-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fr8bDY8VkvkR/gvRNar4iO+iyKO6wC4wVk7cPrVp4BEz6Yt4CCer1oxYVoTKlXBw CPmZFfyMClF684KUMSbtCQ== 0000948830-98-000135.txt : 19980525 0000948830-98-000135.hdr.sgml : 19980525 ACCESSION NUMBER: 0000948830-98-000135 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980521 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: WALNUT CAPITAL INC CENTRAL INDEX KEY: 0001021725 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 841349553 STATE OF INCORPORATION: NV FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-21275 FILM NUMBER: 98630592 BUSINESS ADDRESS: STREET 1: 5770 SOUTH BEECH COURT CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80121 BUSINESS PHONE: 303/221-7376 MAIL ADDRESS: STREET 1: 5770 SOUTH BEECH COURT CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80121 10QSB 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 Commission File Number: 0-21275 WALNUT CAPITAL, INC. ---------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Nevada 84-1349553 - ---------------------------- --------------------------------- (State of other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 5770 South Beech Court, Greenwood Village, Colorado 80121 ---------------------------------------------------------- (Address of principal executive offices including zip code) (303) 221-7376 -------------------------- (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 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___ As of March 31, 1998, 1,250,000 shares of common stock, $.0001 par value per share, were outstanding. Transitional Small Business Disclosure Format (check one): Yes__ No X INDEX Page Number Part I. Financial Information Item I. Financial Statements Balance Sheets as of March 31, 1998 (Unaudited) and December 31, 1997 3 Statements of Operations, Three Months Ended March 31, 1998 and March 31, 1997 (Unaudited) 4 Statements of Cash Flows, Three Months Ended March 31, 1998 and March 31, 1997 (Unaudited) 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 6 Part II. Other Information 7 -2- WALNUT CAPITAL, INC. BALANCE SHEETS (Unaudited) ASSETS March 31 December 31 1998 1997 Current Assets Cash $ 35 $ 65 Total Current Assets 35 65 Organization costs, net of amortization 163 175 Total Assets $ 198 $ 240 LIABILITIES AND STOCKHOLDERS' (DEFICIT) Current Liabilities: Accounts payable $ 2,411 $ 515 Advances payable, related parties 2,500 2,500 Total Current Liabilities 4,911 3,015 Stockholders' (Deficit): Preferred Stock, $.0001 par value, 5,000,000 shares authorized none issued and outstanding - - Common Stock, $.0001 par value, 100,000,000 shares authorized 1,250,000 shares issued and outstanding 125 125 Additional paid-in capital 12,375 12,375 Accumulated deficit (17,213) (15,275) Total Stockholders' (Deficit) (4,713) (2,775) Total Liabilities and Stockholders' (Deficit) $ 198 $ 240 The accompanying notes are an integral part of the financial statements. -3- WALNUT CAPITAL, INC. STATEMENTS OF OPERATIONS (Unaudited) Three Months Three Months Ended Ended March 31, March 31, 1998 1997 Revenues $ - $ - Operating Expenses: Professional fees 1,896 1,168 Other 42 36 Total Operating Expenses 1,938 1,204 Net Loss $ (1,938) $ (1,204) Per Share $ nil $ nil Weighted Average Number of Shares Outstanding 1,250,000 1,250,000 The accompanying notes are an integral part of the financial statements. -4- WALNUT CAPITAL, INC. STATEMENTS OF CASH FLOWS (Unaudited) Three Months Three Months Ended Ended March 31, March 31, 1998 1997 Cash Flows Operating Activities: Net (loss) $ (1,938) $ (1,204) Amortization 12 13 Increase in accounts payable 1,896 939 Net Cash (Used in) Operating Activities (30) (252) Cash Flows from Investing Activities - - Cash Flows from Financing Activities - - (Decrease) in Cash (30) (252) Cash, Beginning of Period 65 904 Cash, End of Period $ 35 $ 652 Interest Paid $ - $ - Income Taxes Paid $ - $ - The accompanying notes are an integral part of the financial statements. -5- WALNUT CAPITAL, INC. NOTES TO FINANCIAL STATEMENTS March 31, 1998 (Unaudited) (1) Condensed Financial Statements The financial statements included herein have been prepared by Walnut Capital, Inc. without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted as allowed by such rules and regulations, and Walnut Capital, Inc. believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the December 31, 1997 audited financial statements and the accompanying notes thereto. While management believes the procedures followed in preparing these financial statements are reasonable, the accuracy of the amounts are in some respect's dependent upon the facts that will exist, and procedures that will be accomplished by Walnut Capital, Inc. later in the year. The management of Walnut Capital, Inc. believes that the accompanying unaudited condensed financial statements contain all adjustments (including normal recurring adjustments) necessary to present fairly the operations and cash flows for the periods presented. ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Walnut Capital, Inc. (the "Company") was organized as a Colorado corporation on June 14, 1996, in order to evaluate, structure and complete a merger with, or acquisition of, prospects consisting of private companies, partnerships of sole proprietorships. The Company may seek to acquire a controlling interest in such entities in contemplation of later completing an acquisition. The Company is not limited to any operation or geographic area in seeking out opportunities. Management has not identified any particular business or industry within which the Company will seek an acquisition or merger. The Company has not conducted, nor have others made available to it, market research supporting the viability of the Company's proposed operations. The Company generated no revenues during the quarter ended March 31, 1998, and management does not anticipate any revenues until following the conclusion of a merger or acquisition, if any, as contemplated by the Company's business plan. The Company's capital is limited. The Company anticipates operational costs will be limited until such time as significant evaluation work is undertaken regarding prospective mergers or acquisitions. At March 31, 1998, the Company had no material commitments for capital expenditures. -6- 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. None. 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. WALNUT CAPITAL, INC. Date: May 20, 1998 By: /s/ Timothy J. Brasel Timothy J. Brasel, President -7- EX-27 2
5 This schedule contains summary financial information extracted from the balance sheet and statements of operations found on pages 3 and 4 of the Company's Form 10-QSB for the year to date, and is qualified in its entirety by reference to such financial statements. 3-MOS DEC-31-1997 MAR-31-1998 35 0 0 0 0 35 0 0 198 4,911 0 0 0 125 (4,588) 198 0 0 0 0 1,938 0 0 0 0 0 0 0 0 (1,938) 0 0
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