________ ______ __________ ___________ _______
Balance at
December 31, 1992 10,000 100 2,358 (2,505) (47)
Net (Loss) (11,432) (11,432)
____________ ______ __________ ___________ _______
Balance at
December 31, 1993 10,000 100 2,358 (13,937) (11,479)
Net (Loss) 12,689 (1,210) (1,210)
____________ ______ __________ ___________ _______
Balance at
December 31, 1994 10,000 100 15,047 (15,147) 0
Net (Loss) 4,110 (4,110) 0
____________ ______ __________ ___________ _______
Balance at
December 31, 1995 10,000 100 19,157 (19,257) 0
Net (Loss) 0 0 0
____________ ______ __________ ___________ _______
Balance at
September 30, 1996 10,000 $ 100 $ 19,157 $ (19,257) $ 0
</TABLE>
6
<PAGE>
K & S VENTURES, INC.
(A Development Stage Company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1.
In the opinion of management, all adjustments, consisting only of normal
recurring adjustments necessary for a fair statement of (a) the results of
operations for the nine month periods ended September 30, 1996 and 1995, and for
the periods from inception at March 4, 1991, to September 30, 1996, (b)
financial position at September 30, 1996, and December 31, 1995, and (c) the
cash flows for the nine months ended September 30, 1996 and 1995, and for the
period from inception, March 4, 1991 (inception) to September 30, 1996, have
been made.
NOTE 2.
The results for the nine month period ended September 30, 1996, are not
necessarily indicative of the results for the entire fiscal year ended December
31, 1996.
7
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
K & S VENTURES, INC.
(Registrant)
Dated: November 13, 1996
By: Mark A. Poole
Mark A. Poole
President
8
<PAGE>
K & S VENTURES, INC.
Exhibit Index to Quarterly Report on Form 10-QSB
For the Quarter Ended September 30, 1996
EXHIBITS Page No.
EX-27 Financial Data Schedule . . . . . . . . . . . . . . . . . . . . .10
9
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FILED WITH FORM 10-QSB FOR THE NINE MONTH PERIOD
ENDED SEPTEMBER 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 4,110
<BONDS> 0
0
0
<COMMON> 100
<OTHER-SE> (4,210)
<TOTAL-LIABILITY-AND-EQUITY> (4,110)
<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-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
