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: March 31, 1998 Commission File #0-5388
STYLEX HOMES, INC.
(Exact Name of Registrant as Specified in its Charter)
New York 16-0961436
(State or other jurisdiction (IRS Employer
or other incorporation) Identification No.)
3035 Main Street, Voorhees, New Jersey 08043
(Address and Telephone Number of Registrant's Principal
Executive Offices and Principal Place of Business)
Indicate by check mark whether the Registrant (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 periods 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 ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Common Stock $.01 Par Value - 208,151 shares as of March 31, 1998
<PAGE>
INDEX
STYLEX HOMES, INC.
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS (UNAUDITED)
Balance Sheet - March 31, 1998
Statement of Income and Accumulated Deficit - From January 1, 1998 to
March 31, 1998
Statement of Cash Flows
ITEM 2: MANAGEMENT'S DISSCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
PART II: OTHER INFORMATION
ITEM 6: Exhibits and Reports on Form 8-K
2
<PAGE>
PART I: FINANCIAL INFORMATION
BALANCE SHEET
March 31, 1998
ASSETS
Total Assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Liabilities $0.00
Stockholder's Equity
Common Stock, $.001 par value
100,000,000 shares, issued 208,151 98,000.00
Additional paid-in capital 1,711,140.00
Retained earnings (deficit) (1,730,065.00)
-------------
57,427.00
Less: Treasury Stock 31,600
Shares, at cost (79,075.00)
Total Stockholders' Deficit $(21,648.00)
-----------
$00.00
3
<PAGE>
STATEMENT OF INCOME AND ACCUMULATED DEFICIT
For the Period January 1, 1998
To March 31, 1998
Revenue
Interest $0.00
Operating Expenses
Professional Fees 0.00
New Income (Loss) 0.00
Accumulated Deficit
Beginning of Period (1,730,065.00)
End of Period $(1,730,065.00)
==============
4
<PAGE>
STATEMENT OF CASH FLOWS
For the Period January 1, 1998
To March 31, 1998
Cash Flows from Operating Activities 0
Cash Flows from Financing Activities 0
Cash Flows from Investing Activities 0
Net Cash Flows from All Activities 0
Cash - January 1, 1998 0
Cash - March 31, 1998 -0-
===
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
March 31, 1998
NOTE A: BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10Q and Article 10 of regulations S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three month period ended September 30, 1997, are not
necessarily indicative of the results that may be expected for the year ended
December 31, 1997.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS
On March 31, 1998, the Registrant was not engaged in any business activity and
since that date such status remains unchanged. The director of the Registrant
has been evaluating operating business on behalf of the Registrant for possible
acquisition by the Registrant since the dates upon which they became directors
of the Registrant. There can be no assurance that management will be able to
consummate an acquisition or merger on behalf of the Registrant.
At March 31, 1998, the Registrant had no material commitments for capital
expenditures.
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8K
The Company did not file any reports on Form 8K during the three months ended
March 31, 1998.
6
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned, thereunto duly authorized.
STYLEX HOMES, INC.
Dated: June 26, 1998 /S/ Jerry Cole
Jerry Cole
President, Treasurer, Director,
Chief Accounting Officer
7
<PAGE>
STYLEX HOMES, INC. AND SUBSIDIARY
(A New York Corporation)
(A Development Stage Company)
FINANCIAL STATEMENTS
March 31, 1998
BRAD B. HAYNES
Certified Public Accountant
<PAGE>
STYLEX HOMES, INC. AND SUBSIDIARY
(A New York Corporation)
(A Development Stage Company)
TABLE OF CONTENTS
March 31, 1998
Page
Accountant's Compilation Report 1
Consolidated Balance Sheet 2
Statement of Consolidated Income and Retained Earnings (Deficit) 3
Consolidated Statement of Cash Flows 4
Notes to Consolidated Financial Statements 5
BRAD B. HAYNES
Certified Public Accountant
<PAGE>
[LETTERHEAD OF CERTIFIED PUBLIC ACCOUNTANT]
ACCOUNTANT'S COMPILATION REPORT
The Stockholders and Board of Directors
Stylex Homes, Inc. And Subsidiary
I have complied the accompanying balance sheet of Stylex Homes, Inc. (a New York
Corporation and a Development Stage Company) and its subsidiary as of March 31,
1998 and the related statement of income and retained earnings (Deficit) and
cash flows for the quarter then ended, in accordance with Statements on
Standards for Accounting and Review Services issued by the American Institute of
Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements
information that is the representation of management. I have not audited or
reviewed the accompanying financial statements and, accordingly, do not express
an opinion or any other form of assurance on them.
