-----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, OcCu245q5dxw7crY6qgkKCBYD1WwYRggD8g5lpqTq+9QyFHBm/JS7jGAeUNtMNz4 /MQKuUA7eAFduTCqAzcirQ== 0000891554-98-000574.txt : 19980514 0000891554-98-000574.hdr.sgml : 19980514 ACCESSION NUMBER: 0000891554-98-000574 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980513 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: 1997 CORP CENTRAL INDEX KEY: 0001036824 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-24671 FILM NUMBER: 98617964 BUSINESS ADDRESS: STREET 1: 407 E GRAND RIVER CITY: BRIGHTON STATE: MI ZIP: 48116 BUSINESS PHONE: 8102201220 MAIL ADDRESS: STREET 1: 407 E GRAND RIVER CITY: BRIGHTON STATE: MI ZIP: 48116 10QSB 1 QUARTERLY REPORT FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGES ACT OF 1934. For the quarterly period ended March 31, 1998 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGES ACT OF 1934 For the transition period from __________________ to _________________ Commission file number 333-24671 1997 CORP. (Exact name of registrant as specified in its charter) DELAWARE 13-3936988 (State of other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization 315 West 106th Street, New York New York 10025 (Address of principal executive offices) (Zip Code) (212)-678-6231 (Registrant's telephone number, including area code) ------------------------------------------------------------------------------ (Former name, former address and former fiscal year, if changed since last report) 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 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 outstanding of the issuer's single class of common stock as of March 31, 1998 was 45,000. Transitional Small Business Disclosure Format (check one) YES____ NO _X_ 1997 CORP. BALANCE SHEET MARCH 31, 1998 ASSETS Cash $ 1,064.00 Shareholders Escrowed Funds $152,383.00 ----------- TOTAL ASSETS $153,447.00 =========== LIABILITIES AND STOCKHOLDERS' EQUITY TOTAL LIABILITIES $ 2,807.00 STOCKHOLDERS' EQUITY Preferred stock, $.01 par value, authorized 2,000,000 shares; none issued or outstanding $ -- Common stock, $.001 par value, authorized 10,000,000 shares; issued and outstanding 45,000 shares 45.00 Paid in capital (See Note 3) $210,005.00 Accumulated Deficit $(59,410.00) ----------- TOTAL REDEEMABLE STOCKHOLDERS' EQUITY $150,640.00 TOTAL LIABILITIES AND REDEEMABLE STOCKHOLDERS' EQUITY $153,447.00 =========== 1 1997 CORP. STATEMENT OF OPERATIONS For the period from January 1, 1998 to March 31, 1998 Interest income $ 1,021 -------- Expenses: General and administrative expenses $ 2,400 -------- Total expenses $ 2,400 -------- Net loss $ (1,379) -------- Basic and diluted loss per share $ (0.03) -------- Basic and diluted weighted average shares 45,000 -------- The accompanying notes are an integral part of the financial statements. 2 1997 CORP. STATEMENT OF CASH FLOWS For the period from January 1, 1998 to March 31, 1998 Cash and cash equivalents beginning of period $ 1,064 Cash flows from operating activities: Net loss $(1,379) Changes in assets and liabilities: Accounts Payable $ 2,400 ------- Net cash from operating activities $ 1,021 ------- Cash flows from investing activities: Interest payments to cash escrow reserve $(1,021) ------- Net cash used in investing activities $(1,021) ------- Cash and cash equivalents, end of period $ 1,064 ------- The accompanying notes are an integral part of the financial statements. 3 1997 CORP. NOTES TO FINANCIAL STATEMENT MARCH 31, 1998 1. FORMATION OF COMPANY 1997 Corp. (the "Company"), was incorporated in the state of Delaware on March 17, 1997. It intends to serve as a vehicle to effect a business combination with a target business (not yet identified) which the Company believes will have significant growth potential. The Company intends to utilize the net proceeds of its initial public offering, equity securities, debt securities, bank and other borrowing or a combination thereof in effecting a business combination. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements are prepared on an accrual basis. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. 3. SHAREHOLDER ESCROWED FUNDS Continental Stock Transfer & Trust Company ("Continental") is holding the public offering proceeds and the stock certificates of the public investors in escrow pursuant to Rule 419 of the Rules and Regulations of the Securities and Exchange Commission. Continental will hold the proceeds and the stock certificates pursuant to Rule 419 until the approval of a business combination by the shareholders of the Company. If a business combination has not been approved by the shareholders by October 28, 1998 all proceeds will be promptly returned to the shareholders and the stock certificates will be canceled. 4 PART II - OTHER INFORMATION 1997 CORP. March 31, 1998 None. 5 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: 1997 Corp. Registrant /s/ Richard L. Campbell ---------------------------- Date: May 12, 1998 By: Richard L. Campbell Acting Chief Financial Officer 6 EX-27 2 FDS -- 1997 CORP.
5 3-MOS DEC-31-1997 MAR-31-1998 1,064 0 0 0 0 0 0 0 153,447 2,807 0 0 0 45 150,595 153,447 0 0 0 0 2,400 0 0 (1,379) 0 (1,379) 0 0 0 (1,379) (0.03) (0.03)
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