U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Mark One:
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to________
Commission file number 0-25702
AMWEST ENVIRONMENTAL GROUP, INC.
(Name of Small Business Issuer in its charter)
NEVADA 88-0289700
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
10701 LOS ALAMITOS BLVD.
LOS ALAMITOS, CA 90720
(Address of principal executive offices) (Zip Code)
Issuer's Telephone Number: (310) 799-1888
- --------------------------------------------------------------------------------
(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 Exchange Act 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
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.
Transitional Small Business Disclosure Format (check one); Yes___ No_X_
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
See Part II, Item 6.
Item 2. Management's Discussion and Analysis
or Plan of Operation.
Results of Operation
The following table sets out the financial condition of the Company for the
last fiscal year and the period ended May 31, 1995:
May 31, 1995 August 31, 1994
------------ ---------------
Statement of Earnings:
Revenue ................................ $ 1,324,761 $ 699,466
Net Income (Loss) ...................... ($ 1,090,510) ($ 1,092,997)
Per Share Net Income (Loss) ............ ($ 0.09) ($ 0.16)
Number of Common Shares
Outstanding ................... 15,774,705 15,329,285
Balance Sheet Data:
Total Assets .................. $ 2,516,849 $ 2,871,996
Total Current Liabilities .............. $ 459,675 $ 63,026
Cash Dividends Declared
per Common Share .............. $ 0 $ 0
Stockholders' Equity ................... $ 2,516,849 $ 2,835,222
Net loss for the period ended May 31, 1995 was $1,090,510, approximately
the same as net loss of $1,092,997 recorded in the fiscal year ended August 31,
1994. The primary reasons for the loss during the fiscal year ended August 31,
1994 were due to heavy one-time startup costs of the Company's subsidiaries as
well as the expenses of bringing the company public. The factors
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<PAGE>
contributing to this loss are isolated events and may possibly occur in the next
two fiscal years.
The Company has experienced growth in terms of projects finished, marketing
activities, and future contracts. Continuing the activities from 1993, the major
areas of activities are in engineering, consultation, and construction. The
former includes property Phase I assessments, site Phase II investigations, site
Phase III remediations, solid wastes and wastewater treatments. The latter
includes underground storage tank (UST) removal and installation, and
construction of remediation facilities. The clients of Amwest have been
primarily in private industries. However, in this period, several projects have
been contracted with the public sector. This trend is anticipated to continue,
reaching a balance between the private and public sectors.
The Company has performed most of its engineering, consultation and
construction in Southern California. All projects of the Company have been
finished in a timely manner. The volume of work available to the Company and
other environmental companies in Southern California and the United States is
increasing. Management of the Company can not foresee change in this condition
in the near future. As a result of the aforesaid increase in available work the
Company should sustain its present growth for the short term (one year) and
possibly on a long term basis (more than one year).
The Company has entered into a joint venture with the city of Beijing,
China. The future of this contract is questionable as the Company has, as of
this date, been unable to locate sufficient financing. The existence of this
contract should not impact the regular operation of the Company.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is not a party to any litigation and is not aware of any pending or
threatened litigation.
Item 2. Changes in Securities.
None.
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<PAGE>
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.
Financial Statements May 31, 1995...............................F-1 through F-10
This space intentionally left blank.
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<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
AMWEST ENVIRONMENTAL GROUP, INC.
Date:________________ ________________________________
(name and title)
Date:________________ ________________________________
(name and title)
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<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> MAY-31-1995
<EXCHANGE-RATE> 1
<CASH> 110,702
<SECURITIES> 0
<RECEIVABLES> 422,742
<ALLOWANCES> 50,000
<INVENTORY> 0
<CURRENT-ASSETS> 603,226
<PP&E> 1,928,110
<DEPRECIATION> 99,324
<TOTAL-ASSETS> 2,516,849
<CURRENT-LIABILITIES> 459,675
<BONDS> 0
0
0
<COMMON> 15,775
<OTHER-SE> 2,111,262
<TOTAL-LIABILITY-AND-EQUITY> 2,516,849
<SALES> 1,324,761
<TOTAL-REVENUES> 1,326,451
<CGS> 1,179,717
<TOTAL-COSTS> 1,179,717
<OTHER-EXPENSES> 1,207,446
<LOSS-PROVISION> 40,000
<INTEREST-EXPENSE> 15,763
<INCOME-PRETAX> (1,084,096)
<INCOME-TAX> 6,414
<INCOME-CONTINUING> (1,090,510)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,090,510)
<EPS-PRIMARY> (0.09)
<EPS-DILUTED> 0
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