Brad B. Haynes
BBH/di
/S/BRAD B. HAYNES
- -----------------
June 24, 1998
1
<PAGE>
STYLEX HOMES, INC. AND SUBSIDIARY
(A New York Corporation)
(A Development Stage Company)
CONSOLIDATED BALANCE SHEET
March 31, 1998
ASSETS
OTHER ASSETS
Investment at equity 233
===
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Liabilities -0-
STOCKHOLDERS' EQUITY
Capital Stock, authorized; 100,000,000
common shares at .001 par value,
208,151 shares at .001 par value 209
Additional Paid in Capital 1,808,931
Retained earnings (Deficit) (1,729,832)
----------
Subtotal 79,308
Less: Treasury stock, 31,600 shares, at cost (79,075)
------
Total Stockholders' Equity 233
---
TOTAL LIABILITIES AND 233
STOCKHOLDERS' EQUITY ===
See accountant's compilation report and accompanying notes
BRAD B. HAYNES
Certified Public Accountant
2
<PAGE>
STYLEX HOMES, INC. AND SUBSIDIARY
(A New York Corporation)
(A Development Stage Company)
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS (Deficit)
For the Quarter Ended March 31, 1998
Revenue 21,881
Expenses -0-
----------
Net Income (loss) 21,881
Retained Earnings (Deficit) - beginning (1,751,713)
----------
Retained Earnings (Deficit) - ending (1,729,832)
==========
See accountant's compilation report and accompanying notes
BRAD B. HAYNES
Certified Public Accountant
3
<PAGE>
STYLEX HOMES, INC. AND SUBSIDIARY
(A New York Corporation)
(A Development Stage Company)
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Quarter Ended March 31, 1998
Cash Flows from Operating Activities
Net Income 21,881
Adjustments to Reconcile to Net Cash
Forgiveness of Debt (19,451)
Reversal of Accrual ( 2,430)
------
Total Adjustments (21,881)
-------
Net Cash Provided (Used) by Operating Activities -0-
Cash Flows from Financing Activities -0-
Cash Flows from Investing Activities -0-
---
Net Cash Provided (Used) by All Activities -0-
Cash - January 1, 1998 -0-
---
Cash - March 31, 1998 -0-
===
See accountant's compilation and accompanying notes
BRAD B. HAYNES
Certified Public Accountant
4
<PAGE>
STYLEX HOMES, INC. AND SUBSIDIARY
(A New York Corporation)
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Quarter Ended March 31, 1998
ORGANIZATION
Stylex Home, Inc. (a New York Corporation and a Development Stage Company)
incorporated June 10, 1966, was engaged in the business of manufacturing modular
single family dwellings, which were offered through exclusive and non-exclusive
dealers throughout New York State, as well as in portions of New England,
Pennsylvania, Ohio, and West Virginia. On August 28, 1978, the Company filed a
Petition for Reorganization under Chapter 11 of the Bankruptcy Act with the
United States District Court for the Western District of New York. Subsequent to
such date, the Company operated as a Debtor-in-Possession in an attempt to
reorganize its business. The Company's reorganizational efforts were
unsuccessful and in May and June of 1980, a Plan of Arrangement ("Plan") was
authorized by the Company's creditors allowing for the sale of its raw materials
and equipment. Distribution to the Company's creditors pursuant to the Plan was
completed, a discharge was entered, and the Company's estate closed on October
6, 1982. Since October 6, 1982, the Company has not engaged in any active
business.
REVENUE
The Company recognized income by virtue of the forgiveness of debt by the
officers and the reversal of accruals. There was no subsidiary income.
STOCKHOLDERS' EQUITY
Effective October 30, 1992, a reverse split reduced the number of shares from
98,000,000 to 208,151.
See accountant's compilation report
BRAD B. HAYNES
Certified Public Accountant
5
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