U.S. 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: March 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 33-93994
FIRST AMERICAN CLOCK CO.
(Exact name of registrant as specified in its charter)
NEVADA 87-0543565
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
953 East 3665 South
Salt Lake City, Utah 84106
(Address of principal executive offices)
(801) 486-9452
(Registrant's telephone number, including area code)
Check whether the issuer (1) 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 (or for such shorter period
that the registrant was required to file such report(s), and (2)
has been subject to such filing requirements for the past 90
days.
YES [X] NO [ ]
The number of $.001 par value common shares outstanding at March
31, 1999: 908,300
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
FIRST AMERICAN CLOCK CO.
(A Development Stage Company)
CONDENSED BALANCE SHEET
ASSETS
March 31, December 31,
1999 1998
(Unaudited)
CURRENT ASSETS:
Cash in bank $528 $475
________ ________
Total Current Assets 528 475
________ ________
OTHER ASSETS:
Organization costs, net of amortization of 337 387
$663 and $613 ________ ________
Total Other Assets 337 387
________ ________
TOTAL ASSETS $865 $862
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Stockholder advance $77 $0
___________________
Total Current Liabilities 77 0
________ ________
STOCKHOLDERS' EQUITY:
Preferred stock; $.001 par value, 5,000,000
shares authorized, no shares issued and 0 0
outstanding
Common stock; $.001 par value, 50,000,000
shares authorized, 908,300 and 908,300 908 908
shares issued and outstanding respectively
Capital in excess of par value 45,753 45,753
Earnings (deficit) accumulated during the (45,873) (45,799)
development stage ________ ________
Total Stockholders' Equity 788 862
________ ________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $865 $862
======== ========
See Notes to Condensed Financial Statements
<PAGE>
FIRST AMERICAN CLOCK CO.
(A Development Stage Company)
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
For the For the Cumulative
Three Months Three Months During the
Ended Ended Development
March 31, March 31, Stage
1999 1998
REVENUE
Clock sales $0 $0 $0
Costs of goods sold 0 0 0
_____________________________
Total revenues 0 0 0
_____________________________
EXPENSES
Interest 0 33 352
Bank charges 24 17 377
Administrative and other expense 0 0 22,398
Professional fees 0 0 10,333
Amortization expense 50 50 662
License and fees 0 63 2,126
Travel 0 0 719
Investment write-down 0 0 9,000
_________ _________ _________
Total expenses 74 163 45,967
_________ _________ _________
OPERATING INCOME (74) (163) (45,967)
_________ _________ _________
OTHER INCOME (EXPENSE)
Interest 0 0 94
_________ _________ _________
NET INCOME (LOSS) $(74) $(163) $(45,873)
========= ========= =========
EARNINGS (LOSS) PER SHARE $0.00 $0.00 $0.05
========= ========= =========
See Notes to Condensed Financial Statements
<PAGE>
FIRST AMERICAN CLOCK CO.
(A Development Stage Company)
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
For the Three Cumulative
Months Ended During the
March 31, Development
1999 1998 Stage
INCREASE (DECREASE) IN CASH
CASH FLOWS FROM OPERATING ACTIVITIES
Deposit due customer $0 $0 $3,350
Interest income 0 0 94
Bank charges (24) (17) (378)
Cash paid for organization expense, supplies 0 (125) (13,126)
and services _____________________________
Net Cash Provided (Used) by Operating (24) (142) (10,060)
Activities _____________________________
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in clocks 0 0 (42,500)
_____________________________
Net cash (Used) by Investing Activities 0 0 (42,500)
_____________________________
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of common stock 0 0 62,150
Deferred offering costs 0 0 (15,489)
Stockholder advances 77 0 6,427
_____________________________
Net Cash Provided by Financing Activities 77 0 53,088
_____________________________
NET INCREASE (DECREASE) IN CASH 53 (142) 528
CASH - BEGINNING OF PERIOD 475 291 0
_____________________________
CASH - END OF PERIOD $528 $149 $528
=============================
RECONCILIATION OF NET INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
NET INCOME (LOSS) $(74) $(163) $(45,873)
_____________________________
Adjustments to reconcile net income(loss) to net
cash provided(used) by operating activities
Amortization 50 50 663
Investment write-down 0 0 9,000
Exchange clocks for debt and to pay expenses 27,150
Change in assets and liabilities
Inventory costs 0 0 0
Organization costs 0 0 (1,000)
Account receivable 0 0 0
Accrued interest payable 0 33 0
Accounts payable and franchise tax payable 0 (62) 0
Refund due customer 0 0 0
_____________________________
Total Adjustments 50 21 35,813
_____________________________
NET CASH (USED) BY OPERATING ACTIVITIES $(24) $(142) $(10,060)
See Notes to Condensed Financial Statements
<PAGE>
FIRST AMERICAN CLOCK CO.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The Company, without audit, has prepared the accompanying
financial statements. In the opinion of management, all
adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of
operation and cash flows at March 31, 1999 and 1998 and for all
periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. It
is suggested that these condensed financial statements be read in
conjunction with the financial statements and notes thereto
included in the Company's December 31, 1998 audited financial
statements. The results of operations for the periods ended March
31, 1999 and 1998 are not necessarily indicative of the operating
results for the full year.
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION & ANALYSIS OR PLAN OF OPERATIONS
The Company was incorporated on May 17, 1995, and was formed
to engage in the business of purchasing or otherwise acquiring
antique, museum quality clocks and timepieces, principally from
private collectors, for resale. However, the business was not
successful, because the Company was unable to arrange suitable
resales of the inventory it acquired, and the Company
subsequently discontinued operations with respect to such
business venture. The Company did not generate any significant
revenues from operations and is still considered a development
stage company.
The Company has no business operations or assets and is
looking for a proposed acquisition or business venture with which
to become involved. Management's plan of operation for the next
twelve months is to continue looking for a business opportunity
to acquire. If successful, the Company will then attempt to
consummate such acquisition. There is no assurance the Company
will be successful in locating or acquiring any suitable business
venture.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
(a) None.
(b) None.
(c) See Part I, Item 1 (financial statements) and Item 2
(management's discussion) for financial information and
a narrative discussion regarding use of proceeds.
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
None.
<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.
First American Clock Co.
Date: May 18, 1999 by: /s/ Mick Jardine
Mick Jardine, Chairman
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF FIRST AMERICAN CLOCK CO. AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
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<PERIOD-END> MAR-31-1999
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0
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